TCRAP_Public/150824.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 24, 2015, Vol. 18, No. 166


                            Headlines


A U S T R A L I A

ATWELL & CO: First Creditors' Meeting Set For Sept. 1
CAPE RANGE: First Creditors' Meeting Slated For Aug. 28
KM MANAGEMENT: First Creditors' Meeting Set For Aug. 28
ORMINVOR PTY: First Creditors' Meeting Slated For Aug. 31
QANTAS AIRWAYS: Moody's Says Ba1 CFR Unaffected by FY2015 Results

TRAINING OPPORTUNITIES: First Creditors' Meeting Set For Aug. 31
* Commercial Real Estate Portal Up For Sale


C H I N A

CHINA ORIENTAL: Moody's Hikes Corporate Family Rating to B3
COUNTRY GARDEN: 1H 2015 Results Support Moody's Ba1 CFR


I N D I A

AKS ALLOYS: ICRA Lowers Rating on INR14cr Fund Based Loan to C+
AKSHAT AGRO: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
ALL SERVICES: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
ANNUR SATYA: ICRA Reaffirms B- Rating on INR4.5cr Fund Based Loan
BLUESTAR COTTSPIN: CARE Assigns 'B' Rating to INR18cr LT Loan

DHRUVTARA AGRO: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
EULOGIA INN: ICRA Assigns 'B' Rating to INR15cr Unallocated Loan
GOLD MOHAR: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
GRD TRUCKS: CARE Assigns B+ Rating to INR4.50cr LT Loan
HARSH GLOBAL: CARE Assigns B+ Rating to INR2.50cr LT Loan

HIMACHAL FIBRES: CARE Assigns C+ Rating to INR22cr LT Loan
K.P. INDUSTRIES: CARE Assigns 'B' Rating to INR10.45cr LT Loan
KAMADGIRI FABRICS: ICRA Reaffirms B- Rating on INR8.0cr Loan
KRISHNA STEEL: CARE Assigns B+ Rating to INR0.21cr LT Loan
MAYUR SEEDS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

OLIVE TEX: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'
PANAMA AGRITECH: CARE Assigns 'B' Rating to INR5.86cr LT Loan
PAYORITE PRINTMEDIA: CARE Reaffirms 'D' Rating on INR5.97cr Loan
POLYPASTICS AUTOMOTIVE: ICRA Cuts Rating on INR9.75r Loan to 'D'
PRAGATI GLASS: ICRA Reaffirms D Rating on INR17.50cr LT Loan

R. L. STEELS: ICRA Cuts Rating on INR117cr Term Loan to 'D'
RAMOJIWAFER AND NAMKEEN: CARE Reaffirms B INR18.10cr Loan Rating
SANTLAL INDUSTRIES: CARE Assigns B Rating to INR60cr LT Loan
SHREE KRISHNA: ICRA Reaffirms B- Rating on INR15cr Loan
STEEL MONT: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB+'

SWADHYAYA PRINTERS: Ind-Ra Assigns BB Long-Term Issuer Rating
TJUK TRADE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
VAISHNAVI RICE: ICRA Ups Rating on INR23.39cr Loan to B+
VARDAAN EXPORTS: CARE Reaffirms B+ Rating on INR14cr LT Loan


N E W  Z E A L A N D

HEALTHY SOILS: Placed in Liquidation
OPI PACIFIC: Two Former Directors Enter Guilty Plea
SPI PROPERTY: Bosses Miss Repayment Deadline Three Times


S R I  L A N K A

PEOPLE'S LEASING: Fitch Affirms 'B+' Issuer Default Rating


                            - - - - -


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


ATWELL & CO: First Creditors' Meeting Set For Sept. 1
-----------------------------------------------------
Dennis Turner and Luke Targett of BDO were appointed as
administrators of Atwell & Co Pty. Ltd., trading name as Atwell &
Co And Dinner Plain Holidays, on Aug. 20, 2015.

A first meeting of the creditors of the Company will be held at
BDO, Level 14, 140 William Street, in Melbourne, on Sept. 1, 2015,
at 3:00 p.m.


CAPE RANGE: First Creditors' Meeting Slated For Aug. 28
-------------------------------------------------------
Rob Kirman and Keith Crawford of McGrathNicol were appointed as
administrators of Cape Range Electrical Contractors Pty Ltd on
Aug. 18, 2015.

A first meeting of the creditors of the Company will be held at
The Returned & Services League of Australia, WA Branch
The Gallipoli Room, 28 St Georges Terrace, in Perth, on Aug. 28,
2015, at 10:30 a.m.


KM MANAGEMENT: First Creditors' Meeting Set For Aug. 28
-------------------------------------------------------
A H J Wily of Armstrong Wily Pty Ltd was appointed as
administrator of KM Management Services Pty Ltd on Aug. 18, 2015.

A first meeting of the creditors of the Company will be held at
Armstrong Wily Pty Ltd, Level 5, 75 Castlereagh Street, in Sydney,
New South Wales, on Aug. 28, 2015, at 10:00 a.m.


ORMINVOR PTY: First Creditors' Meeting Slated For Aug. 31
---------------------------------------------------------
Schon Gregory Condon RFD of Condon Associates was appointed as
administrator of Orminvor Pty Limited on Aug. 19, 2015.

A first meeting of the creditors of the Company will be held at
Condon Associates, Level 6, 87 Marsden Street, in Parramatta, on
Aug. 31, 2015, at 11:00 a.m.


QANTAS AIRWAYS: Moody's Says Ba1 CFR Unaffected by FY2015 Results
-----------------------------------------------------------------
Moody's Investors Service says that Qantas Airways Ltd.'s (Qantas)
results for the financial year ended June 2015 (FY15) are credit
positive, but in line with Moody's expectations. As a result,
there is no immediate impact on Qantas' Ba1 corporate family
rating, Ba1 senior unsecured long term rating, (P)Ba1 senior
unsecured MTN program rating, (P)NP short term MTN program rating,
or non-prime (NP) short term rating. The outlook on the ratings
remains positive.

"Qantas' full year results demonstrate solid and improving
financial and operating performance within all of its business
segments" says Matthew Moore, a Moody's Vice President and Senior
Credit Officer.

"The improved earnings and cash flow performance reflect the
considerable progress the company has made on its transformation
initiatives and the benefits from improving operating and
competitive conditions -- particularly in the domestic market,"
says Moore.

"Qantas' earnings performance has also benefitted from the
significant drop in average fuel prices over the period and the
depreciation in the Australian dollar, which we expect will
continue to provide benefits, especially for its international
segment," adds Moore.

ANALYSIS

Qantas made further progress on its transformation program in the
period, realizing transformation benefits of around AUD894
million. This exceeded the full year FY15 guidance of around AUD
650 million or more in savings. Qantas has now achieved over 50%
of the AUD2 billion of cost and productivity led savings the
company is targeting from the program by FY17. Given the company's
successful track record under the program, Moody's expects
continued execution towards cost targets, including achieving the
around AUD450 million of transformation led savings targeted in
FY16.

Qantas reported a substantial improvement in earnings across all
of its operating segments, with all segments making a positive
EBIT contribution and increasing returns on invested capital. Most
notably, the company was able to return its international segment
to profitability with underlying EBIT increasing by around AUD764
million to AUD267 million. Transformation benefits and
improvements in the domestic competitive environment also lead to
a strong improvement in earnings with EBIT increasing by around
AUD450 million to AUD480 million for the domestic segment.

Moody's expects Qantas to continue to maintain solid credit
metrics for its current rating level. The improvement in group
earnings and cash flow has allowed Qantas to reduce net debt by
AUD1.0 billion. This, combined with our expectation for further
earning growth over the next 12-to-24 months, should allow for
continued improvement in the company's credit metrics. Qantas'
adjusted Debt/EBITDA improved to around 3.0x in the period, from
around 4.5x for the 12 months to December 2014.

As part of its earnings announcement, Qantas has proposed a
shareholder distribution of AUD505 million. Qantas has refrained
from any shareholder-friendly activity since its last dividend
payment in FY09. However, Moody's does not view a distribution of
this magnitude to have any impact on Qantas ratings or positive
outlook, in light of the solid improvements in the company's cash
flow and credit metrics, as well as the proceeds from the Sydney
terminal transaction.

WHAT COULD CHANGE THE RATINGS

The ratings could experience further positive momentum if Qantas
is able to continue to execute on its transformation program and
current operating conditions are sustained in both the domestic
and international market. Specifically, ratings could be upgraded
if Qantas is able to maintain leverage below 4.0x under several
scenarios, including weaker operating conditions; a return to
increased competition -- particularly in the domestic market;
increasing fuel prices and/or a stronger Australian dollar.

The ratings could face negative pressure if Qantas is unable to
sustain and/or build on recent improvements in the core
profitability of its international and domestic businesses, or to
reduce debt to levels commensurate with its sustainable earnings.
Financial metrics that Moody's would look for include Debt/EBITDA
remaining above 5.0x on a sustained basis. In addition, a material
deterioration in liquidity could negatively impact the carrier's
ratings.

Qantas' senior unsecured ratings could also face negative pressure
if the company does not reduce secured debt and increase the level
of its unencumbered fleet in line with Moody's expectations over
the next 12-18 months.

Qantas is Australia's largest domestic carrier and estimates its
total domestic market share at around 63%.


TRAINING OPPORTUNITIES: First Creditors' Meeting Set For Aug. 31
----------------------------------------------------------------
Johnathan Murrell & Paul Cook of Paul Cook & Associates were
appointed as administrators of Training Opportunities & Options
for Learning Inc, trading as TOOL Inc, on Aug. 19, 2015.

A first meeting of the creditors of the Company will be held at
Paul Cook & Associates, 105 Macquarie St, in Hobart, on Aug. 31,
2015, at 2:00 p.m.


* Commercial Real Estate Portal Up For Sale
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that a commercial real
estate portal is up for sale. The sale is under instructions from
liquidators David Hambleton and James Imray of Rodgers Reidy
Chartered Accountants.

Dissolve.com.au says the company's website, domain name, trademark
and custom software are for sale. On offer are websites
housesonline.com.au, primesite.com.au and
locationlocationlocation.com.au. Its Chinese language domains
include haiwaizhuzhai.com.au and fangdichan.com.au, according to
the report.



