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

                      A S I A   P A C I F I C

           Wednesday, August 19, 2015, Vol. 18, No. 163


                            Headlines


A U S T R A L I A

ALLSTATES TRUCK: First Creditors' Meeting Set For Aug. 25
BIS INDUSTRIES: Set to Receive a Lifeline
FEAROCIOUS BUYING: First Creditors' Meeting Slated For Aug. 26
OAQ GROUP: First Creditors' Meeting Slated For Aug. 25
S AND J CIVIL: First Creditors' Meeting Slated For Aug. 26

SERVICE TRUCK: First Creditors' Meeting Set For August 25


C H I N A

FANTASIA HOLDINGS: Moody's Retains B2 CFR After 1H 2015 Results
INTERNATIONAL TEXTILE: Posts $4.4 Million Net Income for Q2
YANLORD LAND: 1H 2015 Results Support Ba3 CFR, Moody's Says
YINGDE GASES: Moody's Lowers Corporate Family Rating to B1


I N D I A

AGARWALA'S POLYTRADE: Ind-Ra Cuts LT Issuer Rating to 'IND BB-'
ALIZ CERAMIC: CRISIL Assigns 'B' Rating to INR30MM Term Loan
AMRITESH AGRO: CRISIL Assigns B+ Rating to INR65MM Cash Loan
ARM OVERSEAS: CRISIL Reaffirms 'B' Rating on INR250MM Cash Loan
ASHISH ENTERPRISES: CRISIL Assigns B+ Rating to INR50MM Loan

BAL CHAND: CRISIL Assigns B+ Rating to INR55M Cash Credit
BHABANI PRINT: ICRA Reaffirms 'D' Rating on INR4.71cr Term Loan
BHASKAR FERTILIZERS: ICRA Reaffirm B Rating on INR7.5cr Cash Loan
DIN DAYAL: CRISIL Reaffirms B+ Rating on INR600MM Cash Loan
E-CENTRIC SOLUTIONS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating

G. J. AGRO: CRISIL Raises Rating on INR55MM LT Loan to 'B'
JAI DURGA: ICRA Assigns 'B' Rating to INR8.25cr Term Loan
JOHNSON JEWELLERS: CRISIL Reaffirms B+ Rating on INR200MM Loan
KASHTBHANJAN GINNING: CARE Rates INR5.03cr Long Term Loan at B+
LOHCHAB MOTOR: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan

M. K. HEEMGHAR: CRISIL Assigns B- Rating to INR55MM LT Loan
MAHANT OVERSEAS: CRISIL Reaffirms B+ Rating on INR200MM Loan
MAHAVIR ORE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'
MALLIKARJUN CONSTRUCTION: CRISIL Reaffirms C Rating on INR5M Loan
MUDIT ENTERPRISES: Ind-Ra Assigns IND BB Long-Term Issuer Rating

MULPURI FOODS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
NEERAJAKSHA IRON: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
NEW JAI: CARE Assigns 'D' Rating to INR11cr Long Term Loan
NILESH STEEL: CRISIL Cuts Rating on INR120MM Loan to 'D'
P.A.S. PETRO: CRISIL Assigns B Rating to INR35MM Cash Loan

PEATON ELECTRICAL: CRISIL Reaffirms B+ Rating on INR29MM Loan
PEENANG INFRA: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
PERMESHWER CREATIONS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
PURUSHOTTAM JAIRAM: CRISIL Reaffirms C Rating on INR25MM Loan
RSV RICE: ICRA Assigns 'B' Rating to INR10cr Long Term Loan

SAHIB TRADELINKS: CARE Assigns B+ Rating to INR25cr LT Loan
SCC PROJECTS: ICRA Assigns 'B' Rating to INR14cr Fund Based Loan
SONA RICE: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Loan
SPI PROPERTIES: ICRA Reaffirms B+ Rating on INR7.09cr LT Loan
SRI BALMUKUND: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'

STARSHINE NIRMAN: Ind-Ra Cuts LT Issuer Rating to 'IND BB-'
SUNFAME CERAMIC: CRISIL Reaffirms B+ Rating on INR43.5MM Loan
UNILEC ENGINEERS: CRISIL Cuts Rating on INR55MM Cash Loan to B+
VAMA INDUSTRIES: Ind-Ra Suspends IND BB- Long-Term Issuer Rating


I N D O N E S I A

BANK PERMATA: Moody's Rates Tier 2 Sub. Debt Securities (P)Ba3


J A P A N

SONY CORPORATION: Fitch Affirms 'BB-' Issuer Default Ratings


N E W  Z E A L A N D

GREENSHELL NEW ZEALAND: Maori Family Reclaims Mussel Farm


P H I L I P P I N E S

FARMERS' RURAL: Placed Under PDIC Receivership


                            - - - - -


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


ALLSTATES TRUCK: First Creditors' Meeting Set For Aug. 25
---------------------------------------------------------
Peter Hedge of Hedge & Associates was appointed as administrator
of Allstates Truck & Commercial Rental Pty Ltd on Aug. 13, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Colin Biggers and Paisley, Level 35 Waterfront
Place, 1 Eagle St, in Brisbane, Queensland, on Aug. 25, 2015, at
9:30 a.m.


BIS INDUSTRIES: Set to Receive a Lifeline
-----------------------------------------
Bridget Carter & Gretchen Friemann at The Australian report that
Bis Industries is set to be thrown a lifeline with the imminent
reset of its covenants surrounding as much as AUD1 billion in
debt.

Bis, owned by private equity firm KKR, specialises in custom off-
road heavy haulage services for the mining industry but has been
hit hard by the downturn, according to The Australian.

Earlier this year, chief executive Ian Lynass left after the firm
lost a contract with Fortescue Metals, accounting for 60% the
company's earnings before interest and tax, the report recalls.

The Australian relates that a steering committee among Bis'
bankers is understood to be examining recutting the terms of the
existing facility, which extends to 2018. Even so, Bis must still
grow revenue in the current conditions, although the looser
covenants will give more headroom. Any renegotiations would come
with conditions, including a tightening up of Bis' undrawn debt
facilities, the report adds.

Bis Industries Group Limited is a provider of logistics services
to the Australian resources sector, where the company provides
services that are critical to the production phase of the resource
project life cycle.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2015, Moody's Investors Service downgraded the corporate
family rating of Bis Industries Group Limited to Caa1 from B3. At
the same time, Moody's has downgraded the rating on Artsonig Pty
Limited's ("Artsonig") 5 year USD 250 million senior unsecured PIK
notes to Caa3 from Caa2. Artsonig is a wholly owned subsidiary of
Bis Industries Group Ltd. The outlook on all ratings is negative.


FEAROCIOUS BUYING: First Creditors' Meeting Slated For Aug. 26
-------------------------------------------------------------
Graeme Beattie & Aaron Lucan of Worells Solvency were appointed as
administrators of Fearocious Buying Co. Pty Ltd, trading as The
Fearocious Feed, on Aug. 14, 2015.

A first meeting of the creditors of the Company will be held at
Parramatta RSL Club, Cnr O'Connell and Macquarie Streets, in
Parramatta, NSW, on Aug. 26, 2015, at 2:00 p.m.


OAQ GROUP: First Creditors' Meeting Slated For Aug. 25
------------------------------------------------------
Peter Hedge of Hedge & Associates was appointed as administrator
of OAQ Group Pty Ltd on Aug. 13, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Colin Biggers and Paisley, Level 35 Waterfront
Place, 1 Eagle St, in Brisbane, Queensland, on Aug. 25, 2015, at
9:32 a.m.


S AND J CIVIL: First Creditors' Meeting Slated For Aug. 26
----------------------------------------------------------
Anthony James Jonsson and Gerard John Mier of Grant Thornton
Australia Limited were appointed as administrators of S and J
Civil Pty Ltd, trading name as "S and J Civil" and "Mount Isa 24HR
Towing and Breakdown Service" on Aug. 14, 2015.

A first meeting of the creditors of the Company will be held at
Grant Thornton Australia Limited, Level 13, Cairns Corporate
Tower, 15 Lake Street, in Cairns, Queensland, on Aug. 26, 2015, at
11:00 a.m.


SERVICE TRUCK: First Creditors' Meeting Set For August 25
---------------------------------------------------------
Peter Hedge of Hedge & Associates was appointed as administrator
of Service Truck Solutions Pty Ltd on Aug. 13, 2015.

A first meeting of the creditors of the Company will be held at
13 Molloy Street, in Toowoomba, Queensland, on Aug. 25, 2015, at
3:32 p.m.



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


FANTASIA HOLDINGS: Moody's Retains B2 CFR After 1H 2015 Results
---------------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's B2 corporate family rating and B3 senior unsecured
rating are unaffected by its results for 1H 2015.

The ratings outlook is stable.

"Fantasia's 1H 2015 results support its B2 corporate family rating
because of its modest revenue growth, improved liquidity position
and strong sales execution," says Stephanie Lau, a Moody's
Assistant Vice President and Analyst.

Fantasia's revenue for the 12 months to June 30, 2015, was at
RMB8.0 billion, representing a 10% growth compared to its revenue
at end-2014.  Revenue growth was driven by a higher property
development revenue recognition amount, and an increase in
property investment, operation services and hotel operations.

"Fantasia's leverage, credit profile and liquidity position in 1H
2015 showed slight improvement compared to levels seen at end-
2014," adds Lau.

Adjusted debt fell by 9% at 30 June 2015 to RMB15.8 billion versus
the level seen at end-2014.  As a result of better revenue growth
and a slight fall in debt levels, revenue/adjusted debt in the 12
months to 30 June 2015 was at 51% versus 42% at end-2014.  Moody's
expects this ratio to remain at around 46%-48% over the next 12
months; a result which is weak for its B2 corporate family rating.

Fantasia's EBIT/interest for the rolling 12 months to June 30,
2015, was at 2.2x.  This result was unchanged from the level seen
at end-2014, and is adequate for its B2 corporate family rating.

Moody's expects that the company's interest coverage will remain
at around 2.0x-2.2x over the next 12 months.

Fantasia's liquidity ratio of 103% is adequate, as shown by its
RMB4.5 billion in cash on hand at end-June 2015 -- excluding
Colour Life Services Group Co., Limited's (unrated) cash on hand
of RMB3.7 billion -- versus RMB3.6 billion in short-term debt in
the same period.

Moody's notes that Fantasia's successful issuance of USD200
million in offshore bonds in May 2015 improved slightly its
liquidity profile, and extended its debt maturity profile.

