TCRAP_Public/150629.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, June 29, 2015, Vol. 18, No. 126


                            Headlines


A U S T R A L I A

CALBRO CORP: First Creditors' Meeting Set For July 6
INFIGO PTY: First Creditors' Meeting Set For July 7
Q-ARMADA PTY: First Creditors' Meeting Set For July 6
* AUSTRALIA: CALDB Admonishes Queensland Liquidator


C H I N A

CHINA SHANSHUI: Fitch Puts 'B+' LT IDR on Watch Negative
KAISA GROUP: S&P Discontinues 'D' CCR Due to Lack of Information
WUZHOU INTERNATIONAL: Fitch Rates Proposed US$ Sr. Notes 'B(EXP)'
ZOOMLION HEAVY: Fitch Lowers LT IDR to 'BB'; Outlook Negative


I N D I A

ANTIQUE ART: ICRA Assigns B- Rating to INR9.6cr Packing Credit
ARENA LIFESTYLE: Ind-Ra Affirms 'IND BB' LT Issuer Rating
ARYAVRAT TRADING: Ind-Ra Withdraws 'IND B-(Suspended)' Rating
B&H TEXFAB: CRISIL Ups Rating on INR74MM Bank Loan to B-
BALAJI INTERNATIONAL: ICRA Reaffirms B+ Rating on INR2cr LT Loan

BALAJI OVERSEAS: ICRA Reaffirms 'B' Rating on INR5.88cr LT Loan
BANSAL FOODS: CRISIL Cuts Rating on INR90MM Whse Financing to D
BINA METAL: CRISIL Suspends 'D' Rating on INR144MM Bank Loan
CHOTTA SHIMLA: CRISIL Assigns B+ Rating to INR150MM Term Loan
CIBI EXPORTS: CRISIL Reaffirms 'B' Rating on INR129MM Term Loan

CIRCLE INFOTECH: CRISIL Reaffirms B Rating on INR40MM Cash Loan
CUCKU AGRO: CRISIL Lowers Rating on INR100MM Cash Loan to 'D'
D.A.R. PARADISE: CRISIL Suspends 'B+' Rating on INR60MM Bank Loan
DELHI DIAMONDS: Ind-Ra Withdraws 'IND BB-(Suspended)' Rating
DEV COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Credit

FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR230MM LOC
GENUS APPARELS: Ind-Ra Withdraws IND B+(Suspended) Issuer Rating
GHANTA FOODS: Ind-Ra Assigns IND BB Issuer Rating; Outlook Stable
GREEN ORANGE: CRISIL Suspends B- Rating on INR137.5MM Bank Loan
J M MHATRE: CRISIL Reaffirms 'B' Rating on INR150MM LT Loan

JAJOO ENTERPRISES: CRISIL Suspends 'D' Rating on INR420MM Loan
JIBIKA RICE: CRISIL Suspends B Rating on INR49.3MM Term Loan
KAMAKSHI STEELS: Ind-Ra Withdraws 'IND BB-(Suspended)' Rating
KERNEX MICROSYSTEMS: CRISIL Assigns B- Rating to INR150MM Loan
KESAR STEEL: CRISIL Assigns B+ Rating to INR21MM Bank Loan

LANCO INFRATECH: CRISIL Reaffirms 'D' Rating on INR52.4MM Loan
M.M. JEWELLERS: Ind-Ra Withdraws 'IND B+' (Suspended) Rating
MANGALAM PALACE: CRISIL Suspends B Rating on INR98MM Term Loan
MLR INDUSTRIES: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'
MOHAN GEMS: Ind-Ra Withdraws 'IND BB-(Suspended)' Issuer Rating

NADAHALLI AGRO: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
PANYAM CEMENT: Ind-Ra Withdraws 'IND B-(Suspended)' Issuer Rating
PERFECT ENGINEERING: ICRA Lowers Rating on INR10cr Term Loan to D
PRINCE HOUSING: CRISIL Cuts Rating on INR65MM Term Loan to 'D'
PRITHIYANGARA IMPORTS: CRISIL Suspends D Rating on INR200MM Loan

R.K. INFRA: Ind-Ra Withdraws 'IND BB(Suspended)' Rating
RAGHUNANDAN JEWELLERS: Ind-Ra Assigns 'IND B' Issuer Rating
RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR8.5cr e-DFS
S. A. INFRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
SESHSAYI FOODS: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'

SHIMLA TOLLS: CRISIL Assigns B+ Rating to INR320MM Term Loan
SHRENIK MARBLE: Ind-Ra Affirms 'IND B+' Rating; Outlook Stable
SHRI ADIESHWAR: CRISIL Lowers Rating on INR100MM Loan to 'D'
SHRI GIRIRAJ: CRISIL Lowers Rating on INR100MM Cash Loan to D
SHUKAN GOLD: CRISIL Suspends 'D' Rating on INR200MM Term Loan

SINGAN PROJECTS: Ind-Ra Withdraws 'IND D' Issuer Rating
TIKU RAM: CRISIL Reaffirms B+ Rating on INR270MM Packing Loan
V3S INFRATECH: ICRA Lowers Rating on INR30cr Loan to 'D'


N E W  Z E A L A N D

FINANCIAL INVESTMENTS: Creditors Ired Over Owner's Bankruptcy


P H I L I P P I N E S

* PHILIPPINES: PDIC to Auction Closed Banks' Assets on June 30


S I N G A P O R E

IREIT GLOBAL: S&P Assigns 'BB' LT CCR; Outlook Stable


S O U T H  K O R E A

SOUTH KOREA: Banks' Loan Delinquency Rate Rises in May


V I E T N A M

INTERNATIONAL TEXTILE: David Wax Resigns as Director


                            - - - - -


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


CALBRO CORP: First Creditors' Meeting Set For July 6
----------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Calbro Corp Pty Limited on
June 24, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on July 6, 2015, at 11:00 a.m.


INFIGO PTY: First Creditors' Meeting Set For July 7
---------------------------------------------------
Clifford John Sanderson of Dissolve Pty Ltd was appointed as
administrator of Infigo Pty Ltd on June 26, 2015.

A first meeting of the creditors of the Company will be held at
Level 8, 80 Clarence Street, in Sydney, on July 7, 2015, at
12:30 p.m.


Q-ARMADA PTY: First Creditors' Meeting Set For July 6
-----------------------------------------------------
Justin Holzman of Holzman Associates was appointed as
administrator of Q-Armada Pty. Ltd. on 24 June 2015

A first meeting of the creditors of the Company will be held at
Level 2, 32 Martin Place, in Sydney, on July 6, 2015, at
4:00 p.m.


* AUSTRALIA: CALDB Admonishes Queensland Liquidator
---------------------------------------------------
The Australian Securities and Investment Commission announced the
decision by disciplinary body, the Companies Auditors and
Liquidators Disciplinary Board (CALDB), to admonish a Queensland-
based registered liquidator.

The decision follows an ASIC investigation into Jonathan Paul
McLeod, principal of insolvency firm McLeod & Partners Pty Ltd.
ASIC's investigation focused on Mr McLeod's conduct as a
liquidator and a voluntary administrator.

ASIC examined 17 external administrations which Mr McLeod was
appointed to in the period from 2008 to 2012. ASIC brought 24
contentions against Mr McLeod, 13 of which were established. Seven
were not established and four were withdrawn.

In making its orders, the CALDB found Mr McLeod failed to:

   * lodge with ASIC, on numerous occasions, a report regarding
suspected offences as soon as practicable after he became aware of
the possible offences

   * provide a remuneration report to creditors;

   * properly declare his independence to creditors on numerous
     Occasions;

   * properly consider whether he was disqualified from
     consenting to act as a liquidator; and

   * open a liquidator's general bank account within 7 days of
     appointment.



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


CHINA SHANSHUI: Fitch Puts 'B+' LT IDR on Watch Negative
--------------------------------------------------------
Fitch Ratings has placed China Shanshui Cement Group Limited's
'B+' Long-Term Issuer Default Rating, its senior unsecured ratings
and ratings of all its outstanding bonds of 'B+' with recovery
ratings of 'RR4' on Negative Watch.  The Negative Watch reflects
the possibility of Shanshui running into insolvency in the event
that it is forced to redeem the USD500m 7.5% senior notes due 2020
(2020 notes) if its chairman Mr. Zhang Bin is removed or the
majority of its board members is changed.

This follows the announcement on June 19, 2015, that the company
has received a requisition notice from some shareholders (owning
10.07% of the company) for an extraordinary general meeting (EGM)
to (1) remove all but one existing non-executive director
(including the chairman) and (2) appoint to the board seven new
directors, most of them carrying out executive duties in China
Tianrui Group Cement Company Limited (Tianrui).  These key
management changes may result in a downgrade of multiple notches
of Shanshui's ratings to a level below 'B-'.  To change the
chairman, more than 50% of Shanshui's shareholders' votes are
required.

KEY RATING DRIVERS

Inadequate Liquidity to Redeem All Bonds: Based on the preliminary
assessment by Shanshui, the proposed removal of directors
including the removal of Mr. Zhang Bin as chairman, would trigger
the change of control (CoC) event under the 2020 notes.  It would
also lead to the company being required to make an offer to
repurchase all outstanding notes (including both the 2016 Notes
and the 2020 Notes) with a total amount of over USD921m within 30
days.  Shanshui believes that it would not have enough cash to
complete these redemptions within the limited timeframe and will
result in its default.

EGM Result Uncertain: The outcome of the EGM is uncertain as it is
initiated by the largest shareholder Tianrui with 28.16%
ownership.  Tianrui will need support from either one of the other
two major shareholders - Taiwan's Asia Cement Corporation (ACC,
20.9%) and CNBM (16.67%) and the minority shareholders to achieve
its intended outcome.  As the proposed outcome may harm
shareholders' interests if this leads to Shanshui's insolvency, it
is not clear if Tianrui can find support for its proposal.  Fitch
believes ACC and CNBM are in a position to protect their
investments in Shanshui if maintaining its operations is aligned
with their business interests.

China Shanshui Investment which owns 25.09% of Shanshui is 38.45%
owned by Shanshui's executive director Zhang Caikui (the father of
Mr. Zhang Bin, chairman and executive director), 43.29% kept by
receivers, and 18.26% owned by minorities.  As the receivers do
not have the rights to alter the composition of Shanshui's board
of directors, China Shanshui Investment will likely not support
Tianrui's proposed change of board members.

Business Fundamentals Remain Strong: Shanshui's ratings are
supported by its business, which continues to operate and generate
cash.  Its business, which generates a 19.9% EBITDA margin, holds
a leading market position in Shandong province.  Fitch's recovery
analysis indicates that the replacement value of Shanshui's
production facilities that totalled around CNY27bn can cover 100%
of its onshore and offshore debt.