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


CHINA ORIENTAL: Moody's Hikes Corporate Family Rating to B3
-----------------------------------------------------------
Moody's Investors Service has upgraded China Oriental Group
Company Limited's corporate family and senior unsecured debt
ratings to B3 from Caa1.

The ratings remain on review for further upgrade.

RATINGS RATIONALE

"The ratings upgrade mainly reflects China Oriental's full
redemption of its USD330 million notes, a development which
materially alleviates refinancing pressure on the company," says
Franco Leung, a Moody's Vice President and Senior Analyst.

"The redemption of the USD notes also demonstrates China
Oriental's ability to access external funding despite the weak
operating environment for China's steel industry," adds Leung,
also the company's International Analyst.

China Oriental commands a leadership position in the domestic
market for H-section steel products and has achieved a production
process which is more efficient when compared to other domestic
peers.

Despite the challenging operating environment, characterized by
weak demand and persistent oversupply, the company had maintained
an adjusted EBITDA margin of 7.1% and adjusted debt/EBITDA of 4.3x
at end- 2014, which, together with the reduced level of
refinancing risk, support its fundamental credit profile in the
single B category.

But, given the challenging operating fundamentals prevalent in the
steel industry, which will likely persist over the next 12-18
months, Moody's expects the company's profitability to come under
pressure.

Moody's review will focus on its continued assessment of the
company's operating performance in 1H 2015, its debt maturity
profile after the repayment of its USD notes, its long-term
corporate strategy and shareholder structure.

China Oriental Group Company Limited, with total steel output
capacity of 11 million tonnes per annum, mainly manufactures H-
section steel products and hot rolled strips/strip products at its
steel mills in Hebei Province. The company listed on the Hong Kong
Stock Exchange in 2004. It is 45%-owned by its founder, Mr. Han
Jingyuan, and 47% by ArcelorMittal.

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


COUNTRY GARDEN: 1H 2015 Results Support Moody's Ba1 CFR
--------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's results for 1H 2015 continue to support its Ba1
corporate family and senior unsecured ratings and stable outlook,
underpinned by its good cost management and strong funding and
financial management.

"Country Garden's gross profit margin declined to 23.2% in 1H 2015
from 26.1% in 2014, as it recognized its contracted pre-sales
concluded in 1H 2014 -- a time when Chinese property market
conditions were weak," says Franco Leung, a Moody's Vice President
and Senior Analyst.

"However, over the next 12-18 months, we expect the company to
deliver revenue growth and stabilize its margins at 22%-24%," adds
Leung.

Moody's conclusions were contained in its just-released report on
Country Garden, entitled "1H 2015 Results Support Ba1 Rating
Despite Margin Decline."

Reflecting the company's prudent financial management, Country
Garden's weighted average borrowing costs declined to 7.53% in 1H
2015 from 8.16% in 2014. Moody's expects the ratio to further
decline over the next 12-18 months, which should help counter the
effects from potential margin compression and RMB depreciation on
its credit metrics.

At the same time, Moody's expects the company's sales growth to
slow in 2015 from previous years, on the back of China's ongoing
economic slowdown.

While the company's total debt increased year on year in 2015, its
debt leverage improved, reflecting its proactive management of its
capital structure and revenue growth.

Its EBIT/interest coverage ratio also remained stable at 3.9x, and
is expected to only slightly weaken to around 3.6x-3.8x over the
next 12-18 months.

Country Garden's liquidity remained strong in 1H 2015, with a cash
to short-term debt ratio of 141% at end-June 2015 and sufficient
cash holding to cover maturing debt and committed land payments
over the next 12 months.

The company's $800 million syndicated loan obtained in July 2015
and RMB6 billion onshore corporate bonds issued in August 2015
have also further strengthened its liquidity profile.



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


AKS ALLOYS: ICRA Lowers Rating on INR14cr Fund Based Loan to C+
---------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR14.00
crore (revised from INR15.00) fund based facility of AKS Alloys
Private Limited to [ICRA]C+ from [ICRA]B. ICRA has reaffirmed the
short-term rating of [ICRA]A4 outstanding on the INR5.00 crore
fund based (sub-limit) facility and the INR10.00 crore non-fund
based facility of AAPL.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based facilities      14.00      Revised to [ICRA]C+
                                         from [ICRA]B
   Fund based (sub-limit)
   facility                   (5.00)     [ICRA]A4 reaffirmed

   Non-fund based facility    10.00      [ICRA]A4 reaffirmed

The revision in the long-term rating takes into account the sharp
decline in the company's manufacturing revenue during 2014-15, due
to the suspension of its operations because of slowdown in demand
and expiry of pollution control certification. The rating action
also factors in the Company's weak financial profile characterized
by moderate gearing, inadequate coverage metrics, high working
capital intensity and low profitability. Further, the proposed
debt funded capital expenditure is likely to stretch the company's
capital structure and weaken coverage metrics, going forward. ICRA
also notes that the cyclicality inherent in the steel industry,
and the high competition in the fragmented and commoditized steel
ingots manufacturing and scrap trading business restricts the
pricing flexibility of all the players in the industry, including
AAPL. Further, AAPL's accruals are also vulnerable to sharp
unfavorable movements in foreign exchange rates, in the absence of
hedging. While the ongoing weakness in the steel industry is
expected to continue to impact the Company's revenue growth and
accruals in the near term, the long-term demand outlook for steel
products remains favourable. The ratings nevertheless, favourably
consider the experience of promoters of over two decades in the
steel industry.

Incorporated in 2000, AAPL is engaged in manufacturing steel
ingots and trading steel scrap/ingots. The Company operates a
steel ingot manufacturing facility with a capacity of 18,000
tonnes per annum (TPA), at Pondicherry. The Company is closely
held and managed by the promoter group, mainly comprising Mr.
Sanjay Kumar Sharma and Mr. Nemi Chand Kothari. The Company holds
80% equity stake in SAR Ispat Private Limited, which is engaged in
manufacturing steel billets at Pondicherry with a capacity of
36,000 TPA.

Recent results
During 2014-15 (according to unaudited results), AAPL had a net
profit of INR0.6 crore on an operating income of INR23.6 crore, as
against a net loss of INR4.7 crore on an operating income of
INR25.2 crore during 2013-14.


AKSHAT AGRO: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Akshat Agro
Milling Company Private Limited (AAMCPL) a Long-Term Issuer Rating
of 'IND BB-'.  The Outlook is Stable.  The agency has also
assigned AAMCPL's bank loans these ratings:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-based working     150       Long-Term 'IND BB-'/
   capital limit                    Stable and Short-Term
                                    'IND A4+'

   Term loans              99       Long-Term 'IND BB-'/Stable

KEY RATING DRIVERS

The ratings reflect AAMCPL's lack of operational track record as
it started commercial production in June 2014.  Moreover, the
company is present in the highly competitive and fragmented flour
milling industry with low entry barriers.

Provisional FY15 figures indicate small scale of operations with
overall revenue of INR824.69 mil., moderate EBITDA margin of
4.89%, weak credit metrics with gross leverage (operating
EBITDA/gross interest expense) of 1.73x and Ind-Ra-adjusted net
leverage (adjusted net debt/operating EBITDAR) of 7.82x.

The liquidity position of the company has also been tight as
evident from its almost-full use of the working capital limits
during the 12 months ended July 2015.

The ratings are, however, supported by over two-decade-long
experience of the company's founders in the food grain industry,
as they have been operating two other flour mills i.e. Akshat
Roller Flour Mills Private Limited ('IND BB+'/Stable) and Simran
Food Private Limited ('IND BB'/Stable).

RATING SENSITIVITIES

Negative: Deterioration in the profitability position and thus
credit metrics will be negative for the ratings.

Positive: A substantial improvement in the overall revenue, while
maintaining the credit profile will be positive for the ratings.

COMPANY PROFILE

AAMCPL was incorporated in February 2013 and has been running a
120,000tpa flour mill since June 2014.


ALL SERVICES: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated All Services
Global Pvt Limited's (ASGPL) '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 ASGPL.  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

ASGPL's ratings are:

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

   -- INR64.7 mil. long-term loan: migrated to
      'IND BB+(suspended)' from 'IND BB+'

   -- INR270 mil. fund-based limits: migrated to
     'IND BB+(suspended)' from 'IND BB+'

   -- INR120 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


ANNUR SATYA: ICRA Reaffirms B- Rating on INR4.5cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR4.23 crore term loan facilities, the INR4.50 crore fund based
facilities, and the INR2.50 crore non-fund based facilities of
Annur Satya Textile Limited at [ICRA]B-. ICRA has also reaffirmed
the long term/short term rating of [ICRA]B-/[ICRA]A4 outstanding
on the INR0.75 crore non-fund based (sub-limit) facilities and
INR3.76 crore proposed facilities of ASTL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term: Term loans     4.23       [ICRA]B- Reaffirmed

   Long-term: Fund based
   Facilities                4.50       [ICRA]B- Reaffirmed

   Long-term: Non-fund
   based facilities          2.50       [ICRA]B- Reaffirmed

   Long/Short-term: Non-    (0.75)      [ICRA]B-/[ICRA]A4
   fund based (sub-limit)               Reaffirmed
   facilities

   Long/Short-term:          3.76       [ICRA]B-/[ICRA]A4
   Proposed limits                      Reaffirmed

The ratings continue to factor in the significant experience of
the promoters in the textile industry and the long-standing
relationship of the Company with its customers which has supported
the order flows over the years. The ratings also factor in the
improvement in the capital structure on the back of decline in the
debt levels, though gearing continues to be high at 8.2 times as
on March 31, 2015. Further, the company's working capital
intensity was lower aided decline in inventory levels. However,
the operating income was stagnant in 2014-15on the back of
sluggish demand in both domestic and overseas markets. Moreover,
the decline in profits at both the operating and net levels has
led to marginal deterioration in the coverage indicators. The
ratings are further constrained by the Company's small scale of
operations which limits the benefits from scale benefits and
financial flexibility, and along with the intense competition in
the highly fragmented textile industry, also limits its pricing
flexibility. Going forward, with no major capex plans over the
medium term and given the term loan repayment obligations in the
near term, the company's ability to improve its revenues and
profitability will be critical to improve the cash flows and
thereby, improve its credit profile.

