---

        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

            Tuesday, May 26, 2015, Vol. 18, No. 102


                            Headlines


A U S T R A L I A

ALFRESCOPLUS AUSTRALIA: First Creditors' Meeting Set For June 1
BCOOL PTY: First Creditors' Meeting Slated For June 2
KEMA PLASTICS: First Creditors' Meeting Set For June 3
SAVANNAH ENGINEERS: Business Up For Sale
SINO AUSTRALIA: Court Appoints Provisional Liquidator

SSMB HOLDINGS: First Creditors' Meeting Scheduled For June 1
TONNOC PTY: Business and Assets Up for Sale


C H I N A

GENERAL STEEL: Posts $74.1 Million Net Loss in First Quarter


I N D I A

4TH APPLE: CRISIL Reaffirms 'B' Rating on INR120MM Term Loan
AADYA MOTOR: CRISIL Reaffirms 'B' Rating on INR200MM Loan
ALANG METAL: ICRA Lowers Rating on INR9cr LT Loan to D
ARORA RICE: CRISIL Reaffirms B Rating on INR170MM Cash Credit
ASHA INDUSTRIES: ICRA Reaffirms B- Rating on INR6.75cr Cash Loan

BALAJI COTTON: CRISIL Reaffirms B Rating on INR150MM Cash Loan
BAHUBALI MOTORS: CRISIL Reaffirms B Rating on INR100MM Cash Loan
CHALLA INFRA: ICRA Assigns B+ Rating to INR8cr FB Loan
CIEM CONSTRUCTION: ICRA Withdraws B+ Rating on INR70cr Bank Loan
CREATIVE TEXTURE: CRISIL Assigns B+ Rating to INR42.5MM Loan

DEMBLA VALVES: ICRA Ups Rating on INR24.50cr LT Loan to B+
DHANRAJ SOLVEX: CARE Assigns B+ Rating to INR25cr LT Loan
GARG RICE: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
GOLD STAR: ICRA Reaffirms B+ Rating on INR5.50cr Cash Credit
GOODLUCK EDUCATIONAL: CRISIL Ups Rating on INR54MM Loan to B

GREEN VILLAGE: ICRA Suspends 'D' Rating on INR14cr ST Loan
GREEN WOOD: CARE Assigns 'B' Rating to INR8.82cr LT Bank Loan
GULMOHAR PARK: ICRA Revises Rating on INR55cr Term Loan to D
GUJARAT COLOURLAM: ICRA Ups Rating on INR15.80cr Loan From B+
GUJARAT COTFIB: ICRA Reaffirms 'B' Rating on INR13.75cr Cash Loan

HANUMAN RICE: CRISIL Ups Rating on INR50MM Cash Loan to B-
HISAR EXIM: ICRA Suspends 'B+' Rating on INR0.6cr LT Loan
HPI SALES: ICRA Suspends B Rating on INR0.50cr LT Fund Based Loan
INTERNATIONAL AGRO: ICRA Assigns B Rating to INR10cr Cash Credit
INTERNATIONAL MEGA: CRISIL Reaffirms B+ Rating on INR564MM Loan

JIWANSAAGAAR REALTY: CRISIL Assigns B+ Rating to INR140MM Loan
K.K. COTEX: ICRA Reaffirms B+ Rating on INR22cr Cash Credit
KRAFT LAMINATE: CRISIL Assigns 'B' Rating to INR68MM Term Loan
KSC EDUCATIONAL: ICRA Reaffirms B+ Rating on INR152.32cr Loan
KSV COTTON: CRISIL Suspends 'D' Rating on INR118.6MM LT Loan

LIBRA FINANCE: CRISIL Assigns B- Rating to INR80MM Loan
LIBRA LEASING: CRISIL Assigns B- Rating to INR85MM Overdraft Loan
MAHENDRA METAL: CRISIL Suspends B Rating on INR30MM Cash Credit
MARUDHARA POLYPACK: ICRA Assigns B+ Rating to INR6.25cr Term Loan
MEENAKSHI INDUSTRIES: CRISIL Reaffirms B Rating on INR40MM Loan

NAMAN CONSTRUCTION: ICRA Withdraws B+ Rating on INR35cr Loan
NEELMANI DEVELOPERS: ICRA Withdraws 'B' Rating on INR6cr Loan
NR MOTORS: CRISIL Suspends B- Rating on INR100MM Term Loan
ORISSA CONCRETE: ICRA Cuts Rating on INR10.5cr Cash Loan to B+
PARAMOUNTA LIBERTY: ICRA Suspends B+ Rating on US$24.05MM Loan

PARVATI SOLVENT: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
PEE KAY: CARE Assigns B+ Rating to INR13.48cr LT Bank Loan
PRATHAM MOTORS: ICRA Suspends 'D' Rating on INR11cr LT Loan
PUPNEJA RICE: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
RAMAKRISHNAA TEXTILES: ICRA Assigns B Rating to INR4.59cr Loan

REDDY AND REDDY: CRISIL Reaffirms B Rating on INR40MM Cash Loan
SHREE SAIKRUPA: CRISIL Assigns B+ Rating to INR34MM Cash Credit
SHRI JEET: CRISIL Assigns 'D' Rating to INR50MM Term Loan
SRI RAMA: CRISIL Ups Rating on INR250MM Cash Credit From B+
SRI SANTHOSHIMA: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan

SRI VELA: CRISIL Reassigns 'D' Rating to INR99.6MM Term Loan
SUDHIR CONSTRUCTION: ICRA Withdraws B+ Rating on INR8cr Loan
SUGNA IMPEX: CRISIL Assigns 'B' Rating to INR20.8MM Term Loan
SUNJYOT GEMS: CRISIL Assigns B+ Rating to INR10MM Long Term Loan
SUNWAY INFRASTRUCTURE: ICRA Rates INR8.50cr Term Loan at 'B'

VARDA SPINNING: CRISIL Cuts Rating on INR100MM Cash Loan to B+
VEDANTA RESOURCES: Moody's Says Results in Line with Expectations
VYAPAR UDYOG: CRISIL Suspends B+ Rating on INR100MM Cash Credit
WALIA TRADERS: CARE Reaffirms 'D' Rating on INR125.64cr LT Loan


I N D O N E S I A

PERTAMINA ENERGY: Liquidation Must be Followed by Probe


J A P A N

SHARP CORP: Default Risk Jumps as State Rescue Prospects Wane
TAKATA CORPORATION: Canadian Class Actions Over Airbags to Expand
YAMADA DENKI: To Close 46 Stores as Tax Hike Erodes Profits


S O U T H  K O R E A

LEO MOTORS: Incurs $595,000 Net Loss in First Quarter


T A I W A N

JIH SUN: Fitch Affirms Long-Term Foreign Currency IDR at 'BB+'


T H A I L A N D

* Fitch Affirms Ratings on Thailand's 4 Largest Banks


X X X X X X X X

* BOND PRICING: For the Week May 18 to May 22, 2015


                            - - - - -


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


ALFRESCOPLUS AUSTRALIA: First Creditors' Meeting Set For June 1
---------------------------------------------------------------
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Alfrescoplus Australia Pty Ltd on
May 25, 2015.

A first meeting of the creditors of the Company will be held at
165 Camberwell Road, Hawthorn East 3123, on June 1, 2015, at 10:00
a.m.


BCOOL PTY: First Creditors' Meeting Slated For June 2
-----------------------------------------------------
Jason Tang and Ozem Kassem of Cor Cordis was appointed as
administrators of Bcool Pty Limited, trading as 'Pizzabirra', on
May 21, 2015.

A first meeting of the creditors of the Company will be held at
Level 6, 55 Clarence Street, in Sydney, on June 2, 2015, at
11:00 a.m.


KEMA PLASTICS: First Creditors' Meeting Set For June 3
------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
as Joint and Several Administrators of Kema Plastics Pty Ltd on
May 22, 2015.

A first meeting of creditors will be held at 3:00 p.m. on
June 3, 2015, at Clifton Hall, Level 3, 431 King William Street,
in Adelaide.


SAVANNAH ENGINEERS: Business Up For Sale
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Savannah Engineers
Pty Ltd is up for sale.

Savannah Engineers has provided fixed plant maintenance,
fabrication and machining as well as shutdown management services
to the energy, marine and mining industries in the Pilbara region
for more than twenty years. It is an HSEQ Company-accredited that
has workshop facilities situated in Karratha, Newman and Port
Hedland. The company has established relationships servicing big
iron ore companies.

Giovanni Maurizio Carrello and Ronald Derek Gamble of BRI Ferrier
Western Australia were appointed as administrators of Savannah
Engineers (W.A.) Pty Ltd on May 7, 2015. FTI Consulting is the
appointed receiver of the company.


SINO AUSTRALIA: Court Appoints Provisional Liquidator
-----------------------------------------------------
Following a successful application made by Australian Securities
and Investment Commission, the Federal Court of Australia has made
orders appointing Peter McCluskey -- peter.mccluskey@fh.com.au --
a Melbourne partner of Ferrier Hodgson, as a provisional
liquidator to Sino Australia Oil and Gas Limited (SAO).

ASIC's application was made as a result of concerns arising in
relation to the extent of SAO's business activities conducted by
its subsidiary in China as compared with disclosures of those
matters within SAO's prospectus documentation during its initial
public offering in 2013.

One of the tasks given to the provisional liquidator by the court
is to make inquiries in relation to, among other things, the
business activities of SAO and its subsidiaries in China and
provide a report to the court and ASIC within 28 days.

The matter is listed for a further directions hearing on July 3,
2015.

ASIC's investigation into the affairs of SAO is continuing.

Sino Australia Oil and Gas Limited is the Australian holding
company of a Chinese operating company providing specialised
drilling services to the oil and gas industry. SAO was listed on
the Australian Securities Exchange Limited (ASX) on Dec. 12, 2013,
after raising nearly AUD13 million under an initial public
offering (IPO).

In March 2013, ASIC obtained an injunction on an urgent basis
arising from concerns that SAO was about to transfer
AUD7.5 million -- representing almost the entire cash held by SAO
in Australia -- to bank accounts in China for purposes that were
not disclosed, or not properly disclosed, in SAO's prospectus
documentation during the IPO. That injunction was extended by the
Court on a number of occasions thereafter.

In November 2014, ASIC commenced proceedings against SAO and and
its former chairman, Mr Tianpeng Shao, seeking financial penalties
against SAO and a disqualification order against Mr Shao.


SSMB HOLDINGS: First Creditors' Meeting Scheduled For June 1
------------------------------------------------------------
Randall Joubert of Joubert Insolvency was appointed as
administrator of SSMB Holdings PTY LTD, trading as GNC, on May 20,
2015.

A first meeting of the creditors of the Company will be held at
the offices of Joubert Insolvency, Suite 101, 5 Elizabeth Street,
in Sydney, on June 1, 2015, at 11:00 a.m.


TONNOC PTY: Business and Assets Up for Sale
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of the business and assets or
a recapitalisation of Tonnoc Pty Ltd, which trades as Blue
Thistle.

Dissolve.com.au says the Western Australian business has been in
operation for more than 15 years. It has been importing and
distributing UK and USA confectionery products.

The report relates that key features of the sale include long
standing relationship with major suppliers in the United States
and Great Britain, established business that operates from a
leased premises in Wangar.

The buyer of the company will get to own strong customer
relationships that include local and national retailers and
international connections in its business being operated in
New Zealand and Singapore, the report adds.

Robert Michael Kirman and Norman Charles Oehme of McGrathNicol
were appointed as administrators of Tonnoc Pty Ltd, trading name
as Blue Thistle, on May 19, 2015.



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


GENERAL STEEL: Posts $74.1 Million Net Loss in First Quarter
------------------------------------------------------------
General Steel Holdings, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $74.1 million on $328 million of total sales for the
three months ended March 31, 2015, compared with a net loss of
$69.6 million on $594 million of total sales for the same period
in 2014.

As of March 31, 2015, the Company had $2.50 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

As of March 31, 2015, the Company had cash and restricted cash
aggregating $260 million, of which $250 million was restricted.

"The steel business is capital intensive and as a normal industry
practice in PRC, the Company is highly leveraged.  Debt financing
in the form of short term bank loans, loans from related parties,
financing sales, bank acceptance notes, and capital leases have
been utilized to finance the working capital requirements and the
capital expenditures of the Company.  As a result, the Company's
debt to equity ratio as of March 31, 2015 and December 31, 2014
were (4.9) and (5.6), respectively.  As of March 31, 2015, the
Company's current liabilities exceed current assets (excluding
non-cash item) by $1.4 billion, which together with the gross loss
from operations raises substantial doubt about its ability to
continue as a going concern," the Company said in the report.

A full-text copy of the Form 10-Q is available for free at:

                       http://is.gd/JonWiV

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on
$1.9 billion of sales for the year ended Dec. 31, 2014, compared
with a net loss of $42.6 million on $2 billion of sales for the
year ended Dec. 31, 2013.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


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


4TH APPLE: CRISIL Reaffirms 'B' Rating on INR120MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of 4th Apple
Developers (4AD) continues to reflect 4AD's exposure to
implementation and offtake risks associated with the firm's
ongoing residential project, and to the cyclicality inherent in
the Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of 4AD's partners in
the real estate business.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              120       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that 4AD will continue to benefit over the medium
term from its partners extensive experience in the real estate
business. The outlook may be revised to 'Positive' if the firm
generates higher-than-expected cash flows from operations driven
by speedy execution of its project and improved inflow of
advances. Conversely, the outlook may be revised to 'Negative' if
4AD reports significantly lower-than-expected cash flow from
operations, either on account of subdued response to its project
or low advances, impacting its debt servicing ability.

4AD was started in April 2013 as a partnership firm. It is engaged
in real estate development and is currently undertaking a
residential project 4th Apple Oak Residency at Ghansoli in Navi
Mumbai. The project is at the initial stages of implementation.


AADYA MOTOR: CRISIL Reaffirms 'B' Rating on INR200MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Aadya Motor Company
India Pvt Ltd (AMCPL) continue to reflect AMCPL's exposure to high
competition in the luxury car segment in Mumbai, and its below-
average financial risk profile, marked by high external
indebtedness and subdued debt protection metrics.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          120       CRISIL A4 (Reaffirmed)

   Working Capital
   Facility                200       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
AMCPL derives from its promoters' extensive experience in the
automobile dealership industry and association with the Volskwagen
group for the 'Porsche' brand of automobiles.

Outlook: Stable

CRISIL believes that AMCPL will continue to benefit over the
medium term from its promoters' extensive experience in the
automobile dealership industry. The outlook may be revised to
'Positive' if the company records substantial growth in its
accruals, while it improves its capital structure and debt
protection metrics. The outlook may be revised to 'Negative' if
AMCPL registers low growth in revenue or profitability, or if it
undertakes any large debt-funded capital expenditure programme,
thereby impacting its debt servicing metrics.

AMCPL, incorporated in 2012 by Mr. V Ramanand Rao, is the
authorised dealer for Porsche, with its showroom in Mumbai. The
company began operations in September 2012. The promoters also
have interests in auto dealerships of other brands through group
entities.

AMCPL reported a net loss of INR0.08 million on net sales of
INR1850 million for 2013-14, against profit after tax of INR2
million on net sales of INR942 million for 2012-13.


ALANG METAL: ICRA Lowers Rating on INR9cr LT Loan to D
------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR9.0 crore
fund-based bank facilities of Alang Metal & Realtors Private
Limited (AMRPL) from [ICRA]B+ to [ICRA]D. ICRA has also revised
the short-term rating assigned to the INR5.0 crore non-fund based
bank facility of AMRPL from [ICRA]A4 to [ICRA]D. [ICRA]B+/[ICRA]A4
rating assigned to the INR6.0 crore unallocated long-term/short-
term bank facilities of AMRPL has also been revised to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund
   based bank facility      9.0         Revised to [ICRA]D from
                                        [ICRA]B+

   Short-term non-fund
   based bank facility      5.0         Revised to [ICRA]D from
                                        [ICRA]A4

   Long-term/short-term
   unallocated bank
   facility                 6.0         Revised to [ICRA]D from
                                        [ICRA]B+/[ICRA]A4

The rating revision takes into account the irregularities
witnessed in debt servicing by the company in the recent past.

Incorporated in 2011, Alang Metal and Realtors Private Limited
(AMRPL) started its operations only in December 2012. The company
is engaged in the trading of ferrous and non-ferrous scrap. Key
products traded by the company include brass scrap, cast iron
scrap, copper scrap, mild steel (MS) scrap, old and used machinery
parts and MS structural steel. The company has two stockyards at
Kalamboli, Navi Mumbai and Bhavnagar, Gujarat, which are owned by
the promoters.


ARORA RICE: CRISIL Reaffirms B Rating on INR170MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arora Rice
Mills (ARM) continues to reflect ARM's weak financial risk
profile, marked by a high gearing, weak debt protection metrics
and modest liquidity; large working capital requirements; small
scale of operations in the intensely competitive and regulated
rice processing industry; and susceptibility to erratic rainfall
and to volatility in raw material prices. These rating weaknesses
are partially offset by the extensive industry experience of ARM's
promoters and the healthy growth prospects of the rice processing
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            170       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that ARM will continue to benefit over the medium
term from its promoters' extensive industry experience and the
healthy growth prospects for the rice processing industry. The
outlook may be revised to 'Positive' if the firm generates
substantial cash accruals or benefits from significant capital
infusion by promoters, leading to improvement in its capital
structure, or if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' in case of
significant weakening of capital structure and liquidity on
account of larger-than-expected working capital requirements or
large debt-funded capital expenditure.

Update
ARM is estimated to report sales of INR450 million to INR500
million in 2014-15 (refers to financial year, April 1 to March
31), as compared to sales of INR540 million in 2013-14. The
decline in sales has been driven by decline in basmati rice
prices. The firm's operating margin is estimated to be at around 6
per cent in 2014-15. ARM's working capital requirements remain
large, marked by high estimated gross current asset (GCA) of 255
days in 2014-15 driven by high inventory of around 210 and debtors
of 17 days, against which the firm receives credit of around 40
days from its suppliers. High working capital requirements has led
to high utilisation of bank limits at around 90 per cent for the
12 months through March 2015. ARM's financial risk profile remains
weak, marked by a net worth of around INR24 million estimated as
on March 31, 2015. CRISIL believes that the rating will remain
constrained by ARM's small scale of operations and the partnership
nature of the firm's business.

