TCRAP_Public/180227.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

          Tuesday, February 27, 2018, Vol. 21, No. 041

                            Headlines


A U S T R A L I A

BCL GROUP: Collapse Hits WA Subcontractors With Big Debts
MALLEE TRANSPORT: First Creditors' Meeting Set for March 8
ODF INTERNATIONAL: Second Creditors' Meeting Set for March 1
OUTDOOR FURNITURE: Second Creditors' Meeting Set for March 1
PROFESSIONAL OUTSOURCE: First Creditors' Meeting Set for March 6

SUPERFUNDED PTY: Court to Hear ASIC Liquidation Bid on April 10
TOFS HOLDING: Second Creditors' Meeting Set for March 1

* Australian Auto ABS Delinquencies Rise in Q4 2017, Moody's Says


C H I N A

ANBANG INSURANCE: Committed to Overseas Units After Takeover
CHINA COMMERCIAL: Appoints Alex Lau as Chief Technology Officer


I N D I A

ANPRAS FOOD: CRISIL Moves B+ Rating to Not Cooperating Category
BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR8MM Loan
BHUSHAN POWER: NCLT Hears Liberty House Appeal on Bid Rejection
FARMICO COLD: CRISIL Moves B Rating to Not Cooperating Category
JAYALAKSHMI POLY: CRISIL Moves B Rating to Not Cooperating Cat.

K.M.M. FOODS: CARE Migrates D Rating to Not Cooperating Category
K. P. INDUSTRIES: CARE Moves D Rating to Not Cooperating Category
KAJUWALLA: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
KRISHNA INDUSTRIES: CARE Assigns B+ Rating to INR3.37cr LT Loan
LUHIT TEA: CARE Reaffirms B+ Rating on INR17.90cr LT Loan

MOMAI FOODS: CARE Migrates D Rating to Not Cooperating Category
PUNJAB MEDICAL: CRISIL Moves B+ to Not Cooperating Category
QUADRANT TELEVENTURES: CARE Cuts Rating on INR24.40cr Loan to D
RAJ KUMARI: CRISIL Moves B+ Rating to Not Cooperating Category
RAJSHRI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR2MM Loan

RANA STEELS: CARE Lowers Rating on INR26.24cr LT Loan to D
RAYAT EDUCATIONAL: CARE Reaffirms B Rating on INR33.36cr LT Loan
S.K. HITECH: CRISIL Moves B Rating to Not Cooperating Category
S. V. PATEL: CARE Assigns B+ Rating to INR7cr Long Term Loan
SADARAM JINING: CARE Moves D Rating to Not Cooperating Category

SHIMLA TOLLS: CRISIL Lowers Rating on INR32MM Term Loan to D
SIMPAN CERAMIC: CARE Assigns B+ Rating to INR7.44cr LT Loan
SRIVENKATESHWAR TRADEX: CARE Reaffirms B+ Rating on INR5cr Loan
VIDHISHA PAPER: CARE Assigns B+ Rating to INR4.56cr LT Loan


J A P A N

TK HOLDINGS: Bankruptcy Court Confirms Ch.11 Reorganization Plan


S I N G A P O R E

HEALTHWAY MEDICAL: Q4 Net Loss Narrows to SGD28.8 Million


S O U T H  K O R E A

HANJIN SHIPPING: Foreign Rep Enforcing Korea Sale Order in the US


X X X X X X X X

* BOND PRICING: For the Week Feb. 19 to Feb. 23, 2018


                            - - - - -


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


BCL GROUP: Collapse Hits WA Subcontractors With Big Debts
---------------------------------------------------------
Sarah Collard at ABC News reports that West Australian
subcontractors have been saddled with further debts totalling
hundreds of thousands of dollars after major civil landscaping
company BCL Group went into liquidation.

ABC News relates that the Wangara-based company's collapse comes
as the latest blow to the construction sector, after Cooper and
Oxley and Choice Living both went into administration in the past
month.

BCL Group worked on major dollar projects including the West
Coast Eagles' new Lathlain headquarters, the Supreme Court
Gardens upgrade and the AUD440 million Elizabeth Quay
development, as well as other government and private projects,
the report says.

According to ABC News, the development came after it was
announced last week BCL Group was suspending trading and
conducting a review into its financial viability.

ABC News relates that WA Subcontractors chairperson Louise
Stewart said subcontractors would bear the brunt of the company's
financial woes.

"I would expect that it would be 30 [subcontractors] or more,"
the report quotes Ms. Stewart as saying.  "We're talking hundreds
of thousands of dollars that those subcontractors are now looking
likely not to be paid."

Ms. Stewart said she feared more companies could go under in the
coming months, despite signs of life in the WA economy, adds ABC
News.

Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as liquidators of BCL Group on Feb. 23, 2018.


MALLEE TRANSPORT: First Creditors' Meeting Set for March 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Mallee
Transport Pty Limited will be held at Bernardi Martin, 195
Victoria Square, in Adelaide, SA, on March 8, 2018, at
10:00 a.m.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Mallee Transport on Feb. 26, 2018.


ODF INTERNATIONAL: Second Creditors' Meeting Set for March 1
------------------------------------------------------------
A second meeting of creditors in the proceedings of ODF
International Pty Ltd has been set for March 1, 2018, at 2:00
p.m. at the offices of DW Advisory, Level 2, 32 Martin Place, in
Sydney, 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 Feb. 28, 2018, at 5:00 p.m.

Justin Holzman and Anthony Elkerton of DW Advisory were appointed
as administrators of ODF International on Jan. 24, 2018.


OUTDOOR FURNITURE: Second Creditors' Meeting Set for March 1
------------------------------------------------------------
A second meeting of creditors in the proceedings of The Outdoor
Furniture Specialists Pty Ltd has been set for March 1, 2018, at
3:00 p.m. at the offices of DW Advisory, Level 2, 32 Martin
Place, in Sydney, 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 Feb. 28, 2018, at 5:00 p.m.

Justin Holzman and Anthony Wayne Elkerton of DW Advisory were
appointed as administrators of Outdoor Furniture on Jan. 24,
2018.


PROFESSIONAL OUTSOURCE: First Creditors' Meeting Set for March 6
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Professional Outsource Group Pty Ltd will be held at the offices
of SV Partners, SV House, 138 Mary Street, in Brisbane,
Queensland, on March 6, 2018, at 11:00 a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Professional Outsource on Feb. 22, 2018.


SUPERFUNDED PTY: Court to Hear ASIC Liquidation Bid on April 10
---------------------------------------------------------------
The Australian Securities and Investments Commission has applied
to the Federal Court of Australia for the appointment of a
liquidator to Superfunded Pty Ltd, a WA-based company that
encouraged customers to set up self-managed super funds.

In particular, ASIC alleges that Superfunded in encouraging
customers to set up self-managed super funds:

- by itself or through its officer and employees may have
   breached the Corporations Act and provisions of the
   Superannuation Industry (Supervision) Act that relate to
   promoters of schemes that encourage or promote the illegal
   early release of super;

- is no longer operational and cannot be permitted to continue
   or recommence it operations without the appropriate licensing
   and/or proper directorship;

- is not managing the SuperFunded Trust;

- is not ensuring that the Investment Loans are being serviced
   and interest on the Investment Loans is being collected;
   and/or Investors are receiving their dividends;

- has what appear to be inadequate books, records and financial
   accounts; and

- may be unable to pay its debts in the near future.

ASIC seeks from the Court the appointment of Mr. Jason Tracy of
Deloitte as liquidator of Superfunded.

ASIC's application has been listed for hearing in the Federal
Court of Australia at Perth on April 10, 2018 at 10:15 a.m.

ASIC had previously obtained a range of interim injunctions in
the Perth Federal Court on Nov. 9, 2017, against Superfunded and
its sole director, Mr Max David Goldenberg, of Currambine and its
sole shareholder Mr Mark Travis Goldenberg of Claremont:

- restraining Superfunded and the Goldenbergs from providing
   financial services
- restraining Superfunded and the Goldenbergs from having
   access to client or investor assets
- prohibiting advertising, promoting or marketing financial
   services or products in relation to the investors and
   potential investors of the Superfunded Loan Investment Trust
   for the preservation of assets; and

- for financial disclosure.

ASIC's investigation is ongoing.


TOFS HOLDING: Second Creditors' Meeting Set for March 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of TOFS Holding
Co Pty Ltd has been set for March 1, 2018, at 2:30 p.m. at the
offices of DW Advisory, Level 2, 32 Martin Place, in Sydney, 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 Feb. 28, 2018, at 5:00 p.m.

Justin Holzman and Anthony Elkerton of DW Advisory were appointed
as administrators of TOFS Holding on Jan. 24, 2018.


* Australian Auto ABS Delinquencies Rise in Q4 2017, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the performance of Australian
auto loan asset-backed securities (ABS) deteriorated in Q4 2017
from Q3 2017.

"Specifically, the average 30+ day delinquency rate rose to 1.70%
at December 31, 2017 from 1.52% at September 30, 2017," says
Alena Chen, a Moody's Vice President and Senior Analyst.

"The performance of most Australian auto loan ABS programs - with
the exception of BOQ Equipment Finance Limited's REDS
transactions - deteriorated during the same quarter," adds Chen.

The weighted-average 30+ delinquency rate of Macquarie Leasing
Pty Limited's SMART transactions rose to 1.10% at December 31,
2017 from 0.98% at September 30, 2017.

The weighted-average 30+ day delinquency rate of St.George Bank
Limited's Crusade transactions increased to 2.49% at December 31,
2017 from 2.18% at September 30, 2017.

BOQ Equipment Finance Limited's REDS transactions had the lowest
weighted-average 30+ day delinquency rate of 0.86% at December
31, 2017, down from 1.15% at September 30, 2017.

Defaults and loss levels remained low during Q4 2017. At December
31, 2017, the 2013 vintage - the most seasoned of the outstanding
pools - registered a cumulative default rate of 2.52%, and a net
loss rate of 1.32%.

Recovery rates for all vintages stayed stable in Q4 2017, at
around 45%-50%.

During Q4 2017, Moody's rated one new auto ABS deal, with a total
volume of AUD300 million.



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


ANBANG INSURANCE: Committed to Overseas Units After Takeover
------------------------------------------------------------
Reuters reports that Anbang Insurance Group Co Ltd said it fully
supported the Chinese insurance regulator's decision to
temporarily take control of the company and remains committed to
the development of its overseas subsidiaries.

"We fully support CIRC's decision," Reuters quotes a company
spokesman as saying, referring to the China Insurance Regulatory
Commission. "We will continue to be committed to our overseas
subsidiaries' business and investment, and will provide necessary
support to their healthy development."

Reuters says the Chinese government on Feb. 23 seized control of
Anbang Insurance Group Co Ltd and said its chairman had been
prosecuted, dramatically illustrating Beijing's willingness to
curtail big-spending conglomerates as it cracks down on financial
risk.

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.


CHINA COMMERCIAL: Appoints Alex Lau as Chief Technology Officer
---------------------------------------------------------------
The Board of Directors of China Commercial Credit, Inc.,
appointed Mr. Alex Lau as the Company's chief technology officer
who will spend at least 20 hours per week with the Company,
effective Feb. 20, 2018.

Since 2015 to present, Mr. Lau has been working as a consultant
for Ceph Distributed Filesystem for SUSE and as a Blockchain
Consultant for WeBank and CyberMiles.  From 2005 to 2011, he was
the R&D manager for SUSE Linux in Beijing and Taiwan.  From 2011
to 2015, he served as the CTO for Symbio Mobile.  From 1999 to
2001, he worked at Nortel Network, before moving to China.  Mr.
Lau received his Software Computer Science degree at University
of North Texas in 1999.

According to the Company, Mr. Lau does not have any family
relationship with any director or executive officer of the
Company and has not been involved in any transaction with the
Company during the past two years that would require disclosure
under Item 404(a) of Regulation S-K.

Mr. Lau has entered into an employment agreement with the
Company, which set his annual compensation at 50,000 shares of
common stock of the Company and establishes other terms and
conditions governing his service of the Company.

                  About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- is a financial services
firm operating in China.  Its mission is to fill the significant
void in the market place by offering lending, financial guarantee
and financial leasing products and services to a target market
which has been significantly under-served by the traditional
Chinese financial community.  The Company's current operations
consist of providing direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial's independent accounting firm Marcum Bernstein &
Pinchuk LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, citing that the Company has accumulated
deficit that raises substantial doubt about its ability to
continue as a going concern.

China Commercial reported a net loss of USGD1.98 million for the
year ended Dec. 31, 2016, compared with a net loss of USGD61.26
million for the year ended Dec. 31, 2015.  The Company's balance
sheet as of Sept. 30, 2017, showed USGD7.71 million in total
assets, USGD8.48 million in total liabilities and a total
shareholders' deficit of USGD774,251.



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


ANPRAS FOOD: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Anpras
Food Products Private Limited (AFPPL) for obtaining information
through letters and emails dated January 30, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4.25     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Import Letter of        0.60     CRISIL A4 (Issuer Not
   Credit Limit                     Cooperating; Rating Migrated)

   Term Loan               2.60     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Anpras Food Products Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Anpras Food Products Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Anpras Food Products Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

AFPPL, incorporated in 2012, has set up a rice milling facility
at Ranchi, Jharkhand, which commenced commercial operations in
April 2013. Managing director Mr M K Singh oversees its
operations.


BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR8MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Bhasin and Company (BAC) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Inland Guarantees       8        CRISIL A4 (Reaffirmed)

   Inland/Import
   Letter of Credit        2        CRISIL A4 (Reaffirmed)

   Overdraft               8        CRISIL B+/Stable (Reaffirmed)

   Proposed Bank
   Guarantee               1        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a small scale of operations and
an average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the proprietor in
the hosiery garments business, and an established relationship
with reputed clients.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amidst intense competition:
Operating income is expected to remain modest at INR50.0 crore in
fiscal 2018 against INR47.70 crore in fiscal 2017. Revenue is
expected to grow at 5-10% per fiscal over the medium term.
Furthermore, the hosiery industry, largely based in Ludhiana,
Punjab, has a large number of small and medium-sized factories,
resulting in intense competition.

