TCRAP_Public/170518.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

             Thursday, May 18, 2017, Vol. 20, No. 98

                            Headlines


A U S T R A L I A

ACQUIRE LEARNING: First Creditors' Meeting Set for May 24
AUSSIE CARE: Second Creditors' Meeting Set for May 25
CK CROUCH: First Creditors' Meeting Set for May 25
CMF PROJECTS: Brisbane Construction Firm Goes Into Liquidation
COURTENAY HOUSE: Court Appoints Grant Thornton as Liquidators

DALY INTERNATIONAL: In Administration; 80 Workers Axed
DAMAT HOLDINGS: Second Creditors' Meeting Set for May 25
DIGIMOB AUSTRALIA: First Creditors' Meeting Set for May 25
FELICI PTY: First Creditors' Meeting Slated for May 25
JETSPARK PTY: Second Creditors' Meeting Set for May 24

MESOBLAST LIMITED: Director Acquires 255,912 Ordinary Shares


C H I N A

BIOSTIME INT'L: PGT Option Disclosure No Impact Moody's Ba2 CFR
HONG SENG: Fitch Rates Proposed US$ Senior Notes at 'B(EXP)'
LOGAN PROPERTY: Fitch Rates Proposed USD Senior Notes 'BB-(EXP)'


H O N G  K O N G

NOBLE GROUP: Moody's Lowers CFR to Caa1; Outlook Negative


I N D I A

AARTI INFRA: CARE Issues D Issuer Not Cooperating Rating
AASTHA COLD: CARE Issues D Issuer Not Cooperating Rating
ARDEE TECHNOLOGIES: CARE Lowers Rating on INR27.10cr Loan to D
ARUMUGHA MUDHALIAR: CARE Reaffirms 'D' Rating on INR5.13cr Loan
BANSAL RICE: Ind-Ra Migrates 'B' Rating to Non-Cooperating

CENTURY 21: ICRA Raises Rating on INR92cr Loan to BB
CHIRAG AGROFINS: ICRA Cuts Rating on INR20cr Fund Based Loan to D
CLS INDUSTRIES: CARE Raises Rating on INR14.01cr Loan to 'C'
COASTAL ENERGY: ICRA Lowers Rating on INR645.50cr Loan to 'D'
CURE LIFE: CARE Issues D Issuer Not Cooperating Rating

ELKAYPEE SPINNERS: Ind-Ra Migrates BB- Rating to Non-Cooperating
GAJRA GEARS: CARE Issues D Issuer Not Cooperating Rating
GEMINI CONSOLIDATED: CARE Reaffirms 'D' Rating on INR6.56cr Loan
GULSHAN RAI: Ind-Ra Migrates BB Rating to Non-Cooperating
H K TIMBERS: CARE Assigns 'D' Rating to INR7.50cr ST Loan

LION INSULATION: CARE Issues D Issuer Not Cooperating Rating
LOKMANGAL SUGAR: CARE Lowers Rating on INR174.71cr Loan to D
MOHAN BREWERIES: CARE Reaffirms 'D' Rating on INR122.91cr Loan
NEEL KANTH: Ind-Ra Migrates B+ Rating to Non-Cooperating
NV DISTILLERIES: CARE Reaffirms 'D' Rating on INR285.10cr Loan

QUADROS AUTOMARK: CARE Issues D Issuer Not Cooperating Rating
S.M. CONSTRUCTIONS: CARE Reaffirms 'C' Rating on INR6.39cr Loan
S.N.N TEXTILES: ICRA Reaffirms B+ Rating on INR10cr Loan
SAARTH ENTERPRISES: CARE Lowers Rating on INR8cr Loan to 'D'
SARVESH CARS: ICRA Assigns B+ Rating to INR8.90cr LT Loan

SEA BLUE: CARE Issues D Issuer Not Cooperating Rating
SHIVA STRUCTURES: Ind-Ra Assigns BB Long-Term Issuer Rating
SHRI BALAJI: CARE Issues D Issuer Not Cooperating Rating
SKS POWER: CARE Reaffirms 'D' Rating on INR5,456.96cr Loan
SRI RANGANATHA: CARE Lowers Rating on INR7.50cr LT Loan to D

VAIDEHI TRENDZ: Ind-Ra Assigns BB- Long-Term Issuer Rating
VRIDHI IRON: Ind-Ra Migrates B+ Rating to Non-Cooperating


J A P A N

MORITOMO GAKUEN: Files for Bankruptcy Protection
TOSHIBA CORP: Group Companies Pulling Money out of Parent


M A C A U

LINIU TECHNOLOGY: UHY LLP Raises Going Concern Doubt


M A L D I V E S

MALDIVES: Fitch Assigns First-Time 'B+' Long-Term IDR


P H I L I P P I N E S

CHONTA INDUSTRIAL: BIR Files PHP61.82MM Tax Evasion Case


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Set to Receive New Loan Later This Month


                            - - - - -


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


ACQUIRE LEARNING: First Creditors' Meeting Set for May 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Acquire Learning & Careers Pty Ltd, Acquire Learning Pty Ltd, and
Acquire Retail Pty Ltd will be held at the Institute of Chartered
Accountants, Level 18, 600 Bourke Street, in Melbourne, Victoria,
on May 24, 2017, at 10:30 a.m.

Barry Wight, Bruno A Secatore & Sam Kaso of Cor Cordis Chartered
Accountants were appointed as administrators of May 12, 2017.


AUSSIE CARE: Second Creditors' Meeting Set for May 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of Aussie Care
Holdings Ltd has been set for May 25, 2017, at 10:00 a.m. at 426
King St, in Newcastle West, NSW.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 24, 2017, at 4:00 p.m.

Daniel Jon Quinn, Daniel Jon Quinn and Darren John Vardy of SV
Partners were appointed as administrators of Aussie Care on
April 19, 2017.


CK CROUCH: First Creditors' Meeting Set for May 25
--------------------------------------------------
A first meeting of the creditors in the proceedings of CK Crouch
Pty Ltd will be held at Level 30, 525 Collins Street, in
Melbourne, Victoria, on May 25, 2017, at 11:00 a.m.

Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of CK Crouch on May 16, 2017.


CMF PROJECTS: Brisbane Construction Firm Goes Into Liquidation
--------------------------------------------------------------
Glen Norris at The Courier-Mail reports that another Brisbane
construction company has gone under in the latest sign the
downturn in the city's apartment market is deepening, and a
damning prediction from an industry insider says many more
companies will soon fall.

Liquidators were called in to wind up Nathan-based CMF Projects
last week, leaving scores of subcontractors in the lurch and at
least two incomplete projects around Brisbane, according to the
report.

CMF, whose directors include Greg Campbell and Cameron Fidler,
built high-rise apartments in inner city suburbs including
Woolloongabba, Newstead and Bulimba, the report discloses.

According to the Courier-Mail, CMF's collapse is the latest in a
string of building company insolvencies as a boom in apartment
construction tanks.

The Courier-Mail says Newstead-based CKP collapsed last month
after it racked up debts in excess of AUD3 million and left four
uncompleted projects around the city, while Brisbane-based
Bloomer Constructions has gone under, owing an estimated
AUD15 million.

Brisbane/Gold Coast-based Cullen Group collapsed just before
Christmas owing subbies an estimated AUD18 million and leaving a
string of uncompleted projects, adds The Courier-Mail.


COURTENAY HOUSE: Court Appoints Grant Thornton as Liquidators
-------------------------------------------------------------
Following an application by the Australian Securities and
Investment Commission, the Supreme Court of NSW has made orders,
by consent, for the winding up of Courtenay House Capital Trading
Group Pty Ltd and Courtenay House Pty Ltd (Courtenay House
companies) and the appointment of Said Jahani and John McInerney,
of Grant Thornton, as joint liquidators to both companies.

ASIC sought the appointment of a liquidator as part of its
ongoing investigation into the Courtenay House companies so that
the affairs of the companies can be wound up in an orderly manner
for the benefit of all creditors.

Mr. Jahani and Mr. McInerney, as liquidators, now have control
over the assets and business of Courtenay House Trading Group and
Courtenay House.

The Courtenay House companies had previously offered returns to
investors on capital allegedly invested in foreign exchange and
futures commodities when they were not licensed to do so.

The winding up follows interim orders made by the Supreme Court
of NSW on May 1, 2017 against Courtenay House Trading Group,
Courtenay House and associated parties to freeze their assets,
prevent them from carrying on a financial services business and
to prevent Mr. Tony Iervasi, director of the Courtenay House
companies from leaving Australia.

ASIC's investigation is ongoing and cannot comment at this time.
All publicly available information will be published on a
dedicated webpage at http://asic.gov.au/courtenay-house.This
site also includes information on how to contact ASIC to provide
information as part of our investigation. Investors in the
Courtenay House companies should refer to this website for
ongoing updates.

Investors seeking information about the impact of the winding up
of the Courtenay House companies for them and their investment
funds should contact Mr. Jahani and Mr. McInerney at Grant
Thornton care of:

     Mr. Fraser Wilkinson
     Phone: (02) 8297 2698
     Email: courtenayhouse@au.gt.com

General information about liquidation and its implications for
creditors can be found in ASIC's Information Sheet Information
Sheet 45 Liquidation: a guide for creditors [INFO 45].


DALY INTERNATIONAL: In Administration; 80 Workers Axed
------------------------------------------------------
CRN reports that Daly International has called in administrators
under the weight of millions in debt to unsecured creditors and
employees.

The company, which has offices in Australia and the UK, appointed
Peter Dinoris of Artemis Insolvency on April 13 after more than
25 years in business, predominantly delivering projects for
mobile carriers, including Vodafone and Optus, CRN says.

According to CRN, the administrator terminated all 80 of Daly's
staff upon its appointment, as well as vacating all business
premises, which included offices in Sydney, Brisbane, Melbourne,
Adelaide and Perth.

Minutes from the first meeting of creditors did not reveal the
cause of the collapse nor the full extent of Daly's debt,
however, the administrator has so far received proof of
AUD5.1 million owed to unsecured creditors, according to CRN.
Priority employee entitlements total AUD2.1 million, including
superannuation, wages and annual leave, CRN discloses.

Secured creditors include ANZ Bank and cashflow finance provider
Hermes Capital, the report notes.  The administrator, Peter
Dinoris, told CRN that he was yet to receive proof of debts from
all creditors.

Daly International has AUD250,000 cash in the bank and a debtor
book worth AUD2.1 million -- still a significant shortfall given
the size of its debts, the report states.

CRN relates that Mr. Dinoris said he was looking into the sale of
shares in wholly owned subsidiary Woolacott Consulting Engineers
to another company, Daly Capital, on April 7, a week before his
appointment.

"Investigations are continuing into the affairs of the company,
which include the sale of the shares in Woolacotts to determine
if the sale represented an uncommercial transaction," he told
CRN.

In a separate document, Mr. Dinoris revealed he had been
contacted in March through business turnaround consultant Vantage
Performance to help the director, Peter John Daly, submit a
proposed deed of company arrangement, says CRN.

A DOCA is a formal agreement under which a company can continue
trading while in administration to maximise the return to
creditors, rather than be liquidated, the report notes.

CRN adds that the future of the company -- with liquidation one
option alongside the proposed DOCA -- will be decided by
creditors at their next meeting, where creditors will discuss the
administrator's "major report" into Daly's business, property,
affairs and financial services.


DAMAT HOLDINGS: Second Creditors' Meeting Set for May 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of Damat
Holdings Pty Ltd has been set for May 25, 2017, at 2:00 p.m. at
the offices of Heard Phillips Chartered Accountants, Level 12, 50
Pirie Street, in Adelaide, SA.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 24, 2017, at 5:00 p.m.

Mark Lieberenz and Anthony Phillips of Heard Phillips were
appointed as administrators of Damat Holdings on April 19, 2017.


DIGIMOB AUSTRALIA: First Creditors' Meeting Set for May 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Digimob
Australia Pty Ltd will be held at the offices of Heard Phillips
Chartered Accountants, Level 12, 50 Pirie Street, in Adelaide,
SA, on May 25, 2017, at 11:00 a.m.

Mark Lieberenz and Andrew Heard of Heard Phillips were appointed
as administrators of Felici Pty on May 15, 2017.


FELICI PTY: First Creditors' Meeting Slated for May 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Felici Pty
Ltd will be held at the offices of Heard Phillips Chartered
Accountants, Level 12, 50 Pirie Street, in Adelaide, SA, on
May 25, 2017, at 10:00 a.m.

Mark Lieberenz and Andrew Heard of Heard Phillips were appointed
as administrators of Felici Pty on May 15, 2017.


JETSPARK PTY: Second Creditors' Meeting Set for May 24
------------------------------------------------------
A second meeting of creditors in the proceedings of Jetspark Pty
Ltd has been set for May 24, 2017, at 11:00 a.m. at Level 1, 6
Allison Street, in Bowen Hills, Queensland.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 23, 2017, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as
administrator of Jetspark Pty on April 7, 2017.


MESOBLAST LIMITED: Director Acquires 255,912 Ordinary Shares
------------------------------------------------------------
Mesoblast Limited submitted a Change in Director's Interest
Notice form to the Australian Securities Exchange.

Donal O'Dwyer had exercised his option to acquire 255,912
ordinary shares of Mesoblast for US$113,599.

Prior to the transaction, Mr. O'Dwyer held the following
securities:

    (a) 511,824 Options held as follows:

         * 255,912 options held directly; and

         * 255,912 options held indirectly.

     (b) 619,818 Ordinary Shares held as follows:

         * 300,000 shares held directly; and

         * 319,818 shares held indirectly.

Following the transaction, Mr. O'Dwyer held these securities:

    (a) 255,912 Options held as follows:

        * 255,912 options held directly; and

        * Nil options held indirectly.

