---

        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

           Friday, March 2, 2018, Vol. 21, No. 044

                            Headlines


A U S T R A L I A

ARAB BANK AUSTRALIA: S&P Maintains BB+ ICR on CreditWatch
BALCO CONSTRUCTIONS: First Creditors' Meeting Set for March 9
COULSON TILES: Second Creditors' Meeting Set for March 2
DEPOSIT POWER: First Creditors' Meeting Set for March 9
ELITE CONSTRUCTION: First Creditors' Meeting Set for March 9

P W ENTERPRISES: First Creditors' Meeting Set for March 9
POPEYE HOLDCO: First Creditors' Meeting Set for March 8
SAPPHIRE XVIII 2018-1: Moody's Assigns B2 Rating to Cl. F Notes
SPARKEFILMS PTY: First Creditors' Meeting Set for March 9

C H I N A

AGILE GROUP: Moody's Assigns B1 Rating to Proposed USD Notes
CENTRAL CHINA: Fitch Rates US$300MM Senior Notes 'BB-'
HEALTH AND HAPPINESS: S&P Alters Outlook to Pos, Affirms BB CCR
HNA GROUP: To Axe 100,000 Jobs This Year, REDD Report Shows
LESHI INTERNET: Posts US$1.8 Billion Loss for 2017

LOGAN PROPERTY: Fitch Assigns BB- Rating to New USD Sr. Notes
MODERN LAND: Moody's Assigns Rating to B3 Sr. Unsecured USD Notes
TAHOE GROUP: Tap Bond Issue No Impact on Moody's B2 Rating

H O N G  K O N G

NOBLE GROUP: Auditor Raises Going Concern Doubt

I N D I A

AGLON INDUSTRIES: Ind-Ra Gives BB LT Rating to INR509MM Term Loan
AIRCEL LTD: Files for Bankruptcy Amid High Debt Pile and Losses
AIRCEL LTD: Malaysian Tycoon's Firm to Lose $7BB From Bankruptcy
ASANDAS & SONS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
BALAJI LOOMTEX: CRISIL Assigns B+ Rating to INR16.5MM Loan

BHUVANESHWARI TEXTILES: CRISIL Lowers Rating on INR12MM Loan to D
CARGO SOLAR: CRISIL Cuts Rating on INR348MM Term Loan to B+
ELA NIRMAN: CRISIL Moves D Rating to Not Cooperating Category
FIRESTAR DIAMOND BVBA: Ind-Ra Lowers Rating on USD48MM Loan to C
FIRESTAR DIAMOND FZE: Ind-Ra Lowers Rating on USD111MM Loan to C

FIRESTAR DIAMOND IPL: Ind-Ra Cuts Rating on INR3,824BB Loan to C
FIRESTAR DIAMOND LHK: Ind-Ra Lowers Rating on USD35MM Loan to C
FIRESTAR INT'L: Ind-Ra Cuts Rating on INR17,132MM Capital to C
HEM IMPEX: CRISIL Reaffirms B- Rating on INR1.7MM Cash Loan
IDBI BANK: Moody's Alters Outlook to Pos.; Affirms B1 Rating

JENNEX GRANITE: CRISIL Reaffirms B+ Rating on INR5MM Secured Loan
JSB ENTRADE: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
K. C. SOLVENT: CRISIL Reaffirms B+ Rating on INR48MM Cash Loan
KAPOOR PRESERVATIONS: CRISIL Assigns B Rating to INR4MM Term Loan
KHUKHRAIN COLD: CRISIL Lowers Rating on INR7.5MM Cash Loan to D

KUNJ ROLLER: Ind-Ra Assigns BB+ Rating on INR135MM Term Loan
LAXMI COTTEX: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
M/S SATKAR: Ind-Ra Affirms BB LT Rating on INR95MM Loans
MAA BHUASUNI: Ind-Ra Assigns BB Rating to INR90MM Capital Limit
MADHURI P RURAL: Ind-Ra Migrates 'B+' Rating to Non-Cooperating