* Weak financial risk profile: The networth is small due to low
accretion to reserves. The estimated total outside liabilities to
adjusted networth ratio is estimated to be high at 3.6 times as
on March 31, 2018, while the debt protection metrics are expected
to remain moderate, with interest coverage and net cash accrual
to adjusted debt ratios at  2.0 times and 10%, respectively, for
fiscal 2018.

Strength

* Extensive industry experience of the proprietor and established
relationship with reputed clients: A track record of more than 50
years and the extensive experience of the proprietor have
resulted in an established position in the supply of hosiery
products and copper, nickel, and silver medals to the Indian
national armed forces. The firm is registered with most of the
armed forces goods procurement agencies such as Director General
of Ordinance Services, Director Military Regulations & Forms,
Border Security Force, Central Reserve Police Force, and National
Cadet Corps. Repeat award of tenders and work orders from these
reputed agencies indicate a focus on product quality.

Outlook: Stable

CRISIL believes BAC will continue to benefit from the extensive
industry experience of the proprietor and established
relationship with suppliers and customers. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in revenue and profitability, considerable increase
in the networth on the back of capital infusion, or a decline in
loans and advances extended to group entities. The outlook may be
revised to 'Negative' if larger-than-expected working capital
requirement, or any sizeable, debt-funded capital expenditure
weakens the capital structure significantly.

BAC was established as a proprietorship firm in 1950 by the late
Mr Ramlal Bhasin. The firm manufactures hosiery products, and
copper, nickel and silver medals. As sales are only to the Indian
armed forces, business is entirely tender-based. Operations are
currently being managed by Mr Balraj Kumar Bhasin and his son, Mr
Munish Bhasin.


BHUSHAN POWER: NCLT Hears Liberty House Appeal on Bid Rejection
---------------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Tribunal, on Feb. 26, took up the Liberty House petition against
the Committee of Creditors' decision not to open its bid for
Bhushan Power and Steel and rejecting it outright.

The creditors had refused to consider Liberty House's bid as it
was placed after the February 8 deadline, the report says.

According to the report, the global metal group, promoted by
Indian business man Sanjeev Gupta, accused the creditors of
considering the deadline sacrosanct rather than making efforts to
recover the maximum value from the stressed assets. If deadline
was so important, why was it extended twice, it asked.

Asked whether the company's bid was better than that of the
winner, Tata Steel, a Liberty House spokesperson said all the
numbers doing the rounds are highly speculative. "All we want to
say is our bid was superior in every way," she said, adding that
the company wouldn't have minded being rejected had its bid been
been opened and found uncompetitive, the report relays.

In fact, she added, the creditors wanted to open the bid at their
last meeting as they knew it was higher than the rest, but the
lawyers stopped them.

According to the Hindu BusinessLine, Tata Steel was learnt to
have emerged as the highest bidder for Sanjay Singhal-owned
Bhushan Power and Steel with an offer to pay INR17,000 crore to
lenders and infuse additional cash of INR7,000 crore for working
capital and payments to operational creditors and employees.

TV Narendran, Managing Director, Tata Steel, recently said: "I
would not comment on the (Bhushan assets bid) numbers. Media
report says we are the highest...if media reports about other
bids are right then probably we are the highest," the report
relays.

Incidentally, Liberty House bought Tata Steel's pipe mill in the
UK and is in the process of making it profitable, the report
notes.

The other bidders for Bhushan Steel included JSW Steel, which
proposed to pay INR11,000 crore upfront, issue equity to lenders
and infuse INR2,000 crore as working capital, the Hindu
BusinessLine discloses.

Bhushan Power, which owes lenders INR48,000 crore, has been put
on the block by Punjab National Bank.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


FARMICO COLD: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Farmico
Cold Chain Private Limited (FCCPL) for obtaining information
through letters and emails dated November 30, 2017 and
December 12, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               10       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Farmico Cold Chain Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Farmico Cold Chain Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Farmico Cold Chain Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.

Incorporated in 2000 and promoted by Mr Prakash Wadhwani, WPCS
operates a cold storage unit at Nagpur, Maharashtra. The company
provides cold storage and banana-ripening facilities to various
farmers and traders.


JAYALAKSHMI POLY: CRISIL Moves B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Jayalakshmi Poly Packs Private Limited (JPPL) for obtaining
information through letters and emails dated December 30, 2017
and January 5, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.45      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit            1.75      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       2         CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan         2.61      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Cash          1.19      CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating; Rating Migrated)

   Proposed Letter        2         CRISIL A4 (Issuer Not
   of Credit                        Cooperating; Rating Migrated)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jayalakshmi Poly Packs Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jayalakshmi Poly Packs Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Jayalakshmi Poly Packs Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

JPPL was originally established as a partnership firm in 1996;
the firm was reconstitute as a private limited company in 2010.
It is based in Bengaluru and promoted by Mr. Srinivas. The
company manufactures poly stretch film and poly air bubble
sheets.


K.M.M. FOODS: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from K.M.M. Foods
Private Limited (KFPL) to monitor the ratings vide e-mail
communications/letters dated August 29, 2017, September 15, 2017,
October 5, 2017, November 13, 2017, December 1, 2017, January 16,
2018 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 K. M.
M. Foods Private Limited's bank facilities and instruments will
now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
  Facilities      (INR crore)     Ratings
  ----------      -----------     -------
  Long-term Bank       5.66       CARE D; ISSUER NOT COOPERATING;
  Facilities                      Based on best available
                                  information

Detailed description of the key rating drivers

Ongoing delays in debt servicing

There are on-going delays in debt servicing owing to stretched
liquidity position.

KFPL was incorporated in 2007 by Mr Prem Manglani and Mr.
Ghanshyam S Manglani. It is a contract based manufacture
of Parle 20-20 biscuits for Parle Products Limited (PPPL). The
company has its manufacturing unit in Ahmedabad, Gujarat
with an installed capacity of 1196 Metric tonne (MT). The raw
materials are entirely supplied by PPPL and the
manufacturing process is as per standards and specifications of
PPPL. KFPL is a part of the Manglani Group, Gujarat, which
has a presence in confectionery and bakery products for over four
decades.


K. P. INDUSTRIES: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE has been seeking information from K. P. Industries (KPI) to
monitor the rating(s) vide e-mail communications/letters dated
October 18, 2017, October 26, 2017, October 31, 2017, November
10, 2017, December 7, 2017, December 11, 2017, January 3, 2018,
January 8, 2018, January 15, 2018, January 19, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the firm
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 K. P. Industries bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank        9.69      CARE D; Issuer not cooperating;
  Facilities                      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(s).

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

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: KPI has been irregular in
servicing its debt obligation due to weak liquidity position of
the firm.

Established in the year 2009, Ahmedabad-based K.P. Industries
(KPI) is a partnership firm engaged in the processing of
non-basmati rice. Key partners include Mr. Dhaval Prajapati and
Mr. Atul Prajapati who manage the day to day operations. As on
March 31, 2016, it had a total installed capacity of 69,120
Metric Tonnes per annum and operates through its sole
manufacturing unit at Kheda.


KAJUWALLA: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility Kajuwalla at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit &         10        CRISIL B+/Stable (Reaffirmed)
   Working Capital
   demand loan

The rating reflects modest interest coverage ratio and high bank
limit utilisation. These weaknesses are partially offset by the
proprietor's extensive experience in the dry fruit trading
industry.

Analytical Approach

Unsecured loans, extended by the proprietor (Rs 1.95 crore as on
March 31, 2017) have been treated as neither debt nor equity, as
these loans are subordinated to bank debt and expected to remain
in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest interest coverage ratio: In fiscal 2017, interest
coverage ratio was modest at 1.2 times, in line with fiscal 2016
and is expected to remain modest over the medium term.

* High bank limit utilisation: Kajuwalla's average bank limit
utilisation was high at 95% over the 12 months through December
2017 with instances of overutilization; however same got
regularized in less than 10 days.

Strength

* Proprietor's extensive experience in the dry fruit trading
industry: Firm is expected to continue to get benefits decade
long experience of the proprietor, Mr Jatin Sharma, in the dry
fruit trading business, and maintain healthy relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes Kajuwalla will continue to benefit over the
medium term from the extensive experience of its proprietor. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating income and margin, resulting in better net
cash accrual and interest coverage ratio, or if bank limit gets
enhanced, improving liquidity. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected revenue or
operating margin, or stretch in the working capital cycle, or
large, debt-funded capital expenditure, weakening the financial
risk profile.

Established in 2012, Kajuwalla, a proprietorship concern by Mr
Jatin Sharma, trades in dry fruits. It is based in Delhi.


KRISHNA INDUSTRIES: CARE Assigns B+ Rating to INR3.37cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Krishna Industries (KI), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facilities            3.37       CARE B+; Stable Assigned

  Short-term Bank
  Facilities            2.50       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of KI are constrained
by small scale of operations with low profit margins, volatile
agro-commodity (paddy) prices with linkages to vagaries of the
monsoon, regulated nature of the industry, working capital
intensive nature of business, moderate capital structure,
partnership nature of constitution and its presence in an
intensely competitive industry with presence of many unorganized
players. The ratings, however, derive strength from extensive
experience of the partners with satisfactory track record of
operations, satisfactory debt coverage indicators, proximity to
raw material sources and favorable industry scenario.

Going forward, the firm's ability to grow its scale of
operations, improve its profitability margins and efficient
management of its working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: KI is a
relatively small player in the rice milling industry marked by
its total operating income of INR9.91 crore (FY16: INR8.08 crore)
with a PAT of INR0.24 crore (FY16: INR0.17 crore) in FY17. The
profit margins of the firm remained low during last three years
(FY15-FY17). Further, the PBILDT margin deteriorated in FY17 and
the same stood low at 3.98% in FY17 as against 4.02% in FY16.
However, the PAT margin improved marginally but the same stood
low at 2.42% in FY17.

Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: KI is primarily engaged in the processing of rice
products in its rice mills. Paddy is mainly a 'kharif' crop and
is cultivated from June-July to September- October and the peak
arrival of crop at major trading centers begins in October. The
cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high
at season time owing to the requirement for stocking of paddy in
large quantity.

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2017-18 to INR1550/quintal from INR1470/quintal in crop year
2016-17. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target
laid by the central   government for the central pool. Given the
market determined prices for finished product vis-a-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable.

Working capital intensive nature of business: Paddy is mainly a
'kharif' crop and is cultivated from June-July to September-
October and the same is processed by rice millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Accordingly the average inventory holding period remained at 67
days during FY17 which has resulted in high working capital
intensive nature of its operations. However, the average
utilization of working capital limits was moderate at around 60%
during last 12 months ended in December 2017.

Moderate capital structure: The capital structure of the firm
remained moderate marked by debt equity ratio of 0.05x (FY16:
0.08x) and overall gearing ratio of 1.19x (FY16: 0.76x) in FY17.
Partnership nature of constitution: KI, being a partnership firm,
is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Raipur and nearby
districts of Chhattisgarh are a major paddy growing area with
many rice mills operating in the area. High competition restricts
the pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Key Rating Strengths

Experienced partners and satisfactory track record of operations:
The firm is into trading of paddy, rice and its byproducts and
rice milling and processing business since 2012 and thus has
satisfactory track record of operations. Due to satisfactory
track record of operations the partners have established
satisfactory relationship with its clients.  Furthermore the
partners; Mr. Bitthal Singhania and Mr. Brajesh Singhania are
having more than 15 years of experience in the same line of
business, looks after the day to day operations of the firm.

Satisfactory debt coverage indicators: The debt coverage
indicators remained satisfactory marked by interest coverage of
3.78x (FY16: 3.29x) and total debt to GCA of 5.14x (FY16: 3.66x)
in FY17.

Proximity to raw material sources and favorable industry
scenario: KI plant is located at Raipur district of Chhattisgarh
which is a paddy growing region of the state resulting in lower
logistic costs (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. Furthermore rice, being one of the primary food articles
in India, demand is high throughout the country and with the
change in life style and health consciousness; by-products of the
same like rice bran oil etc. are in huge demand.

KI was constituted as a partnership firm in 2012 by the Singhania
family of Raipur, Chhattisgarh. Since its inception, the firm has
been engaged in trading of paddy, rice and its byproducts and
also engaged in rice milling and processing activities. The plant
of the firm is located in Raipur, Chhattisgarh with aggregate
installed capacity of 34, 560 metric ton per annum. The firm
derives revenue of around 60% from manufacturing activities and
rest from the trading activities.


LUHIT TEA: CARE Reaffirms B+ Rating on INR17.90cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Luhit Tea Company Private Limited (LTC), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facility              17.90      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of LTC is constrained
by its small scale of operations with low profit margins,
susceptibility to vagaries of nature, volatility in tea prices,
lack of backward integration for its raw materials, high
completion, working capital intensive nature of business and
leveraged capital structure. However, the aforesaid constraints
are partially offset by its long and established track record of
operation, experienced management and satisfactory capacity
utilization with in line recovery rate.

Going forward, ability to increase its scale of operation,
improve profitability margins and ability to manage working
capital effectively would remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long & established track record: LTC has been engaged in
processing and sale of tea since 1997. Over the years, LTC has
been able to grow over the years by constantly increasing the
quality of manufactured tea.

Experienced management: Mr. Hiralal Somani, Mr. Manoj Somani and
Mr. Binod Somani are the directors of LTC and looks after overall
management of the company. Mr. Hiralal Somani having around five
decades of experience in the tea industry and are ably supported
by other director Mr. Manoj Somani and Mr. Binod Somani along
with the team of experienced professionals who have rich
experience in the same line of business.

Satisfactory capacity utilization with in line recovery rate:
Capacity utilization of the tea processing unit of LTC has
remained at satisfactory level during the last three years.
Moreover, the average recovery rate for LTC is also in line with
the industry average.

Key Rating Weaknesses

Small scale of operations with low profit margins: Luhit Tea
Company Private Limited is a relatively small player in the tea
industry with total operating income of INR12.53 crore in FY17.
The total capital employed was at INR9.89 crore as on March 31,
2017. This apart, the PBILDT and PAT margins were INR1.11 crore
and INR1.38 crore respectively in FY17. The company has achieved
sales of around INR4.82 crore during 9MFY18. The small size
restricts the financial flexibility of the company in times of
stress and it suffers on account of economies of scale.

