TCRAP_Public/150708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 8, 2015, Vol. 18, No. 133


                            Headlines


A U S T R A L I A

BLUE MEDIA: First Creditors' Meeting Slated For July 15
CARBON AND ENERGY: First Creditors' Meeting Set For July 10
HEAVY HAULAGE: Slashes 25 Jobs as Part of Restructuring
JJ EARTHMOVING: First Creditors' Meeting Slated For July 14
MANOFFICE PROPERTY: First Creditors' Meeting Set For July 14

PIE FACE: Did Not Make Profit For 10 Yrs. Before Collapse


C H I N A

CHINA: Injects Liquidity in Attempt to Reassure Markets
COUNTRY GARDEN: May Spin Off Unit, Issue Bonds to Raise Cash


I N D I A

AGGARWAL FOODS: ICRA Reaffirms 'B+' Rating on INR13cr Loan
AKLIA EDUCATIONAL: CRISIL Ups Rating on INR45MM Term Loan to B-
ANTIQUE NON WOVEN: CRISIL Suspends B Rating on INR52MM Term Loan
AUTO SHELL: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
BYOND TECH: CRISIL Suspends 'B' Rating on INR75MM Cash Loan

CHIRIPAL POLYFILMS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
CHOWDHRY RUBBER: CRISIL Reaffirms B+ Rating on INR175MM Loan
CIL NOVA: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
DOMACLS ENGINEERING: CRISIL Suspends B+ Rating on INR40MM Loan
EXOTICA INTERNATIONAL: Ind-Ra Withdraws 'IND D' LT Issuer Rating

GAYATRI SEA: CRISIL Suspends B+ Rating on INR100MM Cash Loan
GLOBAL MERCANTILE: CRISIL Reaffirms B- Rating on INR150MM Loan
HARIOM PULSES: ICRA Reaffirms 'B' Rating on INR4.32cr LT Loan
HIGHWAY COMFORT: ICRA Raises Rating on INR10cr Term Loan From B
J.N. SONS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan

JALARAM FLEXO: CRISIL Cuts Rating on INR60.3MM Term Loan to D
KAMSRI PRINTING: ICRA Reaffirms 'C' Rating on INR8.8cr Loan
KOHLI INDUSTRIES: CRISIL Suspends B+ Rating on INR70MM Loan
MAHAAMERU SPINNING: CRISIL Suspends B+ Rating on INR64.5MM Loan
METRO AGRO: CARE Assigns B+ Rating to INR6cr LT Bank Loan

N M ROYALE: CRISIL Suspends B Rating on INR85MM Term Loan
OM SONS: ICRA Suspends 'D' Rating on INR35cr Term Loan
PLASTOLENE POLYMERS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
PRESIDENCY IMPEX: ICRA Suspends 'B' Rating on INR3cr Cash Loan
RAJARAM MILLS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan

RAVI METALLICS: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
RICE TECH: CARE Assigns B+ Rating to INR6cr LT Bank Loan
ROTO INDIA: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
SAHANA JEWELLERY: CRISIL Suspends B+ Rating on INR1.7MM Loan
SAI SPONGE: Fitch Withdraws 'IND BB-' Long-Term Issuer Rating

SANT FOODS: ICRA Reaffirms 'B' Rating on INR15cr Fund Based Loan
SANTOSH PULSE: CARE Assigns B+ Rating to INR6cr LT Bank Loan
SARASWATI PIGMENTS: CRISIL Suspends 'D' Rating on INR41.9MM Loan
SHAKAMBHARI KNITTING: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
SHATAKSHI ENTERPRISES: CRISIL Suspends B Rating on INR5MM Loan

SHREE PADMAVATI: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
SRI LAKSHMI: ICRA Reaffirms 'B' Rating on INR16.43cr Loan
SRI SRINIVASA: CRISIL Suspends 'B' Rating on INR49MM Bank Loan
STELLA UDYOG: CARE Assigns 'B+/A4' Rating to INR7cr Loan
SUJIT MACHINO: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating

SURAJ PRECISION: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
SURYATEJA POWER: CRISIL Suspends 'D' Rating on INR196.8MM Loan
THIRUPUR SURIYA: CRISIL Cuts Rating on INR515MM Cash Loan to D
UMESH & BROS.: ICRA Assigns B+ Rating to INR12cr LT Loan
UNITED ELECTRIC: CRISIL Suspends 'B' Rating on INR133.4MM Loan

VFPL ASIPL: CRISIL Suspends B+ Rating on INR42.5MM Cash Loan
VIJETA BEVERAGES: ICRA Suspends 'D' Rating on INR35cr Loan
WESTERN HILL: CRISIL Cuts Rating on INR191.2MM Term Loan to D


J A P A N

SHARP CORP: Future Relies on Apple After Banks Infuse JPY200BB
SOFTBANK GROUP: Moody's Affirms Ba1 Issuer Rating; Outlook Stable


N E W  Z E A L A N D

HANOVER FINANCE: Watson Not Contributing to NZ$18MM Settlement


P H I L I P P I N E S

BANCO FILIPINO: PDIC Files Criminal Charges vs. Ex-officers


S I N G A P O R E

DCS ASSET: Fitch Affirms 'BBsf' Rating on Class C Notes


                            - - - - -


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


BLUE MEDIA: First Creditors' Meeting Slated For July 15
-------------------------------------------------------
Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of Blue Media Pty. Ltd. on July 3,
2015.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
July 15, 2015, at 10:30 a.m.


CARBON AND ENERGY: First Creditors' Meeting Set For July 10
-----------------------------------------------------------
Scott Cameron Turner -- sturner@hedgeandassociates.com.au -- of
Hedges & Associates was appointed as administrators of Carbon and
Energy Reductions Pty Ltd on June 30, 2015.

A first meeting of the creditors of the Company will be held at
Suits 1206, level 12, 14 Martin Place, on July 10, 2015, at
11:00 a.m.


HEAVY HAULAGE: Slashes 25 Jobs as Part of Restructuring
-------------------------------------------------------
Eloise Keating and Cara Waters at SmartCompany report that Heavy
Haulage Australia has cut 25 jobs as part of a restructure, which
administrator Ferrier Hodgson says is necessary to preserve parts
of the business that could be of interest to buyers.

SmartCompany relates that the restructure will affect 14 full-time
and three part-time staff in Brisbane, two full-time workers in
Toowoomba and six full-time employees in Perth and Port Hedland.

Heavy Haulage Australia has been operating since 1999 and is the
subject of a television series on Foxtel called Megatruckers.

The company entered voluntary administration at the end of June,
with Brendan Richards, John Lindholm and Tim Michael of Ferrier
Hodgson managing the administration, the report discloses.

According to the report, Mr. Richards said a sales campaign for
the business and its assets had been "generating a promising
response" but the restructure of the business was "unavoidable".

"We have informed all of the staff about the downsizing and
explained that, while unfortunate, it is the only way that we have
any chance of achieving a good outcome for both employees and
suppliers," the report quotes Mr. Richards as saying.  "We are
currently in negotiations with interested parties and I am hopeful
of being able to announce a resolution in the very near future."

                         About Heavy Haulage

Heavy Haulage Australia specialises in haulage movements of
between 4,000 and 8,000 tonne for the infrastructure and mining
sectors.

John Lindholm, Brendan Richards and Tim Michael of Ferrier Hodgson
were appointed joint and several Voluntary Administrators of Heavy
Haulage Australia Pty Limited and associated entities on June 28,
2015.

The Administrators were subsequently appointed Voluntary
Administrators to Texas T Holdings Pty Ltd on June 29, 2015,
pursuant to section 436C of the Act by the company's secured
creditor, GE Commercial Pty Ltd.

In a statement provided to SmartCompany on June 29, Ferrier
Hodgson said it will continue to trade the business as usual while
it seeks a buyer for the business and makes arrangements to
protect the interests of employees, customers, suppliers and
creditors.

According to SmartCompany, the administrators said Heavy Haulage
Australia was placed in voluntary administration to protect the
company's "considerable assets" and maximise the possibility of
the business continuing as a going concern.


JJ EARTHMOVING: First Creditors' Meeting Slated For July 14
-----------------------------------------------------------
Peter Dinoris and Nick Combis of Vincents Chartered Accountants
were appointed as administrators of JJ Earthmoving Pty Ltd on July
2, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, on July 14, 2015, at 9:00 a.m.


MANOFFICE PROPERTY: First Creditors' Meeting Set For July 14
------------------------------------------------------------
Trent Andrew Devine and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Manoffice Property Holdings
Pty Ltd on July 2, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
July 14, 2015, at 11:00 a.m.


PIE FACE: Did Not Make Profit For 10 Yrs. Before Collapse
---------------------------------------------------------
Eloise Keating at SmartCompany reports that Pie Face had not
turned a profit in the 10 years before it collapsed in November
2014, according to chief executive Kevin Waite.

Mr. Waite was speaking at a franchising forum held by Griffith
University's Asia-Pacific Centre for Franchising Excellence and
the Franchise Advisory Centre alongside Pie Face chairman Andrew
Thomson in June, SmartCompany relates.

At the event, he presented a troubling picture of how dire the pie
chain's fortunes were before administrators Jirsch Sutherland were
called in, SmartCompany says.

Mr. Waite told the forum Pie Face was haemorrhaging money, had not
made a profit in a decade, was lacking franchise experience at the
top, owed money to every one of its landlords and was carrying 28
franchisee-failed stores, SmartCompany relays citing Franchise
Business.

"There was severe trust deficit in every area of the business,"
the report quotes Mr. Waite as saying.  "Trust has to be built on
integrity and competence. Trust always affects two outcomes: speed
and costs. Distrust is very expensive."

Mr. Waite said during the voluntary administration process,
drastic steps had to be taken to ensure Pie Face survived,
SmartCompany relays.  A total of 20 Pie Face stores were closed by
the administrators, the most senior management team was removed
and jobs were lost, the report notes.

