TCRAP_Public/150810.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, August 10, 2015, Vol. 18, No. 156


                            Headlines


A U S T R A L I A

21ST CENTURY: ASIC Files Suit Against Land Banking Schemes
BASTEMEYER GROUP: First Creditors' Meeting Set For Aug. 17
FAIRSTAR RESOURCES: Receivers Appointed Over Specific Assets
GATHERIN DATING: First Creditors' Meeting Set For Aug. 17
GILDODRI PTY: First Creditors' Meeting Set For Aug. 17

JDC ELECTRICAL: Plea For Premier to Save Electrical Company
T.G. FASHIONS: First Creditors' Meeting Slated For Aug. 17


C H I N A

MIE HOLDINGS: Fitch Puts 'B' Long-Term IDR on Watch Negative


I N D I A

ADARSH STONE: CRISIL Assigns B- Rating to INR62.5MM Term Loan
AESTHETIC LIVING: CARE Assigns B+ Rating to INR3.58cr LT Loan
AIC IRON: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
AIC STEEL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
ASHWIN POLYCLINIC: ICRA Suspends 'D' Rating on INR4.36cr Loan

BHANSALI TRADE: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
DATHRIE GRANITES: CRISIL Cuts Rating on INR150MM Loan to 'D'
GAYATRI HI: ICRA Revises Rating on INR491.10cr Term Loan to D
KONGALLA SATYANARAYANA: ICRA Reaffirms B+ Rating on INR5cr Loan
L R AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR120MM Loan

LIKHITA PROCESS: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
LIVA CERAMICS: ICRA Suspends B+ Rating on INR6.0cr Term Loan
OPTIFLEX INDUSTRIES: CRISIL Assigns B+ Rating to INR55MM Loan
ORITO POLYFAB: CRISIL Reaffirms B Rating on INR166.5MM Term Loan
PONMANI INTERNATIONAL: CRISIL Suspends B+ Rating on INR36.5M Loan

PRIME URBAN: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SHANTOL GREEN: ICRA Lowers Rating on INR18.50cr Term Loan to B
SHREE VENKATESHWARA: CRISIL Reaffirms 'D' INR153.8MM Loan Rating
STANDARD PAPER: CRISIL Assigns B+ Rating to INR60MM Cash Credit
TALREJA TEXTILES: CRISIL Reaffirms 'B' Rating on INR30MM Loan


N E W  Z E A L A N D

ELENA FARM: Former Sharemilker Placed in Liquidation
UNITEC INSTITUTE: More Than 300 Workers Face Job Cuts


S R I  L A N K A

SRI LANKA: S&P Affirms 'B+' Sov. Credit Rating; Outlook Stable


                            - - - - -


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


21ST CENTURY: ASIC Files Suit Against Land Banking Schemes
----------------------------------------------------------
Australian Securities and Investments Commission has commenced
proceedings in the Federal Court of Australia against companies
associated with Jamie McIntyre and the 21st Century Group in
relation to their promotion and sale of interests to investors in
five land banking schemes.

ASIC alleges that the schemes are unregistered managed investment
schemes and that the 21st Century Group companies and Mr McIntyre
have been unlawfully carrying on an unlicensed financial services
business.

The five schemes are promoted and advertised as:

  -- Botanica, located at 805 Archer Rd, Kialla, Victoria 3631
  -- Secret Valley Estate, located at 955, Old Sydney Road,
     Bylands, Victoria 3762
  -- Oak Valley Lakes Estate & Resort, located at 124 Booth
     Road, Brookhill, Townsville, Qld 4816
  -- Bendigo Vineyard Estate & Resort, located at 51 Andrews
     Road, Bendigo, Victoria 3551
  -- Melbourne Grove Estate, located at 1491 Dohertys Road,
     Mount Cottrell, Victoria 3024

ASIC understands that there are over 100 investors in the schemes,
which have been promoted to investors, including through seminars,
by entities associated with Mr McIntyre's 21st Century Group.
Companies associated with Mr McIntyre and the 21st Century Group
are also the developers of the schemes (development companies).

ASIC is seeking orders to appoint a provisional liquidator or
receiver and manager to each of the five schemes and the
development companies in order to take control of any assets and
protect the interests of investors.

The development companies are:

    Archery Road Pty Ltd (ACN 162 921 735)
    Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)
    Secret Valley Estate Pty Ltd (ACN 602 817 532)
    Kingsway South Holdings Pty Ltd (ACN 159 230 976)
    Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)

ASIC is also taking action against the development companies and
the following for being involved in an unlicensed financial
services business.

    Mr Jamie Neville McIntyre (Surfers Paradise Qld)
    Mr Dennis McIntyre (Surfers Paradise Qld)
    Property Tuition Pty Ltd (ACN 129 421 281)
    Education Holdings Pty Ltd (ACN 129 551 917)
    Sourcing Property Pty Ltd (ACN 602 474 779)

ASIC is also seeking orders that each of the defendants, including
Mr McIntyre, be restrained from promoting, further promoting or
operating any of the schemes and from operating a financial
services business.

The matter is set down for a first hearing on Aug. 14, 2015.

ASIC's proceedings are part of ASIC's wider and ongoing
investigation into land banking schemes.

ASIC last week settled proceedings commenced against Midland HWY,
which was the developer of a land banking scheme known as,
'Hermitage Bendigo' (formerly, 'Acacia Banks')  located  outside
of Bendigo in Victoria.  The 21st Century Group also promoted this
development.

Land banking is a real estate investment scheme involving the
acquisition of large blocks of land by a promoter or developer of
the scheme, often in undeveloped rural areas, who then offer
portions of the land to investors.

Land banking companies typically promote the investment with
representations of high potential returns if the land is
redeveloped, or if plans for rezoning and development are
finalised.

Investors either purchase a lot in the land, or acquire an option
to purchase a lot of land in an unregistered plan of subdivision.
The option agreement is triggered at a time that the necessary
development is approved by the local council.

While ASIC does not regulate direct property investment, ASIC
considers that land banking schemes, depending on the particular
scheme, may be a managed investment scheme and/or a financial
product and that the promoters of these schemes should therefore
hold an Australian financial services licence and register these
schemes with ASIC.


BASTEMEYER GROUP: First Creditors' Meeting Set For Aug. 17
----------------------------------------------------------
Jason Bettles & Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Bastemeyer Group
Pty Ltd on Aug. 5, 2015.

A first meeting of the creditors of the Company will be held at
Level 5,HQ@Robina, 58 Riverwalk Avenue, in Robina, Queensland, on
Aug. 17, 2015, at 2:30 p.m.


