TCRAP_Public/170921.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, September 21, 2017, Vol. 20, No. 188

                            Headlines


C H I N A

KWG PROPERTY: Fitch Rates Proposed USD Senior Notes BB-
KWG PROPERTY: Proposed USD Bond Issue No Impact on Moody's B1 CFR
XUZHOU HI-TECH: Fitch Withdraws BB- Long-Term Local-Currency IDR
YANZHOU COAL: Moody's Hikes CFR to B1; Outlook Stable


I N D I A

ARPIT PROJECTS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
ASIAN BUSINESS: Ind-Ra Places Non-Convertible Debentures on RWE
BANSAL SPINNING MILLS: Ind-Ra Moves BB+ Rating to Non Cooperating
GEE GEE AGRO: Ind-Ra Moves B+ Rating to Non-Cooperating Category
INDO SPONGE: Ind-Ra Assigns B- Issuer Rating, Outlook Stable

JUSTCLICK TRAVELS: Ind-Ra Assigns BB- Long-Term Issuer Rating
MILI STEELS: Ind-Ra Assigns 'BB+' Issuer Rating; Outlook Stable
MY CAR: Ind-Ra Migrates B LT Issuer Rating to Non-Cooperating
OSCAR INVESTMENTS: Ind-Ra Moves C Debt Rating to Non-Cooperating
RHC HOLDING: Ind-Ra Migrates Debt Ratings to Non-Cooperating


S I N G A P O R E

ZETTA JET: To Pursue Claims, Scrap Deals Signed by Former Exec.
ZETTA JET: Shareholders Obtain Injunction in Singapore
ZETTA JET: Chapter 11 Case Summary & 20 Top Unsecured Creditors


                            - - - - -



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C H I N A
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KWG PROPERTY: Fitch Rates Proposed USD Senior Notes BB-
-------------------------------------------------------
Fitch Ratings has assigned KWG Property Holding Limited's (BB-
/Stable) proposed US dollar senior notes a 'BB-(EXP)' expected
rating.

The notes are rated at the same level as KWG'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.

China-based KWG's ratings are supported by its established
homebuilding operations in Guangzhou, strong brand recognition in
higher-tier cities across China, consistently high margin, strong
liquidity and healthy maturity profile. KWG's ratings are
constrained by the small scale of its development and investment
property business, as well as the higher leverage after its land
purchases in 2016.

KEY RATING DRIVERS

Established in Guangzhou, Diverse Coverage: KWG's land bank is
diversified across China's Greater Bay Area - which includes
Guangzhou, Foshan and Hong Kong - as well as eastern and northern
China. In 2016, the company ranked among the top 10 homebuilders
by sales in Guangzhou, the capital of China's southern Guangdong
province. KWG had 11.85 million sq m of attributable land at end-
June 2017 that was spread across 18 cities in Mainland China and
Hong Kong. The land bank had average land cost of CNY4,515/sq m at
end-2016 and is sufficient for four to five years of development.
KWG has a prudent approach when entering new cities - it conducts
due diligence for around three years before entering, usually with
one or two projects in partnership with reputable local
developers.

Strong Brand Name: KWG has established strong brand recognition in
its core cities by focusing on first-time buyers and upgraders,
and appeals to these segments by engaging international architects
and designers, and setting high building standards. KWG's January-
July 2017 pre-sales rose 29% yoy to CNY16.9 billion after a 10%
yoy increase in 2016 to CNY22.3 billion. Guangzhou, Beijing and
Shanghai accounted for 45% of KWG's pre-sales in both 2016 and
1H17.

High Margin through Cycles: KWG's EBITDA margin has remained at
30%-35% through different business cycles and is one of the
highest among Chinese homebuilders. The company has made
protecting the margin one of its key business objectives. To this
end, KWG strives to maintain higher-than-average selling prices
through its consistent, high-quality products. Its experienced
project teams also ensure strong execution capability and strict
cost controls.

Moreover, KWG has low unit land cost of 20%-25% of its average
selling price due to its strong foothold in Guangzhou, where land
prices have not increased as much as in other Tier 1 cities over
the years. KWG's EBITDA margin was 31%-32% in 2016, and we expect
margin to be maintained at 30%-35% in the next two years.

Leverage Improvement Temporary: KWG's leverage on an attributable
basis - as measured by net debt/adjusted net inventories -
improved to around 28% by December 2016 from 39% in December 2015.
Leverage is below the 35% level at which Fitch may consider taking
positive rating action. However, Fitch expects leverage to
stabilise at 30%-40% for the next two years as KWG's leverage is
correlated with its contracted sales growth rate and its land-bank
replenishment strategy.

JVs with Leading Industry Peers: As a result of KWG's prudent
expansion strategy, it has a long record of partnership with
leading industry peers, including Sun Hung Kai Properties Limited
(A/Stable), Hongkong Land Holdings Limited (A/Stable), Shimao
Property Holdings Limited (BBB-/Stable), China Vanke Co., Ltd.
(BBB+/Stable), China Resources Land Ltd (BBB+/Stable) and
Guangzhou R&F Properties Co. Ltd. (BB/RWN). These partnerships
helped KWG achieve lower financing costs for its projects, reduce
competition in land bidding and improve operational efficiency. JV
presales made up 47% and 32% of KWG's total attributable presales
in 2016 and 1H17, respectively.

JV cash flows are well-managed, and investments in new JV projects
are mainly funded by excess cash from mature JVs. Leverage is also
lower at the JV level because land premiums are usually funded at
the holding company level and KWG pays construction costs only
after cash is collected from presales.

DERIVATION SUMMARY

KWG is well positioned among its peers with 'BB-' ratings.