KEY ASSUMPTIONS

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

   -- Average selling prices of cement in Shanshui's main markets
      do not improve;
   -- Total capex (including acquisitions) between 2015-2017 no
      higher than CNY3bn;
   -- The company is able to roll over short-term debt

RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- the EGM is called and voted to remove the chairman resulting
     in a forced redemption of the 2020 notes

Positive: Future developments that may, individually or
collectively, lead to the rating watch being removed, and Stable
Outlook being assigned include:

   -- The EGM does not proceed or the chairman is not removed and
      no other conditions resulting in a forced redemption of the
      2020 notes exist, for example no shareholders own more than
      30%
   -- No significant increase in working capital funding and/or
      banks continue to extend debt to the company
   -- The employee dispute with Mr. Zhang does not result in
      material deterioration in the company's operations


KAISA GROUP: S&P Discontinues 'D' CCR Due to Lack of Information
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had discontinued
its 'D' long-term corporate credit rating and Greater China
regional scale rating on Kaisa Group Holdings Ltd.  S&P also
discontinued its 'D' long-term issue rating and Greater China
regional scale rating on the China-based company's outstanding
senior unsecured notes.

S&P discontinued the ratings because sufficient and timely
information was not available for us to assess Kaisa's credit
quality.

In S&P's view, Kaisa is unlikely to restore normal operations in
the near term.  The company is still in negotiations with onshore
and offshore creditors on possible debt restructurings without any
notable progress after several months.  Also, Kaisa's various
projects and assets continue to be frozen by court orders and will
likely need to go through time-consuming legal processes to
resolve.  Moreover, it would be very difficult for Kaisa to regain
the confidence of its customers and business partners after the
default.  The company missed the interest payments on two of its
senior notes in March 2015, following which Standard & Poor's
lowered all the ratings on Kaisa and its outstanding notes to 'D'.


WUZHOU INTERNATIONAL: Fitch Rates Proposed US$ Sr. Notes 'B(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned China-based commercial property
developer Wuzhou International Holdings Limited's (Wuzhou,
B/Stable) proposed US dollar senior unsecured notes an expected
rating of 'B(EXP)' and Recovery Rating of 'RR4'.

The notes are to be issued as a tap to the USD200m 13.75% notes
due 2018 issued in September 2013 and January 2014, with the same
terms and conditions.  The notes are rated at the same level as
Wuzhou's senior unsecured rating of 'B' as they represent direct,
unconditional, unsecured and unsubordinated obligations of the
company.  The final rating is contingent on the receipt of final
documents conforming to information already received.

KEY RATING DRIVERS

Diversifying Outside Jiangsu Province: Contracted sales from
Jiangsu province fell to 32% of total sales in 2014 from 54% in
2013, following the launch of projects in other provinces such as
Zhejiang, Henan, Yunnan and Hubei.  This was supported by a 28%
year-on-year rise in contracted sales to CNY6.6bn in 2014, topping
Wuzhou's full-year target of CNY6.5bn.  January-May contracted
sales increased 14.6% to CNY1.96bn in 2015 as well.  Fitch expects
the geographical diversification to continue as Wuzhou is
committed to expanding into more major industrial and regional
capital cities in other provinces.

Improved Debt Structure: Wuzhou has improved its capital structure
after two offshore bond issuances totalling USD200m in September
2013 and January 2014; and an offshore USD100m convertible bond
issue in September and October 2014.  The upcoming bond issuance
will help Wuzhou further lengthen its debt maturity profile and
reduce funding cost.

Leverage Rising: Leverage, as measured by net debt to adjusted
inventory, rose to 36% at end-2014 due to a lower cash collection
rate and continued construction capex during 2014.  Fitch expects
its leverage to further increase with its national expansion plan
and initiative to expand in the logistics property market.
Leverage will only exceed the 40% level at which Fitch would
consider negative rating action if cash collection continues to be
weaker than our expectation or Wuzhou acquires land aggressively.

Lower Margin to be Sustained: Wuzhou's gross profit margin (GPM)
peaked at 53% in 2012 and fell to 34.8% in 2014.  2H14 GPM has
dropped further to 26.2% due to more revenue contribution from
lower-margin auxiliary properties.  Wuzhou's EBITDA margin also
slid to 13.6% in 2014 from 24.9% in 2013 due to high selling,
general and administrative (SG&A) expenses related to expansion
into new cities.  Fitch believes it was also caused by more
project deliveries in third-tier cities and we expect the lower
margin to be permanent.

Partners Raise Wuzhou's Profile: Fitch believes that Wuzhou's
agreements to cooperate with Ping An Real Estate and Global
Logistic Properties Limited (GLP; BBB+/Stable) separately in
providing financial services to Wuzhou's SME clients and co-
developing wholesale centres and logistics facilities may enhance
the competitiveness of Wuzhou's projects.  Wuzhou can tap GLP's
expertise in logistics and storage facilities and raise capital
from Ping An for project development.  Since the cooperation
agreements are still at the preliminary stage, the earnings and
capex requirements will be minimal.

KEY ASSUMPTIONS

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

   -- Average selling price of contracted sales to remain flat in
      2015
   -- Contracted sales volume to reach CNY7bn target in 2015
   -- Land purchase cost equal to 10%-11% of contracted sales
   -- Construction cost equal to 50%-55% of contracted sales
   -- Gross margin to decline to 37% in 2015; EBITDA to remain
      above 20% in 2015

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Annual contracted sales being sustained above CNY8bn while
      maintaining current margins and credit metrics, and
   -- Increase in geographical diversification by establishing
      its presence in a greater number of provinces, and
   -- Satisfactory operating conditions for completed projects,
      in particular for those that have been open for more than
      three years

Negative: Factors that may, individually or collectively, lead to
negative rating action include:

   -- A significant reduction in annual contracted sales
   -- Deviation from the current fast churn-out business model
   -- Net debt/adjusted inventory being sustained above 40%
   -- EBITDA margin staying below 20% on a sustained basis
   -- Contracted sales/ total debt staying below 1.0x on a
      sustained basis (2014: 1.2x).


ZOOMLION HEAVY: Fitch Lowers LT IDR to 'BB'; Outlook Negative
-------------------------------------------------------------
Fitch ratings has downgraded Zoomlion Heavy Industry Science and
Technology Co. Ltd's Long-Term Issuer Default Rating to 'BB' from
'BB+'.  The Outlook is negative.  Fitch has also downgraded the
company's senior unsecured rating to 'BB-' from 'BB+'.  Bonds
issued by Zoomlion H.K. SPV Co. Ltd have also been downgraded to
'BB-' from 'BB+'.

The downgrade reflects Zoomlion's weaker than expected business
performance during the industry downturn and its rapidly
deteriorating financial profile.  Fitch maintains the negative
Outlook as there is no visibility of industry recovery and
sustained improvement in Zoomlion's working capital position which
remains uncertain.  However, Fitch believes its financial profile
can recover to levels supporting its current rating when the
industry recovers from its current trough.  Zoomlion's ratings are
supported by its industry leadership position and continuous
efforts on product diversification.

The one-notch difference between the company's Long-Term IDR and
its senior unsecured rating reflects a high level of onshore debt
that has priority claim over its offshore debt.  Of Zoomlion's
total debt of CNY33.2 bil., onshore debt accounts for CNY26.9 bil.

KEY RATING DRIVERS
Revenue still falling: Zoomlion's revenue fell by 33% YoY to
CNY25.9 bil. in 2014, which has continued to drive down its EBITDA
margin to 8.5% from 12.6% in 2013 since its selling, general and
administrative expenses (SG&A) were relatively fixed.  The
company's revenue fell by 46% in total from the peak and its
EBITDA margin was more than halved.  Fitch has yet to see this
trend come to an end in 1Q15 as the company's revenue fell by
another 29.5% YoY.

Surging debt level: The company's total debt has increased to
CNY25.9 bil. in 2015 from CNY12.8 bil. in 2014, mainly driven by
the CNY9.8 bil. increase in net working capital.  A significant
increase in working capital is the predominant reason.  Despite
the falling revenue, the company's accounts receivables and
inventory rose by 15% and 19%, respectively, due to slower
collection processes and reconciliation of some off-balance sheet
exposure.  On the other hand, its accounts payable fell by 25% in
2014.  Capex, acquisition and reduced funds from operations
accounted for the balance of the debt increase.

Deteriorating financial profile: Its funds from operations (FFO)
interest coverage ratio fell from 3.39x in 2013 to 1.26x in 2014.
Meanwhile, its FFO adjusted net leverage rose sharply from 1.76x
in 2013 to 11.49x in 2014.  This distressed situation may persist
in 2015 as end-demand continues to bottom.  In the medium term,
Fitch believes the ratio will improve as FFO normalises to a
higher level.

Macro environment remains weak: The macro environment is not going
to lend much help as China's fixed assets investment intensity is
decreasing.  Although the government is trying to decelerate the
process by providing various policy support, the trend is not
going to revert any time soon.  That means the tough operating
environment for Zoomlion will persist over the coming years.
Given the over-capacity situation, Fitch believes the market will
remain competitive and pricing power will stay weak.

Diversification Benefits Take Time: Zoomlion acquired 67.51% of
Chery Heavy Industry Co., Ltd. (renamed as Zoomlion Heavy
Machinery Company Limited) for CNY2.349 bil. to expand its
footprint into the argri-machinery segment.  Meanwhile, Zoomlion
also made progress on environmental related business through
acquisition.  The strategy will diversify the company's product
offering and provide more business stability, given the low
correlation among these segments.  However, it will take time for
the new segments to become meaningful revenue and profit
contributors.

Maintaining market leadership: Zoomlion remains the market leader
in its core operating segments in terms of both market share and
technological advantage.  The company ranked No. 1/No. 2 in its
core segments including concrete machinery, crane and sanitation
machinery.  It has also demonstrated its dedication to technology
leadership through its R&D and acquisition activities.  Fitch
believes Zoomlion still has a strong business profile that will
sustain it through the industry trough.  As the industry
consolidates and demand starts to stabilise, Zoomlion will exit
this business cycle with a financial profile that is supportive of
its current ratings.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Zoomlion
include:

   -- Revenue to decline by 7.6% in 2015 and grow by 10% each in
      2016 and 2017
   -- Working capital to stay flat in 2015 and decline
      significantly in 2016 and 2017
   -- Capex (including acquisition) to decrease to less than
      CNY1bil. from 2015-2017

RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- further sustained declines in sales;
   -- lack of improvement in receivable days and inventory days;
   -- EBITDA margin below 8% on a sustained basis;
   -- FFO-adjusted net leverage sustained above 3x;
   -- failure to maintain its current market share in key
      business segments.