FAIRSTAR RESOURCES: Receivers Appointed Over Specific Assets
------------------------------------------------------------
FairStar Resources Ltd. has been put in the hands of receivers and
managers with the appointment of PPB Advisory's Simon Theobald and
Melissa Humman.

The company said in a confusing statement that the pair were
appointed over a specific property in relation to deed under which
a broad range of items were listed as security including cash,
receivables, rebates, investments and intellectual property
including geological databases.

However, Australian Securities and Investments Commission records
showed that the Mr. Theobald and Ms. Humann were appointed as
receivers and managers of the Kevin Robertson-led company.

The appointment was the result of action taken by a creditor, The
Sheldon Coates Superannuation Fund, which according to the
FairStar 2014 annual, held more than 12.7 million shares on behalf
of Sheldon and Harvey Coates in November 7 last year.

It is unclear what the debt was linked to although the company
said there was a "Security Interested dated 2012 over all present
and after acquired property registered under the Personal Property
Securities Act, registration No. 201401138837."

Australia-based FairStar Resources Ltd (ASX:FAS) --
http://www.fairstarresources.com/-- engages in exploring for
gold, uranium, iron ore and base metals. The Company's projects
include Lindsay Dam -- Steeple Hill Iron Project, Kurnalpi --
Randalls, Mount Padbury, Spinifex Well, Mindoolah and Killara. The
Steeple Hill Iron Project was discovered by the Company and is
located in Western Australia's eastern goldfields and is 100%
owned by the Company.


GATHERIN DATING: First Creditors' Meeting Set For Aug. 17
---------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Gatherin Dating Pty Ltd on Aug. 5,
2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on Aug. 17, 2015, at
11:00 a.m.


GILDODRI PTY: First Creditors' Meeting Set For Aug. 17
------------------------------------------------------
Ian James Purchas of SV Partners was appointed as administrator of
Gildodri Pty Ltd on Aug. 5, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, Level 7, 151 Castlereagh Street, in Sydney, on
Aug. 17, 2015, at 11:30 a.m.


JDC ELECTRICAL: Plea For Premier to Save Electrical Company
-----------------------------------------------------------
Renee Thompson at SmartCompany reports that New South Wales
premier Mike Baird has been called on to come to the assistance of
an electrical company that had operated for 30 years before
falling into voluntary administration at the end of last month.

Administrator Danny Vrkic of DV Recovery Management was appointed
to manage the voluntary administration of JDC Electrical on July
28, SmartCompany relates citing a notice lodged with the
Australian Securities and Investments Commission.

According to SmartCompany, the Illawara Mercury reported that the
administration will result in the company's staff being cut by
20 people, down to six from 36.

SmartCompany relates that Mr. Vrkic said trade creditors and
suppliers were owed about AUD3 million and he understood the
director would be putting forward a deed of company arrangement.

SmartCompany adds that Wollongong MP Noreen Hay has called on NSW
Premier Mike Baird to come into bat for the small business, urging
him to "put words into action" to prevent the job losses.

Unanderra-based JDC Electrical provides industrial, commercial and
domestic electrical contracting services across the Illawarra
region of New South Wales.


T.G. FASHIONS: First Creditors' Meeting Slated For Aug. 17
----------------------------------------------------------
Timothy Paul Heesh and Amanda Caroline Lott of TPH Insolvency were
appointed as administrators of T.G. Fashions Services Pty Ltd on
Aug. 5, 2015.

A first meeting of the creditors of the Company will be held at
TPH Insolvency, Lower Ground Floor, 133 Macquarie Street, in
Sydney, on Aug. 17, 2015, at 11:00 a.m.



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C H I N A
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MIE HOLDINGS: Fitch Puts 'B' Long-Term IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed MIE Holdings Corporation's 'B' Long-Term
Issuer Default Rating, senior unsecured rating, and the ratings of
MIE's USD200 mil. notes due 2018 and USD500 mil. notes due 2019,
on Rating Watch Negative (RWN).

The rating action is in response to MIE's announced C$201.5 mil
(approximately CNY947 mil) acquisition of a 43.9% interest in Long
Run Exploration Ltd (Long Run), a Canada-based upstream oil & gas
company, to be completed by November 30, 2015 subject to various
approvals and satisfaction of various conditions precedent.  The
company is exploring various options to fund the transaction,
including the introduction of strategic investors, equity
issuance, existing asset disposals and debt issuance.  In addition
to the initial consideration, a further C$99.2 mil payment will be
required if the 18- and 24-month warrants acquired as part of the
transaction are exercised.

KEY RATING DRIVERS
Limited Rating Headroom: Weak oil prices have significantly
reduced MIE's rating headroom.  Fitch had expected the company's
funds from operations (FFO) net leverage to increase to above 5x
in 2015 (2014: 2.7x) without the acquisition of Long Run and had
projected little rating headroom under the negative rating
guidelines for its B ratings of FFO net adjusted net leverage of
more than 3x and FFO gross interest coverage of less than 4.5x in
the medium-term.

Funding Structure for Acquisition Key: Based on available
information, it appears that Long Run is an asset with good
medium-term potential.  The target company's production (in
barrels of oil equivalent) and reserves are larger than MIE's and
it had a proved and proved-developed reserve life of 9.1 years and
5.3 yrs as at December 2014, giving some flexibility on capex.
However, given the prevailing low oil price environment, and the
need to reduce debt at Long Run, meaningful dividend receipts are
unlikely in the short- to medium-term.  Fitch notes that Long Run
commenced its first dividend payment in February 2014, and has
suspended such payments in February 2015 in view of the tough
market conditions.

MIE has indicated in its announcement that Long Run will be
consolidated in its financial statements if it proceeds with the
transaction as per the structure and shareholding indicated in its
announcement.  However, given the partial equity ownership in Long
Run and the substantial debt at Long Run, Fitch will focus on
dividends from Long Run in its analysis of MIE's credit risk
profile.  As such, how MIE funds this acquisition is key to how
the transaction will affect MIE's overall credit profile and its
ratings.

Any substantial additional debt to fund this acquisition or sale
of a sizable cash contributing asset will be viewed by Fitch as
negative to MIE's credit profile, especially given the low rating
headroom.  MIE can reduce the negative credit impact if it funds a
material portion of the cash consideration via the issue of equity
or if it involves strategic co-investors for the acquisition of
Long Run.

Significant Refinancing Risks Ahead: MIE has significant
refinancing risks in 2018 and 2019 upon the maturity of its
USD700m of notes.  Fitch will also review the implications for
MIE's refinancing risk pursuant to completion of the transaction
and how it is funded.