    (b) 875,730 Ordinary Shares held as follows:

        * 555,912 shares held directly; and

        * 319,818 shares held indirectly.

A full-text copy of the regulatory filing is available at:

                    https://is.gd/WtLfXZ

                    About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of Dec. 31, 2016, Mesoblast had $660.88 million in total
assets, $150.36 million in total liabilities and $510.51 million
in total equity.  Mesoblast reported a loss before income tax of
$90.82 million for the year ended June 30, 2016, compared to a
loss before income tax of $96.24 million for the year ended
June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.



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C H I N A
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BIOSTIME INT'L: PGT Option Disclosure No Impact Moody's Ba2 CFR
---------------------------------------------------------------
Moody's Investors Service says that Biostime International
Holdings Limited's disclosure of PGT Healthcare LLP's (PGT,
unrated) option in the collaboration agreement between PGT and
Swisse Wellness Group Pty Ltd (unrated), an Australian vitamin,
herbal and mineral supplements provider that Biostime owns 100%,
will not immediately affect its Ba2 corporate family rating, the
Ba3 rating on its senior notes, or the stable outlook on the
ratings.

"The PGT option, which gives PGT the option to take over active
sales of Swisse's products in China, can take effect at the
earliest in September 2020 and will not affect Biostime's
operations before that time," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

Based on Moody's expectation of continued deleveraging and a
steady rise in active sales of Swisse's products in China,
Moody's expects the PGT option, if exercised, to have limited
financial impact on Biostime's credit metrics.

The collaboration agreement gives PGT the right to develop
markets for Swisse's products globally, except for the markets of
Australia, New Zealand, United States, Canada and China.

PGT Healthcare LLP is a joint venture between The Procter &
Gamble Company (Aa3 stable) and Teva Pharmaceutical Industries
Ltd (Baa2 negative).

On 12 May 2017, Biostime disclosed that the global collaboration
agreement signed by Swisse and PGT in November 2013, and
subsequently amended in March 2015, grants PGT an option in
respect of active sales of Swisse's products in China, which
encompass sales through China cross border e-commerce platforms
and normal trade. Active sales of Swisse's products in China
accounted for only 6% of Biostime's revenues in 2016.

The PGT option, if exercised, will require Swisse to either (1)
transfer its China active sales business to PGT; or (2) continue
to operate in China and pay PGT a royalty based on net sales
achieved after the exercise date.

The option does not affect the other territories operated by
Swisse, including Australia, New Zealand, the United States and
Canada.

The earliest time the option could take effect is on September
2020, subject to a 12-month notice period.

The first option would grant Swisse the right to receive an
annual fixed income stream from PGT which would be the aggregate
of 50% of the operating profit of active sales of Swisse's
products in China in the 12 months prior to the transfer date,
plus royalties of between 4% and 7.75% of the incremental net
sales of active sales of Swisse's products in China after the
transfer date and certain other milestone payments.

Under the second option, Swisse would pay royalties representing
4.75% of net sales of active sales of Swisse's products in China
to PGT each year after the exercise date.

Moody's will monitor (1) the growth and scale of active sales of
Swisse's products in China and (2) any regulatory developments
that could affect active sales of Swisse's products in China.

Moody's also understands from Biostime that there are no other
substantial undisclosed clauses in the collaboration agreement
between PGT and Swisse.

The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.

Biostime International Holdings Limited is a leading domestic
infant milk formula provider in China. The company acquired an
83% stake in the leading Australian vitamin, herbal and mineral
supplements provider Swisse Wellness Group Pty Ltd (unrated) in
September 2015, and further raised its stake to 100% in February
2017.

Established in 1999, Biostime is headquartered in Guangzhou and
listed on Hong Kong's stock exchange in December 2010. Chairman
and CEO, Mr. LUO Fei, and other principal shareholders together
held a 72% stake in the company at end-December 2016.


HONG SENG: Fitch Rates Proposed US$ Senior Notes at 'B(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Hong Seng Limited's proposed US dollar
guaranteed senior notes an expected 'B(EXP)' rating with a
Recovery Rating of 'RR4'. Hong Seng is wholly owned by Hong Yang
Group Company Limited (B/Stable), which will provide an
unconditional and irrevocable guarantee to the proposed notes.
The notes are rated at the same level as Hong Yang's senior
unsecured rating because they constitute its direct and senior
unsecured obligations.

Hong Yang's ratings are supported by its high-quality landbank,
which focuses on the city of Nanjing, capital of China's Jiangsu
province, and the Yangtze River Delta. This helps drive the
company's contracted sales growth and better gross profit margin
than its 'B' rated peers. Hong Yang also has a higher recurring
income arising from the larger scale of its property rental
business. The homebuilder's ratings are constrained by its small
landbank, which limits its ability to deleverage. Furthermore,
home purchase restrictions that affect cities within Jiangsu
province create uncertainty for Hong Yang's contracted sales
pace, although selling prices are likely to be supported by firm
demand.

The final rating of the notes is subject to the receipt of final
documentations conforming to information already received. Hong
Yang says it intends to use the net proceeds from the note issue
for refinancing and general corporate purposes.

KEY RATING DRIVERS

Landbank Drives Expanding Scale: Hong Yang's high-quality
landbank drives its expanding scale, with contracted sales growth
of 46% and a contracted average selling price (ASP) increase of
39% in 2016. About 57% of the homebuilder's landbank is located
in Nanjing and over 80% is located in tier-2 cities within the
Yangtze River Delta, as measured by attributable gross floor
area. Hong Yang's well-positioned landbank and differentiated
products enable the company to enjoy a higher gross profit and
EBITDA margin - before capitalised interest - than most of its
'B' rated peers.

Government policies to control residential property price rises
create near-term uncertainty for Hong Yang's contracted sales
pace, since its landbank is concentrated in Nanjing, which is
affected by these measures. However, the company is diversifying
its landbank to the city of Hefei in Anhui province, as well as
Suzhou, Wuxi, Changzhou, Nantong and Zhenjiang in Jiangsu
province. Fitch expects Nanjing to account for about 30% of Hong
Yang's contracted sales in 2017, compared with 64% in 2016.

Niche Property Rental Business: Hong Yang's investment property
portfolio, with large-scale retail and wholesale of household
construction and decoration materials, enjoys a niche market
position and near-full occupancy rates. The portfolio provides a
recurring EBITDA/interest coverage ratio of 0.3x-0.5x, higher
than for 'B' rated peers. Rental income increased during 2014-
2016 due to strong upgrade demand for household furniture and
decorations. Fitch expects rental income from this segment to
continue improving and supporting Hong Yang's ratings.

Small Landbank: Hong Yang's total landbank was about 4 million
square metres (sq m) at end-2016, which will last for three to
four years based on its current development pace. Hong Yang has
to replenish its landbank at market prices, mainly from public
auctions. The homebuilder acquired land in 2016 through the
formation of joint ventures with other developers and financial
institutions, which helped diversify its geographical asset
allocation. Fitch expects the contracted sales contribution from
joint ventures to be the key growth driver of attributable
contracted sales in 2017.

Land Replenishment Pressures Leverage: Fitch expects Hong Yang's
leverage, measured by net debt/adjusted inventory, to hover at
50%-60% in 2017, as Fitch believes the company will need to use
about 70% of its attributable contracted sales proceeds each year
to acquire new land to sustain its contracted sales scale. Hong
Yang's attributable land acquisition costs amounted to CNY8.4
billion in 2016, representing over 70% of its attributable
contracted sales. The average cost of its landbank amounted to
CNY6,854/sq m at end-2016, or about 40% of Fitch's expected 2017
contracted ASPs, which appears reasonable. The average cost of
land acquired in 2016 rose to CNY11,000/sq m, indicating steadily
rising prices that may pressure profit margins if selling prices
remain tightly controlled.

DERIVATION SUMMARY

Ronshine China Holdings Limited (B+/Stable) is the closest peer
to Hong Yang, as both companies focus on first- and second-tier
cities in the Yangtze River Delta region. Compared with Ronshine,
Hong Yang has a smaller contracted sales scale and landbank,
while its leverage, defined by net debt/adjusted inventory, is
higher. Yida China Holdings Limited (B/Positive) is comparable
with Hong Yang in terms of scale, margin and investment property
recurring EBITDA/gross interest of above 0.3x. However, Yida's
leverage is lower, at about 45%, with a larger landbank.

KEY ASSUMPTIONS

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

- Consolidated contracted sales at CNY10 billion-20 billion a
   year in 2017-2019 (2016: CNY12 billion)

- Annual land premium accounting for about 70% of attributable
   contracted sales (2016: 69%)

- Gross profit margin before capitalised interest and after
   business tax of 32%-36% in 2017-2019 (2016: 30%)

- Average occupancy rate for investment properties to remain
   near 100%

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Contracted sales sustained at CNY15 billion or above

- EBITDA margin, excluding capitalised interest, sustained at
   30% or above

- Leverage, measured by net debt/adjusted inventory, sustained
   below 50%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Contracted sales below CNY8 billion for a sustained period

- EBITDA margin, excluding capitalised interest, below 20% for
   a sustained period

- Leverage, measured by net debt/adjusted inventory, above
   60% for a sustained period

LIQUIDITY

Sufficient Liquidity: Hong Yang had unrestricted cash of CNY3.6
billion as at end 2016 and unused bank credit facilities of
CNY2.8 billion, mainly from the big-five state-owned banks,
sufficient to cover short-term borrowings of CNY4.9 billion. The
company has approval to issue CNY4 billion in private onshore
bonds. Its debt maturities are spread out for the next five years
and beyond and its average borrowing cost declined to 6.5% in
2016, from 8.7% in 2015.


LOGAN PROPERTY: Fitch Rates Proposed USD Senior Notes 'BB-(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Logan Property Holdings Company
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-
(EXP)' expected rating.

The notes are rated at the same level as Logan's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received.

Logan's ratings are supported by its well-located land bank in
Shenzhen city and the Guangdong region. This provides the company
with stronger contracted sales and margin visibility over the
next 24 months compared with rated peers of similar size.

KEY RATING DRIVERS

Leverage to Increase: Fitch expects Logan's leverage, measured by
net debt/adjusted inventory, to rise to 40%-45% in the next 12-18
months. Its 2016 leverage increased to 37%, from 32% in 2015,
after it acquired well-located sites in Shenzhen to reposition
its land bank. Fitch expects the company to replenish its land
bank in Shenzhen from 2017, mostly via redevelopment projects due
to the limited land parcels available in the open market. This
may result in lower land cost and more spread-out land payment
terms.

Robust Contracted Sales, Margins Maintained: The company's
contracted sales have increased by over 40% a year since 2014, to
CNY29 billion in 2016. The Fitch-calculated EBITDA margin widened
to 30% in 2016, compared with 26% in 2014. Fitch expects average
selling prices to improve given Logan's well-positioned land
bank, although sales by gross floor area are likely to drop.
Fitch expects the company to meet its consolidated contracted
sales target of CNY35 billion for the next 12-18 months and
maintain its margin at 29%-30% over the next two years.

Cash Outflow for JVs: Fitch expects Logan to buy back stakes in
its joint ventures (JVs) held by financial investors once
contracted sales in these projects start in 2017. Logan says
these investors have committed CNY8.7 billion to the JVs. Fitch
expects a cash outflow of around CNY4.4 billion in 2017 related
to these stake purchases, which will leave CNY4.3 billion to be
purchased later.

Concentration Risks: Fitch believes the well-located and high-
quality land bank mitigates Logan's concentration risks over the
next year or two. Logan's contracted sales are highly
concentrated in the Guangdong region, with Shenzhen city
contributing around 43% of 2016 contracted sales. The cities of
Shenzhen, Shantou, Foshan and Nanning - all in the Pearl River
Delta region - accounted for over 80% of contracted sales in 2015
and 2016. Fitch expects Shenzhen to continue to account for 30%-
45% of Logan's total attributable contracted sales in 2017-2018.

However, the concentration in Guangdong means Logan's sales
performance is strongly correlated with the local economy and
local policy changes compared with developers that have more
geographically diversified operations.

DERIVATION SUMMARY

Logan's contracted sales are comparable with other 'BB-' rated
Chinese developers that have contracted sales of CNY28billion-32
billion. These peers include KWG Property Holding Limited (BB-
/Stable), China Aoyuan Property Group Limited (BB-/Stable) and
CIFI Holdings (Group) Co. Ltd. (BB-/Positive).

Logan's EBITDA margin is also similar to that of margin-focused
homebuilders such as KWG and Yuzhou Properties Company Limited
(BB-/Stable). The increase in Logan's leverage to 37% at end-2016
puts it in line with that of peers such as KWG, with leverage of
40%-42%, Yuzhou's 38%-42% and Times Property Holdings Limited
(B+/Positive), with 38%-40%.

No Country Ceiling or parent/subsidiary aspects affect the
rating. Operating environment risks make it unlikely for
companies in this sector to be rated above 'BBB+'.

KEY ASSUMPTIONS

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

- Contracted sales by gross floor area to decrease by 35% in
   2017 and increase by 2% in 2018

- Average selling price for contracted sales to increase by 60%
   in 2017 and 2% in 2018

- EBITDA margin stays at 29%-30% in 2017-2018

- Cash out flow of around CNY4.4 billion in 2017 to buy back
  financial investors' JV stakes

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Substantial increase in its scale, with annual attributable
   contracted sales sustained above CNY30 billion

- Sustained leadership position in key cities in the greater
   Guangdong area

- Achieving sustainable neutral or positive cash flow from
   operation

- EBITDA margin sustained above 30%

- Net debt/adjusted inventory sustained below 35%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Net debt/adjusted inventory above 45% for a sustained period

- EBITDA margin below 25% for a sustained period

LIQUIDITY

Sufficient Liquidity: Logan had CNY15 billion of cash on hand,
including CNY1.2 billion of restricted cash, at end-2016,
compared with short-term debt of CNY5.1 billion. The company had
a high cash collection ratio of above 90% for the past two years.
Over 75% of Logan's total debt is denominated in Chinese yuan, as
the company continued to tap onshore debt markets, including
CNY7.4 billion raised in 2016.