Positive: If the factors mentioned in the negative sensitivities
do not materialize in the next 12 to 18 months



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I N D I A
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ANTIQUE ART: ICRA Assigns B- Rating to INR9.6cr Packing Credit
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- and short-term
rating of [ICRA]A4 to the INR15.6 crore bank facilities of Antique
Art Exports Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Packing Credit          9.60         [ICRA]B-; assigned
   FDDBP/FDUBD             6.00         [ICRA]A4; assigned

ICRA's ratings are constrained by AAE's modest scale of operations
in a highly competitive industry characterized by the presence of
a large number of unorganized players and stiff competition in the
international market from countries like China, Turkey and Iran.
The ratings also factor in the exposure of the company's
profitability to adverse fluctuations in foreign exchange rates
and volatility in raw material prices. The ratings also factor in
the seasonal nature of the business and high debtor and inventory
days which have led to a stressed liquidity position. ICRA also
takes note of the company's thin profit margins (net margins of
1.03% in 2014-15) and its weak financial profile marked by a
highly leveraged capital structure (Total Debt/Tangible Net Worth
of 4.36 times as on March 31, 2015) and weak coverage indicators
(interest coverage of 1.31 times and NCA/Debt of 2.9% in 2014-15).
The ratings, however, derive support from the extensive experience
of the promoters in the carpet manufacturing industry, the
company's well established clientele and favorable government
policies.

Going forward, the company's ability to ramp up its scale of
operations in a profitable manner and improve its capital
structure by efficiently managing its working capital cycle, will
be the key rating sensitivities.

Incorporated in 1990 by Mr. Ashok Jain and his family, AAE is an
export house involved in the manufacturing and exports of a wide
range of hand-tufted and hand knotted carpets, shaggy rugs and
other floor coverings. AAE has in-house manufacturing facilities
for the production of hand-tufted carpets and durries at Panipat,
Haryana and primarily exports to Europe and US.

Recent Results
AAE reported a net profit of INR0.07 crore on an operating income
of INR19.36 crore in FY14 as against a net profit of INR0.18 crore
on an operating income of INR13.05 crore in the previous year. The
company, on a provisional basis, reported an operating income of
INR32.39 crore for FY15.


ARENA LIFESTYLE: Ind-Ra Affirms 'IND BB' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research has affirmed Arena Lifestyle Pvt Ltd
(ALPL) Long-Term Issuer Rating at 'IND BB'.  The Outlook is
Stable.  The agency has also affirmed ALPL's INR400 mil. fund-
based facility at 'IND BB'/Stable/'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects ALPL's small size of operations, moderate
credit metrics and stable profitability.  Unaudited FY15
financials indicate revenue of INR1,377 mil. (FY14: INR1,329.53
mil.), net leverage (net adjusted debt/operating EBITDA) of 5.71x
(FY14: 6.27x), net interest coverage of 1.26x (1.36x) and EBITDA
margins of 5.39% (5.34%).

The liquidity of the company has improved as reflected by its
average maximum working capital use of 87.3% for the 12 months
ended April 2015.

The ratings are supported by ALPL's founder's two decades of
experience in the jewelry market.  Also, there are no repayment
obligations as the company's debt structure comprises only working
capital facilities.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to deterioration
in the credit metrics would be negative for the ratings.

Positive: Substantial revenue growth while the profitability being
maintained, leading to an improvement in the credit metrics would
be positive for the ratings.

COMPANY PROFILE

Founded in 1996, ALPL specializes in diamond and gold jewelry and
owns three showrooms across Mumbai - one each at Breach Candy,
Ghatkopar and Borivali.  The company belongs to the Savla family,
which is known by its flagship brand Benzer and owns a fashion and
lifestyle retail outlet at Breach Candy.  The company has a
lifetime buyback policy attached with its entire product making,
purchases and investments.


ARYAVRAT TRADING: Ind-Ra Withdraws 'IND B-(Suspended)' Rating
-------------------------------------------------------------
India Ratings and Research has withdrawn Aryavrat Trading Private
Limited's 'IND B-(suspended)' Long-Term Issuer Rating.  The agency
has also withdrawn ATPL's INR160 mil. fund-based facilities' 'IND
B-(suspended)' rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for ATPL.


B&H TEXFAB: CRISIL Ups Rating on INR74MM Bank Loan to B-
--------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
B&H Texfab Private Limited (BHTPL) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit           72        CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Proposed Long Term       74        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan                 4        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by BHTPL for
the past few months. The upgrade also factors in CRISIL's belief
that BHTPL will continue to service its debt in a timely manner
over the near term with its cash accruals expected to be
sufficient to meet its debt obligations. However, BHTPL's
liquidity will remain stretched on account of significant build-up
of inventory; the extent of reduction in inventory and its impact
on the company's profitability will remain key rating sensitivity
factors.

The ratings reflect BHTPL's weak financial risk profile, marked by
small net worth and below-average debt protection metrics, its
large working capital requirements, small scale of operations in
the intensely competitive ready-made garments industry, and
customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of
BHTPL's promoters in the ready-made garments industry.
Outlook: Stable

CRISIL believes BHTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if BHTPL's liquidity and
capital structure improve, most likely driven by substantial cash
accruals and improvement in working capital cycle. Conversely, the
outlook may be revised to 'Negative' if BHTPL's liquidity
deteriorates, most likely because of large working capital
requirements or low cash accruals.

BHTPL, established in 2008, manufactures ready-made garments; it
discontinued trading in and exporting ready-made garments and
knitted fabrics in September 2011. BHTPL has its manufacturing
facilities at Kadian in Ludhiana (Punjab).

BHTPL, on a provisional basis, reported a profit after tax (PAT)
of INR0.9 million on net sales of INR245 million for 2014-15
(refers to financial year, April 1 to March 31), against a PAT of
INR1.4 million on net sales of INR317 million for 2013-14.


BALAJI INTERNATIONAL: ICRA Reaffirms B+ Rating on INR2cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.00 crore long term fund based limits and short term rating of
[ICRA]A4 to the INR8.00 crore of short term fund based limits of
Balaji International.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based Limits            2.00       [ICRA]B+ (reaffirmed)

   Short Term Fund
   Based Limits            8.00       [ICRA]A4 (reaffirmed)

The rating reaffirmation take into account the low value additive
and highly competitive nature of the rice milling industry which
has resulted in weak profitability indicators for the company.
This coupled with high gearing of the company, arising out of
substantial debt funding of large working capital requirements,
have resulted in modest coverage and liquidity indicators for the
company. ICRA also factors in the agro climatic risks, which can
impact the availability of the basic raw material paddy. The
rating however, favorably takes into account the long standing
experience of promoters in the rice industry, their strong
relationships with several customers and suppliers and proximity
of the mill to major rice growing area which results in easy
availability of paddy.

BI was established in the year 1989 as partnership firm. Partners
of the firm are Sh. Amar Nath, Sh. Kailash Chander, Smt. Achla
Rani and Smt. Parveen Kumari. Balaji International together with
its other group concerns i.e. Balaji overseas and Shri Shanker
Rice Mill is engaged in the business of rice milling. Balaji
International is engaged in the business of processing and trading
of rice in domestic market as well as exporting to countries in
Middle East, Saudi Arabia, Dubai, Kuwait and USA. Firm sells its
product under the brand name of "Sargam". Company is having its
manufacturing unit at Kurukshetra Road, Sandholi, Pehowa.

Recent Results
BI reported a net profit (PAT) of INR0.60 crore on an operating
income of INR146.91 crore in FY 2013-14 as compared to net profit
(PAT) of INR0.36 crore on an operating income of INR136.84 crore
in the previous year.


BALAJI OVERSEAS: ICRA Reaffirms 'B' Rating on INR5.88cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR5.88
crore long term fund based limits and short term rating of
[ICRA]A4 to the INR24.00 crore of short term fund based limits and
INR0.12 crore of short term non fund based limits of
Balaji Overseas.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            5.88         [ICRA]B; (reaffirmed)

   Short Term Fund
   Based Limits           24.00         [ICRA]A4; (reaffirmed)

   Short Term Non Fund
   Based Limits            0.12         [ICRA]A4; (reaffirmed)

The rating reaffirmation take into account the low value add
nature of operations and intensely competitive nature of the rice
milling industry which has resulted in weaker profitability
margins. In addition the company has high gearing arising out of
large working capital requirements which have primarily been
funded by working capital borrowings. Low profitability margins
coupled with high gearing has led to weak coverage indictors as
reflected by low interest coverage of 1.12 times during March 2015
(Prov.). Nevertheless the ratings favourably take into account the
long standing experience of promoters with strong relationships
with several customers and suppliers coupled with proximity of the
mill to major rice growing area which results in easy availability
of paddy.

BO was established in the year 1989 as proprietorship firm with
Mr. Kailash Chander as proprietor. The firm together with its
other group concerns i.e. Balaji International and Shri Shanker
Rice Mill is engaged in the business of rice milling. BO is
engaged in the business of processing and trading of rice in
domestic market as well as exporting to countries in Middle East,
Saudi Arabia, Dubai, Kuwait and USA. Firm sells its product under
the brand name of "Sargam". Company is having its manufacturing
unit at Kurukshetra Road, Sandholi, Pehowa.

Recent Results
BO on provisional basis, reported a net profit (PAT) of INR1.08
crore on an operating income of INR196.64 crore in FY 2014-15 as
compared to net profit (PAT) of INR0.80 crore on an operating
income of INR326.69 crore in the previous year.


BANSAL FOODS: CRISIL Cuts Rating on INR90MM Whse Financing to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bansal Foods (BF) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             3        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Warehouse Financing    90        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by BF in
servicing its debt; the delays have been due to BF's weak
liquidity, resulting from its working-capital-intensive
operations. CRISIL believes that BF's liquidity will remain
stretched with no significant improvement expected over the medium
term, owing to the ongoing slump in the rice industry.

The rating also reflects the firm's below-average financial risk
profile, marked by weak debt protection metrics, and its small
scale of operations in the intensely competitive rice industry,
leading to low operating profitability. However, the firm benefits
from its proprietor's extensive experience in the basmati rice
industry.

BF is a proprietorship firm started by Mr. Shiv Charan in the year
2011 and is engaged in the trading of rice. The firm is based out
of Narela, Delhi and procures primarily from the Narela Mandi.


BINA METAL: CRISIL Suspends 'D' Rating on INR144MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bina Metal Way Pvt Ltd (BMWPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          144        CRISIL D
   Cash Credit               6        CRISIL D
   Overdraft Facility       35        CRISIL D
   Term Loan                38.9      CRISIL D

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

BMWPL, incorporated in 1986, manufactures switches and crossings
for railways. The company also processes hot-rolled coils into
tubes for Tata Steel Ltd. BMWPL's day-to-day operations are
managed by Mr. Pradip Mukherjee and Mr. Pronab Mukherjee.


CHOTTA SHIMLA: CRISIL Assigns B+ Rating to INR150MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chotta Shimla Projects Pvt Ltd (CSPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              150       CRISIL B+/Stable
   Bank Guarantee          10       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable

The ratings reflect CSPPL's high exposure to risks related to
completion and commercialisation of its ongoing project. This
rating weakness is partially offset by the project's low demand
risk and the extensive experience of the company's promoters in
the construction industry.
Outlook: Stable

CRISIL believes that CSPPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company completes its project
on time and within the estimated cost, and has a higher-than-
expected occupancy level, leading to substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of a
significant time or cost overrun in CSPPL's project, adversely
impacting its debt servicing ability.