For 2013-14, ARM reported a net profit of INR2.8 million on net
sales of INR539.8 million; the firm reported a net profit of
INR2.4 million on net sales of INR432.9 million for 2012-13.

ARM was established as a partnership firm in 1998 in Jalalabad
(Punjab); it was acquired by Mr. Ashok Aneja and his relatives in
2003-04. The firm processes both basmati and non-basmati rice
which is majorly sold to bulk exporters or directly exported to
the Middle Eastern countries.


ASHA INDUSTRIES: ICRA Reaffirms B- Rating on INR6.75cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to the
INR2.14 crore (reduced from INR2.95 crore) term loans and INR6.75
crore fund-based working capital facilities of Asha Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             6.75        [ICRA]B- reaffirmed
   Term Loan               2.14        [ICRA]B- reaffirmed

Rating Rationale
The rating continues to be constrained by the highly competitive
and fragmented industry structure owing to low entry barriers and
vulnerability of profitability to raw material prices with raw
cotton being subject to seasonality, crop harvest and regulatory
risks and PVC resin being a crude oil derivative. Further, the
rating is constrained by the weak financial risk profile as
characterized by low profitability, weak capital structure, and
modest debt protection metrics as well as the modest scale of
operations of the entity. ICRA also notes that AI is a partnership
firm and any significant withdrawals from the capital account
would reduce its net worth and thereby adversely impact its
capital structure.

The rating, however, takes comfort from the experience of the
founder promoter in the cotton industry and favorable location of
the firm's manufacturing facility in Rajkot leading to easy access
of raw cotton.

Asha Industries (AI) was incorporated in the year 1995 and is
involved in the business of ginning, pressing of raw cotton,
crushing of cotton seed and manufacturing of PVC/UPVC pipes. The
manufacturing facility, located in Morbi (Rajkot), is equipped
with eighteen ginning machines and one press for cotton ginning
and pressing, seven expellers for cotton crushing and two machines
for PVC pipes manufacturing. Besides manufacturing, the firm is
also engaged in trading of cotton seeds, oilcake, resin and
PVC/UPVC pipes etc.

Recent Results
For the year ended 31st March, 2014, AI reported an operating
income of INR37.71 crore and profit after tax of INR0.22 crore as
against an operating income of INR37.58 crore and a profit after
tax of INR0.28 crore for the year ended 31st March, 2013.


BALAJI COTTON: CRISIL Reaffirms B Rating on INR150MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Balaji Cotton
Trading Company (BCTC) continues to reflect BCTC's small scale of
operations in highly fragmented cotton ginning industry, its below
average financial risk profile, marked by weak debt protection
metrics, aggressive gearing and small net worth.

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

The rating also factors in the vulnerability of the firm's
business and profitability to changes in government policy. These
rating weaknesses are partially offset by the extensive industry
experience of BCTC's promoters and its established regional
presence in the cotton ginning industry.

Outlook: Stable

CRISIL believes that BCTC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning business. The outlook may be revised to 'Positive' if the
firm's revenues and profitability increase substantially, leading
to an improvement in its financial risk profile, or in case of
significant infusion of capital by the partners, resulting in an
improvement in BCTC's capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially or if the partners withdraw capital from the
firm, leading to weakening in its financial risk profile.

BCTC was established in 2002 and is engaged in cotton ginning. The
firm is located in Adilabad (Telangana) and operates with an
installed ginning capacity of 400 bales per day. BCTC's managing
partners, Mr. Ganesh Mukkawar and Mr. Girish Mukkawar, have more
than 15 years of experience in the cotton ginning business.


BAHUBALI MOTORS: CRISIL Reaffirms B Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bahubali Motors
Pvt Ltd (BMPL) continues to reflect BMPL's below-average financial
risk profile, marked by stretched liquidity, a leveraged capital
structure, and average interest coverage ratio.

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

The rating also factors in the company's modest scale of
operations in the intensely competitive automobile dealership
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and the
funding support it receives from them.
Outlook: Stable

CRISIL believes that BMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile, particularly its liquidity, improves significantly,
most likely because of a substantial increase in its cash accruals
or equity infusion. Conversely, the outlook may be revised to
'Negative' if BMPL reports low cash accruals, on account of a
decline in its sales or operating profitability, or if its working
capital cycle weakens further, or if it undertakes a debt-funded
capital expenditure programme, leading to further pressure in its
liquidity.

Update
BMPL's operating income decreased to an estimated INR455 million
in 2014-15 (refers to financial year, April 1 to March 31) from
INR498 million in 2013-14, due to subdued demand for passenger
vehicles of its principal, Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+'). The company's operating margin decreased
slightly to around 4.8 per cent in 2014-15 from 5.0 per cent in
earlier years on account of a decrease in business in the spares
and services segment; the margin is expected to remain at a
similar level over the medium term.

BMPL's financial risk profile has remained below average, marked
by a modest net worth and subdued debt protection metrics. The
company's net worth increased to INR72 million as on March 31,
2015, from INR63 million a year earlier on account of
extraordinary income, which resulted in a one-time accretion to
reserves. The extraordinary income was on account of sales of
commercial property in the Raipur region (Chhattisgarh).  BMPL's
debt protection metrics remained below average with interest
coverage ratio estimated at 0.9 to 1.0 times for 2014-15, because
of its modest profitability. The company's financial risk profile
is expected to remain below average over the medium term.

BMPL's liquidity is stretched, with highly utilised bank limits.
The company's cash accruals are estimated at INR13 million, vis-a-
vis debt obligations of INR10.2 million, in 2014-15. CRISIL
expects BMPL's net cash accruals from operations to be
insufficient for meeting its term debt obligations over the next
two years; however, this is expected to be bridged by infusion of
funds by promoters. BMPL's working capital is efficiently managed
as reflected in its moderate gross current assets, estimated at 55
days as on March 31, 2015. The company's liquidity is supported by
promoters' funds in the form of unsecured loans the balance of
which is estimated to be at around INR32 million as on March 31,
2015.

BMPL was originally established in 1959 as a partnership firm,
which was later reconstituted as a company in 2005. The company
has been a dealer for TML cars in Raipur district since 2000. It
is held by Mr. Hiralal Shah and his family.


CHALLA INFRA: ICRA Assigns B+ Rating to INR8cr FB Loan
------------------------------------------------------
ICRA has assigned the short term rating of [ICRA]A4 for INR15.00
crore (enhanced from INR2.00 crore) non fund based limits of
Challa Infra Projects Private Limited. ICRA also assigns the
long/short term rating of [ICRA]B+/[ICRA]A4 to the INR3.00 crore
(enhanced from INR2.00 crore) unallocated limits of the CIPPL.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits       8.00     [ICRA]B+ outstanding
   Non Fund Based Limits  15.00     [ICRA]A4 assigned/outstanding
   Unallocated             3.00     [ICRA]B+/[ICRA]A4
                                     assigned/outstanding



ICRA also has rating of [ICRA]B+ outstanding for INR8.00 crore
fund based limits [ICRA]A4 outstanding for INR2.00 crore non fund
based limits and [ICRA]B+/[ICRA]A4 outstanding for INR2.00 crore
unallocated limits of Challa Infra Projects Private Limited.
The assigned ratings are constrained by the company's small scale
of operation in a highly competitive civil construction industry
which keeps the margins under pressure.

The ratings are constrained by high geographical concentration
risk faced by the company on account of majority of projects being
executed within the state of Andhra Pradesh & Telangana and lower
order execution during FY15 on account of delay in start of
projects resulting into drop in revenues.

The ratings however, positively factor in long track record of
promoters in the construction industry resulting into healthy
inflow of fresh orders from government departments; healthy order
book to operating income ratio of 2.85 times providing revenue
visibility for medium term; and moderate financial profile of the
company with gearing at 1.06x; healthy coverage indicators as
reflected by interest coverage of 3.42 times and NCA/Total debt of
21.52% as on 31st January 2015.

Challa Infra Projects Private limited (CIPPL) is a Hyderabad based
infrastructure and engineering construction company started its
operations in 2013. Company provides services in the field of
Water supply works, Construction of school buildings and Road
works. In past company has executed projects from Irrigation & CAD
department of Andhra Pradesh, Panchayat Raj Engineering
Department, Rural water supply and other government departments of
Andhra Pradesh & Telangana.

Recent Results
As per provisional financials for 10M FY15, the company reported
net profit of INR1.41 crore on operating income of INR46.82 crore
as compared to net profit of INR1.99 crore on operating income of
INR67.10 crore for FY14.


CIEM CONSTRUCTION: ICRA Withdraws B+ Rating on INR70cr Bank Loan
----------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR70 crore Fund Based (Working Capital) bank facilities of
CIEM Construction Private Limited (CCPL), as the notice period of
three years since suspension of ratings has expired.


CREATIVE TEXTURE: CRISIL Assigns B+ Rating to INR42.5MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the long-term
bank facilities of The Creative Texture (CT) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to these facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              42.5      CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Export Packing Credit    12        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Long Term Loan           25        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term       40.5      CRISIL B+/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

   Proposed Export          30        CRISIL A4 (Assigned;
   Packing Credit                     Suspension Revoked)

The rating had been suspended by CRISIL vide Rating Rationale
dated April 21, 2015, as CT had not provided the necessary
information for taking a rating view. The company has now shared
the requisite information, enabling CRISIL to assign ratings to
the bank facilities.

The ratings reflect CT's below-average financial risk profile,
marked by its weak capital structure and low cash accruals. The
ratings also factors in CT's small scale of operations in a
fragmented textile industry.

These rating weaknesses are partially offset by the benefits that
CT derives from its promoters' extensive experience in the textile
industry and funding support extended by them.
Outlook: Stable

CRISIL believes that CT will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' if CT
significantly improves its scale of operations and profitability,
leading to better-than-expected cash accruals and improvement in
its financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' if the firm's financial
risk profile weakens further because of a stretch in the working
capital cycle or pressure on its revenue and profitability,
thereby leading to lower-than-expected cash accruals.

CT, set up in 2005 as a partnership firm, is currently promoted by
Mr. R Balaji, his father Mr. A Ramasamy, his mother Mrs. R Kamala,
and his sister Ms. R Kavitha as the partners. The firm
manufactures various types of fabrics such as grey fabrics, dyed
and printed fabrics, and dyed made ups, which are primarily used
in manufacturing bed sheets, blankets, and bath products. CT's
manufacturing facility is in Sivakasi (Tamil Nadu).


DEMBLA VALVES: ICRA Ups Rating on INR24.50cr LT Loan to B+
----------------------------------------------------------
ICRA has upgraded the long term rating of [ICRA]B- to [ICRA]B+ to
the INR29.04 crore (earlier INR36.35 crore) long term fund based
bank facilities of Dembla Valves Limited (DVL). ICRA has also
reaffirmed the rating of [ICRA]A4 to the INR30.50 Crore (earlier
INR24.50 crore) short term fund based and non fund based bank
facility of DVL. ICRA has also assigned [ICRA]B+/[ICRA]A4 ratings
to the INR1.31 crore (earlier INR0.00 crore) unallocated amount.
The rating action factors in the equity infusion by a PE firm in
the company to the tune of INR15 crore resultant improvement in
capital structure. The ratings continued to factor in DVL's proven
track record in the control valve manufacturing space and the
reputed client profile.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based Limits-CC         24.50      [ICRA]B+; upgraded

   Long Term Fund
   Based Limits-TL          4.54      [ICRA]B+; upgraded

   Short Term Fund
   Based - PC/FDBP         15.50      [ICRA]A4; reaffirmed

   Short Term Non Fund
   Based - BG/LC           15.00      [ICRA]A4; reaffirmed

   Unallocated Amount       1.31      [ICRA]B+; (assigned)

The ratings however, continued to be constrained by DVL's moderate
scale of operations and its high working capital intensity of
operations resulting from high inventory holding period and slow
receivable position. Further, the liquidity position remains
stretched as reflected from high working capital utilization and
stretched payables. The rating also factors in DVL's exposure to
inherent cyclicality in steel prices as well as high competitive
pressures in the industry and its profitability is susceptible to
foreign exchange fluctuations risk. ICRA also takes into account
the large payment obligations on the company which may arise on
account of PE firm's exit with guaranteed investment return.

Dembla Valves Limited (DVL) was incorporated in 1985 and is
involved in manufacturing and selling of control valves. The
company was started by the first generation promoter Mr. K.N
Dembla and his younger brother Mr. J.N. Dembla who are currently
the Chairman as well as the MD of the company. DVL specializes in
manufacturing of Globe Control Valves, High Performance Butterfly
Valves (Motorized /Gear Operated), Manual Butterfly Valves, TRIPLE
offset Butterfly Valves and Ball Valves. The company is ISO
9001:2008 certified and it also has product certification from
requisite institutes like API (American Petroleum Institute),
BUREAU VERITAS S.A.

Recent Results
DVL recorded a net profit of INR1.42 crore on an operating income
of INR75.38 crore for the year ending March 31, 2015 as per
provisional figures.


DHANRAJ SOLVEX: CARE Assigns B+ Rating to INR25cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating assigned to bank facilities of
Dhanraj Solvex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      25        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Dhanraj Solvex
Private Limited (DSPL) is constrained by project execution risk,
presence in the highly fragmented industry with intense
competition and susceptibility of margins to volatility in raw
material prices and seasonal nature of raw material availability.
The above weaknesses are partially offset by the promoter's
satisfactory experience in the edible oil industry, strategic
location of manufacturing unit with proximity to raw material
sources and favorable growth prospects of the edible oil market.
Ability of the company to timely complete the project within the
envisaged cost and subsequently effectively utilize its capacity
and generate sufficient accruals, are the key rating sensitivity.

Established in the year 2014, Dhanraj Solvex Private Limited
(DSPL) is a closely held company promoted by Pallod family and is
engaged in setting up capacity of 384 tonnes per day for solvent
extraction and 100 tonnes per day for refinery plant at Latur,
Maharashtra, for extraction of soya oil and soya de-oiled-cake
(DOC).

The total estimated cost of the project is INR22.50 crore, which
is proposed to be funded by promoter's capital of INR7 crore,
unsecured loan of INR2 crore, and term debt of INR13.50 crore
(already sanctioned). DSPL is expected to start commercial
operations from January 2016.


GARG RICE: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B on the INR6.00
crore fund based bank facilities of Garg Rice and General Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            6.00         [ICRA]B; assigned

The assigned ratings take into account the year-on-year decline in
GRGM's operating income in 2013-14, which has however shown a
recovery in 2014-15. The rating also take into account the high
intensity of competition in the rice milling industry and agro
climatic risks which affect the availability of paddy in adverse
weather conditions, thus impacting the raw material costs which in
turn imbue volatility to the firm's profitability margins. The
rating also factors in the firm's high working capital intensity
due to high inventory levels. The high working capital
requirements have been substantially debt funded, resulting in
elevated gearing levels and weak coverage indicators. ICRA also
takes note of the proprietorship constitution of the firm which
exposes it to risks of dissolution, capital withdrawals etc. The
rating, however, favorably takes into account the extensive
experience of the promoters, and their long standing relationships
with several customers and suppliers, and the proximity of the
mill to a major rice growing area, which results in easy
availability of paddy.

Going forward, the ability of the firm to ramp up its scale of
operations and optimally manage its working capital cycle will be
the key rating sensitivities.

Recent Results
GRGM reported a net profit of INR0.04 crore on an operating income
of INR8.20 crore for 2013-14, as against a net profit of INR0.04
crore on an operating income of INR15.76 crore for the previous
year.

GRGM is a proprietorship firm which was set up in 1980 by Mr. Ram
Lal Garg, and is engaged in processing and selling of basmati
rice, mainly to local traders. It has its plant located in
Kaithal, Haryana with a milling capacity of 5 tonnes per hour and
sortex machinery with a capacity of 4 tonnes per hour. The firm
sells major portion of the Basmati produced and by products such
as husk, rice bran and 'phak' to local traders.


GOLD STAR: ICRA Reaffirms B+ Rating on INR5.50cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR5.50
crore fund-based bank facilities of Gold Star Steels (P) Ltd. ICRA
has also reaffirmed the [ICRA]A4 rating assigned to the INR3.00
crore non-fund based bank facilities of GSSPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-Based Limits
   (Cash Credit)           5.50        [ICRA]B+; reaffirmed

   Non-Fund Based
   Limits                  3.00        [ICRA]A4; reaffirmed

The ratings continue to take into consideration the long track
record of the company in the steel sector and GSSPL's partial
integration with its group company involved in manufacturing of
pre-stressed concrete sleepers (PCSs), which reduces business
risks to an extent, though business from the same declined during
2014-15. The ratings, however, continue to remain constrained by
the small size of current operations of the company; though the
scale has increased during the last two years and its weak
financial risk profile as characterised by the high gearing
levels, nominal profitability and moderate levels of debt coverage
indicators. The ratings also take into account the high working
capital intensity of GSSPL's operations and its exposure to the
cyclicality associated with steel industry, which is likely to
keep its profitability and cash flows volatile going forward.

Incorporated in 1992, GSSPL is a closely held company belonging to
the Raipur-based Agarwal family. GSSPL has facilities for
manufacturing high tension steel (HTS) wire, inserts and insular
caps with annual capacities of 7,200 metric ton (MT), 50.00 lakh
units and 18.00 lakh units respectively. A substantial portion of
GSSPL's revenues is derived from its group company, Orissa
Concrete & Allied Industries Ltd. (OCAIL).
Recent Results
In 2014-15, as per the provisional financial statements, GSSPL
reported an operating income of INR35.13 crore and a net profit of
INR0.29 crore, as against an operating income of INR31.10 crore
and a net profit of INR0.02 crore in 2013-14.