"A lot of innocent people lost their jobs a month before Christmas
. . . I had always promised myself I wouldn't ever do this, but I
had to," SmartCompany quotes Mr. Waite as saying.

A Deed of Company Arrangement was finalised on December 30, 2014
and Mr. Waite said the task then turned to convincing everyone
involved in the business that "we have to start things in a new
way".

Mr. Thomson told the forum this meant steps had to be taken "with
no hesitation," SmartCompany adds.

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies, pastries,
cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were
appointed as Joint Administrators of Pie Face Holdings Pty Ltd,
Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to a
number of key Pie Face assets.

The TCR-AP, citing The Australian, reported on Jan. 2, 2015, Pie
Face founder Wayne Homschek has stood down as chief executive of
the fast food chain a day after creditors agreed to a funding deal
that will see it rescued from administration.

The Australian said that following a meeting of the new Pie
Face board on December 31, Kevin Waite, who was head of Australian
operations, has been appointed chief executive of Pie Face's
entire group, replacing the sometimes controversial
Mr. Homschek.



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


CHINA: Injects Liquidity in Attempt to Reassure Markets
-------------------------------------------------------
Tom Mitchell in Beijing and Gabriel Wildau at the Financial Times
report that Chinese authorities have ramped up their attempts to
restore investor confidence in the country's tumbling stock
markets, setting the stage for another turbulent week of trading
on the Shanghai and Shenzhen stock exchanges.

The China Securities Regulatory Commission said in a brief
statement late on July 5 that the central bank would "uphold
market stability" by providing liquidity to China Securities
Finance, a state entity that makes margin financing available to
brokers.

FT relates that the CSRC announcement came after brokers, fund
managers and companies planning initial public offerings all
pledged to help stabilise market confidence over the weekend. The
CSRC had said on July 4 that CSF's capital would be quadrupled to
CNY100 billion ($16bn).

CSF could, in turn, lend to a CNY120 billion investment fund that
21 brokerages are launching to support the market. "With 17 per
cent of market cap supported by margin financing, the government
will do anything to prevent a real market collapse," FT quotes
Carl Walter, a China securities expert, as saying.

According to the FT, investors have lost almost $3 trillion in
paper gains -- equivalent to about one-third of China's annual
economic output -- since the two exchanges' composite indexes
began their headlong retreat from record highs last month.

The Shanghai and Shenzhen indices fell 5.8 per cent and 5.4 per
cent respectively on July 4, capping their worst three-week
decline in more than 20 years, the report says. The two indices
have fallen 30 per cent since June 12 and shed $2.8 trillion in
market capitalisation, reversing a year-long bull run on China's
volatile bourses, according to the report.

The measures include the voluntary suspension of IPOs by 28
companies, which the official Xinhua news agency said had received
earlier approvals to float on the Shanghai and Shenzhen stock
exchanges, and a pledge by 25 fund managers to help stabilise the
market, the FT adds.


COUNTRY GARDEN: May Spin Off Unit, Issue Bonds to Raise Cash
------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co.,
controlled by China's second-richest woman Yang Huiyan, is
considering spinning off its property-management business, joining
other Chinese developers exploring ways to raise cash.

According to Bloomberg, Chief Financial Officer Wu Jianbin said
the company also plans to sell CNY6 billion ($966 million) of
onshore three-year bonds and is on track to spin off its hotel
assets.

Bloomberg says Chinese developers are moving to shore up their
balance sheets amid a pickup in property sales via listings of
separate units or by bringing in major equity investors.
Evergrande Real Estate Group Ltd. said earlier this month it
applied to list its soccer club and entertainment group on an
exchange for smaller firms to raise cash, the report recalls.

China's stock market decline may support the housing market by
prompting investors to shift back to real estate, Wu said, notes
the report.

Country Garden will seek a separate listing for the property-
management unit, which manages 100 million square meters (1.1
billion square feet) of projects, on the New Third Board, Mr. Wu
said in the July 3 interview, Bloomberg relates. The New Third
Board is an exchange for smaller firms that started expanding
nationwide in 2013.

"I know transaction on that board is not active, however, we could
transfer the listing to the main board when conditions are
mature," Bloomberg quotes Mr. Wu as saying. "But we are still
doing research on the issue."

Mr. Wu said the developer has applied for China Securities
Regulatory Commission approval to sell the bonds and plans to
issue 3 billion yuan in a first batch, Bloomberg relates. It will
start preparing a medium-term note program after the bond
issuance, he said.

Country Garden's $900 million of 7.5 percent notes due in 2020
traded at 104 cents on the dollar as of 9:48 a.m. on July 7 in
Hong Kong, near the highest level since May 26, according to
Bloomberg-compiled data. Its $750 million 7.5 percent notes
maturing in 2023 traded at 100.9 cents, up 0.3 cents.

The company is in talks with local developers to buy or jointly
invest in projects on more than 10 sites in first-tier cities, Mr.
Wu, as cited by Bloomberg, said.

                           About Country Garden

Country Garden Holdings Company Limited (HKG:2007) is an
integrated property developer in the People's Republic of China.
The Company's business comprises construction, fitting, project
development, property management, as well as hotel development and
management.  Country Garden offers various products include large-
scale residential projects, such as townhouses, apartment
buildings, as well as car-parks and retail shops.  The Company
also develops and manages hotels.  It also develops hotels, which
are independent of property developments.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2015, Moody's Investors Service has put Country Garden
Holdings Company Limited's Ba2 corporate family and senior
unsecured debt ratings on review for upgrade.


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


AGGARWAL FOODS: ICRA Reaffirms 'B+' Rating on INR13cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR13.00 crore fund based facilities of Aggarwal Foods.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits       13.00       [ICRA]B+ (reaffirmed)

The rating reaffirmation factors in AF's weak financial profile
reflected by low operating margins on account of fall in
realization of basmati rice coupled with high gearing level. The
rating continues to be constrained by high intensity of
competition in the industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
The rating, however favorably takes into account long standing
experience of promoters in rice industry and proximity of the mill
to major rice growing area which results in easy availability of
paddy.

Aggarwal Foods (AF) is a proprietorship firm, was set up in 1997
by Mr. Suresh Kumar. Aggarwal Foods is engaged in processing and
export of basmati rice to countries in the Middle East. It has a
plant at Karnal (Haryana) which has a milling capacity of 6 tonnes
per hour and a sortex machinery with a capacity of 4 ton/hr.

Recent Results
During the financial year 2013-14, the firm reported profit after
tax (PAT) of INR0.91 crore on an operating income of INR20.36
crore as against PAT of INR0.91 crore on an operating income of
INR30.22 crore in FY13. During FY15, on a provisional basis, the
firm reported an operating income of INR29.51 crore and profit
before tax of INR0.97 Crore.


AKLIA EDUCATIONAL: CRISIL Ups Rating on INR45MM Term Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Aklia Educational and Research Society (AERS) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit/Overdraft
   facility                  15        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Proposed Long Term        27        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL D')

   Rupee Term Loan           45        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that the trust's
liquidity will improve over the medium term, backed by efficient
working capital management and sufficient cash accruals to service
maturing term debt. The liquidity is further supported by
enhancement in the bank line to INR15 million in December 2014.
The trust is expected to generate cash accruals of INR25 million
to INR30 million over the medium term, against maturing term debt
of INR13.2 million each in 2015-16 and 2016-17. The moderate cash
accruals are supported by steady operating margins. The trust does
not have any large debt-funded capex plans for the medium term.

AERS also has a small scale of operations in the highly
competitive education sector, and is susceptible to regulatory
risks associated with educational institutions. However, the
society benefits from its diverse revenue profile and healthy
demand prospects of the education sector and its healthy operating
margin.

Outlook: Stable

CRISIL believes that AERS's business risk profile will register
moderate growth over the medium term, backed by growing popularity
of the institutions leading to higher enrolment of students,
however, expected to be constrained by small scale of operations.
The outlook may be revised to 'Positive' if AERS's further scales
up its operations backed by significant increase in the intake of
students across courses, resulting in improvement in cash accruals
and hence financial risk profile. Conversely, the outlook may be
revised to 'Negative' in the event of a substantial decline in
student intake or any further large debt funded capex resulting in
deterioration in its financial risk profile.

AERS, set up in 2003, is managed by its chairman, Mr. Gurtej Singh
Brar, and vice chairman, Mr. Iqbal Singh. The society runs
secondary and senior secondary schools, polytechnic and
engineering colleges, management colleges and arts colleges in
Goniana (Bhatinda, Punjab). AERS's schools are affiliated with the
Central Board of Secondary Education (CBSE); the engineering and
polytechnic institutes with the All India Council for Technical
Education (AICTE); and the teaching and arts colleges to the
Punjabi University, Patiala.


ANTIQUE NON WOVEN: CRISIL Suspends B Rating on INR52MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Antique Non Woven Private Limited (ANW).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B/Stable

   Proposed Long Term        4.2      CRISIL B/Stable
   Bank Loan Facility

   Term Loan                52.0      CRISIL B/Stable

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

Incorporated in January 2011 and promoted by members of the
Gujarat-based Kundaria family, ANW manufactures technical textile
fabric made from polypropylene. The company has production
facility in Morbi (Gujarat) and commercial production started in
November 2011.


AUTO SHELL: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Auto Shell Perfect
Moulder Ltd (ASPML) continue to reflect ASPML's below-average
financial risk profile marked by average gearing and weak debt
protection metrics, and its modest scale of operations in the
highly fragmented castings industry. These rating weaknesses are
partially offset by the extensive experience of ASPML's promoter
in the shell-moulded grey cast iron and ductile iron castings
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        2        CRISIL A4 (Reassigned)

   Long Term Bank
   Facility               18        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPML will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' if ASPML significantly increases its scale
of operations and operating profitability, resulting in
improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's relationship with its key customers weakens, leading to
decline in sales or profitability, or if it undertakes a large
debt-funded capital expenditure programme, weakening its financial
risk profile.