================
H O N G  K O N G
================


NOBLE GROUP: Moody's Lowers CFR to Caa1; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded Noble Group Limited's
corporate family rating and senior unsecured bond ratings to Caa1
from B2, and the rating on its senior unsecured medium-term note
(MTN) program to (P)Caa1 from (P)B2.

The ratings outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects heightened concern over Noble's liquidity
stemming from its weak operating cash flow and large debt
maturities over the next 12 months," says Gloria Tsuen, a Moody's
Vice President and Senior Analyst.

"In addition, the company's loss during 1Q 2017 suggests
significant uncertainties over an operational turnaround and the
high likelihood of debt leverage remaining elevated," adds Tsuen.

Noble's liquidity headroom - including readily available cash and
unutilized committed facilities - was at $2.4 billion at end-1Q
2017 compared with $2.0 billion at end-2016, helped by the
issuance of a $750 million, five-year senior unsecured bond in
March.

However, after paying down $650 million in bank debt and the
maturity of a revolving credit facility in early May 2017, the
headroom would have narrowed to $1.2 billion and become
insufficient to cover the $2.1 billion in debt due for the rest
of 2017 and 1H 2018.

Moreover, Moody's expects its profitability and operating cash
flow to remain weak over the next 12 months, which would further
worsen its liquidity position and make it more difficult to renew
or refinance the maturing debt.

Moody's expects that the company will not return to profitability
this year and EBITDA will be at depressed levels. As a result,
Noble's adjusted net debt/EBITDA should be above 10x over the
next 12 months when compared with the 7.6x registered in 2016.
Likewise, its adjusted EBITDA/interest should decrease to below
1.0x from 1.6x in 2016.

On May 11, 2017, Noble announced that its reported loss before
interest and tax reached $107 million in 1Q 2017, compared with a
profit of $125 million a year ago. The company said the weak
performance was driven mainly by dislocations in the coal market,
where the decoupling of long-term price correlations impacted
hedging activities. Working capital also used up $223 million in
cash, and as a result cash flow from operations was negative $323
million in 1Q 2017.

Noble's senior unsecured ratings are not notched down for legal
subordination, as secured debt totaling $721 million remained
below 15% of total reported debt at end-March 2017.

However, any further increase in secured debt would lead to an
application of notching and would therefore pressure the senior
unsecured ratings.

The negative outlook on the ratings reflects the company's weak
liquidity over the next 12 months and significant uncertainty
around its ability to rebuild and reposition its operations to
improve profitability and cash flow.

The ratings outlook could return to stable, if the company can
generate positive earnings and operating cash flow and maintain
cash balances at levels more than sufficient to cover its
maturing debt over the next 12 months.

However, Noble's ratings are likely to be downgraded if its cash
flow from operations or liquidity deteriorates further.

The principal methodology used in these ratings was Trading
Companies published in June 2016.

Noble Group Limited is the largest global physical commodities
supply chain manager in Asia by revenue. Its diversified
activities across the supply chain include the sourcing, storage,
processing, transportation, and distribution of over 20 commodity
products.

Founder and Chairman Emeritus, Mr. Richard Elman, holds an
approximate 18% stake in the company. China Investment
Corporation - the Chinese sovereign wealth fund - owns about 10%.



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


AARTI INFRA: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------
CARE Ratings has been seeking information from Aarti Infra
Projects Private Limited (AIPL), to monitor the rating(s) vide e-
mail communications/letters dated February 3, 2017, February 18,
2017, March 8, 2017 and March 10, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Aarti Infra Projects Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        26.23       CARE D; Issuer not
   Facilities                        cooperating; Based on
                                     best available Information

   Short-term Bank       15.00       CARE D; Issuer not
   Facilities                        cooperating; Based on
                                     best available Information

Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution
while using the above rating(s). The ratings have been taken into
account feedback received from banker of the company regarding
conduct of the account of Aarti Infra Projects Private Limited.

Key Rating Weaknesses
Ongoing delays in debt servicing: As per interaction with banker,
there has been delay in debt servicing and account has been
classified as NPA.

Nagpur-based, Aarti Infra-Projects Private Limited (AIPL) was
incorporated in May 2006 and is a part of the Mandhana Group of
Industries. Promoted by Mr Kanhaiyalal S Mandhana, and its entire
shares are held by the Mandhana family. AIPL operates in three
verticals viz, irrigation projects (barrage/dam radial gates and
others), thermal power projects (fabrication and erection of
heavy structures for power station and others) and hydro power
projects (automatic tilting gates, high radial gates etc). The
company is involved in designing, fabrication, erection, testing
and commissioning of hydro mechanical equipments, penstocks,
large diameter high pressure/low pressure pipeline and heavy
structural works required for power plants and irrigation
projects in the private and government sector. Since 2010, the
company has also ventured into laying of power transmission
lines. AIPL is registered as a Class 1A contractor in 15 states,
including Maharashtra, Madhya Pradesh, Chattisgarh, Karnataka and
Andhra Pradesh.

The company is ISO 9001 certified and is based in Nagpur,
Maharashtra, with projects executed all over India. Clients of
AIPL include Vidarbha Irrigation Development Corporation (Rated
CARE A-(SO), Dec 2014), BHEL (Rated CRISIL AAA/A1+,

April 2015), Patel Engineering Ltd (Rated CARE BB/CARE A4,
September 2014) Larsen & Toubro Ltd, SMS Infrastructure
Ltd, Konkan Irrigation Development Corporation (CARE BBB+(SO),
March 2013) and others.


AASTHA COLD: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------
CARE Ratings has been seeking information from Aastha Cold
Storage to monitor the rating(s) vide e-mail
communications/letters dated October 4, 2016, January 7, 2017,
February 1, 2017 and February 17, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings.
Furthermore, the firm has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Aastha Cold
Storage's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.90       CARE D; ISSUER NOT
   Facilities                        COOPERATING

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Deesa-based (Gujarat) Aastha Cold Storage (ACS) is a partnership
firm engaged in the business of providing cold storage services.
Established in the year 2013, ACS is operating from its plant
located at Modasa-Gujarat. ACS has an installed capacity of 5000
metric tonnes of storage capacity as on March 31, 2015.


ARDEE TECHNOLOGIES: CARE Lowers Rating on INR27.10cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ardee Technologies Private Limited (ATPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         27.10      CARE D Revised from
   Facilities                        CARE B+

   Short-term Bank        18.50      CARE D Revised from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
ATPL takes into account subdued demand for steel resulting
stressed liquidity position and consequent delays in servicing of
debt obligation. Improvement in the liquidity profile with
subsequent regularization of debt servicing is the key rating
sensitivity.

Detailed description of the key rating drivers

Key rating Weaknesses

Delays in debt servicing: The demand for steel remained subdued
during FY16 (refers to the period April 1 to March 31) on account
of weak domestic and international market scenario, resulting in
higher inventory pile up coupled with delay in realization of
debtors leading to stressed liquidity conditions during FY16. The
above situation led to cash flow mismatches and in turn the
company has been delaying in meeting its debt obligations in
time.

Decline in total operating income: The company has been
witnessing decline in its scale of operations year-on-year. The
total operating income of the company declined from Rs 59.58crore
in FY15 and to Rs 45.65 crore in FY16 mainly on account of non-
renewal of a long term purchase contract with a Germany based
firm for supplying of a raw material - "inserts" which is
required for the production of final product. However, the
company could not operate efficiently due to non-availability of
raw material which along with general industry slow-down resulted
in decline in scale of operations. The company is now procuring
the same raw material from a firm in Italy.

Deterioration of capital structure and debt coverage indicators:

The capital structure of the company has been deteriorating,
although remained at moderate level during the review period. The
debt to equity has been deteriorated from 0.49x as on March 31,
2015 to 0.67x as on March 31, 2016, on account of increase in
bank term loan (from EXIM and SIDBI) used for financing its
investment/loan to its overseas subsidiary, viz. Keystone Sensors
LLC, USA (KSL) for the purpose of acquisition of some specific
assets. Furthermore, the Overall gearing of the company
deteriorated from 1.20x as on March 31, 2015 to 1.32x as on March
31, 2016 on account of reason mentioned above coupled with full
working capital utilization.

Elongation of working capital cycle: The company has been facing
tight liquidity position as indicated by its elongated operating
cycle of 262 days in FY16 (FY15: 177 days), low quick ratio of
0.68x in FY16 (FY15:0.82x) and full working capital utilization.
The extended operating cycle was due to high collection and
inventory days.

Key rating Strengths

Experienced promoters with established track record: ATPL is
promoted by Mr G S Narayan who is a chemical engineer with an
experience of around 40 years in the iron and steel industry in
India and abroad specifically in the field of molten metal
measurements and control. Another director, Dr G Sunanda, is a
PhD qualified in chemical engineering. ATPL has an established
track record of business of over 25 years has its operations
spread over six units across India in Orissa, West Bengal, AP,
Chhattisgarh and Maharashtra.

In-house R&D centre approved by Department of Science and
Technology: The company has in-house R&D centre approved by the
Department of Science and Technology Government of India. The
company has developed many innovative products (Viz. high
dimension cored wire for deoxidation of steel, "Wire-in Wire" for
improved recovery during wire injection and magnesium & calcium
metal powder) and also received patents for some of them. ATPL
has been granted ISO 9001:2008 certificates for its two units
atRourkele, manufacturing measurement instruments and cored
wires.

ATPL, incorporated on October 7, 1987, was promoted by Mr G S
Narayan who is a chemical engineer with about 40 years of
experience in the iron and steel industry. The company is engaged
in manufacturing of various kinds of sensors used for measuring
temperature and gas content in molten iron, steel and other
metals. The product profile comprises products like sensors
(Active Oxygen Sensors, Hydrogen measurement sensors, carbon
sensors, multiple sensors, etc), ferro alloy and modification
products (cored wire with calcium modification agents, aluminium,
magnesium, etc), accessories (auto-lance, arcocored wires, CECAL
pipes, etc). It also provides services, viz, Total probe
management, De-oxidation management, Desulphurisation management,
lance management, etc. Furthermore, the company also manufactures
cored wires at its manufacturing facility located in China.

During FY16, the company reported PBILDT of INR8.55 crore (FY15 -
INR9.03 crore) and net profit of INR0.20 crore (FY15 - net
profit of INR2.39 crore) on a total operating income of INR45.65
crore (FY15 -Rs.59.58crore).


ARUMUGHA MUDHALIAR: CARE Reaffirms 'D' Rating on INR5.13cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Arumugha Mudhaliar Sornam Educational Trust (AMT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.13       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AMT continue to be
constrained by ongoing delays in servicing of debt obligation.
Improvement in the liquidity profile with subsequent
regularization of debt servicing is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in meeting the debt obligations: The trust is
irregular in servicing its debt obligations with ongoing delays
from the month of October 2016, which remains overdue for more
than 3 months as of March 20, 2017. The delay is primarily due to
tight liquidity position of trust. However, banker opined that
trust has applied for the restructuring of term loans which is
expected to be sanctioned in the near future.

Arumugha Mudhaliar Sornam Educational Trust (AMT) was established
in March 1992 by Mr A. Krishnaswamy and registered under Indian
Trust Act. The main objective of the trust is to provide
education services and engage in social welfare activities like
eye camp and blood donation camp to the rural population.
Presently, the trust runs 6 institutions consisting of an
engineering college (both UG and PG courses), Arts and Science
College, Polytechnic College, one teacher training college (B.Ed.
course), Matriculation higher secondary school and a nursery
school. The institutions are located in Cuddalore district, Tamil
Nadu. The above institutions are managed by experienced
professionals in their respective fields. The total student
strength of the institutions run by the trust as at March 20,
2017 was 2181.

In FY16, AMT reported a PAT of INR0.55 crore on a total operating
income of INR9.79 crore, as against a PAT and TOI of INR4.05
crore and INR12.77 crore respectively in FY15.


BANSAL RICE: Ind-Ra Migrates 'B' Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bansal Rice
Mills' Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency.  Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.  The rating will now appear as
'IND B(ISSUER NOT COOPERATING)' on the agency's website.  The
instrument-wise rating actions are:

   -- INR24.40 mil. Term Loan migrated to Non-Cooperating
      Category; and

   -- INR120 mil. Fund Based Working Capital Limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 30, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established on April 13, 2007, in Punjab, Bansal Rice Mills is a
partnership firm engaged in the business of rice milling.


CENTURY 21: ICRA Raises Rating on INR92cr Loan to BB
----------------------------------------------------
ICRA Ratings has upgraded its long-term rating to [ICRA]BB from
[ICRA]B+ on the INR92.0-crore fund-based facilities and INR2.0-
crore unallocated limits of Century 21 Town Planners Private
Limited (CTPPL). The outlook on the long-term rating is 'Stable'.


                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based limits       92.00      [ICRA]BB(Stable); upgraded
                                      from [ICRA]B+

  Unallocated limits       2.00      [ICRA]BB(Stable); upgraded
                                      from [ICRA]B+3

Rationale
The rating upgrade takes into account the healthy operating
profile of the company's C-21 mall, characterised by full
occupancy, growing average rentals and good client profile as
well as the refinancing of the company's lease rental discounting
loan provides cushion to the cash flows in the short to medium
term given the longer repayment tenure . The rating positively
factors in the established and strengthened position of the group
that owns three leading malls in Indore. The rating continues to
be supported by the presence of escrow mechanism, with debt
servicing reserve account and favourable interest cost for its
loans.