ASTL is primarily engaged in producing blended (polyester-cotton)
yarn. Incorporated in July 1991, the Company has an installed
capacity of 22,080 spindles at its manufacturing facility in Annur
(near Coimbatore, Tamil Nadu). Promoters and their relatives
closely hold the Company. ASTL currently produces blended yarns in
counts ranging from 30's to 70's with focus on 30's to 40's count
range. Its customer profile largely comprises yarn processors and
traders in the domestic market.

Recent Results
The Company reported a net profit of INR0.1 crore on an operating
income of INR49.7 crore during 2014-15 as against a net profit of
INR0.0 crore on an operating income of INR50.9 crore during 2013-
14.


BLUESTAR COTTSPIN: CARE Assigns 'B' Rating to INR18cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' the ratings to bank facilities
of Bluestar Cottspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       18       CARE B Assigned
   Short term Bank Facilities       1       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bluestar Cottspin
Private Limited (BCPL) are constrained on account of project
implementation and stabilization risk associated with the ongoing
cotton yarn manufacturing plant. The ratings are further
constrained on account of relatively limited experience of
management into cotton yarn business coupled with susceptibility
of profit margins to volatility in cotton prices along with
inherent cyclicality and high competitive intensity associated
with the cotton yarn industry.

The above constraints outweigh the benefits derived from strategic
location in the cotton-producing region of Gujarat with easy
availability of raw material, power and fuel along with fiscal
benefits from the government.

The ability of BCPL to quickly stabilize its operations and
achieve the envisaged level of capacity utilization thereby
achieving envisaged turnover and profitability are the key rating
sensitivities.

Rajkot-based (Gujarat) BCPL was incorporated during February 17,
2014, by Mr Piyush Dadhaniya, Mr Jamnadas Padalia, Mr Ankit
Butani, Mr Ankit Dadhaniya, Mr Suketu Sagaparia, Ms Ilaben Padalia
and Mr Ravi Dadhaniya. BCPL is currently setting up a green-field
project for carrying out business of cotton spinning with total
cost of INR26.98 crore which will be financed through term loan of
INR15 crore, share capital of INR6.75 crore unsecured loan of
INR5.23 crores. The total capacity of the plant will be 1,380
rotors with an installed production capacity of 3,481.85 MTPA and
will produce Cotton Yarn in 12 counts, 14 counts and 16 counts.
Commercial production from proposed plant is envisaged to commence
from January 2016. The project is delayed by 6 months due to delay
in the sanctioning of term loan.


DHRUVTARA AGRO: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR5.00
crore cash credit facility and INR4.00 crore term loan facility of
Dhruvtara Agro and Allied Industries Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term, fund based
   Limits- Cash credit        5.00      [ICRA]B Assigned

   Long term, fund based
   limits - Term loan         4.00      [ICRA]B Assigned

The assigned rating takes into consideration the promoter's well
established relations with farmers and local agro traders making
the procurement of wheat easy. The rating also derives the comfort
from the favourable demand of wheat products in the end user
industry. The rating is however, constrained by the company's
delay in commencement of operations given that, the support from
promoters remain critical as repayment of monthly instalments was
started in July'15 though the company has applied for extension of
moratorium period by 3 months. Also, with the operations yet to
start the ability to scale up the operations remain to be seen.
The company has exposure to earnings volatility given the raw
material prices remain vulnerable to agro climatic conditions and
government policies affecting wheat prices. Further, with
inherently low value additive and working capital intensive nature
of business, the accruals are expected to be marginal straining
the liquidity position. The company also faces stiff competition
from both organised and unorganised players in wheat milling
industry. Going forward, ensuring healthy capacity utilization and
working capital cycle management will remain key rating
sensitivities.

Established in 2013, the company is engaged in trading of
agriculture inputs like fertilizers, seeds and pesticides. The
company is in process to setup roller flour mill to produce wheat
flour and allied products like Maida, Aata, suji etc. The flour
mill facility is situated in Ahmednagar, Maharashtra with capacity
of 100 tonnes per day. The production is expected to start in
Oct'15.


EULOGIA INN: ICRA Assigns 'B' Rating to INR15cr Unallocated Loan
----------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR15.00 crore proposed
bank limits of Eulogia Inn LLP.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term -Unallocated     15.00       [ICRA]B; Assigned
   limits

The assigned rating is constrained by the execution risk since the
project is yet to commence operations, funding risks since the
debt is yet to be tied up and high levels of market risk
associated with the Greenfield venture; uncertainty related to
occupancy levels. The rating further takes into consideration the
high ccompetitive pressure in domestic market due to over capacity
in the hotel space in Ahmedabad city; although the same is
mitigated to an extent on account of location of the hotel near
the S G. Highway industrial belt as well as cyclicality associated
with the industry, vulnerable to general economic slowdown and
exogenous shocks; weak economic outlook could have a greater
impact on the company and the hospitality market in general, which
is largely dependent on business travel segment. ICRA also takes
note of the financial profile of the entity which is expected to
remain stretched in the near term given the debt funded nature of
project and impending debt repayment

The assigned rating, however, favourably factors in the long
experience of key promoters in the hospitality, restaurant and
banquet businesses as well as the advantage accruing by way of the
hotel being located near the prime business hub of Ahmedabad city.

Established in November 2014, Eulogia Inn LLP (EIL) is setting up
a hotel in Gota, Ahmedabad, Gujarat comprising of 45 rooms (suit,
deluxe and luxury rooms). The proposed hotel would also have a
restaurant and two banquet halls with a capacity to accommodate
1000 people. The firm is promoted by Mr. Alpesh Patel who has more
than 15 years' experience in the real estate and construction
sector. Further Mr. Alpesh Patel along with his three relatives
have entered into a partnership with promoters of Kabir hotel
group based at Ahmedabad i.e. Mr. Aheshanali Masi, Mr. Abbasali
Masi, Mr. Kamarali Masi and Mr. Aabidali Masi having sound
experience in restaurants, banquets and hospitality business by
virtue of owning and operating several restaurants, banquets and
few small scale hotels in Ahmedabad city.


GOLD MOHAR: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gold Mohar
Gramudyog Sansthan (GMGS) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The agency has also assigned GMGS' bank
loans these ratings:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Fund-based working    57.5       Long-term 'IND BB-'/
   capital limit                    Stable and Short-term
                                    'IND A4+'

   Non-fund-based        10.0       Long-term 'IND BB-'/
   working capital limit            Stable and Short-term
                                    'IND A4+'

KEY RATING DRIVERS

The ratings are constrained by GMGS' small scale of operations,
moderate credit profile and thin EBITDA margins due to its
concentrated and commoditized product line with high competitive
pressures.  In FY15, revenue was INR361 mil., EBITDA margins were
2.9%, net leverage (total adjusted net debt/operating EBITDAR) was
4.4x and gross interest coverage (operating EBITDA/gross interest
expense) was 1.8x.  Moreover, the company's average working
capital utilization was high at 92% during the 12 months ended
June 2015.  Net working capital cycle deteriorated to 61 days in
FY15 from 54 days in FY14, due to the addition of detergent cakes
and powder in the product portfolio, resulting in an increase in
the overall inventory days.

The ratings are supported by over a decade-long experience of
GMGS' promoters in manufacturing laundry soaps and the company's
relationship with its diverse customers and established suppliers.
GMGS, operates under society structure hence enjoys excise and
income tax exemption benefits thereby offering its products at a
competitive price in the market.  GMGS was able to grow volumes of
detergent cakes significantly to 1,648 tonnes in FY15 from 411
tonnes in FY14 as it increased focus in synthetic detergents and
leveraged its existing presence in the rural areas.  GMGS has
operational linkages with Dinesh Oils Limited ('IND BBB-'/Stable)
and Krishna Containers.  These companies are promoted by GMGS'
secretary Mr.  Dinesh Arora and are major raw material suppliers
to GMGS hence ensuring regular and cost-effective supply of
feedstock.

RATING SENSITIVITIES

Negative: A decline in the profitability and further stretch on
liquidity could lead to a negative rating action.

Positive: An increase in the profitability leading to a sustained
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

GMGS was founded as a society by Mr. Dinesh Arora and other
members in February 2005 to manufacture laundry soaps, detergents
powder and cakes in Kanpur, Uttar Pradesh.


GRD TRUCKS: CARE Assigns B+ Rating to INR4.50cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of GRD Trucks
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.50       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of GRD Trucks Private
Limited (GRD) is primarily constrained by its limited track record
of operations coupled with low profitability margins. The rating
is further constrained by pricing constraints and margin pressure
arising out of intense competition from various auto dealers.

The rating, however, draws strength from experience of the
promoters in the automobile industry and moderate operating cycle.
The rating further draws comfort from positive demand outlook for
commercial vehicles.

Going forward, the ability of GRD to increase its scale of
operation and profitability margins while improving the capital
structure shall be the key rating sensitivities.

Delhi-based, GRD was incorporated in 2012 and is promoted by Mr
Manish Agarwal and Mr Mayank Agarwal. GRD has been appointed as an
authorized dealer of Ashok Leyland Limited (CARE A+/A1+) in 2012
to sell its heavy commercial vehicles such as Ecomet, Viking etc.
GRD commenced commercial operations in January, 2014. The company
operates 4 showrooms in Delhi, Faridabad, Palwal and Pali with 3S
(sales, service, spares) facility.

For FY15 (refers to the period April 1 to March 31), GRD achieved
a total operating income (TOI) of INR113.02 crore with net loss of
INR0.14 crore (based on unaudited results), as against TOI of
INR9.39 crore in FY14.


HARSH GLOBAL: CARE Assigns B+ Rating to INR2.50cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+ CARE A4' ratings to bank facilities of Harsh
Global Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.50      CARE B+ Assigned
   Short-term Bank Facilities     7.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to Harsh Global Private Limited (HGPL) are
primarily constrained by its small and fluctuating scale of
operations with low net worth base, low order book position,
customer and geographical concentration risk with leveraged
capital structure. The ratings are further constrained by the
HGPL's presence in the highly fragmented and competitive industry.
The ratings, however, draw comfort from experienced management and
moderate profitability margins.

Going forward, the ability to increase the scale of operations
while maintaining its profitability margins shall be the key
rating sensitivity. Furthermore, the ability of the company to
improve the capital structure as well as its ability to
successfully generate orders shall be other key rating
sensitivities.