MAHARANA PRATAP: CRISIL Lowers Rating on INR38.8MM Loan to D
MARINO FOOD: CRISIL Raises Rating on INR23MM Term Loan to B+
MUSLIM EDUCATIONAL: CRISIL Cuts Rating on INR15.67MM Loan to D
NAGARJUNA FERTILIZERS: Ind-Ra Affirms 'D' Long Term Issuer Rating
NAVDURGA ISPAT: Ind-Ra Migrates BB+ Rating to Non-Cooperating

NS MINT: Ind-Ra Raises LT Rating on INR190MM Loan to BB
OME SREE: Ind-Ra Migrates 'D' Ratings to Non-Cooperating
ORIGIN MINERALS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
P PADMA RURAL: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
Q NINETH: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan

RANGOLI PARTICLE: CRISIL Moves B+ Rating to Not Cooperating
RUNGTA IRRIGATION: Ind-Ra Alters Outlook to Negative
RURAL INSTITUTE: CRISIL Lowers Rating on INR20MM LT Loan to D
SATYAMEV COT: Ind-Ra Affirms BB LT Rating on INR60MM Loans
SHIVA RAJ: Ind-Ra Migrates 'B' Rating to Non-Cooperating

SHREE GAJANAN: Ind-Ra Migrates 'B' Rating to Non-Cooperating
SOLVE PLASTIC: CRISIL Assigns B+ Rating to INR10MM Cash Loan
THERMOSOL GLASS: CRISIL Lowers Rating on INR29.36MM Loan to D
UD SOLUTION: Ind-Ra Affirms BB+ LT Rating on INR20MM Loan
VALLUVANAD HOSPITAL: CRISIL Lowers Rating on INR11MM Loan to D

WEBTECH ENGINEERING: CRISIL Assigns D Rating to INR16.5MM Loan

I N D O N E S I A

STAR ENERGY: Moody's Rates New US$650MM Sr. Secured Notes (P)Ba3

J A P A N

TAKATA CORP: Davis Polk Advising Volkswagen on Restructuring
TK HOLDINGS: Statement on Chapter 11 Plan Confirmation

N E W  Z E A L A N D

CBL INSURANCE: Breached Orders, Paid NZ$55 Million Offshore

X X X X X X X X

COOK ISLANDS: S&P Affirms 'B+/B' SCR, Outlook Remains Stable


                            - - - - -


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


ARAB BANK AUSTRALIA: S&P Maintains BB+ ICR on CreditWatch
---------------------------------------------------------
S&P Global Ratings maintained its 'BB+' long-term issuer credit
rating on Arab Bank Australia Ltd. (ABA) on CreditWatch with
developing implications.

S&P said, "In our previous review, we affirmed the 'B' short-term
rating but we should have placed it on CreditWatch positive at
that time. The error, which was due to a misapplication of our
criteria "Methodology For Linking Long-Term And Short-Term
Ratings," did not affect our ratings on ABA.

"The CreditWatch placements stem from Arab Bank PLC's plans for a
potential sale of ABA. If the sale goes ahead, we would no longer
regard ABA as core to the Arab Bank group. Therefore, we would no
longer equalize our ratings on ABA with those on Arab Bank.
Nevertheless, we still believe that ABA will continue receiving
the same level of support from the Arab Bank group until its
divestment, and the potential sale does not change our view of
the bank's financial and business profiles. At year-end 2016,
ABA's assets totaled A$1.04 billion, and it had an A$677 million
loan book made up of consumer and corporate loans, an eight-
branch network, and a banking license. The bank's focus on
portfolio quality is reflected in the level of nonperforming
loans, which remains lower than 1% of total loans. ABA is self-
funded, mainly by retail customer current accounts.

"As of Sept. 30, 2017, ABA's capital adequacy ratio was 27% and
the Tier 1 ratio 21.9%. Although ABA's total equity amounts to
A$124 million, less than 2% of the group's common equity, we
currently consider it core to Arab Bank because of its operations
as the group's Asian hub. ABA carries the brand name of Arab Bank
and its reputation is closely linked with its parent's.