The rating, however, remains constrained by the company's
exposure to execution risk pertaining to its commercial project,
wherein progress has remained modest; the company will be
availing additional debt to fund the same. ICRA notes that the
Treasure Island mall acquired by the group in 2015 is now
operational and well occupied, thus the funding support from
CTPPL would be minimal. Going forward, the company's ability to
maintain the performance of the existing mall and manage
cashflows efficiently in the backdrop of ongoing project
execution will continue to be rating sensitivity. Additionally,
the impact of any additional debt availment on the company's
credit profile will be a key rating monitorable.

Key rating drivers

Credit strengths

* Strong market position of the group in Indore

* Mature status of C21 mall which is 100% occupied; presence
   of well known brands has assisted in attracting higher
   footfalls.

* Longer repayment tenure of new loan lends comfort

Credit weaknesses

* Moderate execution risk with commitments towards existing
   commercial project; the risk is partly alleviated by
   execution track record of the promoters

* Pending debt tie up for construction of the new project

Description of key rating drivers highlighted above:

The company's promoters have more than a decade of experience in
the real estate business and the group owns most of the leading
malls in Indore. The C21 mall has a high occupancy, with a total
leasable area of more than 25 lakh sq. ft, 100% of which is
occupied. It generates healthy gross annual cash flows of ~Rs 25
crore. The average rentals are expected to grow with major
renewals coming up in the next two years. Furthermore, the
attractive location of the property and the presence of well
known brands such as More Megastore, Lifestyle, Inox Cinemas has
assisted the mall in attracting higher footfalls. The top three
tenants account for ~42% of the leasable area at present.
The company's existing commercial project is ongoing at a modest
pace for which it is planning to raise a construction loan, hence
exposing it to execution risks. Given that the new project is yet
to be launched, pending the ramp up of new cashflows, the
company's ability to improve its coverage metrics remains to be
seen. . Nevertheless, the longer tenure of new loan provides
cushion to the company's cashflows in the short to medium term.
The same continues to be supported by an escrow and debt service
reserve account mechanism. The ability of the company to maintain
the performance of the existing mall and manage cash flows
efficiently against the backdrop of ongoing project execution
will be the key rating sensitivity. Additionally, the impact of
any additional debt sanction on the company's credit profile will
be a key rating monitorable.

Analytical approach: For arriving at the ratings, ICRA has taken
into account the standalone financial of CTTPL, along with its
business risk profile and the management profile.

CTTPL is promoted by Mr. Gurjeet Singh Chhabra and is currently
operating a mall (C-21 Mall) in Indore, Madhya Pradesh with a
gross leasable area of 3.5 lakh square feet. The mall is fully
leased out and some of the tenants include - More Mega Store,
Lifestyle, INOX Cinemas, Reliance Trends, Max, Mom & Me, Tommy
Hilfiger, Levis, Wills Lifestyle, Arrow, U.S. Polo, Puma, Hush
Puppies etc. The company is also constructing a commercial
project in the name of C21 Business Park in Indore with a total
leasable area of 5.0 lakh square feet at a total cost of INR~120
crore to be funded by INR50.0 crore of term loan and the
remaining by internal accruals and promoter contribution.

In FY2016, the company reported a net profit of INR7.26 crore on
a net operating income of INR22.90 crore, as compared to a net
profit of INR6.12 crore on a net operating income of INR21.99
crore in the previous year. On a provisional basis, the company
reported net revenue of ~INR18.84 crore in 9M FY2017.


CHIRAG AGROFINS: ICRA Cuts Rating on INR20cr Fund Based Loan to D
-----------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from
[ICRA]BB- (Stable) for the INR20.00-crore fund-based bank
facility of Chirag Agrofins Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Limits      20.00       [ICRA]D; Downgraded from
                                     [ICRA]BB- (Stable)

Rationale
The rating revision takes into account the delay in debt
servicing owing to delays in receipt of advances which resulted
in cash flow mismatch.

The market risk of the project continues to remain high on
account of slow sales velocity with only 30% of the area under
the project sold till March 2017 and delay in completion of the
project by five months with actual completion date being
March 31, 2017. As of February 28, 2017, the expected date of
completion is August 31, 2017.

The rating takes into account the experience of the promoters'
group in executing real estate projects in Mumbai.

Key rating drivers

Credit strengths

* Experience of the promoter group in executing real estate
   projects in Mumbai

Credit weaknesses

* Delay in debt servicing due to delay in receipt of advances
   which resulted in cash flow mismatch

* High market risk on account of slow sales velocity (booking
   achieved for only 30% of the total saleable area till
   March 31, 2017)

* Cost and time overrun as 103% of the budgeted construction
   cost has already been incurred with ~8% of the construction
   work still pending including plumbing, electrical, flooring,
   painting and interiors

* High competition from other ongoing and completed projects
   in the vicinity

Description of key rating drivers:

The company, incorporated in 1991, is into the business of
developing real estate projects. Currently, the company has one
project in Malad, Mumbai where it is constructing a commercial-
cum-residential complex "Bhagat Grandeur" comprising 84
residential flats (2 BHK, 3 BHK and Duplex) and eight commercial
shops spread across three wings with a total area of 1,38,285
square feet. The project has obtained commencement certificate
for all the slabs (19th slab) from Brihanmumbai Municipal
Corporation (BMC).

The total budgeted project cost of INR79.28 crore is proposed to
be funded by way promoters' contribution (43%), debt (25%) and
the remaining by way of advances from customers. ~92% of the
promoters' contribution in form of equity and unsecured loans,
and 90% of the sanctioned term loan from the bank has been
availed till February 28, 2017. Although the company has been
able to collect advances to the tune of INR~33.72 crore till
March 31, 2017 as against expected INR25.00 crore, high market
risk persist on account of slow sales velocity as only ~30% of
the total saleable area has been booked till March 31, 2017.
Also, there has already been cost overrun which may lead to
funding gaps. Going forward, the ability to improve the
collection efficiency by ensuring timely inflow of receipts from
customers and achieving project completion without any further
time or cost-overruns will be critical from the credit
perspective to comfortably service the debt repayments which has
commenced from the fourth quarter of FY2017. Timely completion of
the residual work (~8%) and the ability to scale up bookings for
the project would also remain critical in the medium term amidst
the risk of bookings cancellation.

The company is incorporated in 1991 and is engaged in real estate
development. Currently, the company is executing one project in
Malad, Mumbai where it is constructing a commercial-cum-
residential complex. CAPL is part of Bhagat Group promoted by Mr.
Suraj Prakash Bhagat and his family. Bhagat group is engaged in
brewing and distilleries along with development of real estate
projects. The group has executed twelve projects in Mumbai.


CLS INDUSTRIES: CARE Raises Rating on INR14.01cr Loan to 'C'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
of CLS Industries Private Limited (CIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        14.01       CARE C; Stable
   Facilities                        Revised from CARE D

Detailed Rationale and Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
CIPL was primarily on account of improvement in debt servicing
track record coupled with growth in total operating income in
FY16 (refers to the period April 1 to March 31). The ratings
continue to draw strength from the experience promoters having
diversified business interests.

The ratings, however, continue to remain constrained on account
of its short track record of operations in a highly competitive
industry and moderately leveraged capital structure, weak debt
coverage indicators and weak liquidity position.

The ability of CIPL to increase its scale of operations coupled
with improving its profit margins, capital structure and debt
coverage indicators via efficient working capital management are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Key Rating Weaknesses

Dip in profit margins during FY16

The profit margins dipped during FY16 as marked by PBILDT margin
which has dipped by 330bps and stood at 8.20% as compared to
11.50% during FY15 on account of higher material cost.
Consequently, the PAT margin has also dipped by 13bps and stood
at 0.28% during FY16 as compared to 0.41% during FY15 on account
of higher interest and finance charges.

Moderately leveraged capital structure, weak debt coverage
indicators and weak liquidity position

The capital structure stood moderately leveraged marked by
overall gearing ratio of 1.84x as on March 31, 2016 as compared
to 1.48x as on March 31, 2015. Overall gearing deteriorated due
to increase in the total debt as against net worth base. Debt
coverage indicators as marked by total debt to GCA stood weak on
the back of low GCA level compared to total debt position.
Further, the liquidity position remained weak marked by the
current ratio stood at 1.29x as on March 31, 2016 as compared to
1.09x as on March 31, 2015. The working capital cycle stood at 81
days during FY16 as compared to 92 days during FY15, the
improvement was mainly on account of decrease in the inventory
and collection period. The working capital utilization remained
99% for the past 12 months ended February, 2017.

Presence in a highly competitive and fragmented plastic industry

The industry is highly fragmented with a large number of small to
medium scale unorganized players. Furthermore, fungible nature of
products with no visible differentiators has also resulted in a
highly competitive market. High competition in the operating
spectrum and proposed small size of operations of the company
limits the scope for improvement in margins. However, there is
healthy demand of metalized films from the textile industry.

Key Rating Strengths

Improvement in debt servicing

There has been improvement in debt servicing on the back of
improved liquidity position with improved realizations from
its customers.

Growth in Total Operating Income during FY16

During FY16, the TOI has increased by 71.86% and stood at
INR42.50 crore as compared to INR24.73 crore during FY15, the
improvement was mainly on account of increase in the demand from
the customers along with the addition of new customers in its
portfolio.

Gandhidham-based (Gujarat) CIPL, erstwhile Ave Hotels and Resorts
Private limited, was incorporated in the year 2008 as a private
limited company by Mr Shyam Sharma (Director) and his two sons Mr
Mohit Sharma (Director) and Mr Rohit Sharma (Director). The name
of the company was changed to its present form on May 18, 2010.

CIPL is engaged in the manufacturing of core veneer with an
installed capacity of 18.25 lakh Square Meter per Annum (SMPA),
phase veneer with an installed capacity of 54.75 lakh SMPA,
marine plywood with an installed capacity of 1.10 lakh per annum,
block board with an installed capacity of 3.65 lakh per annum and
flush doors with an installed capacity of 1.10 lakh per annum as
on March 31, 2016. The commercial production of CIPL was started
in February 2011. The promoter group also has business interests
in various other fields such as hospitality, leasing, trading
etc. through their group concerns namely CLS Enterprise Private
Limited, Shiv Petroleum, Shiv Enterprise and C.L. Sharma Resorts
Private Limited.

During FY16 (A), CIPL reported PAT of INR0.12 crore on a TOI of
INR42.50 crore as against TOI of INR24.73 crore and PAT of
INR0.10 crore in FY15 (A). Till 9MFY17 (Provisional), CIPL has
achieved TOI of INR33.83 crore.


COASTAL ENERGY: ICRA Lowers Rating on INR645.50cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]BB on
INR113.501-crore fund-based limits and the short-term rating to
[ICRA]D from [ICRA]A4 on INR645.50-crore non-fund based limits of
Coastal Energy Private Limited. ICRA has also revised the long-
term/short-term rating on INR335.50-crore unallocated limits of
CEPL to [ICRA]D from [ICRA]BB/[ICRA]A4.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based Limits      113.50       Revised to [ICRA]D from
                                      [ICRA]BB(Negative)

  Non-fund Based         645.50       Revised to [ICRA]D from
  Facilities                          [ICRA]A4

  Unallocated Limits     335.50       Revised to [ICRA]D from
                                      [ICRA]BB(Negative)/[ICRA]A4

Rationale
The revision in ratings factors in the delays in servicing debt
obligations by the company owing to its stretched liquidity
position. High receivables, pending for more than a year, have
deteriorated the working capital metrics, resulting in inadequate
accruals for the company. Further, improved coal availability
from domestic sources has resulted in lower dependence on
imported coal in India in FY2016 and FY2017. This has adversely
affected the revenues of the company, as imported coal trading
accounts for 90%-97% of the revenues of the company.

Key rating drivers

Credit strengths

* Long track record of coal trading operations in the
   domestic market; Group company, Coal & Oil Company,
   has  significant experience in coal trading in
   international markets with established relationship
   with its suppliers

Credit challenges

* Delays in debt servicing on account of stretched liquidity
   Position

* Decline in revenues owing to lower dependence on imported
   coal in India over the last two years

* Long pending and high receivables from MMTC Limited have
   adversely impacted the working capital metrics

Description of key rating drivers

CEPL has a long standing presence in the coal trading operations
in the domestic market. The raw material, coal, is supplied by
its group company, Coal & Oil Company (C&O) which has significant
experience in coal trading business in the international market
along with established relationship with its suppliers.

Decline in revenues along with deterioration in the working
capital metrics has resulted in inadequate cash flows and
stretched liquidity position for CEPL. Coal trading has been a
significant revenue driver for CEPL, accounting for more than 90%
of the total revenues. The revenue of the company has been
adversely impacted in the last two years due to an increase in
coal production by Coal India Limited (9% in FY2016 on a YoY
basis). This has lowered the steam coal imports by 10% in FY2016
on a YoY basis. The imports have further declined in FY2017 on
account of subdued growth in thermal power generation. Further,
the working capital position of CEPL has weakened on account of
long pending receivables to the tune of INR72.00-crore from MMTC
Limited. The payments are held by MMTC Limited on account of coal
classification ambiguity, which is yet to be resolved.

Coastal Energy Private Limited (CEPL) engages in non-coking coal
trading and coal handling services. The company is promoted by
Mr. Ahmed Abdul Rahman Buhari, along with Mr. Ameer Faizal, with
the objective of undertaking coal handling services for exports
made by its Dubai-based group company, Coal & Oil Company, in
India; later the company began importing coal on stock and sale
basis. In the last four-five years, the company has been securing
orders through tenders and around 70% of the sales are made
through this process.