Harsh Global Private Limited (HGPL) was incorporated in 2010 and
currently being managed by Mrs Kiran Singh and Mr Vinay Kumar
Singh. The business operations were originally being carried under
a partnership firm named Sujeet & Associates (SJA) which was
established by Mr Sujeet Kumar Singh and Mrs Kiran Singh in 2002.
Subsequently in 2010 the business operations were taken over by
HGPL. The company undertakes contracts primarily of road
construction for government departments which are received through
tenders. In April 2015, the company started a workshop of Mahindra
& Mahindra Limited (M&M). It includes sale of spare parts and
maintenance services for both light and heavy vehicles for
commercial segment. The workshop facility of HGPL is located at
Chandauli, Uttar Pradesh.

In FY14 (refers to the period April 1 to March 31), HGPL has
achieved a total operating income (TOI) of INR9.91 crore with
PBILDT and PAT of INR1.38 crore and INR0.49 crore respectively in
FY14. During FY15 (as per the unaudited results) the company has
achieved TOI of INR8.03 crore.


HIMACHAL FIBRES: CARE Assigns C+ Rating to INR22cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE C+' and 'CARE A4' ratings to the bank
facilities of Himachal Fibres Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      22        CARE C+ Assigned
   Short term Bank Facilities      5        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Himachal Fibres
Limited (HFL) are constrained by its weak financial risk profile
marked by losses at the net level and weak solvency position,
working capital intensive nature of operations and high
competition in the industry on account of presence of both
organized and unorganized players. The ratings, however, derive
strength from the past experience of the promoters with long track
record of operations and established dealer network with
diversified sales mix.

The ability of the company to profitably scale up its operations,
improve the solvency position and efficiently manage the working
capital requirements will remain the key rating sensitivities.

Himachal Fibres Limited (HFL) which was set up in 1980 was
promoted by Mr B K Garodia in collaboration with Himachal Pradesh
Minerals & Industrial Development Corporation Ltd. The Company
came out with a public offering in December, 1984 and is listed on
BSE. In 2001, HFL was declared a sick unit under the Board for
Industrial & Financial Reconstruction (BIFR) and became non-
operational in 2003-04. BIFR in May 2010, introduced Shiva Group
as the promoter group and since then HFL is being managed by the
group. The Company started production of polyester spun yarn,
acrylic yarn, blended yarns and knitted cloth in FY10 (refers to
the period April 1 to March 31). In October 2010, post infusion of
funds by Shiva group, subsequently leading to positive networth,
HFL was discharged from the purview of BIFR. HFL's manufacturing
facilities is located in Barotiwala, Baddi, Himachal Pradesh and
has an installed capacity of 20,344 spindles and 504 rotors, as on
March 31, 2015.

Due to liquidity constraints, the debt of the company was
restructured in March 2015. The fund based limits of the company
were reduced from INR20 crore to INR13 crore, and the INR7 crore
of cash credit limit was converted to working capital term loan,
repayable from March 2016. The terms stipulated by the bank have
been complied with.

HFL registered a total operating income of INR84.71 crore during
FY15 with net losses of INR1.24 crore as against a total operating
income of INR135.06 crore with net losses of INR0.13 crore in
FY14.


K.P. INDUSTRIES: CARE Assigns 'B' Rating to INR10.45cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of K.P.
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.45      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of K.P. Industries
(KPI) is constrained primarily on account of the modest scale of
operations, thin profitability, leveraged capital structure, weak
debt coverage indicators and working capital intensive nature of
operations in a fragmented and competitive rice processing
industry. The rating is also constrained on account its
partnership nature of constitution and exposure to the risk
associated with government regulations.

The rating, however, derives strength from the vast experience of
the promoters in rice processing industry and its presence in
paddy-growing areas which provides location advantage. The ability
of KPI to increase its scale of operation along with improvement
in profitability and capital structure coupled with efficient
management of working capital are the key rating sensitivities.

Established in the year 2009, Ahmedabad-based KPI is a partnership
firm engaged in the processing of non-basmati rice. Key partners
include Mr Dhaval Prajapati and Mr Atul Prajapati who manage the
day-to-day operations. As on March 31, 2014, it had a total
installed capacity of 69,120 metric tonnes per annum and operates
through its sole manufacturing unit at Kheda (Gujarat).

As per the provisional results of FY15 (refers to the period
April 1 to March 31), MHL reported profit after tax (PAT) of
INR0.18 crore.


KAMADGIRI FABRICS: ICRA Reaffirms B- Rating on INR8.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B- on the INR8.0
crore fund based bank limits of Kamadgiri Fabrics.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       8.00       [ICRA]B-; reaffirmed

ICRA's rating continues to take into account the low value
additive nature of Kamadgiri Fabrics' operations and intense
competition within the fragmented synthetic fabrics industry,
which keeps the firm's margins at subdued levels. The rating also
factors in the firm's high working capital intensity on account of
high inventory levels. Reliance on bank borrowings for funding the
working capital requirements, coupled with the firm's low net
worth base has resulted in high gearing levels of 7.83 times as on
March 31, 2015. The rating is also constrained by the firm's
modest debt coverage indicators owing to its low profitability
levels and large borrowings. ICRA also takes note of the
constitution of the firm as a sole proprietorship concern, which
limits its fund raising capability and exposes it to risks of
capital withdrawal and termination. The rating, however, draws
comfort from the long track record and extensive experience of the
proprietor in the textile industry; healthy growth in its top line
during FY2015 and the firm's established sales and distribution
network. ICRA also takes note of the logistic advantages the firm
derives in sourcing of its raw material, Polyester Viscose yarn,
on account of proximity of the firm's unit to Nepal.

Going forward, an improvement in the firm's capital structure and
a sustained improvement in profitability will be the key rating
sensitivities.

Kamadgiri Fabrics is a proprietorship firm, which was promoted by
Mr. Subrat Jalan in 2000, to undertake manufacturing and trading
in synthetic fabrics. The firm primarily manufactures grey and
finished fabric for readymade garment players at its unit in
Gorakhpur, Uttar Pradesh. At present, the firm has 168 CIMCO looms
which cater to in-house production and rest of the production is
done on job work basis from various Bhilwara based fabric
manufacturers.

Recent Results
Kamadgiri Fabrics, on a provisional basis, reported net profit of
INR0.12 crore on total revenues of INR51.31 crore in FY 15 as
against net profit of INR0.08 crore on total revenues of INR37.10
crore in FY14.


KRISHNA STEEL: CARE Assigns B+ Rating to INR0.21cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Krishna Steel Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.21      CARE B+ Assigned
   Short-term Bank Facilities     4.00      CARE A4 Assigned
   Long-term/Short-term           2.50      CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The ratings assigned to the bank facilities of Krishna Steel
Industries (KSI) are primarily constrained by its small scale of
operations, weak financial risk profile characterized by low
profitability margins, leveraged capital structure, weak debt
service coverage indicators and working capital intensive nature
of operations. The ratings are further constrained by raw
material price fluctuation risk, presence in the competitive
agriculture implements industry and constitution of the entity
being a partnership firm.

The rating constraints are partially offset by experience of the
promoters in manufacturing of agriculture equipments.

Going forward, the ability of the company to stabilize and
increase its scale of operations with improvement in its
profitability margins and capital structure while effective
management of its working capital requirements shall be the
key rating sensitivities.

Karnal-based (Haryana) KSI is a partnership firm established in
2008 by Mr Rakesh Bajaj and Mr Harish Kumar sharing profits and
losses equally. The firm commenced its operations in 2009 and is
engaged in the manufacturing of agriculture implements. The
product portfolio of the firm comprised harrow disc blades of
different size and shapes which are used to prepare the soil for
cultivation. The firm has its manufacturing unit in Karnal,
Haryana, with an installed capacity to process 5,500 metric tonnes
of metal per annum. The manufacturing processes of the firmare ISO
9001:2000 certified.

The firm sells its products to various tractor manufacturers and
dealers in the domestic market as well as in the overseas
markets under the brand name 'ZORRO and KSI'. The export
proportion accounted for 16.03% of the total sales in FY14
(refers to the period April 1 to March 31). The key raw material,
ie, iron billet is procured directly from the steel manufacturers
in the domestic market.

In FY14, KSI has achieved a total operating income (TOI) of
INR11.73 crore with PBILDT and profit after tax (PAT) of INR0.83
crore and INR0.05 crore, respectively, as against TOI of INR13.75
crore with PBILDT and PAT of INR0.77 crore and INR0.05 crore,
respectively, in FY13. Furthermore, the company has achieved TOI
of around INR15.46 crore in FY15 (based on unaudited results).


MAYUR SEEDS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mayur Seeds and
Agritech (MSA) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.  The agency has also assigned MSA's bank facilities
these ratings:

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Fund-based working        90.00      'IND B+'/Stable
   capital limits

   Non-fund-based            10.00      'IND A4'
   working capital limits

KEY RATING DRIVERS

The ratings reflect MSA's small scale of operations and weak
credit profile.  According to the unaudited financials for FY15,
revenue was INR241 mil., EBITDA margins were 4.4%, gross interest
coverage was 1.4x and net leverage (net debt/EBITDA) was 7.3x.
Liquidity is moderate with the average utilization of the fund-
based limits being around 92% over the 12 months ended June 2015.

The ratings though benefit from MSA's founders' experience of more
than two decades in the seed processing business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the scale of operations along with an improvement
credit metrics.

Negative: A negative rating action could result from deterioration
in the credit metrics.

COMPANY PROFILE

MSA was incorporated in February 2002 by Mr. Jagdish Khandelwal
and was converted into a partnership with Mr Rajesh Khandelwal in
2004.  The company is engaged in the procurement, processing,
packaging and marketing of soya bean, gram and wheat.


OLIVE TEX: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Olive Tex Silk
Mills Private Limited's (OTSMPL) Long-Term Issuer Rating to
'IND BB' from 'IND B+'.  The Outlook is Stable.  The agency has
also upgraded OTSMPL's bank loan ratings:

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
  Term loans                 27.5       Upgraded to 'IND BB'/
                (increased from 16.7)   Stable from 'IND B+'

  Fund-based
  Limits                    270          Upgraded to 'IND
                                         BB'/Stable and 'IND
                                         A4+' from 'IND B+' and
                                         'IND A4'

  Non-fund-                  22.5        Upgraded to 'IND A4+'
  based limits    (reduced from 32.5)    from 'IND A4'

KEY RATING DRIVERS

The upgrade reflects OTSMPL's continued timely debt repayments and
improved liquidity on the back of a reduction in its net working
capital cycle.  According to unaudited financials for FY15, net
cash cycle improved to 113 days (FY14: 128 days; FY13: 158 days).
Also, revenue grew substantially to INR1,263m in FY15 from INR884
mil. in FY13 due to an increase in garment export sales.