Susceptibility to vagaries of nature: Tea production, besides
being cyclical, is susceptible to vagaries of nature. LTC has its
manufacturing facilities in Golaghat district of Assam, the
largest tea producing state in India. However, the region has
sometimes witnessed erratic weather conditions in the past.
Though demand for tea is expected to have a stable growth rate,
supply can vary depending on climatic conditions in the major tea
growing areas. Therefore adverse natural events have negative
bearing on the productivity of tea gardens in the region and
accordingly LTC is exposed to vagaries of nature.

Volatility in tea price: The prices of tea are linked to the
auctioned prices, which in turn, are linked to prices of tea in
the international market. Hence, significant price movement in
the international tea market affects LTC's profitability margins.
Further, tea prices fluctuate widely with demand-supply
imbalances arising out of both domestic and international
scenarios. Tea is perishable product and demand is relatively
price inelastic, as it caters to all segments of the society.
While demand has a strong growth rate, supply can vary depending
on climatic conditions in the major tea growing countries. Unlike
other commodities, tea price cycles have no linkage with the
general economic cycles, but with agro-climatic conditions.

Lack of backward integration for its raw materials: LTC purchases
green leaves from the small and local gardens in the nearby area
and has its own manufacturing unit having a tea producing
capacity of about 12 lakhs kg per annum enabling the company to
supply black tea, as per the demand scenario. As the green leaves
are procured fully from nearby gardens in the area, LTC depend on
external raw material suppliers and resultantly the pressure on
margin due to higher raw material cost.

High competition: While the tea industry is an organized agro-
industry, it is highly fragmented in India with presence of many
small, midsized and large players. There are about 1000 of tea
brands in India, of which 90% of the brands are represented by
regional players while the balance of the 10% is dominated by big
corporate houses. Since, LTC sells all its produce through
auctions and doesn't have any brand; in addition to that growing
shift from loose to branded tea, would further intense the
competition.

Working capital intensive nature of business leading to leveraged
capital structure: LTC's business, being manufacturing of black
tea, is working capital intensive in nature as the tea business
depends on working capital borrowings, which has resulted in
leveraged capital structure as reflected by the moderate overall
gearing ratio at 1.72x as on March 31, 2017. Accordingly, the
average fund based working capital utilization remained high at
about 95% during the last 12 months ended December, 2017.

Luhit Tea Company Private Limited (LTC) was incorporated in
August, 1997 by Assam based Somani family. Since its
incorporation the company is engaged in the business of
processing of black tea at Dhulia Gaon, Golaghat, Assam. The
company sells tea in auction and through brokers. The company was
engaged in setting up a new black tea manufacturing unit in
Chariakhat Bagan Gaon, Dist Golaghat, Assam with an estimated
project cost of INR17.33 crore. There was time overrun of around
6 months and cost overrun of INR2.90 crore of its proposed tea
manufacturing unit which is financed through a new term loan from
bank. The installed capacity of the company is increased from 12
lakh kgs to 18 lakh kgs. The company is currently engaged in
blending of tea in its existing location. The company is expected
to commence full commercial operation of its new manufacturing
unit from March 2018.

Mr. Hiralal Somani (aged, 76 years) having around five decades of
experience in the tea industry, looks after the day to day
operations of the company. He is supported by other director Mr.
Manoj Somani (aged, 46 years) and Mr. Binod Somani (aged, 44
years) and a team of experienced professionals.


MOMAI FOODS: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Momai Foods
Private Limited(MFPL) to monitor the rating(s) vide e-mail
communications/letters dated October 24, 2017, October 31, 2017,
November 7, 2017, November 10, 2017, January 3, 2018, January 8,
2018, January 15, 2018, January 19, 2018 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 Momai Foods Private
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                     Amount
  Facilities      (INR crore)     Ratings
  ----------      -----------     -------
  Long-term Bank       9.86       CARE D; ISSUER NOT COOPERATING;
  Facilities                      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(s).

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

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: MFPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the company.

Rajkot-based (Gujarat), MFPL is a private limited company
established in 2013 by Mr. Bhaveshbhai Khatra, Mr. Mehulbhai
Khatra and Mr. Chandubhai Khatra. The company is engaged in
business of manufacturing of ice cream. The company sells its
products in state of Gujarat, Rajasthan and Madhya Pradesh. The
company has installed capacity of 1.2 crore litres of ice cream
per annum. The company sells its product under the brand name
'MOMAI'. The company sells its ice cream through its network of
40 distributors and 6 retail outlets. The company has ISO
22000:2005 certification for food safety management system.


PUNJAB MEDICAL: CRISIL Moves B+ to Not Cooperating Category
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Punjab
Medical Foundation Charitable Trust (PMFCT) for obtaining
information through letters and emails dated December 26, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft                5       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term      11.42    CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Term Loan                4.00    CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Punjab Medical Foundation
Charitable Trust which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Punjab Medical Foundation
Charitable Trust is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Punjab Medical Foundation Charitable Trust to
'CRISIL B+/Stable Issuer not cooperating'.

PMFCT was set up in 1990 by Mr Balbir Singh, who is one of the
nine trustees. The trust has been operating the Kidney Hospital &
Lifeline Medical Institution (KHLM) since fiscal 1989, and K H
Medicos, a pharmacy, since 2006; both the ventures are in
Jalandhar, Punjab. KHLM is a multi-speciality hospital with 110
beds.


QUADRANT TELEVENTURES: CARE Cuts Rating on INR24.40cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Quadrant Televentures Limited (QTL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank       17.22       CARE D Revised from CARE B+;
  Facilities                       Issuer Not Cooperating

  Short-term Bank      24.40       CARE D Revised from CARE A4;
  Facilities                       Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of QTL
factors in the on-going delays in the servicing of the debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in
the interest servicing for the cash credit limit availed by QTL.
The delays are for a period of more than 30 days.

Financial risk profile marked by fluctuating scale of operations
and continuing losses: The total operating income of the company
declined by ~5% in FY17 mainly on account of lower sales realized
from the GSM segment, which was subsequently closed down in Feb-
17. Further, due to high operational expenses, the PBILDT margins
declined during the year to 1.77% from 5.35% in FY16.
Furthermore, the company continued to remain at losses at the net
level with PAT of (-) INR152.08 crore (losses of INR134.81 crore
in FY16). Due to continued losses at the net level, the networth
of the company remained negative. In H1FY18 (Unaudited), the
total operating income of the company stood at INR170.44 cr.
(INR293.64 cr. in the same period last year) and net loss of
INR248.16cr. (net loss of INR72.36 cr. in the same period last
year).

History of CDR: The debt of the Company was restructured under
Corporate Debt Restructuring (CDR) mechanism in Mar- 04 and
subsequently in Jun-05. However, due to continued losses and
liquidity problems (at the time of launch of GSM services), QTL
again approached its lenders for rework of the earlier sanctioned
restructuring package, which was approved by CDR Empowered Group
in Aug-09, with cut-off date as April 01, 2009. In-line with the
last approved CDR terms, Videocon group was inducted as the new
strategic investor and subsequently a new management team was
setup.

Deterioration in the financial risk profile of Videocon group
from which QTL derives operational and financial support: After
taking over the reins of the business of QTL in 2009, the
Videocon group has regularly supported the company to fund its
capex and other operational needs. The Videocon group, through
its flagship company-Videocon Industries Limited (VIL), has
presence in varied business verticals such as oil & gas, consumer
electronics and telecommunications.

However, the financial risk profile of VIL has deteriorated
lately, with the company reporting net loss of INR2,186 crore on
a total income of INR14,326 crore in FY15 as compared with PAT of
INR5,120 crore on a total income of INR34,571 crore in FY14, at a
consolidated level. Further, on a standalone basis, VIL reported
cash losses of INR1,145 crore in FY15 as against cash profits of
INR6,656 crore in FY14.

After taking over the reins of the business, Videocon group has
supported QTL to fund its capex needs and also other
operational expenses. As on March 31, 2017, the total financial
support from Videocon group stood at INR1470.27 cr.
which increased from INR1440.89 cr. as on March 31, 2016.

Quadrant Televentures Limited (QTL) was incorporated in August
1946 by the name The Investment Trust of India Limited (ITIL).
The name of the company was changed to HFCL Infotel Limited (HIL)
in May 2003. In August 2009, the ownership of HIL was transferred
to the Videocon group, subsequent to which, the company was
rechristened as QTL.  Currently, the Videocon group holds
majority stake (49.47%) in QTL through an entity promoted by it.

QTL is a Unified Access Services (UAS) Licensee in the Punjab
Telecom Circle comprising of the state of Punjab, Chandigarh
and Panchkula. The company started its operations as a fixed line
service provider under the brand name 'Connect' in the year 2000.
It was later granted UAS License in the Punjab Telecom Circle
(including Chandigarh and Panchkula) in 2003 subsequent to which
it launched its CDMA based mobile services under the brand name
'Ping' (from September 2007) and GSM-based mobile services in
March 2010. Currently, QTL is providing Fixed Voice (Landline)
services, DSL (Internet) services, Leased Line services and CDMA
Mobile Services in the Punjab Telecom Circle (including
Chandigarh and Panchkula). The company discontinued its GSM
business operations from February 15, 2017.


RAJ KUMARI: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Raj Kumari
and Ram Gobind Memorial Education Society for obtaining
information through letters and emails dated January 30, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft               2        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term      4        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Term Loan              14        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Raj Kumari and Ram Gobind
Memorial Education Society which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality.
CRISIL believes information available on Raj Kumari and Ram
Gobind Memorial Education Society is consistent with 'Scenario 4'
outlined in the 'Framework for Assessing Consistency of
Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Raj Kumari and Ram Gobind Memorial Education
Society to 'CRISIL B+/Stable Issuer not cooperating'.

Rajkumari was formed in 2006 by Mr Ram Karan Hooda. The society
runs a school, Shree Ram Universal School, in Rohtak (Haryana),
with pre-school, primary and secondary divisions. The school is
affiliated to Central Board of Secondary Education curriculum.
The pre-school and primary school divisions commenced operations
from April 2012.


RAJSHRI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR2MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Rajshri Constructions (RC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        4.25       CRISIL A4 (Reaffirmed)

   Overdraft             2.00       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .75       CRISIL B+/Stable (Reaffirmed)

The ratings reflect RC's small scale of operations and high
working capital requirements. These weaknesses are partially
offset by the extensive experience of the partners in the civil
construction industry and above average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in the highly competitive civil
construction industry: Turnover dipped to INR8.56 crore in fiscal
2017 from INR16.37 crore in fiscal 2016. Scale of operations has
remained small, relative to the size of the civil construction
industry. Tender-based nature of operations also limit pricing
flexibility in an industry fraught with high competition.

* Working-capital-intensive operations: Gross current assets
(GCA) were high at 299 days as on March 31, 2017 marked by high
work in progress, sizable security deposits and retention money
with government departments.

Strength

* Partners' extensive experience in civil construction segments:
Partners' experience of over 25 years has helped establish stable
relationships with suppliers for easy availability of raw
materials. Since its inception, RC has executed several projects
for various public works departments and municipal authorities
for roads.

* Above average Financial risk profile: RC's financial risk
profile is above average marked by comfortable gearing of 1.37
times in fiscal 2017. Interest coverage ratio and net cash
accruals to adjusted debt is also above average at 2.5 times and
0.13 time, respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes RC will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' if equity infusion or substantial cash
accrual, backed by increase in scale of operations or
profitability, or better working capital management, improves
capital structure. The outlook may be revised to 'Negative' if
decline in revenue and profitability, a large debt-funded capex,
or weak liquidity deteriorates financial risk profile.

RC was set up in 2009 as a partnership by Ghaziabad (Uttar
Pradesh)-based Mr. Deepak Goel and Mr. Sanjeev Goel. It
undertakes road construction works for municipal authorities and
public works departments, and is a class 'A' contractor for road
projects in Uttar Pradesh and Uttarakhand.


RANA STEELS: CARE Lowers Rating on INR26.24cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rana Steels India Limited (RSIL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long term Bank
  Facilities            26.24      CARE D Revised from CARE B;
                                   Stable

  Long Term/Short
  Term Bank Facilities   4.00      CARE D Revised from CARE B;
                                   Stable/CARE A4

Detailed Rationale and key rating drivers

The rating revision takes into account ongoing delays in debt
servicing due to decline in scale of operations coupled with cash
losses during FY17 and deterioration in capital structure with
weak debt coverage indicators. The ratings further continue to
remain constrained by working capital intensive nature of
operations, company's presence in a highly fragmented &
competitive industry, subdued environment in the iron & steel
industry and fortunes linked to the steel industry which is
cyclical in nature. The ratings, however, continue to favorably
take into account the experience of the promoters in the iron and
steel industry.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delay in debt servicing: There have been delays in debt
servicing on account of liquidity stress due to cash flow miss
match.

Decline in scale of operations with cash losses in FY17: The
total operating income of Rana Steels India Limited (RSIL) has
declined from INR26.98 crore in FY16 (FY refers to the period
April 1 to March 31) to INR18.28 crore in FY17 due to lower
demand from existing customers. The scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. Further, in 9MFY18 (refers to the period April 1
to December 31); the company has achieved TOI of INR48.00 crore
(as per provisional results). Further, the company had cash
losses for the last 3 financial years (FY15-FY17) due to high
financial charges.

Deterioration in capital structure and weak debt coverage
indicators: The capital structure of the company as marked by
debt equity ratio and overall gearing has deteriorated from 2.19x
and 3.46x respectively as on March 31, 2016 to 3.78x and 5.37x
respectively as on March 31, 2017 on account of erosion of
tangible net worth due to net losses in FY17 along with increase
in term loan. Further, the coverage indicators marked by interest
coverage ratio and total debt to GCA continue to remain weak for
FY17 due to high interest & financial charges and cash losses.