CURE LIFE: CARE Issues D Issuer Not Cooperating Rating
------------------------------------------------------
CARE Ratings has been seeking information from Cure Life Care
Private Limited (CLPL) to monitor the rating(s) vide email
communications/ letters dated October 3, 2016, November 7, 2016,
November 15, 2016, January 18, 2017, February 9, 2017,
February 20, 2017, February 28, 2017, March 3, 2017, March 21,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating. In line with the
extant SEBI guidelines, CARE's ratings on CLPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         17.61      CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account ongoing delays in servicing of debt
obligations due to weak liquidity position.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position
remain the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating in April 14, 2016, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses
Ongoing delay in debt servicing: CLPL has been irregular in
servicing its debt obligation due to its weak liquidity position,
owing to its inability to generate operating profits.

Cure Life Care Private Limited (CLPL) was incorporated in 2011 to
manufacture intra-venous (IV) fluid under form-fill-seal (FFS)
technology. The operations commenced from September 2015 onwards,
from its manufacturing unit in Tapi, Gujarat. Initially, the
company plans to cater to domestic pharmaceutical players and
gradually expand its overseas reach. During FY16 (refers to the
period April 1 to March 31), the company reported net loss of
INR4.41 crore on a TOI of INR5.80 crore.


ELKAYPEE SPINNERS: Ind-Ra Migrates BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Elkaypee
Spinners Private Limited's Long-Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.  The rating
will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the
agency's website.  The instrument-wise rating actions are:

  -- INR60 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category;

  -- INR52.6 mil. Long-term loans migrated to Non-Cooperating
     Category; and

  -- INR6.90 mil. Non-fund-based working capital limit migrated
     to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 16, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Elkaypee Spinners has a total installed capacity of 20,800
spindles and produces poly-cotton blended yarn, mainly in 30-40
counts.


GAJRA GEARS: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------
CARE Ratings has been seeking information from Gajra Gears
Private Limited (GGPL) to monitor the rating(s) vide e-mail
communications/ letters dated October 3, 2016, February 1, 2017,
February 1, 2017 and March 4, 2017 and numerous phone calls.
However, despite CARE's repeated requests, GGPL has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines CARE's has reviewed the ratings
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
The ratings on GGPL's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING and CARE C/CARE A4; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         1.42       CARE D; ISSUER NOT
   Facilities-Term                   COOPERATING; Based on
   Loan                              best available information

   Long term Bank         14.50      CARE C; ISSUER NOT
   Facilities-fund                   COOPERATING; Based on
   Based                             best available information

   Short term Bank        25.25      CARE A4; ISSUER NOT
   Facilities                        COOPERATING; Based on
                                     best available information


Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above rating(s).

The ratings take into delays in servicing of term loan
installments due to weak liquidity position.

Detailed description of the key rating drivers

At the time of last ratings in February 16, 2016, following were
the rating strengths and weaknesses (updated for the information
available from MCA website):

Key rating strengths

Vast experience of the promoters in the auto component industry:
Group has been into gears and components manufacturing since
1950.

Key rating weaknesses

Delay in debt servicing owing to weak liquidity position and
working capital-intensive nature of operations: As per the
interaction with management and bankers, there have been delays
in the term loan servicing due to weak liquidity position. The
term loan quarterly installment was delayed by 4 to 5 days since
past one year ended December 2015.  Furthermore, the working
capital limit utilization remained full during the last 12 months
ended December 2015.

Modest scale of operations, group's presence in auto component
industry and low profit margins: GGPL's total income witnessed a
marginal decline in total income (by 4.69%) in FY15 on account of
slowdown in the end-user industry. Nevertheless, despite the
decline in the total income comfort can be drawn from the fact
that GGPL due to its long presence in the industry and long
association with reputed client base continues to receive
repeated orders from them.

Though the operations of the company stood modest, comfort can be
drawn from group's presence in auto component industry since
1950. The Gajra group is engaged in the manufacturing of
transmission and differential gears, cutting tools and tooling's
(jigs, fixtures) businesses, including GGPL and other two group
companies, namely, Gajra Differential Gears Limited and Elve
Corporation.

Leveraged capital structure and debt coverage indicators: The
capital structure of the entity remained leveraged with high
dependence on external borrowings to support the operations
which. Furthermore, due to above, the debt coverage indicators
remained weak.

Incorporated in 1974, Gajra Gears Private Limited (GGPL), is
engaged in manufacturing of transmission gears, components and
cutting tools at its plant located at Dewas (Madhya Pradesh). The
company manufactures transmission gears majorly for tractors and
commercial vehicles (mainly LCVs) and has a product library of
around 1700 types of gears as on date. At present GGPL has
installed capacity of 4,210 MTPA (capacity utilization stood at
76% during FY15) for gear and components and 3,480 nos for per
annum for cutting tools (capacity utilization stood at 48% during
FY15). GGPL generated around 33% (viz 36% in FY14) of revenue
from original Equipment manufacturing segment (OEM) and 31% (viz
32% in FY14) from replacement market segment. GGPL is part of
Gajra group formed in 1950 and is engaged in manufacturing of
transmission and differential gears, cutting tools and tooling's
(jigs, fixtures) businesses. In addition to GGPL the group
comprises of Gajra Differential Gears Limited (engaged in
manufacturing of crown wheel and pinions, bevel gears, bevel
pinions, spider kit assemblies and differential cages and
housings and Elve Corporation (engaged in manufacturing of
automotive transmission gears such as engine gears, gear box
assemblies, and castings. The group has consolidated
manufacturing capacity of 7,435 MTPA to make gears and
components.

During FY16, GGPL posted total income and PAT of INR131.82 crore
(vis-a-vis INR 141.14 crore in FY15) and INR0.61 crore
(vis-a-vis INR0.93 crore in FY15) respectively.


GEMINI CONSOLIDATED: CARE Reaffirms 'D' Rating on INR6.56cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Gemini Consolidated Projects Private Limited (GCP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.56       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of the rating assigned to the bank facilities
of GCP is constrained by delays in servicing of debt on account
on of stretched liquidity position. Establishing a track record
of timely servicing of debt obligations with improvement in
liquidity position is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delay in servicing of debt obligation: As per banker interaction,
company has not paid installment for all term loans for the month
of February 2017 and in the past one year there were several
instances of delays in servicing of debt obligations.

Incorporated in 2011 by Mr. Rajiv Sethi, Gemini Consolidated
Projects Private Limited (GCP) is engaged in the business of
undertaking sub contracts for providing metal fabrication and
erection services.

Currently, the company majorly caters the power sector; however
it has plans to diversify into oil & gas, hydrocarbons, cement
and steel sectors.

During FY16 (refers to the period from April 1 to March 31,
2016), GCP reported total operating income of INR 1.80 crore as
against INR 8.07 crore in FY15 and net loss of INR2.35 crore in
FY16 as against net loss of INR1.28 crore in FY15.


GULSHAN RAI: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gulshan Rai
Jain-II's (GRJ) Long Term Issuer Rating to the non-cooperating
category.  The issuer did not participate in the rating exercise
despite continuous requests and follow ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

  -- INR150 mil. Fund-based working capital limit migrated to
     Non-Cooperating Category; and

  -- INR240 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

                        KEY RATING DRIVERS

COMPANY PROFILE

Incorporated in 2008, GRJ is engaged in civil, mechanical and
electrical construction work in Madhya Pradesh.  It mainly
executes construction works for Public Works Department, Indore
Development Authority, Sagar Municipal Corporation and Bhopal
Municipal Corporation.  The firm was awarded the status of A
Class contractor by Public Works Department Bhopal.


H K TIMBERS: CARE Assigns 'D' Rating to INR7.50cr ST Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of H K
Timbers Private Limited (HTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE D Assigned

   Short-term Bank
   Facilities             7.50       CARE D Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of H K Timbers Private
Limited(HTPL) is constrained on account of on-going delays in its
debt servicing due to weak liquidity position. Establishing a
clear track record of timely servicing its debt obligations along
with improvement in the liquidity position remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Ongoing delays in debt servicing

As per the written feedback from banker, there have been frequent
instances of LC Devolvement in the month of February and March
2017. As per the interaction with the banker, need based
temporary overdraft were also sanctioned to HTPL and were
regularized later on.

Moderate scale of operations and thin profitability

Overall operations of HTPL stood moderate marked by total
operating income of INR36.25 crore during FY16 (refers to the
period April 1 to March 31) and profitability remained thin
marked by low PBILDT margin and thin PAT margin. Consequently,
gross cash accruals (GCA) also remained low during FY16.

Financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and weak liquidity position

Capital structure of HTPL stood leveraged marked by an overall
gearing ratio of 3.01 times as on March 31, 2016 mainly on
account of high debt level as compared to net worth base. Debt
coverage indicators also stood weak marked by high total debt to
GCA ratio and moderately weak interest coverage ratio as on
March 31, 2016. The liquidity position of HTPL remained weak
marked by current ratio of 1.17 times as on March 31, 2016 and
the elongated working capital cycle during FY16.

Presence in a highly fragmented industry

HTPL operates in a highly fragmented and competitive trading
industry wherein large numbers of unorganized players are
present, wherein it has a very low bargaining power against its
customers as well as its suppliers. This coupled with limited
value addition in trading puts pressure on the profitability
margins as well.

Key rating strengths

Experienced Management along with established operation
Mr Rajeshbhai Rudani possesses more than decade of experience in
the timber industry and looks after overall management and
functioning of the company. Other directors, Mr Jagdish Rudani,
Mr Bharatbhai Rudani, Mr Dheerajbhai Patel etc. looks after
different departments like administration, purchase, production,
sales etc.

Location advantage resulting in easy access of raw material

HTPL is located at Gandhidham (Kutch), which is near to Kandla
port, which enjoys good road & rail connectivity leading
to better lead-time and facilitates import and delivery of
finished products in a timely manner.

Gandhidham-based (Gujarat) HTPL was incorporated in 2012 by
Rudani and Patel Family and currently managed by Mr Rajeshkumar
Rudani and other family members. Mr Rajeshbhai Rudani possesses
10 years of experience in wood and wood products industry. HTPL
is engaged into manufacturing of veneer sheets, manufacturing of
plyboard, particle board and other plyboard products. H K Lumbers
LLP Is the group entities of HTPL, which is engaged in same line
of business saw milling and planning of wood.

During FY16 (refers to the period April 1 to March 31), HTPL
reported PAT of INR0.15 crore as against INR0.18 crore in FY15
on a total operating income (TOI) of INR36.25 crore as against
INR40.58 crore in FY15. HPTL has achieved TOI of INR20.53
crore during 11MFY17 (Prov.).


LION INSULATION: CARE Issues D Issuer Not Cooperating Rating
------------------------------------------------------------
CARE Ratings has been seeking information from Lion Insulation
Private Limited (LIPL), to monitor the rating(s) vide e-mail
communications/letters dated October 3, 2016, October 24, 2016;
November 17, 2016, December 8, 2016, January 27, 2017,
February 3, 2017, February 9, 2017, February 17, 2017, March 10,
2017, March 15, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating of Lion Insulation Private Limited's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.33       CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account delays in debt repayment owing to
weak liquidity position.

Detailed description of the key rating drivers

At the time of last rating in June 8, 2016, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Delay in debt servicing:
LIPL has been irregular in servicing its debt obligation as the
cash credit interest has remained unpaid for 35 days due to
weak liquidity position of the company. This was mainly on
account of lower revenue generated as the company was not able to
receive orders as against envisaged earlier thereby leading to
delay in debt servicing

Lion Insulation Private Limited (LIPL) was incorporated in 2011.
LIPL had set up a manufacturing plant located at Guna, Madhya
Pradesh with total capacity of 9000 MTPA for manufacturing
thermal and acoustical insulation products like Rockwool
mattress, Rockwool slabs and pipe section, which will be used in
refineries, chemicals plants and malls where temperature control
is required. LIPL has commenced commercial production from
December, 2013. LIPL procures its raw material from Dhanbad (Coal
mines), Bhilai (steel plants and iron ore plants) and from
various local markets. LIPL has been supplying its product to the
reputed clients like Lloyd Insulation (India) Limited and
National Thermal Power Corporation Limited and is also targeting
various government agencies like Bharat Heavy Electricals
Limited.

During FY16 (refers to the period April 1 to March 31), LIPL
reported net loss of INR0.27 crore on a TOI of INR7.39 crore as
against a PAT of INR0.01 crore on a TOI of INR6.69 crore during
FY15.


LOKMANGAL SUGAR: CARE Lowers Rating on INR174.71cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lokmangal Sugar Ethanol and Co-Generation Industries Limited
(LSECIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        174.71      CARE D; Revised from
   Facilities                        CARE BB;

Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
LSECIL factor in instances of delay in debt servicing by LSECIL
due to its stressed liquidity position.

Lokmangal Sugar Ethanol & Cogeneration Industries Limited
(LSECL), was incorporated in year 2003 to undertake sugar and
sugar related production by Mr. SubhashDeshmukh (Founder
Chairman), Mr. Mahesh Deshmukh (Present Chairman) and Mr. Manish
Deshmukh (Executive Director) with an installed capacity of 2,500
Tonnes of Cane Crushed Per Day (TCD). In the year 2009-10 LSECL
increased its installed crushing capacity to the tune of 6,000
TCD. To mitigate the seasonal and cyclical nature of sugar
industry, LSECL has also installed Co-generation unit of 31.5
Mega-watt (MW). The partially integrated sugar factory of LMIL is
located in Bhandarkawathe, Tal. South Solapur, Dist. Solapur- 413
221.

During FY16 (refers to April 1 ,2015 to March 31,2016), LSECIL
reported Profit After Tax (PAT) of Rs (28.77) on total income of
INR202.76crore as compared to PAT of INR0.65 crore on total
income of INR114.57 crore during FY15.