GOODLUCK EDUCATIONAL: CRISIL Ups Rating on INR54MM Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Goodluck Educational and Welfare Society (GEWS) to 'CRISIL
B/Stable' from 'CRISIL D'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       31       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan                54       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects GEWS's timely servicing of term debt
post refinancing of its term loans leading to lower obligations.
The society's annual debt obligations have reduced to INR9 million
from around INR20 million previously. GEWS is also maintaining an
escrow account for principal and interest obligations over the
next three months to avoid cash flow mismatch. CRISIL believes
that GEWS will generate annual cash accruals of INR20 million to
INR25 million against debt obligations of INR9 million per annum
in 2015-16 (refers to financial year, April 1 to March 31) and
2016-17.

The rating reflects GEWS's susceptibility to intense competition
and regulatory risks associated with educational institutions
.These rating weaknesses are partially offset by the healthy
growth prospects in the education sector and the financial support
that GEWS receives from its trustees.
Outlook: Stable

CRISIL believes that GEWS will continue to benefit over the medium
term from healthy growth prospects in the educational sector. The
outlook may be revised to 'Positive' if the society reports
significantly improvement in revenues while sustaining the
operating profitability most likely through increased intake of
students. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the society's financial risk profile,
particularly its liquidity, most likely because of delay in fee
receipt or large debt-funded capex.

GEWS was established in September 2003 by Mr. Tejender Singh Walia
and Mr. Sadhu Singh Walia. The society provides primary and
secondary education and operates two schools, Golden Earth Global
School (GEGS) in Sangrour (Punjab) and LWS ( Lemmon World School)
in Mohali (Punjab).


GREEN VILLAGE: ICRA Suspends 'D' Rating on INR14cr ST Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR4.00 crore fund based bank facilities and short term rating of
[ICRA]D assigned to the INR14.00 crore fund based bank facilities
of Green Village Agros Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund
   Based Limits            4.00       [ICRA]D; Suspended

   Short-term-Fund
   Based Limits           14.00       [ICRA]D; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Business was established in the year 2006 as private limited
company. Directors of the company are Mr. Ashok Gupta and Mrs.
Neha Gupta. Mr. Ashok Gupta is actively engaged in the operations
of the company, he has an experience of more than two decade in
rice industry. As per the management milling capacity of the plant
is 4 tonnes/hr of paddy. Company is engaged in the business of
processing and trading of rice (Basmati & Non- Basmati) in
domestic market as well as exporting to countries in Middle East.
Company is having its manufacturing unit at Railway Road, Taraori,
Karnal.


GREEN WOOD: CARE Assigns 'B' Rating to INR8.82cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Green Wood
Poultries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.82      CARE B Assigned

Rating Rationale
The rating assigned to Green Wood Poultries (GWP) is primarily
constrained by residual project execution and stabilization risk
associated with setting up of poultry farm and susceptibility of
its margins to fluctuation in raw material (Chicks & feed grain)
prices. The rating is further constrained by inherent risk
associated with the poultry industry coupled with high competition
from local players and partnership nature of its constitution.

The rating, however, draws comfort from experienced management in
the poultry farming business along with satisfactory demand
outlook of the products.

Going forward, achievability of envisaged revenue and
profitability given debt-funded capex would be a key rating
sensitivity. Ability of the firm for timely and successful
completion of the remaining project within envisaged cost would be
another key rating sensitivity.

GWP is a partnership firm established in 2014 by Mr Rajendra
Prasad Aggrawal, Mr Akshay Aggarwal and Mr Tarsem Sharma sharing
profit and losses in the ratio 50%, 25% and 25% respectively. GWP
was established with an aim to set up a poultry farming unit at
Saharanpur, Uttar Pradesh.

The total cost of the poultry farm is estimated to be around
INR10.79 crore with debt equity of 2.76x for total capacity of
2.40 lakh egg laying birds per annum. The firm is planning to set
up the unit in two phases and as per the management the total cost
of INR6.58 crore for phase one has already been incurred as on
January 31, 2015; which can support the capacity of 1.80 lakh
chickens per annum.

The firm commenced its commercial operations in April 2014 with
partial completion and FY15 (refers to the period April 1 to March
31) will be the first full year of operations for the firm. The
firm sells the eggs to retailers located in Uttar Pradesh. The
firm procures day old chicks from hatcheries based in Uttar
Pradesh for further breeding of eggs. Furthermore, the firm
procures feeding materials from local suppliers based in Uttar
Pradesh.


GULMOHAR PARK: ICRA Revises Rating on INR55cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR55 crore term
loan facility of Gulmohar Park Mall Private Limited (GPMPL) to
[ICRA]D from [ICRA]BB+ (Stable).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                55         [ICRA]D/ Revised

The revision in rating takes into consideration the delay in term
loan repayments by GPMPL. The rated loan being a Lease Rental
Discounting (LRD) loan availed by securitizing lease rentals
receivable from retailers occupying the property, any delays in
timely remittance of monthly lease rentals from lessees adversely
impacts GPMPL's ability to service its debt repayment obligations
in a timely manner.

GPMPL owns and operates the Gulmohar Park Mall at Sarkhej-
Gandhinagar Highway, Ahmedabad. The name of the company has been
changed to Gulmohar Park Mall Pvt. Ltd. from Navratna SG Highway
Properties Pvt. Ltd. on 29th May 2012.

The Gulmohar Park mall is located on the Sarkhej-Gandhinagar
Highway at Satellite Road in Ahmedabad, 17-19 km. from the airport
and 11-12 km. from the railway station. The total leasable area of
the mall is 2,22,236 sqft. The property is a standalone mall which
is being operated on a 100% lease model. Construction of the mall
began in June 2006 and the mall commenced operations in October
2008.


GUJARAT COLOURLAM: ICRA Ups Rating on INR15.80cr Loan From B+
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR15.80
crore (enhanced from INR7.65 crore) term loans and INR8.00 crore
(enhanced from INR7.00 crore) cash-credit facility of Gujarat
Colourlam Private Limited from [ICRA]B+ to [ICRA]BB-. ICRA has
reaffirmed the short term rating of [ICRA]A4 to the INR5.10 crore
(sublimit of term loan) letter of credit facility of GCPL. ICRA
has assigned short term rating of [ICRA]A4 to the INR0.85 crore
short-term non-fund based facilities of GCPL. The outlook on long
term rating is 'Stable'.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan            15.80       Revised to [ICRA]BB- (stable)
                                     from [ICRA]B+

   Cash Credit           8.00       Revised to [ICRA]BB- (stable)
                                     from [ICRA]B+

   Letter of Credit      5.10       [ICRA]A4 reaffirmed

   Bank Guarantee        0.75       [ICRA]A4 assigned

   Credit Exposure       0.10       [ICRA]A4 assigned
   Limit

The upgrade in long term rating primarily takes into account the
healthy growth in operating income in past couple of years as well
as improved profitability of the company during FY15 on account of
the addition of higher value added products (laminated particle
boards) in the portfolio. The ratings also continue to draw
comfort from the experience of the promoters of the company in the
particle boards and laminates industry, the favourable cost
dynamics for bagasse based particle boards as compared to plywood
and wood based particle boards, and the company's proximity to raw
material sources.

The ratings, however, continue to remain constrained by the
aggressive capital structure and working capital intensive nature
of the business resulting from a high inventory holding period.
The ratings also take into account the seasonal supply of bagasse
and susceptibility of the company's profitability to availability
and price movement of bagasse given its increasing demand for
power generation. The rating also factors in the vulnerability of
profitability to cyclicality inherent in the real estate industry
which is the key consuming sector for the company's products.

Incorporated in 1991 and formerly known as M. Sons Textiles
Private Limited, Gujarat Colourlam Private Limited (GCPL) was
initially involved in the trading of plywood and particle boards.
In 2007, the trading operations were discontinued and subsequently
in 2011, the promoters set up a particle board manufacturing unit
in Surat, Gujarat. The company is promoted by Mr. Om Prakash
Agrawal, Mr. Anand Agrawal, Mr. Anil Agrawal and Mr. Anup Agrawal
who have interests in various businesses in timber and laminates
industry. The installed capacity of the plant is 4400 particle
boards per day (enhanced from 2400 particles board per day with
effect from February 2015) assuming a standard size of 8'x4'x18mm.
GCPL also installed two lamination machines with the total
installed capacity to laminate 3000 sheets per day which became
operational from April 2014.

Recent Results
In FY14, GCPL reported an operating income of INR42.27 crore (as
against INR33.57 crore in FY13) and profit after tax of INR1.32
crore (as against INR0.67 crore in FY13). Further in FY15
(provisional unaudited financials), GCPL reported operating income
of INR46.40 crore and profit before tax of INR2.90 crore.


GUJARAT COTFIB: ICRA Reaffirms 'B' Rating on INR13.75cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B to INR0.70 crore term
loan and INR13.75 crore fund-based cash credit facility of Gujarat
Cotfib (GC). ICRA has also reaffirmed the rating of [ICRA]A4 to
INR0.33 crore bank guarantee facility of Gujarat Cotfib. Total
Rated amount is INR14.78 crore.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               0.70        [ICRA]B; Reaffirmed
   Cash Credit            13.75        [ICRA]B; Reaffirmed
   Bank Guarantee          0.33        [ICRA]A4; reaffirmed

The rating reaffirmation continues to factor in Gujarat Cotfib's
(GC) financial profile characterized by thin profitability,
stretched capital structure and weak debt coverage indicators. The
rating is further constrained by the limited value addition and
highly competitive and fragmented industry structure which leads
to low operating and net margins. Further the ratings also
incorporate the susceptibility of the cotton prices to seasonality
and regulatory risks which together with the highly competitive
industry environment exerts more pressure on the margins. ICRA
also notes that Gujarat Cotfib is a partnership firm and any
significant withdrawals from the capital account will affect its
net worth and thereby the gearing levels.

The rating, however, favorably factor in the extensive experience
of the partners in the cotton ginning and pressing industry and
location advantage resulting in easy availability of raw cotton as
well as presence in cotton seeds crushing business which provides
revenue diversification.

Gujarat Cotfib was originally established as a partnership firm in
the year 2008 and subsequently taken over by Mr. Vijay Vekariya,
Mr.Girdhar Vekariya and seven other partners comprising his
friends and relatives in August 2012. The commercial operations
commenced in April 2009. The firm has installed forty ginning
machines and one automatic pressing machine to produce 350 cotton
bales per day (24 hours). The firm is also equipped with eight oil
expellers to produce cottonseeds oil and oil cake. The firm
started cotton seed crushing operations in October 2012 with
installed capacity to produce 15 tons of oil per day.

Recent Results
For the year ended 31st March, 2015 as per provisional results,
the firm reported an operating income of INR118.94 crore with
profit after tax (PAT) of INR0.18 crore.


HANUMAN RICE: CRISIL Ups Rating on INR50MM Cash Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Hanuman Rice Traders (HRT) to 'CRISIL B-/Stable' from 'CRISIL D'.

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

   Proposed Long Term      6        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   SME Credit              2.5      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan              16.5      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects the timely servicing of debt obligations by
HRT over the last four months ended April 2015. The upgrade also
factors in CRISIL's belief that HRT will continue to service its
debt in a timely manner over the medium term with its cash
accruals expected to be sufficient to meet its debt repayment
obligations.

The rating reflects HRT's modest scale of operations in the
intensely competitive rice milling industry, and the
susceptibility of its profitability margins to changes in
government regulations and paddy prices. The rating of the firm is
also constrained on account of its average financial risk profile
marked by its small net-worth, moderate gearing, and average debt
protection metrics. These rating weaknesses are partially offset
by the benefits that HRT derives from its promoters' extensive
experience in the rice milling industry.
Outlook: Stable

CRISIL believes that HRT will continue to benefit over the medium
term from its promoters' extensive experience in the rice milling
industry. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in the firm's scale of
operations, while it maintains its profitability margins, or there
is a substantial improvement in its capital structure on the back
of sizeable capital additions from its partners. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the firm's profitability margins, or significant deterioration in
its capital structure caused most likely by a large debt-funded
capital expenditure or a stretch in its working capital cycle.

HRT, set up in 2004, mills and process paddy into rice; it also
generate by-products such as broken rice, bran, and husk. Its rice
milling unit is located in Krishna district in Andhra Pradesh. The
firm currently has three partners - Mr. Potluri Krishna Kumari,
Mr. Potluri Sitaram Prasad, and Mr. Potluri Pavan Kumar.


HISAR EXIM: ICRA Suspends 'B+' Rating on INR0.6cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR0.60 crore fund based bank facilities and short term rating
of [ICRA]A4 assigned to the INR5.00 crore non fund based bank
facilities of Hisar Exim Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund
   Based Limits            0.60       [ICRA]B+; Suspended

   Short-term-Non
   Fund Based Limits       5.00       [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

HEPL was incorporated in 2009 by Mr. Anirudh Singhal and his
brother. The company is engaged in import of Timber which is
received at its factory at Gandhidham where logs are stored. The
factory has around 2 saw mills for cutting the logs as per the
customer's requirements. Thereafter, it distributes the sawn
timber from its offices in Hisar and Gandhidham (Gujarat), to
clients located across India. The company is engaged only in
wholesale selling of timber and entire sales are made in domestic
market. Apart from import the company also procures timber locally
and then sells it in the local market.


HPI SALES: ICRA Suspends B Rating on INR0.50cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR0.50 crore fund based bank facilities and short term rating of
[ICRA]A4 assigned to the INR5.00 crore non fund based bank
facilities of HPI Sales Corporation.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term- Fund
   Based Limits             0.50        [ICRA]B; Suspended

   Short-term-Non Fund
   Based Limits             5.00        [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

HPISC was incorporated in 1998 as a partnership firm. Firm is
engaged in the business of whole trade of timber and plywood
trading. Partners of the firm are Ramesh Singhal, Vishnu Goyal,
and Anirudh Singhal. All the partners are actively engaged in the
working of the business. Promoters have a long experience of
timber trading business. The company imports timber from Malaysia.
The company's head office is located in Hisar (Haryana) and branch
office is located in Gandhidham (Gujarat). All the sawn timber is
produced at its Gandhidham (Gujarat) factory and is sold from its
office in Hisar in Haryana, and Gandhidham in Gujarat.


INTERNATIONAL AGRO: ICRA Assigns B Rating to INR10cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR10.00
crore fund based facilities of International Agro Foods.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund
   Based-Cash Credit       10.00        [ICRA]B; assigned

The assigned rating takes into account the long experience of the
promoters of over three decades in buffalo meat processing
business and the locational advantage due to presence in Uttar
Pradesh, which provides easy access to raw materials. The rating
also favourably factors in the integrated nature of operations
given the in-house slaughterhouse which has been recently set up.
ICRA also notes the stable business outlook in terms of raw
material availability and sufficient growth opportunities in the
meat export sector.

The rating is however constrained by the highly competitive and
fragmented industry structure which limits pricing power and the
vulnerability of the entity's profitability to adverse movements
in foreign exchange rates given that a majority of the revenues
are contributed by exports. Further, the rating is constrained by
the susceptibility of the business to changes in regulations
related to foreign trade and risks related to disease outbreak.
ICRA also notes the sharp revenue de-growth during FY15 due to
change in government regulations and the exposure to regulatory
risk since APEDA certification is yet to be received for the
integrated meat processing facility. Going forward, the ability of
the entity to increase its scale of operations, and maintain its
profitability amid high competitive intensity and foreign exchange
risk remain key rating drivers.

Established in the year 2006, International Agro Foods (IAF) is a
partnership firm and initially had five partners, Mr. Habib Ahmed,
Mr. Shamoon Ahmed, Mr. Irshad Ahmed, Mr. Siraj Ahmed and Mr. Mohd
Barkat. In FY12, the ownership of the firm was taken over by the
Qureshi family, which has over three decades of experience in the
buffalo meat business. Located at Ghaziabad (UP), IAF is engaged
in processing, packing, storage and export of buffalo meat. IAF
set up an integrated slaughterhouse-cum-meat processing unit in
Dasna, UP during April 2015 for slaughtering, rendering and
packaging of buffalo meat. The slaughterhouse has a capacity for
slaughtering upto 750 buffalos per day while the meat processing
capacity is 100 metric tonnes per day (MTPD). The entity will
commence in-house slaughtering once it receives certification from
the Agricultural and Processed Food Products Export Development
Authority (APEDA) for export of buffalo meat.

Recent Results
As per its audited results for FY 2014, IAF reported profit after
tax (PAT) of INR0.18 crore on operating income of INR33.68 crore.


INTERNATIONAL MEGA: CRISIL Reaffirms B+ Rating on INR564MM Loan
---------------------------------------------------------------
CRISIL's rating on the long term bank facilities of International
Mega Food Park Ltd (IMFPL) continues to reflect vulnerability of
the company to the intense competition in the cold storage
industry and exposure to government regulations and epidemic-
related factors. These rating strengths are partially offset by
the benefits that IMFPL derives from the extensive experience of
the promoters in the food processing industry and diversified
revenue profile of the company.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Proposed Term Loan    185      CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan       564      CRISIL B+/Stable (Reaffirmed)

CRISIL had downgraded the rating on the long term bank facilities
of International Mega Food Park Ltd (IMFPL) to CRISIL B+/ Stable
from CRISIL BB-/ Stable on March 20, 2015. On account of expected
deterioration in IMFPL's liquidity and hence, financial risk
profile following the delay in the operationalisation of the mega
food park it is setting up in Fazilka (Punjab).
Outlook: Stable

CRISIL believes that IMFPL will benefit from its promoters'
extensive experience in the food processing and packaging industry
and favourable government policies towards mega food park projects
over the medium term. The outlook may be revised to 'Positive' in
case IMFPL is able to significantly improve its scale of
operations from the existing segments along with its profitability
leading to improvement in the financial risk profile over the
medium term. Conversely, the outlook may be revised to 'Negative'
in case the company undertakes a higher than expected debt funded
capex or in case of further significant delays in fully
operationalising its project, leading to adverse impact on the
liquidity and financial risk profile of the company.