Working capital intensive nature of operations: The operations of
the RSIL remained working capital intensive mainly due to
elongated average inventory holding days. Average inventory
holding days remained elongated at 151 mainly on account of piled
up stock of unsold inventory due to subdued demand scenario. The
company operates in a highly competitive and fragmented industry
wherein it adopts a liberal credit policy and gives credit of
around 3-4 months to its customers. Further, average creditor
period stood at 108 days for FY17. The sanctioned working capital
limits remained almost fully utilized for the past 12 month
period ended December 31, 2017.

Fortunes linked to the steel industry which is cyclical in nature
Prospects of steel industry are strongly co-related to economic
cycles. Demand for steel products is sensitive to trends of
particular industries such as automotive, construction,
infrastructure, etc, which are the key consumers of steel
products.

These key user industries in turn depend on various macroeconomic
factors, such as consumer confidence, employment rates, interest
rates and inflation rates, etc, in the economies in which they
sell their products.

Key Rating Strengths

Experienced promoters and support from group companies:
Mr. Shah Mohammad Rana, Mr. Aslam Tyagi and Mr.Sahajad are the
directors of the company and manages the overall operations of
the company. They have an experience varied up to one decade in
manufacturing and trading of Mild Steel (M.S) Ingot steel
structures through their association with RSIL and other
associate concerns.

Muzaffarnagar-based (Uttar Pradesh) RSIL, was initially
incorporated in 1992 under the name K. K. Steels Limited by Mr
Kadir Rana, as a closely-held company. In 2009, the company was
renamed to its current name. RSPL is part of "Rana Group" which
has diversified business such as rolling mills, induction
furnaces, paper mill, sponge iron plant and refractory plant.
RSIL is engaged in the manufacturing of M.S. angles, T-Iron,
channels, bars and rounds. The company procures the key raw
materials, ie, iron scrap, sponge iron and billets directly from
units located in Orissa and Jharkhand. RSIL sells its products
under the brand name of "RANA". The company sells its products in
Delhi and UP through a network of distributors and dealers. The
group associates of RSIL include Radiant Bar Limited, Shah
Concast Private Limited which are engaged in similar line of
business.


RAYAT EDUCATIONAL: CARE Reaffirms B Rating on INR33.36cr LT Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rayat Educational & Research Trust (RERT), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facilities           33.36       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RERT continues to
remain constrained by its small scale of operations and high
reliance of the business on the working capital borrowings. The
rating is further constrained by the limited reach of the trust,
high level of regulations in the educational sector and
increasing competition.

The rating, however, derives strength from the increasing scale
of operations in FY17 (Audited) and 9MFY18 (Provisional),
improving surplus margins, experienced trustees & competent
teaching staff, wide spectrum of courses offered, well
established infrastructure and comfortable solvency position.

Going forward, the ability of the trust to profitably scale-up
its operations along with managing the working capital
requirements efficiently will remain the key rating
sensitivities. Furthermore, any increased financial support to
the related entities and timely receipt of advances given to them
will also remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Increasing competition and limited reach: All the institutes of
the RERT are in Ropar i.e., single location of Punjab which
limits the penetration level for the Trust to tap opportunities.
Further, due to increasing focus on technical education in India,
a number of schools and colleges have opened up in the close
proximity. This exposes the revenue of RERT to competition from
other colleges/ universities in and around Ropar. The schools
also face competition from various private and government schools
in the vicinity.

High level of regulation in the educational sector in India: The
education industry remains a highly regulated industry with
constant intervention from the central government and other
regulatory bodies. In addition to the UGC (University Grants
Commission) norms, higher education institutes like colleges and
universities are regulated by the respective state governments
with respect to the number of management seats, amount of the
tuition fees charged for the government quota and management
quota. These factors have a significant impact on the revenue and
profitability of the institutions.

Small scale of operations and working capital intensive nature of
operations: Even though the institute has been operational from
2001, the scale of operations continues to be small as indicated
by the total operating income of INR32.25 crore in FY17. Also,
the operations of the trust are working capital intensive in
nature with the overdraft limit availed remaining fully utilized
on an average for the 12 months period ended December 2017.

Further, RERT has extended regular financial support to its group
companies/ related entities for setting up of their campuses and
other business requirements. Going forward, any increased
financial support to the related entities and timely receipt of
the advances given to them will remain the key rating
sensitivities.

Key Rating Strengths

Increasing operating income in FY17 and 9MFY18 (Provisional) and
improving surplus margins: The operating income of the trust
increased at a rate of ~4% to INR32.25 crore in FY17 on the back
of year-on-year increase in the students enrolled. Further, in
9MFY17 (Provisional), the trust has achieved a total operating
income of INR18 crore (an increase of ~9% from the same period
last year). The surplus margins also improved in FY17 as
reflected by SBID and Surplus margins of 39.35% and 15.25%,
respectively (as compared to 36.66% and 9.60%, respectively, in
FY16) due to less than proportionate increase in the operational
expenses.

Experienced trustees with competent teaching staff: The trust is
managed by Mr. Gurvinder Singh Bahra and Mr. Nirmal Singh Rayat
as the Chairman and President, respectively. Both Mr. Gurvinder
Singh Bahra and Mr. Nirmal Singh Rayat have total work experience
of more than two decades in the education sector. Other members
of the trust include Ms. Manjit Kaur (General secretory) and Mr.
Shelender Rayat (Member) having experience of around one-and-a-
half decades and two decades, respectively, in the education
industry. RERT has also employed an experienced and qualified
teaching staff including PhD holders and research scholars to
support the academic requirements of the institutions.

Wide spectrum of courses and well-established infrastructure:
RERT offers various undergraduate and postgraduate courses in the
field of Engineering, Business administration & Management,
Teaching, Law, Computer Applications and polytechnic courses,
etc. Further, the trust also operates two pre-nursery-Class XII
level schools at Ropar. Therefore, the availability of graduate,
post graduate and school programs with diversified courses helps
RERT to attract more students by reducing dependence on any one
discipline. In addition to the well-established basic
infrastructure, the various facilities offered at the colleges
and school include laboratories, computer centers including smart
classes, conference halls, video conferencing, multimedia
projectors, libraries, etc.

Comfortable solvency position: The Trust had a comfortable
capital structure with long-term debt-to-equity ratio of 0.15x,
as on March 31, 2017 and overall gearing ratio of 0.65x, as on
March 31, 2017. The debt coverage indicators of the trust have
also remained at a satisfactory level with total debt to GCA
ratio of 4.84x, as on March 31, 2017 and interest coverage ratio
of 2.49x in FY17.

Rayat Educational & Research Trust (RERT) was established in
2001. RERT is a part of Punjab based Rayat-Bahara group.
Currently, the trust is running one campus having six colleges
and two schools located in Ropar, Punjab. The Trust was
established by Mr. Gurvinder Singh Bahra (Chairman) and Mr.
Nirmal Singh Rayat (President) with an objective to provide
education in the field of engineering and technology, management
and pharmacy. The different courses offered are duly approved by
AICTE (All India Council of Technical Education), PTU (Punjab
Technical University) - Jalandhar, SCERT (State Council of
Educational Research and Training)- Punjab, PU (Punjab
University) - Chandigarh and PSBTE (Punjab State Board of
Technical Education) - Chandigarh.

Apart from RERT, the group operates three societies namely 'Rayat
Bahra Group of Institutes' established in 2005 and operates 12
colleges & 2 schools through its 2 campuses located in Mohali and
Hoshiarpur, Bahra Educational & Charitable Society established in
2009 and operates 6 colleges through a campus located in Shimla
and Shri Balaji Literary & Charitable Society established in 2009
and operates 5 colleges through a campus located in Patiala.


S.K. HITECH: CRISIL Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with S.K.
Hitech Industries (SKHI) for obtaining information through
letters and emails dated December 29, 2017 and January 8, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Term Loan         7.98      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of S.K. Hitech Industries which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
S.K. Hitech Industries is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of S.K. Hitech Industries to 'CRISIL B/Stable Issuer
not cooperating'.

Established in 2015, Davanagere (Karnataka) based SKHI is set to
processes paddy to produce rice, broken rice, bran and husk. The
firm has an installed processing capacity of 14 tonne per hour of
paddy. The commercial operations are expected to start from end
of September 2016. Managing partner, Mrs. Syyed Rehana and her
family manage operations.


S. V. PATEL: CARE Assigns B+ Rating to INR7cr Long Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S. V.
Patel & Sons (SVPS), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facilities            7.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SVPS is constrained
on account of its modest scale of operations along with thin
profit margins, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position during FY17 (refers to
the period April 1 to March 31). The rating is also constrained
due to partnership nature of its constitution, its presence in
highly fragmented and seasonal industry with limited value
addition and susceptibility of operating margins to volatile raw
material prices. The rating, however, derives strength from
experienced partners and strategic location within the cotton-
producing belt of Gujarat.

SVPS's ability to increase its scale of operations and improve
its profitability in light of competitive business environment
and volatile raw material prices remains the key rating
sensitivity. Further, SVPS's ability to improve its solvency
position and debt protection metrics with efficient working
capital management would also remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations and thin profit margins: The total
operating income (TOI) of the firm is on a declining trend since
the past three years ended FY17 and stood modest at INR21.62
crore during FY17 as against INR23.67 crore in FY16. The PBILDT
margin of the firm stood low at 5.05% while the PAT margin stood
thin at 0.15% in FY17 owing to low-value addition nature of
business.

Financially risk profile marked by leveraged capital structure,
weak debt coverage indicators and moderate liquidity position:
The capital structure stood leveraged marked by overall gearing
of 2.87 times as on March 31, 2017 as against 2.76 times as on
March 31, 2016. The debt coverage indicators remained weak marked
by total debt to gross cash accrual of 19.87 years as on March
31, 2017, while the interest coverage ratio stood modest at 1.54
times during FY17. The liquidity position remained moderate
marked by current ratio of 1.26 times as on March 31, 2017, while
the working capital cycle stood elongated at 121 days during
FY17. The average utilization of working capital borrowings stood
high at 90% during past twelve months ended November, 2017.

Partnership nature of constitution: There is inherent risk of
possibility of withdrawal of capital and dissolution of the firm
in case of death/retirement/insolvency/personal contingency of
any of the partners.

Presence in highly fragmented and seasonal industry with limited
value addition: SVPS operates in an industry characterized by
presence of large number of small and medium scale units due to
low technological and financial investment requirement which
results into fragmented nature of the industry as well as intense
competition from the large domestic integrated players. Being
agro based products; the availability of oilseeds and castor
seeds are susceptible to agro-climatic vagaries, pests/diseases,
which may affect the crop output and quality.

Susceptibility of operating margins to volatile raw material
prices: The major raw materials for SVPS are agro-commodities
namely cotton seed and castor seed, whose prices have been
volatile in nature and depend upon factors like area under
cultivation, yield for the year, international demand supply
scenario, government regulation and inventory carry forward of
last year.

Key Rating Strengths

Experienced partners: Mr. Jagdish Ramanbhai Patel is looking
after day to day activities of the firm and is having rich
experience of more than a decade in the same line of business.
Mr. Rajesh Ramanbhai Patel is also in the same line of business
since a decade and is looking after finance and banking
operations. Strategically located within the cotton-producing
belt of Gujarat SVPS's manufacturing facilities are located in
Kheda district of Gujarat state, which is one of the largest
producer of raw cotton in India. It enjoys benefits in terms of
lower logistics expenditure, easy availability of raw material,
labour, water and power connection.

Kheda-based (Gujarat), SVPS is a partnership firm established on
23rd April, 2004, by seven partners including Mr. Rajesh
Ramanbhai Patel and Mrs. Rita Rajeshbhai Patel. The partnership
was reconstituted on September 30th 2008, whereby five old
partners of the firm retired and two new partners i.e. Mr.
Jagdish Ramanbhai Patel and Mrs. Kokilaben Ramanbhai Patel joined
the firm. Presently, the firm has four partners including Mr.
Jagdish Ramanbhai Patel, Mrs. Rita Rajeshbhai Patel, Mr. Rajesh
Ramanbhai Patel and Mrs. Kokilaben Ramanbhai Patel. SVPS is
engaged in the business of crushing of cottonseeds and castor
seeds with its product profile comprising mainly of cotton seed
oil, cotton seed oil cake, castor seed oil, castor seed oil cake.
The manufacturing facility, located in Kapadvanj (Gujarat), is
equipped with nine expellers for cotton seed crushing and nine
expellers for castor seed crushing having an installed capacity
of manufacturing 6 metric tonne per day (MTPD) of cotton oil, 50
MTPD of cotton cake, 30 MTPD of castor oil and 38 MTPD of castor
cake as on March 31, 2017.


SADARAM JINING: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE has been seeking information from Sadaram Jining and
Pressing Industries(SJPI) to monitor the rating(s) vide e-mail
communications/letters dated October 18, 2017, October 26, 2017,
October 31, 2017, November 10, 2017, January 3, 2018, January 8,
2018, January 15, 2018, January 19, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the firm 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 Sadaram Jining and
Pressing Industries' bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

                     Amount
  Facilities      (INR crore)     Ratings
  ----------      -----------     -------
  Long-term Bank       8.19       CARE D; ISSUER NOT COOPERATING;
  Facilities                      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(s).

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

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: SJPI has been irregular in
servicing its debt obligation due to weak liquidity position of
the firm.

SJPI Patan-Gujarat based partnership firm was established in 2014
by Mr. Bharat Bhatiya, Mr. Bhavesh Patel, Mr. Chandanji Thakor,
Mr. Dashrat Bhatiya and Mr. Mafa Modi. The firm is engaged in
cotton ginning and pressing of raw cotton. SJPI has commenced its
operation from August 2014. The manufacturing unit of the firm is
located in Patan, Gujarat which has an installed capacity of
14,400 Metric tonnes per annum (MTPA) as on March 31, 2016 for
raw cotton processing.


SHIMLA TOLLS: CRISIL Lowers Rating on INR32MM Term Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Shimla Tolls & Projects Private Limited (STPPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       .5       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan              32.0       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects irregularity in meeting interest
obligation on term loan: interest due on December 31, 2017, was
paid with a delay of 3-4 days, and interest due on January 31,
2018, is yet to be paid. Furthermore, the company's account has
been classified as IRAC-2 (Income Recognition and Asset
Classification) by the bank.