In 1H 2015, Fantasia's contracted sales increased by 125% year-on-
year to RMB4.0 billion.

As for sales in the first seven months of 2015, the figure totaled
RMB5.7 billion; representing 52% of its full year target.  Moody's
believes Fantasia will achieve its full year sales target of RMB11
billion for 2015.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Fantasia Holdings Group Co., Limited is a property developer
established in 1996.  It listed on the Hong Kong Stock Exchange in
November 2009.

At June 30, 2015, its land bank totaled 14.71 million square
meters of gross floor area -- excluding lots under framework
agreements -- mainly in the Chengdu-Chongqing Economic Zone and
the Pearl River Delta.


INTERNATIONAL TEXTILE: Posts $4.4 Million Net Income for Q2
-----------------------------------------------------------
International Textile Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to common stock of $4.4 million on $157
million of net sales for the three months ended June 30, 2015,
compared to a net loss attributable to common stock of $14.8
million on $156 million of net sales for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss attributable to common stock of $278,000 on $301.4 million of
net sales compared with a net loss attributable to common stock of
$23 million on $300.6 million of net sales for the same period
during the prior year.
As of June 30, 2015, the Company had $325 million in total assets,
$384 million in total liabilities, and a stockholders' deficit of
$59 million.

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

                        http://is.gd/DvCFII

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam. ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.
International Textile reported a net loss attributable to common
stock of $15.4 million on $595 million of net sales for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
stock of $10.9 million on $600 million of net sales in 2013.


YANLORD LAND: 1H 2015 Results Support Ba3 CFR, Moody's Says
-----------------------------------------------------------
Moody's Investors Service says that Yanlord Land Group Limited's
1H 2015 results support its Ba3 corporate and senior unsecured
debt ratings.

The ratings outlook remains stable.

"Yanlord's credit metrics improved in 1H 2015 due to the
recognition of projects with higher gross margin and a slight
decline in gross debt.  Moody's expects its full-year 2015 gross
margin to remain largely flat from 2014, due to the delivery of
lower-margin products in 2H 2015," says Dylan Yeo, a Moody's
Analyst.

Yanlord's gross margin increased to 37.3% in 1H 2015 from 29.2% in
2014, despite moderate year-on-year growth in revenue of 2.4% to
RMB3.35 billion.  This was because the company delivered high-
margin projects, such as Yanlord Yangtze Riverbay Town (Phase 3)
in Nanjing, during the period.

The substantial increase in the company's gross margin resulted in
turn in an increase in Yanlord's EBIT coverage of interest to 3.3x
for the 12 months ended June 2015 from 2.7x in 2014.

The company's total debt also declined slightly to RMB19.66
billion at end-June 2015 from RMB19.90 billion at end-2014, as the
company did not make any land purchases in 1H 2015.  As a result,
its revenue/adjusted debt improved slightly to 0.60x for the 12
months ended June 2015 from 0.59x in 2014.

Contracted sales for the first seven months of 2015 totaled around
RMB12.9 billion.

Based on scheduled project launches in the next few months,
Moody's believes Yanlord is well on track to reach its full-year
contracted sales target of RMB18 billion.

In addition, Moody's expects revenue to grow by approximately 5%
for the full year 2015, supported by unrecognized contracted sales
of RMB18.1 billion at end-June 2015.

Total debt will also grow moderately in the second half of the
year as Yanlord will need to replenish its land bank.

Accordingly, Moody's projects Yanlord's revenue/adjusted debt at
around 0.5x and EBIT coverage of interest at around 3.0x in the
next 12-18 months.

"Yanlord's ratings remain well-positioned at Ba3 as its liquidity
is strong relative to similarly rated peers, despite its relative
high leverage," adds Yeo, who is also the lead analyst for
Yanlord.

Yanlord's cash to short-term debt ratio remained strong at 173% at
end-June 2015, despite a decline from 303% at end-2014.  This
compares favorably with Ba3-rated peers with cash to short-term
debt ratios of around 100%-150%.

The company's total cash holdings of RMB7.98 billion at end-June
2015, together with projected operating cash flow, were adequate
to cover its maturing debt of RMB4.60 billion and committed land
payments over the next 12 months.

The stable ratings outlook reflects Moody's expectation that
Yanlord will have adequate cash and operating cash flow to fund
its current projects and will control its debt-funded business
expansion.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Yanlord Land Group Limited is one of the major property developers
in China.  It operates in the major cities of Shanghai, Nanjing,
Suzhou, Shenzhen, Tianjin, Zhuhai, Tangshan, Sanya and Chengdu.
It was established in 1993 and was listed on the Singapore Stock
Exchange in 2006.

Its total land bank of 4.8 million square meters at end-June 2015
is spread across nine cities and five fast-growing regions in
China.  It has some geographic concentration within the Yangtze
River Delta, which accounted for around 38% of its land bank and
81% of its gross revenue from property sales in 2014.


YINGDE GASES: Moody's Lowers Corporate Family Rating to B1
----------------------------------------------------------
Moody's Investors Service has downgraded Yingde Gases Group Co
Ltd's corporate family rating to B1 from Ba3.  Moody's has also
downgraded to B2 from B1 the senior unsecured rating on the bonds
issued by Yingde Gases Investment Limited and guaranteed by Yingde
Gases.

The ratings outlook is stable.

RATINGS RATIONALE

"The ratings downgrade reflects the considerable challenges Yingde
Gases faces, stemming from its heavy exposure to the domestic
steel industry," says Gerwin Ho, a Moody's Vice President and
Senior Analyst.

"The downgrade also reflects its weakened liquidity profile,
following the company's substantial increase in short-term debt in
the first half of 2015," says Ho.

Moody's anticipates that the operating environment for Chinese
steelmakers will become more difficult over the next 1-2 years,
given the sluggish steel demand amid softening economic growth.
This situation will keep Yingde Gases' business risk high and will
have an adverse impact on its revenue growth and cash flow.

For instance, its trade and bills receivable days grew to 91 days
in 1H 2015 from 71 days in 2014, and its overdue receivables
increased to RMB912 million from RMB837 million during 1H 2015.
Consequently, despite a slowdown in capital spending, Moody's
expect the company to record negative free cash flow of at least
RMB200-300 million in 2H 2015.

In terms of liquidity, the company's short-term debt, including
finance leases, increased by about RMB900 million to RMB2.9
billion at end-June 2015 and was almost three times its RMB1.1
billion cash balance. The increase in short-term debt was mainly
due to a rising amount of offshore loans against domestic
guarantee and the company's slow progress in arranging long-term
borrowings.

This level was high for the Ba3 rating category and, given the
expectation of negative free cash flow, the company's short-term
debt will remain high in the next 12 months.

However, Moody's does not expect the company to have significant
difficulty in raising short-term borrowings from local banks,
given its solid market position and reasonable level of financial
leverage, as well as the supportive financial market conditions
stemming from the Chinese government's (Aa3 stable) monetary
easing.

Yingde Gases' B1 corporate family rating reflects its leading
position in the independent on-site industrial gas market in China
and recurring cash flows from its long-term take-or-pay contracts
with on-site customers, which account for more than 80% of its
revenues.

Also, Yingde Gases's debt leverage solidly positions the company
at the B1 corporate family rating level.  Its adjusted debt/EBITDA
was about 3.9x for the 12 months to June 2015, which was similar
to the level in 2014.  In addition, its operating cash flow to
debt was about 12% for the same period, up from 9.6% in 2014.  The
company strengthened its receivables collection, reduced its
capital spending and improved its operating cash flow to RMB545
million from RMB292 million a year ago.

In 1H 2015, its sales grew 3.4% year on year thanks to the
contribution from new production facilities.  The company's EBITDA
margin also improved to 33.4% from 32.1% a year ago, thanks to
cost savings.

In addition, the company has indicated that it has won an
arbitration case against its major customer and will seek to
recollect its overdue receivables.

Yingde Gases' USD notes are rated one notch below its corporate
family rating, given structural subordination at the holding
company level.  Yingde Gases has a large amount of onshore debt,
which results from the construction of its gas supply facilities.

The stable outlook reflects Moody's expectation that Yingde Gases
will not materially increase its debt leverage, and will continue
to roll over its short-term debt in the next 12-18 months.

The ratings could be upgraded if Yingde Gases (1) improves its
liquidity profile by reducing its reliance on short-term debt
and/or increasing cash holdings; and (2) improves its cash
collection, helped by a stabilizing operating environment for its
key end-markets.

The financial metrics that Moody's would consider for an upgrade
include operating cash flow to debt above 12% and adjusted
debt/EBITDA below 4.5x on a sustained basis.

The ratings would be downgraded if (1) Yingde Gases' liquidity
risk further escalates; or (2) its financial profile weakens
further, such that its operating cash flow to debt declines below
8% and adjusted debt/EBITDA rises above 5.5x.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Yingde Gases Group Co Ltd is one of the largest players in the
independent on-site industrial gas market in China.  The company
reported RMB7.7 billion in revenues in 2014.  It had a total of 65
production facilities in operation and another 14 under
development as of June 2015.  On-site gas production accounted for
about 80%-90% of Yingde Gases' revenues, with the rest coming from
merchant sales.

The Local Market analyst for this rating is Jiming Zou, +86 (21)
2057 4018.



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AGARWALA'S POLYTRADE: Ind-Ra Cuts LT Issuer Rating to 'IND BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Agarwala's
Polytrade Private Limited's (APPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BBB'. The Outlook is Negative. A full list if
rating actions is at the end of the commentary.

KEY RATING DRIVERS

The downgrade reflects APPL's weakened liquidity position in FY16.
This is mainly due to volatility in polymer prices and delayed
realisation from customers.

Ind-Ra has not been provided the relevant details yet. A further
action may be taken after a detailed review which is currently
underway.

RATING SENSITIVITIES

Negative: The continuation of liquidity pressure can lead to a
further rating downgrade.

Positive: A significant and sustained improvement in the liquidity
can lead to a stable outlook.

COMPANY PROFILE

APPL is a del-credere agent and consignment stockist of Haldia
Petrochemicals Limited in Odisha. It is a part of Sri Balmukund
Group which is involved in the trading of plastic granules and
manufacturing of woven sacks, PVC pipes and packaging materials.
It also has iron-ore crushing units in Odisha.