MOHAN BREWERIES: CARE Reaffirms 'D' Rating on INR122.91cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mohan Breweries and Distilleries Limited (MBDL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           122.91       CARE D Reaffirmed

   Short-term Bank
   Facilities             1.13       CARE D Reaffirmed

Detailed Rationale

The ratings assigned to the bank facilities of MBDL continue to
take into account the instances of delays in debt servicing by
MBDL.

Detailed description of the key rating drivers

Key Rating Weaknesses
Instances of delays in debt servicing: The delays in debt
servicing can be attributed to the stressed liquidity position of
the company in the absence of returns from investments made in
subsidiary & associate companies.

Mohan Breweries and Distilleries Ltd (MBDL) was incorporated in
1982 to manufacture and sell Indian Made Foreign Liquor (IMFL) in
Tamilnadu. MBDL was set up in collaboration with M/s Mohan
Meakins Ltd (MML). MBDL was originally promoted by three
individuals namely Mr Nandhagopal, Mr Ethurajan and Mr Udayar.
MBDL has installed capacity of 78.63 lakh cases of IMFL in TN,
12.00 lakh cases of IMFL in AP, 105.3 lakh cases of Beer in TN,
62 KLPD distillery unit in TN and 78,000 TPA (tones per annum)
installed capacity of glass production. MBDL also has a 35.2 MW
wind farm plant. As per the audited results for FY16 (12 months
period ended March 31, 2016), MBDL reported a net loss of INR31
crore over a total income of INR262 crore as against a net loss
of INR58 crore over a total income of INR472 crore during FY15
(18 month period ended March 31, 2015).


NEEL KANTH: Ind-Ra Migrates B+ Rating to Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Neel Kanth
Strips Pvt. Ltd.'s (NSPL) Long-Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

  -- INR70 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 14, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, NSPL manufactures cold rolled strips at its
facility in Punjab.  The company is promoted by Mr. Krishan
Kumar. It sells its product under the brand name Neel Kanth.  The
company is also engaged in the trading of iron and steel.


NV DISTILLERIES: CARE Reaffirms 'D' Rating on INR285.10cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
NV Distilleries & Breweries Private Limited (NVDB), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            285.10      CARE D Reaffirmed

   Short-term Bank
   Facilities              2.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of NVDB continue to
factor in the instances of delays in the servicing of the debt
obligations on account of strained liquidity position and weak
financial profile of the company.

The ability of the company to improve its financial discipline by
servicing its debt in a timely manner and improve its overall
financial risk profile will remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of term debt

There have been instances of delays in servicing of debt
obligations by the company on account of its stretched liquidity
position. The working capital cycle of NVDB remains high at 129
days on account of its high inventory days, which stood at 130
days. The company needs to maintain high inventory to ensure
continuous availability of raw material for distillery operations
which results in the aforementioned stretch in the operating
cycle. Although, the promoters have been supporting the company
by the required equity funds infusion the company still faces
liquidity pressure which further impacts the repayments of the
debt obligations.
Weak financial risk profile

NVDB's operations witnessed a decline in net losses to INR57.13
crore for FY16 (refers to the period April 1 to March 31) as
against losses of INR70.43 crore for FY15. The company's
operating profitability improved to INR5.79 crore in FY16 as
against profits of INR0.15 crore in FY15, however the operational
profitability of the company remains inadequate to cover the cost
of finance of NVDB. The debt metrics of the company remained
moderately similar as reflected by the debt-equity and overall
gearing which stood at 1.33x (PY: 1.04x) and 2.22x (PY:1.85x)
respectively.

Key Rating Strengths

Experienced promoters, management & group companies in related
business

NVDB was incorporated in year 1994 by Mr Ashok Jain (Chairman)
and Mr Sameer Goyal (Managing Director). The promoters have been
engaged in the related business through other group companies and
possess rich experience of nearly three and two decades
respectively in the alcoholic beverage industry. The promoters
are well supported by an experienced and professional management
team. Strategic Location NVDB has set up grain-based distillery
in Rajpura (Punjab), which provides locational advantage in terms
of availability of raw material (grains) in the state of Punjab
and nearby states, viz. Haryana and Uttar Pradesh. Moreover, the
company distributes country liquor and IMFL in nearby states
which are some of the biggest consumers of liquor in northern
region.

NV Distilleries and Breweries Private Limited, promoted by Mr
Ashok Jain and Mr Sameer Goyal, was incorporated in 1994. The
company is operating a grain-based distillation cum bottling
plant in Rajpura, Punjab, with an installed capacity of 120 KLPD
of Extra Neutral Alcohol (ENA), 48 lakh cases per annum each of
Indian made foreign liqour (IMFL) and Country liqour along with a
power generation plant of 11MW. The plant was fully commissioned
from August, 2011. The company is also operating a Polyethylene
terephthalate (PET) bottling plant with an installed capacity of
0.23 crore bottles per annum (180 ml), 3.20 crore bottles per
annum (375 ml) and 3.50 crore bottles per annum (750 ml) since
April, 2012. NVDB is a part of NV group which consists of group
companies namely NV Distilleries Private Limited (Rated- CARE B;
reviewed in March 2017), Gemini Distilleries (Goa) Pvt. Ltd, NV
International Pvt. Ltd (Rated- CARE C; reviewed in March 2017),
NV Distilleries & Breweries (North East) Pvt. Ltd. Status of non-
cooperation with previous CRA: CRISIL has suspended its ratings
in absence of adequate information required to review the ratings
on account of non-cooperation by NVDPL, vide press release dated
August 5, 2014.


QUADROS AUTOMARK: CARE Issues D Issuer Not Cooperating Rating
-------------------------------------------------------------
CARE Ratings has been seeking information from Quadros Automark
Private Limited (QAPL) to monitor the rating vide e-mail
communications/letters dated September 13, 2016, March 14, 2017,
and March 18, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on QAPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         10.68      CARE D; Issuer not
   Facilities                        Cooperating; Based on
                                     best available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings take into account the ongoing delays in interest
servicing on the bank facilities on account of stressed
liquidity.

Detailed description of the key rating drivers At the time of
last rating on April 26, 2016 the following were the rating
strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: Due to stressed liquidity
positon, there are on-going delays in servicing of bank debt
obligations with respect to interest payments on term loan
facility and cash credit limits.

Quadros Auto Mark Private Limited (QAPL) incorporated in the year
2012 and is authorized dealer for Renault India Private Limited
(Renault) and covers the south Goa region. QAPL is promoted by Mr
Evencio Quadros and Mr Ramchandra Shirodlar and are fi rst
generation entrepreneurs. QAPL being an authorised dealer for
Renault, also provides its spares and services by virtue of being
a '3-S' dealer. However, QAPL has surrendered the dealership of
Renault India Private Limited (Renault) and acquired the
dealership of Hyundai Motors.


S.M. CONSTRUCTIONS: CARE Reaffirms 'C' Rating on INR6.39cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
S.M. Constructions (SMC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.39       CARE C Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of S.M. Constructions
(SMC) continues to remain constrained due to stretched liquidity
position evident through irregularities in debt servicing of bank
facilities (not rated by CARE), weak financial risk profile
marked by deteriorating capital structure and debt coverage
indicators and elongating operating cycle, exposure to highly
regulated mining industry and small scale of operations. The
rating is also constrained due to geographical and customer
concentration risk, limited scope for growth in operations and
proprietorship nature of the entity.

The rating, however, continues to factor in the long track record
of the business operations, considerable experience of the
promoter and long-term association with the mine owner. The
ability to the entity to increase the scale operations coupled
with improvement in profitability and capital structure in
light of stringent governmental regulations and export bans
imposed along with improvement in liquidity position and
reduction in exposure in group entities are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record of operations with experienced promoter: The
firm has been into existence since 1994, with the business of
iron ore mining running for more than nine years. Although, SMC
is headed by Mrs Shamshun Shaikh, the dayto- day operations are
looked after by her husband; Mr Muktar Shaikh, who has been in
the ore trading business since the past 18 years and is well-
versed with the iron ore extraction and export mechanism. In
addition, the firm has employed professionals in the fields of
finance and marketing to ensure smooth functioning of the
business.

Long-term contract with mine owner: SMC repeatedly enters into a
contract for 2 to 3 years for the past 11 years with Nadeem
Minerals (NM) with the objective of raising iron ore at Sandur,
Hospet, Karnataka, having mining area of 53.20 hectares as
approved by the Government of India in October 2016. There exists
no adherence to any price escalation clause by the parties, but
in case of any price fluctuations, the prices are mutually
revised by them as and when required.

Key Rating Weaknesses

Customer and geographical concentration risk: SMC undertakes mine
raising operations for only NM (Sandur Hospet mine, Karnataka)
being the sole customer of SMC, the firm is susceptible to
customer concentration risk. The contract received by SMC is
further sub-contracted to its group company; Muktar Minerals
Private Limited (MMPL). With heavy reliance of SMC on NM and
MMPL, its growth is directly linked to the operational
efficiencies of both companies, primarily the ability of NM to
sell the ore inventory. Any impact on operational performance of
NM and MMPL can have a direct impact on the financial risk
profile of SMC.

Highly regulated industry: SMC operates in the mining industry
which is subject to various regulatory approvals. SMC bids for
the mining contracts from Government as well as private players.
The necessary approvals relating to mining activities like
clearances from Ministry of Environment and Forest (MOEF) and
Pollution Control Board are required to commence the mining
operations. Furthermore, the firm is also susceptible to any
mining ban imposed by the Government of India. This is reflected
in decline in income from operations in FY16 (refers to the
period April 1 to March 31) due to the mining ban on iron ore.

Goa-based S.M. Constructions (SMC) was established as a
proprietorship concern in the year 1994 by Mrs Shamshun Shaikh,
with the assistance of her husband Mr Muktar Shaikh, for
industrial construction and real estate development in the state
of Goa. The firm belongs to the Shaikh Muktar Group (SMG) of
companies in Goa, which has interests in mining, construction,
engineering, logistics, hospitality (new venture), shipping and
automobiles. The flagship entity of the group is Muktar Minerals
Pvt Ltd, which is also involved in mineral exploration, mining,
processing and exporting in Goa. In 2006, the business of SMC of
real estate and construction was transferred to Muktar
Infrastructure Pvt. Ltd. and SMC has primarily undertaken iron
ore extraction services business since then. Muktar Automobiles
Pvt Ltd (MAPL; rated 'CARE B/CARE A4' February 29, 2016) is also
a group company of SMC engaged in the exclusive trading and
servicing of vehicles of Mahindra & Mahindra Limited (MML).

SMC has a long-standing contract with Nadeem Minerals which is a
mine owner, for raising iron ore in a mine (Sandur-Hospet mine)
in Karnataka. SMC has been extracting iron ore for NM since 2006
which it further sub-contracts to MMPL by SMC. Finally, e-auction
of the iron ore is done by Nadeem Minerals in its name, while SMC
has no role to play in the sale of iron ore. The agreements are
fixed price in nature and the price of iron ore is pre-determined
through mutual consent.


S.N.N TEXTILES: ICRA Reaffirms B+ Rating on INR10cr Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating assigned to the
INR10.00 crore term loans and the INR5.00 crore fund based
facilities of S.N.N Textiles Private Limited at [ICRA]B+. The
outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Term
  Loan                   10.00      [ICRA]B+(Stable) Reaffirmed

  Long-term: Fund
  based facilities        5.00      [ICRA]B+(Stable) Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SNNTPL. ICRA had sent repeated reminders to the company for
information and payment of surveillance fee that became overdue;
however despite multiple requests; the company's management has
remained non-cooperative. ICRA's Rating Committee has taken a
rating view based on best available information. In line with
SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as: "[ICRA]
B+(Stable) ISSUER NOT COOPERATING". The lenders, investors and
other market participants may exercise appropriate caution while
using this rating, given that it is based on limited or no
updated information on the company's performance since the time
it was last rated.

STPL, incorporated in 2013 at Coimbatore, is engaged in the
manufacturing and selling of cotton yarn. The company
manufactures carded cotton yarn in the relatively coarser count
range of 30s to 40s. Its manufacturing facility is located in
Coimbatore (Tamil Nadu) and operates with a total installed
capacity of 14,400 spindles. The company also has installed wind
turbines with a generation capacity of 600 kW.


SAARTH ENTERPRISES: CARE Lowers Rating on INR8cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saarth Enterprises Private Limited (Saarth), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          8         CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised
                                     from CARE BB- based
                                     on best available
                                     information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Saarth Enterprises Private
Limited (Saarth), to monitor the rating vide e-mail
communications/ letters dated October 7, 2016, January 5, 2017,
January 18, 2017, February 14, 2017, March 29, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines CARE has
reviewed the rating on the basis of publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Saarth's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in rating of Saarth is primarily on account of delay
in servicing of debt obligations.

Detailed description of the key rating drivers

Key rating weakness

Delay in debt servicing
As per interaction with banker, there has been delay in debt
servicing and account has been classified as NPA.

Incorporated in June 2012, Saarth Enterprises Private Limited
(Saarth) took over the business of M/s. Hitesh Trading Co.
(established in the year 1995) which was engaged in the trading
of construction materials in Maharashtra. The company trades in
various construction materials viz. clay (comprising 90% of the
total income of FY15 (refers to the period April 01 to March 31))
and ancillary materials such as Geo Textiles & Geo Synthetics
used for road construction. The company runs its operations from
Powai, Mumbai.