STPPL is also exposed to risks related to completion and
commercialisation of ongoing project. However, the company
benefits from promoters' extensive experience in the construction
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing interest obligation: Delay in project
execution led to stretched liquidity and hence delay in paying
interest on term loan.

* Exposure to commercialisation risks: Though construction began
from fiscal 2014, project is still incomplete. This is compounded
by the fact that since majority of project is being funded
through term loan, time and cost overrun have affected credit
risk profile.

Strength:

* Extensive experience of promoters: Presence of over three
decades in the construction segment through group entity (PK
Construction Co) has enabled the promoters to establish healthy
relationship with suppliers and government authorities.

STPPL was incorporated in 2010 to undertake a multi-level parking
and commercial project in Shimla. The company, promoted by Mr
Parmod Sood, Mr Kanwaljeet Singh, and ANS Constructions Ltd, is
implementing the project on a design, build, operate, and
transfer basis. The project is still under construction and
operations are expected to start by the second-half of fiscal
2019.


SIMPAN CERAMIC: CARE Assigns B+ Rating to INR7.44cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Simpan
Ceramic Private Limited (SCPL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facilities            7.44       'CARE B+; Stable' Assigned

  Short-term Bank
  Facilities            0.62       'CARE A4' Assigned


Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SCPL is primary
remained constrained on account of its nascent stage of
operation, presence in highly fragmented industry along with
fortunes dependent on real estate market and susceptibility of
margins with fluctuation in raw material and fuel prices.

The rating, however, derives strength from experience of the key
management in ceramic industry and its proximity to raw material
and labor resources.  The ability of SCPL to increase its scale
of operations along with improvement in profitability, capital
structure and debt coverage indicators along with efficient
management of its working capital requirements would remain key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operation: The operation of SCPL was at nascent
stage as SCPL commenced its commercial operations from June 2017
and reported total operating income (TOI) of INR6.61 crore during
9MFY18(Provisional).

Presence into highly fragmented industry along with fortunes
dependent on real estate market: SCPL operates in ceramic
industry characterized by low entry barriers, presence of large
number of organized and unorganized players. Most of the demand
for the tiles comes from the real estate industry, which, in
India is highly fragmented and cyclical. Thus any negative impact
on real estate industry will adversely affect the prospects of
ceramic tiles industry as well as the company.

Margins are susceptible to volatility of prices in raw material
and fuel: Prices of raw material i.e. clay & feldspar is market
driven and expected to put pressure on the margins of tile
manufacturers. Another major cost component is fuel expenses in
the gas form which is to fire the furnace. The profitability of
SCPL remains exposed to volatile LNG prices, mainly on account of
its linkages with the international demand-supply of natural gas.
Hence any adverse movement in material and fuel prices would
impact on profitability of the company.

Key Rating Strengths

Experienced management: Mr. Ravi Dava, Mr. Bhavesh Sadatiya and
Mr. Girish Aghara are key promoters of the company and look after
overall operation of the company. All the promoters hold on an
average 6 years of experience in ceramic industry.

Proximity to raw material and labor resources: SCPL is located in
Morbi and being located in a cluster provides the company with
easy access to raw materials, primary fuel and all other
utilities. Further, the cluster is well connected by a good road
network which provides logistical benefits.

Morbi(Gujarat)-based Simpan Ceramic Private Limited (SCPL), was
incorporated in October 2016 as a private limited company. SCPL
is promoted by three directors Mr. Ravi Thakarshibhai Dava, Mr.
Bhavesh Bhudarbhai Sadatiya and Mr. Girish Dineshbhai Aghara who
look after overall management of the company. SCPL has completed
its green field project for manufacturing ceramic wall tiles
having total cost of INR8.76 crore and commenced its commercial
operation from June 2017. SCPL procures SCPL procures clay from
Rajasthan and other raw materials from local market and sales its
manufactured tiles in PAN India through its various 60 dealers.
SCPL is operating from its sole manufacturing unit located in
Morbi (Gujarat) having installed capacity of 24,000 Metric Tonne
per annum of wall tiles as on December 31, 2017. Cebon Ceramic
Private Limited (rated CARE B+; Stable/CARE A4), Shiv Ceramics
and Megmin Mineral Ind are group entities of SCPL which are into
ceramic industry related activity.


SRIVENKATESHWAR TRADEX: CARE Reaffirms B+ Rating on INR5cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Srivenkateshwar Tradex Pvt. Ltd. (STPL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facilities            5.00       CARE B+; Stable Reaffirmed

  Short-term Bank
  Facilities           18.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of STPL continues to
take into account small scale of operations and working capital
intensive nature of operations of commodity trading business. The
ratings are also constrained by STPL's weak financial risk
profile marked by high gearing and weak debt metrics,
susceptibility of profit margins on account of volatility of
commodity prices and competition from various organized and
unorganized players. The ratings however derive comfort from the
experience of the company's promoters in trading business and
wide range of traded products.

Going forward, the ability of the company to profitably increase
the scale of operations while effectively managing its working
capital requirements and improve gearing shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Low profitability margins and modest scale of operations:
Profitability margins marked by PBILDT and PAT margins of the
company continue to remain low on account of trading nature of
business with intense competition. The company's PBILDT margin
improved to 1.57% during FY17 (PY: 1.04%), due to change in sale
mix and the company selectively executing profitable trades. The
company registered a total operating income of INR95.40 crore
(PY: INR163.21 crore) during FY17, a y-o-y decline of 41.55%
primarily on account of change in the sales mix and company
concentrating on
booking higher profit trades. However, PAT margin deteriorated to
0.19% during FY17 (PY: 0.48%) primarily on account of higher
interest expense.

Stretched debtors and creditors position: STPL collection period
elongated to 176 days (PY: 66 days), payable period elongated to
153 days (PY: 51 days) & stagnant inventory holding period of 1
day (PY: 1 day) leading to a comfortable working capital
operating cycle of 23 days (PY: 15 days) during FY17. The
company's working capital limits remained fully utilized during
the year.

Vulnerability of margins to gold price & steel price
fluctuations: The prices of gold & steel have shown high
volatility over the years. High fluctuation in gold & steel
prices and susceptibility to regulatory changes may have an
impact on the profitability margins and demand supply situation
of players in the industry. STPL is exposed to price volatility
risk of traded commodities owing to the international and
domestic price fluctuation.

Weak financial risk profile: The capital structure of the company
remains weak despite improvement in debt-equity ratio and overall
gearing to 3.47x & 4.35x as on March 31, 2017 (PY: 3.76x & 4.87x)
on account of retention of profits. The financial risk profile of
the company is marked by volatility in scale of operations,
moderate profitability and moderate debt service coverage
indicators. The interest coverage deteriorated to 1.20x during
FY17 (PY: 1.56x) primarily on account of the increase in the
interest & finance charges to INR1.25 crore (PY: INR1.08 crore).

Competition from various organized or unorganized players: The
Company operates in the gold bullion, agro-commodities industry,
which are fragmented industries with a high level of competition
from both the organized and unorganized sector. Increasing
competition and high volatility in the gold & agro-commodity
prices would have an additional downside pressure on the
profitability margins of general traders like STPL.

Key Rating Strengths

Experienced promoters: STPL is a closely held company with 100%
shareholding with Solanki family. Rahul Solanki, 33 years old,
managing director of the company and having a MBA degree in
marketing domain, is having a business experience of around 8
years. The other director, Mr. Salender Solanki, M.Sc., in
marketing and information domain, is having an experience of 11
years. Both of them look after all the functions of the company.
Over the years, directors have been infusing funds into the
business in form of unsecured loans. As on March 31, 2017, loan
from directors amounted to INR4.61 crore (PY: INR5.10 crore).

Wide range of traded goods: STPL has a diversified product
profile. STPL's main exports include agro commodities like rice,
pulses etc. and imports include items like timber, cloves, areca
nuts, hardware items, almonds, shredded steel scrap, heavy
melting steel scrap, iron ore plates, yellow brass scrap etc.
STPL also trades in standard gold bar of purity gold 0.995 and
steam/basmati rice etc. During FY17, trade in basmati rice
constituted ~29.18% & crude degummed soya-bean oil constituted
~22.21% of the company's revenue.

Incorporated in 2010, STPL is nestled in Delhi and owned by
Solanki family. The company is managed by directors Mr. Rahul
Solanki and Mr. Salender Solanki, and is involved in trading of
various commodities like gold bars, rice, teak wood logs, and
metal scrap etc. During FY17, trading in basmati rice constituted
29% of the company's revenue (PY: Standard gold bar constituted
65% of sales). STPL is a closely held company, with Mr. Rahul
Solanki having the maximum shareholding (40.43%).


VIDHISHA PAPER: CARE Assigns B+ Rating to INR4.56cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vidhisha Paper Mills Private Limited (VPMPL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long term Bank
  Facilities            4.56       CARE B+; Stable Assigned

  Long term/Short       3.00       CARE B+; Stable/CARE A4
  term Bank                        Assigned
  Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VPMPL is
constrained by nascent & small scale of operations, project
stabilization risk, working capital intensive nature of
operation, low capitalization & weak debt coverage indicators,
margins remains susceptible to adverse fluctuations in raw
material prices and fragmented and competitive nature of
Industry.

The ratings however, derive strength from experienced and
resourceful promoters and reputed clientele base.

The ability of VPMPL to increase its scale of operations and
profitability margin along with efficient management of the
working capital cycle are the key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Nascent & small scale of operations: VPMPL commenced its
commercial production in September, 2017. Thus the overall
operations are at a nascent stage. Further in FY17 the company
generated revenue from other income. Moreover, in 9MFY18, as well
the company has earned revenue of INR1.02 crore and has an order
book position of INR1.22 crore. Going forward, its ability to use
the capacity at envisaged utilization levels and generate
sufficient accruals shall be critical from credit perspective.

Project stabilization risk: VPMPL has successfully completed its
manufacturing plant project in September, 2017 at Pardi and
commenced its commercial production in October, 2017. Currently
its capacity utilized around 30% as on January 15, 2018. Thus its
ability to use the capacity at envisaged utilization levels and
generate sufficient accruals shall be critical from credit
perspective.

Low capitalization & weak debt coverage indicators: VPMPL's has a
small net worth (amounting to INR0.50 crore as on March 31,
2017), which limits its financial flexibility to meet any
exigency. Moreover, due to low profitability and thereby lower
accruals, the overall debt coverage indicators are also remain
weak (at 13.04x in FY17).

Working capital intensive nature of operation: The operations of
VPMPL's are highly working capital intensive in nature to run the
business as it requires high amount of working capital. However
the cash flow from operating activity was stood negative during
FY17. Furthermore, the company has been availed the working
capital facility of INR3.00 crore to run the business which is
utilized around 95% during last ten months ending as on December,
2017. However, going forward, ability of the firm to effectively
manage its working capital limits shall be critical from credit
perspective.

Margins remains susceptible to adverse fluctuations in raw
material prices: The major raw materials for VPMPL are paper and
paper boards, which account for more than half of the total raw
material cost. Due to fixed price nature of contracts any adverse
fluctuations in key raw material prices may impact the
profitability of the company.

Fragmented and competitive nature of Industry: Indian paper and
printing industry is characterized as fragmented & competitive
with very little differentiation in terms of service offering.
VPMPL faces direct competition from various organized and
unorganized players in the market. There are number of small and
regional players who are located in and around area and catering
to the same market which has limited the bargaining power of the
company and has exerted pressure on its margins.

Key rating Strengths

Experienced and resourceful promoters: VPMPL's promoted by Mr.
Paras Shah & Mrs. Kavita Shah and Mr. Paras N. Shah having around
27 years of experience in trading of industrial bearing products
thourgh its gorup company namely Escort Bearing (India) Private
Limited. Further VPMPL have experienced and qualified second line
of management supported by Mr. Sunil Sardar (General Manager) in
marketing and Finance to carry day to day business activities.

Reputed clientele base: During Short period of time VPMPL's has
established business relationship with various reputed clients
namely Shubhalakshmi Polyesters Limited, JBF Industries Limited,
Perfect Filaments Limited, Harmony Yarns Private Limited and
others.

Vidhisha Paper Mills Private Limited (VPMPL) was incorporated on
August 17, 2015 as a private limited company. VPMPL was promoted
by Mr. Paras N. Shah and Mrs. Kavita P. Shah. VPMPL is engaged in
the printing and the packaging business through manufacturing of
various types of corrugated boxes & cartons viz. corrugated
boxes, corrugate trays, corrugated fitments and E-flute cartons
etc. for various industry segments like FMCG, pharmaceuticals,
electrical appliances, etc. The manufacturing facility of VPMPL
is located at Valsad, Gujarat. VPMPL procures raw materials
(mainly kraft papers, ink, gum, staples etc.) majorly from local
market. Moreover Vidhisha Paper Mills Private Limited it has
other group company namely Escort Bearing (India) Pvt. Ltd.
engaged in trading of industrial bearing business since August
27, 2008.



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


TK HOLDINGS: Bankruptcy Court Confirms Ch.11 Reorganization Plan
----------------------------------------------------------------
Takata Corporation, a global supplier of automotive safety
systems such as seat belts, airbags and child seats, on Feb. 21,
2018, disclosed that the United States Bankruptcy Court for the
District of Delaware has confirmed the Fifth Amended Chapter 11
Plan of Reorganization filed by TK Holdings, Inc. ("TKH"),
Takata's main U.S. subsidiary, and certain of TKH's subsidiaries
and affiliates.  The confirmation of the Plan is a major
milestone in the U.S. Chapter 11 Process and the Company's
comprehensive restructuring, and it paves the way for Takata to
complete its previously announced and Court-approved proposed
sale to Key Safety Systems ("KSS"). The sale will be finalized
upon TKH's emergence from Chapter 11, which is on target for
completion on or about the end of the first quarter of 2018.