KWG's contracted sales of CNY20 billion-25 billion are comparable
to Logan Property Holdings Company Limited's (BB-/Stable) around
CNY28.7 billion, Yuzhou Properties Company Limited's (BB-/Stable)
around CNY23 billion and China Aoyuan Property Group Limited's
(BB-/Stable) around CNY26 billion. However, KWG's EBITDA margin of
over 35% is one of the best within the 'BB-' peer group and is
better than that of 'BB' rated companies such as, Guangzhou R&F
and Sunac China Holdings Limited (BB-/RWN). This is offset by
KWG's slower churn of around 0.5x-0.7x, compared with above 1.5x
for CIFI Holdings (Group) Co. Ltd. (BB/Stable) and Future Land
Development Holdings Limited (BB-/Positive), both of which have
lower EBITDA margins of around 25% and 19%, respectively.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
- EBITDA margin (excluding capitalised interest) to slowly trend
   down from 35% to 32% for 2017-2019
- Land replenishment rate at 0.8x contracted sales GFA
   (attributable), assuming KWG maintains a land bank at about
   five years of development activity
- Land acquisition cost (attributable) at 40%-45% of sales
   proceeds from 2017
- Leverage to improve, but remain at about 40%-45% for 2017-2019

RATING SENSITIVITIES

Developments that may individually or collectively, lead to
positive rating action include:
- EBITDA margin sustained above 30%;
- Net debt/adjusted inventory sustained below 35%;
- Attributable contracted sales sustained above CNY30 billion
  (2016: CNY22 billion)

Developments that may individually or collectively, lead to
negative rating action include:
- EBITDA margin sustained below 25%;
- Net debt/adjusted inventory sustained above 45%

LIQUIDITY

KWG has well-established diversified funding channels, and strong
relationships with most foreign, Hong Kong and Chinese banks. KWG
has strong access to both domestic and offshore bond markets, and
was among the first few companies to issue panda bonds.

At end-June 2017, KWG had available cash of CNY30.6 billion
including restricted cash, which was enough to cover the repayment
of its short-term borrowing (CNY2.3 billion) and outstanding land
premium. Fitch expects the group to maintain sufficient liquidity
to fund development costs, land premium payments and debt
obligations during 2017-2018 due to its diversified funding
channels, healthy maturity profile and flexible land acquisition
strategy.


KWG PROPERTY: Proposed USD Bond Issue No Impact on Moody's B1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that KWG Property Holding Limited's
proposed USD bond issuance has no immediate impact on its B1
corporate family rating or on the B2 senior unsecured debt rating.

The ratings outlook is stable.

The proceeds of the proposed issuance will be used to refinance
existing debt.

"We expect that KWG's proposed bond issuance will improve its debt
maturity profile and reduce its average borrowing cost as it will
use the proceeds to refinance its existing debt," says Franco
Leung, a Moody's Vice President and Senior Credit Officer.

Overall, Moody's says the issuance will not materially affect the
company's credit metrics.

Moody's expects that KWG's EBIT interest coverage ratio -
including amounts attributable to jointly controlled entities -
will be around 2.7x-2.9x over the next 12-18 months compared to
2.5x for the 12 months to June 30, 2017. At the same time, revenue
to debt ratio - including amounts attributable to jointly
controlled entities - will improve to 40%-45% from 29% for the 12
months to June 30, 2017 due to expected strong revenue growth.

KWG's cash on hand of RMB30.6 billion at the end of June 2017,
together with the proceeds from the notes and its operating cash
flow over the next 12 months, will be sufficient to cover its
short-term debt of RMB2.3 billion and committed land payments
through to June 2018.

KWG's B1 corporate family rating is constrained by the company's
high debt leverage, which in turn reflects its large land
expenditures, its corporate strategy of maintaining high profit
margins, and the development of investment properties.

The stable ratings outlook reflects Moody's expectation that KWG
will maintain sufficient liquidity, high profit margins and good
interest coverage.

Upward ratings pressure could emerge if KWG: (1) improves its debt
leverage - as measured by revenue/adjusted debt and including its
shares in joint ventures - to above 65% on a sustained basis; and
(2) maintains a strong liquidity position, such that cash to
short-term debt exceeds 2x.

On the other hand, downward ratings pressure could emerge if the
company shows: (1) weaker contracted sales; (2) a deterioration in
its liquidity such that cash to short-term debt falls below 1x; or
(3) a deterioration in its credit metrics, with adjusted
EBIT/interest falling below 2.0x-2.5x, or if its debt leverage -
as measured by revenue/adjusted debt, including its shares in
joint ventures - falls below 40% on a sustained basis

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Rating Methodologies page on www.moodys.com for a copy of
this methodology.

KWG Property Holding Limited is a Chinese property developer
founded in 1995. At the end of June 2017, it had a total
attributable land bank of around 11.9 million sqm in gross floor
area across Guangzhou, Chengdu, Suzhou, Beijing, Shanghai,
Tianjin, Hainan, Hangzhou, Nanning, Nanjing, Foshan, Hefei, Wuhan,
Xuzhou, Jiaxing, Taizhou, Jinan, and Hong Kong. KWG mainly
develops mid to high-end residential properties, office buildings,
shopping malls and hotels.


XUZHOU HI-TECH: Fitch Withdraws BB- Long-Term Local-Currency IDR
----------------------------------------------------------------
Fitch Ratings has withdrawn Xuzhou Hi-Tech Industrial Development
Zone State-Owned Asset Management Co., Ltd's Long-Term Foreign-
and Local-Currency Issuer Default Ratings of 'BB-' with Stable
Outlooks.

Fitch is withdrawing the ratings as Xuzhou Hi-Tech has chosen to
stop participating in the rating process and for commercial
reasons. Therefore, Fitch will no longer have sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide ratings or analytical coverage for Xuzhou Hi-Tech.

RATING SENSITIVITIES
Not applicable.


YANZHOU COAL: Moody's Hikes CFR to B1; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 the corporate
family rating of Yanzhou Coal Mining Company Limited.

Moody's has also upgraded to B1 from B2 the senior unsecured debt
rating on the bonds issued by Yancoal International Resources
Development Co., Ltd and guaranteed by Yanzhou Coal.

The ratings outlook is stable.

These rating actions follow the completion by Yancoal Australia -
a 65.46% subsidiary of Yanzhou Coal -- of its acquisition of Coal
& Allied Industries Limited, funded by equity.

The rating actions also conclude the review for upgrade initiated
on August 9, 2017.

RATINGS RATIONALE

"The upgrade of Yanzhou Coal's corporate family rating to B1
reflects Moody's expectations that the company's refinancing risk
will be manageable in the next 12-18 months," says Gerwin Ho, a
Moody's Vice President and Senior Analyst, and also the
International Lead Analyst for Yanzhou Coal.

While Yanzhou Coal's short-term debt still amounted to a material
level of around 49% of total reported debt as of June 30, 2017,
Moody's expects the company will be able to refinance this short-
term debt.