CSPPL was incorporated in 2010 to undertake a multi-level parking
and commercial project near the Chotta Shimla area of Shimla city.
The company, promoted by Mr. Parmod Sood and Mr. Kanwaljeet Singh,
is implementing the project on a design, build, operate, and
transfer basis.


CIBI EXPORTS: CRISIL Reaffirms 'B' Rating on INR129MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Cibi Exports (Cibi)
continue to reflect Cibi's modest scale of operations in the
highly fragmented readymade garment industry, its below average
financial risk profile marked by weak debt protection metrics and
susceptibility of margins to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the readymade garment
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           28.5       CRISIL B/Stable (Reaffirmed)
   Term Loan            129.0       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Cibi will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if the firm reports better-than-
expected cash accruals along with the stabilisation of the
operations at the recently started facility leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if it reports lower-than-expected
cash accruals or large working capital requirements leading to
deterioration in its financial risk profile.

Set up in 1993 and promoted by Mr. Anand and Ms. Jayashree Priya,
Cibi manufactures and exports readymade knitted garments.


CIRCLE INFOTECH: CRISIL Reaffirms B Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Circle Infotech Pvt Ltd
(CIPL) continue to reflect the company's modest scale of
operations in the highly competitive computer peripherals industry
and its working-capital-intensive operations.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       45        CRISIL A4 (Reaffirmed)

The ratings also factor in CIPL's below-average financial risk
profile, marked by its modest net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
computer peripherals industry.
Outlook: Stable

CRISIL believes that CIPL will continue to benefit over the medium
term from its promoters' extensive experience in the computer
peripherals industry. The outlook may be revised to 'Positive' if
the company achieves significant and sustainable improvement in
revenue and margins while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if CIPL
registers a significant decline in its revenue and margins, or if
there is a stretch in its working capital cycle, constraining its
financial risk profile.

Update
In 2014-15 (refers to financial year April to March), CIPL is
estimated to register sales of INR290 million, which is 32 per
cent higher than INR220 million in 2013-14. The higher-than-
expected sales were on account of increase in the volume of
computer sales. The company is expected to sustain its operating
margin at 4 per cent in 2014-15. CRISIL believes that CIPL will
sustain its scale of operations with profitability over the medium
term on the back of the promoters' extensive experience in the
computer peripherals industry.

The financial risk profile continues to remain below average with
expected modest net worth of around INR30 million, high total
outside liabilities to total net worth ratio of 4 times, and low
interest coverage ratio of around 1.6 times in 2014-15. CIPL is
expected to post modest cash accruals of INR10 million in 2015-16
against which there is repayment obligation of around INR2.5
million towards its vehicle loan. The company's operations are
working capital intensive with gross current assets of about six
months as on March 31, 2015. CIPL relies primarily on bank
borrowings to fund its large working capital requirements
resulting in high bank limit utilisation of around 90 per cent in
the 12 months through April 2015. Timely enhancement in bank lines
to support the increase in working capital requirements will
remain a key rating sensitivity factor over the medium term.

CIP has reported profit after tax (PAT) of INR2 million on net
sales of INR219 million for 2013-14 against PAT of INR1 million on
net sales of INR182 million for 2013-14.

CIPL, set up in 2008, is promoted by Mr. Sanjeev Kumar Prasad and
his wife Mrs. Sneha Kumar. The company has outsourced the
manufacturing of computer peripherals such as mouse, key boards,
and printers to manufacturers in China. These products are sold by
CIPL in the domestic market. Mr. Prasad looks after the day-to-day
operations of the company. The head office of the company is in
Mumbai.


CUCKU AGRO: CRISIL Lowers Rating on INR100MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Cucku Agro Inc. (CAI) to 'CRISIL D' from 'CRISIL B/Stable'.

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

The rating downgrade reflects instances of delay by CAI in
servicing its debt; the delays have been due to CAI's weak
liquidity, resulting from its working-capital-intensive
operations. CRISIL believes that CAI's liquidity will remain
stretched with no significant improvement expected over the medium
term, owing to the ongoing slump in the rice industry.

The rating also reflects the firm's below-average financial risk
profile, marked by weak debt protection metrics, and its small
scale of operations in the intensely competitive rice industry,
leading to low operating profitability. However, the firm benefits
from its proprietor's extensive experience in the basmati rice
industry.

CAI is a proprietorship firm engaged in the trading of rice. The
firm is based out of Narela, Delhi and procures primarily from the
Narela Mandi.


D.A.R. PARADISE: CRISIL Suspends 'B+' Rating on INR60MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
D.A.R. Paradise (DARP).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B+/Stable
   Packing Credit          170        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       60        CRISIL B+/Stable

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

DARP was set up in 1929 as a partnership firm, with Mr. D
Raghunathan, a second-generation entrepreneur, and his wife, Mrs.
D R Anandalakshmi, as equal partners; the firm is engaged in gold
jewellery manufacturing and retailing. The firm has a retail
showroom named DAR Paradise in Coimbatore (Tamil Nadu). DARP
exports gold jewellery primarily to the Middle East.


DELHI DIAMONDS: Ind-Ra Withdraws 'IND BB-(Suspended)' Rating
------------------------------------------------------------
India Ratings and Research has withdrawn Delhi Diamonds Private
Limited's (DDPL) 'IND BB-(suspended)' Long-Term Issuer Rating.
The agency has also withdrawn the company's INR500 mil. fund-based
limits' 'IND BB-(suspended)'/'IND A4+(suspended)' ratings.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Delhi Diamonds.


DEV COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR12.00 crore cash
credit facility and INR1.21 crore term loan facility of
Dev Cotton & Oil Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             12.00       [ICRA]B+ reaffirmed
   Term loan                1.21       [ICRA]B+ reaffirmed

The reaffirmation of the rating continues to be constrained by Dev
Cotton & Oil Industries' (DCOI) modest scale of operation
characterized by the declining operating income in FY15, thin
profitability, low debt coverage indicators and high gearing
levels due to reliance on external borrowings. The rating also
factors in the low value additive nature of operations and intense
competition on account of the fragmented industry structure, which
leads to pressure on profit margins. Further, the rating also
takes in to account the vulnerability to adverse movement in
agricultural produce prices as seen from present weak cotton
prices. These are affected by weak global markets, and reduced
imports by China, as well as slow domestic demand from spinning
units. Also, being a partnership firm, any substantial withdrawal
by the partners can have an adverse impact on the capital
structure of the firm.

The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as favorable location of
the plant giving it easy access to high quality raw cotton and
presence in oil expelling providing revenue diversification.

Dev Cotton & Oil Industries (DCOI) was incorporated in February
2011 as partnership firm. It is engaged in the ginning and
pressing of raw cotton and crushing of cottonseeds. The
manufacturing unit is located at Tankara, Dist. Rajkot, Gujarat.
It is equipped with 30 jumbo ginning machines, one pressing
machine (automatic) and eight expellers with an installed capacity
to produce 325 cotton bales, 5MT cottonseed oil and 55MT of
cottonseed oil cake per day (24 hours operation). Three partners
namely, Mr. Harshadbhai Ghodasara, Mr. Hareshbhai Ghodasara and
Mr. Jayvantbhai Bariya manage the firm.

Recent Results
During FY15 (unaudited provisional financials), the firm reported
an operating income of INR38.04 crore and net profit of INR0.13
crore against an operating income of INR58.83 crore and net profit
of INR0.14 crore in FY14.


FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR230MM LOC
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Fibro Plast Corporation
(FPC) continue to reflect FPC's below-average financial risk
profile, marked by a small net worth and a high total outside
liabilities to tangible net worth (TOLTNW) ratio, and its exposure
to supplier concentration risk.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       230       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable(Reaffirmed)

The ratings also factor in the susceptibility of the firm's
margins to volatility in raw material prices and foreign exchange
(forex) rates. These rating weaknesses are partially offset by the
extensive industry experience of FPC's promoters and the healthy
demand for polymers in India.

Outlook: Stable

CRISIL believes that FPC will continue to benefit over the medium
term from its promoters' extensive experience in the polymers
trading business. The outlook may be revised to 'Positive' if the
firm significantly improves its capital structure, resulting in a
comfortable TOLTNW ratio, or if its margins improve significantly,
leading to better debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if FPC's business risk profile
weakens on account of unfavourable changes in its relationships
with its suppliers, or if it incurs significant losses on account
of fluctuations in forex rates, resulting in further weakening of
its financial risk profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31), FPC
has registered revenue of INR1319.2 million. The revenue growth
over the past two years has been low on account of subdued demand
for its products. FPC is expected to continue to benefit on
account of its sole distributorship for some of DuPont Ltd's
products in India and the firm's large customer base, and is
likely to achieve stable growth over the medium term. Its
operating margin had been impacted in 2013-14 due to forex loss,
but recovered during 2014-15 to 4.3 per cent. The firm has started
hedging part of its forex exposure leading to expectations of a
stable operating margin over the medium term.

FPC's working capital requirements remain large, with high gross
current assets of over 180 days as on March 31, 2015; these
requirements are funded primarily through unsecured loans and bank
borrowing, leading to a TOLTNW ratio of over 18 times as on March
31, 2015, despite considering unsecured loans as neither debt nor
equity. With limited accretion to reserves, the net worth is
expected to remain small over the medium term. The firm's
liquidity remains supported by funding from its promoters and the
absence of any term debt.

FPC registered a net profit of INR2.9 million on net sales of
INR1319.2 million for 2014-15, against net loss of INR14.0 million
on net sales of INR1289.2 million for 2013-14.

FPC, a partnership firm, trades in polymers and glass materials
procured from DuPont Ltd, and fibre-reinforced glass from Owen
Cornings Ltd. FPC is managed by Mr. Bhavesh Valia and his family,
who handle its day-to-day operations.


GENUS APPARELS: Ind-Ra Withdraws IND B+(Suspended) Issuer Rating
----------------------------------------------------------------
India Ratings and Research has withdrawn Genus Apparels' 'IND
B+(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Genus Apparels.

Ind-Ra suspended Genus Apparels' rating on Dec. 11, 2014.

Genus Apparels' ratings are:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      Withdrawn;
   -- INR110 mil. long term loans: 'IND B+(suspended)'; rating
      Withdrawn;
   -- INR90 mil. fund-based limits: 'IND B+(suspended)'/'IND
      A4(suspended)'; ratings withdrawn; and
   -- INR22.5 mil. non-fund-based limits: 'IND
      B+(suspended)'/'IND A4(suspended)'; ratings withdrawn


GHANTA FOODS: Ind-Ra Assigns IND BB Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research has assigned Ghanta Foods Private
Limited a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.  The agency has also assigned these ratings to Ghanta's
bank loans:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Long-term loans           5         'IND BB'/Stable
  Fund-based facilities    77         'IND BB'/Stable/'IND A4+'

KEY RATING DRIVERS

The ratings reflect Ghanta's small scale of operation and moderate
credit metrics.  Unaudited FY15 (year end September) financials
indicate revenue of INR700 mil. (FY14: INR608 mil.), net leverage
of 3.7x (3.6x) and interest coverage of 2.6x (2.1x).  EBITDA
margin have been stable in the range of 8%-9% since FY12.  The
ratings also factor in the company's tight liquidity position with
its fund-based facilities being almost fully utilized over the 12
months ended May 2015.