The Plan was supported by several of TKH's main creditor
constituencies, including the Official Committee of Unsecured
Creditors, the Official Tort Claimants Committee, the Future
Claimants' Representative, and a group of Takata's OEM customers
representing more than 80% of the Company's annual sales.

"We are very pleased to have reached this important milestone,"
said Mr. Katsumi Mitsuhashi, President of TKH. "The Court's
approval of our Plan takes us one step closer to achieving our
main objective of developing a path forward for Takata that
resolves the costs and liabilities related to airbag inflator
recalls. Our top priorities remain providing a steady supply of
products to our valued customers, including replacement parts for
recalls, and a stable home for our exceptional employees. We look
forward to completing the restructuring process on or about the
end of this quarter."

Takata and TKH will now turn towards working to satisfy the
conditions of the Plan and then emerging from Chapter 11 as soon
as possible. Under the terms of the Plan, the sale of
substantially all of Takata's global assets and operations to KSS
will be consummated on the Effective Date of the Plan.

Takata continues to work through proceedings under the Civil
Rehabilitation Act in Japan. Takata EMEA (Europe, Middle East and
Africa) maintains its financial independence and continues to
operate on a financially solid basis.

Mr. Mitsuhashi added, "We would not have been able to reach this
important milestone without the hard work and dedication of
Takata's employees around the world who have remained focused on
our mission to ensure the adequate, uninterrupted supply of safe,
high quality parts and components to our customers. We anticipate
a quick and seamless integration with KSS, utilizing the combined
strengths of both our teams to implement a smooth transition. We
are confident that the combined business will be well positioned
for long-term success in the global automotive industry."

Takata expects to continue to meet demand for airbag inflator
replacements without interruption. The restructuring proceedings
and sale to KSS should have no effect on the ability of drivers
to obtain replacements for recalled Takata airbag inflators free
of charge. Vehicle owners in the U.S. should continue to visit
https://www.airbagrecall.com/ for more information on airbag
inflator replacements.

Additional information regarding TKH's Chapter 11 restructuring
including court filings and information about the claims process
are available at www.TKrestructuring.com or by calling TKH's
claims agent, Prime Clerk, at 1-844-822-9229 (Toll free in U.S.
and Canada) or 1-347-338-6502 (International).

                          About TK Holdings

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
USGD1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.

PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata. Ernst & Young
LLP is tax advisor. Prime Clerk is the claims and noticing agent.
The Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things,
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information
officer. TK Holdings, as the foreign representative, is
represented by McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants of TK Holdings Inc., et al., tapped Frankel
Wyron LLP and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



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


HEALTHWAY MEDICAL: Q4 Net Loss Narrows to SGD28.8 Million
---------------------------------------------------------
The Strait Times reports that Healthway Medical Corporation (HMC)
posted on Feb. 23 a fourth-quarter net loss of SGD28.8 million,
narrowing its loss by 35.6 per cent from a loss of SGD44.8
million in the previous year.

This translated to a loss per share of 0.7 Singapore cent for the
quarter, down from a loss per share of 1.82 Singapore cents in
the year-ago period, the Strait Times discloses.

Full year net loss was SGD34.8 million, 21.1 per cent lower than
its net loss of SGD44.1 million in the preceding year, according
to the report.

The Strait Times relates that the group's net loss for the fourth
quarter and full year was mainly attributable to the impairment
of goodwill, as well as operating loss due to a "challenging
operating environment", HMC said.

For fiscal year 2017, total operating costs decreased by 2.5 per
cent to SGD137.7 million, mainly due to lower allowance for
doubtful loan, trade and other receivables of SGD35.3 million,
the report relays.

However, this was offset by an increase in allowance for the
impairment of goodwill by SGD19 million, higher staff costs of
SGD9.3 million, higher lease expenses of SGD1.7 million, as well
as an increase in medical supplies, consumables and laboratory
expenses by SGD0.7 million and depreciation expenses of SGD0.2
million mainly attributable to the acquisition of Healthway
Medical Enterprise (HME) in the second quarter of FY17, the
Strait Times adds.

For the three months ended Dec 31, revenue rose 24.6 per cent to
SGD29 million, the report discloses.

Turnover was also up by 8.4 per cent to SGD104.8 million for the
full year. This was mainly due to an increase in revenue of SGD1
million from the primary healthcare segment, and another SGD7.1
million from the group's specialist and wellness healthcare
segment, the report says. Both segments include revenue from
clinics owned by HME.

Healthway Medical Corp is one of Singapore's largest private
clinic operators with close to 50 family clinics.



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


HANJIN SHIPPING: Foreign Rep Enforcing Korea Sale Order in the US
-----------------------------------------------------------------
Jin Han Kim, the Liquidating Trustee of Hanjin Shipping and the
Foreign Representative of Hanjin Shipping Co. Ltd., the duly
appointed foreign representative of Hanjin Shipping Co., Ltd. in
connection with the pending proceeding filed by Hanjin under the
Debtor Rehabilitation and Bankruptcy Act ("DRBA") in the
Bankruptcy Division of the Seoul Central District Court in Seoul,
Republic of Korea, asks the U.S. Bankruptcy Court for the
District of New Jersey to recognize and enforce in the United
States the order of the Korean Court authorizing the sale of the
Debtor's rights, title, and interest in and to certain of its
real property, personal property, security deposits, and
intangible property to LG Electronics U.S.A., Inc. for $7
million.

A hearing on the Motion is set for March 13, 2018 at 10:00 a.m.

Hanjin filed an application for commencement of the Korean
Proceeding under the DRBA on Aug. 31, 2016.  On the same day, the
Korean Court entered a provisional order granting a general
injunction and preservation of the disposition of the Debtor's
assets.  On Sept. 1, 2016 the Korean Court entered an order
commencing the Korean Proceeding and appointed Tai-Soo Suk as the
initial foreign representative and to act as the Debtor's
custodian in the Korean Proceeding.

On Sept. 2, 2016, the Debtor commenced the chapter 15 case by
filing the (i) Chapter 15 Petition for Recognition of Foreign
Proceeding, and (ii) Motion of Foreign Representative for Entry
of Provisional and Final Orders Granting Recognition of Foreign
Main Proceeding and Certain Related Relief Pursuant to Sections
362, 365, 1517, 1519, 1520, 1521, and 105(a) of the Bankruptcy
Code.  On Dec. 14, 2016, the Court entered its Recognition Order
recognizing the Korean Proceeding as a foreign main proceeding,
and entrusted the administration and realization of the Debtor's
assets located within the territorial jurisdiction of the United
States to the Foreign Representative.

On Feb. 17, 2017, the Korean Court declared Hanjin bankrupt and
appointed Jin-Han Kim as the bankruptcy trustee to oversee the
administration and liquidation of the Hanjin estate.  Mr. Kim
succeeded Mr. Suk as the Foreign Representative.

Hanjin owns 100% of the interests in the purchased asset, and all
the Debtor's Personal Property, Security Deposits, and Intangible
Property related thereto.

Pursuant to the authority provided by the Korean Court in its
Liquidation Order, the Foreign Representative has been engaged in
liquidating Hanjin's globally located assets, including the
Purchased Assets.  In connection with a sale of the Purchased
Assets, the Foreign Representative obtained approval from the
Korean Court to retain Montgomery McCracken Walker & Rhoads LLP
to assist with any proposed sale, including filing the necessary
pleadings seeking approval for the Sale.

Beginning on June 7, 2017, the Foreign Representative directed
Montgomery McCracken to issue invitations to approximately 19
different individuals and entities requesting bids for the
Purchased Assets.  In response to the invitations to bid, the
Foreign Representative received five by the bid deadline.

LG USA provided the high bid of $7.3 million and, upon acceptance
by the Foreign Representative, provided the required good-faith
deposit.  Thereafter, the Korean Court granted the Foreign
Representative the authority to select LG USA's bid and to
continue negotiating a definitive agreement with LG USA for the
Purchased Assets.

In connection with its due diligence, LG USA retained certain
third-party consultants to evaluate the Purchased Assets.
Following receipt of an itemized list of the necessary repairs,
the Foreign Representative and LG USA reopened negotiations over
how the repairs would impact LG USA's high bid amount.  The
Foreign Representative and LG USA agreed to a final sale price of
$7 million.

On Dec. 21, 2017, a final form of the Purchase and Sale Agreement
was agreed upon between the Foreign Representative and LG USA.
The PSA was then submitted to the Korean Bankruptcy Court which
it approved Jan. 10, 2018.  The Foreign Representative sought
Korean Court approval, and now asks Bankruptcy Court approval, of
the Sale because the Sale represents the best opportunity for the
Debtor to maximize the value of the Purchased Assets.
Accordingly, it is imperative to the Sale being able to close
that the Korean Sale Order be recognized and enforced in the
United States in all aspects, as the Foreign Representative
requests.

The salient terms of the PSA are:

     a. Description of the Property to be Sold: The Purchased
Assets include without limitation (i) the certain Real Property
located in Alpharetta, Georgia, including any and all easements
benefiting the Real Property and any rights and appurtenances
pertaining to the Land; (ii) the rights in and to the Debtor's
Leases and any unapplied Security Deposits; (iii) all Personal
Property, and (iv) all Intangible Property.

     b. Purchase price: $7 million. This includes the $1.05
million currently being held in an escrow account, as conditioned
by the PSA.

     c. The sale is free and clear of all liens, claims,
encumbrances and other interests.

     d. Deadline for the approval or closing of the sale: The
Sale must close not later than March 30, 2018.

     e. Assumed and Assigned Unexpired Leases and Executory
Contract: Pursuant to the PSA, the Debtor will assume and assign
the "Lease Agreement dated Oct. 7, 2008, by and between Hanjin
Shipping Co., Ltd., a Republic of Korea corporation, and Image
Properties, L.L.C., a South Carolina limited liability company,
as amended and otherwise modified from time to time."

     f. Release of Sale Proceeds after Closing without further
court order: Pursuant to section 1521(b) of the Bankruptcy Code,
the distribution of the Sale Proceeds is entrusted to the Foreign
Representative.

     g. Relief from Bankruptcy Rules 6004(h) and 6006(d): Hanjin
is asking relief from the 14-day stay imposed by Bankruptcy Rules
6004(h) and 6006(d).

A copy of the Korean Court Sale Order and the PSA attached to the
Motion is available for free at:

     http://bankrupt.com/misc/Hanjin_Shipping_753_Sales.pdf

For the avoidance of doubt, the PSA provides for the transfer of
the Purchased Assets free and clear of all other liens, claims,
and encumbrances, which specifically include the following:

     a. that certain Execution, The State of Georgia and Fulton
County vs. Hanjin Shipping America LLC, dated April 10, 2017,
entered of record April 18, 2017 at 9:00 a.m., recorded in Lien
Book 3905, Page 632, Records of Fulton County, Georgia, in the
amount of $19.76, plus penalty and interest, if any (2016
Personal
Property Taxes under Account No. P20100000252);

     b. America LLC, dated Aug. 22, 2017, entered of record
Sept. 13, 2017 at 11:00 a.m., recorded in Lien Book 4003, Page 3,
Records of Fulton County, Georgia, in the amount of $123, plus
penalty and interest, if any;

     c. Shipping Co., Ltd. as Debtor and Canadian National
Railway Company as Secured Party, entered of record on Sept. 6,
2016 at 8:44 am., filed with the Clerk of Superior Court, Fulton
County, Georgia;

     d. Claims by the State of Georgia and Fulton County for
personal property taxes for the year 206 in the amount of $21,
plus penalty and interest, if any, under Account No. P20100000252
(Hanjin Shipping America LLC);

     e. Claims by the State of Georgia and Fulton County for
personal property taxes for the year 2017 in the amount of
$1,323, plus penalty and interest, if any, under Account No.
P20100000252 (Hanjin Shipping America, LLC); and by the City of
Alpharetta Personal Property taxes for the year 2017 in the
amount of $261, plus penalty and interest, if any, under Account
No. P20100000252 (Hanjin Shipping America LLC);

     f. Claims by the City of Alpharetta for personal property
taxes for the year 2016 in the amount of $.43, plus penalty and
interest, if any, under Account No. P00006022348 (One Call
Medical, Inc.); and

     g. Claims by the State of Georgia and Fulton County for
personal property taxes for the year 2017 in the amount of $241,
plus penalty and interest, if any, under Account No. P00006022348
(One Call Medical, Inc.); any by the City of Alpharetta for
personal property taxes for the year 2017 in the amount of
$47.55, plus penalty and interest, if any, under Account No.
P00006022348 (One Call Medical, Inc.).

The Foreign Representative submits that ample business
justification exists to sell the Purchased Assets to the
Purchaser under the terms of the PSA.  The PSA is the product of
good faith and arm's-length negotiations among the parties.

The Korean Sale Order authorizing the sale of the Purchased
Assets is expressly conditioned on the Sale Proceeds being
deposited in escrow and then, with the Court's cooperation,
transmitted to the Korean Proceeding.  Consistent with the
purposes of chapter 15 set forth in section 1501(a)(1) of the
Bankruptcy Code, the Court should lend assistance to the Korean
Court to administer claims collectively in the Korean Proceeding
pursuant to the DRBA.  The DRBA, which governs the Korean
Proceeding, sets forth a comprehensive liquidation scheme that is
fair and equitable to all creditors. Furthermore, U.S. creditors
have a full and fair opportunity to assert any interest they
think they might have in the Sale Proceeds before the Korean
Court.

The Court's recognition and enforcement of the Korean Sale Order
and approval of the PSA under section 363 is not only warranted
but is critical to achieving the anticipated results of the Sale,
as it will permit the Foreign Representative to sell the
Purchased Assets without disruption and provide further certainty
to the Sale and to the Purchaser.  For all of the foregoing
reasons, the Foreign Representative respectfully submits that
there is more than ample justification for the Court to enter the
Proposed Order, thereby recognizing and enforcing the Korean Sale
Order in the United States and authorizing the Sale.

The Purchaser has made clear to the Foreign Representative that
closing the Sale on an expedited basis is a key consideration in
entering into the PSA and has requested a closing date of no
later than March 30, 2018.  In order for Hanjin to sell the
Purchased Assets to the Purchasers in an expedient manner, the
Debtor asks the Court that the 14-day stay set forth in
Bankruptcy Rules 6004(h) and 6006(d) be waived.