ALIZ CERAMIC: CRISIL Assigns 'B' Rating to INR30MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aliz Ceramic (ALC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable
   Term Loan                30        CRISIL B/Stable

The rating reflects ALC's initial phase and modest scale of
operations, and its large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of ALC's promoters in the ceramic tiles industry and the proximity
of the firm's factory to Morbi (Gujarat), which is the hub of the
ceramic industry in India.

Outlook: Stable
CRISIL believes that ALC will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
the firm's financial risk profile is expected to remain average
over the medium term, marked by high gearing and average debt
protection metrics due to low accruals during the initial phase of
its operations. The outlook may be revised to 'Positive' if the
firm stabilizes its operations earlier than expected, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if ALC's operating margin is low or
if the firm undertakes considerable debt-funded expansion or if
its working capital management deteriorates, weakening its
financial risk profile.

ALC is a partnership firm set up in May 2014. The firm is promoted
by Mr. Milan and his family members. The firm has capacity to
produce 90,000 tones of ceramic tiles per annum and commenced
commercial productions in May 2015.


AMRITESH AGRO: CRISIL Assigns B+ Rating to INR65MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Amritesh Agro Products Pvt Ltd (AAPPL). The
rating reflects AAPPL's exposure to risks relating to project
implementation and stabilisation, regulatory changes, and
volatility in raw material prices. These weaknesses are partly
offset by the promoters' extensive entrepreneurial experience.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              65        CRISIL B+/Stable
   Term Loan                60        CRISIL B+/Stable

Outlook: Stable
CRISIL believes that AAPPL will benefit over the medium term from
the promoters' extensive experience and healthy prospects of the
dal processing business. The outlook may be revised to 'Positive'
if AAPPL reports timely implementation of production capacity and
large revenue and profitability. Conversely, the outlook may be
revised to 'Negative' if AAPPL reports significant time and cost
overruns in project completion, low capacity utilisation or
significantly stretched working capital management, weakening the
overall financial risk profile.

Incorporated in 2014, AAPPL is setting up a nine tonnes-per-hour
dal mill with a besan plant unit at Chandramandih (Bihar). AAPPL's
operations are managed by its promoter-director, Mr. Amritesh
Singh, and Mr. Anil Prasad Singh.


ARM OVERSEAS: CRISIL Reaffirms 'B' Rating on INR250MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of ARM Overseas Pvt Ltd
(ARM) continue to reflect ARM's below-average financial risk
profile, marked by a highly leveraged capital structure.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           250        CRISIL B/Stable (Reaffirmed)
   Overdraft Facility     37.5      CRISIL A4 (Reassigned)

The ratings also factor in the company's large working capital
requirements and modest scale of operations in the highly
fragmented rice industry, and the susceptibility of its operating
margin to volatility in prices. These rating weaknesses are
partially offset by the extensive experience of ARM's promoters in
the rice industry.

For 2014-15 (refers to financial year, April 1 to March 31), ARM
reported turnover of INR2437.5 million and operating margin of 1.2
per cent, lower than CRISIL's expectations due to competition in
the basmati rice industry. While the total outstanding liabilities
to tangible net worth (TOLTNW) ratio is better than CRISIL's
expectation due to cancellation of proposed debt-funded capital
expenditure (capex), it remains high at 8.83 times as on March 31,
2015, on account of high dependence on bank limits for funding
working capital requirements. ARM has below-average debt
protection metrics, with net cash accruals to total debt ratio of
0.02 times and interest coverage ratio of 1.5 times for 2014-15.

ARM's operations remain working capital intensive, driven by
inventory of 51 days as on March 31, 2015. Its bank lines of
INR287.5 million were utilised at an average of 90 per cent for
past twelve months ending June 2015. The company has no term debt
obligations, and hence, has comfortable liquidity.

Outlook: Stable
CRISIL believes that ARM will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
the financial risk profile is expected to remain weak because of
large working capital requirements. The outlook may be revised to
'Positive' if ARM registers significant improvement in capital
structure, scale of operations, and margins. Conversely, the
outlook may be revised to 'Negative' if the company's working
capital cycle deteriorates or if it undertakes a large debt-funded
capex programme.

ARM, incorporated in 2008 and based in New Delhi, mills and
processes basmati rice, which it sells to exporters in India. The
company has capacity to process around 120 tonnes of rice per day.
It is managed by Mr. Anand Goel and his family.

For 2014-15, ARM reported profit after tax (PAT) of INR5.7 million
on net sales of INR2437.5 million against PAT of INR4 million on
net sales of INR2456.5 million in 2013-14.


ASHISH ENTERPRISES: CRISIL Assigns B+ Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ashish Enterprises (AE).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                30        CRISIL B+/Stable
   Proposed Bank Guarantee    50        CRISIL B+/Stable

The rating reflects AE's modest scale of operations in the highly
fragmented and competitive civil construction industry, and the
firm's large working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoters, its moderate order book, and its adequate
financial risk profile, marked by moderate gearing and comfortable
debt protection metrics.

Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations along with
sustenance of its operating profitability and its working capital
management. Conversely, the outlook may be revised to 'Negative',
if the firm's accruals are low, or if it undertakes any large
additional debt-funded capital expenditure programme, or its
working capital cycle is stretched, leading to deterioration in
its financial risk profile, particularly its liquidity.

Set up in 2006, AE is a partnership firm set up by Mr. Ashish
Kumar Singh, Mr. Pramod Singh, Mr. Rajeev Singh and Mr.
Ramashankar Singh in Parichha, Jhansi district (Uttar Pradesh).
The firm constructs ash dykes, roads, and buildings primarily in
Uttar Pradesh.


BAL CHAND: CRISIL Assigns B+ Rating to INR55M Cash Credit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bal Chand Cotspin Pvt Ltd (BCCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                5.7       CRISIL B+/Stable
   Cash Credit             55.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      44.3       CRISIL B+/Stable

The rating reflects the company's small scale of operations and
below-average financial risk profile, marked by small net worth
and weak debt protection metrics. These weaknesses are partially
offset by the extensive experience of the promoters in the cotton
industry and efficient working capital management.

Outlook: Stable
CRISIL believes that BCCPL will continue to benefit over the
medium term from the experience of its promoters and established
relationships with its customers and suppliers. The outlook may be
revised to 'Positive' if the company reports higher-than-expected
revenue while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in BCCPL's revenue or profitability, or if the company
undertakes large debt-funded capital expenditure programme,
resulting in deterioration in the company's financial risk
profile.

Headquartered in Abohar (Punjab), BCCPL primarily trades in cotton
bales. The company also operates a ginning unit in Abohar with
installed capacity of 25,000 bales per annum. The company derives
more than 60 per cent of its revenue from trading in cotton bales
and the remaining from its ginning unit. The company was set up in
1998 by Mr. Pradeep Sharda. The day-to-day operations are managed
by Mr. Sharda and his wife, Ms. Pushpa Sharda.


BHABANI PRINT: ICRA Reaffirms 'D' Rating on INR4.71cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating to the INR4.71 crore term
loans, INR3.83 crore non fund based limits and INR2.00 crore cash
credit facility of Bhabani Print & Publications.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            4.71       [ICRA]D reaffirmed
   Non Fund Based        3.83       [ICRA]D reaffirmed
   Cash Credit           2.00       [ICRA]D reaffirmed

The rating reaffirmation primarily takes into consideration the
regular delays in servicing of debt obligations by BPAP, cash loss
reported during FY14 on account of large financial costs coupled
with limited revenue from operations at present, high working
capital intensity due to high debtors and inventory accumulation
and stretched liquidity position on account of large debt
repayments coupled with nominal cash flows from operations. At
present, the debt obligations are being serviced by one of its
group entities. The rating, however, derives comfort from the long
track record of the promoters in the printing business.

BPAP was incorporated in February 2006 as a partnership firm with
five partners, having prior experience in the printing business.
The firm used to operate its printing facility based at Guwahati,
Assam. However, the operations have been completely discontinued
from April 2012 because of a dispute between the partners.

Recent Results

BPAP reported a loss of INR7.05 crore during FY14 on an OI of
INR3.03 crore as against a loss of INR7.44 crore and an OI of
INR0.85 crore during FY13.


BHASKAR FERTILIZERS: ICRA Reaffirm B Rating on INR7.5cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B and short term
rating of [ICRA] A4 to INR20.00 crore bank facilities of Bhaskar
Fertilizers Private Limited (BFPL).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             7.50       [ICRA]B reaffirmed
   BG                      0.50       [ICRA]A4 reaffirmed
   LC                      6.00       [ICRA]A4 reaffirmed
   Unallocated             6.00       [ICRA]B/[ICRA]A4 reaffirmed

Rating Rationale
The ratings reaffirmation factors in the continued steady growth
prospects for SSP and NPK fertilisers, particularly in southern
India and the favourable pricing mechanism based on NBS which
leads to lower vulnerability of profitability for P&K fertilisers.
ICRA believes that the core long-term demand drivers for the
fertiliser sector continue to remain steady. The ratings also take
into account the company's tie ups with reputed players like Zuari
and Coromandal industries for sale of Single Super Phosphate; and
the experience of promoters of more than a decade in the
fertilizer industry.

The ratings, however, continue to be constrained by BFPL
profitability, the regulatory risk associated with the government
policies for the sector and the critical dependence of its
Cashflows on subsidy releases by the GoI. ICRA notes that the
delays in subsidy payments are expected to continue in FY16, as
reflected by the limited budget provisioning created by the GoI.
The ratings also factor in the vulnerability of fertiliser demand
agro climatic conditions; the risk is further aggravated for BFPL
given its high geographic concentration. The ratings also take
into account the small scale of operations of the company, and the
decrease in capacity utilisation of its NPK fertilizer
manufacturing facility and the increase in low-margin trading
business in FY15.

The ability of the company to increase the capacity utilisation
levels of NPK manufacturing facility and also increase the margins
would be key rating sensitivities.

Bhaskar Fertilisers Private Limited (BFPL) was incorporated as a
private limited company in 2006. It is engaged in manufacturing of
Single Super Phosphate (SSP) and Nitrogen-Phosphorus-Potassium
(NPK) fertilizers. The company is promoted by Mr. C. Vijaya
Bhaskar, who was earlier engaged in trading of fertilizers for
over a decade. Based in the Anantapur district of Andhra Pradesh,
the company commenced commercial production from 2007 with an
installed capacity of 200 MTPD for SSP and 400 MTPD for NPK. BFPL
added additional 150 MTPD capacity for SSP in FY14, which was
commissioned in June 2013.