The ratings are supported by Ghanta being part of the INR5.3 bil.
(FY15 estimate of consolidated revenue) Bambino group.  Ghanta's
products are marketed under the brand name Bambino.  The ratings
are also supported by the company's promoters' over three decades
of experience in the Indian foods industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and
profitability, leading to a sustained improvement in the credit
metrics could lead to a positive rating action.

Negative: A decline in the profitability leading to sustained
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Established in 1981 by M Kishan Rao, Ghanta manufactures spices
and ready-to-eat products ranging from spaghetti, macaroni to
instant pasta besides spices, masalas, food mix, ready to eat
sweets, snacks, soup powders, and compounded asafoetida.


GREEN ORANGE: CRISIL Suspends B- Rating on INR137.5MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Green Orange Industries (GOI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      137.5      CRISIL B-/Stable
   Rupee Term Loan          27.5      CRISIL B-/Stable

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

GOI, based in Chennai was established in 2012 by Mr. T Subba Rao
and Mrs. Manjit Kaur. The firm is setting up a thermo-mechanically
treated steel bars and structural steel unit. Its operations are
expected to commence from February 2014.


J M MHATRE: CRISIL Reaffirms 'B' Rating on INR150MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of J M Mhatre
Constructions Pvt Ltd (JM Constructions) continue to reflect its
susceptibility to project implementation risks and to cyclicality
in the real estate segment.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      150       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the company derives from its resourceful promoters and the
attractive location of the project.
Outlook: Stable

CRISIL believes that JM Constructions will continue to benefit
from the funding support it receives from its promoters. The
outlook may be revised to 'Positive' if the company completes its
project without significant cost overrun and registers substantial
customer bookings/realisations, resulting in improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of cash flow mismatches resulting from delay in project
execution or cost escalation, or subdued booking rates leading to
tepid flow of advances, resulting in weakening of its liquidity.

Incorporated in 2010, JM Constructions proposes to undertake a
residential real estate project in Karjat (Maharashtra).


JAJOO ENTERPRISES: CRISIL Suspends 'D' Rating on INR420MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jajoo Enterprises Ltd (JEL; part of the Jajoo group).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             420       CRISIL D
   Letter of Credit         30       CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JEL, Prahladrai Fabrics Ltd (PFL), and
Guru Aashish Texfab Ltd (GATL). This is because these three
companies, together referred to as the Jajoo group, are engaged in
similar lines of business and have common promoters. Besides, JEL
and GATL have extended corporate guarantees to each other.

JEL was set up by Mr. Kamal Jajoo in Mumbai in 2000. JEL is a
closely held public limited company trading in fabrics used for
making shirts and suits. The company is a part of the Jajoo group,
which was established by Mr. Prahladrai Jajoo (grandfather of Mr.
Kamal Jajoo) in Gwalior (Madhya Pradesh), in 1951. The other key
group companies include GATL (incorporated in 2003) and PFL
(incorporated in 1992), which also operate in a similar line of
business.


JIBIKA RICE: CRISIL Suspends B Rating on INR49.3MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jibika Rice Mill Pvt Ltd (JRMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          6.5        CRISIL A4
   Cash Credit            40          CRISIL B/Stable
   Term Loan              49.3        CRISIL B/Stable

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

JRMPL, incorporated in 2009, is engaged in milling and processing
of paddy into rice, rice bran, broken rice, and husk. The
company's manufacturing facility is in Bardhhaman (West Bengal).
JRMPL's day-to-day operations are managed by Mr. Kamal Hossain.


KAMAKSHI STEELS: Ind-Ra Withdraws 'IND BB-(Suspended)' Rating
-------------------------------------------------------------
India Ratings and Research has withdrawn Kamakshi Steels Private
Limited's Long-Term Issuer Rating of 'IND BB-(suspended)'.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Kamakshi.

Ind-Ra suspended Kamakshi's ratings on July 22, 2013.

Kamakshi's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn;
   -- INR0.4 mil. term loans: 'IND BB-(suspended)'; rating
      withdrawn;
   -- INR65 mil. fund-based limits: 'IND BB-(suspended)'/
      'IND A4+(suspended)'; rating withdrawn;
   -- INR15 mil. non-fund-based working capital limits: 'IND
      A4+(suspended)'; rating withdrawn


KERNEX MICROSYSTEMS: CRISIL Assigns B- Rating to INR150MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Kernex Microsystems India Ltd (KMIL).

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       35        CRISIL B-/Stable
   Letter of Credit         40        CRISIL A4
   Bank Guarantee          165        CRISIL A4
   Cash Credit             150        CRISIL B-/Stable

The ratings reflect KMIL's moderate scale of operations, weak debt
protection metrics, and its stretched liquidity driven by its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the railway safety equipment segment.
Outlook: Stable

CRISIL believes that KMIL will continue to benefit over the medium
term from its promoters' experience in the railway safety
equipment segment. The outlook may be revised to 'Positive' if the
company reports large cash accruals, driven by a substantial
increase in its scale of operations and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of a decline in KMIL's
profitability, or further stretch in its working capital cycle,
leading to pressure on its liquidity.

Established in 1991, KMIL manufactures, installs and maintains
anti-collision devices (ACD) besides conceptualising, designing,
and developing certain railway safety and signal systems. The
company also manufactures track collision awarding system (a
higher version of ACD) and automatic level crossing gates. The
company, based at Hyderabad, is promoted by Mr. SV Subba Raju. It
is currently listed at both Bombay Stock Exchange and National
Stock Exchange.

For 2014-15 (refers to financial year, April 1 to March 31),
KMIL's reported a loss of INR126.41 million on a total income of
INR195.14 million against a loss of INR21.07 million on a total
income of INR298.29 million for 2013-14.


KESAR STEEL: CRISIL Assigns B+ Rating to INR21MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kesar Steel Corporation (KSC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       21        CRISIL B+/Stable
   Bank Loan Facility
   Cash Credit               8        CRISIL B+/Stable
   Letter of Credit          1        CRISIL A4

The ratings reflect KSC's modest, albeit improving, scale of
operations in the fragmented structural steel products trading
business, the firm's low profitability, and below-average
financial risk profile marked by small net worth and weak capital
structure. These rating weaknesses are partially offset by the
extensive experience of KSC's proprietor in the steel industry and
its efficient working capital management.
Outlook: Stable

CRISIL believes that KSC will continue to benefit over the medium
term from its promoter's extensive industry experience and its
association with JSW Steel Ltd. The outlook may be revised to
'Positive' in case of significant improvement in the firm's
revenue and profitability margin leading to substantial cash
accruals, or considerable increase in its net worth due to large
capital infusion by its promoter. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile,
particularly liquidity, deteriorates due to low cash accruals,
large working capital requirements, or debt-funded capital
expenditure.

KSC was set up in 1992 as a proprietorship firm by Mr. Subhash
Chandra Jain. The firm trades in structural steel products such as
thermo-mechanically treated (TMT) bars in Madhya Pradesh. It
derives more than 80 per cent of its revenue from authorised
distributorship of JSW Steel Ltd's products.


LANCO INFRATECH: CRISIL Reaffirms 'D' Rating on INR52.4MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Lanco Infratech Ltd (LITL; part of the Lanco group) to 'CRISIL
D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            16.00       CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee         52.40       CRISIL D (Reaffirmed)
   Term Loan              21.84       CRISIL D (Reaffirmed)

CRISIL believes that LITL's liquidity will remain under pressure
over the medium term, as, in addition to these large lumpy
repayments, it needs around INR5 billion to INR7 billion over the
near term for meeting the equity investments in its three power
projects: Vidarbha (Maharashtra), Babandh (Odisha), and Amarkantak
(Madhya Pradesh). Additional investments in these special-purpose
vehicles (SPVs) are critical for generating cash flows in LITL's
engineering, procurement, and construction (EPC) business. CRISIL
understands that, to ease the liquidity pressure, the company is
in talks with its bankers for refinancing the maturing debt and is
also trying to raise funds through stake sales in its road, wind
power, and hydroelectric (hydel) power projects. Success in these
endeavours and their impact on the company's liquidity will remain
key rating sensitivity factors.

Apart from pressures on its liquidity, LITL's financial risk
profile will remain under stress over the medium term, as the
company continues to have large exposure to under-implementation
projects in its SPVs, and because of underperformance of Griffin
Coal Mining Pty Ltd and Carpenter Mine Management Pty Ltd
(together referred to as Griffin Coal herein). CRISIL believes
that in the absence of equity infusion or stake sale in its road,
wind, and hydel power projects, LITL's financial risk profile will
weaken further.

These pressures are partially offset by LITL's relatively small
but increasing proportion of external orders in its order book.
CRISIL believes that this is extremely critical as it will help to
infuse fresh funds into the business without exerting pressure on
the group for equity investments as in the case of its SPVs.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LITL and Griffin Coal. This is because
these two entities have strong business linkages with each other.
CRISIL has not combined the business and financial risk profiles
of LITL and the power-project SPVs, as the SPVs are financed on
project-finance basis, and LITL has a policy of supporting the
SPVs' projects'in case of cost overrun or financial distress-only
on case-specific basis. However, CRISIL has factored in LITL's
equity contribution to, and part-funding of cost overruns of, the
SPVs.

LITL was incorporated in 1993 as Lanco Constructions Ltd in
Secunderabad (Andhra Pradesh); its name was changed to the current
one in 2000. The company provides EPC services, largely to its own
subsidiaries and affiliate entities. The Lanco group includes
subsidiaries and affiliates operating across the infrastructure
sector, including construction, power, EPC, infrastructure, and
property development. LITL is the Lanco group's flagship company.

For 2014-15, LITL reported a net loss of INR21.6 billion on a
total income of INR93 billion; the group reported a net loss of
INR23.8 billion on a total income of INR104 billion for 2013-14.


M.M. JEWELLERS: Ind-Ra Withdraws 'IND B+' (Suspended) Rating
------------------------------------------------------------
India Ratings and Research has withdrawn M.M. Jewellers'
'IND B+' (suspended) Long-Term Issuer Rating.  The agency has also
withdrawn MMJ's INR300 mil. fund-based limits' 'IND B+(suspended)'
and 'IND A4(suspended)' ratings.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for MMJ.


MANGALAM PALACE: CRISIL Suspends B Rating on INR98MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mangalam Palace (MP).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                98        CRISIL B/Stable

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

MP, a partnership firm established in 2010 in Surat (Gujarat),
undertakes real estate development (residential units). The firm
is promoted by the Mandviwala family, which has completed a
residential project (Mangalam Heights) under Mandviwala
Developers, an associate concern of MP in Vesu (Gujarat). MP is at
present executing one group housing project (Mangalam Palace) at
Vesu (an upcoming locality in Surat), with a total project cost of
INR279 million, funded through a mix of debt and equity.