The ratings also reflect OTSMPL's moderate credit profile with
EBITDA margins of 7.7% in FY15 (FY14: 7.0%; FY13: 10.9%), net
leverage (net debt/EBITDA) of 4.75x (4.74x; 4.15x) and interest
coverage of 1.84x (1.17x; 1.60x).

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and profitability
resulting in improved credit metrics could result in a positive
rating action.

Negative: A decline in the profitability resulting in
deterioration in the credit metrics could result in a negative
rating action.

COMPANY PROFILE

OTSMPL is a Mumbai-based privately owned manufacturer of cotton-
poly fabrics and garments.  The fabrics manufactured in-house are
sold to garment manufacturers as well as are used for in-house
consumption for garment manufacturing.

Total debt of INR461.2 mil. on March 31, 2015, consisted of a term
loan of INR107.9 mil., unsecured loans from promoters of
INR53 mil. and working capital limits of INR300.3 mil.


PANAMA AGRITECH: CARE Assigns 'B' Rating to INR5.86cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Panama
Agritech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.86      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Panama Agritech
Private Limited (PAPL) is constrained on account of weak financial
risk profile marked by low profitability margins and weak debt
coverage indicators. The rating is further constrained on account
of small scale of operations, working capital intensive nature of
business operations with elongated operating cycle, intense
competition due to exposure to tender-driven nature of business
operations and customer concentration risk.

The rating, however, draws support from experienced promoters
along with reputed customer profile and strong growth in sales in
FY15 (refers to the period April 1 to March 31).

PAPL's ability to scale up its business operations and improvement
in the profitability margins and capital structure along with
efficient management of working capital cycle are the key rating
sensitivities.

PAPL was promoted by the Ladkat brothers - Mr Sameer Ladkat
(Chairman) and Mr Gautam Ladkat (Director in the year 2011 and is
based in Pune (Maharashtra). The company is engaged in providing
services for scientific and safe storage of grains in silo bags.
The company primarily provides its services to Madhya
PradeshWarehousing and Logistic Corporation (MPWLC) on rental
basis at a pre-agreed rate per quintal. PAPL operates through 5
warehouse / godown facilities with total capacity of around 2,
20,000 metric tonnes (MT) located in Nagda, Shivpuri, Indore,
Baksukhedi and Guna cities in the state of Madhya Pradesh.

Moreover, PAPL belongs to the Panama Group of Pune which has a
presence in sectors like power energy, financial services, real
estate, consultancy services and construction through its various
sister concerns like Panama Holding Private Limited and Panama
Water Management Private Limited. The group company named; Panama
Holding Private Limited (PHPL) holds 35.33% stake in PAPL. PHPL is
engaged in providing financial services.

During FY15 (Provisional), PAPL incurred net loss of INR1.51 crore
on a total operating income of INR9.49 crore as against net loss
of INR5.60 crore on a total operating income of INR1.90 crore for
FY14.


PAYORITE PRINTMEDIA: CARE Reaffirms 'D' Rating on INR5.97cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Payorite Printmedia Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.97       CARE D Reaffirmed
   Short-term Bank Facilities    0.90       CARE D Reaffirmed

Rating Rationale

The ratings of Payorite Print Media Private Limited (PPMPL)
continue to remain constrained due to delays in receivables
realization and consequent strained liquidity position that led to
instances of delays in servicing of instalment of term loan.

Udaipur-based (Rajasthan) PPMPL was formed in 1998 and promoted by
Mr Ashish Bapna, Mr Manish Indrawat and Mr Sanjay Kothari. PPMPL
is a printing house and product profile includes like brochures,
leaflets, magazines, labels and banners etc. The company does
various types of printing viz. commercial printing, magazine
printing, labels, outdoor publicity banners and special effect
printing for both private as well as government clients. It covers
all types of functions related to pre-press and post- press
(binding, lamination, etc) activity. The company has its printing
unit set up in Udaipur and Jaipur.

As per provisional result for FY15 (refers to the period April 1
to March 31) PPMPL has reported a total operating income of
INR11.12 crore [FY14 (A): INR9.72 crore] with PAT of INR0.07 crore
[FY14 (A): INR0.06 crore].


POLYPASTICS AUTOMOTIVE: ICRA Cuts Rating on INR9.75r Loan to 'D'
----------------------------------------------------------------
ICRA has revised its ratings on the INR25 crore bank facilities of
Polypastics Automotive India Private Limited (PAIPL) to [ICRA]D
from the long-term rating of [ICRA]B and short-term rating of
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]D; revised from
                                     [ICRA]B

   Term Loans            9.75        [ICRA]D; revised from
                                     [ICRA]B

   Short-term Non-       0.25        [ICRA]D; revised from
   fund Based Non-                   [ICRA]A4
   fund based limits

   Long term/Short       1.20        [ICRA]D; revised from
   term fund based-SLC               [ICRA]B/[ICRA]A4

   Unallocated Limits    5.80        [ICRA]D; revised from
                                     [ICRA]B/[ICRA]A4

The ratings revision is driven by the delays in debt servicing by
PAIPL on account of its stretched liquidity position. ICRA takes
note of the company's low bargaining power with its customers due
to relatively small scale of operations and the high customer
concentration risks, as well as the significant loans the company
has provided to its group companies. ICRA takes cognizance of the
established track record of the promoters in the automobile
industry; the company's reputed customer base and the presence of
the manufacturing unit in proximity to the auto manufacturing hub
in northern India.

Going forward, a track record of timely debt servicing and a
sustained improvement in the company's liquidity position will be
the key rating sensitivities.

PAIPL is a manufacturer of injection moulded plastic auto
components for the automobile (four wheeler passenger vehicles and
two wheelers) industry. The company manufactures auto components
such as wheel covers, wheel caps, radiator grills (for passenger
vehicles) and garnish cowl, rear cowl centre, gear speedo meter,
side cover, handle cover, wheel cap, throttle lever, inner door
handle, fuse box and cover, etc (for two wheelers) at its
manufacturing facility located at Industrial Growth Centre in
Bawal (Rewari, Haryana). The unit has 20 injection moulding
machines and painting facilities, which include body colour paint
shop, automatic wheel cover paint shop and conventional paint
shops. The company's client list includes Maruti Suzuki India
Limited, Honda Motorcycle & Scooter India Pvt. Ltd. and Hero
Motocorp Ltd., apart from other OEMs and Tier-1 suppliers.


PRAGATI GLASS: ICRA Reaffirms D Rating on INR17.50cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the rating on the INR7.86 crore (reduced from
INR14.56 crore) term loans and INR17.50 crore long-term bank
facilities of Pragati Glass Private Limited (PGPL) at [ICRA]D.
ICRA has also reaffirmed the short-term rating on the INR4.0 crore
non-fund based bank facilities of PGPL at [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits          17.50      [ICRA]D reaffirmed

   Short-Term Non
   Fund Based Limits      4.00      [ICRA]D reaffirmed

   Long Term loans        7.86      [ICRA]D reaffirmed

The rating reflects continued delays in debt servicing by the
company. The company's liquidity profile has been impacted on
account of its stretched receivables position and inadequate
working capital limits. The receivable days remain stretched at
110 days as on March 31, 2015 with a significant proportion of
them more than six months debtors old.

ICRA however notes the long experience of the promoters' in the
glass packaging industry, especially in the cosmetics and
perfumery segment. Profitability is relatively better in the
value-added cosmetics and perfumery segment than the other
segments in the glass packaging industry. With the closure of its
second furnace in October, 2014 post reduction in APM gas quota
for the packaging glass industry, the company has increased its
focus on the premium end within the perfumery and cosmetics
segment -away from food and pharmaceutical segment - and also more
on the customized orders rather than standardized orders. This
entails not only higher margins but also lower inventory reflected
in reduced inventory levels as on March 31, 2015.
Going forward, timely servicing for its debt obligations shall
remain a key rating sensitivity.

Pragati Glass Private Limited (Pragati), incorporated in, 1982, is
involved in the manufacturing of glass tableware and bottles,
promoted by Mr. Dinesh Gupta. Pragati caters primarily to the
cosmetics and perfumes industry with small presence in foods &
beverages industry. Almost 60% of the company's sales are to the
exports market and balance is in the domestic market; Around 15-
20% of its exports sales are deemed exports to SEZs. Pragati has
its manufacturing facility located at Kosamba, Gujarat. In May
2011, Pragati replaced its old furnace with the 60 tonnes per day
(tpd) furnace replaced by a 90 tpd capacity furnace. The company
also revamped its 70 tpd furnace and replaced it by a 110 tpd
furnace in May, 2012. Hence total capacity increased to
approximately 200 tpd from May, 2012 compared to the 130 tpd in
March, 2011.

Pragati has a subsidiary in Oman, Pragati Glass Gulf LLC set up in
April 2009, where it has a 55% stake with 15% held by another
Indian partner and balance being held by a local partner. It was
set up to take advantage of the lower input cost, mainly gas, a
primary input for manufacturing. The company is mainly into the
mass food & beverages segment and also caters partly (30%) to the
cosmetics and perfumes industry.