"We have identified and corrected the error, which was due to the
misapplication of our criteria "Methodology For Linking Long-Term
And Short-Term Ratings," by which we affirmed our 'B' short-term
counterparty credit rating on ABA without also placing it on
CreditWatch, in our previous review. We could raise the short-
term rating if we were to raise the long-term ratings on ABA
above 'BB+'. Therefore, we are now placing the short-term rating
on ABA on CreditWatch positive. The error had no impact on the
ratings.

"The CreditWatch developing on the long-term rating reflects the
uncertainties around ABA's potential sale and its effect on our
assessment of the bank's status to its parent group. We also
consider the possibility of stronger or weaker support for ABA if
the eventual buyer has higher or lower creditworthiness than Arab
Bank.

"We will resolve the CreditWatch once we have more clarity and
information on the conditions of a potential sale. We could
raise, affirm, or lower our long-term rating on ABA in the next
three months if the bank were sold, depending on the buyer's
group credit profile and its relationship with ABA. Furthermore,
if the parent fails to find a buyer, we will review ABA's group
status, which may lead us to lower our long-term rating on the
entity.

"The CreditWatch positive on the short-term rating reflects that
we are unlikely to lower the rating to 'C' from 'B'. However, we
could raise or affirm it in step with the long-term rating."


BALCO CONSTRUCTIONS: First Creditors' Meeting Set for March 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Balco
Constructions Australia Pty Ltd will be held at the offices of
Pitcher Partners, Level 19, 15 William Street, in Melbourne,
Victoria, on March 9, 2018, at 11:00 a.m.

Gess Michele Rambaldi of Pitcher Partners was appointed as
administrator of Balco Constructions on Feb. 28, 2018.


COULSON TILES: Second Creditors' Meeting Set for March 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of Coulson Tiles
Pty Ltd has been set for March 2, 2018, at 2:00 p.m. at the
offices of Chartered Accountants Australia and New Zealand,
Level 18, 600 Bourke Street, in Melbourne, Victoria.

The purpose of the meeting are (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 March 7, 2018, at 2:00 p.m.

Paul Allen and Ross Blakeley of FTI Consulting were appointed as
administrators of Coulson Tiles on Feb. 1, 2018.


DEPOSIT POWER: First Creditors' Meeting Set for March 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Deposit
Power Pty Ltd will be held at Wesley Theatre Room of Wesley
Conference Centre, 220 Pitt Street, in Sydney, NSW, on March 9,
2018, at 11:00 a.m.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of Deposit Power on Feb. 27, 2018.


ELITE CONSTRUCTION: First Creditors' Meeting Set for March 9
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Elite
Construction Services Pty Ltd will be held at the offices of BPS
Recovery, Level 18, 201 Kent Street, in Sydney, NSW, on March 9,
2018, at 3:00 p.m.

Daniel John Frisken of BPS Recover was appointed as administrator
of Elite Construction on Feb. 27, 2018.


P W ENTERPRISES: First Creditors' Meeting Set for March 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of P W
Enterprises (Perth) Pty Ltd will be held at the offices of HLB
Mann Judd (Insolvency WA), Level 3, 35 Outram Street, in West
Perth, WA, on March 9, 2018, at 12:00 p.m.

Kimberley Stuart Wallman of HLB Mann was appointed as
administrator of P W Enterprises on Feb. 27, 2018.


POPEYE HOLDCO: First Creditors' Meeting Set for March 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Popeye
Holdco Pty Ltd will be held at the offices of Hayes Advisory
Level 16, 55 Clarence Street, in Sydney, NSW, on March 8, 2018,
at 11:00 a.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Popeye Holdco on Feb. 26, 2018.


SAPPHIRE XVIII 2018-1: Moody's Assigns B2 Rating to Cl. F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Permanent Custodians Limited as
trustee of Sapphire XVIII Series 2018-1 Trust.