MLR INDUSTRIES: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'
-----------------------------------------------------------------
India Ratings and Research has upgraded MLR Industries Pvt Ltd's
(MLR) Long-Term Issuer Rating to 'IND BB' from 'IND BB-'.  The
Outlook is Stable.  Rating actions on MLR's bank loans are:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loans        428.9       Upgraded to
                 (reduced from 490)   'IND BB'/ Stable
                                      from 'IND BB-'

   Fund-based
   Facilities             163.5       Upgraded to
             (increased from 110)     'IND BB'/Stable
                                      from 'IND BB-' and
                                      affirmed at 'IND A4+'

   Non-fund based          20.0       Assigned 'IND A4+'
   Facilities

KEY RATING DRIVERS

The upgrade reflects Ind-Ra's expectation of a sustainable
improvement in MLR's credit profile by FYE17 on steady revenue
growth and scheduled repayment of debt.  Unaudited FY15 financials
indicate net leverage increasing to 5.8x (FY14: 4.3x) and interest
coverage decreasing to 1.5x (2.1x) due to EBITDA margin falling to
10.7% (13.7%) on unfavorable price movements in wheat.  The
interest cover is likely to normalize by FYE17 to around 2.0x.

The ratings remain constrained by MLR's tight liquidity position
with its almost full use of the fund-based facilities over the 12
months ended May 2015.

The ratings continue to be supported by over three decades of
experience of MLR's promoters in the pasta industry.  The ratings
are also supported by the company's marketing arrangement under
which all its products are either directly or indirectly sold
under the Bambino brand name.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and
profitability, leading to a sustained improvement in the credit
metrics could lead to a positive rating action.

Negative: A decline in the profitability leading to sustained
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Established in 2000 by M Kishan Rao, MLR has a 3,000kg/hour pasta
plant in Bibinagar near Hyderabad, Andhra Pradesh.  Revenue was
INR1.0bn based on unaudited FY15 financials (FY14: INR1.1 bil.).


MOHAN GEMS: Ind-Ra Withdraws 'IND BB-(Suspended)' Issuer Rating
---------------------------------------------------------------
India Ratings and Research has withdrawn Mohan Gems & Jewels
Private Limited's 'IND BB-(suspended)' Long-Term Issuer Rating.
The agency has also withdrawn MGJPL's INR650 mil. fund-based
limits' 'IND BB-(suspended)' and 'IND A4+(suspended)' ratings.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for MGJPL.


NADAHALLI AGRO: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research has migrated Nadahalli Agro
International Private Limited's (NAIPL) 'IND B-' Long-Term Issuer
Rating with a Stable Outlook to the suspended category.  The
rating will now appear as 'IND B-(suspended)' on the agency's
website.  The agency has also migrated NAIPL's INR200 mil. fund-
based working capital limits to 'IND B-(suspended)'/'IND
A4(suspended)'from 'IND B-'/'IND A4'.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for NAIPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


PANYAM CEMENT: Ind-Ra Withdraws 'IND B-(Suspended)' Issuer Rating
-----------------------------------------------------------------
India Ratings and Research has withdrawn Panyam Cement & Mineral
Industries Limited's Long-Term Issuer Rating of
'IND B-(suspended)'.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Panyam Cement.

Ind-Ra suspended Panyam Cement's ratings on July 23, 2012.

Panyam Cement's ratings:

   -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
      withdrawn;
   -- INR472 mil. long-term loans: 'IND B-(suspended)'; rating
      withdrawn; and
   -- INR100 mil. fund-based limits: 'IND B-(suspended)'; rating
      Withdrawn


PERFECT ENGINEERING: ICRA Lowers Rating on INR10cr Term Loan to D
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR17.50
crore fund based & non fund based facilities of Perfect
Engineering Associates Pvt. Ltd. to [ICRA]D from [ICRA]B-. ICRA
has also revised the short term rating assigned to the INR1.50
crore letter of credit facility of PEAPL to [ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             1.50        Revised to [ICRA]D
                                       from [ICRA]B-
   Term Loans             10.00        Revised to [ICRA]D
                                       from [ICRA]B-
   Bank Guarantee          6.00        Revised to [ICRA]D
                                       from [ICRA]B-
   Letter of Credit        1.50        Revised to [ICRA]D
                                       from [ICRA]A4

The rating revision reflects delays in debt servicing by the
company on its borrowings due to tight liquidity conditions
arising out of stretched receivables.

Incorporated in 1972, Perfect Engineering Associates Pvt. Ltd.
(PEAPL) is based out of Mumbai, Maharashtra and is involved in
repair and construction of water pipe lines and construction of
water reservoirs for various municipal corporations. The company
specializes in work involving cement mortar lining of various
diameter pipes, new pipe laying and construction of water storage
tank for urban water distribution.

Recent Results
For the financial year ended March 31, 2014, the company reported
an operating income of INR19.03 crore and profit after tax of
INR0.67 crore as against an operating income of INR18.66 crore and
profit after tax of INR0.57 crore for the financial year 2012-13.
Further, as per provisional financials for FY 2015, the company
reported an operating income of INR36.67 crore and profit after
tax of INR0.51 crore.


PRINCE HOUSING: CRISIL Cuts Rating on INR65MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Prince Housing and Hospitality Pvt Ltd (PHHPL) to 'CRISIL D' from
'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              65        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects delays by PHHPL in meeting its debt
obligations; the delays were because of deterioration in the
company's liquidity driven by slowdown in demand.

PHHPL is also exposed to risks related to cyclical demand inherent
in the Indian real estate sector and geographical concentration in
its revenue profile. However, the company benefits from its
promoters' extensive experience in the real estate sector in
Mumbai and the advanced stage of implementation of its project.

PHHPL was established by Mr. Dharmesh Pandit and his wife, Mrs.
Anjali Pandit, in 2008. The company develops and sells real estate
projects. Currently, it is undertaking a real estate residential
project, Ramcharan, comprising of 32 flats in Goregaon, Mumbai.
The company is also a partner of the firm, Prince Productions LLP,
engaged in the movie production business.


PRITHIYANGARA IMPORTS: CRISIL Suspends D Rating on INR200MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prithiyangara Imports (Namakkal) Private Limited (PINPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL D
   Letter of Credit        200        CRISIL D
   Proposed Long Term
   Bank Loan Facility       30        CRISIL D

The suspension of ratings is on account of non-cooperation by
PINPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PINPL is yet to
provide adequate information to enable CRISIL to assess PINPL'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 1987, PINPL trades in palm crude, refined palm oil, and
other edible oils. The company is promoted by Mr. V Dhandayutha
Pani and his family.

R.K. INFRA: Ind-Ra Withdraws 'IND BB(Suspended)' Rating
-------------------------------------------------------
India Ratings and Research has withdrawn R. K. Infra Corp Private
Limited's Long-Term Issuer Rating of 'IND BB(suspended)'.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for R K Infra.

Ind-Ra suspended R K Infra's ratings on April 17, 2012.
R K Infra's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn;
   -- INR205 mil. fund-based working capital limits: 'IND
      BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn;
   -- INR655 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


RAGHUNANDAN JEWELLERS: Ind-Ra Assigns 'IND B' Issuer Rating
-----------------------------------------------------------
India Ratings and Research has assigned Raghunandan Jewellers
(Delhi) Private Limited (RJDPL) a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.  The agency has also assigned
RJDPL's INR90 mil. fund-based working capital limit 'IND B'/Stable
and Short-Term 'IND A4' ratings.

KEY RATING DRIVERS

The ratings factor in RJDPL's small scale of operations and weak
credit metrics.  In FY14, revenue was INR79.59 mil, interest
coverage (operating EBITDA/gross interest expense) was 0.92x and
net leverage (adjusted net debt/operating EBITDAR) was 10.33x in
FY14.  The company has a short operational track record and
presence in a highly fragmented and intense competitive industry.
According to indicative figures, RJDPL booked overall revenue of
around INR193.4 mil.m in FY15.

Moreover, the liquidity position of the company is tight, as shown
by its almost full working capital utilization during the four
months ended April 2015.

The ratings are supported by a decade-long experience of RJDPL's
directors in the jewellery business.  Also, EBITDA margin was
comfortable in FY14 at 9.26%.

RATING SENSITIVITIES

Negative: A decline in the operating margins leading to the
interest coverage being sustained at current level or below 1x
will be negative for the ratings.

Positive: Improvements in the interest coverage above 1.50x while
maintaining the profitability position shall be positive for the
ratings.

COMPANY PROFILE

RJDPL was established in 2013 and started commercial operations
from June 2013.  The unit operates a jewellery showroom in
Pitampura, New Delhi.


RELIANCE INDUSTRIAL: ICRA Reaffirms B- Rating on INR8.5cr e-DFS
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B-assigned to
the INR8.5 crore e-DFS facility and INR2 crore cash credit
facility of Reliance Industrial Consortium Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based- e-DFS       8.5         [ICRA]B- reaffirmed
   Fund Based- Cash
   Credit                  2.0         [ICRA]B- reaffirmed

The reaffirmation of the rating takes into account RICL's weak
financial profile as reflected by low net profitability,
unfavourable capital structure and weak debt coverage indicators,
and the significant decline in the company's turnover during FY14
and FY15 owing to the overall decline in sales of TML's PVs in the
domestic automobile industry. The rating takes note of RICL's weak
bargaining position with the principal, high geographical
concentration risk, with its presence being limited to the state
of West Bengal, and high working capital requirements, inherent in
an auto dealership business, adversely impacting its liquidity
position. ICRA also notes that the company remains exposed to the
inherent cyclicality of the Indian passenger car industry. The
rating continues to take into consideration the experience of the
promoters in the automobile dealership business and the
established position of the company as an authorized dealer of TML
in West Bengal. In ICRA's opinion, the ability of the entity to
improve its turnover and capital structure while managing its
working capital requirements efficiently would remain key rating
sensitivities going forward.

Established in 1985 by the Kolkata based Himatsingka family, RICL
is an authorized dealer of Tata Motors Limited (TML). The company
deals in new cars, accessories, spares, and also provides service
for TML's passenger cars. Currently, the company operates through
two showrooms, two extension counters and three service workshops,
all in West Bengal.

Recent Results
During 2013-14, RICL recorded a profit after tax (PAT) of INR0.28
crore on the back of an operating income (OI) of INR33.04 crore as
against a PAT of INR0.47 crore on the back of an OI of INR60.69
crore during 2012-13. During 2014-15, the company posted an OI of
INR23.16 crore (provisional).

S. A. INFRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of S. A. Infra (SAI)
continue to reflect SAI's modest scale of, and working-capital-
intensive, operations, and customer and geographical concentration
in its revenue profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's below-average financial risk
profile, marked by leveraged capital structure and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SAI's proprietor in the civil
construction segment and its healthy order book.