Recovery Ratings: MIE's senior unsecured rating and the USD notes
are rated at the same level as MIE's IDR.  While noting that MIE
currently has adequate headroom under its RR4 recovery ratings, on
completion of the Long Run transaction, Fitch will also review if
there has been a material weakening of recovery prospects for
MIE's unsecured creditors from the sale of existing assets or the
addition of incremental debt.

Resolution of RWN: Fitch will resolve the Negative Rating Watch
once the transaction is consummated and the funding structure for
both the initial payment and the exercising of warrants has been
confirmed by the company.

KEY ASSUMPTIONS

Fitch's has used these key assumptions for MIE's existing
operations:

   -- Oil prices in line with Fitch's base case price deck as
      outlined in the "Fitch Oil and Gas Assumptions Summary",
      dated Feb. 11, 2015

   -- Total production volume at consolidated entities to decline
      by 30%-40% in 2015 and gradually increase afterwards on the
      assumption that the Kazakhstan central processing facility
      for debottlenecking is completed by mid-2016

   -- Working capital conversion cycle to remain stable

   -- Capex of CNY600m-700m in 2015 for MIE's existing operations

RATING SENSITIVITIES

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

   -- a weakening of credit risk profile following the
      consummation of the Long Run transaction which may arise
      from material additional debt and/or lower operating cash
      flows;

   -- heightened re-financing risk

   -- for the senior unsecured ratings, the transaction resulting
      in weaker than average recovery prospects for senior
      unsecured creditors of MIE

Positive: The ratings may be affirmed if MIE funds the purchase
consideration for Long Run in a manner that does not materially
weaken its credit risk profile.



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I N D I A
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ADARSH STONE: CRISIL Assigns B- Rating to INR62.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Adarsh Stone Crushers (India) Private Limited
(ASCIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           17.5        CRISIL B-/Stable
   Term Loan             62.5        CRISIL B-/Stable

The rating reflects ASCIPL's small scale and early stage of
operations in the highly competitive and fragmented stone crushing
industry, its weak financial risk profile and large working
capital requirements. These weaknesses are partially offset by
assured demand from group companies providing near-term revenue
visibility.
Outlook: Stable

CRISIL believes that ASCIPL will benefit, over the medium term,
from the assured demand from its group companies. The outlook may
be revised to 'Positive' if ASCIPL reports significant improvement
in its scale, while maintaining profitability at similar levels.
Conversely, the outlook may be revised to 'Negative' if ASCIPL
reports further stretching of working capital cycle or large debt-
funded capital expenditure, pressurising its financial risk
profile.

Incorporated in 2011, ASCIPL manufactures sand and crushes stone,
and has its own quarry spread across 12 acres in Satara
(Maharashtra). ASCIPL is managed by Mr. Shashikant Ramchandra
Dhumal and has its registered office located in Satara.


AESTHETIC LIVING: CARE Assigns B+ Rating to INR3.58cr LT Loan
------------------------------------------------------------- CARE
assigns 'CARE B+/CARE A4' ratings to bank facilities of
Aesthetic Living Merchants Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.58       CARE B+ Assigned
   Short term Bank Facilities   11.42       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Aesthetic Living
Merchants Private Limited (ALM) are primarily constrained by
implementation and stabilization risk associated with its debt-
funded capital expenditure, small scale of operations with low net
worth base resulting into leveraged capital structure. The ratings
are further constrained by foreign exchange fluctuation risk and
intense competition with the presence of organized and unorganized
players.

These rating constraints are partially offset due to support from
the experienced promoters, growing scale of operations, moderate
profitability margins and operating cycle.

Going forward, the ability of ALM to increase its scale of
operations while improving its profitability margins and capital
structure and managing its foreign exchange fluctuation risk shall
be the key rating sensitivities. Also, timely execution of
its project within the envisaged costs shall be the key rating
sensitivity.

Aesthetic Living Merchant Private Limited (ALM) was incorporated
in 2002 by Mr Nitin Jain and Mrs Ritika Jain. The company is
engaged in the manufacturing of textile home furnishing products
which include bedroom accessories (blankets, bed sheets, pillow
covers, cushion etc) and kitchen accessories (velvet bottle cover,
aprons, oven mittens and pot holders). The company is also engaged
in manufacturing of artificial jewellery. ALM mainly procures its
raw material ie fabrics, leather, beads etc from domestic market
as well as overseas market. ALM sells its products under the two
brands name "ABIA" and "InV" to customers located in India and
overseas market. ALM's export sales accounted for 92% of the total
operating income in FY14 (refers to the period April 1 to March
31).

ALM reported a PAT of INR1.12 crore and PBILDT of INR3.34 crore on
a total income of INR56.90 crore in FY14 as against PAT of INR0.52
crore and PBILDT of INR2.03 crore on a total income of INR32.44
crore in FY13. ALM has reported a total operating income of INR53
crore till February, 2015 (as per the unaudited results).


AIC IRON: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned AIC Iron
Industries Pvt. Ltd. (AIPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.  AIPL's bank facilities have
been assigned ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
  Fund-based working     132.5      'IND BB+'/Stable
   capital limits

  Term loan               29.0      'IND BB+'/Stable

  Non-fund-based          17.5      'IND A4+'
  working capital
  limits

KEY RATING DRIVERS

The ratings reflect AIPL's moderate scale of operations as well as
credit profile and declining margins.  According to the
provisional financials for FY15, net revenue was INR1,287 mil.
(FY14: INR1,088 mil.), net financial leverage (adjusted net
debt/operating EBITDA) was 3.8x (3.7x) and interest coverage of
1.8x (1.7x).  The margins fell to 2.21% in FY15 (FY14: 2.46%;
FY13: 2.52%) due to fluctuating raw material prices which the
entity was unable to pass on to its customers.

The ratings are, however, supported by over a decade-long
experience of AIPL's promoters in the iron and steel industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in the overall credit metrics will be
positive for the ratings.

Negative: A sustained deterioration in the credit profile will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2003, AIPL is a group entity of AIC group which
manufactures mild steel billets at its facility in Purulia, West
Bengal.  The group's registered office is in Kolkata, West Bengal.

AIPL is operating with an installed capacity of 50,400MT per
annum.  The company manufactures mild steel billets using sponge
iron and scrap iron.

It is managed by Dinesh Adukia, Gyan Adukia and Vivek Adukia.


AIC STEEL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned AIC Steel Pvt.
Ltd. (ASPL) a Long-Term Issuer Rating of 'IND BB+'.  The Outlook
is Stable.  ASPL's bank facilities have been assigned ratings:

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
  Fund-based working       125.0       'IND BB+'/Stable
   capital limits

  Non-fund-based working     8.0       'IND A4+'
   capital limits

KEY RATING DRIVERS

The ratings reflect ASPL's moderate scale of operations as well as
credit profile.  According to the provisional financials for FY15,
net revenue was INR927 mil. (FY14: INR1,187m), net financial
leverage (adjusted net debt/operating EBITDA) was 4.6x (3.5x) and
interest coverage was 1.3x (1.2x).