R. L. STEELS: ICRA Cuts Rating on INR117cr Term Loan to 'D'
-----------------------------------------------------------
ICRA has revised the rating assigned to the INR202.01 crore long
term fund based bank facilities of R. L. Steels & Energy Limited
from [ICRA]C to [ICRA]D. ICRA has also revised the rating assigned
to the INR97.99 crore short term bank facilities of RLSL from
[ICRA]A4 to [ICRA]D.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long term, Fund based      117.00      Revised from [ICRA]C
   limits - Term Loan                     to [ICRA]D

   Long term, Fund based       85.01      Revised from [ICRA]C
   limits - Cash Credit                   to [ICRA]D

   Short term, Fund based      41.99      Revised from [ICRA]A4
                                          to [ICRA]D

   Short term, Non fund        56.00      Revised from [ICRA]A4
   based                                  to [ICRA]D

The ratings revision takes into account irregularities in
servicing debt obligations by the company on account of weak
financial profile of the company which is characterized by
stretched capital structure and tight liquidity position with
company reported cash losses in the past. The position of the
company has improved in FY15 due to improvement in capacity
utilisation, change in product mix and diversification into new
export markets resulting into improved realisations and increased
export orders. Though, the liquidity position of the company still
remains stretched due to high working capital intensity and
sizeable debt repayment obligations. The capacity utilization has
remained moderate due to general slowdown in economy and stretched
liquidity profile of the company which is limiting access to the
funds. The company has high cost structure due to limited raw
material and power linkages and remains vulnerable to exchange
rate movements due to sizeable share of import purchases. The
ratings also constrained by the moderate scale of operations in an
intensely competitive steel industry and inherent cyclicality
associated with the steel business. However, ICRA takes note of
long standing experience of the promoters in the industry and a
diversified client base. Since last one year, the company has
change its product mix with increasing share of alloy steel
products having better realisation as compared to other carbon
steel products. Also the management of RLSL has taken measures to
improve cost structure of the company by implementing productivity
enhancement measures which has resulted into improvement in
overall performance of the company in FY15. Going Forwards, timely
repayment of debt, improving capacity utilisation combined with
focus on reducing cost structure will be the key rating
sensitivity factors.

RLSL was incorporated in 1985 as the flagship company of the
Aurangabad based group promoted by Mr. R L Gupta. RLSL is engaged
in manufacturing alloy steel products in rounds, squares, flats
and special profiles, through Induction Furnace-LD Convertor-
Continuous casting rolling route. RLSL has a steel melting
capacity of 1,44,000 MTPA and a rolling mill with capacity of
1,47,000 MTPA at Waluj, Aurangabad.


RAMOJIWAFER AND NAMKEEN: CARE Reaffirms B INR18.10cr Loan Rating
----------------------------------------------------------------
CARE reaffirms the rating assigned to the long-term bank
Ramojiwafer And Namkeen Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.10      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ramoji Wafer and
Namkeen Private Limited (RWNPL) continues to remain constrained on
account of the risk associated with the quick stabilization of the
recently commissioned operations, competition from established
players and raw material price fluctuation risk.

The rating continues to derive strength from the promoters'
experience in different industries albeit no relevant experience
in the food industry and locational advantage in terms of
proximity to raw material suppliers and prospective customers.

The ability of RWNPL to quickly stabilize its operations and
achieve the envisaged scale of operations and cash accruals are
the key rating sensitivities.

Background
Surat-based (Gujarat) RWNPL was incorporated in October 2013 to
take up the business of manufacturing of potato wafers, noodles
and namkeens. RWNPL is promoted primarily by Mr Jitendra Kumar
Patel and Mr Dinesh Kumar Patel who have an experience of around
two decades in various industries ranging from manufacturing of
ceramic tiles to manufacturing of plywood. The promoters are
foraying into an entirely new line of business keeping in view the
increasing popularity and demand of snacks in the food industry.
Recently, the company has completed a project costing INR23.95
crore. RWNPL has installed a machinery costing INR14.70 crore for
the production of namkeen, potato wafers, noodles and extruded
products with a total capacity of 12,600 metric tonne per annum
(MTPA). The entire project was funded through a term loan of
INR10.60 crore and rest by the promoter's infusion in the form of
equity of INR6.50 crore and unsecured loan of INR6.85 crore. RWNPL
commenced operation from June 2015.


SANTLAL INDUSTRIES: CARE Assigns B Rating to INR60cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Santlal Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      60.0      CARE B Assigned
   Short term Bank Facilities     37.0      CARE A4 Assigned

Rating Rationale

The rating assigned to bank facilities of Santlal Industries is
constrained by the weak financial risk profile of the company,
customer concentration risk, working capital intensive nature of
operations, susceptibility of profitability margins to raw
material prices and highly regulated and fragmented industry with
low entry barriers. However, the rating derives strength from the
long track record of operations of the company as well as its
experienced and resourceful promoters.

Going forward, the ability of the company to profitably scale up
the operations, reduce the client concentration risk and improve
its capital structure with more efficient working capital
management are the key rating sensitivities.

Santlal Industries Ltd (SIL), incorporated in the year 1999 by Mr.
Anand Swaroop Agarwal, Mr. Anil Agarwal and Mr. Sunil Agarwal, is
engaged in milling, processing and manufacture of Basmati rice at
Mainpuri, Uttar Pradesh. The company commenced its operations in
2000 and has an installed capacity of 96,000 Metric Tonnes Per
Annum (MTPAs) as on March 31, 2015. The company is a part of
Santlal Group, which started its business with fertilizers & cloth
trading in 1935 as Santlal Agarwal & Sons.

In FY14 (refers to the period April 1 to March 31), SIL had total
operating income of INR 225.24 crore (P.Y.: INR 177.31 crore) and
PAT of INR 2.44 crore (P.Y.: INR 2.61 crore). As per FY15
(provisional results), the company booked total operating income
of INR 190.84 crore.


SHREE KRISHNA: ICRA Reaffirms B- Rating on INR15cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- for the
INR15.00 crore fund based facilities of Shree Krishna Rice Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits     15.00       [ICRA]B- (reaffirmed)

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

Shree Krishna Rice Mills (SKRM) is a partnership firm, was set up
in 2010 by Mr. Ravi Gupta, Mr. Krishan Chand and Mrs.Urmila Gupta.
SKRM is engaged in processing and export of basmati rice to
countries in the Middle East. It has a plant at Karnal (Haryana)
which has a milling capacity of 6 tonnes per hour.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.16 crore on an operating income of
INR62.02 crore as against PAT of INR0.13 crore on an operating
income of INR31.79 crore in 2012-13. As per the provisional
figures, the firm reported PAT of INR0.16 crore on an operating
income of INR62.87 crore in FY15.


STEEL MONT: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Steel Mont Pvt
Ltd's (SMPL) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'.
The Outlook is Stable.  Rating actions on SMPL's bank facilities
are:

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Fund-based limits         50         Upgraded to 'IND BB+'/
                                        Stable from 'IND BB'

   Non-fund-based           150         Affirmed at 'IND A4+'
   limits

KEY RATING DRIVERS

The upgrade reflects the improvement in SMPL's scale of operations
as well as profitability in FY15 resulting in a substantial
improvement in interest coverage.  FY15 was the first full year of
its coal servicing operations, which commenced in September 2013.
According to the unaudited FY15 financials, the company's revenue
grew over 35% yoy to INR2,098m, EBITDA margins increased to 2.85%
(FY14: 1.45%) and EBITDA interest coverage increased to 10.50x
(4.50x).  Net leverage (net debt/EBITDA) remained comfortable at
0.25x in FY15 (FY14: 0.16x).

The agency expects the leverage to remain low with the company's
low reliance on external borrowings and the total debt outstanding
on 31 March 2015 comprising only unsecured loans from promoters.
SMPL's liquidity also remained comfortable in FY15, marked by the
absence of term debt repayment obligations and low bank limit
utilization of 34.31% over the 12 months ended June 2015.

The ratings continue to be constrained by SMPL's presence in the
commodity trading industry and the characteristic low entry
barriers, working capital intensity and limited bargaining power.
The net working cycle remained negative on long credit period (228
days) allowed by associate entities.

RATING SENSITIVITIES

Positive: Improved capacity utilization of manufacturing
facilities resulting in improved EBITDA and thereby credit metrics
could result in a positive rating action.

Negative: Inability to sustain EBITDA margins on the coal
servicing segment's low contribution to revenue, leading to
deterioration in the credit profile could result in a negative
rating action.

COMPANY PROFILE

Incorporated in 2008, SMPL is a private limited company engaged in
coal servicing and commodity trading including steel, coke,
fertilizers.  Its coal servicing operations are located in Vizag
and Mangalore.


SWADHYAYA PRINTERS: Ind-Ra Assigns BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swadhyaya
Printers Pvt Ltd (SPPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  Ind-Ra has also assigned SPPL's bank
facilities these ratings:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based facilities     30       'IND BB'/Stable/'IND A4+'
  Term loan facilities      43       'IND BB'/Stable
  Proposed term loan        47       'Provisional IND BB'/Stable
  facilities

KEY RATING DRIVERS

The ratings are constrained by SPPL's small scale of operations
with revenue of INR126.28 mil. in FY14.  The ratings also reflect
the company's weak credit profile.  EBITDA margins deteriorated
marginally to 10.23% in FY14 (FY13: 10.85%) followed by net
financial leverage deteriorating to 3.69x (2.78x) and EBITDA gross
interest coverage to 2.13x (2.62x).  SPPL is present in the highly
fragmented and working capital intensive printing industry with
intense competition.

The ratings, however, benefit from over two-decade-long experience
of SSPL's directors in the printing industry.  The ratings are
further supported by the company's strong and long-standing
customer relationships.  The ratings are also supported by the
comfortable liquidity position of the company with average working
capital utilization of 61.55% for the 12 months ended July 2015.

RATING SENSITIVITIES

Negative: A dip in the operating profitability leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the operating profitability
and the consequent improvement in the credit metrics will be
positive for the ratings.

COMPANY PROFILE

SPPL is a private limited entity incorporated in 1981.  The
company manufactures and supplies packing cartoons, packing
materials, printed duplex carton, labels and lids.  It mainly
supplies to the pharmaceutical and FMCG sector.  SPPL's unit is
based in Indore with an installed capacity of 15 crore
cartons/lids per annum.  In FY15, the company is likely to have
reported revenue of around INR145 mil.


TJUK TRADE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned TJUK Trade
Networks Private Limited (TJUK) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  TJUK's bank facilities have
been assigned ratings:

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long-term loan            0.78       'IND BB-'/Stable

   Fund-based limits       130.00       'IND BB-'/ Stable

   Non-fund-based           17.50       'IND A4+'
   limit

KEY RATING DRIVERS

The ratings reflect TJUK's moderate credit metrics and tight
liquidity position.  According to the unaudited financials for
FY15, net leverage was 4.7x and EBITDA gross interest coverage was
1.9x.  The company over utilized its working capital limits for up
to 27 days over the 12 months ended June 2015.  FY15 revenue was
moderate at INR1,073 mil. (FY14: INR975 mil.).

The ratings, however, benefit from the company's over two-decade-
long track record and its management's 25-year-long experience in
trading packaged food products.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the liquidity.