This expectation reflects (1) its parent's status as a key state-
owned enterprise in Shandong Province and designated investment
holding company for the reform of the province's state-owned
enterprises; and (2) its continued access to the bond and banking
markets throughout the industry down-cycle in 2015 and 2016.

The company issued $500 million of senior perpetual capital
securities in April 2017, and also raised a sizeable bridging loan
to fund its subscription for the equity of Yancoal Australia.

"The rating upgrade also considers Moody's expectations that
Yanzhou Coal will sustain its reduced debt leverage, supported by
its improved Australian operations," says Cindy Yang, a Moody's
Assistant Vice President and Analyst, and also the Local Market
Analyst for Yanzhou Coal.

Moody's expects Yanzhou Coal's adjusted debt/EBITDA to decline to
around 6.0x-6.5x in the next 12-18 months from 9.8x and 7.4x at
the end of 2015 and 2016, respectively.

This projected debt leverage considers the additional EBITDA
contribution from Coal & Allied, a 10%-15% increase in debt to
support the expansion of its operations.

Coal & Allied owns majority interests in three of the 10 largest
low-cost mines in Australia that produce high quality thermal coal
products. The acquisition of Coal & Allied increases Yancoal
Australia's size and turns its operations profitable from the
current loss position. Yancoal Australia's operating loss narrowed
to AUD18.1 million in 1H 2017 from AUD265.3 million in 1H 2016.

Moreover, Yanzhou Coal's coal businesses significantly improved in
1H 2017, reflecting a recovery in coal prices since 2H 2016
following the Chinese government's (A1 stable) supply-side reform
efforts. The company's average selling price for coal -- including
externally purchased coal -- reached RMB506/ton in 1H 2017, up 30%
from RMB391/ton in 2016.

Yanzhou Coal's B1 corporate family rating primarily reflects the
company's standalone credit profile quality and a two-notch uplift
from expected extraordinary support from the Shandong Provincial
Government, through its parent Yankuang Group Corporation Limited.

The support assumption considers (1) Yankuang Group Corporation
Limited's 100% ownership by the Shandong Provincial Government;
(2) Yanzhou Coal's dominant position and strategic importance as
the group's flagship company and the continued support from the
provincial government for both Yanzhou Coal and Yankuang Group;
(3) the importance of Yanzhou Coal's mining assets to the Shandong
Province in terms of economic contribution and employment
population; (4) Yankuang Group's 56.6% direct and indirect stake
in in Yanzhou Coal as of June 30, 2017, and the control it has
over its board of directors and appointment of senior management;
and (5) the track record of Yankuang Group providing financial
support to Yanzhou Coal.

Shandong Provincial Government's standalone ability to provide
support is based on its status as a upper-tier regional and local
government with national strategic importance.

These factors are counterbalanced by the primarily commercial
nature of Yanzhou Coal's operations, which results in a lower
likelihood of support from the government than for entities with
significant public policy mandates.

Yanzhou Coal's standalone credit profile quality reflects: (1) its
diversified coal mining assets and good related infrastructure;
and (2) good quality coal and low-cost mining operations in
Shandong Province.

On the other hand, its standalone credit profile also considers
(1) the weak performance at Yancoal Australia Limited; (2) its
fast growth and resultant high debt leverage; (3) execution and
financial risks from its investments in the finance sector; and
(4) its weak liquidity position.

The stable outlook incorporates Moody's expectations over the next
12-18 months that (1) the company's credit metrics will be
maintained at levels appropriate for its current standalone credit
quality; and (2) there will be no material changes in its overall
business profile, its strategic importance to its parent and the
parent's ability to provide support.

Yanzhou Coal's ratings could be upgraded if the company improves
its financial profile through enhancing earnings and reducing
debt, absent any material changes in the support assessment.

Credit metrics indicative of upward rating pressure include
adjusted debt/EBITDA below 5x and EBIT/interest above 2.5x on a
sustained basis.

The upgrade pressure due to the increase to the current 2-notch
uplift is limited, given the primarily commercial nature of
Yanzhou Coal's operations.

Yanzhou Coal's ratings would be downgraded if there is a material
deterioration in its business or financial profile, absent any
material changes in the support assessment.

Credit metrics indicative of downward rating pressure include
adjusted debt/EBITDA above 9.0x.

The ratings could also be downgraded if Moody's assumptions of
parental support is lowered due to a decline in the importance of
Yanzhou Coal to its parent, a material weakening of the parent's
credit quality, or reduced linkage with the Shandong Provincial
Government.

Yanzhou Coal Mining Company Limited listed on the Shanghai and
Hong Kong stock exchanges in 1998. As of June 30, 2017, it was
56.6%-owned by Yankuang Group Corporation Limited, a state-owned
enterprise that is in turn wholly owned by the Shandong Provincial
Government.

As of June 30, 2017, Yanzhou Coal owned and operated 19 coal mines
across China and Australia, including in Shandong and Shanxi
provinces and the Inner Mongolia Autonomous Region in China, as
well as in the Australian states of Queensland, New South Wales
and Western Australia.



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I N D I A
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ARPIT PROJECTS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Arpit Projects
Limited's (APL) Long-Term Issuer Rating of 'IND D'. The
instrument-wise rating action is:

-- INR1,490 mil. Term loan due on December 2025 withdrawn with
    WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the term loan rating, as
the agency has received no-objection certificates from the
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated 31 March 2017 for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for APL.

COMPANY PROFILE

Ind-Ra is no longer required to maintain the term loan rating, as
the agency has received no-objection certificates from the
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated 31 March 2017 for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for APL.


ASIAN BUSINESS: Ind-Ra Places Non-Convertible Debentures on RWE
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Asian Business
Connections Private Limited's (ABCPL) non-convertible debentures
(NCDs) on Rating Watch Evolving (RWE):

-- INR4,500 mil. NCDs, issued on August 30 2016, due on
    Feb. 28, 2019 at 9% coupon rate, placed on RWE with
    IND BB-/RWE rating.

KEY RATING DRIVERS

Ind-Ra has placed the rating on RWE following the sale of 99.99%
stake in CSJ Infrastructure Private Limited (CSJ) by ABCPL on July
2017.