Outlook: Stable

CRISIL believes that SAI will continue to benefit over the medium
term from its proprietor's extensive experience in the civil
construction industry and its healthy relationship with its
principal. The outlook may be revised to 'Positive' if the firm
reports sustainable increase in scale of operations with stable
operating margin and working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case SAI reports
substantially low accruals, or if it receives reduced financial
support from the principal, or undertakes any large debt-funded
capital expenditure programme, thereby further constraining its
financial risk profile.

SAI (formerly, Sandeep Associates) was set up as a proprietorship
concern in 1980 by Mr. P D Patel; it is currently managed by his
son, Mr. Sandeep Patel. The firm, located in Pune (Maharashtra),
primarily constructs roads (both concrete and asphalt), flyovers,
and bridges for Pune Municipal Corporation and undertakes
subcontracting work for Patel Engineering Ltd.


SESHSAYI FOODS: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'
-----------------------------------------------------------------
India Ratings and Research has upgraded Seshsayi Foods Pvt Ltd's
Long-Term Issuer Rating to 'IND BB' from 'IND BB-'.  The Outlook
is Stable.  Rating actions on Seshsayi's bank loans are:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loans        281.4       Upgraded to 'IND
                (reduced from 330)    BB'/Stable from 'IND BB-'

   Fund-based             300.0       Upgraded to 'IND
   facilities  (increased from 200)   BB'/Stable from
                                      'IND BB-' and
                                      affirmed at 'IND A4+'

   Non-fund based           7.8       Affirmed at 'IND A4+'
   Facilities    (reduced from 8.0)

   Proposed               122.0       'Provisional IND BB-'
   fund-based                          and 'Provisional
   working capital                     IND A4+', ratings
   limits                              withdrawn as the
                                       company did not
                                       proceed with the
                                       instrument as
                                       envisaged.

KEY RATING DRIVERS

The upgrade reflects Seshsayi's substantial improvement in credit
metrics on strong revenue growth.  Unaudited FY15 financials
indicate net leverage of 7.9x (FY14: 16.5x) and EBITDA interest
coverage of 1.5x (0.9x).  Revenue grew 37.3% yoy to INR847 mil.
with EBITDA margins in the range of 10%-12%.

The ratings remain constrained by Seshsayi's tight liquidity
position with the fund-based facilities being almost fully
utilized over the 12 months ended May 2015.

The ratings continue to factor in the strong recall of the brand
'Bambino' under which Seshsayi sells all its products

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and
profitability, leading to a sustained improvement in the credit
metrics could lead to a positive rating action.

Negative: A decline in the profitability leading to sustained
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Seshsayi was established in 1981 by M Kishan Rao and his family
members.  The company is part of Bambino group and has a 45 tonnes
per day (tpd) vermicelli manufacturing unit at Bhandara,
Maharashtra and a 300 tpd wheat flour mill at Indore, Madhya
Pradesh.  Seshsayi sells its products under the brand name Bambino
in the branded vermicelli market.


SHIMLA TOLLS: CRISIL Assigns B+ Rating to INR320MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shimla Tolls and Projects Pvt Ltd (STPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             320        CRISIL B+/Stable
   Bank Guarantee         15        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable

The ratings reflect STPPL's high exposure to risks related to
completion and commercialisation of its ongoing project. This
rating weakness is partially offset by the project's low demand
risk and the extensive experience of the company's promoters in
the construction industry.

Outlook: Stable

CRISIL believes that STPPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company completes its project
on time and within the estimated cost, and has a higher-than-
expected occupancy level, leading to substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of a
significant time or cost overrun in STPPL's project, adversely
impacting its debt servicing ability.

STPPL was incorporated in 2010 to undertake a multi-level parking
and commercial project near the Lift area of Shimla. The company,
promoted by Mr. Parmod Sood, Mr. Kanwaljeet Singh, and ANS
Constructions Ltd, is implementing the project on a design, build,
operate, and transfer basis.


SHRENIK MARBLE: Ind-Ra Affirms 'IND B+' Rating; Outlook Stable
--------------------------------------------------------------
India Ratings and Research has affirmed Shrenik Marble Private
Limited's (SMPL) Long-Term Issuer Rating at 'IND B+'.  The Outlook
is Stable.  Ind-Ra has also affirmed SMPL's bank facilities as:

                         Amount
   Facilities           (INR Mln)           Ratings
   ----------           ---------           -------
   Long-term loans         8.85             Affirmed at
                  (reduced from  16.83)     'IND B+'/Stable

   Fund-based limit       46                Affirmed at 'IND B+
                                            /Stable/'IND A4'

   Non-fund-based         50                Affirmed at 'IND A4'
   limit

KEY RATING DRIVERS

The affirmation reflects SMPL's small scale of operations and weak
profitability as well as credit metrics based on the provisional
FY15 financials.  The company is present in the highly cyclical
and competitive real estate sector and exposed to volatile raw
material prices.  In FY15, revenue declined by 7.24% to
INR264.51 mil., EBITDA margins stood at 7.81% (FY14: 7.60%),
interest coverage (operating EBITDA/gross interest expense) was
unchanged at 1.82x (FY14: 1.82x) while financial leverage
(adjusted net debt/operating EBITDAR) increased to 5.70x (4.81x).

Moreover, liquidity is also tight as indicated by the company's
almost full use of the working capital on average in the 12 months
ended May 2014.  Also, its working capital cycle increased to 154
days in FY15 from 128 days in FY14.

The ratings are however supported by over 20 years of operating
experience of the company and its founders in the real estate
sector.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the operating performance or sustained liquidity tightening.

Positive: A positive rating action could result from a sustained
improvement in the net interest coverage.

COMPANY PROFILE

SMPL was started by Mool Chand Luhadia and Atul Luhadia in 1991.
It is primarily engaged in the mining and processing of marble
with processing capacity of 2.5-3.0 million sq. ft. for imported
marble blocks and around 10-12 million sq. ft. for indigenous
varieties.  The company processes about 1.5 million sq. ft. of
imported marble blocks. The marble slab processing unit is
situated at Kishangarh, Rajasthan and has three gang saws.

The company has a total debt of INR119.24m at FYE15, of which the
long-term debt was INR17.55 mil. and short-term debt was
INR78.44 mil.


SHRI ADIESHWAR: CRISIL Lowers Rating on INR100MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shri Adieshwar Traders (SAT) to 'CRISIL D' from 'CRISIL B/Stable'.

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

The rating downgrade reflects instances of delay by SAT in
servicing its debt; the delays have been due to SAT's weak
liquidity, resulting from its working-capital-intensive
operations. CRISIL believes that SAT's liquidity will remain
stretched with no significant improvement expected over the medium
term, owing to the ongoing slump in the rice industry.

The rating also reflects the firm's below-average financial risk
profile, marked by weak debt protection metrics, and its small
scale of operations in the intensely competitive rice industry,
leading to low operating profitability. However, the firm benefits
from its proprietor's extensive experience in the basmati rice
industry.

SAT is a proprietorship firm incorporated by Mr. Dinesh Jain and
is engaged in the trading of rice. The firm is based out of
Narela, Delhi and procures primarily from the Narela Mandi.


SHRI GIRIRAJ: CRISIL Lowers Rating on INR100MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shri Giriraj Traders (SGT) to 'CRISIL D' from 'CRISIL B/Stable'.

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

The rating downgrade reflects instances of delay by SGT in
servicing its debt; the delays have been due to SGT's weak
liquidity, resulting from its working-capital-intensive
operations. CRISIL believes that SGT's liquidity will remain
stretched with no significant improvement expected over the medium
term, owing to the ongoing slump in the rice industry.

The rating also reflects the firm's below-average financial risk
profile, marked by weak debt protection metrics, and its small
scale of operations in the intensely competitive rice industry,
leading to low operating profitability. However, the firm benefits
from its proprietor's extensive experience in the basmati rice
industry.

SGT is a proprietorship firm incorporated by Mr. Rajpal Sharma and
is engaged in the trading of rice. The firm is based out of
Narela, Delhi and procures primarily from the Narela Mandi.


SHUKAN GOLD: CRISIL Suspends 'D' Rating on INR200MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shukan Gold Corporation (Shukan Gold; part of the Shukan group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                200       CRISIL D

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

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Gold, Shukan Heights Corporation
(Shukan Heights), Shukan Sky Corporation (Shukan Sky), Shukan
Glory Developers (Shukan Glory), Shukan Orchid Infrastructure
(Shukan Orchid), and Shukan Palace Infrastructure (Shukan Palace).
This is because the above-mentioned entities have a common
management team, promoter group (mainly from the Patel family of
Ahmedabad [Gujarat]), and brand, along with cash flow fungibility.
The entities are together referred to as the Shukan group.

Shukan Gold was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.


SINGAN PROJECTS: Ind-Ra Withdraws 'IND D' Issuer Rating
-------------------------------------------------------
India Ratings and Research has withdrawn Singan Projects Ltd's
Long-Term Issuer Rating of 'IND D(suspended)'.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage of Singan.

Ind-Ra suspended Singan ratings on Sept. 13, 2013.
Singan's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR200 mil. fund-based cash credit limit: Long-term
      'IND D(suspended)'; rating withdrawn;
   -- INR50 mil. stand-by line of credit: Short-term
      'IND D(suspended)'; rating withdrawn;
   -- INR450 mil. bank guarantee: Long-term/Short-term
      'IND D(suspended)'; rating withdrawn; and
   -- INR90 mil. letter of credit (sublimit under bank
      guarantee)

   -- Long-term/Short-term 'IND D(suspended)'; rating withdrawn


TIKU RAM: CRISIL Reaffirms B+ Rating on INR270MM Packing Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tiku Ram Gum and
Chemicals Pvt Ltd (TRGCL) continue to reflect its exposure to
risks relating to volatility in guar gum prices, and weak
liquidity, marked by high bank limit utilisation and gearing.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience and
its established relationships with large global customers.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             30      CRISIL B+/Stable (Reaffirmed)
   Export Packing         270      CRISIL B+/Stable (Reaffirmed)
   Credit
   Foreign Bill           200      CRISIL B+/Stable (Reaffirmed)
   Purchase
   Standby Line of Credit  30      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TRGCL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if TRGCL ramps up its scale
of operations and profitability substantially, while effectively
managing its working capital requirements, and strengthening its
capital structure. Conversely, the outlook may be revised to
'Negative' if sizeable working capital requirements, low cash
accruals (most likely on account of further decline in
profitability), or any large debt-funded capital expenditure
constrains its liquidity.

Set up by Mr. Pawan Agarwal in 2006, TRGCL is currently managed by
its founder and his son, Mr. Vipin Agarwal. The company
manufactures guar gum splits.