IMFPL was incorporated in 2010 as a closely held public limited
company and special purpose vehicle (SPV). It has set up a mega
food park under the Ministry of Food Processing Industry's
(MoFPI's, Government of India (GOI)) Mega Food Parks' Scheme at
village Dabwala Kalan (Fazilka, Punjab). The total cost of the
project was INR1364 million, funded in a debt-to equity to ratio
of 1:1, with term debt of INR564 million, promoters' contribution
of INR300 million, and GOI grant of INR500 million. The key
promoters of the SPV include International Fresh Farm Products Pvt
Ltd (IFFPL), Narain Exim Corporation (NEC) and Citrus Estates
(CE). The project is expected to provide adequate infrastructure
facilities for food processing along the value chain from the farm
to market. The major revenue streams for IMFPL will be the
retailing and wholesale of dairy products and agricultural
products, rentals from food processing and cold storage facilities
and selling power to Punjab State Electricity Board (PSEB) from
its biomass power plant. The operations for the dairy, cold
storage and warehousing segment started in February 2014 while the
operations for the biomass plant are expected to commence in April
2015.

IMFPL reported a net loss of 2.7 million on net sales of INR49.3
million for FY 2013-14 (refers to financial year from April 01 to
March 31).


JIWANSAAGAAR REALTY: CRISIL Assigns B+ Rating to INR140MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Jiwansaagaar Realty Pvt Ltd (JRPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                140        CRISIL B+/Stable

The rating reflects JRPL's exposure to risks related to
implementation of its on-going projects and vulnerability to
cyclicality in demand inherent in the real estate sector. These
rating weaknesses are partially offset by the promoter's extensive
entrepreneurial experience.
Outlook: Stable

CRISIL believes that JRPL will continue to benefit over the medium
term from its promoter's extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if JRPL completes its project
in time and receives better-than-expected customer bookings,
resulting in an improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' in case of a time or cost
overrun in the project or low customer bookings, adversely
impacting the company's liquidity.

Incorporated in 2013, JRPL is currently executing a residential
real estate project in Bhagalpur (Bihar) under the name of Garden
Heights. The company's day-to-day operations are being managed by
Mr. Anil Kishorepuria.


K.K. COTEX: ICRA Reaffirms B+ Rating on INR22cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR22.00 crore
fund based facilities of K.K. Cotex. ICRA has also withdrawn
[ICRA]A4 rating for the INR40.00 crore short term fund based
facilities as it is fully repaid and there is no outstanding
amount against the same.


                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund
   Based - Cash Credit     22.00      [ICRA]B+ reaffirmed

   Short term fund
   Based- PCFC             00.00      [ICRA]A4 withdrawn


The ratings continue to be constrained by K.K. Cotex (KKC) weak
financial profile as reflected in low profitability, adverse
capital structure and weak debt coverage indicators. The ratings
also take into account the low value additive nature of operations
and the intense competition on account of the fragmented industry
structure leading to thin profit margins. The ratings are further
constrained by the vulnerability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on the minimum support price
(MSP) for the procurement of raw cotton and export quota for
cotton bales.

The ratings, however, positively factor in the long experience of
the promoters in the cotton ginning and pressing business, the
favorable location of the firm giving it easy access to raw cotton
and the positive demand outlook for cotton and cotton seed in
India.

K. K. Cotex was formed in 2007 as a partnership firm by Mr.
Kishorbhai S Patel and Mrs. Bhavitaben K Patel, with more than a
decade of experience in the cotton industry. The firm has set up a
unit for cotton ginning and pressing at Hadamtala, District Rajkot
with 1 pressing and 48 ginning machines.


KRAFT LAMINATE: CRISIL Assigns 'B' Rating to INR68MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kraft Laminate (KL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              20         CRISIL B/Stable
   Term Loan                68         CRISIL B/Stable

The rating reflects KL's small scale of operations in the highly
fragmented decorative laminates industry and the firm's aggressive
capital structure. The rating also factors in the susceptibility
of the firm's operating margin to fluctuations in raw material
prices and to intense industry competition. These rating
weaknesses are partially offset by the industry experience of KL's
promoters.
Outlook: Stable

CRISIL believes that KL will continue to benefit over medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if KL's scale of operations increases
substantially, along with significant improvement in its operating
margin and working capital management, leading to a substantial
increase in its cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm's revenue and profitability are
low, or it undertakes a large debt-funded capital expenditure
programme, or its working capital cycle is stretched, leading to
weakening of its financial risk profile.

KL was established in 2013 as a partnership firm by Ahmedabad
(Gujarat)-based Mr. Amit Patel, Mr. Kirit Patel, Mr. Sandip Patel,
and Mr. Vishram Patel. The firm manufactures decorative laminates
used for furnishing, especially for doors, and also veneers and
industrial laminates. Its manufacturing unit is at Narol,
Ahmedabad.


KSC EDUCATIONAL: ICRA Reaffirms B+ Rating on INR152.32cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR152.32 crore bank lines of KSC Educational Society (KES).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based Limits      152.32        [ICRA]B+; Reaffirmed

The reaffirmation of the rating takes into account the negative
profitability of the society at net levels which has further
resulted in negative net worth with poor coverage indicators. The
rating are further constrained by the stretched liquidity position
of the society as witnessed from the negative cash accrual which
will be further stressed due to high term loan repayments which
will start in October 2015. However, the ratings drives comfort
from the good location of the school which along with favorable
demand prospects for educational institutes enhances KEC's ability
to attract students. Further rating continues to take into account
increasing number of students which has resulted in positive
profitability at operating levels, promoters support in terms of
funding gap and moratorium of the term loan. Going forward KES's
profitability will be largely dependent on the number of students
who take admission in the school which remains a key rating
sensitivity.

K.S.C Educational Society was promoted by the Chadha Group with
the objective of providing technical and non-technical education.
The Society has set up an international school (from Nursery class
to Class XII) by the name of 'Genesis Global School' in Sector 132
of Noida. The school has become operational since April 2010.

Recent Results
KES on a provisional basis reported a net loss of INR25.74 crore
on an operating income of INR33.60 crore in FY 2014-15 as compared
to a net loss of INR28.24 crore on an operating income of INR26.06
crore in the previous year.


KSV COTTON: CRISIL Suspends 'D' Rating on INR118.6MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KSV Cotton Mills Pvt Ltd (KSV).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL D
   Letter of Credit         20        CRISIL D
   Long Term Loan          118.6      CRISIL D

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

KSV, set up in 1994, manufactures cotton yarn at its facility in
Coimbatore (Tamil Nadu). The company's promoter-director Mr. S
Kadirvel has 17 years of experience in similar lines of business.


LIBRA FINANCE: CRISIL Assigns B- Rating to INR80MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Libra Finance Ltd (LFL; part of the Libra Group).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Overdraft Facility       80           CRISIL B-/Stable

The rating reflects the Libra group's weak asset quality, modest
profitability, and small scale of operations with regional
concentration in its revenue profile. These rating weaknesses are
partially offset by the group's moderate capitalisation and its
promoter's experience' in the vehicle finance business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of LFL and Libra Leasing Ltd (LLL). This
is because the two companies, together referred to as the Libra
group, have high management and operational synergies.
Outlook: Stable

CRISIL believes that the Libra group will remain a small player in
the asset financing space, and its profitability and asset quality
will remain modest, over the medium term. The outlook may be
revised to 'Positive' if the group significantly improves its
asset quality and profitability. Conversely, the outlook may be
revised to 'Negative' if the group's capitalisation and market
position are affected significantly by any deterioration in its
asset quality or profitability.

The Libra group, promoted by Mr. Harjit Singh, has operations in
Punjab and Delhi. LFL (incorporated in 1981) and LLL (incorporated
in 1992) are non-banking financial companies. They provide loans
for the purchase of used heavy commercial vehicles, mainly trucks,
and cater primarily to customers in rural areas. The group's
promoter is also engaged in the automobile dealership business.

The Libra group had assets under management of INR352 million and
net worth of INR168 million as on December 31, 2014. The Libra
group reported a net loss of INR20 million on a total income of
INR47 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net loss of INR18 million on a total income
of INR56 million for the previous year.

LFL had assets under management of INR177 million and net worth of
INR70 million as on December 31, 2014. LFL reported a net loss of
INR16 million on a total income of INR20 million for 2013-14,
against a net loss of INR12 million on a total income of INR27
million for the previous year.


LIBRA LEASING: CRISIL Assigns B- Rating to INR85MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Libra Leasing Ltd (LLL; part of the Libra group).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility       85         CRISIL B-/Stable

The rating reflects the Libra group's weak asset quality, modest
profitability, and small scale of operations with regional
concentration in its revenue profile. These rating weaknesses are
partially offset by the group's moderate capitalisation and its
promoter's experience' in the vehicle finance business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Libra Finance Ltd (LFL) and LLL. This
is because the two companies, together referred to as the Libra
group, have high management and operational synergies.
Outlook: Stable

CRISIL believes that the Libra group will remain a small player in
the asset financing space, and its profitability and asset quality
will remain modest, over the medium term. The outlook may be
revised to 'Positive' if the group significantly improves its
asset quality and profitability. Conversely, the outlook may be
revised to 'Negative' if the group's capitalisation and market
position are affected significantly by any deterioration in its
asset quality or profitability.

The Libra group, promoted by Mr. Harjit Singh, has operations in
Punjab and Delhi. LFL (incorporated in 1981) and LLL (incorporated
in 1992) are non-banking financial companies. They provide loans
for the purchase of used heavy commercial vehicles, mainly trucks,
and cater primarily to customers in rural areas. The promoter is
also engaged in the automobile dealership business.

The Libra group had assets under management of INR352 million and
net worth of INR168 million as on December 31, 2014. The Libra
group reported a net loss of INR20 million on a total income of
INR47 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net loss of INR18 million on a total income
of INR56 million for the previous year.

LLL had assets under management of INR175 million and net worth of
INR98 million as on December 31, 2014.LLL reported a net loss of
INR4 million on a total income of INR26 million for 2013-14,
against a net loss of INR5 million on a total income of INR30
million for the previous year.


MAHENDRA METAL: CRISIL Suspends B Rating on INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mahendra Metal Corporation (MMC).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL B/Stable
   Letter of Credit         25         CRISIL A4
   Proposed Cash Credit
   Limit                    15         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MMC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MMC is yet to
provide adequate information to enable CRISIL to assess MMC'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 1985, Chennai (Tamil Nadu) based-MMC is engaged in the
trading of stainless steel sheets, wires, rods and coils which are
used in railways, household appliances, and refrigerators. The day
to day operations are managed by its proprietor, Mr. Rajkumar
Jain.


MARUDHARA POLYPACK: ICRA Assigns B+ Rating to INR6.25cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR6.25 crore term
loans and the INR4.50 crore fund based facilities of Marudhara
Polypack Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              6.25        [ICRA]B+ assigned
   Fund Based Limits       4.50        [ICRA]B+ assigned

The rating is constrained by the vulnerability of profitability to
fluctuations in polymer prices with only about 30% of the
company's sales being covered for raw material pass through
clauses; low bargaining power with suppliers and high financial
risk profile characterised by high gearing and subdued debt
coverage indicators. However the ratings positively factor in the
established track record of the promoters in the HDPE/PP polywoven
sacks industry; favourable demand outlook for company's products
driven by growth in end user cement, fertilizer and food
industries; diversified customer profile comprising of companies
in the cement, fertilizer and food industries and fiscal benefits
available for the manufacturing facility of the company.

Marudhara Polypack Private Limited (MPPL) was incorporated in
2012. The company's manufacturing facility is located at Jodhpur
in the state of Rajasthan. The plant has a manufacturing capacity
of 3240 metric tons per annum (MTPA) and was commissioned in
August 2013. The company is engaged in the manufacture and sale of
PP and HDPE polywoven sacks, Biaxially Oriented Polypropylene
(BOPP) coated PP polywoven sacks, paper coated PP polywoven sacks
and HDPE and PP fabric. MPPL is 100% owned by the Mr. R. K.
Purohit family.

Recent Results
In FY14 the company reported profit after tax of INR0.03 crore on
net sales of INR13.24 crore. As per provisional and unaudited
results for the period April 1, 2014 to November 30, 2014 the
company reported a profit before tax of INR0.61 crore on net sales
of INR20.39 crore.


MEENAKSHI INDUSTRIES: CRISIL Reaffirms B Rating on INR40MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Meenakshi Industries
(MI) continues to reflect MI's modest scale of operations and
susceptibility of the firm's operating profitability to volatility
in raw material prices and to unfavourable changes in government
regulations. These rating weaknesses are partially offset by the
extensive experience of MI's promoter in the rice milling
industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           40         CRISIL B/Stable (Reaffirmed)
   Term Loan             34.2       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and operating profitability on a
sustainable basis, leading to an improvement in its financial risk
profile and liquidity. Conversely, the outlook may be revised to
'Negative' if MI reports lower-than expected revenues and
profitability or if it undertakes a larger-than-expected, debt-
funded capital expenditure programme, resulting in deterioration
in its financial risk profile.

MI was set up in 2012 by Ms.Badavath Laxmi. The firm, based in
Warangal (Telengana), is a proprietorship concern that mills and
processed paddy into rice.


NAMAN CONSTRUCTION: ICRA Withdraws B+ Rating on INR35cr Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR35 crore Fund Based (Working Capital) bank facilities of
Naman Construction Private Limited (NCPL), as the notice period of
three years since suspension of ratings has expired.


NEELMANI DEVELOPERS: ICRA Withdraws 'B' Rating on INR6cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B assigned to the
INR6.00 crore fund-based facilities of Neelmani Developers which
was under the notice for withdrawal. The rating is withdrawn as
the period of notice for withdrawal is completed.


NR MOTORS: CRISIL Suspends B- Rating on INR100MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
NR Motors Pvt Ltd (NR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B-/Stable
   Inventory Funding
   Facility                 40        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility       20        CRISIL B-/Stable

   Term Loan               100        CRISIL B-/Stable

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

NR is the authorised dealer in West Bengal for Daimler India's
CVs. The company has started its operations only recently in
March, 2013. Its day-to-day operations are managed by Mr. Rahul
Kamani.


ORISSA CONCRETE: ICRA Cuts Rating on INR10.5cr Cash Loan to B+
--------------------------------------------------------------
ICRA has revised downwards the rating assigned to the INR10.50
crore fund-based bank facilities of Orissa Concrete & Allied
Industries Ltd. (OCAIL) to [ICRA]B+ from [ICRA]BB-. Also, ICRA has
reaffirmed the [ICRA]A4 (pronounced ICRA A four) rating assigned
to the INR8.00 crore non-fund based bank facilities of OCAIL.
                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits
   (Cash Credit)           10.50      [ICRA]B+; downgraded from
                                      [ICRA]BB-/Stable

   Non-Fund Based Limits    8.00      [ICRA]A4; reaffirmed

The downgrade of the long-term rating takes into account the sharp
decline in the operating income of OCAIL on account of a long
duration shut down of the plant during 2014-15. The ratings
continue to be supported by OCAIL's long track record in
manufacturing of concrete sleepers and it's empanelment with the
Indian Railways (IR) for supply of pre-stressed concrete sleepers
(PCSs), which reduces its business risk to an extent; though
orders from IR declined during sharply 2014-15. The ratings,
however, continue to remain constrained by OCAIL's relatively
small size of current operations and OCAIL's moderate financial
profile as characterised by a low operating profitability, nominal
net profits and moderate levels of debt coverage indicators. The
ratings also take into account OCAIL's high working capital
intensity of operations on account of high inventory and debtor
levels during 2014-15.

Incorporated in 1979, OCAIL is a closely held company belonging to
the Raipur-based Agarwal family. OCAIL has facilities at Raipur,
Chhattisgarh for manufacturing concrete sleepers with an annual
capacity of 4.25 lakh sleepers per annum. The company is
empanelled with IR for supply of concrete sleepers to the South
Eastern Central Railway (SECR) zone.

Recent Results
In 2014-15, as per the provisional financial statements, OCAIL
reported an operating income of INR36.90 crore and a net profit of
INR0.31 crore, as against an operating income of INR54.80 crore
and a net profit of INR0.29 crore in 2013-14.


PARAMOUNTA LIBERTY: ICRA Suspends B+ Rating on US$24.05MM Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating reaffirmed for the 24.05
million USD term loan of Paramounta Liberty Shipping (HK) Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PARVATI SOLVENT: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR10.00 crore cash credit facility and INR2.71 crore term loan
facility of Parvati Solvent Extraction Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit Limits           10.00        [ICRA]B+ reaffirmed

   Fund Based-Term
   loan                     2.71        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the weak financial
profile of the company characterised by a decline in operating
income, low net profit margins and highly stretched capital
structure; though debt comprises of a significant portion of the
interest bearing unsecured borrowings. The rating is further
constrained by high competitive intensity due to the fragmented
nature of industry and vulnerability of the company's
profitability to availability and prices of soya given its limited
ability to pass on the price rise to its customers.
The rating, however, favourably factors in the long experience of
the promoters in the solvent extraction business and location
advantage that the company enjoys being situated in the soya belt
region of the country.

Parvati Solvent Extraction Private Limited (PSEPL) was
incorporated as a private limited company in 2009. The company
commenced operations from July 2010 and is engaged in solvent
extraction and production of soya products viz. crude oil and DOC.
It has an extraction unit at Jalna, Maharashtra with an intake
capacity of 250 MT per day. The day-to day operations is looked
after by Mr. Pritam Longaonkar, director of the company along with
his expert and experienced management team.

Recent Results
PSEPL recorded a net profit of INR0.17 crore on an operating
income of INR78.82 crore for the year ending 31st March 2014.


PEE KAY: CARE Assigns B+ Rating to INR13.48cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Pee Kay
Shuttering House.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.48      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Pee Kay Shuttering
House (PKS) is primarily constrained by its fluctuating and small
scale of operations, working capital-intensive nature of
operations and leveraged capital structure. The rating is further
constrained by the firm's exposure to cyclicality in real estate
and construction sector and its proprietorship nature of
constitution.

The rating, however, derives comfort from the experience of the
promoter in the construction material industry, moderate
profitability margins and debt coverage indicators.

Going forward, the ability of the firm to increase its scale of
operations while sustaining profitability margins, improvement in
capital structure and efficient working capital management would
be the key rating sensitivities.