ASPML was established in 1979 by Mr. Krishnasamy Jeyabal. ASPML
manufactures shell-moulded grey cast iron and ductile iron
castings.

ASPML, on a provisional basis, reported a profit after tax (PAT)
of INR5.8 million on total revenue of INR400.8 million for
2014-15, against a PAT of INR1.8 million on total revenue of
INR365.1 million for 2013-14.


BYOND TECH: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Byond
Tech Electronics Private Limited (BTEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL B/Stable
   Letter of Credit        400        CRISIL A4

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

BTEPL took over the business of Byond Tech on May 01, 2012; Byond
Tech was a partnership firm promoted by Mr. Subash Mutha, Mr.
Prashant Mutha, and Mr. Prashant Bora. BTEPL has taken over Byond
Tech's business of trading in mobile phones, mobile phone
accessories, and laptops. BTEPL markets its phones in the brands
such as Byond, XNINE, Bloom, Telefun, MeeBo among others. The
mobiles are manufactured by Chinese companies.


CHIRIPAL POLYFILMS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Chiripal
Polyfilms Limited's (CPFL) Long-Term Issuer Rating of 'IND BB+' to
the suspended category.  The Outlook was Stable. The rating will
now appear as 'IND BB+(suspended)' on the agency's website.

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 CPFL. 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 this six-month period,
the ratings could be reinstated and will be communicated through a
rating action commentary.

CPFL ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'

-- INR400 million fund-based limits: migrated to 'IND
    BB+(suspended)'/'IND A4+(suspended)' from 'IND BB+'/'IND A4+'

-- INR700 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


CHOWDHRY RUBBER: CRISIL Reaffirms B+ Rating on INR175MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chowdhry Rubber &
Chemicals Pvt. Ltd (CRPL) continue to reflect its below-average
financial risk profile marked by stretched liquidity and leveraged
capital structure.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit           175        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       75        CRISIL A4 (Reaffirmed)

The ratings also reflect its moderate scale of operations in the
intensely competitive chemical trading industry along with large
working capital requirements and vulnerability of its operating
margin to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that CRPL derives
from its promoters' extensive industry experience, and financial
support from them. The ratings also reflect its varied customer
base of diverse industries.
Outlook: Stable

CRISIL believes the business risk profile of CRPL will be
supported by its experienced promoters and its diversified
customer base. The outlook may be revised to 'Positive' if the
company's financial risk profile, particularly its liquidity,
improves, most likely because of sizeable accruals, considerably
low working capital requirements, or infusion of substantial
capital by its promoters.  Conversely, the outlook may be revised
to 'Negative' if CRPL's working capital management weakens
further, or if it undertakes a debt-funded capital expenditure
programme, leading to further deterioration in its overall
financial risk profile, especially its liquidity.

Update
CRPL's operating revenues in 2014-15 (refers to financial year,
April 1 to March 31) have grown by around 40 per cent as compared
to 2013-14 and the growth has been driven from the business of
Indian Synthetic Rubber Ltd (ISRL) which has contributed around
INR300 million in 2014-15. CRPL's operations remain working
capital intensive, as reflected in high gross current assets
estimated at around 200 days as on March 31, 2015, driven by
stretched receivables and high inventory. The receivables as on
March 31, 2015, also include receivables of consignment business
to the tune of around INR150 million. CRISIL believes CRPL's
business risk profile will continue to remain constrained by the
moderate scale of operations with high working capital intensity
over the medium term.

CRPL's financial risk profile continues to be average as the
dependence on debt has not abated owing to the working-capital-
intensive operations which continue to result in large funding.
This is captured in the high total outside liabilities to tangible
net worth ratio estimated at around 4.5 times as on March 31,
2015. The debt protection metrics too are average because of the
low profitability and large debt/letter of credit (LC) dependence
as reflected in interest coverage ratio of around 1.7 times for
2014-15. The liquidity of CRPL remains stretched marked by fully
utilised bank line with frequent instances of overdrawals at
month-end and use of ad-hoc in the 6 months ended March 31, 2015.
CRISIL believes that CRPL's financial risk profile will remain
constrained on account of high TOLTNW and stretched liquidity over
the medium term.

CRPL was set up by Mr. Deepak Chaddha and family in 2008 as a
private limited company, by reconstituting Chowdhry Rubber and
Chemical, set up in 1972, by Late Shri V.M Chaddha. The company is
engaged in trading of rubber chemicals, rubber and allied products
and also acts as a consignment stockist for Aditya Birla Nuvo for
Carbon Black. In 2013-14, the company has signed an exclusive
distribution agreement with Indian Synthetic Rubber Ltd. (ISRL)
for distribution of its products in North, North-east and East
India.


CIL NOVA: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated CIL Nova
Petrochemicals Ltd's (CIL Nova) Long-Term Issuer Rating to the
suspended category.  The rating will now appear as 'IND
BB+(suspended)' on the agency's website. The Outlook was Stable.

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 CIL Nova. 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 this six-month period,
the ratings could be reinstated and will be communicated through a
rating action commentary.

CIL Nova's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'
-- INR319.78 million long-term loans: migrated to 'IND
    BB+(suspended)' from 'IND BB+'
-- INR72.04 million fund-based limits: migrated to 'IND
    BB+(suspended)' from 'IND BB+'
-- INR204.7 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


DOMACLS ENGINEERING: CRISIL Suspends B+ Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Domacls
Engineering Pvt Ltd (DEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          73.3       CRISIL A4
   Cash Credit             40         CRISIL B+/Stable
   Term Loan                2.7       CRISIL B+/Stable

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

DEPL, set up in 1993 by Mr. M N Machaiah, manufactures equipment
and commissions conveyor systems and loading machines for material
handling. The company's product portfolio includes belt conveyors,
screw conveyors, chain conveyors, bucket elevators, rotary
feeders, pellatisers, and truck and wagon loading machines.


EXOTICA INTERNATIONAL: Ind-Ra Withdraws 'IND D' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Exotica
International's 'IND D(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 Exotica International.

Ind-Ra suspended Exotica International's ratings on 22 April 2014.

Exotica International's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR270 million fund-based limits: Long-term
    'IND D(suspended)'
    and Short-term 'IND D(suspended)'; ratings withdrawn
-- INR25 million non-fund-based limits: Short-term
    'IND D(suspended)'; rating withdrawn


GAYATRI SEA: CRISIL Suspends B+ Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gayatri Sea Foods and Feeds Private Limited (GSFFPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL B+/Stable
   Letter of Credit         60        CRISIL A4

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

GSFFPL is an Andhra Pradesh based company incorporated in 2005.
The company trades in shrimp feed in the domestic market.
Currently, Mr. S.R. Satyanarayana Murthy and Mr. G Govardhan Rao
are the directors of the company.


GLOBAL MERCANTILE: CRISIL Reaffirms B- Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facility of Global Mercantile Private
Limited (GMPL) continue to reflect susceptibility of GMPL's cash
flows to inflows from existing receivables, future bookings,
timely completion of its project, and to cyclicality in the real
estate industry.

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

These rating weaknesses are partially offset by the extensive
industry experience of GMPL's promoters.
Outlook: Stable

CRISIL believes that GMPL will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' if GMPL
achieves higher-than-expected bookings, strengthening its
financial flexibility and cash flow adequacies. Conversely, the
outlook may be revised to 'Negative' in case of delays or cost
overruns in GMPL's projects, or low offtake resulting in
deterioration in liquidity and financial flexibility.

GMPL, incorporated in October 1998 and promoted by Mr. Dinesh
Kumar Agarwal and Mr. Dilip Kumar Agarwal, is primarily involved
in real estate development.


HARIOM PULSES: ICRA Reaffirms 'B' Rating on INR4.32cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR4.32
crore fund based bank facilities of Hariom Pulses. ICRA has also
reaffirmed its short term rating of [ICRA]A4 on the firm's INR3.00
crore fund based bank facilities.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Long Term    4.32       [ICRA]B; reaffirmed
   Fund Based-Short Term   3.00       [ICRA]A4; reaffirmed

ICRA's ratings continue to be constrained by Hariom Pulses' modest
scale of operations which limits economies of scale, the highly
competitive nature of the industry in which the firm operates, due
to low entry barriers, and exposure to agro climatic risks, which
can affect the availability of agro products in adverse weather
conditions. The ratings also take into account the firm's weak
profitability metrics due to fluctuations in the price of raw
materials and its limited flexibility to pass on the increase in
raw material prices to its customers. The firm has a highly
leveraged capital structure and weak coverage ratios due to
substantial debt funding of the working capital requirements and
thin profitability. The ratings however, favorably take into
account the extensive experience of the promoters and their strong
relationships with various customers and suppliers. The ratings
also factor in the favorable location of the firm's manufacturing
unit, in proximity of major cultivation areas for pulses, which
results in easy availability of raw material.

Going forward, the ability of the firm to ramp up its scale of
operations, attain a sustained improvement in profitability and
attain an optimal working capital cycle will be the key rating
sensitivities.

The firm was established in 2002 as a partnership concern with Mr.
Omprakash Multani and Mr. Harish Kumar Multani as partners in
equal ratio. The firm is engaged in trading and processing of
grains. Rahar dal is the main product of the firm, having
significant share in revenues. The firm's manufacturing facility
is located at Industrial Estate, Katni, Madhya Pradesh with a
capacity of 28,000 Metric Tonnes (MT) per annum.

Recent Results
The firm reported a net profit of INR0.69 crore on an operating
income of INR69.12 crore for 2014-15, as against a net profit of
INR0.28 crore on an operating income of INR56.05 crore for the
previous year.