The Purchaser:

         LG ELECTRONICS U.S.A., INC.
         100 Sylvan Ave.
         Englewood Cliffs, NJ 07632
         E-mail: howardl.kim@lge.com
                 bo.kimlauren@lge.com

The Purchaser is represented by:

          Lee B. Hart, Esq.
          NELSON MULLINS RILEY & SCARBOROUGH, LLP
          201 17th St., Suite 1700
          Atlanta, GA 30363
          E-mail: lee.hart@nelsonmullins.com
          Facsimile: (404) 322-6050

The Foreign Representative:

          Jin Han Kim
          Trustee of Hanjin Shipping Co., Ltd.
          11th Floor, Donghoon Tower
          317 Teheran-ro
          Gangnam-gu
          Seoul, Republic of Korea 06151
          E-mail: kimjh@draju.com

The Foreign Representative is represented by:

          Wook Chung, Esq.
          Natalie D. Ramsey, Esq.
          Davis Lee Wright, Esq.
          MONTGOMERY MCCRACKEN WALKER & RHOADES, LLP
          437 Madison Ave.
          29th Floor
          New York, NY 10022
          E-mail: wchung@mmwr.com
                  nramsey@mmwr.com
                  dwright@mmwr.com

                     About Hanjin Shipping

Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
It is a stock-listed corporation with a total of 245,269,947
issued shares (common shares, KRW 5000 per share) and paid-in
capital totaling KRW 1,226,349,735,000. Of these shares 33.23% is
owned by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by
employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year.  It also operates 13 terminals
specialized for containers, two distribution centers and six Off
Dock Container Yards in major ports and inland areas around the
world.  The Company is a member of "CKYHE," a global shipping
conference and also a partner of "The Alliance," another global
shipping conference to be launched in April 2017.

Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016.  On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets.  The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016.  Tai-Soo Suk was appointed as the Debtor's
custodian.

On Sept. 2, 2016, Hanjin Shipping Co. filed in the U.S. a
voluntary petition under Chapter 15 of the Bankruptcy Code.  The
Chapter 15 case is pending in New Jersey (Bankr. D.N.J. Case No.
16-27041) before Judge John K. Sherwood.  Cole Schotz P.C. serves
as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly
appointed foreign representative of Hanjin Shipping.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Feb. 19 to Feb. 23, 2018
-----------------------------------------------------

Issuer                    Coupon    Maturity    Currency   Price
------                    ------    --------    --------   -----


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50     04/01/19    USD      0.06
ARTSONIG PTY LTD            11.50     04/01/19    USD      0.06
CLIME CAPITAL LTD            6.25     11/30/21    AUD      1.01
KEYBRIDGE CAPITAL LTD        7.00     07/31/20    AUD      0.94
LAKES OIL NL                10.00     05/31/18    AUD      7.50
MIDWEST VANADIUM PTY LT     11.50     02/15/18    USD      0.19
MIDWEST VANADIUM PTY LT     11.50     02/15/18    USD      0.31
QUINTIS LTD                  8.75     08/01/23    USD     70.63
QUINTIS LTD                  8.75     08/01/23    USD     70.63
QUINTIS LTD                  8.75     08/01/23    USD     70.63
TREASURY CORP OF VICTOR      0.50     11/12/30    AUD     69.67


  CHINA
  -----

ANQING URBAN CONSTRUCTI      6.76     12/31/19    CNY     40.54
ANYANG INVESTMENT GROUP      8.00     04/17/19    CNY     40.57
BAYANNUR URBAN DEVELOPM      6.40     03/15/20    CNY     60.17
BAYINGUOLENG INNER MONG      7.48     09/10/18    CNY     25.29
BEIJING BIOMEDICINE IND      6.35     07/23/20    CNY     60.10
BEIJING GUCAI GROUP CO       6.60     09/06/20    CNY     60.57
BEIJING JINLIYUAN STATE      7.00     10/28/20    CNY     60.65
BIJIE XINTAI INVESTMENT      7.15     08/20/19    CNY     41.18
BORALA MONGOL AUTONOMOU      7.18     08/09/20    CNY     60.58
CHANGRUN INVESTMENT HOL      6.88     09/16/20    CNY     60.70
CHANGSHA CITY CONSTRUCT      6.95     04/24/19    CNY     40.40
CHANGSHA ECONOMIC & TEC      8.45     04/13/22    CNY     74.01
CHANGYI ECONOMIC AND DE      7.35     10/30/20    CNY     55.85
CHENGDU CITY DEVELOPMEN      6.18     01/14/20    CNY     60.95
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18    CNY     25.11
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18    CNY     26.10
CHENGDU HI-TECH INVESTM      6.28     11/20/19    CNY     40.30
CHINA CITY CONSTRUCTION      5.55     12/17/17    CNY     10.00
CHINA CITY CONSTRUCTION      4.93     07/14/20    CNY     10.00
CHINA DEVELOPMENT BANK       3.50     11/04/46    CNY     74.43
CHINA SECURITY & FIRE C      4.45     11/11/19    CNY     66.00
CHIZHOU CITY MANAGEMENT      7.17     10/17/19    CNY     40.50
CHONGQING BEICHENG CONS      7.30     10/16/20    CNY     60.57
CHONGQING DAZU DISTRICT      6.75     04/26/20    CNY     60.53
CHONGQING FULING STATE-      6.39     01/21/20    CNY     40.41
CHONGQING HECHUAN INDUS      6.19     06/17/20    CNY     60.32
CHONGQING HONGYE INDUST      6.30     06/03/20    CNY     60.30
CHONGQING JINYUN ASSET       6.75     06/18/19    CNY     41.00
CHONGQING MAIRUI CITY I      6.82     08/17/19    CNY     40.42
CHONGQING SHUANGQIAO EC      6.75     04/26/20    CNY     60.22
CHONGQING XINGRONG HOLD      8.35     04/19/19    CNY     40.95
CHONGQING YONGCHUAN HUI      7.33     10/16/19    CNY     41.00
CHUZHOU TONGCHUANG CONS      7.05     01/09/20    CNY     60.00
DANYANG INVESTMENT GROU      8.10     03/06/19    CNY     40.51
DAYE CITY CONSTRUCTION       7.95     11/27/20    CNY     61.29
DONGTAI COMMUNICATION I      7.39     07/05/18    CNY     25.00
DONGTAI UBAN CONSTRUCTI      7.10     12/26/19    CNY     60.00
DONGTAI UBAN CONSTRUCTI      8.65     01/13/21    CNY     61.00
FENGCHENG CITY CONSTRUC      8.65     01/14/21    CNY     81.50
FUJIAN NANPING HIGHWAY       6.69     01/28/20    CNY     40.40
FUXIN INFRASTRUCTURE CO      7.55     10/10/19    CNY     40.42
FUZHOU INVESTMENT DEVEL      7.75     02/28/18    CNY     50.00
GANZHOU CITY DEVELOPMEN      6.40     07/10/18    CNY     25.00
GUANG ZHOU PANYU COMMUN      6.30     04/12/19    CNY     50.07
GUANGZHOU DEVELOPMENT Z      6.70     08/14/22    CNY     71.63
GUIYANG PUBLIC RESIDENT      6.70     11/06/19    CNY     40.50
GUIYANG PUBLIC RESIDENT      6.70     11/06/19    CNY     60.93
HAIAN COUNTY CITY CONST      8.35     03/28/18    CNY     25.10
HAILAR URBAN INFRASTRUC      6.20     05/14/20    CNY     58.20
HAINAN HARBOR & SHIPPIN      6.80     10/18/19    CNY     70.70
HAIYAN COUNTY STATE-OWN      7.00     09/04/20    CNY     61.08
HANJIANG STATE-OWNED-AS      8.12     01/12/19    CNY     40.50
HARBIN HIGH-TECH INDUST      7.00     09/16/20    CNY     61.95
HARBIN WATER INVESTMENT      5.70     05/06/20    CNY     60.20
HEFEI CONSTRUCTION INVE      6.60     08/28/18    CNY     40.30
HEFEI HAIHENG INVESTMEN      7.30     06/12/19    CNY     40.35
HUAI'AN DEVELOPMENT HOL      7.20     09/06/19    CNY     40.55
HUAIBEI CITY CONSTRUCTI      6.68     12/17/18    CNY     25.17
HUAIHUA CITY CONSTRUCTI      8.00     03/22/18    CNY     25.08
HUANGGANG CITY CONSTRUC      7.10     10/19/19    CNY     41.05
HULUDAO INVESTMENT GROU      7.05     10/18/20    CNY     60.52
HUNAN ZHAOSHAN ECONOMIC      7.00     12/12/18    CNY     25.13
JIAN CITY CONSTRUCTION       7.80     04/20/19    CNY     40.40
JIANAN INVESTMENT HOLDI      7.68     09/04/19    CNY     40.72
JIANGDONG HOLDING GROUP      6.90     03/27/19    CNY     40.26
JIANGSU SUHAI INVESTMEN      7.20     11/07/19    CNY     40.40
JIANGYIN LINGANG NEW CI      7.10     11/07/20    CNY     61.62
JIASHAN STATE-OWNED ASS      6.80     06/06/19    CNY     40.30
JINGJIANG BINJIANG XINC      6.80     10/23/18    CNY     25.00
JINGJIANG BINJIANG XINC      6.80     10/23/18    CNY     25.18
JIUJIANG CITY CONSTRUCT      8.49     02/23/19    CNY     40.52
KARAMAY URBAN CONSTRUCT      7.15     09/04/19    CNY     40.64
KUNMING CITY CONSTRUCTI      7.60     04/13/18    CNY     25.09
KUNMING WUHUA DISTRICT       8.60     03/15/18    CNY     25.04
KUNSHAN HUAQIAO INTERNA      7.98     12/30/18    CNY     20.47
LANZHOU CITY DEVELOPMEN      8.20     12/15/18    CNY     68.05
LU'AN CITY CONSTRUCTION      8.00     12/02/20    CNY     61.96
NANCHANG COUNTY URBAN C      6.50     07/17/19    CNY     50.34
NANCHANG MUNICIPAL PUBL      5.88     02/25/20    CNY     60.20
NANCHONG DEVELOPMENT IN      6.69     01/28/20    CNY     40.38
NANJING PUKOU ECONOMIC       7.10     10/08/19    CNY     40.34
NANNING URBAN CONSTRUCT      8.20     12/26/20    CNY     83.54
NANTONG ECONOMIC & TECH      5.80     05/17/20    CNY     60.03
NANYANG INVESTMENT GROU      7.05     10/24/20    CNY     60.90
NANYANG INVESTMENT GROU      7.05     10/24/20    CNY     61.06
NINGBO URBAN CONSTRUCTI      7.39     03/01/18    CNY     25.13
NINGBO ZHENHAI HAIJIANG      6.65     11/28/18    CNY     25.17
PANJIN CONSTRUCTION INV      7.42     03/01/18    CNY     60.05
PIZHOU RUNCHENG ASSET O      7.55     09/25/19    CNY     40.70
PULANDIAN CITY CONSTRUC      7.60     11/19/20    CNY     61.20
PULANDIAN CITY CONSTRUC      7.74     04/21/21    CNY     82.40
QIANAN URBAN CONSTRUCTI      8.88     01/23/21    CNY     61.92
QIANAN XINGYUAN WATER I      6.45     07/11/18    CNY     25.05
QIANXI NANZHOU HONGSHEN      6.99     11/22/19    CNY     40.07
QIANXI NANZHOU HONGSHEN      6.99     11/22/19    CNY     40.45
QINGYUAN TRANSPORTATION      8.20     12/19/20    CNY     61.71
QINGZHOU HONGYUAN PUBLI      6.50     05/22/19    CNY     19.90
QINGZHOU HONGYUAN PUBLI      7.25     10/19/18    CNY     25.00
QINZHOU CITY DEVELOPMEN      7.10     10/16/19    CNY     70.80
RUDONG COUNTY DONGTAI S      7.45     09/24/19    CNY     39.30
RUGAO COMMUNICATIONS CO      6.70     02/01/20    CNY     60.81
RUIAN STATE OWNED ASSET      6.93     11/26/19    CNY     39.94
RUSHAN CITY STATE-OWNED      6.90     09/11/20    CNY     60.44
SANMING STATE-OWNED ASS      6.99     06/14/18    CNY     40.19
SHANDONG RENCHENG RONGX      7.30     10/18/20    CNY     60.99
SHANDONG TAIFENG HOLDIN      5.80     03/12/20    CNY     57.21
SHANGHAI FENGXIAN NANQI      6.25     03/05/20    CNY     60.02
SHANGHAI JIADING INDUST      6.71     10/10/18    CNY     25.32
SHANGHAI SONGJIANG TOWN      6.28     08/15/18    CNY     25.05
SHANTOU CITY CONSTRUCTI      8.57     03/23/22    CNY     72.87
SHIYAN CITY INFRASTRUCT      7.98     04/20/19    CNY     40.59
SHOUGUANG CITY CONSTRUC      7.10     10/18/20    CNY     61.18
SHOUGUANG JINCAI STATE-      6.70     10/23/19    CNY     61.00
SHUANGLIU SHINE CHINE C      8.48     03/16/19    CNY     71.13
SHUANGYASHAN DADI CITY       6.55     12/25/19    CNY     40.07
SICHUAN COAL INDUSTRY G      7.70     01/09/18    CNY     45.00
SUIZHOU DEVELOPMENT INV      8.50     12/20/20    CNY     61.83
SUZHOU WUJIANG EASTERN       8.05     12/05/18    CNY     40.81
TAIAN TAISHAN INVESTMEN      6.76     01/25/20    CNY     40.67
TAIXING ZHONGXING STATE      8.29     03/27/18    CNY     25.10
TAIYUAN LONGCHENG DEVEL      6.50     09/25/19    CNY     40.30
TIANJIN BINHAI NEW AREA      5.00     03/13/18    CNY     39.98
TIANJIN JINNAN CITY CON      6.95     06/18/19    CNY     40.20
TONGLING CONSTRUCTION I      8.20     04/28/22    CNY     72.74
TONGXIANG CITY CONSTRUC      6.10     05/16/20    CNY     59.50
TONGXIANG CITY CONSTRUC      6.10     05/16/20    CNY     60.15
URUMQI CITY CONSTRUCTIO      6.35     07/09/19    CNY     40.01
URUMQI CITY CONSTRUCTIO      7.20     11/06/18    CNY     50.48
URUMQI GAOXIN INVESTMEN      6.18     03/05/20    CNY     60.22
WAFANGDIAN STATE-OWNED       6.20     06/20/20    CNY     60.18
WUHAN CAIDIAN URBAN CON      7.24     05/28/21    CNY     34.69
WUHAN METRO GROUP CO LT      5.70     02/04/20    CNY     60.20
WUHAN URBAN CONSTRUCTIO      5.60     03/08/20    CNY     59.90
WUHU CONSTRUCTION INVES      6.89     03/26/19    CNY     70.38
WUHU JINGHU CONSTRUCTIO      6.68     05/16/20    CNY     59.75
WUXI XIDONG TECHNOLOGY       5.98     10/26/18    CNY     40.23
XI'AN HI-TECH HOLDING C      5.70     02/26/19    CNY     51.03
XI'AN URBAN INDEMNIFICA      7.31     03/18/19    CNY     70.67
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19    CNY     40.18
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19    CNY     40.79
XIANGTAN JIUHUA ECONOMI      7.15     10/15/20    CNY     60.24
XIANNING CITY CONSTRUCT      7.50     08/31/18    CNY     25.20
XINXIANG INVESTMENT GRO      5.85     04/15/20    CNY     59.80
XINXIANG INVESTMENT GRO      5.85     04/15/20    CNY     60.25
XINZHENG NEW DISTRICT D      6.52     06/28/19    CNY     50.34
XINZHOU ASSET MANAGEMEN      7.39     08/08/18    CNY     25.19
XUZHOU XINSHENG CONSTRU      7.48     05/08/18    CNY     25.13
YAAN DEVELOPMENT INVEST      7.00     09/13/20    CNY     60.62
YANCHENG CITY DAFENG DI      7.08     12/13/19    CNY     60.59
YANCHENG CITY DAFENG DI      8.70     01/24/21    CNY     84.00
YANCHENG CITY TINGHU DI      7.95     11/15/20    CNY     80.90
YANGZHONG URBAN CONSTRU      7.10     03/26/18    CNY     50.02
YANGZHOU HANJIANG URBAN      6.20     03/12/20    CNY     60.10
YICHANG URBAN CONSTRUCT      8.13     11/17/19    CNY     53.70
YILI STATE-OWNED ASSET       6.70     11/19/18    CNY     25.00
YINING CITY STATE OWNED      8.90     01/23/21    CNY     90.00
YIXING CITY DEVELOPMENT      6.90     10/10/19    CNY     40.26
YUEYANG CITY CONSTRUCTI      6.05     07/12/20    CNY     59.60
ZHENJIANG CULTURE AND T      6.60     01/30/20    CNY     39.78
ZHONGSHAN TRANSPORTATIO      6.65     08/28/18    CNY     25.00
ZHUZHOU GECKOR GROUP CO      7.82     08/18/18    CNY     40.30
ZHUZHOU YUNLONG DEVELOP      6.78     11/19/19    CNY     40.35
ZIBO CITY PROPERTY CO L      6.83     08/22/19    CNY     40.78
ZIYANG WATER INVESTMENT      7.40     10/21/20    CNY     61.10
ZUNYI STATE-OWNED ASSET      6.98     12/26/19    CNY     40.90