PKS was established as a proprietorship firm in 1990 by Mr Tejpal
Gupta. PKS is engaged in providing construction material like
shuttering plates, planks, couplers and cuplock to various
builders and developers located in Punjab, Haryana & Himachal
Pradesh on rental basis. The premises of the firm are based in
Zirakpur, Punjab. PKS procures the construction material directly
from the manufacturers based in Punjab on hire or purchase basis.
Pee Kay Shuttering & Scaffolding Limited (incorporated in 2006)
and Citi Centre Developers (rated 'CARE B', established in 2013)
are the group concerns of the firm engaged in the business of
supplying of construction material and real estate development,
respectively.

For FY14 (refers to the period April 01 to March 31), PKS achieved
a total operating income of INR15.21 crore with PBILDT and PAT of
INR7.22 crore and INR0.48 crore, respectively, as against the
total operating income of INR19.64 crore with PBILDT and PAT of
INR8.22 crore and INR1.85 crore, respectively, for FY13.
Furthermore, in FY15 (as per the unaudited results), PKS achieved
a total operating income of around INR16 crore.


PRATHAM MOTORS: ICRA Suspends 'D' Rating on INR11cr LT Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR11.0 crore
long term fund based facilities of Pratham Motors. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Established in 1984, Pratham group has three major activities
namely Real Estate Development, Automobile Dealership and
Engineering Software. In August 2007, the group acquired City
Motors (Pune) Pvt Ltd [CMPL] a dealership business for Hero
MotoCorp Limited (HMCL, erstwhile Hero Honda Motors Limited) which
is located in the heart of the city. The dealership business was
subsequently transferred in the name of Pratham Motors.


PUPNEJA RICE: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pupneja Rice Mills
(PRM) continue to reflect PRM's below-average financial risk
profile, particularly its liquidity, marked by weak debt
protection metrics, the firm's modest scale of operations in the
highly fragmented rice industry, and susceptibility of its margins
to fluctuations in raw material prices. These rating weaknesses
are partially offset by its promoters' extensive experience in the
rice industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         0.1      CRISIL A4 (Reaffirmed)
   Cash Credit          120.0      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term    10.0      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan               3.4     CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing    60.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PRM's business risk profile will continue to
benefit from its promoter's extensive industry experience over the
medium term. The outlook may be revised to 'Positive' if the
firm's capital structure and liquidity improve, driven by sizeable
net cash accruals or efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if PRM's
liquidity and financial risk profile deteriorate, affected by a
decline in revenue and profitability or stretch in working capital
cycle.

Update
PRM is estimated to report sales of INR608 million for 2014-15
(refers to financial year, April 1 to March 31) vis-a-vis sales of
INR642 million in 2013-14. The marginal decline in the sales is on
account of decline in rice prices to around INR4500 per quintal in
2014-15 season from around INR7000 per quintal earlier. The firm
has, however, not suffered losses and is estimated to report
operating margin of around 5 per cent. The operating margin is
expected to remain at similar level over the medium term, but
exposed to volatility in the paddy prices.

The firm's liquidity is weak owing to large working capital
requirements. This is reflected in high average bank limit
utilisation at 99 per cent for the 12 months through March 2015.
The gross current asset is estimated at around 265 days as on
March 31, 2015 driven by inventory holding of around 244 days. The
inventory holding is expected to remain at similar level keeping
the liquidity weak. The net cash accruals, expected at around INR5
million a year over the medium term, are not sufficient to fund
the working capital requirements; however, these are adequate to
meet its repayment obligations of INR1 million maturing during the
year. The gearing is estimated at around 3 times as on March 31,
2015 and is expected to remain at around 3.5 times over the medium
term owing to large working capital requirements. The interest
coverage ratio is also expected to remain weak at around 1.2 times
over the medium term due to low operating profitability.

PRM was established in 1982 as a partnership firm in Jalalabad
(Punjab). The firm was founded by Mr. Suraj Chand, along with his
son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. The firm
is engaged in hulling and milling of paddy and basmati rice. In
2006, Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm,
and subsequently, Mr. Hari Chand's sons' Mr. Sunny Pupneja and Mr.
Rajan Pupneja took over the business. PRM has a processing mill
with a capacity of 5 tonnes per hour.


RAMAKRISHNAA TEXTILES: ICRA Assigns B Rating to INR4.59cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.59
crore term loan facilities, the INR3.25 crore fund based
facilities and the INR2.16 crore unallocated limits of Sri
Ramakrishnaa Textiles.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans               4.59       [ICRA]B assigned

   Long term- Fund
   based facility           3.25       [ICRA]B assigned

   Long-term-
   Unallocated              2.16       [ICRA]B assigned

The assigned rating considers the entity's small scale of
operations, which restricts benefits of scale economies and
coupled with intense competition prevalent in the industry and low
product differentiation restricts the entity's pricing flexibility
and exposes the earnings to fluctuations in yarn and fabric
prices. Further, the rating also take note of the entity's modest
financial profile, characterized by thin profit margins, low net
worth and moderate gearing and coverage indicators. The company
has undertaken debt funded capex in the current fiscal, which will
put pressure on gearing in the medium term and the ability of the
entity to scale up and improve its margins remains critical for
its ability to service the debt comfortably. ICRA also takes note
of the risks of limited disclosures and capital continuity
associated with proprietorship concerns; however it draws comfort
from the long standing experience of the promoters in the domestic
weaving industry.

Sri Ramakrishnaa Textiles is a sole proprietorship entity founded
by Mr. R Loganathan which commenced operations during the year
2006. The promoter has extensive experience for nearly 2 decades
in the weaving industry and has been actively involved in day to
day operations of the company. The entity is engaged in the
production of grey cotton fabric with its manufacturing facility
located in Coimbatore, Tamil Nadu. The current installed capacity
of the entity is 80 looms which includes 56 conventional power
looms and 24 auto power looms. The entity outsources majority of
its production to various looms (around 1000 looms) located in the
vicinity of the region, by virtue of which it has an overall
production capacity of around 2 lakh meters per week. The entity
procures cotton yarn in the low to medium counts range (30's to
60's), weaves it into grey fabric and markets it to garment
manufacturers located in various cities including Mumbai and
Ahmadabad.

Recent Results
For the financial year 2013-14, the Firm reported a profit after
tax (PAT) of INR0.3 crore on an operating income of INR25.3 crore
as against a PAT of INR0.2 crore on an operating income of INR20.1
crore for the financial year 2012-13.


REDDY AND REDDY: CRISIL Reaffirms B Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reddy and Reddy Imports
and Exports (RRIE) continue to reflect RRIE's below-average
financial risk profile marked by its modest net worth, modest
total outside liabilities to tangible net worth ratio, and weak
debt protection metrics.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 (Reaffirmed)
   Cash Credit             40        CRISIL B/Stable (Reaffirmed)

The rating also factors in the susceptibility of the firm to
inherent risks in the seafood industry, and its exposure to
intense competition in the aqua feeds trading business resulting
in its low profitability margins. These rating weaknesses of the
firm are partially offset by its promoters' extensive industry
experience.
Outlook: Stable

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

RRIE commenced commercial operations in 1997. The firm primarily
trades in prawn feed. The firm also manufactures shirt buttons.
Mr. Goluguri Rama Krishna Reddy is the firm's managing partner.


SHREE SAIKRUPA: CRISIL Assigns B+ Rating to INR34MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shree Saikrupa Agro Industries (SSAI).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              34           CRISIL B+/Stable
   Term Loan                34           CRISIL B+/Stable

The rating reflects SSAI's early stage of and small scale of
operations in an intensely competitive and highly regulated cotton
ginning industry. The rating also factors in below-average
financial risk profile marked by aggressive capital structure.
These rating weaknesses are partially offset by its promoters'
extensive entrepreneurial experience and proximity of unit to the
cotton-growing belt.
Outlook: Stable

CRISIL believes that SSAI will continue to benefit from its
proximity to cotton-growing belt. The outlook may be revised to
'Positive' if the firm reports significant growth in revenue and
profitability leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if SSAI's financial risk
profile, particularly its liquidity, weakens because of low cash
accruals, or due to stretched working capital cycle or any large
debt-funded capital expenditure programme.

Established in May 2013, SSAI is a partnership firm promoted by
Mr. Dipak Dubbani along with four other partners. The firm has set
up a cotton ginning and pressing unit with a capacity of producing
around 900 quintals lint per day at Hinganghat in Dist. Wardha
(Maharashtra). The firm's manufacturing unit commenced operations
from February 2015.


SHRI JEET: CRISIL Assigns 'D' Rating to INR50MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Shri Jeet Ram Smarak Institute of Engineering and
Technology (SJRET). The rating reflects instances of delays by
SJRET in servicing its term debt; the delays have been caused by
the institute's stretched liquidity on account of its short-term
cash flow mismatch.

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Rupee Term Loan          50           CRISIL D

SJRET also has a below-average financial risk profile marked by
average gearing and below-average debt protection metrics.
However, SJRET benefits from its healthy operating profitability.

Shri Jeet Ram Smarak Trust, registered in 2009, is promoted by Mr.
R K Gupta. It operates SJRET College at Bareilly (Uttar Pradesh),
which offers engineering, management, and polytechnic courses.


SRI RAMA: CRISIL Ups Rating on INR250MM Cash Credit From B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sri Rama Modern and Paraboiled Rice Mill (Sri Rama) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            250        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      33.5      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan               16.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in Sri Rama's business
risk profile, driven by a sustained increase in its scale of
operations while maintaining its profitability, and the sustained
improvement in its working capital cycle. The upgrade also factors
in the increase in the firm's net worth, which has enhanced its
financial flexibility and the subsequent improvement in its
capital structure. CRISIL believes that Sri Rama will sustain the
improvement in its financial risk profile over the medium term,
supported by consistent growth in its net worth and sustenance of
its improved working capital cycle.

Sri Rama's revenue is estimated to have registered a compound
annual growth rate of around 20 per cent from 2012-13 (refers to
financial year, April 1 to March 31) to 2014-15; its operating
profit margin is estimated to have remained stable, at around 4.0
per cent, over this period. There has also been a sustained
improvement in the firm's working capital cycle, with its gross
current assets declining to an estimated 100 days as on March 31,
2015, from 129 days as on March 31, 2013, mainly because of lower
inventory and reduced credit extended to customers. CRISIL
believes that Sri Rama will maintain its improved working capital
cycle over the medium term, on the back of its strategy to operate
with lower inventory and its enhanced collection efforts.

Sri Rama's net worth is estimated to have increased to around
INR110 million as on March 31, 2015, from INR73 million as on
March 31, 2013, on the back of moderate accretions to reserves.
The firm's gearing declined to an estimated 2.8 times from 4.0
times over this period, and is expected to decline to 2.4 times as
on March 31, 2016, with consistent growth in net worth and
sustenance of its improved working capital cycle.

The rating reflects the extensive experience of Sri Rama's
partners in the rice milling industry, the firm's efficient
working capital management, assured offtake by Food Corporation of
India (FCI), and increasing revenue contribution of exports. These
rating strengths are partially offset by the firm's exposure to
intense competition in the rice milling industry and the
susceptibility of its profitability margins to changes in
government regulations and paddy prices. The rating also factors
in the firm's below-average financial risk profile, marked by a
small net worth, moderate gearing, and average debt protection
metrics.
Outlook: Stable

CRISIL believes that Sri Rama will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in the firm's profitability margins, while it
maintains its healthy revenue growth, or a substantial increase in
its net worth backed by capital infusion by partners. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely by large
debt-funded capital expenditure or a stretch in its working
capital cycle.

Sri Rama, set up in 1979, mills and processes paddy into rice; it
also generates by-products, such as broken rice, bran, and husk.
The firm sells rice under the Anmol brand. Its milling unit is in
Nizamabad (Telangana). The firm currently has four partners: Mr.
Kailash Goenka, Mrs. Geetabai Goenka, Ms. Rajkumari Goenka, and
Ms. Anitha Goenka.


SRI SANTHOSHIMA: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri
Santhoshima Parboiled Modern Rice Mill (SSMRM) continues to
reflect SSMRM's below average financial risk profile marked by
high gearing and modest net worth, modest scale of operations in
the intensely competitive rice milling industry. The rating also
factors in the susceptibility of the firm's operating margin to
changes in government regulations and to volatility in raw
material prices. These ratings weaknesses are partially offset by
the extensive experience of SSMRM's promoters in the rice milling
industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              80       CRISIL B/Stable (Reaffirmed)
   Long Term Loan           50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSMRM will continue to benefit from the
extensive industry experience of its promoters' over the medium
term. The outlook may be revised to 'Positive' if the firm's
revenues and profitability increase substantially or in case of
significant infusion of equity resulting in an improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a significant deterioration in the firm's
working capital management or if the firm undertakes a 'larger
than expected' debt funded capital expenditure program or if the
partners withdraw significant capital from the firm leading to
weakening of its financial risk profile.

Incorporated in 2002, SSMRM is engaged in milling of raw and
parboiled rice in Nalgonda (Telangana). The company is promoted by
Mr. Gouru Rajesh and his family.


SRI VELA: CRISIL Reassigns 'D' Rating to INR99.6MM Term Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Sri Vela Smelters Pvt Ltd (SVSPL) at 'CRISIL D', while
assigning its rating on the company's short-term bank facility at
CRISIL D.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL D (Reassigned)
   Funded Interest
   Term Loan                24.5      CRISIL D (Reaffirmed)
   Letter of Credit         45        CRISIL D (Reassigned)
   Working Capital
   Term Loan               194.5      CRISIL D (Reassigned)
   Term Loan                99.6      CRISIL D (Reassigned)
   Proposed Long Term
   Bank Loan Facility       45.5      CRISIL D (Reaffirmed)

CRISIL's ratings on the bank facilities of SVSPL continue to
reflect instances of delay by SVSPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

SVSPL also has working-capital-intensive operations, and its
profitability is susceptible to volatility in input prices and to
intense industry competition. However, the company benefits from
its promoters' extensive experience in the steel industry.

Update
SVSPL continues to delay servicing some of its term debt; the
delays have been caused by the company's weak liquidity. CRISIL
believes that SVSPL's liquidity will remain weak over the medium
term because of low cash accruals and working-capital-intensive
operations.

SVSPL, incorporated in 2003, is promoted by Mr. T M Murugasen. The
company manufactures thermo-mechanically treated steel bars and
angles. It is based in Namakkal (Tamil Nadu).


SUDHIR CONSTRUCTION: ICRA Withdraws B+ Rating on INR8cr Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the fund based and non fund based
bank facilities of Sudhir Construction aggregating to INR8 crore,
as the notice period of three years since suspension of ratings
has expired.


SUGNA IMPEX: CRISIL Assigns 'B' Rating to INR20.8MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sugna Impex Pvt Ltd (SIPL).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Working Capital Facility      20       CRISIL B/Stable
   Term Loan                     20.8     CRISIL B/Stable
   Bank Guarantee                 2.2     CRISIL A4
   Letter of Credit              27       CRISIL A4

The ratings reflect the SIPL's modest scale of operations in the
highly competitive industry, working capital intensive nature of
operations and subdued financial risk profile marked by modest
networth and weak debt protection metrics. These rating weaknesses
are partially offset by its promoters' extensive industry
experience and their funding support.
Outlook: Stable

CRISIL believes that SIPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial improvement in SIPL's
revenues and profitability, or equity infusion by promoters,
leading to overall improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's scale of operations and
profitability, lower-than-expected cash accruals or further
stretch in working capital cycle, leading to deterioration in its
financial risk profile.

Incorporated in 2008, SIPL by Mr. Govind Daliya and his family
members. The company trades in marbles and granites and
manufactures artificial marble stones. The company's manufacturing
facility is located at Saigram (Gujarat).

For 2013-14 (refers to financial year, April 1 to March 31), SIPL
reported PAT (Profit After Tax) of INR3.4 million on net sales of
INR53.4 million as against PAT of INR 0.6 million on net sales of
INR55.5 million for 2013-14.


SUNJYOT GEMS: CRISIL Assigns B+ Rating to INR10MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sunjyot Gems (SG).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term       10           CRISIL B+/Stable
   Bank Loan Facility
   Packing Credit in
   Foreign Currency         40           CRISIL A4
   Post Shipment Credit     40           CRISIL A4


The ratings reflect SG's modest scale of operations with exposure
to intense competition in industry, working-capital-intensive
operations and its average financial risk profile marked by modest
net worth and high total outside liability to tangible net worth
ratio. These rating weaknesses are partially offset by its
promoters' extensive experience in diamond trading industry and a
diversified client base.
Outlook: Stable

CRISIL believes that SG will continue to benefit over the medium
term from its promoters' extensive experience in the diamond
trading industry. The outlook may be revised to 'Positive' in case
of significant improvement in the firm's profitability or
significant increase in scale of operations, leading to high
accruals. Conversely, the outlook may be revised to 'Negative' in
case of a decline in the firm's profitability margin or a
stretched working capital cycle, resulting in a weak financial
risk profile.

Incorporated in 1999, SG is a Mumbai-based partnership firm that
trades and exports polished diamonds. The Gulechha family manages
SG's day-to-day operations.


SUNWAY INFRASTRUCTURE: ICRA Rates INR8.50cr Term Loan at 'B'
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR8.50
crore fund based bank facilities of Sunway Infrastructure Services
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund Based
   Facility - Term Loan     8.50        [ICRA]B; Assigned

ICRA's rating takes into account the small scale and limited track
record of operations; the high competitive intensity in the
industry given the large number of players and low entry barriers
and the high geographical concentration risk as the operations of
the company is concentrated in the NCR region. The company also
have a leveraged capital structure given the debt funded purchase
of equipments which is expected to continue given the planned
capital expenditure in the near term. However; the rating
favourably factors in the synergies in terms of customer
acquisition and rental from the group company Cygnus Equipments &
Rentals Pvt (CERPL) Ltd which has an extensive track record in the
same business. The company also has an established customer
network in the NCR region across various project sites with Larson
and Toubro (L&T) being the major client apart from the group
company CERPL. Going forward the ability of the company to scale
up its operations and improve its capital structure will be the
key rating sensitivities.

SISL was incorporated in July 2012 and is part of the Cygnus
Group. The company rents out construction equipment to major
construction players like L&T in the NCR region. The company
currently owns various categories of boom trucks, Pumps and Lifts.
Recent Results
SISL reported an operating income of INR1.97 crore and a profit
after tax of INR0.05 crore in 2013-14, as against an operating
income of INR0 crore and a loss of INR0.04 crore in the previous
year.