HIGHWAY COMFORT: ICRA Raises Rating on INR10cr Term Loan From B
----------------------------------------------------------------
ICRA has upgraded its long term rating on the INR10.0 crore term
loans of Highway Comfort Inn to [ICRA] BB- from [ICRA] B.  The
Outlook on the long term rating is 'Stable'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans           10.0       [ICRA] BB-(stable); upgraded

The rating upgrade is driven by the successful completion of the
firm's motel property without any significant time or cost over-
runs, as well as significantly higher than expected level of
bookings in FY15, which have resulted in an improvement in the
firm's credit profile. HCI's two banquet halls achieved 35 and 12
bookings in six and two months of operations respectively, in FY15
and have hosted 24 functions in the first two months of FY16. The
operational surpluses resulting from the firm's increasing scale
and high profit margins have improved the firm's liquidity
position enabling it to start pre-paying the term loan. The rating
continues to factor in the experience of the promoters in real
estate development and related industries. The rating is, however,
constrained by the firm's small scale of operations, single
property risk of the firm and limited track record of operations
of the property, as it is yet to complete a full year of
commercial operations. ICRA also notes the significant competitive
intensity in the region; though this is partially mitigated by
significantly larger size of the property compared to others in
the immediate vicinity.

Going forward, the ability of the firm to maintain the strong
bookings for its banquet halls and sustain its profitability in
order to continue to generate healthy cash flows, will be the key
rating sensitivity.

HCI is currently operating a motel by the name of 'The Eden' at GT
Road on NH-1. The property is on a 14.5 acre land parcel on the
Delhi-Chandigarh highway, ~6 kms from Karnal, Haryana. It consists
of two banquet halls, ~15,000 square feet each (with a capacity
for hosting more than 1000 people), 22 rooms, a large car park
(sufficient for ~800 cars) and large gardens.

Recent Results
HCI reported an Operating Income (OI) of INR3.4 crore, Profit
After Tax (PAT) of INR0.1 crore and Net Cash Accruals (NCA) of
INR2.1 crore, as per provisional results for FY15, in its first
year of operations. The first full year of operations will however
be FY16.


J.N. SONS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J.N. Sons (JNS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by ALO
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ALO is yet to
provide adequate information to enable CRISIL to assess ALO'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 as a partnership firm by Mr. Rajesh Mittal and his family
members in 1991, JNS trades in various steel products, such as
hot-rolled plates, mild-steel plates, beams, channels, round bars,
and square bars; the products are used by various industries
including foundry and fabrication, as well as machine
manufacturing companies. JNS's office is in Ghaziabad (Uttar
Pradesh).


JALARAM FLEXO: CRISIL Cuts Rating on INR60.3MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Jalaram Flexo Laminates Pvt Ltd (JFL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Long Term       24.7      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

   Term Loan                60.3      CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects delays by JFL in servicing its debt
owing to liquidity constraints.

The rating also reflects JFL's modest scale of operations and weak
financial risk profile, marked by high gearing, low cash accruals,
and weak debt protection metrics. These weaknesses are partially
offset by the extensive experience of the company's promoters in
the flexible packaging industry.

JFL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR203.1 million for 2013-14, as against a PAT of INR0.1
million on net sales of INR141.2 million for 2012-13.

JFL was incorporated in 1992 by Mr. Vasant Kumar Khakkhar and his
wife, Mrs. Renuka Khakkhar. The company manufactures plastic and
paper flexible packaging for a wide range of industries. Its
manufacturing facilities are in Nagpur (Maharashtra).


KAMSRI PRINTING: ICRA Reaffirms 'C' Rating on INR8.8cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C assigned to
the INR8.36 crore (enhanced from INR4.94 crore) term loan and
INR8.80 crore fund based facilities of Kamsri Printing and
Packaging Private Limited. ICRA has also reaffirmed the long-term
rating of [ICRA]C and assigned a short-term rating of [ICRA]A4 to
the INR0.84 crore unallocated facilities of the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based facilities     8.80      [ICRA]C reaffirmed
   Term loan                 8.36      [ICRA]C reaffirmed
   Unallocated facilities    0.84      [ICRA]C reaffirmed and
                                       [ICRA]A4 assigned

The reaffirmation in the ratings factor in the long standing
presence of the promoters and the strong track record of the
company in the printing industry. The ratings take into account
the strong relationship that the company has built over the years
with its customers and suppliers and the presence of well trained
staff and advanced printing equipments that ensure consistency in
quality. The ratings also take into account the restructuring of
the loans availed by State Bank of India that has improved the
liquidity position of the company to an extent during 2014-15.
The ratings are, however, constrained by the small scale of
operations and the fragmented nature of the industry that limits
the financial and pricing flexibility of the company. The ratings
are also constrained by the weak financial profile marked by high
gearing, weak coverage indicators, high working capital intensity
and stretched cash flow position, notwithstanding the improvement
during 2014-15 marked by higher profit margins owing to
stabilisation of the operations at the new facility, addition of
equity from the promoters and the restructuring of loans that has
reduced the interest burden during 2014-15. Going forward, the
ability of the company to improve its financial profile and
increase its cash accruals to serve the interest and principal
payments on a timely manner remains the key rating sensitivities.

Kamsri Printing & Packaging Private Limited was incorporated in
1991, by Mr. Suresh Srinivasan. The company is engaged in offset
printing on packaged cartons, labels and leaflets. KPPPL's
operations primarily consist of buying paper and paper boards
which are subsequently folded into various sizes and printed as
per customers' requirements. The company primarily caters to
pharmaceutical and garment sectors. The company earns majority of
its revenues from the domestic market. Customer base consists of
some of the well established companies such as Page Industries
Limited, Medreich Limited, Adcock Ingram Limited and Biocon
Limited among others.

Recent results
During 2013-14, the company reported a net loss of INR2.7 crore on
an operating income of INR27.8 crore, as against a net profit of
INR0.1 crore on an operating income of INR25.3 crore during 2012-
13. As per provisional financials, the company reported a net loss
of INR0.8 crore on an operating income of INR28.5 crore during
2014-15.


KOHLI INDUSTRIES: CRISIL Suspends B+ Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kohli
Industries (KI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of credit &
   Bank Guarantee           10        CRISIL A4
   Overdraft Facility       70        CRISIL B+/Stable
   Packing Credit           20        CRISIL A4

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

Established in 1972, by Mr. Kanwaljit Singh Kohli along with his
family members, KI is a partnership firm which is engaged in
manufacturing of printing machineries and specializes in
rotogravure printing press, lamination machines and slitter
rewinder machineries. KI's products are manufactured and sold
under the brand 'Kohli' and are required primarily in food,
pharmaceuticals and FMCG packaging industry. The firm caters to
both domestic and overseas markets with exports to countries like
Russia, Turkey, Iran, Ghana, Nigeria, and other countries in
Europe, Middle East and South America. The company has its
manufacturing unit at Ambernath, Maharashtra.


MAHAAMERU SPINNING: CRISIL Suspends B+ Rating on INR64.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mahaameru Spinning Mills Private Limited (Mahaameru).

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B+/Stable
   Long Term Loan           64.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       47.9      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Mahaameru with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Mahaameru is yet to provide adequate information to enable CRISIL
to assess Mahaameru'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 by Mr. VR Balasundaram in 2005, Mahaameru manufactures
cotton yarn of 60s and 80s count. The family-owned, Coimbatore
(Tamil Nadu)-based company commenced operations in October 2008.


METRO AGRO: CARE Assigns B+ Rating to INR6cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Metro Agro
Mills.

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

Rating Rationale

The rating assigned to the bank facilities of Metro Agro Mills
(MAM) is constrained by relatively small scale of operations, thin
and fluctuating profit margin, working capital-intensive nature of
operations leading to moderately levered capital structure and
weak debt coverage indicators. The rating is also constrained by
the dependence on the vagaries of the monsoon and presence in a
fragmented industry, regulated by the government.

However, the rating derives strength from the long experience of
the promoters' family in agricultural industry and support
provided by the promoters and group entity by way of infusion of
capital and unsecured loan.

Going forward, the firm's ability to improve its scale of
operations along with improvement in profitability and efficient
management of the working capital cycle are the key rating
sensitivities.

MAM was established in April 2002 as a partnership firm by Mr A.
M. Koya, Mr A. M. Sijumon, Mrs Mini Koya, Mrs Laila Makkar, Mr A.
M. Seemon. The firm belongs to the 'Beepath' group. The group is
engaged in castings, manufacturing of black stone for building
materials and manufacture of sand from black stone. MAM is engaged
in the business of rice milling (processing of paddy into rice)
and also into trading of rice (which constitute around 25% of the
rice sales). The key raw material, paddy is procured from farmers
in Kerala, Tamil Nadu and Karnataka while rice (for trading) is
purchased from Tamil Nadu. MAM has a production capacity of 40 MT
per day with average capacity utilization of 80% over the last 4
years.

The firm sells rice bags of 5 kg, 10 kg, 25 kg and 75 kg under the
brand name of 'Metro' and caters to the need of both wholesaler
(90%) and retailers (10%). The by-product, rice bran obtained
while processing is sold to oil extraction units and MAM uses husk
as fuel for power generation for own consumption.

Rice Tech Agro Mills (rated 'CARE B+' assigned in June 2015), a
group entity of MAM, promoted by the same partners, is also
engaged in the business of rice milling and into trading of rice.


N M ROYALE: CRISIL Suspends B Rating on INR85MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
N M Royale County (NMRC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              5.6       CRISIL B/Stable
   Term Loan               85.0       CRISIL B/Stable

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

Established in 2009, NMRC is a partnership firm which operates a
3-star multi-facility hotel in Thrippunithura (Kerala). The
partners are Mr. M R Hans and his four brothers Mr. Ullas, Mr.
Deepu, Mr. Murugesh, and Mr. Shyam, who manage the firm. The firm
began commercial operations in April 2011.