V3S INFRATECH: ICRA Lowers Rating on INR30cr Loan to 'D'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to INR30.00 crore
fund based limits and INR2.50 crore term loans of V3S Infratech
Limited from [ICRA]BB- to [ICRA]D. ICRA has also revised the short
term rating assigned to INR40.00 crore non-fund based limits of
V3S from [ICRA]A4 to [ICRA]D.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based limits-
   Working Capital          30.00        Revised from [ICRA]BB-
                                         (Stable) to [ICRA]D

   Fund based limits-
   Term Loans                2.50        Revised from [ICRA]BB-
                                         (Stable) to [ICRA]D

   Non-fund based limits-
   Bank Guarantees           40.00       Revised from [ICRA]A4
                                         to [ICRA]D

The ratings revision reflects the delays in debt servicing by the
company. The liquidity position of the company remained stressed
due to high level of receivables and delays in project execution
and monetization.

V3S Infratech Limited (V3S, earlier known as Gahoi Buildwell
Limited) was promoted in the year 2003 by Mr. Yogendra Chandra
Kurele. In FY 2007 and FY 2008, several promoter group companies
were amalgamated with V3S and in 2009-10, the name of the company
was changed from Gahoi Buildwell Limited to V3S Infratech Limited.
The company has been engaged in the development of multiplexes-
cum-malls and commercial space in Delhi. The completed real estate
projects of the company include V3S mall, V3S East Centre and
North Delhi Mall. However, since February 2008 the company has
shifted its focus from real estate development to civil
construction mainly in residential, industrial and commercial
segments particularly for government agencies.



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


FINANCIAL INVESTMENTS: Creditors Ired Over Owner's Bankruptcy
-------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that creditors
pursuing Glenn Walker are fuming the Geneva Finance founder got in
first and bankrupted himself.

The Herald relates that the creditors, a retired couple who did
not want to be named, got a High Court judgment in February saying
they were together owed about NZ$168,000 from Mr. Walker and his
now-liquidated company Financial Investments Group. The money was
lent to Financial Investments Group but because Mr. Walker
guaranteed the advances he was also personally liable for them,
the report says.

According to the Herald, the couple said they are owed much more
than what was in the judgment. They were relying on the funds to
help with their retirement.

The report says the couple served bankruptcy notices on
Mr. Walker last month, only for him to file for his own insolvency
days later in what they believe was a move to avoid publicity.

The Herald has spoken to others who are also out-of-pocket and
were chasing Mr. Walker for funds. The investors had a long-
standing relationship with Mr. Walker, dating prior to his
establishment of Geneva Finance. Separately, that company last
year won a NZ$150,000 judgment against Mr. Walker, who borrowed
money from it in 2006, the Herald relays.

Geneva Finance, now trading as GFNZ Group, entered into a
moratorium in November 2007 owing investors more than
NZ$130 million and in 2013 made final distributions under its
repayment plan about 20 months ahead of schedule, according to the
Herald.

Mr. Walker failed in his bid to be re-elected to Geneva Finance's
board in late 2008, the report adds.



=====================
P H I L I P P I N E S
=====================


* PHILIPPINES: PDIC to Auction Closed Banks' Assets on June 30
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), through its
Real & Other Properties Acquired (ROPA) Disposal Committee, is set
to sell on an "as-is, where-is" basis various assets of closed
banks and of PDIC by way of sealed bidding on June 30, 2015 from
9:00 a.m. to 2:00 p.m. at the 9th floor PDIC Training Room, SSS
Building, 6782 Ayala Avenue, cor. V.A. Rufino St., in Makati City.
Sealed bids will be accepted from direct buyers only and will be
opened at 2:00 p.m.

To be auctioned are 126 real properties located in Aklan, Albay,
Baguio City, Batangas, Bulacan, Camarines Norte, Camarines Sur,
Cavite, Laguna, La Union, Marinduque, Masbate, Misamis Occidental,
Negros Occidental, Negros Oriental, Nueva Ecija, Palawan,
Pangasinan, Zamboanga Peninsula and Metro Manila.

Bidders are advised to bring proper identification (ID) with photo
and to come at least one hour earlier than the 2:00 pm deadline
for submission of bids to allow enough time for registration. Bid
documents such as Bid Forms, Conditions of Bid, and standard
format of the Special Power of Attorney and Secretary's
Certificate may be downloaded free of charge from the PDIC
website, www.pdic.gov.ph.

PDIC reserves the right to limit attendees and witnesses to the
bidding venue.

Prospective buyers are also advised to physically inspect the
properties they are interested in, examine and verify the titles
and other documents, and determine any unpaid taxes, fees and/or
expenses before submitting their bids.

Each bid should be accompanied by a bond/deposit equivalent to at
least 10% of the submitted bid, in the form of cash or Manager's
or Cashier's Check or a combination and issued by a universal or
reputable commercial bank payable to PDIC. The winning bidder
should pay the balance of the bid price no later than July 9,
2015. Award for winning bids will be automatically cancelled if
checks are not cleared.

Regular conduct of biddings and auctions is undertaken to
expeditiously dispose of non-financial assets, one of the
strategic directions outlined in the PDIC's Roadmap. As Liquidator
of closed banks, the PDIC disposes assets of closed banks.
Proceeds from sale are maintained in funds-held-in-trust for
closed banks, which are used to settle claims of uninsured
depositors and creditors. Meanwhile, proceeds from disposal of
corporate properties are added to the Deposit Insurance Fund
(DIF), which is the funding source for deposit insurance claims
payment.



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


IREIT GLOBAL: S&P Assigns 'BB' LT CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to IREIT Global.  The
outlook is stable.  At the same time, S&P assigned its 'axBBB-'
long-term ASEAN regional scale rating to the trust.  IREIT is a
Singapore-listed REIT with assets in Germany.

"The rating reflects IREIT's concentrated tenant profile, lumpy
lease expiry, small portfolio, limited market presence, and
limited financial flexibility in a competitive market," said
Standard & Poor's credit analyst Yuehao Wu.  "These weaknesses are
partly offset by the trust's good-quality assets, full occupancy
by blue-chip tenants, long lease expiry, and sound lease
structures that offer high visibility of cash flows.  We
anticipate that IREIT will continue to benefit from good rental
yields and low funding costs over the next 12 months."

A lumpy lease expiry profile and high tenant concentration
underpin IREIT's "weak" business risk profile, and subject the
trust to significant renewal risk, in S&P's opinion.  IREIT's
portfolio, which is valued at EUR291 million as of Dec. 31, 2014,
consists of four office properties, one each in a separate German
city.  A single tenant, Deutsche Telekom AG, contributes about 79%
of the revenue; and the top five of a total 13 tenants account for
almost all the rental income.  About 70% of the revenue, which
sources from Deutsche Telekom, will be up for renewal in 2022 and
2023.  IREIT's double-net master leases are pegged to the Consumer
Price Index (CPI) and do not have a break option prior to expiry.
Although the lease structure gives the trust high cash flow
visibility, structural rent renewal risk remains because, as
IREIT's largest tenant, Deutsche Telekom would have significant
bargaining power.  The tenant has had significant capital
expenditure on the buildings, which serve as its back-office
centers.  Therefore, S&P believes it is not improbable that the
company will renew its leases.  S&P expects IREIT to make
acquisitions to increase customer diversification, but only
gradually.

IREIT's stable rental income, good rental yields, and low funding
costs support its "intermediate" financial risk profile.  S&P
expects the trust's ratios of funds from operations (FFO) to debt
to be 10%-12% and debt to assets to be 35%-45% over the next 12
months.  IREIT also benefits from its low, fixed-rate borrowings
in euro, given the quantitative easing in Europe, and borrowings
on a secured basis.

That said, S&P believes IREIT has limited financial flexibility.
The trust has limited banking relationships and a short track
record of operating in a highly competitive market.  A lack of
long-term committed credit lines and an all-encumbered asset base
mean the trust has to carefully manage liquidity.  In addition,
IREIT has also yet to articulate its foreign exchange policy.

"The stable outlook reflects our view that IREIT will gradually
improve its portfolio scale and diversity over the next 12 months
through acquisitions while adhering to its financial policy of
leverage below 45%," said Ms. Wu.  S&P also expects the REIT to
maintain its stable income and financial strength.

S&P believes the rating downside risk is low for IREIT.  However,
S&P could downgrade the trust if its FFO-to-debt ratio drops below
9% for a prolonged period.  This could happen if IREIT makes
sizable debt-funded acquisitions where the borrowing costs are
higher than S&P expects and rental yields are lower than it
anticipates.  The REIT's leverage rising above its stated target
of 45% for a prolonged period of time could result in downward
rating pressure.

S&P may raise the rating if IREIT establishes a track record of
expanding its portfolio with asset acquisitions that are
consistent with its operating strategy, diversifies its tenant
base, and reduces the lumpiness in its lease expiry profile.  S&P
may also raise the rating if the trust's FFO-to-debt ratio
improves to above 15% on a sustained basis, which could happen if
the REIT articulates and adheres to a more conservative financial
policy.



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


SOUTH KOREA: Banks' Loan Delinquency Rate Rises in May
------------------------------------------------------
Yonhap News Agency reports that the delinquency rate of loans
extended by South Korean banks rose in May from a month earlier
due to a rise in fresh bad loans, the financial watchdog said on
June 28.

The Financial Supervisory Service said the average delinquency
rate of bank loans stood at 0.80 percent at the end of May, up
0.04 percentage point from a month earlier, according to the
report.

From a year earlier, the figure dropped 0.18 percentage point from
0.98 percent, it added.

Loans with both the principal and interest overdue by one month or
more are considered delinquent, the report relays.

The FSS said that over the cited period, KRW1.6 trillion (US$1.4
billion) worth of loans turned sour, with 900 billion of debts
cleared off, Yonhap relates.

The outstanding amount of won-denominated loans stood at
KRW1,298.3 trillion as of end-May, up KRW5.1 trillion from the
previous month, the report adds.

Those extended to households reached KRW536.5 trillion, up
KRW1.7 trillion over the same time span, while corporate loans
rose KRW3.7 trillion to KRW730.8 trillion, Yonhap reports.



=============
V I E T N A M
=============


INTERNATIONAL TEXTILE: David Wax Resigns as Director
----------------------------------------------------
David L. Wax, a member of the board of directors of International
Textile Group, Inc., since 2006, tendered his resignation from
that position on June 17, 2015, according to a Form 8-K document
filed with the Securities and Exchange Commission.

The Company expresses its gratitude to Mr. Wax for his long
service and many contributions to the Company.

The Board has appointed Su Yeo, a principal at W.L. Ross & Co.
LLC, affiliates of which hold a substantial majority of the
Company's stock, as a member of the Board, including as a member
of the Audit Committee to replace Mr. Wax. Ms. Yeo is a financial
services executive with over 18 years experience in principal
investing, debt restructuring and investment banking roles. The
Company believes her experiences and skills will benefit the
Board's discussions related to financing, international and
strategic opportunities. Ms. Yeo will be entitled to the same
compensation for her service as a director as other individuals
affiliated with WLR.

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam. ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

International Textile reported a net loss attributable to common
stock of $15.4 million on $595 million of net sales for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
stock of $10.9 million on $600 million of net sales in 2013.

As of March 31, 2015, the Company had $328 million in total
assets, $395 million in total liabilities, and a $67.5 million
total stockholders' deficit.


                             *********


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.


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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.



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