Operating EBITDA margins were volatile ranging between 1.8% and
2.4% over FY12-FY15 due to fluctuating raw material prices which
the entity was unable to pass on to its customers.

The ratings are, however, supported by over two-decade-long
experience of ASPL's promoters in the iron and steel industry.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with the improvement in overall credit metrics will be positive
for the ratings.

Negative: A sustained deterioration in the credit profile will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1989, ASPL is a group entity of AIC group which is
engaged in the fabrication and processing of scrap iron and in
trading pig iron, sponge iron, etc.  The group has a warehouse in
Belgachia, Howrah and a registered office in Kolkata, West Bengal.

It is managed by Dinesh Adukia, Gyan Adukia and Vivek Adukia.


ASHWIN POLYCLINIC: ICRA Suspends 'D' Rating on INR4.36cr Loan
-------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on the
INR3.72 crore term loan and INR4.36 crore fund based facilities of
Ashwin Polyclinic Private Limited from [ICRA]C to [ICRA]D. The
rating downgrade takes into account the recent delays in debt
servicing by the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loan facilities    3.72         [ICRA]D (downgraded and
   (long-term)                          suspended)

   Fund based facilities   4.36         [ICRA]D (downgraded and
   (long-term)                          suspended)

ICRA has also suspended the aforesaid [ICRA]D ratings of the bank
facilities of APPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

APPL was promoted in 1988 by Dr. L.P. Thangavelu and his wife Mrs.
Shanthi Thangavelu. The Company operates a multi-speciality
hospital with 120 bed facility and commenced its operations from
1992. The hospital offers specialized treatment in Oncology apart
from other specialized services like Cardiology, Gynaecology,
Neurosurgery, Plastic surgery, treatment for severe burns,
Obstetrics, Neonatology, General medicine etc. The hospital is
currently in the process of installing latest equipment (Linear
Accelerator) for cancer treatment. The Company has tie-ups with
Corporate, major Insurance Companies, Third Party Administrators
(TPAs) and State and Central government agencies to offer cashless
treatment.

APPL's group entity, P. Perichi Gounder Memorial Charitable Trust
(PPG Trust), was established in 1992 by Dr. L.P. Thangavelu and
his wife Mrs. Shanthi Thangavelu in Coimbatore. PPG trust runs
engineering, nursing and management colleges, a charitable
hospital, and a public school, all in Coimbatore.


BHANSALI TRADE: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhansali Trade Impex
(BTI) continue to reflect BTI's modest scale in an intensely
competitive metal trading industry and working capital intensive
nature of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        60       CRISIL A4 (Reaffirmed)

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

These rating weaknesses are partially offset by the extensive
experience of BTI's partners in the metal trading industry and
their financial support.
Outlook: Stable

CRISIL believes that BTI will maintain its business risk profile
over the medium term, backed by its partners' extensive industry
experience. The outlook may be revised to 'Positive' if BTI
reports higher growth in cash accruals resulting in better
financial risk profile. Conversely the outlook may be revised to
'Negative' in case the firm's financial risk profile deteriorates
because of low cash accruals, large working capital requirements,
or any significant capital withadrawings by promoters.

BTI, formed in 2003, is a partnership firm of Mr. Suresh Bhansali,
his brother Mr. Naresh Bhansali and their cousin Mr. Chandanmal
Bhansali. It trades in ferrous and non-ferrous metals such as
steel and nickel scrap as well as stainless steel pipes, tubes and
coils. BTI's main office is located in Mumbai.


DATHRIE GRANITES: CRISIL Cuts Rating on INR150MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dathrie Granites Limited (DGL) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------             ---------    -------
   Export Packing Credit     70        CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Letter of Credit          20        CRISIL D (Downgraded from
                                       'CRISIL A4')

   Long Term Loan           150        CRISIL D (Downgraded from
                                       'CRISIL A4')

The ratings downgrade reflect DGL's delays in servicing of its
debt obligations because of its weak liquidity driven by its large
working capital requirements

DGL has a modest scale of operations and large working capital
requirements. The rating also reflects DGL's weak financial risk
profile marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of DGL's promoters

Incorporated in 2011, DGL is engaged in granite processing. DGL
was promoted by Mr. Ramadugu Mahender Rao, Mr. M Ramadugu Manohar
Rao and Mr. Gorukanti Naveen Kumar. DGL has commenced its
commercial operations during November, 2013.

DGL reported a net loss of INR 8 million on net sales of INR43
million for 2013-14 (refers to financial year, April 1 to
March 31).


GAYATRI HI: ICRA Revises Rating on INR491.10cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating for INR537.00 crore
(enhanced from INR441.00 crore) bank facilities of Gayatri Hi Tech
Hotels Limited to ICRA D from [ICRA]C assigned earlier.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan              491.10       [ICRA]D revised
   Cash Credit             18.00       [ICRA]D revised
   Long Term Non-Fund
   Based Limits            26.80       [ICRA]D revised
   Unallocated              1.10       [ICRA]D revised

The rating factors in the continued delays in interest servicing
by GHHL on the funded interest term loan following the
restructuring of its term loans of INR395.95 crore under the
Corporate Debt Restructuring (CDR) in June 2014. Occupancy
continued to remain low for GHHL's 252 rooms (including 43 service
apartments) 5-Star hotel at Banjara Hills in Hyderabad even as it
entered its fourth year of operations in Q1FY16, the hotel has not
able to generate surplus fund from its operations. As such the
debt servicing is still contingent upon external funding by the
promoters and this is expected to continue in the medium term as
the hotel occupancy levels in Hyderabad region are expected to
remain subdued owing to oversupply of rooms in last few years and
prolonged demand slowdown. Thus, timely infusion of funds by the
promoters will remain critical to ensure regularity in servicing
its debt obligations in the medium term until the hotel's
occupancy picks up and the operations stabilize.

Gayatri Hi- Tech Hotels Limited (GHHL) has set up a 5-Star luxury
hotel consisting of 209 rooms (including 24 suites) and 43
serviced apartments at Hyderabad. The integrated hotel cum-
serviced apartment project is operational since April 2012 under
the brand name of Park Hyatt with specialty restaurants, lounge,
bar, meeting rooms, board rooms, banqueting facility, swimming
pool, health club and spa. The company has entered into a 25 year
agreement with Hyatt Hotels for operations and marketing of the
hotel.
Promoted by Mr. T Subarami Reddy, GHHL is a closely held public
limited company. The promoter group also has interests in
construction, real-estate development, sugar, chemicals, film
screening and financial services through separate companies.