During August 2016, ABCPL issued senior, secured NCDs worth
INR4,500 million and transferred the proceeds to CSJ  in the form
of inter-corporate deposit (ICDs) at 9% rate of interest. Against
the issuance of NCDs, CSJ offered all its receivables from hotel
complex and office complex as security. According to the agreement
inked between CSJ and ABCPL, cash upstreaming to the latter was to
be done in form of interest income on and repayment of ICDs.

During July 2017, ABCPL sold its entire stake in CSJ to Dawn
Retails Pvt. Ltd. As informed by the management, it plans to
utilise the sale proceeds to acquire new real estate assets in
India and receivables from those assets will be offered as
security for the outstanding NCDs and NCD payment (interest +
instalment) will also be done from these new assets.

RATING SENSITIVITIES

The agency will resolve RWE once there is greater visibility about
the transaction in terms of the nature of the new of investment
and its impact on cash flow upstreaming to ABCPL for honouring NCD
payments.

COMPANY PROFILE

Incorporated in 2009 by Mr Shrikant Bhasi, ABCPL operates in
various verticals such as commodities trading, film exhibitions,
food and beverages and real estate through its subsidiaries. Most
of its revenue, EBITDA and debt come from its subsidiaries
Advantage Overseas Private Limited ('IND BBB-'/Stable), Carnival
Soft Private Limited and Carnival Films Private Limited.


BANSAL SPINNING MILLS: Ind-Ra Moves BB+ Rating to Non Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bansal Spinning
Mills Limited's (BSML) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable. The rating action takes into
account a sustained breach of Ind-Ra's negative rating guideline
for leverage (adjusted net debt/EBITDA) above 4x.

The ratings have also been migrated to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information. The
rating will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR770 mil. Fund-based limit downgraded and migrated to non-
    cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/Stable /IND A4+(ISSUER NOT COOPERATING) rating;

-- INR680 mil. Non-fund-based limit downgraded and migrated to
    non-cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/Stable /IND A4+(ISSUER NOT COOPERATING) rating;

-- INR213 mil. Term loan due on November 2021 downgraded and
    migrated to non-cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/Stable rating; and

-- INR100 mil. Proposed term loan withdrawn (the company did not
    proceed with the instrument as envisaged) with WD rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information

KEY RATING DRIVERS

The downgrade reflects BSML's leverage deteriorating to 5.1x in
FY17 (FY16: 4.4x) owing to stable revenue of INR3,259 million
(FY16: 3,217 million) and a decline in EBITDA margin to 5.2%
(6.1%), breaching Ind-Ra's negative rating guideline of 4x on a
sustained basis. FY17 numbers are provisional in nature.

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra with management certificate of
timely servicing of interest and principal payments for the last
12 months and information related to working capital utilisation
for the last two months despite continuous requests and follow-
ups.

COMPANY PROFILE

Founded in 1997 in Ludhiana by Sat Pal Bansal and Sanjay Bansal,
BSML is an integrated manufacturer of worsted woollen yarn,
fabrics, blankets and wool tops.


GEE GEE AGRO: Ind-Ra Moves B+ Rating to Non-Cooperating Category
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gee Gee Agro
Tech's (GGAT) 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 action are:

-- INR230 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

GGAT is a partnership firm engaged in manufacturing and processing
Basmati and non-Basmati rice. Its processing plant is located in
Moga, Punjab with a production capacity of 10 MT/hour and a
utilisation rate of 70%-80%.


INDO SPONGE: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indo Sponge Power
And Steel Limited (ISPSL) a Long-Term Issuer Rating of
'IND B-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR80 mil. Fund-based working capital limit assigned with IND
    B-/Stable rating;

-- INR50 mil. Long-term loan due on March 2023 assigned with IND
    B-/Stable rating.

KEY RATING DRIVERS

The ratings reflect ISPSL's small scale of operations. Revenue was
INR97 million in FY17. FY17 was the first full year of operations
under the new management after the company was taken over in FY16.
ISPSL expects continued small scale of operations in FY18 on
account of low demand for sponge iron. ISPSL booked nearly INR90
million in revenue for 5MFY18.

The ratings also reflect ISPSL's weak credit metrics due to a low
operating margin and a high debt, as well as tight liquidity. In
FY17, gross interest coverage (operating EBITDA/gross interest
expense) was 0.1x and net financial leverage (total adjusted net
debt/operating EBITDAR) was 196.4x. Considering its debt is high
and scale of operations is likely to be small, Ind-Ra expects
credit metrics to remain weak in FY18. Meanwhile, its maximum
utilisation of fund-based limits was almost 100% over the 12
months ended August 2017.

The ratings, however, are supported by its promoters' nearly five
years of experience in the iron and steel industry that will help
the company in gaining new customers.

RATING SENSITIVITIES

Positive: An increase in the scale of operations, along with an
improvement in credit metrics, may lead to a positive rating
action.

COMPANY PROFILE

ISPSL manufactures sponge iron. Its production capacity is 175
metric tons per day.

Incorporated in 2008 by Mr Asutosh Sharma, ISPSL was taken over by
Mr Ankit Agarwal, Mr Manas Agarwal and Mr Rahul Agarwal in FY16.





JUSTCLICK TRAVELS: Ind-Ra Assigns BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Justclick Travels
Private Limited (JCTPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect JCTPL's low profitability margins, moderate-
to-weak credit metrics and tight liquidity due to its presence in
the highly competitive online travel industry.

According to the FY17 provisional financials, EBITDA margins were
1.72% (FY16: 1.69%), gross interest coverage (operating
EBITDA/gross interest expense) declined to 1.68x (2.08x) due to an
increase in finance cost and net leverage (total adjusted net
debt/operating EBITDA) improved to 1.79x (2.33x) due to an
improvement in EBITDA to INR48.95 million (INR30.02 million). The
company's use of the working capital facilities was 99% on average
during the 12 months ended August 2017.

The ratings, however, are supported by JCTPL's moderate, albeit
growing, scale of operations. Revenue rose at a CAGR of 53.22% to
INR2,840.68 million (FY16: INR1,778.42 million), driven by both an
improvement in volumes per customer and addition of two new
business verticals, i.e., railway ticket bookings and money
transfer business along with the existing air ticketing business.

RATING SENSITIVITIES

Negative: Net interest coverage ratio remaining below 1.75x on a
sustained basis or further deterioration of the liquidity profile
would be negative for the ratings.