Recent Results
As per the provisional results in FY15, the company posted
revenues of INR46.56 crore and PAT of INR0.11 crore against the
operating income of INR44.72 crore and PAT of INR0.47 crore in
FY14.


DIN DAYAL: CRISIL Reaffirms B+ Rating on INR600MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Din Dayal
Purushottam Lal (DDPL) continues to reflect the firm's below-
average financial risk profile, marked by small net worth and a
high total outside liabilities to tangible net worth ratio. The
rating also reflects its low profitability due to the trading
nature of operations and its exposure to intense competition in
the cotton trading market.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           600       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of DDPL's partners in the cotton trading business and
its long-standing relationships with its major customers and
suppliers.

Outlook: Stable
CRISIL believes that DDPL will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if there is substantial improvement
in the firm's financial risk profile, most likely through fresh
equity infusion, improvement in its overall working capital
requirements, or more-than-expected increase in its net cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of further weakening in DDPL's financial risk profile, most
likely caused by withdrawal of sizeable capital by its partners,
or deterioration in its working capital management, or low cash
accruals.

DDPL, founded in 1971, undertakes cotton trading on a direct sale
and purchase basis. Its head office is in Sirsa (Haryana). Its
partners are Mr. Lalit Mohan Sharda, and his sons, Mr. Mahesh
Sharda and Mr. Pankaj Sharda.

The firm reported profit after tax (PAT) of INR7.9 million on net
sales of INR6.28 billion for 2014-15 (refers to financial year,
April 1 to March 31) as against PAT of INR7.1 million on net sales
of INR6.19 billion for 2013-14.


E-CENTRIC SOLUTIONS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated E-Centric
Solutions Private Limited (Ecentric) 'IND BB+' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. The rating
will now appear as 'IND BB+(suspended)' on the agency's website. A
full list of rating actions is at the end of this commentary.
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 Ecentric.

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

Ecentric's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'
-- INR160.0 million fund-based working capital limit: migrated
    to 'IND BB+(suspended)'/'IND A4+(suspended)' from
    'IND BB+'/'IND A4+'
-- INR10.3 million term loans: migrated to 'IND BB+(suspended)'
    from 'IND BB+'
-- INR79.7 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


G. J. AGRO: CRISIL Raises Rating on INR55MM LT Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
G. J. Agro Industries (GJAI) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

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

   Proposed Long Term    55       CRISIL B/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that GJAI's liquidity will
improve slightly because of its steady net cash accruals and
absence of significant capex plans. The liquidity is further
supported by need based support from the promoters in the form of
infusion of unsecured loans which stood at INR17.5 million as on
31st march 2015.

The ratings reflect GJAI's weak financial risk profile, marked by
below-average debt protection metrics and high total outside
liabilities to adjusted net worth (TOLANW) ratio; the rating also
factors in the firm's small scale of operations in the intensely
competitive rice industry and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of GJAI's promoters in the rice industry and
largely assured off take from Food Corporation of India (FCI).

Outlook: Stable
CRISIL believes that GJAI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
improvement in its financial risk profile, driven most likely by
substantial increase in its cash accruals or by significant
reduction in receivables days leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
GJAI registers further weakening in its liquidity, most likely on
account of larger-than-expected receivables.

GJAI was set up as a partnership firm in 2003 by Mr. Mukesh Jain
and Mr. Sanjay Jain. The firm trades in rice and also shells and
mills rice for FCI on commission basis. GJAI also purchases paddy
and mills and processes raw rice, bran, and husk. Its rice mill is
in Fazalpur in Jalandhar district (Punjab).


JAI DURGA: ICRA Assigns 'B' Rating to INR8.25cr Term Loan
---------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to INR10.7 crore
bank facilities and INR1.3 crore unallocated facilities of Jai
Durga Builders.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term Loans              8.25      [ICRA]B; assigned
   Fund Based Limits-CC    2.45      [ICRA]B; assigned
   Unallocated             1.30      [ICRA]B; assigned

ICRA's rating derives comfort from the completed status of the
company's cold storage plant and steady ramp up in its capacity
utilization in the current financial year. The rating also
favorably factors in the facility's proximity to fruit and
vegetable plantations in Himachal Pradesh, which is expected to
keep feedstock supply at adequate levels. The rating is however
constrained due to the limited track record of cold storage
operations, limited experience of the partners in frozen food
industry and the firm's exposure to agro climatic risks. Given the
pending ramp up in utilization and the fact that the debt
repayments have already commenced from June 2015, the firm will
remain dependent on timely support from promoters owing to weak
debt coverage metrics.

Going forward, the ability of the firm to ramp up its cold storage
operations and manage its funding requirements and receive
promoter funds in a timely manner will be the key rating
sensitivities. Further, any impact of the firm's real estate
trading operations on its financial profile will also be a rating
monitorable.

JDB was incorporated as a partnership firm in 2006 by Mr. Anil
Dawer and Mr. Manish Srivastava, with a 50% profit sharing ratio
each. Initially JDB was established with the aim of selling and
purchasing plots in Uttarakhand, mainly in Kashipur and Ramnagar.
However, in FY15, the firm diversified its business profile and
ventured into frozen foods industry and set up an integrated
controlled atmosphere cold storage plant. The plant will store all
kinds of fruits and vegetables, with main focus on Apples through
'Individual quick freezing' technique. The firm's manufacturing
unit is located at Kashipur, Uttarakhand and has an installed
capacity of 2500 metric tonnes. It was set up at a project cost of
INR14.90 crore and commenced commercial operations in April, 2015.

Recent results
JDB reported a net profit of INR0.06 crore on an operating income
(OI) of INR0.14 crore in FY 2014, as compared to a net profit of
INR0.05 crore on an OI of INR0.12 crore in the previous year, this
income was derived from trading in plots.


JOHNSON JEWELLERS: CRISIL Reaffirms B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Johnson
Jewellers (JJ) continues to reflect the firm's below-average
financial risk profile, with modest net worth, high gearing, and
weak debt protection metrics, and its vulnerability to
fluctuations in gold prices.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            200      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's proprietor in the jewellery business.

Outlook: Stable
CRISIL believes that JJ will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if JJ's financial risk
profile improves, backed by healthy accruals or infusion of equity
capital. Conversely, the outlook may be revised to 'Negative' if
the capital structure deteriorates, most likely on account of
large working capital requirements or debt-funded capital
expenditure.

JJ, set up in 1995-96 by Mr. Anil Soni as a proprietorship firm,
is engaged in manufacturing, wholesaling, and retailing gold,
diamond, and other precious gem-studded jewellery, and also in
silver ware and gold bullion trading. The firm has one store in
Ahmedabad.


KASHTBHANJAN GINNING: CARE Rates INR5.03cr Long Term Loan at B+
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Kashtbhanjan
Ginning And Oil Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.03      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kashtbhanjan Ginning
and Oil Industries (KGO) is primarily constrained on account of
its nascent stage of operations, presence in highly fragmented and
competitive industry with limited value addition, prices & supply
for cotton being highly regulated by government, susceptibility of
margins to fluctuation in raw material price and seasonality
associated with raw material availability and limited financial
flexibility owing to its constitution being a partnership firm.

However, the above constraints are partly offset by the
experienced promoters and location advantage due to the entity
being located in the cotton-producing area.

The ability of KGO to stabilize its operations while achieving the
envisaged scale of operations along with improvement in
profitability and moving up in the cotton value chain are the key
rating sensitivities.

KGO was incorporated in February 2014 as a partnership firm by
five partners and is engaged into cotton ginning and pressing as
well as cotton seed crushing of Shankar-6 (S-6) variety of cotton.
The entity has commenced its operations from the end of February
2015, with 24 ginning machines.

KGO operates from its sole manufacturing plant situated at Gadhada
(District: Bhavnagar), Gujarat, with an annual installed capacity
of 4,562 metric tonnes (MT) of bales, 7,920 MT of cotton seeds,
950 MT of oil extraction for edible purposes, 158 MT of oil that
finds application in cosmetic products and 6,574 MT of cotton cake
that is used as cattle feed. Furthermore, its associate concerns,
viz, Bajrang Ginning & Pressing Factory (BGP) and Ravi Trading
Company (RTC) are also engaged in similar industry. While BGP is
engaged into cotton ginning, RTC is engaged into trading of cotton
and cotton bales.

During 1MFY15 (Provisional; refers to the period April 1 to
March 31), KGO reported a total operating income (TOI) of INR9.60
crore with a PBT of INR0.04 crore.


LOHCHAB MOTOR: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lohchab Motor
Company Pvt Ltd (Lohchab) continues to reflect below-average
financial risk profile, with small net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics and stretched liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B+/Stable (Reaffirmed)
   Channel Financing      90       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by long-term association
with Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AAA/Stable/CRISIL
A1+') and Honda Motorcycle & Scooters India Pvt Ltd (HMSI).

Outlook: Stable
CRISIL believes that Lohchab will continue to benefit over the
medium term, from its association with M&M and HMSI. The outlook
may be revised to 'Positive' if the financial risk profile and
liquidity improve with sizeable cash accruals and enhanced capital
structure. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens because of substantial debt-
funded capital expenditure or deficient working capital
management.

Lohchab was set up in 2009 by Mr. Jitesh Lohchab, and commenced
operations in 2010-11 (refers to financial year, April 1 to
March 31). The company is an authorised dealer for M&M, and has
showrooms in Rohtak, Jhajjar and Bahadurgarh (all in Haryana).
Lohchab also has a dealership for HMSI motorcycles and scooters,
with showrooms in Rohtak, Sampla and Lakhan Majra (all in
Haryana).


M. K. HEEMGHAR: CRISIL Assigns B- Rating to INR55MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of M. K. Heemghar Pvt Ltd (MKHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital
   Term Loan               10.1       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      55         CRISIL B-/Stable
   Bank Guarantee           0.9       CRISIL A4
   Cash Credit              6.1       CRISIL B-/Stable

The ratings reflect weak financial risk profile and the company's
susceptibility to regulatory changes and intense competition in
the West Bengal cold storage business. These weaknesses are
partially offset by the promoters' extensive industry experience
in the cold storage business.

Outlook: Stable
CRISIL believes that MKHPL will continue to benefit over the
medium term, from the promoters' extensive industry experience in
the cold storage business. The outlook may be revised to
'Positive' if increased net cash accruals or scale of operations
improves the overall financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' if
liquidity is pressurised owing to delayed repayments by farmers,
low cash accruals, or large debt-funded capital expenditure.