KONGALLA SATYANARAYANA: ICRA Reaffirms B+ Rating on INR5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR5.00 crore fund based limits and INR2.50 crore unallocated
limits of Kongalla Satyanarayana & Others.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        5.00        [ICRA]B+ re-affirmed
   Unallocated limits       2.50        [ICRA]B+ re-affirmed

The reaffirmation of rating continues to be constrained by KSO's
weak financial profile characterized by low profitability
indicators, high gearing and modest coverage indicators; small
scale of operations in the rice milling industry and risks arising
from partnership nature of the firm. The rating is further
constrained by intensive competitive nature of the rice milling
industry restricting operating margins and agro climatic risks,
which can affect the availability of the paddy in adverse weather
conditions. ICRA also notes that change in government policy on
levy rice also has adversely affected the firm's revenues. The
rating is however supported by the long track record of the
promoters in the rice mill business; ease in paddy procurement due
to plant location in major paddy cultivating region of the
country; and favorable demand prospects of the industry with India
being the second largest producer and consumer of rice
internationally augurs well for the firm.

Going forward, the firm's ability to improve its profitability and
manage its working capital requirements will be key rating
sensitivities from credit perspective.

Founded in 2007 as a partnership firm, Konagalla Satyanarayana &
Others is engaged in milling of paddy and produces raw and boiled
rice. The firm has leased two rice mills from Porus Agro Products
Private Limited and M/s. Sri Lakshmi Venkataramana Rice Mill with
an installed capacity of 45000 tons per annum and 22500 tons per
annum respectively. The two milling units are located in the East
Godavari District of Andhra Pradesh.

Recent Results
KSO has reported an operating income of INR43.21 crore and net
profit of INR0.28 crore respectively in FY2014 as against an
operating income and net profit of INR31.18 crore and INR0.21
crore in FY2015 (provisional and unaudited).


L R AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of L R
Automobiles (LRA) continues to reflect LRA's weak financial risk
profile, marked by a weak capital structure and below-average debt
protection metrics.

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.5      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's exposure to intense
competition in the automobile dealership market, and its limited
bargaining power with its principal Hyundai Motor India Ltd
(Hyundai; rated 'CRISIL A1+'). These rating weaknesses are
partially offset by LRA's established market position as a dealer
of Hyundai's passenger vehicles in its area of operations.
Outlook: Stable

CRISIL believes that LRA will continue to benefit over the medium
term from its established position in the automobile dealership
business and its strong relationship with Hyundai. The outlook may
be revised to 'Positive' if the firm's financial risk profile
improves on the back of substantial cash accruals or equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if LRA reports low operating margin or revenue, or
undertakes a large debt-funded capital expenditure (capex)
programme, resulting in deterioration in its financial risk
profile.

Update:
LRA, on a provisional basis, reported operating revenue of around
INR766 million for 2014-15 (refers to financial year, April 1 to
March 31), a moderate growth of 9 per cent year-on-year, mainly on
account of healthy demand for Hyundai vehicles for which LRA is
the exclusive dealer in the region. CRISIL believes that continued
healthy demand coupled with new launches expected over the medium
term will result in LRA's revenue growing at a similar moderate
pace of 8 to 10 per cent per annum over this period. The firm's
operating margin remained stable at about 2.6 per cent in 2014-15,
and is expected to remain at this level over the medium term.

LRA's operations entail moderate working capital requirements; its
gross current assets were about 65 days as on March 31, 2015, with
inventory of 40 to 50 days. The firm's liquidity is moderate,
marked by bank limit utilisation at an averate of 88 per cent over
the 12 months through June 2015. Its cash accruals are adequate,
expected at INR5.5 million to INR6.5 million per annum, against
nil term loan obligations, over the medium term. CRISIL believes
that LRA's liquidity will remain moderate over the medium term on
account of adequate cash accruals and the absence of any debt-
funded capex plans.

LRA's financial risk profile remains weak, marked by small net
worth of around INR35 million and a high total outside liabilities
to tangible net worth ratio of around 3.18 times, as on March 31,
2015. The firm also had a below-average interest coverage ratio of
1.5 times in 2014-15. CRISIL believes that LRA's financial risk
profile will remain weak over the medium term.

LRA was established by members of the Miglani family in 2008. The
firm is an authorised dealer of Hyundai in Haryana. LRA operates
through two showrooms-cum-workshops at Kaithal and Jind.


LIKHITA PROCESS: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Likhita Process Industries (LPI) and reaffirmed its
rating on the firm's long-term bank facilities at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        40       CRISIL A4 (Reaffirmed)
   Cash Credit             45       CRISIL B+/Stable (Reaffirmed)
   Proposed Cash Credit
   Limit                   20       CRISIL B+/Stable (Reaffirmed)

The ratings reflect LPI's below-average financial risk profile,
marked by modest net worth, moderate gearing, and weak debt
protection metrics, and its susceptibility to cyclicality in
demand from its end-user industry. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoter.
Outlook: Stable

CRISIL believes that LPI will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in the firm's revenue and profitability margins, or a
significant increase in its net worth on the back of sizeable
equity infusion by its promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins or deterioration in its capital structure
caused most likely by large debt-funded capital expenditure or
stretch in its working capital cycle.

LPI, set up in 2005, manufactures windmill tower internals. The
firm is managed by promoter-director Mr. T Yellamanda Reddy. It is
based in Hyderabad.


LIVA CERAMICS: ICRA Suspends B+ Rating on INR6.0cr Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR3.00 crore cash credit facility and the INR6.00 crore term
loan facility of Liva Ceramics (LC). ICRA has also suspended the
short term rating of [ICRA]A4 assigned to the INR0.75 crore short-
term non-fund based facility of LC. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B+ suspended
   Term Loan               6.00        [ICRA]B+ suspended
   Bank Guarantee          0.75        [ICRA]A4 suspended

Incorporated in April 2011, Liva Ceramics (LC) is engaged in
manufacturing of ceramic wall tiles with its production facility
located in Morbi, Gujarat. The firm currently manufactures
digitally printed ceramic wall tiles of three sizes 12" X 12", 12"
X 18", and 12" X 24" with total installed capacity of ~25,000
MTPA. The firm is promoted by fifteen partners with Mr. Tarun
Likhiya and Mr. Vasant Rojmala being the key partners of the firm.


OPTIFLEX INDUSTRIES: CRISIL Assigns B+ Rating to INR55MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Optiflex Industries (Optiflex).