VARDA SPINNING: CRISIL Cuts Rating on INR100MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Varda Spinning and Weaving Mills Pvt Ltd (VSWL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Long Term Loan         55        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Standby Line of        15        CRISIL A4 (Downgraded from
   Credit                           'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that VSWL's
liquidity will be stretched over the medium term, driven by low
cash accruals due to weakening of its operating profitability.
Because of low demand and intense competition, the company's
operating profitability is estimated to have declined to around
2.6 per cent in 2014-15 (refers to financial year, April 1 to
March 31), from 6.8 per cent, in the previous years (also a 4 per
cent decline in operating income to around INR1.26 billion in
2014-15). VSWL's operating profitability is expected to remain
subdued over the medium term leading to low annual cash accruals
of INR10 million to INR15 million, constraining its liquidity.
VSWL's weak liquidity is also reflected in its almost fully
utilised bank limits.

The ratings reflect VSWL's exposure to intense competition in the
yarn manufacturing industry, leading to limited pricing
flexibility, and the susceptibility of its margins to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the yarn industry and VSWL's moderate financial risk profile.
Outlook: Stable

CRISIL believes that VSWL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's profitability, leading to sizeable
cash accruals, and hence, to better liquidity. Conversely, the
outlook may be revised to 'Negative' if VSWL's financial risk
profile, particularly its liquidity, weakens, most likely due to
substantial debt-funded capital expenditure, or low revenue and
accruals, or a considerable increase in its working capital
requirements.

VSWL, established by Mr. Salil Malhotra and his family members in
2010, started operations in September 2010. It was purchased by
Mr. Sahil Singhania and Mr. Pankaj Singhania in September 2013.
The company manufactures polyester yarn at its facility in
Ludhiana (Punjab).


VEDANTA RESOURCES: Moody's Says Results in Line with Expectations
-----------------------------------------------------------------
Moody's Investors Service said that Vedanta Resources plc's
(Vedanta Resources, Ba1 negative) results for the fiscal year
ended 31 March 2015 (FY2015) were in line with Moody's estimates,
that led to the change to a negative outlook in January.

"While we expect Vedanta Resources' operating performance to come
under pressure, the company's FY2016 results should register at
the upper end of our estimates," says Kaustubh Chaubal, a Moody's
Vice President and Senior Analyst.

"However, Vedanta Resources will have to strengthen its balance
sheet in FY2016 to avoid further pressure on its ratings," adds
Chaubal.

Moody's analysis is contained in its just-released report titled
"India - Vedanta Resources Plc: Vedanta Resources' Operating
Results in line with Expectations but its Balance Sheet Needs
Strengthening," and is co-authored by Chaubal and Vincent Tordo,
an Associate Analyst.

Moody's report notes that Vedanta Resources' revenue for FY2015
totaled $12.9 billion; a result which was flat year-on-year.

As for the company's EBITDA of $3.7 billion for FY2015; the result
was a 17% decrease from the previous year. Moody's says the
decline reflected the negative impact of lower global commodity
prices, lower volumes, and consequently higher unit costs across a
number of Vedanta Resources' businesses, principally its zinc
operations, Cairn India and Copper Zambia. The higher unit costs
were predominantly a result of regulatory changes in the form of
higher royalties and coal cess.

Moody's report points out that Vedanta Resources' net other
operating income of $756 million in FY2015 - which was included in
Moody's calculation of EBITDA - was higher than what Moody's had
anticipated and much higher than the $408 million recorded in
FY2014.

In addition, the company's gross debt of $16.7 billion in FY2015
was $200 million less than that recorded in FY2014.

Moody's expects that Vedanta Resources' debt/EBITDA will register
around 3.9x-4.3x at 31 March 2016, with no significant debt
reduction, and that the company's EBITDA will range from $3.9-$4.3
billion.

Moody's says that Vedanta Resources' EBITDA in FY2016 will be
lower than its EBITDA in FY2014, given Moody's expectation of
lower oil prices for FY2016 when compared to FY2014. Nevertheless,
the recent increase in oil and gas prices and the additional
contribution from the metals and mining segments are likely to
keep Vedanta Resources' profitability close to levels seen in
FY2015, and at the upper end of the range that Moody's expects.

However, the value of Vedanta Resources' total assets has fallen.
Its assets totaled $37.0 billion at 31 March 2015 compared to
$45.4 billion at 31 March 2014 mainly because of a $6.7 billion
impairment on its investment in Cairn India Limited (unrated). The
decline in the value of the assets has brought the company's net
asset to debt to 1.9x at 31 March 2015, down from 2.2x a year
earlier, and close to the covenant level of 1.75x.

Moody's points out that while the impairment is a one-time and
non-cash cost, and does not affect the company's cash flow
metrics, it erodes Vedanta Resources' already thin capital buffer.

Moreover, $800 billion was spent on share buybacks across the
group. While the strengthening of ownership in the different group
entities is credit positive in the long run, the $800 billion
could have provided some cushion to Vedanta Resources' balance
sheet to weather the multi-year cyclical downturn in commodity
prices.


VYAPAR UDYOG: CRISIL Suspends B+ Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Arun
Vyapar Udyog Pvt Ltd (AVUPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          100         CRISIL B+/Stable
   Letter of Credit     100         CRISIL A4
   Proposed Long Term
   Bank Loan Facility     6         CRISIL B+/Stable
   Term Loan             24         CRISIL B+/Stable

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

Incorporated in 1990 and promoted by brothers, Mr. Umesh Madan and
Mr. Deepak Madan, AVUPL is a semi-integrated steel manufacturer of
thermo-mechanically-treated (TMT) bars and ingots. The company
sells its TMT bars under the Arun brand.


WALIA TRADERS: CARE Reaffirms 'D' Rating on INR125.64cr LT Loan
---------------------------------------------------------------
CARE revokes the suspension and reaffirms the rating assigned to
the long term bank facilities and assigns 'CARE D' rating to the
short term bank facilities of Walia Traders Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    125.64      CARE D Reaffirmed
   Short term Bank Facilities     2.20      CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Walia Traders
Limited (WTL) factors in the ongoing delays in the servicing of
the interest and principle repayment of debt obligation due to
stressed liquidity position.

WTL was incorporated in the year 1988, and was promoted by Mr
Harpal Singh Ahluwalia. In 1997, the current promoters of the
company, namely, Mr Prem Pal Gandhi, along with his family members
acquired controlling stake in the company through a share transfer
agreement. WTL, prior to 1997 did not have any significant
operations and since then has been engaged in the business of
operating hotel properties. WTL currently has three hotels under
its aegis, two of which are located in Chandigarh, and one in
Panchkula (Haryana). Mr Prem Pal Gandhi, has close to 19 years of
experience in the hospitality industry. He is the founder of the
KC group, which is based out of Nawanshahr, Punjab. The flagship
entity of the group, namely, KC Social Welfare Trust (rated 'CARE
D'), is engaged in running of the several educational institutions
in Nawanshahr, viz, KC public school, KC College of Engg &
Information Technology, KC College of Hotel Management and KC
Polytechnic.

WTL registered a total operating income of INR27.76 crore during
FY14 (refers to the period April 1 to March 31) with net losses of
INR27.76 crore as against a total operating income of INR23.08
crore with net losses of INR31.13 crore during FY13. As of March
10, 2015 (Provisional), WTL registered total operating income of
INR22.06 crore.



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


PERTAMINA ENERGY: Liquidation Must be Followed by Probe
-------------------------------------------------------
The Jakarta Post reports that Former Corruption Eradication
Commission (KPK) Deputy Chairman Busyro Muqoddas said the
liquidation of state-owned oil and gas company Pertamina's trading
arm, Pertamina Energy Trading Ltd. (Petral), must be followed by
an investigative audit to disclose the presence of oil and gas
mafia practices within the company.

"All documents must be secured. There must be a forensic audit
followed by an investigative audit," Mr. Muqoddas said, the report
notes.

Mr. Busyro said Petral's liquidation would not bring many
advantages if it did not lead to the disclosure of the method of
operation of oil and gas cabals within in the Pertamina
subsidiary, according to The Jakarta Post.

"If it is liquidated but we can't discover the method of operation
of its oil and gas mafia, what would be the use? Moreover, it
[Petral] is related to quite a big sector," Mr. Busyro said, the
report relays.

The report notes that Mr. Busyro went on to say that energy-
related matters that included oil and gas and mineral resources
were one of the sectors that the KPK had focused on during his
tenure.

Earlier, Energy and Mineral Resources Minister Sudirman Said
revealed that in its efforts to liquidate Petral, the government
had faced obstacles involving officials of former President Susilo
Bambang Yudhoyono's administration, the report discloses.

Mr. Busyro said Mr. Sudirman's statement needed to be investigated
and that an open dialogue should be held between representatives
of Yudhoyono's administration and current ministry officials, the
report says.

"I see moral messages in Pak Sudirman's statement. So, it would be
better to open it up," Mr. Busyro added, notes the report.

The government officially announced the liquidation of Petral on
May 13, saying that the Singapore-based company was no longer
significant in Pertamina's business operation, the report
discloses.



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


SHARP CORP: Default Risk Jumps as State Rescue Prospects Wane
-------------------------------------------------------------
Pavel Alpeyev and Grace Huang at Bloomberg News report that Sharp
Corp.'s bond risk jumped the most since 2012 on waning prospects
for a state-backed rescue.

The cost to insure debt in the Japanese supplier of displays to
Apple Inc. rose 210 basis points to 751 on May 21, Bloomberg
discloses citing credit-default swap data from CMA. That is the
highest for a technology company in Asia and compares with the
average for such companies of 122, Bloomberg says. Innovation
Network Corp. of Japan plans to reject Sharp's investment request
on concern it would face opposition from Apple and regulators,
Bloomberg relates citing a person familiar.

Bloomberg says the company, whose debt has ballooned to
JPY1 trillion ($8.2 billion) since lower-cost rivals undercut its
liquid-crystal display televisions, is also facing obstacles to an
investment by Foxconn Technology Group. The Taiwanese maker of
electronics including Apple iPhones has sought a more active role
in Sharp management should it buy a 10 percent stake, the report
states.

"There were many people in the market holding on to the hope that
INCJ will be the sponsor to help Sharp spin off its LCD business,"
the report quotes Yusuke Ueda, a Tokyo-based credit analyst at
Bank of America Merrill Lynch, as saying. "With that possibility
gone, Sharp is left with no choice but to ask Foxconn for money."

According to Bloomberg, Sharp has said it would like to restart
talks with Foxconn for an investment at JPY550 per share as agreed
in 2012. The stock closed at JPY166 in Tokyo on May 22.

Bloomberg notes that INCJ already supports Japan Display Inc.,
which competes with Sharp to supply Apple and others. Sharp wanted
the fund to invest in the potential spinoff of its LCD unit, a
separate person familiar said in April, the report relays.

The two display makers controlled a combined 25 percent of the
global market for smaller panels used in smartphones and tablets
last year, Bloomberg discloses citing researcher IHS Inc.
According to Bloomberg, the prospect of creating a dominant
supplier may trigger opposition from regulators, which last month
blocked a $9.39 billion deal between Tokyo Electron Ltd. and
Applied Materials Inc.

Miyuki Nakayama, a spokeswoman for Sharp, declined to comment on
the company's default swaps and INCJ's plan, Bloomberg notes.

Sharp's probability of debt non-payment within one year has
climbed to 1.55 percent from about 0.24 percent two weeks earlier,
according to the Bloomberg default-risk model, which considers
factors such as share prices and debt. The gauge suggests the
third-highest junk level now for the company, compared with the
second-lowest investment grade on May 8, Bloomberg notes.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on May 18,
2015, Standard & Poor's Ratings Services said that it has lowered
by two notches to 'CCC-' its long-term corporate credit rating on
Japan-based electronics company Sharp Corp.  S&P kept the rating
on CreditWatch with negative implications.  At the same time,
S&P's 'CCC+' long-term debt rating and its 'C' short-term
corporate credit and commercial paper program ratings remain on
CreditWatch with negative implications.  In addition, S&P lowered
its long-term corporate credit rating on Sharp's overseas
subsidiary Sharp International Finance (U.K.) PLC to 'CCC-' and
kept it on CreditWatch with negative implications. Our 'C' short-
term corporate credit and commercial paper program ratings on
Sharp International Finance remain on CreditWatch with negative
implications.


TAKATA CORPORATION: Canadian Class Actions Over Airbags to Expand
-----------------------------------------------------------------
The Japan Times reports that a Canadian law firm said May 21 it
planned to expand its class actions against Takata and car
manufacturers over defective air bags.

According to the report, Sutts, Strosberg LLP said the plaintiffs
are seeking more than 3 billion Canadian dollars (JPY297 billion)
from Takata and auto manufacturers Chrysler, Honda, Nissan and
Toyota for the loss of value of their vehicles caused by the
recall.

The Japan Times relates that the original suit estimated the
number of cars recalled in Canada at 1.8 million. That number is
now expected to rise after Takata agreed to double a U.S. recall
to a record nearly 34 million vehicles earlier last week.

Once revised Canadian figures are released, Sutts, Strosberg LLP
will amend its lawsuit to reflect the increased number of cars
affected by the recall, a spokesman for the firm said, the report
relays.

The report says the defect -- thought to be linked to a chemical
propellant that helps inflate the air bags -- can cause them to
deploy with explosive force, sending metal shrapnel hurtling
toward drivers and passengers.

According to the report, John McIntosh, who is represented by
Sutts, Strosberg, told a news conference that he rarely drives his
2003 Toyota Corolla because he fears the airbag is faulty.

Another Canadian class action against Takata announced in March by
Merchant Law Group LLP is seeking CAD2.4 billion for personal
injuries, car repairs and an expected loss in value of their
vehicles included in a massive global safety recall.

Two other Canadian law firms have also launched suits, the report
states.

If they are certified by a judge, they would likely be lumped into
a single class action lawsuit in the coming months, the report
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.


YAMADA DENKI: To Close 46 Stores as Tax Hike Erodes Profits
-----------------------------------------------------------
Kyodo News reports that Yamada Denki Co. will close 46 money-
losing stores in Japan by the end of May to focus on urban areas
where strong demand from foreigners visitors is expected, company
officials said May 24.

The report relates that the stores to be shut are mainly those in
suburban areas that are being hit hard by the first stage of the
doubling of the consumption tax in April 2014.

Yamada Denki's network spans more than 1,000 outlets but it has
been closing only one or two per month, the report notes.

In the business year ending in March 2016, the company will open
15 new stores, including one in front of JR Tokyo Station. These
might include discount and tax-free shops, the officials said, the
report relays.

The change in strategy is expected to lower costs and improve
profitability, Kyodo relates citing company officials.



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


LEO MOTORS: Incurs $595,000 Net Loss in First Quarter
-----------------------------------------------------
Leo Motors, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of
$595,000 on $42,800 of revenues for the three months ended March
31, 2015, compared to a net loss of $1.26 million on $0 of
revenues for the same period in 2014.

As of March 31, 2015, the Company had $5.77 million in total
assets, $4.87 million in total liabilities and $904,500 in total
equity.

"Significant losses from operations have been incurred since
inception and there is an accumulated deficit of $(21,856,019) as
of March 31, 2015.  Continuation as a going concern is dependent
upon attaining capital to achieve profitable operations while
maintaining current fixed expense levels," the Company said.

A full-text copy of the Form 10-Q is available for free at:

                       http://is.gd/w9BQCa

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors incurred a net loss of $4.5 million on $693,000 of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $1.24 million on $0 of revenues for the year ended Dec. 31,
2013.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company has
incurred significant accumulated deficits, recurring operating
losses and a negative working capital.  This and other factors
raise substantial doubt about the Company's ability to continue as
a going concern.



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


JIH SUN: Fitch Affirms Long-Term Foreign Currency IDR at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings on eight Taiwanese
securities companies, namely Yuanta Securities Co., Ltd. (Yuanta),
Jih Sun Securities Corp., Ltd (Jih Sun), Oriental Securities
Corporation (Oriental), Concord Securities Corporation (Concord),
Ta Chong Securities Co., Ltd. (Ta Chong), Ta Ching Securities Co.,
Ltd. (Ta Ching), Tachan Securities Co., Ltd (Tachan), and Horizon
Securities Co., Ltd. (Horizon). At the same time, Fitch has placed
Concord's ratings on Negative Outlook.  The Outlooks of all other
entities are Stable.

Fitch has affirmed the related support-driven IDRs and National
Ratings of Yuanta Financial Holding Co., Ltd. (YFHC), Yuanta
Commercial Bank Co., Ltd. (YCB), Jih Sun Financial Holding Co.,
Ltd (JSFH) and Jih Sun International Bank (JSIB).  JSIB's and
YCB's Viability Ratings (VRs) have also been affirmed.

KEY RATING DRIVERS - IDRs and NATIONAL RATINGS

Taiwanese securities firms generally boast high capital ratios by
international standards, but these can be volatile and are
expected to weaken over time as firms take on more risk in seeking
higher growth and other earnings opportunities.

The smaller firms - Concord, Ta Chong, Ta Ching, Tachan and
Horizon - post net losses more frequently than higher rated peers
due to their limited brokerage franchises and reliance on
proprietary trading for profits.  This together with their higher
concentration risks in stock and bond investments and repo funding
constrains them to non-investment grade ratings on the
international rating scale.

Concord is rated highest among the smaller companies at 'BB+',
reflecting its relatively diversified franchise among similar
sized local peers, although it has below-average capital and
liquidity positions due to increasing reliance on short-term repos
to fund its larger, long-term bond investments.  This has left its
credit profile more vulnerable to stock market volatility and to
market and liquidity risks, resulting in the revision of Concord's
Outlook to Negative.

The ratings affirmations of Oriental, Ta Chong, Ta Ching, Tachan
and Horizon are based on their generally stable credit profiles,
which are underpinned by their simple business model, consistently
low leverage and Fitch's expectation of their ability to maintain
strong capital buffers, liquid portfolios and high quality
collateral backing repo funding.  That said, Horizon is rated
lower at 'BBB(twn)', taking into account its relatively weaker and
more volatile earnings, and higher market risk appetite.