Positive: Continued revenue growth along with improvement in the
operating margins leading to a sustained improvement in the
interest coverage ratio along with improvement in the liquidity
profile would be positive for the ratings.

COMPANY PROFILE

JCTPL, a private limited company, was established in 2009 by Mr.
Navjot Singh Bhasin and Mrs. Jetender Kaur Bhasin. It offers a
comprehensive range of travel services, conventional and
unconventional, business and leisure etc. It is an agency
registered with International Air Transport Association, Travel
Agents Federation of India, Indian Association of Tour Operators
and Indian Railway Catering and Tourism Corporation in India.


MILI STEELS: Ind-Ra Assigns 'BB+' Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mili Steels
Private Limited (Mili) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limits assigned with
    IND BB+/Stable/IND A4+ rating; and

-- INR80 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect Mili's moderate scale of operations and
volatile profitability. In FY17, revenue grew 25% yoy to INR1,156
million, driven by an increase in orders from merchant exporters.
Ind-Ra expects further revenue growth in the medium term on
account of steady order inflow. EBITDA margin was 3.0%-4.4% over
FY14-FY17 owing to fluctuations in raw material prices. FY17
financials are provisional in nature. Mili booked INR310 million
in revenue for 1QFY18.

The ratings also reflect Mili's moderate credit metrics and tight
liquidity. In FY17, net financial leverage (adjusted net
debt/operating EBITDA) was 3.68x (FY16: 4.72x) and gross interest
coverage (operating EBITDA/gross interest expense) was 1.41x
(1.45x). The improvement in net leverage was due to a fall in
debt. Ind-Ra expects credit metrics to remain moderate in FY18, as
Mili does not have any debt-funded capex in the near term.
Moreover, Mili's average maximum utilisation of fund-based limits
was 95.2% over the 12 months ended August 2017.

The ratings, however, are supported by the promoter's three-decade
experience in stainless steel kitchen utensil manufacturing.

RATING SENSITIVITIES

Negative: A decline in revenue and EBITDA margin leading to
deterioration in credit metrics could be negative for the rating.

Positive: A further increase in revenue and a substantial rise in
EBITDA margin leading to an improvement in credit metrics could
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1995, Mumbai-based Mili manufactures stainless
steel kitchen utensils. It is headed by Mr Tarachand Gosar since
1983. Mili initially operated as a proprietorship firm in 1983 and
engaged in the trading of utensils under the brand Mili Metals. It
has its sales offices in New Delhi and Ahmedabad.


MY CAR: Ind-Ra Migrates B LT Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated My Car Private
Limited's (MCPL) 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 ratings will
now appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR245 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR6.21 mil. Term loan migrated to non-cooperating category
    with IND B(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 4
December 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, MCPL is a dealer for Maruti Suzuki's
passenger vehicles. The company runs its operations in Kanpur,
Uttar Pradesh. All its showrooms and workshops are owned. Vijay
Garg is the promoter.


OSCAR INVESTMENTS: Ind-Ra Moves C Debt Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Oscar Investments
Limited's (Oscar) bank loan and non-convertible debenture (NCD)
ratings to the non-cooperating category. The issuer did not
participate in the rating process, as it did not provide the no-
default statement for August 2017 despite multiple requests by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
now appear as 'IND C(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows.

-- INR1,500 mil. NCDs* migrated to non-cooperating category with
    IND C(ISSUER NOT COOPERATING) rating; and

-- INR5,000 mil. Long-term bank loan, issued on December 23,
    2016, due on December 23, 2018, migrated to non-cooperating
    category with IND C(ISSUER NOT COOPERATING) rating.

* Unutilised

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Issuer did not cooperate; based on best available
information

COMPANY PROFILE

Oscar is a listed group company of RHC Holding Private Limited
(RHC). RHC, along with Malav Holding and Shivi Holding, holds 69%
of Oscar's equity shares. As on 31 March 2017, Oscar held stakes
in several unlisted subsidiaries and group companies. As at end-
March 2017, Oscar had a balance sheet size of INR26.1 billion.


RHC HOLDING: Ind-Ra Migrates Debt Ratings to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RHC Holding
Private Limited's (RHC) bank loan and non-convertible debenture
(NCD) ratings to the non-cooperating category. The issuer did not
participate in the rating process, as it did not provide the no-
default statement for August 2017 despite multiple requests by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The instrument-wise
rating actions are:

-- INR2,000 mil. Secured long-term NCDs (long-term), issued on
    December 27, 2013, due on December 27, 2018, at 13.60% coupon
    rate migrated to non-cooperating category with IND D(ISSUER
    NOT COOPERATING) rating; and

-- INR750 mil. Secured long-term bank loans, issued on March
    2014, due on March 2018 at Base rate + 2.25,   migrated to
    non-cooperating category with IND C(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Issuer did not cooperate; based on best available
information

COMPANY PROFILE

RHC was incorporated in 2007 as Solaries Finance Pvt. Ltd. It was
renamed in November 2008. RHC is a closely held investment
company, held by Mr Malvinder Mohan Singh and Mr Shivinder Mohan
Singh. As on 31 March 2017, RHC held large stakes in several
unlisted subsidiaries and group companies. It acts as a joint
holding company, along with Oscar Investments Limited, of the
group's two main operating companies: Religare Enterprises Limited
('IND A'/RWN) and Fortis Healthcare Limited.



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


ZETTA JET: To Pursue Claims, Scrap Deals Signed by Former Exec.
---------------------------------------------------------------
Zetta Jet USA, Inc., and parent Zetta Jet Pte. Ltd, have sought
bankruptcy protection in the U.S. to purge fraudulent debt and to
scrap anomalous contracts signed by an officer they recently let
go and sued in district court.

Zetta Jet conducts private flight operations for international
business and luxury travel.  Zetta Jet services routes
domestically across the United States and globally to Europe,
Asia, Australia, Africa, the Middle East, and North and South
America, with ultra-long range intercontinental capabilities
across the Pacific Rim.  Zeta Jet owns and operates a fleet of
state-of-the-art Bombardier dual-engine jet aircraft, which are
equipped with the fastest in-flight Wi-Fi available, whisper-quiet
cabins, and curated with the finest amenities.  Additionally,
Zetta Jet operates a number of leased jets.