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

The rating reflects Optiflex's large working capital requirements
and modest scale of operations in the intensely competitive wires
industry. These rating weaknesses are partially offset by the
extensive experience of Optiflex's partners in the wires industry.
Outlook: Stable

CRISIL believes that the firm will continue to benefit over the
medium term from the extensive experience of its promoters in the
wires industry. The outlook may be revised to 'Positive' if a
significant increase in accruals, coupled with topline growth and
healthy operating margin, strengthens the financial risk profile.
Conversely the outlook may be revised to 'Negative' if a stretch
in working capital requirements weakens the financial risk
profile.

Optiflex, established in 2003, manufactures submersible motor
winding wires used in the manufacture of pumps. The firm also
manufactures flat and electric wires for the real estate,
hardware, electrical and transmission lines industries. The firm
is owned and managed by Mr Amit Shukla and Ms Arti Mehta, based
out of Ahmedabad, Gujarat.

Optiflex had a provisional profit after tax (PAT) of INR2.3
million on net sales of INR267 million for 2014-15 (refers to
financial year, April 1 to March 31), against a PAT of INR6.1
million on net sales of INR263 million for 2013-14.


ORITO POLYFAB: CRISIL Reaffirms B Rating on INR166.5MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Orito Polyfab Pvt Ltd
(OPPL) continue to reflect OPPL's small scale of operations in the
highly competitive cotton yarn industry, and the company's weak
financial risk profile, marked by a small net worth.

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL A4 (Reaffirmed)
   Cash Credit            35         CRISIL B/Stable (Reaffirmed)
   Term Loan             166.5       CRISIL B/Stable (Reaffirmed)

The ratings also factor in the susceptibility of OPPL's operating
profitability to fluctuations in raw material prices and its
exposure to risks related to its project for enhancement in
capacity. These rating weaknesses are partially offset by the
company's established relationships with customers and suppliers,
and its moderate working capital management.
Outlook: Stable

CRISIL believes OPPL will continue to benefit over the medium term
from its promoters' established relationships in the industry. The
outlook may be revised to 'Positive' if the company improves its
scale of operations substantially while maintaining its operating
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if OPPL's
financial risk profile deteriorates, most likely due to low
profitability and revenue, large working capital requirements, or
substantial debt-funded capital expenditure.

Update
OPPL commenced commercial operations from August 2014; for the ten
months ended January 31, 2015, on a provisional basis, it reported
net sales of INR125 million with an operating margin of 16 per
cent. Its sales are estimated at around INR185 million for 2014-15
(refers to financial year, April 1 to March 31) and with
stabilisation of operations and addition of capacity, it is
expected to report healthy sales over the medium term.

OPPL plans a capital expenditure (capex) of around INR510 million
to increase its total capacity to between 17 and 19 tonnes per day
(tpd) from 7 to 8 tpd currently. This capex will be funded through
a term loan of INR265 million and the balance though equity and
unsecured loan. On account of the debt-funded capex, the company's
financial risk profile will remain weak. CRISIL expects company's
gearing to remain in range of 2.0 and 2.3 times over the medium
term. OPPL's debt protection metrics are expected to remain
average over this period, with net cash accruals to total debt and
interest coverage ratios of 0.07 to 0.11 times and 2 times,
respectively. The company's gross current assets (GCAs), on a
provisional basis, were at 76 days as on March 31, 2015, led by
moderate inventory. With the increase in capacity, CRISIL expects
the company's GCAs to be in range of 80 to 90 days over the medium
term.

OPPL's liquidity remains moderate, with bank line utilisation at
an average of 57 per cent during the 10 months through May 2015.
The company is expected to generate sufficient cash accruals to
meet its maturing term debt obligations over the medium term.
Moreover, it is expected to receive continuous support from its
promoters in the form of equity and unsecured loans over this
period.

Established in 2013, OPPL is promoted by the Patel family. It
manufactures cotton yarn ranging from 28's counts to 40's counts.
Its plant, which has 12,000 spindles, is located in Sabarkanth
(Gujarat). It commenced operations from August 2014.


PONMANI INTERNATIONAL: CRISIL Suspends B+ Rating on INR36.5M Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ponmani International India Pvt Ltd (PIIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            36.5       CRISIL B+/Stable

   Proposed Fund-Based
   Bank Limits            33.5       CRISIL B+/Stable

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

Incorporated in 1996 as a partnership firm, PIIPL was converted
into private limited company in 2005. The company is a dealer and
contractor for fire protection systems, access-control systems and
security systems.


PRIME URBAN: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Prime Urban
Development India Limited (PUDIL) a Long-Term Issuer Rating of
'IND BB-' with a Stable Outlook.  The agency has also assigned the
company's INR300 mil. fund-based working capital facilities a
Long-term 'IND BB-' rating with Stable Outlook and a Short-term
'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect PUDIL's small scale of operations and moderate
credit metrics.  In FY15, the company reported revenue of INR508
mil. (FY14: INR654 mil.), net leverage of 4.2x (7.4x) and EBITDA
interest cover of 1.6x (1.1x).

The ratings also factor in PUDIL's loss-making primary business
activity (cotton yarn trading, 78.5% of revenue in FY15) since the
last four years.  The company reported a four-year cumulative loss
(pre-tax level) of INR26 mil. over FY12-FY15 which would have been
higher if not for the INR271.6 mil. income from the sale of land
(net of cost of land) and profit share in the villa construction
project during the same period.

The ratings are supported by the company's eight-decade-long
operational track record and the comfortable liquidity position.
The use of the fund-based facilities was 61% on average in the 12
months ended June 2015.

RATING SENSITIVITIES

Negative: Substantial deterioration in EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

Positive: Increase in scale of operation along with an improvement
in EBITDA leading to a sustained improvement in the credit metrics
could be positive for the ratings.

COMPANY PROFILE

PUDIL was started in 1936.  The company trades cotton yarn.  It is
also developing a villa project through its subsidiary Prime
Newline AOP ('IND BB'/Stable) in which it owns 75%.


SHANTOL GREEN: ICRA Lowers Rating on INR18.50cr Term Loan to B
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR18.50
crore term loan and INR2.50 crore cash credit facility of
Shantol Green Energy (India) Private Limited from [ICRA]B+ to
[ICRA]B.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             2.50        Downgraded to [ICRA]B
   Term Loan              18.50        Downgraded to [ICRA]B

The rating revision takes into account the high operating losses
incurred in FY15 owing to delays witnessed in stabilization of
operations at the newly set up plant and adverse financial risk
profile as reflected by high gearing and weakened debt coverage
metrics. ICRA takes note of the negative cash accruals combined
with substantial debt repayment obligations which are likely to
keep the company's debt servicing ability dependent on external
sources of finance, and may further weaken the already aggressive
capital structure in the short to medium term. The rating is
further constrained by the start up nature of the company and
relatively modest scale of operations; absence of any long term
arrangements either for selling of end products or for sourcing of
raw materials and sensitivity of future cash flows and project
metrics to the successful product establishment and effective
management of the distribution network.