SARVESH CARS: ICRA Assigns B+ Rating to INR8.90cr LT Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ outstanding on
the INR3.57 crore term loan facilities, INR7.50 crore E-DFS and
INR1.40 crore cash credit facilities of Sarvesh Cars and Motors
Private Limited. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term: Fund
  based limits (Note)     8.90       [ICRA]B+ (Stable) assigned

  Long term: Term
  loan                    3.57       [ICRA]B+ (Stable) assigned

Rationale
The assigned rating factors in the track record of the promoters
in the dealership business. The rating also positively factors in
the established position as a ford dealer in Tamilnadu and recent
showroom addition in Pondicherry. However, the ratings are
constrained by financial profile of the company characterized by
the leveraged capital structure and moderate accruals resulting
from thin margins. Debt funded capital expenditure plans in the
short term for setting up a new dealership would further impact
the stretched debt indicators negatively. Going forward, ability
of the company to improve topline and improve its margins by
focusing on service income and spare and accessories sales would
be crucial in improving debt profile of the company.

Key rating drivers

Credit Strengths

* Established market position of SCMPL being an authorized
   dealer of Ford India Private Limited for the regions of
   Vellore, Kanchipuram, Tiruvanamalai in Tamilnadu and
   Pondicherry

* Significant increase in operating income in FY2017aided by
    new showroom in Pondicherry

Credit Weakness

* Intense competition among dealers of various automobile
   companies and the commission structure decided by the
   principal, leading to thin margins

* Financial profile characterized by high gearing due to
   debt funded capital expenditure

* Exposure to cyclical nature of the Indian passenger
   vehicle industry

Description of key rating drivers highlighted above:

Sarvesh Cars and Motors Private Limited is the authorized dealer
for sale of passenger vehicles of Ford India Private Limited
since 2010. It is involved in the sale of passenger vehicles,
sale of spare parts and derives income from service. It is the
exclusive dealer of Ford passenger vehicles in the regions of
Vellore, Kanchipuram, Tiruvanamalai and Pondicherry. The company
derives around 80% from sale of new vehicles, 15% from sale of
spares and ~5% from service income. The operating income of the
company had registered a significant growth in FY17 primarily on
account of the new showroom in Pondicherry. However, the capital
structure remained weak on account of increase in working capital
borrowing and debt funded capital expenditure for funding the new
showroom.

The dealership business has most of the borrowings related to
funding of working capital as it requires considerable inventory
which makes the capital structure of the company aggressive. High
debt level, coupled with low profitability has kept the coverage
indicators weak.

Going forward, SCMPL's ability to increase volume and improve its
debt protection metrics amidst thin margin would be the key
rating sensitivities.

Incorporated in 2009 by Mr. B. Gnanaprakash and his wife Ms.
Ashwini, Sarvesh Cars and Motors Private Limited is located in
Vellore (Tamil Nadu) and is an authorized dealer for Ford India
Private Limited, for Vellore, Kanchipuram, Tiruvannamalai
districts of Tamil Nadu and Pondicherry. The company sells models
of Ford - compact car Figo, sedan Fiesta (Classic and New
Fiesta), Utility vehicle Endeavour and the compact sports utility
vehicle Ecosport. SCMPL also sells spare parts, accessories and
provides service to passenger cars in Vellore. The company has a
full-fledged 3S (Sales, Service, and Spares) showroom in Vellore,
started in February 2010, and in 2011, a touch point with one car
display, was inaugurated in Kanchipuram.


SEA BLUE: CARE Issues D Issuer Not Cooperating Rating
-----------------------------------------------------
CARE Ratings has been seeking information from Sea Blue Shipyard
Limited to monitor the rating(s) vide e-mail communications/
letters dated February 6, 2017,February 21, 2017, March 11, 2017
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requiste information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Sea Blue Shipyard Limited's bank facilities and
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        11.57       CARE D; Issuer not
   Facilities                        Cooperating

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

Ongoing delays in servicing of debt obligations

There are ongoing delays in the debt servicing of working capital
and term loan facilities. Bank guarantees issued by SBS were also
invoked. The delay in debt servicing is a result of the delay in
collection of receivables. Normally a small ship building process
takes around 18 months to complete and the payment is received
stage wise from clients. For manufacturing and sale of products,
SBS follow stage wise payment for projects with long tenure. Once
the bill is raised its takes an average of 60 days tenure for
collection from government entity and 30 days tenure from private
entity. At times, the collection goes beyond 60 days from
government entity due to inspection and delay in passage of
bills. Due to long tenure and delay in payment of bills raised
has resulted in elongation of average collection period which was
163 days in FY15 (refers to the period April 1 to March 31). As
on March 31, 2015, out of the total debtors, 24% were due for
more than 180 days.

SBS follows Just-in-time (JIT) mechanism for ship building and
manufacturing of goods, however the company is required to hold
minimum set of inventory required for ship repair and other
services, where the average inventory period stood at 102 days in
FY15.

SBS incorporated on December 08, 2003, is promoted by Mr. OC John
and is engaged in ship building and ship repairs activities.
Initially the company was established under the name of Sea Blue
Marine Engineering (Pvt.) Ltd. and later converted into a Public
Limited Company in 2009, with its new name SBS.

SBS operates from a yard located at Vypin (Kerala) and a branch
office in Goa. It undertakes contractual work of public sector as
well as private sector agencies operating in the Western region.
SBS is registered with Indian Coast Guard for undertaking repairs
of their vessels.

SBS has three licensed slipways, capable of hauling up vessels up
to 3000 deadweight tonnage (DWT). SBS has berthing facilities for
ships up to 115m. It provides afloat repairs of medium sized
vessels and also provides shelter to vessels during off season
especially to those vessels plying between Kochi and Lakshadweep
Islands. The total length of the wharf is 115m with a draft of
above 6m.


SHIVA STRUCTURES: Ind-Ra Assigns BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiva Structures
Private Limited (SSPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  The instrument-wise rating actions are:

  -- INR75 mil. Fund-based working capital limit assigned with
     'IND BB/Stable' rating;

  -- INR15.09 mil. Term loans assigned with IND BB/Stable rating;
     and

  -- INR180 mil. Non-fund based working capital limits assigned
     with IND A4+ rating

                          KEY RATING DRIVERS

The ratings reflect SSPL's moderate credit metrics and moderate
scale of operations.  In FY16, EBITDA interest coverage
(operating EBITDA/gross interest expense) was 2.2x (FY15: 1.6x)
while net financial leverage (total Ind-Ra adjusted net
debt/operating EBITDA) was 1.3x (2.4x).  Revenue increased to
INR361 million in FY16 from INR325 million in FY15, driven by a
healthy order book. Provisional FY17 financials indicate revenue
of INR572 million, EBITDA interest coverage of 2.9x and net
financial leverage stood of 0.5x.

The ratings also reflect SSPL's moderate liquidity position,
indicated by 95.44% of the average utilization of the fund-based
working capital limits over the 12 months ended April 2017.

However, the ratings are supported its proprietors' experience of
more than two decades in the construction industry.

                        RATING SENSITIVITIES

Positive: An increase in the revenue along with maintenance of
comfortable credit metrics could result in a positive rating
action.

Negative: Substantial deterioration in the credit metrics could
result in a negative rating action.

COMPANY PROFILE

Aurangabad-based SSPL was reconstituted as a private limited
company in 2008.  It is engaged in the activity of civil works
such as irrigation projects, dams, canals, minor irrigation tank,
site excavation, site development, pipeline project, roads,
building constructions, industrial sheds, tunnel, barrages, roads
and other allied works.  The company is registered as a Class 1A
contractor with the state's Public Work Department and an
approved contractor for various government and civil bodies.

The company is managed by directors Mr. Madhukar D. Deshmukh and
Mrs. Archana M. Deshmukh.


SHRI BALAJI: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------
CARE Ratings has been seeking information from Shri Balaji
Sahakari Soot Girni Limited (SBSSG) to monitor the ratings vide
e-mail communications/letters dated September 9, 2016, October
26, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
SBSSG's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         7.18       CARE D; Issuer not
   Facilities                        cooperating; Based on
                                     best available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings take into account the ongoing delays in debt
servicing of its bank facilities.

Detailed description of the key rating drivers

At the time of last rating on April 13, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses
Ongoing delays in debt servicing: The society was unable to meet
its principal repayment on account of stressed liquidity
conditions resulting from lower profitability. Furthermore, there
were continuous overdrawals in cash credit account. The society
has been reporting deficit since commencement of business
operations. Moreover, the funds infused by the trustees are
invested in the fixed assets for setting up the unit.
Furthermore, the funds have also been blocked in the inventory as
the society has been maintaining high inventory on account of
seasonal nature of business operations leading to stretch
liquidity position of the society.

Analytical approach: Standalone

SBSSG was established as a co-operative society on January 21,
1991, but commenced commercial operation from May 25, 2011
onwards. SBSSG is engaged in cotton spinning through open end
spinning method with an installed capacity of 6,624 spindles for
manufacturing of cotton yarn with end-user industries being power
loom companies situated in and around the area of Washim,
Maharashtra.

In FY14 (refers to the period of April 1 to March 31), SBSSG
earned net deficit of INR0.60 crore on a total operating income
of INR12.01 crore against a net deficit of INR4.16 crore on a
total operating income of INR4.23 crore in FY13.


SKS POWER: CARE Reaffirms 'D' Rating on INR5,456.96cr Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
SKS Power Generation (Chhattisgarh) Limited (SPGCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           5456.96      CARE D Reaffirmed

   Short-term Bank
   Facilities            504.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of SPGCL continue to reflect the on-going delays in
servicing of debt obligations by the company on account of delays
in project completion along with cost over-run.

SPGCL promoted by the SKS group is a 51% subsidiary of SKS Ispat
and Power Limited (SIPL). SPGCL is setting up a thermal power
plant with capacity of 1,200 MW (4x300 MW) in the State of
Chhattisgarh based on domestic coal in two phases of 600 MW each.
SPGCL is currently executing Phase I (600 MW) of the project.
Phase II of the project has currently been delayed because of
non-availability of full form (PPA) and pending tie-up of equity
funding.


SRI RANGANATHA: CARE Lowers Rating on INR7.50cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Ranganatha Swamy Jewellary Works, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.50       CARE D; Issuer not
   Facilities                        cooperating; Revised
                                     from CARE B on the basis
                                     of best available
information

CARE has been seeking information from Sri Ranganatha Swamy
Jewellary Works to monitor the ratings vide e-mail communications
dated December 9, 2016, December 23, 2016, January 4, 2017,
January 9, 2017, February 20, 2017 and February 21, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Sri
Ranganatha Swamy Jewellary Works bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution
while using the above ratings.

The rating has been revised on the back of ongoing delay in its
debt servicing.

Detailed description of the key rating drivers

Delay in debt servicing
The rating has been revised on the back of ongoing delays in its
debt servicing due to weak liquidity position.

Sri Ranganatha Swamy Jewellary (SRJ) is a proprietary concern
started by Mr.K. Rangachari, in Sep' 1989. The major operation of
the firm is in the business of wholesale trading and retailing of
gold and silver ornaments and also has facility of designing and
making gold and silver ornaments as per the customer request. The
showroom is situated at Challakere, Karnataka. Mr. Ranagachari
has an experience of around 25 years in the industry, he is also
the managing partner in a partnership firm by name "Sri
Ranganatha Gold and silver" which is also involved in the similar
line of business. The firm has a total of 10 skilled employees, 8
unskilled employees and 8 contract labours working for both SRJ
and "Sri Ranganatha Gold and silver". The other associate
concerns of the firm are; "Ranganatha Gold Palace" which
commenced its operations from May 2015 and "Sri Ranganatha
Theater Pvt Ltd" operating a theater and turnover was around INR
40 lakh in FY15.


VAIDEHI TRENDZ: Ind-Ra Assigns BB- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vaidehi Trendz
Private Limited (VTPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating action is:

   -- INR75 mil. Fund-based limits assigned with 'IND BB-/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect VTPL's small scale of operations and moderate
credit metrics.  According to provisional financials for FY17,
revenue was INR480 million (FY16: INR360 million; FY15: INR443
million), gross interest coverage (EBITDA/gross interest) was
1.6x (1.3x; 1.7x), net financial leverage (net debt/EBITDA) was
5.9x (8.5x; 6.7x) and operating EBITDA margin was 3.5% (3.2%;
2.3%). The increase in revenue was due to the execution of a
large number of work orders.  Meanwhile, the marginal improvement
in EBITDA margin was due to fluctuations in costs of raw
materials.

The ratings also reflect VTPL's tight liquidity profile,
indicated by almost 100% average working capital limit
utilization during the 12 months ended March 2017.

The ratings, however, are supported by the owner's experience of
more than a decade in the textile industry.

                           RATING SENSITIVITIES

Negative: Any deterioration in profitability leading to
deterioration in credit metrics may lead to a negative rating
action.

Positive: An improvement in the revenue along with an improvement
of its credit profile will lead to a positive rating action.

COMPANY PROFILE

VTPL is a private limited company formed in 1989.  The company
started its commercial operation in 2005.  The company executes
embroidery work in polyester fibres and is based out of Surat,
Gujarat.


VRIDHI IRON: Ind-Ra Migrates B+ Rating to Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vridhi Iron and
Steels' Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency.  Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.  The rating will now appear as
'IND B+(ISSUER NOT COOPERATING)' on the agency's website.  The
instrument-wise rating actions are:

   -- INR10.8 mil. Long-term loans migrated to Non-Cooperating
      Category; and

   -- INR43.0 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 1, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Vridhi Iron and Steels was incorporated in 2008 as a partnership
firm.  The registered office of the company is located in
Guwahati, Assam.  The company manufactures structural steel
products.  The entity started commercial operation in June 2012.



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


MORITOMO GAKUEN: Files for Bankruptcy Protection
------------------------------------------------
The Japan Times reports that the troubled Osaka school operator
at the center of national political scrutiny applied for
protection from creditors on April 21 via court-mediated
rehabilitation.