Issuer: Sapphire XVIII Series 2018-1 Trust

-- AUD125.00 million Class A1 Notes, Assigned Aaa (sf)

-- AUD50.00 million Class A2 Notes, Assigned Aaa (sf)

-- AUD29.00 million Class A3 Notes, Assigned Aaa (sf)

-- AUD24.75 million Class B Notes, Assigned Aa2 (sf)

-- AUD6.50 million Class C Notes, Assigned A2 (sf)

-- AUD5.00 million Class D Notes, Assigned Baa2 (sf)

-- AUD4.50 million Class E Notes, Assigned Ba2 (sf)

-- AUD2.50 million Class F Notes, Assigned B2 (sf)

The AUD1.50 million Class G and AUD1.25 million Class H Notes are
not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The deal is an Australian non-conforming residential mortgage-
backed securities (RMBS) transaction secured by a portfolio of
prime and non-conforming residential mortgage loans. All
receivables were originated by Bluestone Group Pty Limited or
Bluestone Mortgages Pty Limited (Bluestone) and are serviced by
Bluestone Servicing Pty Limited (Bluestone Servicing).

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility
in the amount of 2.0% of the note balance, the legal structure,
and the credit strength and experience of Bluestone Servicing as
servicer.

   -- Moody's MILAN CE -- representing the loss that Moody's
expects the portfolio to suffer in the event of a severe
recession scenario -- is 18.0%. Moody's expected loss for this
transaction is 2.0%.

Key transactional features are:

   -- Whilst the Classes A1, A2 and A3 Notes rank sequentially in
relation to interest and charge-offs, they rank pari passu in
relation to principal throughout the life of the transaction.
Principal repayments will be allocated pro-rata, based on the
stated amount of the notes. This feature reduces the absolute
amount of credit enhancement available to the Class A1 and Class
A2 Notes.

   -- Class B to Class F Notes will start receiving their pro-
rata share of principal if step-down conditions are met.

   -- Permitted further advances can be funded within the trust,
which could lead to a deterioration in the credit quality of the
pool. Further advances are subject to certain conditions. Further
advances will be funded through principal collections.

   -- A retention mechanism will be used to divert excess
available income towards the repayment of the most junior class
of notes outstanding other than Class H Notes. The retention
amount will be up to 0.05% of the current outstanding pool
balance per month, and up to a total captured amount of
AUD750,000. At the same time, the trustee will issue Class RM
Notes, equivalent to the retention amount allocated, leaving
subordination levels unchanged.

Key pool features are:

   -- While the portfolio has a reasonably high weighted-average
scheduled loan-to-value (LTV) of 68.4%, there are no loans in the
pool with a scheduled LTV above 85.0%.

   -- Investment and interest-only loans represent 19.8% and
10.2% of the pool, respectively.

   -- Based on Moody's classifications, the portfolio contains
32.0% exposure to borrowers with prior credit impairment
(default, judgment or bankruptcy). Moody's assesses these
borrowers as having a significantly higher default probability.

   -- Based on Moody's classifications, the portfolio contains
55.2% of loans granted on the basis of alternative income
documentation, with a further 5.1% granted on the basis of low
income documentation.

   -- Based on Moody's classifications, around 62.1% of the loans
in the portfolio were extended to self-employed borrowers.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors That Would Lead to an Upgrade or Downgrade of the
Ratings:

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian jobs market and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties or lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN
credit enhancement (CE) and mean expected loss - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

Based on the current structure, if the MILAN CE increased to
22.50% and the portfolio expected loss remained unchanged at
2.0%, the model implied rating of the Class A1, Class A2 and
Class A3 Notes would reduce by one notch to Aa1. The sensitivity
in the ratings is due to the pro-rata allocation of principal
among the Class A1, Class A2 and Class A3 Notes, on the basis of
their stated amounts, throughout the life of the deal, thus
reducing the absolute amount of credit enhancement available to
Class A1 and Class A2 Notes.


SPARKEFILMS PTY: First Creditors' Meeting Set for March 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Sparkefilms Pty Ltd will be held at the offices of SV Partners,
138 Mary Street, in Brisbane, Queensland, on March 9, 2018, at
11:00 a.m.

Terrence John Rose of SV Partners was appointed as administrator
of Sparkefilms Pty on Feb. 28, 2018.