ICRA, however, favorably factors in the long standing experience
of the promoters in development, designing, supply, installation
and maintenance of non-conventional & renewable energy equipment
and the favorable demand potential for the end products i.e.
pyrolysis refined oil and carbon black.

Shantol Green Energy (India) Private Limited (SGEPL) (earlier
known as Shantol Green Hydro Carbons (India) Pvt. Ltd.),
incorporated in August 2011, is promoted by Mr. Shaileshkumar
Makadia & Mr. Amit Bhalodi along with the equity ownership from
the corporate entity- RNG Finlease Private Limited. SGEPL was
formed to set up a green-field unit for pyrolysis of used
automobile tyres at Bhilwara, Rajasthan with an installed capacity
of 30,000 TPA.

Recent Results
SGEPL reported an operating income of INR2.88 crore and net loss
of INR4.25 crore in FY15 (unaudited provisional financials) as
against an operating income of INR1.00 crore and net loss of
INR0.19 crore for the financial year FY14.


SHREE VENKATESHWARA: CRISIL Reaffirms 'D' INR153.8MM Loan Rating
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree
Venkateshwara Shikshan Sanstha (SVSS) continues to reflect delays
by SVSS in servicing its debt. The delays have been caused by the
trust's weak liquidity and mismatches in cash flow.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             153.8       CRISIL D (Reaffirmed)

SVSS also has a weak financial risk profile, marked by a small net
worth, high gearing, and modest debt protection metrics; moreover,
it is susceptible to regulatory changes in the education sector.
The trust, however, benefits from the healthy demand prospects for
the education sector in India.

Set up in 2000, SVSS operates multiple institutes offering courses
in engineering, management, and education, among others. It also
operates an English medium school and two charitable schools.


STANDARD PAPER: CRISIL Assigns B+ Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facility of Standard Paper and Board India Pvt Ltd
(SPBIPL).

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

The ratings reflect the start-up nature of SPBIPL's operations,
its below-average financial risk profile marked by a small net
worth and exposure to intense competition in the paper industry.
These weaknesses are mitigated by the promoters' extensive
experience in paper industry and its established brand.
Outlook: Stable

CRISIL believes that SPBIPL will benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the company achieves substantial revenue, most
likely on account of increased order flow, and reports high
operating profitability, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of slow order flow resulting in lower than
expected revenues, or low operating profitability, or substantial
debt-funded capital expenditure, resulting in deterioration in its
financial risk profile.

SPBIPL was incorporated in 2010 and has commenced operations from
2015-16. The company is being managed by Mr. Yennarkay R
Chiranjeevi Rathnam and his wife Ms. Vijayalakshmi Chiranjeevi
Rathnam. The company is a part of the Standard group, a reputed
brand for fireworks. The company trades copier paper and
printing/writing paper and is based in Sivakasi (Tamil Nadu).


TALREJA TEXTILES: CRISIL Reaffirms 'B' Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Talreja Textiles
Industries Pvt Ltd (TTIPL) continue to reflect below-average
financial risk profile, with modest net worth, high gearing and
subdued debt protection metrics, and its modest scale and exposure
to intense competition in the textile industry. These weaknesses
are partially offset by the extensive industry experience of
TTIPL's promoters.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------            ---------   -------
   Cash Credit              30       CRISIL B/Stable (Reaffirmed)
   Derivatives Facility     12.5     CRISIL A4 (Reaffirmed)
   Export Packing Credit    15       CRISIL B/Stable (Reaffirmed)
   Import Letter of
   Credit Limit             12.5     CRISIL A4 (Reaffirmed)
   Proposed Term Loan        8.2     CRISIL B/Stable (Reaffirmed)
   Long Term Loan            1.8     CRISIL B/Stable (Reaffirmed)

CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Talreja Textiles Industries Pvt Ltd (TTIPL) on
July, 2015.
Outlook: Stable

CRISIL believes that TTIPL will maintain its credit risk profile,
supported by its promoters' extensive industry experience and fund
support. The outlook may be revised to 'Positive' if TTIPL reports
substantial and sustained improvement in its financial risk
profile, backed by healthy growth in accruals, efficient working
capital management and/or any significant equity infusion.
Conversely, the outlook may be revised to 'Negative' if TTIPL
reports further weakening of its financial risk profile, most
likely because of large debt-funded capital expenditure, large
working capital requirements or low cash accruals.

TTIPL, incorporated in 1980, manufactures fusible interlinings.
Its operations are managed by Mr. Laxmandas Talreja and Mr. Suresh
Talreja.



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


ELENA FARM: Former Sharemilker Placed in Liquidation
----------------------------------------------------
Stuff.co.nz reports that a former sharemilker, hard hit by falling
dairy returns, is in liquidation.

Patrick De Silva was 50;50 sharemilking on a Feilding farm,  which
meant he owned the cows, milked them but did not own the land, the
report says.

Stuff.co.nz relates that Elena Farm has been put into liquidation,
for which De Silva is the director and sole shareholder.
FisherWhite of Auckland, which is running the liquidation, said
the company owed NZ$130,000, the report relays.

According to Stuff.co.nz, liquidator Barry White said in his
report, like many dairy businesses, it had been affected by the
reducing price of milk solids.

He said the company has incurred debts to several creditors. It
was unable to pay those debts so shareholders had resolved to
place it into liquidation, Stuff.co.nz relays.

Mr. De Silva's unsecured creditors included a tyre sevice, a
veterinary service, spraying and stock feed companies as well as a
accountants and drain cleaning services, according to Stuff.co.nz.

Stuff.co.nz says the Rural Family Support Trust continued to work
with Mr. De Silva and said it was not happy with the level of co-
operation of the land owner towards Mr. De Silva.

In his report, Mr. White said Mr. De Silva believed there was a
claim against a third-party in favour of Elena Farm, relays
Stuff.co.nz.

Mr. White said he had requested all documents relating to that
claim so he could consider if it had legal merit, Stuff.co.nz
adds.


UNITEC INSTITUTE: More Than 300 Workers Face Job Cuts
-----------------------------------------------------
Alastair Lynn at Stuff.co.nz reports that more than 300 Unitec
Institute of Technology staff could face job cuts over the next
three years.

Stuff.co.nz relates that the Auckland polytechnic said it was
continuing its restructuring process.