Yuanta is rated 'BBB+', the highest among domestic peers,
reflecting its dominant market position in Taiwan's securities
market, resilient earnings generation over economic cycles and
strong financial flexibility.  But its product range is narrower
and geographically concentrated relative to similarly rated
regional peers.  The ratings affirmation takes into account
Yuanta's capital buffer relative to the risks associated with its
expanded investment, including rising leverage mainly resulting
from the acquisition of TONGYANG Securities Inc. (renamed Yuanta
Securities Korea Co., Ltd.).

Jih Sun is rated at 'BBB-' as a result of its well-established
brokerage market position, generally consistent profitability and
sound balance sheet strength.  Its rating is mainly constrained by
its business profile, which is less diversified than other larger
Taiwanese peers.  Meanwhile, Oriental, rated at 'BBB-',
demonstrates satisfactory capital strength despite its trading-
focused business model and weaker risk-adjusted return compared
with local peers.

The affirmation of the IDRs and National Ratings on YFHC, YCB,
JSFH and JSIB corresponds with the rating actions on their groups'
principal operating subsidiaries, Yuanta and Jih Sun.

YFHC is rated at the same level as Yuanta, reflecting the high
level of integration between the two and the modest leverage at
YFHC.  Yuanta's robust earnings generation and healthy
capitalisation, in Fitch's view, would continue to help absorb
losses, if necessary, were they to arise at YFHC's other
subsidiaries - mainly YCB (VR: bb+), which has a weaker stand-
alone credit profile relative to the group and accounted for 28%
of the group's equity and 54% of assets at end-2014.

JSFH's IDRs and National Ratings are one notch below Jih Sun's to
reflect the group's potential obligation to support its weaker
banking subsidiary JSIB (VR: bb), in case of need.  JSIB also
forms a significant part of the group, accounting for 52% of
equity and 83% of assets.

The IDRs and National Ratings of YCB and JSIB are aligned with
their respective parents' ratings, reflecting their status as key
and integral parts of their groups and the obligatory support from
their holding parents under the Taiwan's Financial Holding Company
Act.

RATING SENSITIVITIES - IDRs and NATIONAL RATINGS

For Concord, its ratings could be downgraded if the company
continues to increase its appetite for stock trading and its
capital profile weakened further.  The Outlook could be revised
back to Stable if Concord can manage to reverse the rise in
leverage and maintain its capitalization on par with similarly
rated peers.

Ratings upside for the other small to medium-sized securities
firms is limited, unless they demonstrate a sustained improvement
in earnings quality - most likely through a larger and more
diversified franchise - which is unlikely in the short to medium
term.  Conversely, sustained weak earnings and/or a sharp increase
in risk appetite resulting in material deterioration in
capitalization may trigger a negative rating action.

Yuanta's ratings could be upgraded upon a sustained improvement in
earnings quality, through a larger and more diversified regional
franchise and enhanced product depths.  This would require
successful offshore expansion while maintaining its financial
profile and risk appetite.  That said, an upgrade is less likely
in the near to mid-term.  Negative rating action may result from a
sharp increase in risk appetite, including over-aggressive
acquisition/risk-taking, and/or unexpected large trading losses,
resulting in material deterioration in capitalization and/or
excessive increase in leverage relative to its current ratings.
Any weakening of other group subsidiaries that requires enough of
Yuanta's support to lead to material deterioration of its own
financial profile, could also pressure Yuanta's ratings.

Any rating action on Yuanta and Jih Sun could trigger a similar
rating action on their group companies' ratings.  Meanwhile, YFHC
and YCB could be rated one notch lower than Yuanta if YFHC's
financial flexibility were to weaken notably (such as a
significant increase in double leverage), or if Yuanta's ability
to support other members of the group were to decrease, either
through increased leverage at Yuanta, potentially from further
pursuit of overseas expansion, or continued strong growth in YCB.

KEY RATING DRIVERS AND RATING SENSITIVITIES - VRs

YCB's VR reflects its increasing risk appetite and asset quality
risks if it continues to pursue strong asset expansion, including
exposure to China.  It also takes into account its improved
profitability and capital generation capability, healthy liquidity
and adequate capitalisation to support growth and withstand stress
losses.  An upgrade is less likely in the near to medium term
because the rating is mainly constrained by risks associated with
its high growth and moderate franchise.  Conversely, if its
underwriting standards were to relax, leading to heightened risk
of significantly weakened asset quality and insufficient
capitalization, the VR could be downgraded.

The affirmation of JSIB's VR reflects improved, albeit still
modest, core profitability, and capitalisation that is better than
that of similarly rated peers.  An upgrade to JSIB's VR is likely
if its core earnings improve on a sustainable basis without
increasing its risk appetite, with asset quality remaining stable.
A downgrade is unlikely but could occur if asset quality
deteriorates unexpectedly leading to weakened capitalization.

KEY RATING DRIVERS AND RATING SENSITIVITIES - DEBT RATINGS

YFHC and YCB's senior unsecured bonds are rated at the same level
as their National Long-Term Ratings, which reflect the relative
vulnerability of default of their senior obligations within the
national scale for Taiwan.

JSIB's non-Basel III compliant subordinated bond is rated one
notch below the issuer's National Long-Term Rating to reflect its
subordinated status and the absence of going-concern loss-
absorption features.  JSIB's Taiwanese Basel III Tier 2 (B3T2)
capital is rated two notches below the issuer's anchor rating,
comprising zero notching for non-performance risk and two notches
for loss severity.  Wider notching than Fitch's base case of one
notch reflects the poor recovery prospects for Taiwanese B3T2 debt
at the point of non-viability or government receivership.
Taiwan's authorities would only move a bank into insolvency
administration when it reaches a very low capital level or a 2%
capital adequacy ratio, reducing the recovery prospects for B3T2
debt.

The above notching practices are in accordance with Fitch's
criteria on rating bank regulatory capital and similar securities.
Any rating action on YFHC, YCB and JSIB could trigger a similar
move on their debt ratings.

The rating actions are:

Yuanta:
Long-Term Foreign Currency IDR affirmed at 'BBB+'; Stable Outlook
Short-Term Foreign Currency IDR: affirmed at 'F2'
National Long-Term Rating: affirmed at 'AA-(twn)'; Stable Outlook
National Short-Term Rating: affirmed at 'F1+(twn)'

YCB:
Long-Term Foreign Currency IDR: affirmed at 'BBB+'; Stable Outlook
Short-Term Foreign Currency IDR: affirmed at 'F2'
National Long-Term Rating: affirmed at 'AA-(twn)'; Stable Outlook
National Short-Term Rating: affirmed at 'F1+(twn)'
Viability Rating: affirmed at 'bb+'
Senior unsecured debt: affirmed at 'AA-(twn)'

YFHC:
Long-Term Foreign Currency IDR: affirmed at 'BBB+'; Stable Outlook
Short-Term Foreign Currency IDR; affirmed at 'F2'
National Long-Term Rating: affirmed at 'AA-(twn)'; Stable Outlook
National Short-Term Rating; affirmed at 'F1+(twn)'
Senior unsecured debt: affirmed at 'AA-(twn)'

Jih Sun
Long-Term Foreign Currency IDR affirmed at 'BBB-'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'

JSFH:
Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

JSIB:
Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'
Viability Rating affirmed at 'bb'
Subordinated debt (non-Basel III compliant) rating affirmed at
'BBB+(twn)'
Subordinated debt (Basel III Tier 2 capital) rating affirmed at
'BBB(twn)'
Oriental:
Long-Term Foreign Currency IDR affirmed at 'BBB-'; Outlook Stable
Short-Term Foreign currency IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'

Concord:
Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook Revised
to Negative from Stable
Short-Term Foreign Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'A-(twn)'; Outlook Revised
to Negative from Stable
National Short-Term Rating affirmed at 'F2(twn)'
Horizon:
National Long-Term Rating affirmed at 'BBB(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F3(twn)'
Ta Chong:
National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

Ta Ching:
National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

Tachan:
Long-Term Foreign Currency IDR affirmed at 'BB'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'



===============
T H A I L A N D
===============


* Fitch Affirms Ratings on Thailand's 4 Largest Banks
-----------------------------------------------------
Fitch Ratings has today affirmed the ratings of Thailand's four
largest commercial banks.  The Long-Term Issuer Default Ratings
(IDRs) on Bangkok Bank Public Company Limited (BBL), Kasikornbank
Public Company Limited (KBank) and Siam Commercial Bank Public
Company Limited (SCB) have been affirmed at 'BBB+', and their
National Long-Term Ratings at 'AA(tha)'.  Krung Thai Bank Public
Company Limited's (KTB) Long-Term IDR has been affirmed at 'BBB'
and its National Long-Term Rating at 'AA+(tha)'.  The Outlooks are
Stable.

Fitch has also taken several rating actions on three of the banks'
subsidiaries.  The National Long-Term Ratings on Kasikorn
Securities Public Company Limited (KS) and SCB Securities Company
Limited (SCBS) have been affirmed at 'AA-(tha)' with a Stable
Outlook.

Fitch has upgraded the National Long-Term Rating on KTB Leasing
Company Limited (KTBL) to 'AA+(tha)', the same as KTB, to reflect
regulatory changes that put KTBL into KTB's solo consolidation
group and make it a core subsidiary of KTB.  Fitch has
simultaneously chosen to withdraw the ratings of KTBL for
commercial reasons.

KEY RATING DRIVERS - Viability Ratings (VRs)

The VRs of the four banks are driven by their strong domestic
franchises and market shares.  It also reflects their sound, if
not improving, financial performance, with key ratios in line with
regional peers.  However, the operating environment faced by all
the banks remains challenging and highly influences their VR
(albeit to a lesser extent in KTB's case).

BBL has a strong profile in corporate banking, is generally more
diversified than other large Thai commercial banks and fares best
in the agency's stress tests.  Its capitalization and reserve
coverage are the highest among peers, while its funding and
liquidity profile is among the best in Thailand.  Asset quality
has deteriorated slightly, in line with industry conditions, and
performance remains acceptable despite its high provisioning
policy.

KBank boasts sound and improving asset quality, steady funding and
liquidity, strong capitalisation, as well as high profitability.
KBank's ability to maintain a sound financial position through
business cycles is evident from the steady improvement in the
bank's key financial metrics in recent years.

SCB has established positions in various financial products such
as mortgages, credit cards, fund management, and bancassurance.
Profitability has been consistently high, while key asset quality
metrics remain reasonable with acceptable buffers in terms of
capital and reserve coverage.  The bank had previously adopted an
aggressive attitude towards loan growth, which has been scaled
back significantly since end-2013, although it remains to be seen
if this reflects any long-term change in the bank's risk appetite.

KTB's VR is rated two notches below the other large banks,
reflecting its lower capitalization, and weaker asset quality and
performance indicators.  Key financial ratios such as the NPL
ratio, reserve coverage, and profitability have improved
substantially in recent years, but still remain generally below
the peer average.  KTB currently also demonstrates greater
vulnerability to the economic slowdown compared to its large
domestic peers, such as through asset quality deterioration.

RATING SENSITIVITIES - VR

While all four banks have maintained reasonable metrics despite
slow economic growth, protracted economic weakness that results in
larger-than-expected and sustained negative impacts on asset
quality, profitability and capitalization could lead to a
downgrade of the VRs.

There is little upside to the VRs at BBL, KBank and SCB as these
are currently at the same rating as the sovereign.  Consequently,
a downgrade in the Thai sovereign rating would likely also lead to
similar action on their VRs.

The VR at KTB may be upgraded if it can show further significant
improvements in capitalisation and performance, and reduce the gap
in key financial ratios with its peers.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, and SENIOR DEBT

BBL, KBank, and SCB's IDRs and National Ratings are driven by
their Viability Ratings (VR), which reflect their stand-alone
strengths.

KTB's IDRs and ultimately its National Ratings are driven by its
Support Rating Floor of 'BBB'.

The senior debt ratings of BBL, KBank, SCB and KTB are at the same
level as the IDRs (for international ratings) or National Ratings,
as these debts represent unsecured and unsubordinated obligations
of the banks.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, and SENIOR DEBT

Any changes in the VRs of BBL, KBank and SCB would likely have a
similar impact on their IDRs and National Ratings.  Their National
Ratings could be upgraded if the operating environment was to
stabilise and the banks sustained recent improvements in financial
buffers and maintained acceptable risk appetite levels.

Any changes in the Support Rating Floor of KTB would impact its
IDRs and National Ratings, although downside risk would be
mitigated if, in the future, the bank's VR is upgraded to at least
'bbb'.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating (SR) and Support Rating Floors (SRF) for all
banks reflect their clear systemic importance as the largest
commercial banks in the country, with a combined market share in
banking deposits of above 65%.

KTB's Support Rating Floor of 'BBB' is one notch higher compared
to the other banks, as aside from its systemic importance KTB is
also strategically important to the government.  KTB is the only
state-owned commercial bank, with close operational and branding
links to Thailand's Ministry of Finance.

RATING SENSITVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

A change in the ability of the authorities to support the banks,
such as through a downgrade of the sovereign rating, could lead to
a similar change in the SRF.

Any regulatory changes that reduce the authorities' propensity to
support systemically-important banks could also lead to a
downgrade in the SR and SRF.  However, Fitch views that such a
shift would be unlikely in the medium term.

KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The Tier 2 subordinated debts of all four banks are rated one
notch below the corresponding senior debt level.  This is to
reflect their subordination status, as well as the lack of going
concern loss absorption features, and is in line with Fitch's
approach to rating such instruments.

KTB's international hybrid Tier 1 rating of 'B' is rated five
notches below the VR, reflecting going-concern risks of this
instrument that include a noncumulative coupon deferral feature
that could be triggered upon the bank posting a loss.  KTB's
national hybrid Tier 1 rating also reflects this implied notching
approach from the VR.

RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES

Any changes in the Long-Term IDRs and National Ratings of the four
banks would also affect their subordinated debt ratings.

Any change in KTB's VR would impact the ratings on its hybrid Tier
1 securities.

SUBSIDIARY KEY RATING DRIVERS

The National Ratings of KS and SCBS reflect Fitch's view that
these securities companies are strategically-important
subsidiaries, with ratings that are notched down once from their
respective bank parents' ratings.

SUBSIDIARY RATING SENSITIVITIES

The National Ratings of KS and SCBS would be impacted by any
changes in the National Ratings at KBank or SCB respectively.
Alternatively, any shift in Fitch's view on the relative
importance of these subsidiaries could also lead to a change in
the notching.  For example, a reduction in their strategic
importance to their parents due to share sales by the parents or
reduced operational integration, could lead to a wider notching
between KS and SCBS and their parents.  However, Fitch views that
this is unlikely in the short to medium term.

The rating actions are:

BBL
Long-Term Foreign Currency IDR affirmed at 'BBB+'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB-'
National Long-Term Rating affirmed at 'AA(tha)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(tha)'
Senior unsecured USD3bn GMTN programme affirmed at 'BBB+'
Long-term foreign currency senior unsecured notes affirmed at
'BBB+'
Long-term foreign currency subordinated debt affirmed at 'BBB'
National long-term subordinated debt affirmed at 'AA-(tha)'

KBank
Long-Term Foreign Currency IDR affirmed at 'BBB+'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB-'
National Long-Term Rating affirmed at 'AA(tha)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(tha)'
Senior unsecured USD2.5bn EMTN programme affirmed at 'BBB+'
Long-term foreign currency senior unsecured debt affirmed at
'BBB+'
National short-term senior unsecured debt rating affirmed at
'F1+(tha)'
National long-term subordinated debt rating affirmed at 'AA-(tha)'

SCB
Long-Term Foreign Currency IDR affirmed at 'BBB+'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB-'
National Long-Term Rating affirmed at 'AA(tha)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(tha)'
Senior unsecured USD3.5bn MTN programme affirmed at 'BBB+'
Long-term foreign currency senior unsecured debt affirmed at
'BBB+'
National rating on short-term senior unsecured debt programme
affirmed at 'F1+(tha)'
National rating on long-term subordinated debt affirmed at 'AA-
(tha)'

KTB
Long-Term Foreign-Currency IDR affirmed at 'BBB'; Stable Outlook
Short-Term Foreign-Currency IDR affirmed at 'F3'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB'
National Long-Term Rating affirmed at 'AA+(tha)'; Stable Outlook
National Short-Term Rating affirmed at 'F1+(tha)'
Senior unsecured USD2.5bn EMTN programme affirmed at 'BBB'
Senior unsecured notes affirmed at 'BBB'
Subordinated US dollar debentures affirmed at 'BBB-'
International rating for hybrid Tier 1 securities affirmed at 'B'
National rating on THB20bn short-term debenture programme affirmed
at 'F1+(tha)'
National subordinated debt rating affirmed at 'AA(tha)'
National rating hybrid Tier 1 securities affirmed at 'BBB(tha)'

KS
National Long-Term Rating affirmed at 'AA-(tha)'; Stable Outlook
National Short-Term Rating affirmed at 'F1+(tha)'

SCBS
National Long-Term Rating affirmed at 'AA-(tha)'; Stable Outlook
National Short-Term Rating affirmed at 'F1+(tha)'

KTBL
National Long-Term Rating upgraded to 'AA+(tha)' from 'AA-(tha)';
Stable Outlook, and withdrawn
National Short-Term Rating affirmed at 'F1+(tha)' and withdrawn



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


* BOND PRICING: For the Week May 18 to May 22, 2015
---------------------------------------------------

Issuer               Coupon   Maturity    Currency    Price
------               ------   --------    --------    -----