Incorporated in 2004, MKHPL provides cold storage services to
farmers and traders. Its cold storage facility is located in
Bankura (West Bengal). MKHPL is promoted by Mr. Sujay Kumar Khan,
Mr. Arghya Pratihar, Mr. Chittaranjan Kundu and Mr. Hari Sadhan
Nandi.


MAHANT OVERSEAS: CRISIL Reaffirms B+ Rating on INR200MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mahant
Overseas (MO) continues to reflect MO's weak financial risk
profile, driven by large working capital requirements in the rice
industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             200      CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit   120      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       45      CRISIL B+/Stable (Reaffirmed)

The rating also factors in MO's susceptibility to changes in
regulations governing the industry, volatility in raw material
prices, and extent of rainfall. These rating weaknesses are
partially offset by the extensive experience of MO's promoters and
the healthy growth prospects for the rice industry.

Outlook: Stable
CRISIL believes that MO's financial risk profile will remain weak
over the medium term due to working-capital-intensive operations.
CRISIL also expects the firm's scale of operations to remain
small. The outlook may be revised to 'Positive' in case of
substantial improvement in operating margin and scale of
operations with efficient working capital management, leading to
considerable cash accruals. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes a large debt-funded capital
expenditure (capex) programme, leading to deterioration in its
capital structure.

MO was promoted by Mr. Khajinder Singh in 1999 as a partnership
firm. It mills, processes, and sells basmati rice in the domestic
and overseas markets (mainly Saudi Arabia and Gulf countries). In
the domestic market, the firm sells basmati rice under its own
brand, Sadhu. MO has two rice processing units in Amritsar
(Punjab), each with installed capacity of 4.5 tonnes per hour.


MAHAVIR ORE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mahavir Ore &
Sponge Private Limited's (MOSPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BBB'. The Outlook is Negative. The agency has also
downgraded the company's INR75 million fund-based limits to Long-
term 'IND BB-' with a Negative Outlook from 'IND BBB'.

KEY RATING DRIVERS

The downgrade reflects MOSPL's weakened liquidity position in
FY16. This is mainly due to volatility in polymer prices and
delayed realisation from customers.

Ind-Ra has not been provided the relevant details yet. A further
action may be taken after a detailed review which is currently
underway.

RATING SENSITIVITIES

Negative: The continuation of liquidity pressure can lead to a
further rating downgrade.

Positive: A significant and sustained improvement in the liquidity
can lead to a stable outlook.

COMPANY PROFILE

MOSPL is engaged in the trading of plastic granules and crushing
of iron ore. It is a part of Sri Balmukund Group which is involved
in the trading of plastic granules and manufacturing of woven
sacks, PVC pipes and packaging materials. It also has iron-ore
crushing units in Odisha.


MALLIKARJUN CONSTRUCTION: CRISIL Reaffirms C Rating on INR5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mallikarjun
Construction Co. continues to reflect MCC's delay in servicing its
equipment loans (not rated by CRISIL). The delays have been caused
by the firm's stretched liquidity owing to the stretched
receivables.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           70        CRISIL A4 (Reaffirmed)
   Cash Credit              30        CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        5        CRISIL C (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility        5        CRISIL A4 (Reaffirmed)

The rating also reflects MCC's small net worth, moderate gearing,
and exposure to risks relating to geographical concentration in
its revenue profile, its small scale of operations, and intense
competition in the construction industry. These rating weaknesses
are partially offset by the extensive experience of MCC's
promoters in the construction business.

MCC was set up as a proprietorship firm in 1985 by Mr. Nelatury
Chuinchu Reddy. It constructs roads and bridges. In December 2004,
it was reconstituted as a partnership firm, with Mr. Reddy's sons,
Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners.


MUDIT ENTERPRISES: Ind-Ra Assigns IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mudit Enterprises
Private Limited (MEPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned MEPL's bank
facilities the following ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based working        20        Long-Term 'IND BB'/Stable
capital limit                        and Short-Term 'IND A4+

Non-fund-based            40        Short-Term 'IND A4+'
Limit

Proposed fund-based       12.5      'Provisional IND BB'
working capital limit               /Stable/'Provisional
                                     'IND A4+'

Proposed                   7.5       'Provisional IND A4+'
non-fund-based limit

KEY RATING DRIVERS

The ratings factor in MEPL's small scale of operations with the
overall revenue of INR148.18 million, according to the provisional
financials for FY15. The ratings also consider the low entry
barriers and thus, high competition inherent to the trading
business.

MEPL is having low dependence on debt facilities to finance its
operations leading to strong credit metrics with gross interest
coverage (operating EBITDA/gross interest expense) of 3.76x in
FY15 and net leverage (total adjusted net debt/operating EBITDAR)
of 0.37x. Liquidity is comfortable as evident from its maximum
average utilization of around 37.78% during the 12 months ended
July 2015

RATING SENSITIVITIES

Negative: Sustained deterioration in the credit metrics will be
negative for the ratings.


MULPURI FOODS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mulpuri Foods &
Feeds Private Limited's (MFFPL) 'IND BB-' Long-Term Issuer Rating
with a Stable Outlook to the suspended category. The rating will
now appear as 'IND BB-(suspended)' on the agency's website. The
agency has also migrated the company's INR440m fund based working
capital limits to 'IND BB-(suspended)'/'IND A4+(suspended)' from
'IND BB-'/'IND A4+'.

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

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


NEERAJAKSHA IRON: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Neerajaksha Iron
and Steel Private Limited's (NISPL) 'IND D' Long-Term Issuer
Rating to the suspended category.  The rating will now appear as
'IND D(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 NISPL.

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.

NISPL's ratings are as follows:

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

-- INR60 million fund based working capital limits: migrated to
    'IND C(suspended)'/'IND A4(suspended)' from 'IND C'/'IND A4'

-- INR86.45 million long-term loans: migrated to Long term 'IND
    D(suspended)' from Long term 'IND D'


NEW JAI: CARE Assigns 'D' Rating to INR11cr Long Term Loan
----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of New Jai
Bharat Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       11       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of New Jai Bharat
Educational Trust (NJBET) factors in the ongoing delays in meeting
the debt obligations, owing to the tight liquidity position of the
trust.

NJBET is a non-minority, charitable trust registered under Section
12A of the Income Tax Act. The main objective of the trust is to
provide education services and engage in the social welfare
activities to the rural population. Presently, the trust runs an
engineering college under the name Ariyalur Engineering College,
offering five undergraduate engineering courses which are approved
by the All India Council for Technical Education (AICTE) and is
affiliated to Anna University, Chennai. The campus is spread over
20 acres of land located at Trichy district, Tamil Nadu, and build
up area of 95,000 sq. ft.

The Trust reported a total fee income of INR1 crore and a surplus
of INR0.11 crore in FY14.


NILESH STEEL: CRISIL Cuts Rating on INR120MM Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Nilesh Steel and Alloys Pvt Ltd (NSAPL: part of the Dhanlaxmi
group) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          17.5       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit            100.0       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Overdraft Facility     120.0       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Proposed Long Term      17.5       CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL BB-/Stable')

   Term Loan               10.0       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by the Dhanlaxmi
group in servicing its debt; the delays have been caused by the
group's weak liquidity, with inadequate cash accruals to meet its
debt obligations.

The Dhanlaxmi group has a weak financial risk profile, marked by
stretched liquidity, and its operating margin is susceptible to
volatility in steel prices. The group's operations are working
capital intensive, thus adding to the pressure on its liquidity.
However, the group continues to benefit from the extensive
experience of its promoters in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NSAPL and Dhanlaxmi TMT Bars Pvt Ltd
(Dhanlaxmi). This is because, the two entities, together referred
to as the Dhanlaxmi group, are part of a value chain and under a
common management, and have significant sale/purchase transactions
and financial linkages with each other.

In 2002, Mr. Sanjay Mantri and Mr. Nilesh Chechani incorporated
NSAPL, which manufactures mild steel ingots/billets for
consumption by Dhanlaxmi. Dhanlaxmi, incorporated in 2001 by Mr.
Mantri, manufactures thermo-mechanically-treated bars. The group's
manufacturing facility is at Jalna (Maharashtra).


P.A.S. PETRO: CRISIL Assigns B Rating to INR35MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of P.A.S. Petro Product (PAS).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Cash Credit                   35       CRISIL B/Stable
   Foreign Letter of Credit      80       CRISIL A4

The ratings reflect PAS's modest scale of operations in a highly
fragmented chemicals trading industry and it's below average
financial risk profile marked by modest net worth and working
capital intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters and their established relationship with customers.

Outlook: Stable

CRISIL believes that PAS benefits from the extensive experience of
its promoters and its established relationship with customers over
the medium term. The outlook may be revised to 'Positive' if the
firm achieves improvement in revenue and profitability, on a
sustained basis resulting in improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is considerable decline in revenues or profitability or in
case deterioration in working capital management resulting in
stretched liquidity or if the firm undertakes a large debt funded
capital expenditure resulting in deterioration in financial risk
profile.

Established in 1992, PAS is engaged trading of soda ash and sodium
sulphate. The firm is based out of Chennai and is promoted by Mr.
S. Senthil Kumar and his family members.

PAS reported a profit after tax (PAT) of INR0.6 million on an
operating income of INR70.0 million for 2013-14 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.6
million on an operating income of INR69.8 million for 2012-13.


PEATON ELECTRICAL: CRISIL Reaffirms B+ Rating on INR29MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Peaton Electrical
Company Ltd (PECL) continue to reflect the company's modest scale
of operations in the competitive electrical equipment industry and
working-capital-intensive operations. These rating weaknesses are
partially offset by PECL's established relationships with reputed
customers and suppliers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         4         CRISIL A4 (Reaffirmed)

   Bill Discounting      10         CRISIL A4 (Reaffirmed)
   under Letter of
   Credit

   Cash Credit           15         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      20         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    29         CRISIL B+/Stable (Reaffirmed)

   Term Loan              7         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that PECL will continue to benefit over the medium
term from its established relationships with reputed customers and
suppliers. The outlook may be revised to 'Positive' if the company
posts substantial cash accruals or if its working capital cycle
improves. Conversely, the outlook may be revised to 'Negative' if
PECL's accruals are lower than expectations due to reduced order
flow or profitability, or if its financial risk profile
deteriorates, most likely because of a stretch in its working
capital cycle or substantial debt-funded capital expenditure.