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


AGILE GROUP: Moody's Assigns B1 Rating to Proposed USD Notes
------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to Agile Group Holdings Limited's (Ba3 positive) proposed
USD senior perpetual capital securities.

The perpetual securities will be issued directly by Agile and
rank pari passu with all other present and future unsecured and
unsubordinated obligations of Agile.

Agile will use the proceeds from the proposed bonds to refinance
existing debt.

The notes' rating reflects Moody's expectation that Agile will
complete the issuance upon satisfactory terms and conditions,
including proper registrations with the National Development and
Reform Commission.

RATINGS RATIONALE

"The proposed perpetual securities will extend Agile's debt
maturity profile and will not have a material impact on its
credit metrics as the proceeds will mainly be used to refinance
existing debt," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

Moody's considers the proposed perpetual securities as pure debt
instruments that rank similar to Agile's senior unsecured debt.
Accordingly, Moody's does not grant equity treatment for these
securities.

Moody's expects Agile's credit metrics over the next 12-18 months
to improve to levels that are strong for its Ba3 corporate family
rating (CFR). The company's revenue/adjusted debt will be around
85%-90% over the next 12-18 months and EBIT/interest around 4.5x-
5.0x, compared with 78% and 4.2x, respectively, for the 12 months
ended June 30, 2017.

These projected metrics are based on Moody's expectation that the
company will achieve moderate growth in presales and revenue in
the next 12-18 months. In 2017, the company's presales, together
with its JV's and associates, grew to RMB89.7 billion. This sales
performance will support revenue growth over the next one to two
years.

Meanwhile, Moody's expects Agile will control its debt growth by
exercising a disciplined land acquisition strategy.

Agile's Ba3 CFR also reflects the company's (1) strong market
position and solid track record of property development in
Guangdong Province; (2) track record of support from its largest
shareholder; (3) good liquidity and access to the bank markets;
and (4) low land costs.

At the same time, the Ba3 rating considers Agile's geographic
concentration in Guangdong and exposure to second and third-tier
cities, where property sales could be hurt by tightening
regulatory controls if property price growth accelerates.

Agile's B1 senior unsecured bond rating is lower than its CFR by
one notch because of the risk of structural subordination.

This subordination risk reflects the fact that the majority of
Agile's claims are at the operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

The positive outlook reflects Moody's expectation that Agile will
maintain growth in presales and revenue, and improve its profit
margins, which will in turn improve its credit metrics over the
next 12-18 months. The outlook also reflects Moody's expectation
that Agile will continue to follow its disciplined financial
management and land acquisition strategy.

Upward rating pressure could emerge if Agile (1) continues its
stable growth in presales; (2) maintains its disciplined approach
to land acquisitions; and (3) improves its credit metrics, such
that EBIT/interest exceeds 3.5x and revenue/adjusted debt rises
above 90% on a sustained basis.

The rating is unlikely to be downgraded, given the positive
outlook. The outlook could return to stable if Agile's presales,
gross profit margins or credit metrics weaken owing to a slowdown
in sales and/or rapid debt-funded expansion.

Specifically, the outlook could return to stable if Agile's
EBIT/interest falls to 3.0x, revenue/adjusted debt declines to
85%, or cash/short-term debt falls to 1.5x.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Agile Group Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segments. As of
June 30, 2017, the company had a land bank with a total gross
floor area of 31.6 million square meters (sqm) in 45 cities and
districts in China.


CENTRAL CHINA: Fitch Rates US$300MM Senior Notes 'BB-'
------------------------------------------------------
Fitch Ratings has assigned Central China Real Estate Limited's
(CCRE; BB-/Stable) US$300 million 6.5% senior notes due 2021 a
final rating of 'BB-'. The notes are rated at the same level as
CCRE's senior unsecured rating because they constitute its direct
and senior unsecured obligations.