Negative: A negative rating action could result from a significant
decline in the revenue or weakening of the liquidity profile
leading to deterioration in the credit metrics.

COMPANY PROFILE

Incorporated in 1994, TJUK trades and distributes packaged food
products.  The company holds distributorship for brands such as
Graviss Foods, MC Cains, HUL, Parle Agro, Nestle and Del Monte.

Total debt outstanding on March 31, 2015, was INR191.91 mil.,
comprising working capital debt of INR103.66 mil., term loan of
INR1.71 mil. and unsecured debt of INR52.67 mil.


VAISHNAVI RICE: ICRA Ups Rating on INR23.39cr Loan to B+
--------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR23.39 crore
(revised from INR10.93 crore) fund based limits of Vaishnavi Rice
Industries to [ICRA]B+ from [ICRA]B. ICRA has also upgraded the
long term ratings to [ICRA]B+ from [ICRA]B and reaffirmed the
short term ratings at [ICRA]A4) assigned to INR1.61 crore (revised
from INR14.00 crore) unallocated limits of VRI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits    23.39       [ICRA]B+ (upgraded
                                    from [ICRA]B)

   Unallocated limits    1.61       [ICRA]B+ (upgraded from
                                    [ICRA]B)/ICRA]A4 (reaffirmed)

The rating revision primarily factors in the increase in the
company's scale of operations with revenues increasing to INR56.33
crore in the first full year of operations on the back of healthy
exports through third party agents; moderate profitability levels
with operating margin of 7% for FY2015; and equity infusion of
INR0.97 crore in FY2015. The ratings also draw comfort from more
than 20 years of experience of the promoters in the rice milling
and trading business. Other positive factors include the easy
availability of paddy in proximity to VRI's plant, which is
located in a major paddy cultivating region of the country; and
favorable demand prospects for rice, with India being the second
largest producer and consumer of rice internationally.

The ratings are, however, constrained by the relatively small
scale of operations of VRI; and its high working capital
requirements due to higher levels of inventory and a relatively
longer cash conversion cycle period for sales made in Kerala. The
ratings are further constrained by the intensely competitive
nature of the rice industry with several small-scale players,
which further increases the pressure on operating margins.
Susceptibility to agro-climatic risks, which impact the
availability of paddy in adverse weather conditions, is yet
another rating concern.

Going forward, the firm's ability to increase its operating
revenue and effectively manage its working capital requirements
will be the key credit rating sensitivities.

Founded in 2012 as a partnership firm by Mr. Mallidi Venkata
Krishna Reddy and other family members, Vaishnavi Rice Industries
is engaged in the milling of paddy to produce raw and boiled rice.
The firm is located in the East Godavari District of Andhra
Pradesh with an installed capacity is 10 tonnes per hour. The firm
commenced its operations in the month of November, 2013.

Recent Results
The company has reported an operating income of INR56.33 crore and
net profit of INR0.61 crore in FY2015 as against operating income
of INR21.64 crore and net profit of 0.24 crore in FY2014.


VARDAAN EXPORTS: CARE Reaffirms B+ Rating on INR14cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vardaan Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       14       CARE B+ Reaffirmed
   Short-term Bank Facilities       1       CARE A4 Reaffirmed
   Long-term/Short-term Bank        3       CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Vardaan Exports
(VEX) continue to remain constrained by its modest scale of
operations, low profitability margins, leveraged capital structure
and weak coverage indicators. The ratings are further constrained
by working capital-intensive nature of operations, partnership
nature of constitution, susceptibility to fluctuation in raw
material prices and monsoon-dependent operations and its presence
in a highly competitive and fragmented agro-processing business.

The ratings, however, draw strength from the experienced partner
in the agro-processing industry, its growing scale of operations
and proximity of its processing unit to the paddy-growing areas.

Going forward, VEX's ability to scale-up its operations while
improving its profitability margins and capital structure along
with effective working capital management would be the key rating
sensitivities.

Vardaan Exports (VEX) was established as a partnership firm in
2009 by Mr J B Bansal and Ms Poonam Garg with profit and loss
sharing ratio of 30:70. The firm is engaged in milling, processing
and trading of basmati and non-basmati rice with an installed
capacity of 52,560 metric ton per annum (MTPA) as on March 31,
2015. The firm commenced commercial production in September, 2009.
VEX procures paddy from local grain markets through dealers and
agents mainly from the state of Punjab. VEX sells its product
under the brand name of 'Satkar' in Northern India viz. Haryana,
Himachal, Delhi, Rajasthan and Uttar Pradesh through commission
agents. The firm also does exports to Dubai and Saudi Arabia.

VEX has reported a net profit of INR0.13 crore on total operating
income of INR107.72 crore (based on unaudited results) during FY15
(refers to the period April 1 to March 31) as compared with a net
profit and TOI of INR0.01 crore and INR105.53 crore in FY14.



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


HEALTHY SOILS: Placed in Liquidation
------------------------------------
Sally Rae at Otago Daily Times reports that Healthy Soils has been
placed in liquidation, estimated to owe more than NZ$390,000.

According to the report, the company, which operated from leased
premises near Mosgiel, was placed in voluntary liquidation by its
shareholders, into the hands of Insolvency Management Ltd, of
Dunedin, at the end of last month.

The report relates that liquidator Iain Nellies said a memorandum
was being prepared to see if there were expressions of interest
from any parties to buy the business.

Otago Daily says the liquidators' first report listed the
company's directors as Anthony James Chapman, John Robert Nelson,
and Deborah Marie Shuttleworth. The report said the directors
attributed the company's insolvency position to the withdrawal of
a finance facility, Otago Daily relays.

According to Otago Daily, the company made commitments on the
basis of that facility being available, which it was subsequently
unable to honour.

There were 12 known secured creditors, 10 known preferential
creditors and 89 known unsecured creditors, Otago Daily says.

It owed NZ$96,892 to preferential creditors and NZ$297,982 to
unsecured creditors. The amount owed to secured creditors was to
be determined, Otago Daily discloses.

Otago Daily notes that the liquidators were continuing to trade in
a limited capacity, to complete existing orders and sell remaining
stock.

Healthy Soils is a Otago-based fertiliser company.  Established in
2007, Healthy Soils was an amalgamation of three companies,
Humatech, Folia Feed and Healthy Soils.


OPI PACIFIC: Two Former Directors Enter Guilty Plea
---------------------------------------------------
Two former directors of OPI Pacific Finance, Mark Lawrence Lacy
and Jason Robert Duncan Maywald, on August 21 pleaded guilty to
two charges under the Securities Act 1978 in a prosecution
commenced by the Financial Markets Authority (FMA) in 2013.

The charges relate to a registered prospectus and an advertisement
distributed in 2007, which the FMA alleges included untrue
statements.

The FMA's director of enforcement and investigations, Belinda
Moffat welcomed the guilty pleas entered today ahead of trial.

"In pleading guilty, Messrs Lacy and Maywald have accepted
responsibility for their failure to fulfil their disclosure
obligations to investors," she said.

The trial of the remaining defendants, who are also former
directors of OPI, David Mark Anderson and Craig Robert White, is
scheduled to commence on Oct. 5, 2015.

Messrs Lacy and Maywald will be sentenced on Sept. 18, 2015.

                         About OPI Pacific

OPI Pacific Finance Limited, formerly known as MFS Pacific
Finance, was New Zealand-based finance company.  OPI Pacific was a
subsidiary of Octaviar Limited.

OPI Pacific Finance Limited was placed in receivership on
September 15, 2009, by Perpetual Trust, the trustee for OPI's
secured debenture holders and unsecured note holders.  This ends
the moratorium arrangement that has been in place since May 2008.

Perpetual Trust has appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers.

At the time of the receivership it owed almost 11,000 investors
about NZ$256 million, of which 3.25 cents in the dollar has been
repaid, on top of the 22.19 cents investors received during the
moratorium, BusinessDesk said.


SPI PROPERTY: Bosses Miss Repayment Deadline Three Times
--------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that two
property fund directors owe investors hundreds of thousands of
dollars despite the Financial Markets Authority extending the
repayment deadline three times.

The Herald relates that the situation, according to an investor in
property syndicates associated with the pair, has left the
Financial Markets Authority looking "weak and ineffective".

SPI Property Fund directors Murray Alcock and Allister Knight were
this month given their third extension to repay NZ$241,394 to
investors, the Herald recalls.

The Herald says the men, who in April were each fined NZ$25,312
for failing to file audited financial statements for several
years, last year said they would repay investors NZ$1.08 million
of interest and principal.

They agreed in court enforceable undertakings with the Financial
Markets Authority to pay back NZ$600,000 of principal by 30 June
this year, according to the Herald.

The Herald says the undertakings followed an investigation by the
FMA, which had concerns about Alcock and Knight's management of
investor funds associated with SPI entities.

According to the Herald, the regulator said last October that it
had concerns about SPI and "apparent failures" to comply with
financial reporting requirements, hold investors' subscriptions on
trust, repay subscriptions owed to property fund investors and
keep them adequately informed about their investments.

While Alcock and Knight agreed to repay the principal by June,
NZ$241,394 of the NZ$600,000 was still outstanding come July, the
report notes.

The Herald relates that the FMA agreed to extend the deadline to
the end of last month and then pushed it out to the middle of
August.

That deadline has now been extended once again to mid-October and
one investor in SPI-related property syndicates said the FMA
appeared "weak and ineffective" for not enforcing the
undertakings, the Herald states.

In response, an FMA spokesperson said the regulator believed "good
faith efforts are being made to pay the remaining balance".

"The time extension increases the prospect of funds being returned
to investors and therefore is in the best interest of investors,"
an FMA spokeswoman said, the report relays.

"We have also taken into consideration the views expressed by some
investors, that we should give the directors the opportunity to
pay rather than take action that might remove the prospect of
payment. We have been very clear with the directors that our
rights to take strong action are preserved," the spokeswoman, as
cited by the Herald, said.

In the undertakings, Alcock and Knight also agreed to not act as a
director or promoter of a public issuer of securities until
October 2019, adds the Herald.



================
S R I  L A N K A
================


PEOPLE'S LEASING: Fitch Affirms 'B+' Issuer Default Rating
----------------------------------------------------------
This announcement corrects the version published on Aug. 11 2015,
to include disclosure language relating to the shareholdings that
People's Bank, Central Finance PLC and Sampath Bank PLC have in
Fitch Ratings Lanka Ltd, which was missing from the previous
version.