Update
In 2014-15 (refers to financial year, April 1 to March 31), PECL's
turnover improved to INR165.5 million against turnover of INR103.3
million in 2013-14 due to increase in the customer portfolio.
Operating margin declined to 8.0 per cent in 2014-15 from 12.4 per
cent in 2013-14 because of healthy competition and decline in
prices. The company's operations are working capital intensive,
driven by high inventory and debtor days. The gross current assets
were more than 250 days in 2014-15. Gearing was more than 2 times
as on March 31, 2015, because high bank limit utilisation and
small net worth to the extent of INR24.4 million.

Incorporated in 2006 and based in Ahmedabad (Gujarat), PECL is
promoted by Mr. Nikhil Agarwal and Mr. Padamraj Pillai. It
assembles and fabricates low-transmission electrical panels, and
unitised substations.


PEENANG INFRA: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Peenang Infra
Projects Private Limited (PIPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable.  PIPL's bank facilities have also
been assigned ratings as follows:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based limits          30        'IND B'/Stable
Non-fund-based limits      20        'IND A4'
Proposed non-fund
based limits               50        'Provisional IND A4'

KEY RATING DRIVERS

The ratings reflect PIPL's small scale of operations, weak credit
profile and moderate profitability. According to the unaudited
financials for FY15, revenue was INR30 million, interest coverage
was 1.37x, net leverage (net debt/EBITDA) was 6.80x and EBITDA
margins were 22.7%.

The ratings also reflect the company's moderate order book of
INR75 million (2.5x FY15 revenue) outstanding at end-June 2015.
The ratings benefit from the company's comfortable liquidity
position with 83% average maximum working capital utilisation
during the 12 months ended May 2015.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the revenue and order book position while
maintaining the operating profitability leading to a sustained
improvement in the credit metrics.

Negative: A negative rating action could result from lower
visibility of revenue growth underpinned by a weak order book
position or a decline in the operating profitability resulting in
sustained deterioration in the credit metrics.

COMPANY PROFILE

Established in 2008, PIPL (erstwhile, Jinang Infra Projects
Private Limited) is a Mumbai-based company, engaged in the
execution of civil construction work for government as well as
non-government bodies.


PERMESHWER CREATIONS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Permeshwer
Creations Pvt. Ltd.'s (PCPL) 'IND B+' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable.  The rating will
now appear as 'IND B+(suspended)' on the agency's website.

A full list of rating actions is at the end of this commentary.
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 PCPL.

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.

PCPL's ratings are as follows:

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

-- INR280 million fund-based working capital limits: migrated to
    'IND A4 (suspended)' from 'IND A4'

-- INR20 million non-fund-based limit: migrated to 'IND A4
    (suspended)' from 'IND A4'


PURUSHOTTAM JAIRAM: CRISIL Reaffirms C Rating on INR25MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Purushottam Jairam & Co
(PJC) continue to reflect PCJ's weak liquidity, driven by
stretched working capital cycle, leading to instances of overdrawn
cash credit limits.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL C (Reaffirmed)
   Letter of Credit         90        CRISIL A4 (Reaffirmed)

The ratings also factor in the weak financial risk profile, marked
by an aggressive capital structure and inadequate debt protection
metrics, modest scale of operations, and exposure to risks
relating to changes in regulatory policies regarding timber
import. These rating weaknesses are partially offset by the
extensive experience of promoters in the timber business and their
funding support.

Update
The company had turnover of INR245 million and operating margin of
5.3 per cent for 2014-15 (refers to financial year, April 1 to
March 31), similar to earlier years. The working-capital
requirements were high with inventory and debtors in excess of
four months each, resulting in fully drawn bank limits. However,
the firm does not have any term debt obligations.

PJC's weak financial risk profile is marked by modest estimated
net worth of around INR42 million and high total outside
liabilities to tangible net worth of 4.3 times as on March 31,
2015. The debt protection metrics are also weak, reflected in
estimated interest coverage and net cash accruals to debt ratios
of around 1.2 times and 0.01 times, respectively, for 2014-15.

PJC was originally established in 1964 as a proprietorship firm by
Mr. Purushottam Jairam Tank; it was reconstituted as a partnership
with Mr. Purushottam Jairam Tank and Mr. Mitesh Tank as partners.
The firm trades in and processes timber logs. Its processing plant
is at Lakadganj, Nagpur (Maharashtra).


RSV RICE: ICRA Assigns 'B' Rating to INR10cr Long Term Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR10.00
Crore fund based limits of RSV Rice Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   based Limits           10.00       [ICRA]B; Assigned

Rating Rationale
The assigned rating is constrained by the project execution risks
given that only 30% of the project completed so far. . The rating
factors in the moderate scale of proposed operations and the high
reliance on debt funding for the project with a debt/equity ratio
of 2.30:1. The rating is also constrained by the highly fragmented
and competitive nature of the industry which is likely the ability
of the firm to pass on any increases in input costs, after
commissioning of the project, ICRA notes that the performance of
the industry is dependent on the procurement policy of the Food
Corporation of India, the government's minimum support price for
paddy sales and also the agro-climatic risks which affect the
availability of paddy. ICRA has taken into account the recent
reduction in FCI levy percentage from 75% to 25% which has
resulted in increased availability of rice in the open market
leading to lower realisations. The rating is also constrained by
the risks associated with the partnership structure of the firm.

The rating, however, favourably factors in the proximity of the
proposed milling facility to the major rice growing regions of
Telangana and Andhra Pradesh; and the presence of 0.75MW captive
power unit, reducing the dependence on state utility for power.
The rating also factors in the longstanding experience of the
partners in the rice milling industry.

Going forward, the ability of the firm to execute the project as
per schedule, without significant cost overruns and stabilise and
scale up operations as planned would be key rating sensitivities.

RSV Rice Industries (RSVRI) is a partnership firm established in
2015, with the objective of setting up a paddy milling unit to
produce non-basmati, raw and boiled rice. The milling unit is
located in the Nalgonda district of Telangana. The 57,600 MTPA
capacity mill, with a 0.75MW captive power unit and 2000 tonne
capacity silos, is estimated to be executed at a total project
cost of INR23.40 crore. The partners, Ranga Srikar, Ranga Ranzith
Kumar and Gouru Rama Murthy, have longstanding experience in the
industry through their association with other entities.


SAHIB TRADELINKS: CARE Assigns B+ Rating to INR25cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sahib Tradelinks Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      25        CARE B+ Assigned
   Short-term Bank Facilities     10        CARE A 4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sahib Tradelinks
Private Limited (STP) are primarily constrained by its modest
scale of operations with low net-worth base and weak financial
risk profile characterised by thin profit margins, leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained by STP's presence in a highly competitive
mobile handset industry.

The ratings, however, derive comfort from the experienced
promoters, moderately comfortable operating cycle, established
distribution network and favourable industry outlook.

Going forward, the ability of the company to increase its scale of
operations along with improvement in the profit margins as well as
capital structure and business off-take risk associated with the
new 4G business of Reliance Jio Infocomm are the key rating
sensitivities.

Sahib Tradelinks Private Limited (STP) was incorporated in
May 2009. Initially, the business operations were being carried
through the partnership firm i e 'Sahib Electrowaves (SE)' which
was established in 2005 by Mr Sumeet Sidhu, Mr Jaspreet Singh, Mrs
Amina Bhaika and Mrs Surinder Kaur. Subsequently the business
operations of SE were taken over by STP in May, 2009 which was
also promoted by the same promoters. STP is presently engaged in
the distribution of Samsung mobile phones and accessories in
Chandigarh and Punjab, since 2013. The company procures traded
goods from 'Unicom India Private Limited (CARE BBB+/A2+)'.
Currently, STP has a network of 230 dealers spread in Chandigarh
and 6 micro distributors located in Punjab. Prior to this, the
company was involved in distribution of Nokia mobile phones.

STP had an agreement with Samsung Electronics Company Limited
which will be ending w.e.f July 30, 2015 and the company has
entered into contract with Reliance Jio Infocomm Limited for
selling its 4G products like sim cards, mobile phones, modem
etc.The company would be the zonal distributor (one and the only
distributor) for Reliance Jio Infocomm Limited in Haryana and
would be working through a network of 37 distributors.

For FY15 (Provisional, refers to the period April 1 to March 31),
STP achieved a total operating income of INR69.94 crore with
PBILDT and PAT of INR0.55 crore and INR0.04 crore, respectively as
against the total operating income of INR44.56 crore with PBILDT
and PAT of INR0.31 crore and INR0.03 crore, respectively, for
FY14.


SCC PROJECTS: ICRA Assigns 'B' Rating to INR14cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR14.0
crore fund based bank limits, INR8.0 crore non fund based limits
and INR3.0 crore unallocated limits of SCC Projects Private
Limited(SCCP).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       14.0        [ICRA]B; assigned
   Non-Fund Based Limits    8.0        [ICRA]B; assigned
   Long Term Unallocated    3.0        [ICRA]B; assigned

The ratings take into account SCCP's stretched liquidity position
due to build up of receivables (NWC/OI of 110.5% in FY2015 with
debtor days of 261 and 50% of debtors in the more than six months
category), which has resulted in consistently high working capital
limit utilization. The ratings also take into account the
volatility in the company's operating income, as witnessed in
FY14, where a subdued operating environment resulted in slowdown
in execution of contracts and a steep decline in operating income.
Despite improved operating profit margins in the past two years,
the company's coverage indicators have remained weak (DSCR of
0.96x and Debt/OPBDIT of 4.16x in FY 2015) owing to high interest
costs. The ratings also factor in SCCP's high geographic
concentration risk, with majority of the contracts being confined
to Madhya Pradesh.

The ratings, nevertheless, derive comfort from the long standing
experience and track record of the promoters in the construction
industry, spanning over two decades, and the adequate manpower and
equipment resource base available with the company to support the
execution of ongoing projects. Further, the rating takes into
account the revenue visibility over the medium term, as reflected
in SCCP's pending order book of INR73.85 crore as on March 31,
2015. The ratings also factor in the company's comfortable capital
structure, with a gearing of 0.74x as on March 31, 2015.
Going forward, SCCP's ability to improve its liquidity position,
optimally manage its working capital cycle and tie up funding for
executing its order book as planned, will be the key rating
sensitivities.

SCCP was incorporated in 1989 as a public limited company. The
company's operations are looked is promoted by Paresh Navnitlal
Bhagat, Kiran Modani and Jagdish Modani. The company is engaged in
civil construction works, primarily in the construction and
maintenance of roads and bridges and its operations are largely
confined to Madhya Pradesh.