OM SONS: ICRA Suspends 'D' Rating on INR35cr Term Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR35.0 crore term loans and INR30.0 crore cash credit limits
of Om Sons Marketing Pvt. Ltd. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


PLASTOLENE POLYMERS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Plastolene
Polymers Pvt. Ltd.'s (PPPL) 'IND D(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 PPPL.

Ind-Ra suspended PPPL's ratings on April 22, 2014.

PPPL's ratings:
-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR493 million fund-based limits: Long-term
    'IND D(suspended)'
    and Short-term 'IND D(suspended)'; rating withdrawn
-- INR40 million non-fund-based limits: Short-term
    'IND D(suspended)'; rating withdrawn


PRESIDENCY IMPEX: ICRA Suspends 'B' Rating on INR3cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR2.4 crore term loan and INR3 crore cash credit facility of
Presidency Impex Priavte Limited (PIPL). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the entity.


RAJARAM MILLS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Rajaram Mills Private Limited (RMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL B/Stable
   Letter of Credit          20       CRISIL A4

The rating reflects RMPL's modest scale of operations and its weak
financial risk profile marked by a low net worth, high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the textile industry.
Outlook: Stable

CRISIL believes that RMPL will continue to benefit over the medium
term from its management's extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the
company's net worth and gearing improve significantly either
through large accretions or through significant equity infusion
resulting in improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is deterioration
in RMPL's working capital management resulting in stretched
liquidity or if the company undertakes a large debt funded capital
expenditure resulting in deterioration in its financial risk
profile.

Established in 1989 by Mr. S.R. Dhanushkodi Raja, RMPL is involved
in manufacturing and exporting of cotton yarn. Its manufacturing
capacity is located at Rajapalayam (Tamil Nadu).


RAVI METALLICS: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ravi Metallics
Limited's (RML) 'IND D(suspended)' Long-Term Issuer Rating. A full
list of rating actions is at the end of this commentary.

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

Ind-Ra suspended RML's ratings on 22 September 2014.

RML's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR48.6 million term loans: Long-Term 'IND D(suspended)';
    rating withdrawn
-- INR110 million fund-based limits: Long-Term 'IND
    D(suspended)'; rating withdrawn
-- INR15m non-fund-based limits: Short-term 'IND D(suspended);
    rating withdrawn


RICE TECH: CARE Assigns B+ Rating to INR6cr LT Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Rice Tech
Agromills.

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

Rating Rationale

The rating assigned to the bank facilities of Rice Tech Agro Mills
(RTAM) is constrained by relatively small scale of operations,
thin and fluctuating profit margin, working capital-intensive
nature of operations leading to moderately leveraged capital
structure and weak debt coverage indicators. The rating is also
constrained by the dependence on the vagaries of the monsoon and
presence in a fragmented industry, regulated by the government.

However, the rating derives strength from the long experience of
the promoters' family in agricultural industry and support
provided by the promoters and group entity by way of infusion of
capital and unsecured loan.

Going forward, the firm's ability to improve its scale of
operations along with improvement in profitability and efficient
management of the working capital cycle are the key rating
sensitivities.

RTAM was established in 1998 as a partnership firm by Mr A. M.
Koya, Mr A. M. Sijumon, Mrs Mini Koya, Mrs Laila Makkar and Mrs A.
M. Seemon. The firm belongs to the 'Beepath' group. The group is
engaged in castings, manufacturing of black stone for building
materials and manufacture of sand from black stone. RTAM
is engaged in the business of rice milling (processing of paddy
into rice) and also into trading of rice (which constitute around
25% of the rice sales). The key raw material, paddy is procured
from farmers in Kerala, Tamil Nadu and Karnataka, whereas rice
(for trading) is purchased from Tamil Nadu. RTAM has a production
capacity of 40 MT per day and the average utilization is 80% over
the last 4 years.

The firm sells rice bags of 5 kg, 10 kg, 25 kg and 75 kg under the
brand name of 'Metro' and caters to the needs of both wholesaler
(90%) and retailers (10%). The by-product, rice bran obtained
while processing is sold to oil extraction units, and RTAM uses
husk as fuel for power generation for own consumption.

Metro Agro Mills (rated 'CARE B+' assigned in June 2015), a group
entity of MAM established in 2002, promoted by the same partners,
is also engaged in the business of rice milling and into trading
of rice.


ROTO INDIA: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Roto India
Enterprise's (RIE) 'IND D(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 RIE.

Ind-Ra suspended RIE's ratings on 22 April 2014.

RIE's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR200 million fund-based limits: Long-term
    'IND D(suspended)'
    and Short-term 'IND D(suspended)'; rating withdrawn
-- INR50 million non-fund-based limits: Short-term 'IND
    D(suspended)'; rating withdrawn


SAHANA JEWELLERY: CRISIL Suspends B+ Rating on INR1.7MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sahana
Jewellery Exports Pvt Ltd (SJEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              1.7       CRISIL B+/Stable
   Packing Credit in
   Foreign Currency       138.3       CRISIL A4

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

SJEPL, established in 1993, by the Coimbatore-based Mr. Ragunath,
a second generation jeweller, manufactures gold jewellery catering
primarily to the export market in the Middle East.


SAI SPONGE: Fitch Withdraws 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sai Sponge
(India) Limited's (SSL) 'IND BB-(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 SSL.

Ind-Ra suspended SSL's ratings on 15 September 2014.

SSL's ratings:

-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR80 million cash credit limits: 'IND BB+(SO)(suspended)';
    rating withdrawn
-- INR20 million non-fund-based limits: 'IND A4+(suspended)';
    rating withdrawn


SANT FOODS: ICRA Reaffirms 'B' Rating on INR15cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating for the INR15.00 crore
(reduced from INR17.00 crore) fund based facilities of
Sant Foods Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based limits        15          [ICRA]B (reaffirmed)

The rating action factors in SFPL's weak financial profile as
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators coupled with high
working capital requirements. The rating also takes into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions. The rating, however favorably takes into
account long standing experience of promoters in rice industry and
the proximity of the mill to major rice growing area which results
in easy availability of paddy.

Sant Foods Private Limited (SFPL) was established in the year
2008. The Company is primarily engaged in the milling of rice with
an installed capacity of 6 tons per hour. The company has 2 sortex
machines with the capacity of 5 tons/hour and 2 tons/hour. The
company is professionally is managed by Mr. Pradeep Wadhwa.

Recent Results
During the financial year 2013-14, the Company reported a profit
after tax (PAT) of INR0.13 crore on an operating income of
INR44.13 crore as against PAT of INR0.10 crore on an operating
income of 40.09 crore in FY13. During FY15, on a provisional basis
the, the company has achieved sales of INR34.31 crore.


SANTOSH PULSE: CARE Assigns B+ Rating to INR6cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Santosh
Pulse Mill.

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

Rating Rationale

The rating assigned to the bank facilities of Santosh Pulse Mill
is primarily constrained on account of its small scale
of the operations in the highly fragmented and competitive agro-
processing industry and its weak financial risk profile
marked by decrease in total operating income during FY14 (refers
to the period April 1 to March 31), thin profit margins,
leveraged capital structure, weak debt coverage indicators and
elongated working capital cycle. The rating is further
constrained on account of its constitution as a proprietorship
firm and impact of government policies towards export of pulses.

The rating, however, takes comfort from the experience of the
promoters in the industry coupled with long track record
of the operations of SPM.

The ability of SPM to improve the overall scale of operations
along with the improvement in profit margins, capitalstructure and
efficient management of working capital requirements are the key
rating sensitivities.

Dabhoi-based (Vadodara) SPM is a proprietorship firm engaged
mainly in processing and trading of Pigeon pea (Tur Dal).
Established in the year 1998, the main product of SPM is Pigeon
pea (Tur Dal) and is sold under the brand name of "SHIVAM TUR
DAL". SPM is promoted by Mr Ashok Brijlal Jethwani having an
experience of more than 15 years in the agro industry. Earlier in
1970, Mr Brijlal Jethwani along with his father and two brothers
established the business of trading of paddy and pulses and other
food grains. Later on in 1998, three brothers were separated and
Mr Ashok Jethwani started his own business of processing and
trading of pulses. SPMoperates from its sole manufacturing
facilities located at Vadodara with installed processing capacity
of 20MTPD as on March 31, 2015.

During FY14, SPM reported a TOI of INR17.56 crore and PAT of
INR0.14 crore as against a TOI of INR22.52 crore and a PAT
of INR0.14 crore during FY13. Furthermore, as per the provisional
results for FY15, SPMregistered a TOI of INR18.50 crore.


SARASWATI PIGMENTS: CRISIL Suspends 'D' Rating on INR41.9MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Saraswati Pigments Pvt Ltd (SPPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL D
   Proposed Long Term
   Bank Loan Facility       13.1      CRISIL D
   Term Loan                41.9      CRISIL D

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

SPPL is promoted by Mr. Kamlesh Patel and his brother Mr. Arshad
Patel. The company was taken over by the Patel family from Mr.
Shivshankar Shah and Mr. Gopal Krishna Sharma in April 2010.


SHAKAMBHARI KNITTING: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shakambhari
Knitting Private Limited's (SKPL) 'IND BB-' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. This
rating will now appear as 'IND BB-(suspended)' on the agency's
website.

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 SKPL.

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.

Shakambhari Knitting's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'
-- INR35 million term loans: migrated to 'IND BB-(suspended)'
    from 'IND BB-'
-- INR50 million fund-based working capital limits: migrated to
    'IND BB-(suspended)' from 'IND BB-'


SHATAKSHI ENTERPRISES: CRISIL Suspends B Rating on INR5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shatakshi Enterprises Pvt Ltd (SEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               5        CRISIL B/Stable
   Letter of credit &
   Bank Guarantee           75        CRISIL A4

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

Incorporated in 2006, SEPL trades in steel scrap and other steel
products. The company was founded by Mr. Rahul Agarwal and his
brother Mr. Manish Agarwal.