Zetta Jet PTE is the parent and sole shareholder of Zetta Jet USA.
Zetta Jet USA  has its main office and hangar base in Burbank,
California, and Zetta Jet PTE has its main office in Singapore.

The Debtors have no secured lender and do not believe that any
creditor has a security interest or lien in the revenue and cash
of the Debtors.

In December 2016, Zetta Jet PTE announced the merger/acquisition
of Zetta Jet USA's predecessor in interest, Advanced Air
Management, Inc., a California corporation, and Asia Aviation
Company Pte, Ltd., a Singaporean company, which gave rise to the
Zetta Jet of today.

Established in August 2015, Zetta Jet has provided the ultimate in
bespoke luxury experience to a discerning clientele of ultra-high-
net-worth individuals across the globe.  Zetta Jet has enjoyed
phenomenal growth over the past two years, in large part due to
high client satisfaction, customer word-of-mouth, and high-profile
advertising, including advertising on the ring-ropes of the recent
Mayweather-McGregor boxing match.

                   Events Leading to Bankruptcy

In August 2017, Zetta Jet's management learned that one of its
officers, Geoffrey Cassidy (who has since been removed from
office), was engaged in what Zetta Jet alleges to be fraud,
embezzlement, breaches of fiduciary duty, defalcation, and self-
dealing at a loss of millions of dollars to Zetta Jet. On August
17, 2017, Zetta Jet held special board meetings and removed Mr.
Cassidy and his wife from their respective positions with Zetta
Jet. At a special board meeting held on Sept. 5, 2017, the board
of directors appointed Michael Maher as Zetta Jet's new Chief
Executive Officer and President and authorized Mr. Maher to
explore bankruptcy options and file bankruptcy cases for the Zeta
Jet USA and Zetta Jet PTE.

Zetta Jet believes that Mr. Cassidy did not simply loot Zetta
Jet's coffers but also entered into several contracts on behalf of
Zetta Jet that were detrimental to Zetta Jet (many of which Zetta
Jet suspects involved kickbacks to Mr. Cassidy and secretive self-
dealing).

Zetta Jet takes the alleged fraud by Mr. Cassidy very seriously
and began a legal investigation and forensic accounting
prepetition.  As a result, on Sept. 8, 2017, Zetta Jet filed a
federal civil lawsuit against Mr. Cassidy and an investor in the
United States District Court for the Central District of
California, bearing case number 2:17-cv-06648-JAK-GJS (the
"District Court Lawsuit").  By way of the District Court Lawsuit,
Zetta Jet alleges that Mr. Cassidy engaged in self-dealing, fraud,
embezzlement and enriched himself by, among other unlawful
activities, (i) using company funds to purchase and/or renovate
personal property including two yachts and related items valued
conservatively between $3 million USD and $10 million USD; (ii)
purchasing and renovating real property, including homes in France
and Singapore; (iii) purchasing at least three luxury automobiles
in Singapore valued conservatively between $2 million USD and $3
million USD; (iv) hosting extravagant gatherings costing
hundreds of thousands of dollars in restaurants, bars, and social
clubs around the world, including in Monaco, Los Angeles, and
Macao; and (v) personally using Zetta Jet's fleet to fly his
friends and himself for free around the globe to Singapore,
Melbourne, Tokyo, Los Angeles, and Nice, France (where he took
possession of his new multi-million-dollar yacht, which was
purchased with misappropriated funds at Zetta Jet's expense), in
total over 300 hours of flight time at an average cost of $10,000
per hour in costs and lost corporate opportunity.

In 2015, Mr. Cassidy, in his capacity as an officer of Zetta Jet,
purchased seven Bombardier Global Express aircraft from a company
called Jetcraft and is alleged to have made secret deals with the
Jetcraft broker for illegal kickbacks of approximately $2 million
USD for each aircraft purchased.  Later, in 2017, Mr. Cassidy
ordered seven more Bombardier jets from Jetcraft with similar
alleged illegal secret kickbacks.  Zetta Jet estimates that these
alleged illegal kickbacks, in the aggregate, represent between $14
million USD and $18 million USD of assets and/or opportunities
misappropriated from Zetta Jet.  These dealings harmed and
continue to harm Zetta Jet by having inflated the price of the
purchased jets, inflating the financing obligations taken on by
Zetta Jet, including additional interest on higher principal sums
borrowed, and inflating the debt service to an unsustainable
level.

Both Zetta Jet USA and Zetta Jet PTE will seek to employ
professionals in their bankruptcy cases to continue the forensic
work and litigation involving the District Court Lawsuit and
intend to recover as much as possible to repay creditors, as well
as unwind and avoid fraudulent conveyances.  Zetta Jet USA and
Zetta Jet PTE will also evaluate and seek to reject certain
executory contracts negotiated by Mr. Cassidy for their
unfavorable business terms or otherwise avoid them as fraudulent
conveyances.  The FBI has interviewed Zetta Jet's officers and
shareholders about these matters, and Zetta Jet's current
management is cooperating fully in the belief that this will
advance recovery for creditors.

Additionally, in 2016, a wealthy Chinese national, Mr. Li Qi, made
a substantial investment in Zetta Jet with a combination of US$70
million loans and US$60 million capital.  Zetta Jet estimates that
Mr. Qi was owed approximately $70 million of debt as of the
Petition Date.  Prior to the Petition Date, Mr. Qi sought the
immediate payment of the obligations owed to him.  Zetta Jet's
management determined that Zetta Jet could not satisfy the demand,
certainly not without compromising the integrity of Zetta Jet's
ongoing business operations.

With the mounting pressure on cash flow, payments due to
legitimate creditors for debts incurred in the ordinary course of
Zetta Jet's business, and fraudulent claims being lodged by
illegitimate creditors, Zetta Jet USA and Zetta Jet PTE determined
in their reasonable business judgment that they should file
Chapter 11 bankruptcy cases and utilize the protections of the
Bankruptcy Code to keep their business operations running without
disruption, purge any fraudulent debt, analyze and reject those
contracts negotiated by Mr. Cassidy which are determined by the
Debtor and Zetta Jet PTE to be unfavorable, pursue claims against
Mr. Cassidy and potentially other parties, and provide for the
greatest recovery possible for the legitimate creditors of Zetta
Jet USA and Zetta Jet PTE.