The Japan Times relates that the links alleged between
nationalism-espousing school firm Moritomo Gakuen and Prime
Minister Shinzo Abe and his wife, Akie, who promoted it, have
been extensively investigated in recent months since it acquired
a piece of state-owned land last year at a dramatic discount.

According to the report, the school will try to rebuild its
finances after incurring large debts connected with the
elementary school, which it had hoped to open on the new but
apparently polluted piece of land this month in Toyonaka, Osaka
Prefecture.

The school is standing empty after prefectural authorities in
March refused to grant it accreditation, the report says.

The report relates that the construction company contracted to
build the school said Moritomo still owes it more than
JPY1.6 billion. Construction costs had been set at around JPY1.5
billion but spiraled to around JPY2 billion, according to the
company.

The Osaka District Court, which is handling the bankruptcy
filing, has already given provisional approval for the land and
buildings of a Moritomo Gakuen-run kindergarten and day care
center, and also the home of its president, Yasunori Kagoike, to
be seized to pay off the construction company, the report says.


TOSHIBA CORP: Group Companies Pulling Money out of Parent
---------------------------------------------------------
Nikkei Asian Review reports that major Toshiba group companies
are parking significantly less money with the troubled
conglomerate, seeking to minimize potential risks and appease
wary shareholders.

Like many other big Japanese businesses, Toshiba manages money
deposited by subsidiaries and affiliates. Such arrangements allow
for more efficient use of cash within the group while giving the
parent a less-costly source of money than bank loans, the report
notes.

But several Toshiba subsidiaries have taken back their cash
recently. According to the report, Toshiba Plant Systems &
Services cut its deposits to zero by the end of fiscal 2016 from
JPY85.5 billion ($753 million) at the end of the fiscal year
through March 2016, citing the "current situation." Though cash
on hand surged from JPY6.4 billion to JPY88.2 billion, the
company said it has no plans to invest or otherwise spend this
money.

Chipmaking equipment manufacturer NuFlare Technology also zeroed
out its deposits with Toshiba, which stood at JPY31 billion at
the end of fiscal 2015, says Nikkei. Investors had complained
that the amount parked at the parent was high compared with
NuFlare's sales, which totaled JPY47.7 billion for fiscal 2016.

Toshiba Tec, a top maker of point-of-sale systems, slashed its
deposits to just over JPY400 million at the end of fiscal 2015,
then to zero last fiscal year, planning to use the money itself.
Social infrastructure company Nishishiba Electric's deposits
plunged 96% to just under JPY50 million, according to Nikkei.

Nikkei relates that group deposit agreements have come under fire
in recent years from shareholders arguing that subsidiaries'
money should be put toward their own growth. In Toshiba's case,
the parent's dire financial straits seem to be a factor as well.
Nikkei says Toshiba Plant Systems withdrew its funds after legal
action by major shareholder Oasis Management (Hong Kong). The
investment fund took a dim view of the company effectively
offering low-interest loans to a parent with such a poor credit
rating.

Toshiba released unaudited fiscal 2016 earnings on May 15 showing
a JPY950 billion net loss and liabilities exceeding assets by
JPY540 billion, Nikkei notes. The company seeks to return its net
worth to positive territory by selling its memory chip unit, but
American partner Western Digital's move to block the sale through
arbitration has left this plan up in the air, adds Nikkei.

                         About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'.  Moody's has also downgraded
Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and
affirmed its commercial paper rating of Not Prime.  At the same
time, Moody's has placed Toshiba's 'Caa1' CFR and long-term
senior unsecured bond rating, as well as its 'Ca' subordinated
debt rating under review for further downgrade.

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.



=========
M A C A U
=========


LINIU TECHNOLOGY: UHY LLP Raises Going Concern Doubt
----------------------------------------------------
LiNiu Technology Group filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
net loss of $214.98 million on $32.37 million of total revenues
for the year ended December 31, 2016, compared to a net income of
$5.12 million on $105 million of total revenues for the year
ended December 31, 2015.

The audit report of UHY LLP states that the Company has
experienced a continued decrease in revenue, negative working
capital, and default on the credit agreements during 2016 and has
relied on loans from shareholders to fund their operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

The Company's balance sheet at December 31, 2016, showed total
assets of $77.48 million, total liabilities of $75.34 million,
all current, and a stockholders' equity of $2.13 million.

A full-text copy of the Company's Form 20-F is available at:

                       http://bit.ly/2qGnYGv

Macau-based LiNiu Technology Group is engaged in offering
agricultural products and services. The Company offers LiNiu
Network platform, which is electronic business to consumer (B2C),
customer to customer (C2C) and online to offline (O2O) trading
platform focused on the Chinese agricultural industry, at its
Website www.liniuyang.com and through its application on the
Android mobile operating system. The Company offers its products
in a range of categories which include agricultural resource,
seeding agricultural products, agricultural and sideline
products, wisdom agriculture, tourism, financial, Chinese herbal
medicine and handicrafts. It also conducts VIP gaming promotion
business at approximately five VIP gaming rooms located in over
five casinos in Macau and approximately two casinos in Australia.



===============
M A L D I V E S
===============


MALDIVES: Fitch Assigns First-Time 'B+' Long-Term IDR
-----------------------------------------------------
Fitch Ratings has assigned The Republic of Maldives first-time
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'B+'. The Outlook on the ratings is Stable. The Country
Ceiling is assigned at 'BB-' and the Short-Term Foreign- and
Local-Currency IDRs at 'B'.

KEY RATING DRIVERS

The ratings balance the Maldives' advanced economic development,
strong GDP growth and high government revenue generated by a
prosperous tourism sector against a high government debt burden
and low foreign-reserve buffers. The country's high dependence on
a single sector causes volatility in economic metrics, such as
GDP growth, and makes the country vulnerable to external shocks
and domestic developments that undermine the Maldives'
attractiveness as a tourist destination - for example, changes in
perceptions of safety.

The Maldives' success as a prime luxury tourist destination has
generated relatively high GDP per capita of USD9,145 ('B'
category median is USD3,362). Real GDP growth has proved volatile
in the last few years, illustrating the dependency of the tourism
sector on global growth. Fitch expects real GDP growth to pick up
to 4.0% in 2017 and 4.5% in 2018, from 3.9% in 2016, due to
continued tourism demand and construction. New resorts are being
built and the government has initiated large infrastructure
projects. These include capacity expansion of the main airport;
the construction of a bridge linking the capital to population
centres; an advanced medical centre; and new housing. Some of
these projects seem to have the potential to facilitate a surge
in tourism in a few years, but execution of so many large
projects at the same time has posed serious fiscal challenges.

The government laid out remedial measures to avoid a blow-out of
government debt in its latest budget announced at end-2016. It
indicated its intention to significantly increase the amount of
revenue raised and to cut current expenditure to make fiscal
space for the large construction projects underway. Fitch
believes the official target of reducing the fiscal deficit from
the government's estimate of 7.4% of GDP in 2016 to 0.5% in 2017
seems highly ambitious, but the remedial action should
significantly lower the deficit to 4.3% of GDP in 2017 and 3.5%
in 2018. On the basis of the government's announced measures and
Fitch's nominal GDP forecast, the agency expects general
government debt/GDP to fall gradually from 72.3% in 2017 to 70.0%
in 2020. At the same time, risks to debt sustainability remain
and the stabilisation of debt, assumed by Fitch, depends on the
government's willingness and ability to follow through on its
fiscal consolidation plan.

The government's ability and propensity to tax the luxury tourism
sector has led to a revenue ratio of 34.9% of GDP, significantly
higher than the 'B' median of 24.7%. There is still potential to
further increase the amount of revenue raised from tourism if
needed, given the likelihood of rather inelastic demand in the
luxury segment to moderate price rises. Government revenue forms
an important link between tourism and other sectors of the
economy.

The level of gross foreign reserves is very low, registering
USD501.2 million at end-March 2017 (1.6 months of current account
payments), especially considering the Maldives Monetary
Authority's peg of the Maldivian rufiyaa to the US dollar.
Useable reserves, defined as gross reserves minus short-term
foreign liabilities, are even lower, at USD224.7 million. The
risks to external balances from the low reserve base are
mitigated by the persistent current account deficits being fully
financed by foreign direct investment and by the tourism sector
both earning and spending in US dollars. This implies that
tourism-related outflows should also fall in the case of a sudden
drop in tourism-related inflows. In addition, the country has
managed with similarly low levels of foreign-exchange reserves
for a number of years without experiencing an exchange-rate
shock. However, foreign-debt financing of the large construction
projects will increase the importance of foreign-reserve buffers
in the years ahead.

The high dependence on tourism implies the economy is vulnerable
to sudden events that harm the perception of Maldives as a safe
and reliable tourist destination. Such potential events include
the emergence of political instability in an already-polarised
environment or security issues.

Fitch considers that the sovereign's exposure to banking-sector
risk is relatively low. Private credit represents only 39% of GDP
and the banking system is well-capitalised, with a reported Tier
1/risk-weighted asset ratio of 34% in 2016. Non-performing loans
were high, at 10.7% of total loans, but are on a declining trend
from a peak of 21.0% in 2012.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns the Maldives a score equivalent
to a rating of 'BB-' on the Long-Term Foreign-Currency IDR scale.
Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its QO, relative to rated peers, as follows:

- External Finances: -1 notch to reflect exposure to low reserve
coverage in combination with high dependence on one sector -
tourism - and an expected accumulation of external debt in the
next few years from the execution of large infrastructure
projects.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO
is a forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within Fitch criterias that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the ratings are balanced. However, the main
factors that could lead to negative rating action are:

- A significant rise in general government debt; for instance,
   caused by a failure of the government's fiscal consolidation
   strategy.

- Balance-of-payment pressures; for instance, a fall in foreign-
   exchange reserves or a higher-than-Fitch-expected increase in
   external debt.

The main factors that could lead to positive rating action are:

- Policy initiatives that lower general government debt to
   levels closer to the rating category median.

- Strengthening of external buffers through accumulation of
   foreign-exchange reserves.

- Diversification of the economy by developing sectors other
   than tourism; for example, facilitated by implementing
   structural reforms that enhance the business environment.

KEY ASSUMPTIONS

- The world economy performs broadly in line with Fitch's latest
   Global Economic Outlook.

- Tourism in the Maldives is not severely affected by a sudden
   outburst of political violence or security issues.



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


CHONTA INDUSTRIAL: BIR Files PHP61.82MM Tax Evasion Case
--------------------------------------------------------
Virgil Lopez at GMA News reports that the Bureau of Internal
Revenue (BIR) on May 16 filed with the Department of Justice
(DOJ) tax evasion complaints against three taxpayers in Caloocan
City who owe the government PHP121.47 million in unpaid taxes.

In the first complaint, the BIR accused Marilyn San Luis, sole
proprietor of Aerostar Industrial Supply, of violating Section
255 of the Tax Code for alleged failure to pay tax deficiencies
amounting to PHP3.62 million for 2011, GMA News relates.

The report says the BIR is also running after PHP61.82 million in
unpaid taxes for 2012 from Chonta Industrial Packaging, Inc.
(CIPI) and its assistant managing director Arlyn Mazo.

CIPI is engaged in the manufacture of goods. Its major clients
include Hilmarc's Construction Corp.; Rockwell Land Corp.;
DMConsunji, Inc.; and Eco Resort Development Corp.

The third complaint, meanwhile, is against Well-Pack Container
Corporation (WCP) and its president, Manuel Jamera, the report
discloses.

WCP, a company engaged in the manufacture of containers and boxes
of papers, was assessed with a tax liability of PHP56.03 million
from January 1, 2015 up to June 30, 2015, according to GMA News.

The report adds that he BIR said the respondents were served
notices of the tax liabilities but failed to either protest or to
submit additional documents to refute said assessments, thus
making them "final, executory, and demandable."



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


DAEWOO SHIPBUILDING: Set to Receive New Loan Later This Month
-------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. is set to receive KRW500 billion (US$448 million)
in fresh loans from its creditors later this month, industry
sources said on May 17.

The financial aid, part of the second bailout fund drawn up by
its creditors, will be spent on payments to subcontractors and to
employees, they said, Yonhap relays.

In March, the creditors led by the KDB announced a fresh rescue
package for the ailing shipbuilder that has been suffering from
severe liquidity problems over heavy losses in its offshore
projects, the report says.

Under the rescue package, Daewoo Shipbuilding receives new loans
worth KRW2.9 trillion, with lenders and bondholders swapping
KRW2.9 trillion of debt for new shares in the shipbuilder.
Bondholders will also give a three-year grace period for the
repayment of the remaining debt.

In return, Daewoo Shipbuilding has pledged to implement self-
rescue measures, worth KRW5.3 trillion, through 2018. It has
already sold off noncore assets and cut its workforce, through
which it has raised or saved KRW1.8 trillion, the report says.

Yonhap, meanwhile, reports that trading of Daewoo Shipbuilding
may resume in October this year after its financial status
improves, the sources said. The trading of Daewoo Shipbuilding
stocks have been halted since July last year, due to its impaired
capital base, the report notes.

Meanwhile, shareholders of Daewoo Shipbuilding approved a
proposal to hike the ceiling of sales of convertible bonds to
KRW4 trillion from the current KRW2 trillion, paving the way for
the shipyard to receive fresh funding from its creditors.

With the debt-for-equity swap, Daewoo Shipbuilding's debt ratio
will sharply fall to the 300 percent range from 2,732 percent at
the end of last year, says Yonhap.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



                             *********

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, Ivy B. Magdadaro and
Peter A. Chapman, Editors.

Copyright 2017.  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 Joseph Cardillo at 856-381-8268.



                 *** End of Transmission ***