SHREE PADMAVATI: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Padmavati Sortex Pvt Ltd (SPSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       40        CRISIL B/Stable
   Term Loan                10        CRISIL B/Stable

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

Incorporated in 2010, SPSPL is promoted by Ahmedabad (Gujarat)-
based Mr. Prakash Shah and his two sons, Mr. Pritesh Shah and Mr.
Tejas Shah. The company processes various agro'commodities such as
wheat, chick peas, and rice.


SRI LAKSHMI: ICRA Reaffirms 'B' Rating on INR16.43cr Loan
---------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B to INR16.43
crore fund based limits and INR3.57 crore unallocated limits of
Sri Lakshmi Venkateswara Hygienic Foods.

The reaffirmation of the rating continues to reflect the delays in
project completion, and the likely pressure on cash flows in the
stabilisation period. The rating also takes into account the the
significantly debt funded nature of the project, which is likely
to put pressure on the capitalization and coverage indicators in
the initial period. The credit profile of the company, following
the commissioning of the project, is also likely to be constrained
by intensely competitive nature of the rice milling industry with
the presence of several small-scale players. The company's
operations will also be susceptible to agro-climatic risks
impacting the availability of paddy in adverse weather conditions
and any changes in government regulations. The rating however
takes comfort from the longstanding experience of the promoter in
the rice milling and trading business; the easy availability of
paddy on account of the proximity of the plant to a major paddy
cultivating region; and the favourable demand prospects for rice
with India being the second largest producer and consumer of rice
internationally.

Going forward, generating sufficient cash accruals towards the
repayment of term loan and effectively manage working capital
requirements form the key rating sensitivities.

Sri Lakshmi Venkateswara Hygienic Foods Private Limited (SLVHFPL)
was incorporated as a private limited company in February 2014.The
Company commenced its operations in March 2015 and is engaged in
milling of paddy to produce raw and boiled rice. The company is
promoted by Mr. S Srinivas and other family members. The installed
capacity of the plant is 16 tons per hour and is located at
Balabhadrapuram village in the East Godavari District of Andhra
Pradesh.


SRI SRINIVASA: CRISIL Suspends 'B' Rating on INR49MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri
Srinivasa Cotton Industries (SSCI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B/Stable
   Long Term Loan           26        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       49        CRISIL B/Stable

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

Incorporated in 2011, SSCI is in the process of setting up a
cotton ginning unit at Aloor Village in Andhra Pradesh. SSCI is
promoted by Mr.Dhanpal Suryanarayan, Mr.Gururaj Chidrawar, Mr.
Surender Mittapalli, Mr. Ramesh Kumar Surpapur and Mr. Tallam
Kumara Satish.


STELLA UDYOG: CARE Assigns 'B+/A4' Rating to INR7cr Loan
--------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Stella Udyog.

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

Rating Rationale
The ratings assigned to the bank facilities of Stella Udyog are
primarily constrained on account of its nascent stage of
operations, working capital-intensive nature of operations and its
presence in the highly competitive and fragmented textile trading
business.

However, the ratings derive strength from the long experience of
the promoters in the trading of knitted fabric and hosiery
garments through its associate concern.

The ability of Stella to quickly stabilize its operations and
achieve the envisaged level of sales and profitability and manage
its working capital requirement efficiently are the key rating
sensitivities.

Stella was incorporated on November 29, 2014, as a partnership
firm by its partner;Mr Prem Prakash Bansal to engage in
trading business of knitted fabric which is to be used for the
manufacturing of hosiery garments by its customers. Mr
Prem Prakash Bansal has jointly promoted this entity withM/s
Advaith Investment Ltd (AIL) which is a family concern and
was incorporated as an investment entity in May 2008. The flagship
entity of the promoters, namely, Yug Industries is also
engaged in the trading of knitted fabric and hosiery garments
sinceMay 2011. The commercial trading activity of Stella
has started from January 2015.


SUJIT MACHINO: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sujit Machino
Construction Pvt Ltd's (SMCPL) 'IND BB(suspended)' Long-Term
Issuer Rating. The agency has also withdrawn SMCPL's INR150.0m
fund-based limits' 'IND BB(suspended)' rating.

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

Ind-Ra suspended SMCPL's ratings on 23 September 2014.


SURAJ PRECISION: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suraj Precision Engineering Works Pvt Ltd (SPEWPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL D
   Long Term Loan           20        CRISIL D
   Proposed Long Term
   Bank Loan Facility       21.6      CRISIL D

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

SPEWPL was set up in 1979 in Chennai (Tamil Nadu) by Mr. Sushil
Haridass and Mr. C K Haridass. It manufactures automotive
components, including steering races and retainers for two
wheelers.


SURYATEJA POWER: CRISIL Suspends 'D' Rating on INR196.8MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suryateja Power Projects Pvt Ltd (SPPPL).

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              22.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility        0.7      CRISIL D
   Term Loan               196.8      CRISIL D

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

SPPPL (formerly, Venkataraya Fibers Pvt Ltd) was incorporated in
Hyderabad (Andhra Pradesh) in 2002. The company operates a 6
megawatt biomass power plant in Beechpally Village in Mahboobnagar
District (Andhra Pradesh). The plant has been operational since
April 2007. SPPPL has a 20 year PPA with APTRANSCO.


THIRUPUR SURIYA: CRISIL Cuts Rating on INR515MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Thirupur Suriya Textiles Pvt Ltd (TSTPL; part of the Thirupur
Suriya group) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            515        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Long Term Loan         306        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan              121        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital        454        CRISIL D (Downgraded from
   Term Loan                         'CRISIL B/Stable')

The rating downgrade reflects instances of delay by the Thirupur
Suriya group in repayment of its term loan. The delays were due to
the group's weak liquidity marked by inadequate cash accruals for
meeting repayment obligations.

The Thirupur Suriya group has a below-average financial risk
profile, marked by high gearing and weak debt protection metrics.
It also has customer concentration in its revenue profile, and is
susceptible to fluctuations in the value of the Indian rupee.
However, the group benefits from its established market position
across the textile value chain.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TSTPL and Tiruppur Surya Hitech Apparel
Pvt Ltd (TSHAPL). This is because the two entities, together
referred to as the Thirupur Suriya group, are part of a textile
value chain under a common management, and have interdependent
commercial transactions and centralised raw material procurement
and marketing arrangements.

The Thirupur Suriya group is a four-decade-old player in the
textile industry. Its operations are vertically integrated, with
spinning, knitting, dyeing, compacting, printing, stitching, and
embroidery facilities. It owns end-to-end facilities for
conversion of cotton into ready-made knitwear. The group is
managed by Mr. K Kuppusamy.


UMESH & BROS.: ICRA Assigns B+ Rating to INR12cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR12.00
crore non-fund based and INR3.00 crore fund based bank facilities
of M/s. Umesh & Bros. Construction.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term fund-based-
   Cash Credit               3.00        [ICRA]B+ assigned

   Long-term non-fund-
   based Bank Guarantee     12.00        [ICRA]B+ assigned

The assigned rating takes into account promoter's track record of
over two decades in executing railway contract which has enabled
UBC to garner repeat orders. The rating also reflects the healthy
order book position as on May 31, 2015 at INR51.24 crore (order
book/OI ratio of 2.1x) which, in turn, provides adequate revenue
visibility in the medium term. The rating is also supported by the
positive outlook for investment in the railway construction
sector. The rating is, however, constrained by the highly
fragmented nature of the industry with presence of a large number
of players which, in turn, exerts pressure on margins. The rating
also takes into account the high geographic concentration with
Maharashtra accounting for the entire order book and high
dependence on the railway sector as ~95% of the orders in hand as
on May 31, 2015 were awarded by railways. ICRA also notes that
while the profitability margins are susceptible to fluctuations in
raw material prices, the delay in availability of land, approvals
and change in scope of project may slowdown the pace of execution.

M/s. Umesh & Bros. Construction (UBC) was incorporated in 1992 as
a partnership firm by three brothers Mr. Umesh Munde, Mr. Abhay
Munde and Mr. Dinesh Munde. It was converted into a proprietorship
concern in January 2001. UBC undertakes electrification works for
railways which includes design, supply, erection, testing and
commissioning of OHEs, overhead line replacement and maintenance
work.

Recent Results
In FY2014, UBC reported a profit after tax (PAT) of INR1.42 crore
on an operating income of INR18.22 crore. As per the unaudited
results for FY2015, UBC has registered sales of INR24.60 crore.


UNITED ELECTRIC: CRISIL Suspends 'B' Rating on INR133.4MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of United
Electricals and Engineering Pvt Ltd (UEEPL).

The suspension of ratings is on account of non-cooperation by
UEEPL with CRISIL's efforts to undertake a review of the ratings
outstanding.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Bank Guarantee             20       CRISIL A4
   Cash Credit                23.5     CRISIL B/Stable
   Proposed Bank Guarantee    20       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        133.4     CRISIL B/Stable
   Term Loan                   3.1     CRISIL B/Stable

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

Incorporated in 2004, UEEPL manufactures transformers at its
manufacturing facility in Behrampur (Odisha). The company's day-
to-day operations are managed by Mr. Pradeep Nayak, Mr. Pramod
Nayak and Mr Prakash Nayak.


VFPL ASIPL: CRISIL Suspends B+ Rating on INR42.5MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
VFPL ASIPL JV Company (VAJC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          16.3       CRISIL A4
   Cash Credit             42.5       CRISIL B+/Stable

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

VAJC, set up in 2010, is a joint venture between Vinay Fastners
Pvt Ltd and Aloke Steels Industries Pvt Ltd (rated 'CRISIL
BBB/Negative/CRISIL A3+'). It was established to undertake a
mining tender in Lakhanpur (Jharsuguda District, Odisha) worth
INR984 million from MCL in 2010. Commercial operations started in
2011-12 (refers to financial year, April 1 to March 31) and the
tender is expected to be completed in the third quarter of 2015-
16.