                           84 Employees

As of the Petition Date, Zetta Jet USA employed a total of 84
employees, who are generally based in the United States.  The
Debtor has filed a motion to pay prepetition wages to employees.
By Thursday, Sept. 21, 2017, the Debtor will be required to
transfer funds to Intuit in an amount sufficient to cover the
Wages due to 78 Employees who are paid on a semi-monthly basis on
Friday, Sept. 22, 2017, which amount is estimated to total
$335,194.  The Debtor also expects to pay 6 employees who are paid
on a monthly basis on Friday, October 6, 2017, the amount totaling
$29,584.  The source of the funds to be used to pay and/or honor
the pre-petition Wages and to continue honoring the Debtor's
employment and benefit policies will be the Debtor's revenue and
cash on hand.  The Debtor says it cannot maintain its business
operations without its employees.

                          About Zetta Jet

Headquartered in Singapore, Zetta Jet claims to be the world's
first truly personalized private airline.  Zetta Jet promises to
deliver the ultimate in bespoke luxury experiences to a discerning
clientele with its unique experience that combines the dedicated
Asian service philosophy with the flexibility and 'can-do' spirit
of the U.S., adorned with the glamour of Europe's enduring chic on
its Bombardier fleet with ultra-long range intercontinental
capabilities across the Pacific Rim.

Zetta Jet is a FAA certificated air carrier and the first only
part 135 operator authorized to conduct Polar flights, enabling
Zetta Jet to optimize routes without limitation.  The Company has
offices both in Los Angeles and Singapore, and a network of sales
and support offices in New York, London, San Jose, Harbin and
Singapore.

Burbank, California-based Zetta Jet USA, Inc., and its Singapore-
based parent, Zetta Jet Pte. Ltd, filed voluntary bankruptcy
petitions under Chapter 11 of the U.S. Bankruptcy Code in the
Central District of California, Los Angeles Division (Bankr. C.D.
Cal. Case No. 17-21386 and 17-21387) on Sept. 15, 2017.

Zetta Jet PTE and Zetta Jet USA each estimated assets and debt of
$50 million to $100 million.

Levene, Neale, Bender, Yoo & Brill L.L.P, serves as counsel to the
Debtors.


ZETTA JET: Shareholders Obtain Injunction in Singapore
------------------------------------------------------
Zetta Jet USA, Inc., said in a U.S. Bankruptcy Court filing that
it has learned that certain shareholders of its co-debtor and
parent company, Zetta Jet PTE, Ltd. -- namely, Asia Aviation
Holdings Pte Ltd and Truly Great Global Limited -- have sought and
obtained on an emergency basis an injunction from a court in
Singapore in response to the commencement of the Chapter 11
bankruptcy cases filed by Zetta Jet USA and Zetta Jet PTE.

Counsel for Zetta Jet USA has thus far not yet been provided with
a copy of any such injunction.

The Debtor contends that (i) the actions taken by the foregoing
parties in Singapore constitute violations of the automatic stay,
(ii) the Singapore Court does not have any jurisdiction over the
Debtor or this Bankruptcy Court, and (iii) as a result of the
foregoing, the actions taken by such parties are null and void as
a matter of law.

Counsel to the Debtors, Ron Bender, Esq., at Levene, Neale,
Bender, Yoo & Brill L.L.P., cites In re Gold & Honey, Ltd., 310
B.R. 357, 369 (Bankr.E.D.N.Y.2009) (determining foreign
receivership proceeding commenced in Israel for Israeli
corporation to have violated the automatic stay when New York
corporation and Israeli corporation had already commenced chapter
11 proceedings).

                          About Zetta Jet

Headquartered in Singapore, Zetta Jet claims to be the world's
first truly personalized private airline.  Zetta Jet promises to
deliver the ultimate in bespoke luxury experiences to a discerning
clientele with its unique experience that combines the dedicated
Asian service philosophy with the flexibility and 'can-do' spirit
of the U.S., adorned with the glamour of Europe's enduring chic on
its Bombardier fleet with ultra-long range intercontinental
capabilities across the Pacific Rim.

Zetta Jet is a FAA certificated air carrier and the first only
part 135 operator authorized to conduct Polar flights, enabling
Zetta Jet to optimize routes without limitation.  The Company has
offices both in Los Angeles and Singapore, and a network of sales
and support offices in New York, London, San Jose, Harbin and
Singapore.

Burbank, California-based Zetta Jet USA, Inc., and its Singapore-
based parent, Zetta Jet Pte. Ltd, filed voluntary bankruptcy
petitions under Chapter 11 of the U.S. Bankruptcy Code in the
Central District of California, Los Angeles Division (Bankr. C.D.
Cal. Case No. 17-21386 and 17-21387) on Sept. 15, 2017.

Zetta Jet PTE and Zetta Jet USA each estimated assets and debt of
$50 million to $100 million.

Levene, Neale, Bender, Yoo & Brill L.L.P, serves as counsel to the
Debtors.

ZETTA JET: Chapter 11 Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor affiliates that filed Chapter 11 bankruptcy petitions:

       Debtor                                    Case No.
       ------                                    --------
       Zetta Jet USA, Inc.                       17-21386
          FKA Advanced Air Management, Inc.
       10676 Sherman Way
       Burbank, CA 91505-0000

       Zetta Jet PTE Ltd.                        17-21387
       10676 Sherman Way
       Burbank, CA 91505-0000

Business Description: Zetta Jet is a luxury jet operator based in
                      Singapore.  Zetta Jet is a Federal Aviation
                      Administration certificated air carrier and
                      the first only part 135 operator authorized
                      to conduct Polar flights, enabling Zetta Jet
                      to optimize routes without limitation.
                      Zetta Jet's fleet of aircraft are equipped
                      with KuBand wi-fi, are capable of flying the
                      longest routes, and have the most advanced
                      navigational instruments on board.  Zetta
                      Jet has sales and support offices in New
                      York, London, San Jose, Shanghai and
                      Singapore.