Fitch Ratings has affirmed the ratings of People's Leasing &
Finance PLC (PLC), Central Finance Company PLC (CF), Melsta Regal
Finance Ltd (MRF), Siyapatha Finance PLC (Siyapatha), Senkadagala
Finance PLC (Senka), AMW Capital Leasing And Finance PLC (AMCL)
and Singer Finance PLC (SFL).

KEY RATING DRIVERS

ISSUER DEFAULT RATINGS, NATIONAL RATINGS AND SENIOR DEBT

Finance Companies with Institutional Support Driven Long-Term
Ratings

PLC's Issuer Default Rating (IDR) and National Long-Term Rating
reflect Fitch's view that PLC's parent, the state-owned and
systemically important People's Bank (PB; AA+(lka)/Stable), has a
high propensity but limited ability to provide extraordinary
support to PLC if required.  PB's high propensity to provide
support to PLC stems from its 75% shareholding in PLC and a common
brand.  In addition, PLC accounted for 12.6% of PB's loan book and
24.4% of PB's consolidated post-tax profits in end-2014 and PLC
has 108 window offices within branches of PB.

PB's limited ability to provide support to PLC is evident from its
own 'AA+(lka)' rating, which is driven by the government of Sri
Lanka's (BB-/Stable) high propensity but moderate ability to
provide support to the bank under extraordinary situations.

The two-notch differential between the National Long-Term Ratings
of PLC and PB reflects Fitch's view that timely support from the
state may be constrained by regulatory restrictions between the
entities (such as maximum exposure limits) or administrative
delays usually seen in layered support structures.

PLC is the largest non-bank financial institution (NBFI) in Sri
Lanka in terms of assets, with a 12.6% share of sector assets at
March 2015.

AMCL's rating reflects Fitch's view that support would be
forthcoming from Associated Motorways Private Limited (AMW), which
owns 90% of AMCL, given the finance company's strategic importance
to the parent.  This is based on AMCL's role in the group, given
strong synergies and operational integration.  While its share of
financing of AMW's vehicle sales has remained moderate, AMCL
accounted for a substantial share of group profit and assets at
end-2014.  About 46% of its advances comprised vehicle finance
facilities provided to its parents' clients at end-2014.  Fitch
believes that additional incentives for AMW to provide support to
AMCL stem from the common AMW brand, which could have high
reputational impact on AMW should AMCL default.  In addition
AMCL's funding relies on the parent, which provided 48% of AMCL's
borrowings at end-March 2015.

SFL is rated two notches below its parent, retailing company
Singer (Sri Lanka) PLC (Singer; A-(lka)/Stable).  This reflects
Singer's majority ownership in SFL, the common Singer brand and
Singer's influence on SFL's strategic direction through
representation on the finance company's board.  The two-notch
differential also reflects SFL's limited role in the group; SFL
finances a low proportion of Singer's sales (2010-2014: an average
of 8% of Singer's sales).  Fitch expects SFL's contribution to
Singer's sales to remain low in the medium term.

Although not planned, the disposal of SFL would not materially
alter the group's operations or earnings as the parent's sales
growth is supported by the presence of a well-managed in-house
hire-purchase portfolio.  SFL contributed an average of 16% to
group EBIT for 2011 to 2014.

SFL's rating also reflects its standalone credit profile, which
Fitch has assessed to be at the same rating level.  SFL's National
Long-Term Rating reflects higher capitalisation levels compared
with its peers amid modest loan growth and improved asset-quality
metrics.

Siyapatha's ratings reflect Fitch's view that support would be
forthcoming from its parent, Sampath Bank PLC (SB;
A+(lka)/Stable), which owns 100% of Siyapatha and involvement in
the strategic direction of Siyapatha through board representation.

Siyapatha is rated two notches below its parent because of
Siyapatha's limited role in the group's core business.  SB's
leasing book accounted for just 4% of group advances at end-2014,
of which Siyapatha provided 29%.  Since its conversion to a
licensed finance company, Siyapatha ceased to share a common brand
with its parent while branches situated within SB's premises have
also decreased.  Siyapatha's contribution to group profit remains
low, averaging 5% of group profit for 2012 to 2014.  Fitch does
not view a potential disposal of Siyapatha, which is not being
planned, as being material to the group.

MRF's rating reflects Fitch's expectation of support from its
ultimate parent, Distilleries Company of Sri Lanka (DIST; AAA
(lka )/Stable).  DIST has full effective ownership of MRF through
Melstacorp Limited, the investment holding company for DIST's non-
beverage assets.  DIST's ability to support the entity is based on
its market leadership in alcoholic beverage production in Sri
Lanka, a highly profitable sector characterised by relatively
stable demand through economic cycles and high entry barriers.

MRF is rated four notches lower than DIST due to MRF's
insignificant role in the group.  MRF has limited synergies with
the group's core business, a low level of operational integration,
and a lack of a common brand with the group.  MRF accounted for
just 1.3% of group revenue, 1.2% of consolidated net profit and
5.3% of group assets in the financial year ended March 2015.
Although not planned, the disposal of MRF would not materially
alter the group's operations or earnings.

Finance Companies with Long-Term Ratings Driven by Intrinsic
Strength

CF's rating continues to be supported by its strong
capitalisation, which stems from robust profitability and high
profit retention, and a better funding profile than its peers due
to a higher proportion deposits that are sourced from its
established franchise.  However, these strengths are
counterbalanced by weakening asset quality and lower provisioning
levels compared to peers.  CF's Outlook has been maintained at
Stable on Fitch's expectation of a sustained improvement in asset
quality.

Senka's ratings reflect its satisfactory credit profile through
economic cycles, strong franchise and access to long-term
institutional funding.  SFC's asset quality remains weak due to
its inability to dispose of repossessed vehicles in a timely
manner.

The senior unsecured debentures of PLC, Siyapatha, Senka and SFL,
and the senior secured debentures of SFL and CF are rated in line
with their National Long-Term Ratings according to Fitch criteria.
Fitch has not provided any rating uplift for the collateralisation
as the secured notes' recovery prospects are considered to be
average and comparable with those of unsecured notes in a
developing legal system.

SUBORDINATED DEBT

Subordinated debentures of Siyapatha, CF and Senka are rated one
notch below their National Long-Term Ratings to reflect the
subordination to senior unsecured creditors.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT

Finance Companies with Institutional Support Driven Long-Term
Ratings

PLC's ratings may be downgraded if PB is no longer a majority
shareholder in PLC, or if PB's ability to provide support weakens,
or if PLC's strategic importance to its parent diminishes over
time.

AMCL's rating is sensitive to changes in its parent's ability and
propensity to provide support.  The rating may be downgraded if
AMCL's size relative to AMW increases and if its operations become
more independent of that of its parent, or if the parent's credit
profile weakens.

SFL's rating may be upgraded if there is a significant increase in
SFL's strategic importance to Singer.  One indication for this
could be closer strategic alignment between the two entities
resulting in consistently and sustainably higher financing for
Singer's customers.

A rating upgrade could also result if SFL is able to continue to
maintain its capitalisation and asset quality metrics at levels
comparable to higher rated peers while achieving a stronger
franchise relative to its higher rated peers.  Sustained
deterioration in SFL's capitalisation and asset quality relative
to its similarly rated peers would result in a downgrade of SFL's
standalone rating.

Siyapatha's rating could change if SB's rating changes or if
Siyapatha's strategic importance to the bank changes.  Narrower
notching could result from higher importance to the group through
greater synergies, shared brand, and closer operational
integration while retaining majority-ownership by SB.

MRF's rating may be downgraded if there is a decline in DIST's
ability or propensity to provide support.  This may stem from a
downgrade of DIST's National Long-Term Rating, or weakening
linkages between DIST and MRF.  An upgrade of MRF's rating would
only result from an increase in DIST's willingness to provide
support as DIST's ratings are already at the top of the national
rating scale.  Narrower notching could result from MRF's stronger
operational integration or higher importance to the group.

Finance Companies with Long-Term Ratings Driven by Intrinsic
Strength

CF's rating could be downgraded if it asset quality deteriorates
further alongside weakening capitalization.  Fitch does not see an
upgrade as likely in the medium term given the current pressure on
CF's asset quality and low provisioning cover.

An upgrade of Senka's rating is contingent upon maintenance of
stronger capitalization and a more robust deposit franchise that
would allow the company to expand in a controlled manner.  Senka's
rating could be downgraded if asset quality continues to weaken,
leading to a material decline in capitalization or excessive asset
encumbrance.

The ratings on the senior debt of PLC, Siyapatha, Senka, and SFL
will move in tandem with their National Long-Term Ratings.

SUBORDINATED DEBT

The assigned subordinated debt ratings will move in tandem with
the institution's National Long-Term Ratings.

These ratings have been affirmed:

People's Leasing & Finance PLC:
Long Term Foreign-Currency Issuer Default Rating at 'B+'; Outlook
Stable
Long Term Local-Currency Issuer Default Rating at 'B+'; Outlook
Stable
National Long-Term Rating at 'AA-(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'AA-(lka)'
National Long-Term Rating for senior unsecured debt at 'AA-
(lka)(EXP)'

Central Finance Company PLC:
National Long-Term Rating at 'A+(lka)'; Outlook Stable
National Long-Term Rating for senior secured debt at 'A+(lka)'
National Long-Term Rating for senior unsecured debt at 'A+(lka)'
National Long-Term Rating for subordinated debt at 'A(lka)'

Senkadagala Finance PLC
National Long-Term Rating at 'BBB+(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'BBB+(lka)'
National Long-Term Rating for subordinated debt at 'BBB(lka)'

Singer Finance (Lanka) PLC
National Long-Term Rating at 'BBB(lka)'; Outlook Stable
National Long-Term Rating for senior secured debt at 'BBB(lka)'
National Long-Term Rating for senior unsecured debt at 'BBB(lka)'

AMW Capital Leasing And Finance PLC
National Long-Term Rating at 'BBB+(lka)'; Outlook Stable

Siyaptha Finance PLC
National Long-Term Rating at 'A-(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'A-(lka)'
National Long-Term Rating for subordinated debt at 'BBB+(lka)'

Melsta Regal Finance Ltd:
National Long-Term Rating at 'A+(lka)'; Outlook Stable



                             *********

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

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

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


                            *********


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

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

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

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

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



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