Recent Results
In FY2014, SCCP generated a PAT of INR0.5 crore on an operating
income of INR31.4 crore. In FY2015, the firm, on a provisional
basis, achieved an OI of INR40.4 crore.


SONA RICE: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sona Rice
Industries (SRI) continues to reflect SRI's below-average
financial risk profile, marked by small net worth, high gearing
ratio, and below-average debt protection metrics, and its modest
scale of operations in the fragmented rice milling industry. These
rating weaknesses are partially offset by the extensive industry
experience of SRI's promoters.

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

Outlook: Stable
CRISIL believes that SRI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SRI's cash accruals are
substantial or if promoters infuse fresh capital, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case the firm's accruals are low, its
working capital requirements increase, or it undertakes any large
debt-funded capital expenditure programme, exerting pressure on
its liquidity.

Update
During 2014-15 (refers to financial year, April 1 to March 31),
SRI achieved a turnover of INR302 million, a growth of 19 per cent
over the previous year. However its operating margin continues to
be low at 4.8 per cent for 2014-15 on account of limited value
addition and exposure to intense competition from other rice
mills. SRI has moderate working capital requirements, with gross
current assets of around 104 days as on March 31, 2015. SRI has
below-average financial risk profile marked by a small net worth
of INR20.2 million and high gearing estimated at 3.33 times as on
March 31, 2015. Also it has below-average debt protection metrics
with interest coverage ratio of 1.83 times and negligible net cash
accruals to total debt ratio for 2014-15. The firm's liquidity is
constrained by its small net cash accruals; however supported by
funding support from the promoters and moderate bank limit
utilization of 76 per cent over the 12 months through June, 2015.

Established in 2000 as a partnership firm, SRI mills and processes
paddy into rice, rice bran, broken rice, palam, and husk at its
manufacturing unit in Nagpur (Maharashtra). The firm is owned and
managed by Mr. Sachin Zamtani and Mr. Shanker Zamtani.


SPI PROPERTIES: ICRA Reaffirms B+ Rating on INR7.09cr LT Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR7.09 crore (revised from INR8.75 crore) term-loans of SPI
Properties Private Limited. ICRA has also assigned a long-term
rating of [ICRA]B+ to the INR1.66 crore proposed fund based
facilities of SPIPPL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term, Fund Based     7.09       [ICRA]B+ /Re-Affirmed

   Long-term, Proposed
   Facilities                1.66       [ICRA]B+ /Assigned

The re-affirmation of the rating reflects the modest operational
profile of the company, with an installed wind power generation
capacity of 4.7 MW; and SPIPPL's considerable investments in real
estate joint ventures, and advances made to related entities,
impacting its liquidity profile. ICRA also takes into account, the
impact of variability in wind speed and grid availability on the
PLFs - which may lead to volatility in revenues, cash flows and
debt protection metrics. The rating also factors in SPIPPL's
exposure to regulatory risk of any adverse change in government
policy with respect to renewable energy, tariffs, open access
charges, wheeling or banking.

The rating, nevertheless, favourably takes into consideration the
long-standing experience of the promoter group in managing varied
businesses; the improvement in SPIPPL's financial risk profile
with enhanced profitability and debt protection metrics and a
moderation in capital structure; and the favourable regulatory
environment with both central and state power regulators
incentivizing private renewable power generation. The rating also
factors in the presence of windmills in high wind density areas;
the in-place O&M contracts with reputed Original Equipment
Manufacturers (OEM); and limited demand risks due to the signing
of PPAs with group captive customers, and healthy realisations
thereof. ICRA also takes cognisance of the recent upward revision
in tariffs charged to Group captive customers, which is likely to
further improve SPIPPL's profitability and revenues. Recovery of
the aforesaid investments and advances would significantly improve
SPIPPL's liquidity position and remains a key rating sensitivity,
going forward.

SPI Properties Private Limited, the erstwhile Ultramarine
Investments Private Limited (UIPL), was incorporated in 2003, and
was primarily involved in acquiring land parcels in Tamil Nadu and
Andhra Pradesh, and developing them in Joint Venture (JV) with
other real estate developers. UIPL was renamed in 2005 as
Ultramarine Property Developers Private Limited, and then again in
2008 as SPI Properties Private Limited. SPIPPL forayed into wind
power generation with its acquisition of a 1.5 MW windmill in
2007, supplying power to various group entities. SPIPPL has since
expanded and currently owns seven wind mills with a cumulative
capacity of 4.7 MW at Theni and Tirunelveli districts of Tamil
Nadu. The company is part of the Samayanallur Power Investments
Group promoted by Mr. Kiran Reddy and his family, which has a
presence across varied businesses in South India. Samayanallur
Power Investments Private Limited is the holding company for the
group's operations and has significant shareholding in all the
group entities, namely, Madurai Power Corporation Private Limited
-- which owns and operates a 106 MW liquid fuel-based power plant
and SPI Cinemas Private Limited which owns two multiplexes -
Sathyam Cinemas and Escape - besides other entertainment outlets
such as Blur, Thinkmusic, and Ecstasy, in Chennai.


SRI BALMUKUND: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri Balmukund
Polyplast Pvt Ltd's (SBPPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND BBB'. The Outlook is Negative.

KEY RATING DRIVERS

The downgrade reflects SBPPL's weakened liquidity position in
FY16. This is mainly due to volatility in polymer prices and
delayed realisation from customers.

Ind-Ra has not been provided the relevant details yet. A further
action may be taken after a detailed review which is currently
underway.

RATING SENSITIVITIES

Negative: The continuation of liquidity pressure can lead to a
further rating downgrade.

Positive: A significant and sustained improvement in the liquidity
can lead to a Stable Outlook.

COMPANY PROFILE

SBBPL trades plastic granules and manufactures woven sacks. It is
a part of Sri Balmukund Group which is involved in the trading of
plastic granules and manufacturing of woven sacks, PVC pipes and
packaging materials. The group also has iron-ore crushing units
Odisha.


STARSHINE NIRMAN: Ind-Ra Cuts LT Issuer Rating to 'IND BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Starshine
Nirman Private Limited's (SNPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BBB'. The Outlook is Negative.

KEY RATING DRIVERS

The downgrade reflects SNPL's weakened liquidity position in FY16.
This is mainly due to volatility in polymer prices and delayed
realisation from customers.

Ind-Ra has not been provided the relevant details yet. A further
action may be taken after a detailed review which is currently
underway.

RATING SENSITIVITIES

Negative: The continuation of liquidity pressure can lead to a
further rating downgrade.

Positive: A significant and sustained improvement in the liquidity
can lead to a Stable Outlook.

COMPANY PROFILE

SNPL is engaged in trading of polymers. It is a part of Sri
Balmukund Group which is involved in trading of plastic granules
and manufacturing of woven sacks, PVC pipes and packaging
materials. It also has iron-ore crushing units in Odisha.


SUNFAME CERAMIC: CRISIL Reaffirms B+ Rating on INR43.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunfame Ceramic Pvt Ltd
(SCPL) continue to reflect SCPL's below-average financial risk
profile, marked by high gearing and moderate debt protection
metrics, and its susceptibility to intense competition in the
ceramic tiles industry. These rating weaknesses are partially
offset by the extensive industry experience of promoters and the
favourable location of the plant.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        6        CRISIL A4 (Reaffirmed)
   Cash Credit          15        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   37.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan            43.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SCPL will continue to benefit over the medium
term from the extensive experience of promoters in the ceramic
tiles industry. The outlook may be revised to 'Positive' if SCPL
reports a substantial increase in revenue and profitability, while
improving the capital structure, most likely through reduction in
working capital cycle or equity infusion. Conversely, the outlook
may be revised to 'Negative' if SCPL's liquidity deteriorates,
driven by a decline in profitability, or a stretch in working
capital cycle, or large debt-funded capital expenditure.

Incorporated in March 2011, SCPL manufactures non-vitrified
ceramic wall tiles. The company is promoted by Mr. Kirtikumar J
Ughreja and family. It began commercial operations in November
2011 at its facilities in Morbi (Gujarat).

SCPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR164.3 million for 2014-15, against a PAT INR1.4
million on net sales of INR139.8 million for 2013-14.


UNILEC ENGINEERS: CRISIL Cuts Rating on INR55MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Unilec
Engineers Ltd (UEL) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        120      CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Cash Credit            55      CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Proposed Long Term      1.3    CRISIL B+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Stable')

   Standby Line of         8.2    CRISIL B+/Stable (Downgraded
   Credit                         from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that UEL's financial
risk profile, particularly its liquidity, will remain constrained
over the medium term because of large working capital
requirements. Due to increase in inventory and high debtor days,
the company's bank limits were fully utilised, with multiple
instances of overdrawn limits, during 2014-15 (refers to financial
year, April 1 to March 31). CRISIL believes that UEL's liquidity
will remain constrained over the medium term due to its working-
capital-intensive operations.

The ratings reflect UEL's modest scale of operations in the
intensely competitive electrical equipment industry, and the
company's working-capital-intensive operations. The ratings also
factor in its average financial risk profile, marked by modest
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive industry experience of UEL's
promoters, and its established relationships with customers and
suppliers.

Outlook: Stable
CRISIL believes that UEL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company considerably
scales up its operations and significantly improves its working
capital cycle, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if UEL is
unable to ramp up its revenue, its profitability declines, its
working capital cycle is stretched further, or it undertakes a
significant debt-funded capital expenditure programme, leading to
further deterioration in its financial risk profile.

UEL, a closely held public limited company incorporated in 1993,
was acquired in 2004 by its current promoters, Mr. Amit Airy and
Mr. Bharat Bhushan Airy. The company manufactures electrical
control panels, low-voltage switchgears, and bus ducts for power
generation, transmission, and distribution companies. It has its
manufacturing and technical service divisions at Gurgaon and at
Bawal district (both in Haryana).


VAMA INDUSTRIES: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vama Industries
Limited's (Vama) 'IND BB-' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. 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 Vama.

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

Vama's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'
-- INR35.0 million fund-based working capital limit: migrated to
    'IND BB-(suspended)'/'IND A4+(suspended)' from 'IND BB-'/
    'IND A4+'
-- INR15.0 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'



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


BANK PERMATA: Moody's Rates Tier 2 Sub. Debt Securities (P)Ba3
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 (hyb)
rating to the proposed Tier 2 unsecured subordinated debt
securities of PT Bank Permata TBK (Baa3 stable).