VIJETA BEVERAGES: ICRA Suspends 'D' Rating on INR35cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR35.0 crore cash credit limits of Vijeta Beverages Pvt. Ltd.
ICRA has also suspended the short term rating of [ICRA] D assigned
to the INR0.25 crore bank guarantee of Vijeta Beverages Pvt. Ltd.
The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


WESTERN HILL: CRISIL Cuts Rating on INR191.2MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Western Hill Foods Ltd (WHFL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      58.8       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

   Term Loan              191.2       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects instances of delay by WHFL in
servicing its debt; the delays have been due to WHFL's weak
liquidity, resulting from its initial stage of operations with
limited ramp-up and hence, low cash accruals.

WHFL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and large working
capital requirements. However, the company benefits from the
extensive experience of its promoters and their funding support.

WHFL was set up in 2008 in Mumbai to start a cold chain facility
for various vegetables and fruits. Mr. Bhagwan Malharrao Bende,
Mr. Vivek Prataprao Walse Patil, and Mr. Girish Kumarpal Samdadia
are the company's promoters. Mr. Bende has been a wholesaler of
fruits and vegetables for the past three decades at the
Agriculture Produce Market Committee market in Mumbai, through his
firm, Malharrao Baurao & Co.



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


SHARP CORP: Future Relies on Apple After Banks Infuse JPY200BB
--------------------------------------------------------------
Finbarr Flynn and Tesun Oh at Bloomberg News report that Sharp
Corp. forked over some of its equity to banks last week after
defaulting on debt to the lenders, winning a new lease on life
that leaves it dependent on their goodwill and the support of
Apple Inc., its biggest customer.

Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group
Inc. injected JPY200 billion into the nation's biggest seller of
liquid-crystal televisions in what Standard & Poor's called a "de
facto debt-for-equity swap." S&P cut Sharp's rating to selective
default on June 30, the day it sold preference shares to the
lenders to repay debt. The rating company raised the score by six
levels the next day to reflect the improved balance sheet due to
the stock sale, the report recalls.

Bloomberg notes that Sharp depends on Apple for 20 percent of
sales and is facing more losses even as Japanese rivals including
Panasonic Corp. and Sony Corp. recover. Sharp's credit default
risk remains the highest among Asian technology companies at 680
basis points, Bloomberg discloses citing CMA data, as lower-cost
competitors undercut it in producing liquid-crystal displays used
in everything from smartphones to TVs.

"From the banks' perspective, the debt-equity swap may be their
final notice to Sharp," Bloomberg quotes Mana Nakazora, the chief
credit analyst in Tokyo at BNP Paribas SA, as saying. "Dependence
on mobile phones is quite scary, and it is a very volatile area."

Sharp reported a loss of JPY222.3 billion for the year ended March
31, bringing combined losses in the past four years to JPY1.13
trillion, Bloomberg discloses. The Osaka-based company cited a
drop in sales amid intensifying competition in its LCD businesses,
together with restructuring costs, the report states.

"Sharp faces heightened business risk in its main liquid crystal
display operation because of a maturing market and shorter
business cycles," Bloomberg quotes S&P as saying in a statement on
July 1, when it raised its rating on the company to B-, six levels
below investment grade.

S&P views Sharp's situation as "very severe," Makiko Yoshimura, an
analyst at the rating company, told Bloomberg.

The company still needs to repay short-term borrowings totaling
about JPY640 billion, according to S&P calculations, Bloomberg
relays.

Even as sales to Apple rose to 19.8 percent of the total in the
year ended March 3, from 11.8 percent in the previous 12 months,
Sharp is facing competition for the iPhone maker's business not
only from overseas rivals but also domestically, Bloomberg notes.

Under Sharp's three-year plan to March 2018 released in May, the
company said it will withdraw from underperforming businesses,
including terminating its TV operations in Europe, Canada and
Australia. It also plans to pare its workforce 10 percent, sell
its headquarters and shrink its solar business, the report adds.

                         About Sharp Corp.

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

As reported in Troubled Company Reporter-Asia Pacific on
July 3, 2015, Standard & Poor's Ratings Services said that it has
raised its long-term corporate credit rating on Sharp Corp. to 'B-
' and its short-term corporate credit rating on the company to
'B', both from 'SD' (selective default). The outlook on the long-
term corporate credit rating is negative. On June 30, 2015, S&P
lowered the long- and short-term corporate credit ratings to 'SD'
because Sharp carried out a de facto debt-for-equity swap.  S&P
revised the ratings following completion of the transaction, which
resolved the situation that it defines as 'SD'.

S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch.  S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.


SOFTBANK GROUP: Moody's Affirms Ba1 Issuer Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Japan K.K. has affirmed SoftBank Group Corp.'s Ba1 issuer
rating and senior unsecured rating after reviewing results of
fiscal year ended March 31, 2015, and incorporating recent
developments.  Moody's has also affirmed the Ba1 senior unsecured
rating for Brightstar Corporation.

The outlook on all ratings is stable.

Concurrent with these actions and in-line with its usual global
practices for non-investment grade ratings, Moody's has withdrawn
the Ba1 issuer rating of SoftBank and replaced it with a Ba1
corporate family rating.  The change from issuer rating to
corporate family rating does not reflect a change in SoftBank's
overall credit quality.

RATINGS RATIONALE
"The rating affirmation reflects our view that, despite high
leverage, SoftBank maintains a significant degree of financial
flexibility with which to manage its rating, including a high
level of surplus cash and the potential to monetize its large and
unfettered stake in Alibaba Group Holdings Limited (A1 stable),
should it choose.", says Motoki Yanase, a Moody's Vice President
and Senior Analyst.

"Nevertheless we also recognize that SoftBank is highly
acquisitive and will continue to consider ongoing M&A
opportunities.  Such expectations are also built into the
company's ratings and our affirmation.", adds Yanase who is also
Lead Analyst for the company.

SoftBank's adjusted gross debt/EBITDA on a fully consolidated
basis including Sprint Corporation (B1 negative) stands at 5.5x on
March 31, this year.  While Moody's looks at gross debt/EBITDA as
a primary financial metric across the telecommunications industry
and many other sectors, we also recognize that SoftBank has
substantial unrealized gains from its previous investments, most
of which relate to its approximately 32% shareholding in Alibaba.

"The Alibaba investment gains as well as substantial surplus cash
holdings on SoftBank's balance sheet provide us with the
additional comfort that -- while SoftBank's outright level of
gross leverage is high for its rating -- the company retains very
substantial levers that currently counterbalance this high
leverage.", adds Yanase.

Moody's estimates that total unrealized gains from Alibaba
investments as of July 1, 2015, amounted to more than half of
SoftBank's adjusted total debt as of March 31, 2015.  Such
capacity represents a potential large reservoir of liquidity and
funding for the company should it require.  As a result, Moody's
also considers adjusted debt/EBITDA that reflects significant
potential liquidity from unrealized gain in Alibaba investment.

SoftBank has a clearly articulated plan to expand its Internet
business offshore via acquisitions and has a substantial cash pile
that it could deploy to fund this growth.  Moody's expects the
company will take a measured approach and assess the likely return
on investment and adhere to its strict internal requirements for
investment returns.  However, if SoftBank pursues acquisitions
aggressively, weakening its leverage further or substantially
weakening its present liquidity, its ratings will come under
pressure.

Going forward, Moody's will also include Sprint Corporation in its
assessment of SoftBank's financial strength, focusing on the
consolidated figures albeit that Moody's recognizes that Sprint
currently operates as a stand-alone entity with autonomous
financing and SoftBank has no announced plan to provide financial
support.

This modification in approach reflects Moody's view that as
Sprint's credit quality comes under increasing pressure and given
its sizeable initial investment, Moody's cannot now rule out the
possibility that SoftBank will at some point provide direct
support to Sprint, should it be required.  Despite recent
improvements in customer retention and subscription, it may still
take some time for Sprint's credit metrics to show a clear
improvement.

SoftBank's rating is supported by its significant size and large
scale, with revenue exceeding JPY8.6 trillion (about USD70
billion) in the fiscal year ended March 2015 (FYE3/2015), as well
as the company's position as the second-largest mobile
telecommunication operator as measured by the number of
subscribers in the domestic market.

The ratings could be upgraded if SoftBank improves its
profitability and debt leverage such that adjusted EBITDA margin
stays above 35% and adjusted gross debt/EBITDA falls below 3.5x.
In addition, the company will need to demonstrate ongoing
excellent maintenance of liquidity and access to capital markets
as well as bank funding.

On the other hand, the ratings could be downgraded if we expect
SoftBank's adjusted EBITDA margin to remain below 30%.  The
ratings could also be downgraded if the company's adjusted gross
debt/EBITDA -- fully consolidated including Sprint - exceeds 5.5x
on a sustained basis.  Significant depletion of liquidity
currently on its balance sheet or values in its investments --
including its key Alibaba investment - would be likely to increase
downward rating pressure.

SoftBank Group Corp. is a Japanese holding company with operations
in mobile and fixed-line telecommunications, broadband, Internet,
gaming and other businesses.  Its subsidiary, SoftBank Corp., is
the second-largest mobile telecommunication operator in Japan
measured by the number of subscribers.



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


HANOVER FINANCE: Watson Not Contributing to NZ$18MM Settlement
--------------------------------------------------------------
Fiona Rotherham at BusinessDesk reports Hanover Finance former
shareholder Eric Watson isn't contributing to the NZ$18 million
settlement reached between the Financial Markets Authority and
directors and promoters of the group two months before a civil
claim was due to be heard in court.

His name is omitted from the settlement agreement which lists
contributions from the other five directors and promoters --
Mark Hotchin, Tipene O'Regan, Greg Muir, Bruce Gordon and Dennis
Broit, says BusinessDesk.  According to the report, the FMA
confirmed the negotiations had included insurers who provided the
directors indemnity insurance but wouldn't detail how much of the
NZ$18 million settlement came from insurance payouts.