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35     07/03/17    CNY     69.88


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25     03/13/17    USD     52.17
BERAU COAL ENERGY TBK P      7.25     03/13/17    USD     52.17
DAVOMAS INTERNATIONAL F     11.00     12/08/14    USD      0.50
DAVOMAS INTERNATIONAL F     11.00     12/08/14    USD      0.50
DAVOMAS INTERNATIONAL F     11.00     05/09/11    USD      0.50
DAVOMAS INTERNATIONAL F     11.00     05/09/11    USD      0.50


INDIA
-----

3I INFOTECH LTD              2.50     03/31/25    USD     12.88
BLUE DART EXPRESS LTD        9.40     11/20/18    INR     10.68
CORE EDUCATION & TECHNO      7.00     05/07/49    USD      0.59
EDELWEISS ASSET RECONST      2.00     11/20/27    INR     54.35
JAIPRAKASH ASSOCIATES L      5.75     09/08/17    USD     55.25
JAIPRAKASH POWER VENTUR      7.00     02/13/49    USD      4.95
JCT LTD                      2.50     04/08/11    USD     26.63
PRAKASH INDUSTRIES LTD       5.25     04/30/15    USD     21.00
PYRAMID SAIMIRA THEATRE      1.75     07/04/12    USD      1.00
REI AGRO LTD                 5.50     11/13/14    USD      0.34
REI AGRO LTD                 5.50     11/13/14    USD      0.34
RELIANCE COMMUNICATIONS      6.50     11/06/20    USD     63.45
SVOGL OIL GAS & ENERGY       5.00     08/17/15    USD      1.55
VIDEOCON INDUSTRIES LTD      2.80     12/31/20    USD     59.88


JAPAN
-----

TAKATA CORP                  0.58     03/26/21    JPY      5.13
TAKATA CORP                  0.85     03/06/19    JPY      5.13
TAKATA CORP                  1.02     12/15/17    JPY      8.75

KOREA
-----

2016 KIBO 1ST SECURITIZ      5.00     09/13/18    KRW     73.66
DOOSAN CAPITAL SECURITI     20.00     04/22/19    KRW     60.75
KIBO ABS SPECIALTY CO L      5.00     12/25/19    KRW     69.98
KIBO ABS SPECIALTY CO L      5.00     08/29/19    KRW     70.94
KIBO ABS SPECIALTY CO L      5.00     02/26/19    KRW     72.12
KIBO ABS SPECIALTY CO L      5.00     02/25/19    KRW     72.39
KOREA TREASURY BOND          1.50     09/10/66    KRW     68.48
OKC SECURITIZATION SPEC     10.00     01/03/20    KRW     35.52
SAMPYO CEMENT CO LTD         7.50     04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50     09/10/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50     07/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.30     06/26/15    KRW     70.00
SAMPYO CEMENT CO LTD         7.30     04/12/15    KRW     70.00
SINBO SECURITIZATION SP      5.00     10/30/19    KRW     66.57
SINBO SECURITIZATION SP      5.00     03/15/20    KRW     69.34
SINBO SECURITIZATION SP      5.00     02/28/21    KRW     69.68
SINBO SECURITIZATION SP      5.00     01/27/21    KRW     69.92
SINBO SECURITIZATION SP      5.00     12/22/20    KRW     70.19
SINBO SECURITIZATION SP      5.00     09/23/20    KRW     70.92
SINBO SECURITIZATION SP      5.00     08/26/20    KRW     71.14
SINBO SECURITIZATION SP      5.00     07/28/20    KRW     71.37
SINBO SECURITIZATION SP      5.00     06/24/19    KRW     71.46
SINBO SECURITIZATION SP      5.00     03/13/19    KRW     72.25
SINBO SECURITIZATION SP      5.00     02/25/20    KRW     72.62
SINBO SECURITIZATION SP      5.00     01/28/20    KRW     72.84
SINBO SECURITIZATION SP      5.00     12/30/19    KRW     73.08
SINBO SECURITIZATION SP      5.00     09/30/19    KRW     73.86
SINBO SECURITIZATION SP      5.00     07/29/18    KRW     74.00
SINBO SECURITIZATION SP      5.00     08/27/19    KRW     74.14
SINBO SECURITIZATION SP      5.00     06/25/18    KRW     74.28
SINBO SECURITIZATION SP      5.00     07/29/19    KRW     74.37
SINBO SECURITIZATION SP      5.00     05/26/18    KRW     74.51
SINBO SECURITIZATION SP      5.00     06/25/19    KRW     74.66
WISE MOBILE SECURITIZAT     20.00     09/17/18    KRW     73.22


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35     03/01/26    LKR     73.69


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50     09/15/20    MYR      1.19
ASIAN PAC HOLDINGS BHD       3.00     05/25/22    MYR      0.72
BARAKAH OFFSHORE PETROL      3.50     10/24/18    MYR      0.26
BERJAYA CORP BHD             2.00     05/29/26    MYR      0.32
BERJAYA CORP BHD             5.00     04/22/22    MYR      0.44
BRIGHT FOCUS BHD             2.50     01/22/31    MYR     73.56
ELK-DESA RESOURCES BHD       3.25     04/14/22    MYR      0.97
HIAP TECK VENTURE BHD        5.00     06/27/21    MYR      0.51
I-BHD                        3.00     10/09/19    MYR      0.36
IRE-TEX CORP BHD             1.00     06/10/19    MYR      0.02
LAND & GENERAL BHD           1.00     09/24/18    MYR      0.13
PERODUA GLOBAL MANUFACT      0.50     12/17/25    MYR     66.91
PUC BHD                      4.00     02/15/19    MYR      0.22
REDTONE INTERNATIONAL B      2.75     03/04/20    MYR      0.12
SENAI-DESARU EXPRESSWAY      1.35     06/30/31    MYR     54.26
SENAI-DESARU EXPRESSWAY      1.35     12/31/30    MYR     55.60
SENAI-DESARU EXPRESSWAY      1.35     06/28/30    MYR     57.04
SENAI-DESARU EXPRESSWAY      1.35     12/31/29    MYR     58.45
SENAI-DESARU EXPRESSWAY      1.35     12/29/28    MYR     61.38
SENAI-DESARU EXPRESSWAY      1.35     06/30/28    MYR     62.86
SENAI-DESARU EXPRESSWAY      1.35     12/31/27    MYR     64.32
SENAI-DESARU EXPRESSWAY      1.35     06/30/27    MYR     65.76
SENAI-DESARU EXPRESSWAY      1.35     06/30/26    MYR     68.60
SENAI-DESARU EXPRESSWAY      1.15     06/30/25    MYR     70.37
SENAI-DESARU EXPRESSWAY      1.15     12/31/24    MYR     71.98
SENAI-DESARU EXPRESSWAY      0.50     12/31/38    MYR     73.06
SENAI-DESARU EXPRESSWAY      1.15     06/28/24    MYR     73.70
SENAI-DESARU EXPRESSWAY      0.50     12/30/39    MYR     74.89
SOUTHERN STEEL BHD           5.00     01/24/20    MYR      2.16
THONG GUAN INDUSTRIES B      5.00     10/10/19    MYR      3.10
UNIMECH GROUP BHD            5.00     09/18/18    MYR      0.97
VIZIONE HOLDINGS BHD         3.00     08/08/21    MYR      0.07
YTL LAND & DEVELOPMENT       3.00     10/31/21    MYR      0.45


NEW ZEALAND
-----------

PRECINCT PROPERTIES NEW      4.80     09/27/21    NZD      1.01

PHILIPPINES
-----------

BAYAN TELECOMMUNICATION     13.50     07/15/06    USD     22.75
BAYAN TELECOMMUNICATION     13.50     07/15/06    USD     22.75
PHILIPPINE GOVERNMENT B      3.63     03/21/33    PHP     70.71


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      5.50     03/28/20    SGD     46.88
ASL MARINE HOLDINGS LTD      5.85     10/01/21    SGD     46.88
AUSGROUP LTD                 8.45     10/20/18    SGD     62.50
BAKRIE TELECOM PTE LTD      11.50     05/07/15    USD      1.01
BAKRIE TELECOM PTE LTD      11.50     05/07/15    USD      1.01
BERAU CAPITAL RESOURCES     12.50     07/08/15    USD     52.22
BERAU CAPITAL RESOURCES     12.50     07/08/15    USD     52.38
BLD INVESTMENTS PTE LTD      8.63     03/23/15    USD      5.00
BLUE OCEAN RESOURCES PT      4.00     12/31/20    USD     25.00
ENERCOAL RESOURCES PTE       9.25     08/05/14    USD     38.25
EZION HOLDINGS LTD           4.88     06/11/21    SGD     14.88
EZION HOLDINGS LTD           4.70     05/22/19    SGD     15.00
EZION HOLDINGS LTD           4.60     08/20/18    SGD     15.00
EZION HOLDINGS LTD           5.10     03/13/20    SGD     15.00
EZION HOLDINGS LTD           4.85     01/23/19    SGD     15.00
EZRA HOLDINGS LTD            4.88     04/24/18    SGD      6.63
INDO INFRASTRUCTURE GRO      2.00     07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT      6.00     12/11/24    USD     70.57
MICLYN EXPRESS OFFSHORE      8.75     11/25/18    USD     34.63
ORO NEGRO DRILLING PTE       7.50     01/24/19    USD     53.00
OSA GOLIATH PTE LTD         12.00     10/09/18    USD      1.50
PACIFIC RADIANCE LTD         4.30     08/29/18    SGD     11.13
RICKMERS MARITIME            8.45     05/15/17    SGD      5.00
SWIBER CAPITAL PTE LTD       6.50     08/02/18    SGD      4.20
SWIBER CAPITAL PTE LTD       6.25     10/30/17    SGD      4.20
SWIBER HOLDINGS LTD          7.75     09/18/17    CNY      7.75
SWIBER HOLDINGS LTD          7.13     04/18/17    SGD      7.75
SWIBER HOLDINGS LTD          5.55     10/10/16    SGD     12.25
TRIKOMSEL PTE LTD            5.25     05/10/16    SGD     16.00
TRIKOMSEL PTE LTD            7.88     06/05/17    SGD     16.00


THAILAND
--------

G STEEL PCL                  3.00     10/04/15    USD      0.53
MDX PCL                      4.75     09/17/03    USD     30.00


VIETNAM
-------

DEBT AND ASSET TRADING       1.00     10/10/25    USD     70.38
DEBT AND ASSET TRADING       1.00     10/10/25    USD     71.75



                             *********

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.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2018.  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 USGD775 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 USGD25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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