Bank Permata is the first Indonesian bank to obtain a Moody's
rating for capital-qualifying subordinated debt with contractual
loss absorption upon the point of non-viability, which is
consistent with Indonesia's Basel III bank capital regulations.

RATINGS RATIONALE

The provisional (P)Ba3 (hyb) rating is positioned two notches
below Bank Permata's adjusted baseline credit assessment (BCA) of
ba1, in line with Moody's standard notching guidance for
subordinated debt, with loss triggered at the point of non-
viability on a contractual basis.

The subordinated debt ranks pari passu with the bank's plain
vanilla subordinated debt in terms of priority of claim in the
event of a winding-up of Bank Permata.

The rating is positioned one notch below that of "plain vanilla"
subordinated debt with normal loss severity.  The additional
notching reflects the potential uncertainty associated with the
timing of the loss absorption of the contractual non-viability
subordinated debt, given that the Indonesian bank regulator,
Otoritas Jasa Keuangan (OJK), has not defined the point at which
it would deem the bank to be non-viable.

Under the terms and conditions of the securities, the principal
and accrued interest on the subordinated debt would be written
down, partially or in full, in the event that the OJK notifies
Bank Permata that without such write-offs the bank would become
non-viable.

In addition, Bank Permata is required to defer interest payment on
a cumulative basis when the bank fails to meet the minimum
regulatory requirement.  Moody's expects the likelihood of this
scenario occurring to increase as the bank approaches the point of
non-viability, and the incremental risk of the interest deferral
feature to the subordinated debt holders to be marginal.  As such,
Moody's had positioned the rating two notches below the bank's
Adjusted BCA, which captures the risk of coupon deferral.

As Moody's issues provisional ratings in advance of the final
issuance of the notes, these ratings only represent the rating
agency's preliminary credit opinion and do not immediately apply
to the issued securities.  The rating on the debt notes issued
will be subject to Moody's review of the terms and conditions set
forth in the final offering circular and pricing supplements of
the notes to be issued.  A definitive rating may differ from a
provisional rating if the terms and conditions of the issuance are
materially different from those of the preliminary prospectus
reviewed.

As the (P)Ba3 (hyb) rating is linked to Bank Permata's BCA, the
rating could be upgraded if the bank's BCA is raised.  The
following factors could lead to upward pressure on its BCA: (1) an
enhanced franchise, demonstrated by an increased market share and
better economies of scale and cost efficiency; (2) an ability to
provide additional cushion for its capital ratio, with its Tier 1
ratio in line with those of its peers; (3) stable asset quality
metrics, supported by adequate loss-absorbing buffers.

Conversely, the bank's BCA could come under pressure if there is a
sharp and sustained reversal in its financial metrics, such as a
sharp increase in its non-performing loan (NPL) ratio or a decline
in capital levels, that would threaten the bank's solvency after
incorporating possible losses in Moody's scenario analysis.

Its Adjusted BCA, which incorporates parental support, may be
lowered if there is a change in its major shareholder, creating
uncertainty about parental support.

Bank Permata's other ratings remain unaffected.  The ratings are:

   -- BCA and Adjusted BCA remain unchanged at ba2 and ba1
      respectively
   -- Local and foreign currency deposit ratings remain unchanged
      at Baa3/P-3
   -- Counterparty Risk Assessment of Baa3(cr)/P-3(cr)

The principal methodology used in this rating was Banks published
in March 2015.



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


SONY CORPORATION: Fitch Affirms 'BB-' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Sony Corporation (Sony)
to Positive from Stable. The Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDRs) have been affirmed at
'BB-'.

KEY RATING DRIVERS

Profile Improves after Restructuring: The Outlook revision
reflects expected improvements in Sony's credit profile as a
result of continued restructuring and our belief that the company
is positioned to make operating profits. There is a high
likelihood of a rating upgrade should the leverage remain at a
lower level and earnings stabilise further in its key operating
segments. However, we believe that Sony's profitability, excluding
Sony Financial Holdings (SFH), will remain fragile due to its
exposure to the weak consumer electronics segment.

Margin Improvement: Fitch believes that Sony's restructuring
efforts are likely to improve profitability in the short term.
Sony recorded positive EBIT margins in all major business
segments, except the mobile business, in the financial year ended
March 2015 (FYE15). The profitability was enhanced by a better
product mix and lower overhead costs. Excluding goodwill
impairments, PC business-related losses, profits from asset sales
and insurance recoveries, operating EBIT, excluding Sony Financial
Holdings, was JPY155bn in FYE15, compared with a loss of JPY3bn in
FYE14.

Highly Competitive Consumer Electronics: Fitch believes that
stiffer competition in the consumer electronics industry continues
to be a key risk in Sony's margin recovery. The company cut back
on its lower-end smartphones and pulled back from the mobile
market in China. Sony also reduced its LCD TV shipment forecast
and shifted its focus to high-end models. Despite Sony's efforts
to revive its mobile and TV businesses, the presence of stronger
rivals such as Samsung, Apple and LG pose significant challenges
to Sony's goal of increasing profit.

Promising Image Sensor Market: The device segment (which includes
image sensors) will be Sony's main growth driver and likely to
improve overall profitability. Sony will benefit from the growing
market for image sensors with advanced technology, which is being
driven by upgrades in smartphone features. Sony is ramping up
production capacity for these products, and a larger contribution
from the higher margin image sensor business will improve the
company's overall margin.

Fundraising for Expansion Capex: Sony has raised JPY302bn via
share issues to fund incremental capex. Sony more than doubled its
capex budget for FYE16 to JPY510bn (FYE15: JPY251bn), which will
largely be invested in capacity expansion for the image sensor and
camera module businesses. With the additional equity, Sony's
financial profile should be more manageable within the current
rating, even with the heightened capex. Non-financial FFO-adjusted
leverage will remain lower at around 4x in the near future.
(FYE15: 4.4X)

Adequate Liquidity: Fitch expects Sony's liquidity to remain
adequate. At end-June 2015, Sony had an unrestricted cash of
JPY628bn, compared with its debt due within one year of JPY136bn.
The company also had unused credit facilities of JPY717bn at end-
June 2015, indicating that the company continues to have good
access to capital markets.

KEY ASSUMPTIONS

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

-- Revenue to decline by single digit percentage as structural
    reform in the consumer electronics businesses continues to
    affect Sony's top line.
-- Non-financial EBIT margin to improve in FYE16 as the robust
    games and device segments are expected to sufficiently offset
    the weak mobile and TV businesses.
-- Non-financial capex to increase to JPY501bn in FYE15 as per
    management guidance.
-- Free cash flow to remain negative given elevated capex.
-- Leverage to remain at around 4x.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to the rating Outlook being revised to Stable include (for Sony
excluding SFH):

-- EBIT margin sustained at lower than 1%
-- FFO-adjusted leverage sustained at above 4.5x.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include (for Sony
excluding SFH):

-- EBIT margins sustained at more than 1%
- FFO-adjusted leverage sustained at below 4.5x

FULL LIST OF RATING ACTIONS

Long-Term Foreign- and Local- Currency IDRs affirmed at 'BB-';
Outlook revised to Positive from Stable
Short-Term Foreign- and Local- Currency IDRs affirmed at 'B'
Local-currency senior unsecured rating affirmed at 'BB-'



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


GREENSHELL NEW ZEALAND: Maori Family Reclaims Mussel Farm
---------------------------------------------------------
Eric Frykberg at Radio New Zealand reports that a Maori family
have succeeded in regaining possession of a mussel farm which they
consider their turangawaewae.

Radio NZ relates that the family won the right to the company at
Kennedy Bay, on the north eastern coast of Coromandel, after
facing challenges in the High Court and the Court of Appeal.

Local resident, the late George Potae, ran the Kennedy Bay Mussel
Company for many years, the report discloses.  In 2006, Mr Potae
was diagnosed with terminal cancer and set about making
arrangements to ensure his family could be supported by the
continued running of the mussel farm.

He sold some of his business and leased other parts to Greenshell
New Zealand Ltd, which initially performed well but later went
into receivership, Radio NZ relates.

When that happened, Mr Potae's family sought to terminate the sale
and the leases, according to the report.

Radio NZ relates that the receivers of Greenshell went to the High
Court seeking to block this. They lost that case, but then took it
to the Court of Appeal.

In a majority verdict, Justice Harrison and Stevens found once
again in support of the family, says Radio NZ.

In its ruling, they said there was a clause in the original
contract allowing the Potae family to regain possession if
Greenshell was in breach of its contract, and this would include
if it was declared bankrupt or insolvent, the report relays.

According to the report, the majority on the bench argued that
receivership constituted just such a breach and repossession was
the legal right of the Potae family.  Costs were awarded in favour
of the family, the report notes.



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


FARMERS' RURAL: Placed Under PDIC Receivership
----------------------------------------------
The Monetary Board (MB) placed Farmers' Rural Bank, Inc. under the
receivership of the Philippine Deposit Insurance Corporation
(PDIC) by virtue of MB Resolution No. 1266.B dated August 14,
2015. As Receiver, PDIC took over the bank on August 14, 2015.

Farmers' Rural Bank is a single-unit rural bank located at Rizal
St., Lian, Batangas. Based on the Bank Information Sheet filed
with the PDIC as of December 31, 2014, the bank is owned by
Bettina T. Limjoco (31.21%), Teresa T. Limjoco (23.82%), Alexander
L. Limjoco (14.08%), Juan Miguel T. Limjoco (9.41%), Rene T.
Limjoco (9.41%) and Annadette L. Blanch (2.25%). The Bank's
President and Chairman is Bettina T. Limjoco.

Latest available records show that as of June 30, 2015, Farmers'
Rural Bank had 1,689 accounts with total deposit liabilities of
PHP28.7 million. Total insured deposits amounted to PHP27.9
million or 97.4% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except when they have
outstanding obligations with Farmers' Rural Bank or acted as co-
makers of these obligations. Depositors have to ensure that they
have complete and updated addresses with the bank. PDIC targets to
start mailing payments to these depositors at their addresses
recorded in the bank by the 4th week of August, 2015.

Depositors may update their addresses until August 20, 2015 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the 1st week of September, 2015.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on August 26, 2015. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the bank
premises and announced in the PDIC website, www.pdic.gov.ph.
Likewise, the schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises, other
public places and the PDIC website.



                             *********

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,
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***