                      Web site: http://www.zettajet.com/

NAICS (North American Industry
Classification System) 4-Digit
Code that Best Describes Debtor: 0000

Chapter 11 Petition Date: September 15, 2017

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judges: Hon. Sandra R. Klein (17-21386)
        Hon. Sheri Bluebond (17-21387)

Debtors' Counsel: Ron Bender, Esq.
                  LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
                  10250 Constellation Blvd Ste 1700
                  Los Angeles, CA 90067
                  Tel: 310-229-1234
                  Email: rb@lnbyb.com

                    - and -

                  John-Patrick M Fritz, Esq.
                  LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
                  10250 Constellation Blvd Ste 1700
                  Los Angeles, CA 90067
                  Tel: 310-229-1234
                  Fax: 310-229-1244
                  Email: jpf@lnbyb.com

                                      Estimated   Estimated
                                       Assets    Liabilities
                                      ---------  -----------
Zetta Jet USA, Inc.                  $50M-$100M   $50M-$100M
Zetta Jet PTE Ltd.                   $50M-$100M   $50M-$100M

The petitions were signed by Michael A. Maher, chief executive
officer and president.

Full-text copies of the petitions are available for free at:

          http://bankrupt.com/misc/cacb17-21386.pdf
          http://bankrupt.com/misc/cacb17-21387.pdf

Debtors' List of 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Bombardier (Learjet Inc.)             Contract        $15,135,000
7761 West Kellogg                    Liquidated
Coldwater, KS 67029                   Damages
Martin Bruyere
Email:martin.bruyere@aero.bombardier.com

Rolls-Royce                          Trade Debt        $4,190,941
Deutschland Ltd & Co KG
PO Box 31
Derby, DE24 8BJ
United Kingdom
Michael Mechler
Tel: +49 33708 6-1739
Mobile: +49 171 614 6555
Email: michael.mechler@rolls-royce.com

World Fuel Svcs                      Trade Debt        $4,083,965
(Singapore) Pte Ltd
238A Thomson
Road #08-01/10
Novena Square
Tower A 307684
Singapore
Calvin Chia
Office: +65 6215 6942
Mobile: +65 9155 7799
Email: cchia@wfscorp.com

Universal Fuels, Inc. (UVAir)        Trade Debt         $2,757,332
1150 Gemini Street
Houston, TX 77058
Ms. Amen Fung
Phone: +852-2109 2130
Email: afung@univ-wea.com

CAE SimuFlite, Inc.                  Trade Debt         $2,264,166
POB 619119 2929 W.
Airfield TX
Dallas, TX 75261
Nathan Metzler
Tel: +1 214 952-8669
Email: nathan.metzler@cae.com

Hongkong & Shanghai Banking         Credit Card         $2,083,449
Corp Ltd                              Services
Robinson Road
P.O.Box 896
901746
Singapore
Ashlyn Lim
Tel: 65 6658 6927
Email: ashlynlim@hsbc.com.sg

Scout Aviation II, LLC                 Engine           $1,337,377
Trafalgar Court, 2nd                 Maintenance
Floor East Wing
Admiral Park, Saint
Peter Port
Guernsey, GY1 3EL
Guernsey
Tel: 44 1481 729466
Fax: 44 1481 729499

Universal Weather &                   Trade Debt        $1,196,724

Aviation Inc. (UWA)
1150 Germini Street
Houston, TX
77058-2708
Ms. Amen Fung
Tel: +852-2109 2130
Fax: 1-713-943 4640
Email: afung@univ-wea.com

Festin Management                       Engine            $708,006
2808 NE 1st Avenue                    Maintenance
Wilston Manners, FL 33334
James Torrey
Jimmy Jets
Tel: 954 682 1807

Hanergy [Yoda Aviation]               Trade Debt          $652,363
10th Fl, KeJi
Mansion, #28 of
TianZhu Rd
ShunYi District,
Beijing, China
John Zhang
Tel +86 10 83914567(7797)
Fax +86 10 83914666
Email: zhangbin@hanergy.com

Corporate Jet Support                 Trade Debt          $525,466
1 Graphic Place
Moonachie NJ 07074
Moonachie, NJ 07074
Whitne Keenan
Tel: 201-490-9296
Email: wkeenan@corpjetsupport.com

Eurocontrol                           Trade Debt          $475,649
Rue De la Fusee 96
Bruxelles,
Bruxelles-Capitale 1130
Belgium
Nancy Coveliers
Tel + 32 2 729 38 40
Email: nancy.coveliers@eurocontrol.int

Associated Energy                     Trade Debt          $441,085
Group, LLC (AEG Fuel)
PO Box 5606, 165, Hwy 50
Stateline, NV 89449
Victor Pena
Tel: +1.305.913.5253 Ext 109
Fax: +1.305.262.6080
Email: vpena@aegfuels.com

Tongda Air Service                    Trade Debt          $412,480
B-7-D, Fuhua
Mansion,
No.8 Chaoyangmen
North Street
Dongcheng District,
Beijing 100027
China
Tel +86 10 6554 6588/6388
Email: tongda@tdas-intl.com

Wex Bank                              Trade Debt          $368,328
33548 Treasury
Center Chicago, IL
60694-3500
Kiran Patel
Email: Kiran.Patel@wexinc.com

Jeppesen Sanderson, Inc.              Trade Debt          $365,488
55 Inverness Drive East
Englewood, CO
80112-5498
Doris Fuller
Tel: 303-328-4320
Fax: 303-328-4115
Email: doris.fuller@jeppesen.com

UVair European                        Trade Debt          $364,274
Fuelling Svcs Ltd
Office 10-14, Wing 5
Shannon Arpt
Shannon, Co. Clare
Ireland
Ms. Amen Fung
Tel: +852-2109 2130
Fax: 1-713-943 4640
Email: afung@univ-wea.com

ARINC Direct                          Trade Debt          $324,678
2551 Riva Road M/S
6-2566
Annapolis, MD
21401-7465
Saira Kanchwala
Tel: +65 98179217
Email: sfk@arinc.com

SN 1360, LLC                           Rent and           $295,386
2808 NE 1st Avenue                   (contingent)
Wilston Manners, FL                     Engine
33334                                Maintenance
James Torrey                         for $37,200
Jimmy Jets
Tel: 954 682 1807

Jet Support                           Trade Debt          $232,282
Services (JSSI)
180 N. Stetson Ave.
29th Floor
Chicago, IL
60601-6704
Richard Schumacher
Tel: 312.644.7651
Email: RSchumacher@jetsupport.com



                             *********

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.


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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.
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.



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