The proposed changes were put up for consultation on August 7, the
report says.

A restructured student services model could result in 60 fewer
jobs over the next six to nine months, says Stuff.co.nz.

According to the report, Tertiary Education Union branch president
Sid Suha Aksoy said staff were in shock after the announcement.

"You look at the faces and it's really just shock and awe," the
report quotes Mr. Aksoy as saying.  "It's unsettling to say the
least, people are really devastated . . . it's going to be a
difficult time."

Stuff.co.nz relates that Unitec chief executive Rick Ede said all
staff needed to be ready for more change, and it would involve job
losses.

"We expect that the shift to new teaching methods, improved ways
of working, and efficiencies created by new technology will result
in reductions of 200 to 300 or more jobs from current staff,"
Stuff.co.nz quotes Mr. Ede as saying.  "We acknowledge the
challenges this will pose for our people who are directly affected
by these changes, and we will do everything possible to support
them through the process."

Last year, more than 50 fulltime roles were disestablished after a
restructuring of the tertiary institution's design and visual arts
department, the report recalls.

Mr. Aksoy said the proposed cuts were a direct result of under-
funding, the report adds.

Unitec Institute of Technology is the largest institute of
technology in Auckland, New Zealand



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S R I  L A N K A
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SRI LANKA: S&P Affirms 'B+' Sov. Credit Rating; Outlook Stable
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Standard & Poor's Ratings Services affirmed its 'B+' long-term and
'B' short-term sovereign credit ratings on the Democratic
Socialist Republic of Sri Lanka.  The outlook remains stable.
S&P's transfer and convertibility risk assessment on Sri Lanka is
unchanged at 'B+'.

RATIONALE

The rating on Sri Lanka reflects the country's relatively low
wealth, improving but still moderately weak external liquidity,
and a high government debt and interest burden.  In addition,
uncertainty over the government's commitment to reforms after the
Aug. 17 parliamentary elections, and gaps in institutional
capacity, pose risks to Sri Lanka's institutional and governance
effectiveness, which S&P considers to be a credit weakness. These
rating constraints weigh against what S&P considers to be robust
growth prospects, which are above average for sovereigns at
similar levels of development.

Standard & Poor's projects Sri Lanka's external liquidity --
measured by gross external financing needs as a percentage of
current account receipts (CAR) plus usable reserves -- will
average 101% over 2015-2018, with an improving trend.  S&P also
forecasts that the country's external debt (net of official
reserves and financial sector external assets) will be about 109%
of CAR this year.  In S&P's view, the external net debt stock
measure will gradually decline to below 100% by 2018.

The risks associated with the country's moderately weak external
settings are mitigated by growing reserve buffers that improve Sri
Lanka's external resilience.  S&P expects Sri Lanka's gross
international reserves (US$7.5 billion at June 2015) to remain at
more than four months' coverage of current account payments during
2016-2018.  S&P expects the growth in foreign currency reserves to
outpace the expansion of current account payments, given the
increasing remittances by overseas Sri Lankans and the country's
rising earnings from tourism.  Other factors that mitigate Sri
Lanka's external risks include its low banking sector external
borrowings; adequate market access and pricing; some exchange rate
flexibility; and a contingent currency-swap facility of US$1.1
billion with the Reserve Bank of India.  That facility supplements
the US$400 million available under the financing facility for
South Asian Association for Regional Cooperation member country
Central Banks.

After completion of the International Monetary Fund's Standby Loan
Program in July 2012, Sri Lanka agreed with the IMF for "Post-
Program Monitoring."  S&P expects the country to continue to
secure new external liquidity support from the IMF or bilateral
sources, if needed.

Fundamental weaknesses remain in the government's fiscal metrics
despite continuing improvements over the past five years.  S&P
projects annual growth in general government debt to average 6.1%
of GDP for 2015-2018, compared with 7.6% over 2010-2014.  In view
of Sri Lanka's robust nominal GDP growth and some fiscal
consolidation, S&P expects net general government debt to fall to
66% of GDP by year-end 2018, from 70% in 2013.  However, the rate
of decline could slow if the new government departs from the
current fiscal consolidation path, efforts to improve revenue
disappoint, or if the rupee depreciates further against major
currencies (as 61% of government debt was denominated in foreign
currencies as of May 2015).  In addition, S&P expects only slow
progress in reducing debt-servicing costs, which accounted for 37%
of government revenue in 2014.  This is the second-highest ratio
among all 129 sovereigns that Standard & Poor's rates, second only
to Lebanon.

Sri Lanka's growth outlook continues to be underpinned by
government investment (including rebuilding the war-torn northern
districts), rising tourist arrivals, garment sector activity
(typically the production of high-quality knits and woven
apparels), and declining inflation, which S&P expects to remain in
the single digits.

The gaps S&P observes in Sri Lanka's policymaking capacity partly
reflect the political uncertainty associated with two election
cycles within seven months.  S&P believes this hinders
responsiveness and predictability in policymaking and weighs
particularly on business confidence, investment plans, and overall
growth prospects.  Elsewhere, S&P believes the Central Bank of Sri
Lanka's (CBSL) ability to sustain economic growth while
attenuating economic or financial shocks has improved somewhat.
Although CBSL is not independent of other policymaking
institutions and S&P continues to consider monetary policy
credibility and effectiveness as a weakness, the central bank is
building a record of credibility, shown in reducing inflation
through the use of market-based instruments to conduct monetary
policy.

S&P continues to expect Sri Lanka's growth prospects to be
favorable.  S&P believes the country will most likely maintain
growth in real per capita GDP of 5.4% per year over 2015-2018 (6%
real GDP growth).  Stronger growth may be possible if the business
environment improves after the August election, European export
markets pick up, the government addresses shortfalls in labor
skills, and net foreign direct investment rises above its current
pace of about 1% of GDP.

Combining S&P's view of Sri Lanka's state-owned enterprises and
its financial system, S&P views the country's contingent fiscal
risks as limited, as defined in its criteria.

OUTLOOK

The stable outlook reflects S&P's expectation that Sri Lanka's
credit metrics will remain broadly unchanged in the next 12
months.

S&P may raise the rating if Sri Lanka's external and fiscal
indicators improve faster than S&P projects, or if it believes the
strength of Sri Lanka's institutions and governance practices are
on a significant and sustained improving trend.

Conversely, S&P may lower the rating if the country's external
liquidity deteriorates or if Sri Lanka's growth and fiscal
consolidation prospects worsen significantly.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Sri Lanka (Democratic Socialist Republic of)
Sovereign Credit Rating                B+/Stable/B

Senior Unsecured                       B+



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Tuesday's edition of the TCR-AP delivers a list of indicative
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