Mr. Watson was not a director of any of the three companies,
Hanover Finance Ltd (HFL), Hanover Capital Ltd (HCL) and United
Finance Ltd (UFL), and therefore, would have been unable to claim
on insurance, BusinessDesk discloses. He has also refused to admit
he was a promoter of the company as claimed by the FMA, the report
says.

BusinessDesk notes that the money will be distributed to eligible
investors who invested in the three companies in the period from
Dec. 7, 2007, to July 23, 2008. Of the 16,500 investors of all
three companies, it's estimated only 5,500 will be eligible for a
payout, and the sums involved also vary.

It's thought Hanover Finance deposit holders will get between
14 cents and 17 cents in the dollar, while United Finance secured
stockholders will get 16 cents to 20 cents in the dollar, and
Hanover Capital bondholders will get between 5 cents and 7 cents
in the dollar, according to BusinessDesk.

BusinessDesk says the FMA has hired Deloitte to work out
distributions on a pro rata basis and the first payment is
expected to be made in October.

The original action filed in 2012 by the FMA was a civil claim for
NZ$35 million and alleged misleading and untrue statements were
made in prospectuses and advertisements distributed by Hanover
between December 2007 and July 2008 about the financial position
of the companies in that period, BusinessDesk recalls.

According to BusinessDesk, the FMA said the case was unlikely to
be heard until next year.

The defendants, who continue to deny liability and dispute the
FMA's claims, are expected to release a media statement shortly,
the report notes.  Mr. Muir, who was about to board a plane in the
US, said "we're putting out a statement later in the piece and
I'll leave it at that," the report relays.

BusinessDesk adds that FMA head of enforcement Belinda Moffat said
the FMA had investigated events prior to and after the period
involved in the civil claim, including the later moratorium
Hanover Capital investors agreed to in 2008, but felt the period
of December 2007 to July 2008 provided the strongest evidence to
take a case to court.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.



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


BANCO FILIPINO: PDIC Files Criminal Charges vs. Ex-officers
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed with the
Department of Justice a criminal complaint against 20 former
stockholders and officers of the closed Banco Filipino Savings and
Mortgage Bank and its related entities for conducting business in
an unsafe and unsound manner that resulted in estimated losses of
PHP1.4 billion to the bank. Banco Filipino is a 62-unit bank
ordered closed by the Monetary Board and placed under receivership
of the PDIC on March 17, 2011.

Conducting business in an unsafe and unsound manner is in
violation of Republic Act 3591, as amended or the PDIC Charter,
and of RA 8791 or the General Banking Law of 2000.

Charged were Banco Filipino officers namely: Albert C. Aguirre,
Director and Vice Chairman (also stockholder of BF Citi and sole
receiver of BF Homes, Inc. (BF Homes) at the time the alleged
violation was committed) ; Teodoro O. Arcenas, Jr., Director and
Chairman; Orlando O. Samson, Director and Executive Vice President
(also Director of BF Homes); Lualhati L. D. Nicolas, Executive VP;
Jovito N. Hernandez, Executive VP; Serafin P. Tongco, Senior VP;
Romeo M. Avila, Senior VP; Delfin M. Dimagiba, Director and
Treasurer (also a BF Citi stockholder); Elena L. Pallasigue,
Assistant VP; Dionisio M. Domingo, VP; Directors Conrado P. Banzon
and Cesar S. Paguio; Grace L. Daguna, Assistant Manager; Maxy S.
Abad, Executive VP (also Chairman and President of Filipino
Vastland Company (Vastland), Director and Vice Chairman of BF
Citi, BF General Insurance Co., Inc. (BF General) and BF Life
Insurance Corporation (BF Life), and Treasurer of BF Homes); and
officers of related entities namely: Virginia V. Serrano, Director
and President of BF Citi (also Assistant Treasurer of Glamor
World, Inc. (Glamor), and stockholder of Pro Managers, Inc.); BF
Homes VPs Rosalina E. Tacolod and Mary Lou A. Vasquez; Antonio S.
Calleja, Executive VP (BF Citi); Jerome H. Velhagen, Treasurer
(Glamor); and Joseph C. Velhagen, Sr., Director (Glamor and
Vastland).

BF Homes, BF Citi, BF General, BF Life, Glamor and Vastland are
entities related to the Bank.

The complaint alleged that in 2001, the respondents took advantage
of their positions and connived with officers and stockholders of
Banco Filipino and its related entities to sell the bank's Head
Office property to BF Homes for P685 million and use the Bank's
funds to pay for the purchase. The alleged sale took place when BF
Homes did not have the financial capacity to pay for the sale,
having been under rehabilitation. Records of the bank revealed
that Banco Filipino granted questionable loans in favor of
Vastland and Glamor. Both entities allegedly have negative credit
standings with at least 20 other banks. The loans were allegedly
secured by overvalued properties of BF Homes, BF General and BF
Life. These loan proceeds were supposedly to be used by Vastland
and Glamor to acquire and develop real estate properties in
Cavite. However, the loan proceeds were allegedly diverted to fund
the checks of BF Homes which were used to pay for the purchase of
the Head Office premises. These transactions showed that the bank
used its own funds to buy its own property.

The complaint also alleged that respondents planned to transfer
its service offices to a cheaper property located in Las PiĀ¤as, to
help generate income or savings for the bank to justify the sale
of its Head Office property. However, the bank did not relocate
and instead rented said Head Office from BF Homes until the bank
was ordered closed in 2011.

The complaint further alleged that respondents also made Banco
Filipino pay BF Homes rental fees higher than prevailing rates
with the bank paying an estimated total amount of P844.7 million
from 2001 to 2011. Moreover, they orchestrated other fraudulent
activities and irregular transactions over the same 10-year
period.

The filing of charges against officers of the closed Banco
Filipino is consistent with PDIC's efforts to protect the
depositing public and to bring to justice parties that engage in
acts that will put depositors and the Deposit Insurance Fund (DIF)
at risk. The PDIC continues to pursue legal actions against bank
officials and personnel who engage in unsafe and unsound banking
practices that pose grave threats to the stability of the
country's banking system. The PDIC is mandated to generate,
preserve, maintain faith and confidence in the country's banking
system, and protect it from illegal schemes and machinations.



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


DCS ASSET: Fitch Affirms 'BBsf' Rating on Class C Notes
-------------------------------------------------------
Fitch Ratings has affirmed DCS Asset Funding Pte. Ltd. (DCS). The
transaction is a securitization of credit card and charge card
receivables in Singapore originated by Diners Club (Singapore)
Private Limited (Diners Singapore).

The rating actions are as follows (balance as of 8 June 2015):

SGD9 million (outstanding balance out of SGD10m facility) working
capital facility due September 2016 affirmed at 'A-sf'; Outlook
Stable
SGD100 million class A1 fixed-rate notes due September 2018
affirmed at 'A-sf'; Outlook Stable
SGD34.8 million class A2 floating-rate notes due September 2018
affirmed at 'A-sf'; Outlook Stable
SGD10.6 million class B floating-rate notes due September 2018
affirmed at 'BBBsf'; Outlook Stable
SGD8.9 million class C floating-rate notes due September 2018
affirmed at 'BBsf'; Outlook Stable

KEY RATING DRIVERS

The affirmation reflects Fitch's view that the performance of the
underlying assets has remained within expectations, and that
credit enhancement (CE) is sufficient to support the current
ratings. The transaction benefits from the strength of the
Singapore economy.

Singapore's economy continues to perform well with the economy
growing by 2.9% in 2014. Fitch forecasts real GDP growth at 3.2%
in 2015 and 3% in 2016 due to its strong fundamentals, including a
high-income economy, respect for the rule of law, high-quality
core public institutions, and a business-friendly environment. The
external finances, policy framework and investment climate are
important buffers that insulate the economy during shocks; this is
despite a high degree of vulnerability because it is a small and
open economy. The unemployment rate has been fairly low, dropping
to 1.8% in 1Q15. The combination of steady economic expansion and
low unemployment rate should support the growing credit-card
industry.

Delinquencies, defaults, payment rates and excess spreads of the
transaction have been at stable levels since the last review.
Payment rates have tracked upward in the last 12 months as the
portion of charge cards increased, which tend to have higher
payment rates. In terms of the excess spreads, the transaction's
monthly net yields were in the range of 0.7%-1.8% during the
period July 2014-May 2015 with an average of 1.4%, and the most
recent three-month average annualised net yield reported at 1.54%
(May 2015). No losses have been realised since closing.

According to the May 2015 servicer report, the three-month rolling
average delinquency ratio was 0.92%, well below the transaction's
3% early amortisation trigger. At the same time, the three-month
rolling default rate was 0.67%, well below the transaction's 2%
early amortisation trigger. Fitch expects delinquencies and
defaults to remain stable given the strength of Singapore economy.

RATING SENSITIVITIES
Fitch considers an upgrade to be unlikely over the next 12 months
given there is a 14-month revolving period remaining.

The ratings on the working capital facility, and class A1 and A2
notes would be lowered by one notch to 'BBB+sf' if the base case
default rate increases by 42%, keeping all other factors constant.

The rating on the class B notes would be lowered by one notch to
'BBB-sf' if the base case default rate increases by 18%, keeping
all other factors constant.

The Class C notes' rating would be lowered by one notch to 'BB-sf'
if the base case default rate increases by 4%, keep all the other
factors constant.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action

DATA ADEQUACY

Fitch conducted a file review of 20 sample loan files focusing on
the underwriting procedures conducted by Diners Singapore compared
to Diners Singapore's credit policy at the time of underwriting.
Fitch has checked the consistency and plausibility of the
information and no material discrepancies were noted that would
impact Fitch's rating analysis.

Initial Key Rating Drivers and Rating Sensitivities are described
further in the New Issue report dated 6 September 2011.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***