  AUSTRALIA
  ---------

ANTARES ENERGY LTD    10.00   10/30/23       AUD        1.88
BOART LONGYEAR MAN     7.00   04/01/21       USD       70.75
BOART LONGYEAR MAN     7.00   04/01/21       USD       68.30
CML GROUP LTD          9.00   01/29/20       AUD        1.02
CRATER GOLD MINING    10.00   08/18/17       AUD       36.00
FMG RESOURCES AUGU     6.88   04/01/22       USD       73.68
GRIFFIN COAL MININ     9.50   12/01/16       USD       40.00
GRIFFIN COAL MININ     9.50   12/01/16       USD       40.00
IMF BENTHAM LTD        6.46   06/30/19       AUD       71.75
KBL MINING LTD        10.00   02/16/17       AUD        0.31
LAKES OIL NL          10.00   03/31/17       AUD        9.06
MIDWEST VANADIUM P    11.50   02/15/18       USD        4.25
MIDWEST VANADIUM P    11.50   02/15/18       USD        4.39
STOKES LTD            10.00   06/30/17       AUD        0.46
TREASURY CORP OF V     0.50   11/12/30       AUD       62.92


CHINA
-----

CHANGCHUN CITY DEV     6.08   03/09/16       CNY       40.47
CHANGCHUN CITY DEV     6.08   03/09/16       CNY       40.75
CHANGZHOU INVESTME     5.80   07/01/16       CNY       70.72
CHANGZHOU INVESTME     5.80   07/01/16       CNY       70.61
CHINA GOVERNMENT B     1.64   12/15/33       CNY       72.52
CHINA NATIONAL ERZ     5.65   09/26/17       CNY       63.22
CHIZHOU CITY MANAG     7.58   04/20/16       CNY       61.40
CLOUD LIVE TECHNOL     6.78   04/05/17       CNY       81.00
DANYANG INVESTMENT     6.30   06/03/16       CNY       70.82
ERDOS DONGSHENG CI     8.40   02/28/18       CNY       72.97
GUILIN ECONOMIC CO     6.90   05/09/18       CNY       74.80
HANGZHOU XIAOSHAN      6.90   11/22/16       CNY       72.01
HANGZHOU XIAOSHAN      6.90   11/22/16       CNY       70.78
HEILONGJIANG HECHE     7.78   11/17/16       CNY       70.20
HEILONGJIANG HECHE     7.78   11/17/16       CNY       71.93
HUAIAN CITY URBAN      7.15   12/21/16       CNY       70.75
HUAIAN QINGHE NEW      6.79   04/29/17       CNY       70.76
HUNAN CHANGDE REGI     5.90   01/29/16       CNY       69.76
JIANGSU HUAIAN SMA     5.80   12/28/15       CNY       72.00
JIANGSU HUAJING AS     5.68   09/28/17       CNY       74.75
JIANGSU LIANYUN DE     7.85   07/22/15       CNY       70.50
KUNSHAN ENTREPRENE     4.70   03/30/16       CNY       40.03
KUNSHAN ENTREPRENE     4.70   03/30/16       CNY       40.34
LIAOYUAN STATE-OWN     7.80   01/26/17       CNY       71.30
LIAOYUAN STATE-OWN     7.80   01/26/17       CNY       71.88
LUOHE CITY CONSTRU     6.81   03/30/17       CNY       61.67
MIANYANG SCIENCE &     7.16   05/15/19       CNY       68.68
NANJING NANGANG IR     6.13   02/27/16       CNY       50.04
NANJING NANGANG IR     6.13   02/27/16       CNY       50.06
NANJING PUBLIC HOL     5.85   08/08/17       CNY       65.88
NANTONG STATE-OWNE     6.72   11/13/16       CNY       70.11
NANTONG STATE-OWNE     6.72   11/13/16       CNY       71.75
NINGBO CITY ZHENHA     6.48   04/12/17       CNY       71.77
NINGBO URBAN CONST     7.39   03/01/18       CNY       75.31
NINGDE CITY STATE-     6.25   10/21/17       CNY       61.16
PANJIN CONSTRUCTIO     7.70   12/16/16       CNY       72.41
PANJIN CONSTRUCTIO     7.70   12/16/16       CNY       72.01
QINGDAO CITY CONST     6.19   02/16/17       CNY       72.11
QINGZHOU HONGYUAN      6.50   05/22/19       CNY       41.18
QINGZHOU HONGYUAN      6.50   05/22/19       CNY       40.71
SHANGHAI REAL ESTA     6.12   05/17/17       CNY       71.74
TAIZHOU CITY CONST     6.90   01/25/17       CNY       70.78
URUMQI STATE-OWNED     6.48   04/28/18       CNY       75.00
WUXI COMMUNICATION     5.58   07/08/16       CNY       50.41
WUXI COMMUNICATION     5.58   07/08/16       CNY       50.68
XIANGTAN JIUHUA EC     6.93   12/16/16       CNY       69.50
XIANGTAN JIUHUA EC     6.93   12/16/16       CNY       71.53
XUZHOU XINSHENG CO     7.48   05/08/18       CNY       75.21
YANGZHOU ECONOMIC      5.80   05/12/16       CNY       50.77
YANGZHOU URBAN CON     5.94   07/23/16       CNY       70.88
YANGZHOU URBAN CON     5.94   07/23/16       CNY       70.62
YINCHUAN URBAN CON     6.28   03/09/17       CNY       51.15
YIYANG CITY CONSTR     8.20   11/19/16       CNY       72.39
ZHUCHENG ECONOMIC      6.40   04/26/18       CNY       61.85
ZHUCHENG ECONOMIC      7.50   08/25/18       CNY       49.77
ZHUHAI ZHONGFU ENT     6.60   03/28/17       CNY       49.96
ZIBO CITY PROPERTY     5.45   04/27/19       CNY       48.98
ZOUCHENG CITY ASSE     7.02   01/12/18       CNY       62.11


INDONESIA
---------

BERAU COAL ENERGY      7.25   03/13/17       USD       54.25
BERAU COAL ENERGY      7.25   03/13/17       USD       54.50
DAVOMAS INTERNATIO    11.00   12/08/14       USD       13.38


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17       USD       25.38
BLUE DART EXPRESS      9.30   11/20/17       INR       10.09
BLUE DART EXPRESS      9.50   11/20/19       INR       10.19
BLUE DART EXPRESS      9.40   11/20/18       INR       10.14
COROMANDEL INTERNA     9.00   07/23/16       INR       16.15
GTL INFRASTRUCTURE     3.53   11/09/17       USD       30.25
INCLINE REALTY PVT    10.85   04/21/17       INR        9.70
INCLINE REALTY PVT    10.85   08/21/17       INR       12.93
INDIA GOVERNMENT B     7.64   01/25/35       INR       22.91
JAIPRAKASH ASSOCIA     5.75   09/08/17       USD       73.86
JCT LTD                2.50   04/08/11       USD       21.88
ORIENTAL HOTELS LT     2.00   11/21/19       INR       73.08
PYRAMID SAIMIRA TH     1.75   07/04/12       USD        1.00
REI AGRO LTD           5.50   11/13/14       USD       20.63
REI AGRO LTD           5.50   11/13/14       USD       20.63
SHIV-VANI OIL & GA     5.00   08/17/15       USD       23.75


JAPAN
-----

AVANSTRATE INC         5.00   11/05/17       JPY       31.13
AVANSTRATE INC         3.02   11/05/15       JPY       39.13
ELPIDA MEMORY INC      0.70   08/01/16       JPY        9.50
ELPIDA MEMORY INC      0.50   10/26/15       JPY        9.50
ELPIDA MEMORY INC      2.29   12/07/12       JPY        9.50
ELPIDA MEMORY INC      2.03   03/22/12       JPY        9.50
ELPIDA MEMORY INC      2.10   11/29/12       JPY        9.50


KOREA
-----

2014 KODIT CREATIV     5.00   12/25/17       KRW       28.21
2014 KODIT CREATIV     5.00   12/25/17       KRW       28.21
DONGBU CORP            4.00   05/03/16       KRW       71.94
DOOSAN CAPITAL SEC    20.00   04/22/19       KRW       35.07
EXPORT-IMPORT BANK     0.50   11/21/17       BRL       74.56
EXPORT-IMPORT BANK     0.50   12/22/17       BRL       73.37
HYUNDAI HEAVY INDU     4.90   12/15/44       KRW       57.18
HYUNDAI HEAVY INDU     4.80   12/15/44       KRW       58.24
HYUNDAI MERCHANT M     7.05   12/27/42       KRW       37.89
KIBO ABS SPECIALTY     5.00   03/29/18       KRW       27.21
KIBO ABS SPECIALTY    10.00   02/19/17       KRW       33.62
KIBO ABS SPECIALTY    10.00   09/04/16       KRW       35.99
KIBO ABS SPECIALTY    10.00   08/22/17       KRW       27.22
KIBO ABS SPECIALTY     5.00   01/31/17       KRW       30.08
KIBO GREEN HI-TECH    10.00   12/21/15       KRW       38.65
LSMTRON DONGBANGSE     4.53   11/22/17       KRW       27.91
POSCO ENERGY CORP      4.66   08/29/43       KRW       70.79
POSCO ENERGY CORP      4.72   08/29/43       KRW       70.23
POSCO ENERGY CORP      4.72   08/29/43       KRW       70.12
POSCO PLANTEC CO L     3.89   09/13/16       KRW       65.82
POSCO PLANTEC CO L     3.62   09/13/15       KRW       84.78
SINBO SECURITIZATI     5.00   02/21/17       KRW       30.50
SINBO SECURITIZATI     5.00   02/02/16       KRW       31.70
SINBO SECURITIZATI     8.00   02/02/16       KRW       36.66
SINBO SECURITIZATI     5.00   02/21/17       KRW       30.50
SINBO SECURITIZATI     5.00   12/13/16       KRW       31.27
SINBO SECURITIZATI     5.00   03/14/16       KRW       33.00
SINBO SECURITIZATI     5.00   07/19/15       KRW       50.87
SINBO SECURITIZATI     9.00   07/27/15       KRW       56.84
SINBO SECURITIZATI     4.60   06/29/15       KRW       58.85
SINBO SECURITIZATI     4.60   06/29/15       KRW       58.85
SINBO SECURITIZATI     5.00   06/07/17       KRW       23.21
SINBO SECURITIZATI     5.00   06/07/17       KRW       23.21
SINBO SECURITIZATI     5.00   06/29/16       KRW       33.12
SINBO SECURITIZATI     5.00   05/27/16       KRW       33.49
SINBO SECURITIZATI     5.00   05/27/16       KRW       33.49
SINBO SECURITIZATI     5.00   03/13/17       KRW       30.28
SINBO SECURITIZATI     5.00   03/13/17       KRW       30.28
SINBO SECURITIZATI     5.00   07/26/16       KRW       32.79
SINBO SECURITIZATI     5.00   07/26/16       KRW       32.79
SINBO SECURITIZATI     5.00   10/01/17       KRW       28.69
SINBO SECURITIZATI     5.00   10/01/17       KRW       28.69
SINBO SECURITIZATI     5.00   10/01/17       KRW       28.69
SINBO SECURITIZATI     5.00   01/19/16       KRW       32.14
SINBO SECURITIZATI     5.00   01/29/17       KRW       30.76
SINBO SECURITIZATI     5.00   03/12/18       KRW       27.36
SINBO SECURITIZATI     5.00   03/12/18       KRW       27.36
SINBO SECURITIZATI    10.00   12/27/15       KRW       38.07
SINBO SECURITIZATI     5.00   08/16/16       KRW       31.73
SINBO SECURITIZATI     5.00   08/16/17       KRW       29.25
SINBO SECURITIZATI     5.00   08/16/17       KRW       29.25
SINBO SECURITIZATI     5.00   12/07/15       KRW       34.64
SINBO SECURITIZATI     5.00   09/13/15       KRW       42.59
SINBO SECURITIZATI     5.00   09/13/15       KRW       42.59
SINBO SECURITIZATI     5.00   08/24/15       KRW       43.60
SINBO SECURITIZATI     5.00   08/31/16       KRW       32.39
SINBO SECURITIZATI     5.00   08/31/16       KRW       32.39
SINBO SECURITIZATI     5.00   09/28/15       KRW       38.99
SINBO SECURITIZATI     5.00   10/05/16       KRW       32.05
SINBO SECURITIZATI     5.00   10/05/16       KRW       30.49
SINBO SECURITIZATI     5.00   07/24/17       KRW       28.67
SINBO SECURITIZATI     5.00   07/24/18       KRW       26.57
SINBO SECURITIZATI     5.00   07/24/18       KRW       26.57
SINBO SECURITIZATI     5.00   07/08/17       KRW       29.66
SINBO SECURITIZATI     5.00   07/08/17       KRW       29.66
SINBO SECURITIZATI     5.00   02/11/18       KRW       27.56
SINBO SECURITIZATI     5.00   02/11/18       KRW       27.56
SINBO SECURITIZATI     5.00   01/15/18       KRW       28.02
SINBO SECURITIZATI     5.00   01/15/18       KRW       28.02
SINBO SECURITIZATI     5.00   06/27/18       KRW       26.75
SINBO SECURITIZATI     5.00   06/27/18       KRW       26.75
SINBO SECURITIZATI     5.00   12/25/16       KRW       30.53
SK TELECOM CO LTD      4.21   06/07/73       KRW       68.35
TONGYANG CEMENT &      7.50   04/20/14       KRW       70.00
TONGYANG CEMENT &      7.30   04/12/15       KRW       70.00
TONGYANG CEMENT &      7.50   09/10/14       KRW       70.00
TONGYANG CEMENT &      7.50   07/20/14       KRW       70.00
TONGYANG CEMENT &      7.30   06/26/15       KRW       70.00
U-BEST SECURITIZAT     5.50   11/16/17       KRW       28.88
WISE MOBILE SECURI    20.00   05/19/18       KRW       69.90
WISEPOWER CO LTD       4.00   08/10/15       KRW       40.64


SRI LANKA
---------

SRI LANKA GOVERNME     5.35   03/01/26       LKR       74.40


MALAYSIA
--------

BANDAR MALAYSIA SD     0.35   02/20/24       MYR       70.03
BANDAR MALAYSIA SD     0.35   12/29/23       MYR       70.50
BIMB HOLDINGS BHD      1.50   12/12/23       MYR       69.43
BRIGHT FOCUS BHD       2.50   01/22/31       MYR       65.30
BRIGHT FOCUS BHD       2.50   01/24/30       MYR       67.72
LAND & GENERAL BHD     1.00   09/24/18       MYR        0.37
SENAI-DESARU EXPRE     0.50   12/31/38       MYR       67.00
SENAI-DESARU EXPRE     0.50   12/31/41       MYR       71.54
SENAI-DESARU EXPRE     0.50   12/31/40       MYR       70.25
SENAI-DESARU EXPRE     0.50   12/31/43       MYR       74.19
SENAI-DESARU EXPRE     0.50   12/30/39       MYR       68.89
SENAI-DESARU EXPRE     0.50   12/31/42       MYR       72.96
SENAI-DESARU EXPRE     1.35   06/30/28       MYR       58.28
SENAI-DESARU EXPRE     1.35   12/29/28       MYR       57.23
SENAI-DESARU EXPRE     1.10   12/31/21       MYR       74.10
SENAI-DESARU EXPRE     1.10   06/30/22       MYR       72.49
SENAI-DESARU EXPRE     1.15   12/30/22       MYR       71.24
SENAI-DESARU EXPRE     1.15   06/30/23       MYR       69.72
SENAI-DESARU EXPRE     1.15   12/29/23       MYR       68.19
SENAI-DESARU EXPRE     1.15   06/28/24       MYR       66.69
SENAI-DESARU EXPRE     1.15   12/31/24       MYR       65.14
SENAI-DESARU EXPRE     1.15   06/30/25       MYR       63.68
SENAI-DESARU EXPRE     1.35   12/31/25       MYR       63.94
SENAI-DESARU EXPRE     1.35   06/30/26       MYR       62.70
SENAI-DESARU EXPRE     1.35   12/31/26       MYR       61.56
SENAI-DESARU EXPRE     1.35   06/30/27       MYR       60.42
SENAI-DESARU EXPRE     1.35   12/31/27       MYR       59.35
SENAI-DESARU EXPRE     1.35   06/29/29       MYR       56.23
SENAI-DESARU EXPRE     1.35   12/31/29       MYR       55.27
SENAI-DESARU EXPRE     1.35   06/28/30       MYR       54.35
SENAI-DESARU EXPRE     1.35   12/31/30       MYR       53.41
SENAI-DESARU EXPRE     1.35   06/30/31       MYR       52.50
UNIMECH GROUP BHD      5.00   09/18/18       MYR        1.30


PHILIPPINES
-----------

BAYAN TELECOMMUNIC    13.50   07/15/06       USD       22.75
BAYAN TELECOMMUNIC    13.50   07/15/06       USD       22.75


SINGAPORE
---------

AXIS OFFSHORE PTE      7.52   05/18/18       USD       55.00
BAKRIE TELECOM PTE    11.50   05/07/15       USD        4.51
BAKRIE TELECOM PTE    11.50   05/07/15       USD        4.51
BERAU CAPITAL RESO    12.50   07/08/15       USD       56.00
BERAU CAPITAL RESO    12.50   07/08/15       USD       74.78
BLD INVESTMENTS PT     8.63   03/23/15       USD        9.88
BUMI CAPITAL PTE L    12.00   11/10/16       USD       33.00
BUMI CAPITAL PTE L    12.00   11/10/16       USD       29.01
BUMI INVESTMENT PT    10.75   10/06/17       USD       32.75
BUMI INVESTMENT PT    10.75   10/06/17       USD       28.91
ENERCOAL RESOURCES     6.00   04/07/18       USD       14.38
INDO INFRASTRUCTUR     2.00   07/30/10       USD        1.88
OSA GOLIATH PTE LT    12.00   10/09/18       USD       72.25
SWIBER CAPITAL PTE     6.25   10/30/17       SGD       71.63
SWIBER CAPITAL PTE     6.50   08/02/18       SGD       64.88
SWIBER HOLDINGS LT     7.13   04/18/17       SGD       70.75


THAILAND
--------

G STEEL PCL            3.00   10/04/15       USD        4.05
MDX PCL                4.75   09/17/03       USD       35.50


VIETNAM
-------

BANK FOR INVESTMEN    10.20   05/19/21       VND        1.00
BANK FOR INVESTMEN    10.33   05/19/16       VND        1.00
DEBT AND ASSET TRA     1.00   10/10/25       USD       57.28



                             *********

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 ***