CCRE's ratings are supported by the company's competitive
position as a real-estate developer in Henan province, with broad
housing-product diversification and a growing non-property
development business from rental properties and project
management. Its ratings are also supported by its healthy
financial profile with low leverage, as measured by net
debt/adjusted inventory that proportionately consolidates its
joint ventures (JVs), of 27% in 2016. CCRE's ratings are
constrained by its aggressive strategy of scale expansion over
the next two years and Fitch expect CCRE's leverage to face
upward pressure to above 30% over this period.

KEY RATING DRIVERS

Solid Position in Henan: Fitch believes CCRE's track record
supports its plan to further strengthen its position by raising
its market share in Henan to 10%-15% in the next three to five
years. CCRE has been developing residential properties almost
entirely in the province over the past 25 years with a presence
across 18 prefecture-level cities and an established reputation.
CCRE's lower average selling price (ASP) of CNY6,635 per square
metre (sq m) compared with peers' ASP of above CNY11,000 per sq m
reflects its wide product exposure, which is not driven only by
the province's larger cities. The diversification helps it
mitigate the risks of policy tightening on housing sales in the
provincial capital, Zhengzhou.

CCRE's contracted sales reached CNY20 billion in 2016, with a
market share of 3.6% in Henan, among the top developers in the
province. CCRE recorded strong sales in 2017, with contracted
sales growth of 51% yoy to CNY30.4 billion, driven by increased
penetration and better sell-through rates in lower-tier cities in
Henan. Fitch expect CCRE's annual contracted sales to grow
further to CNY35 billion-45 billion in 2018-2019.

Growing Non-Development Businesses: Fitch estimate CCRE's non-
development business EBITDA/interest coverage rose to 0.3x at
end-2017 (2016: 0.2x), adding an operating cash flow source other
than development property sales to help the company service debt.
Growth in hotel and rental income, and its recent expansion into
project management of residential property developments in the
province's smaller towns drove the higher contribution from non-
development businesses. CCRE is also expanding into the
development and operation of cultural tourism projects that will
enhance its non-development income in the next three to five
years. Local governments are encouraging cultural tourism
projects, giving CCRE access to lower-cost funding and
alternative land banking channels that improve its financial
flexibility.

Aggressive Land Acquisition in 2017: In 9M17, CCRE replenished
8.2 million sq m in attributable gross floor area of land bank
for CNY9.4 billion, or a land-acquisition-to-contracted sales
value ratio of 0.6x, exceeding the 0.2x-0.3x in previous years.
The more volatile home sales performance in lower-tiered cities
may affect the pace at which CCRE sells its newly acquired
projects and may limit its scope to deleverage. CCRE's leverage
rose to 27% at end-2016, from 17% at end-2015. Fitch expect the
company's leverage to stay above 30% for the next three years on
accelerated land acquisitions.

Fitch believe CCRE's leverage will not rise above 40%, as the
company has the flexibility to slow down its land acquisitions
due to a more sizeable land bank of 20.9 million sq m, sufficient
for its development for the next five to six years.

Stabilising Margin: Fitch estimate CCRE's EBITDA margin
(deducting capitalised interest from cost of sales) to be around
16%-17% in 2017-2019. The EBITDA margin fell to 17% in 2016, from
25% in 2014, affected by CCRE's strategy to accelerate inventory
clearance in 1H15. The higher contracted sales ASP in 2017 will
support its EBITDA margin when these projects are being
recognised in the next one to two years and CCRE's EBITDA margin
should stabilise over time.

DERIVATION SUMMARY

CCRE has increased its sales scale to a level comparable with
'BB-' rated peers, while maintaining a healthier financial
profile. CCRE's contracted sales of CNY30 billion are comparable
with 'BB-' rated peers such as Yuzhou Properties Company
Limited's (BB-/Stable) CNY40 billion, China Aoyuan Property Group
Limited's (BB-/Stable) CNY46 billion, and KWG Property Holding
Limited's (BB-/Stable) CNY29 billion. Its Fitch-rated 'BB' peers
have higher contracted sales of CNY50 billion-70 billion.

CCRE's leverage of 20% on average in the past four years compares
favourably with that of 'BB-' rated peers' 30%-45%. CCRE's recent
proactive land acquisitions may increase its leverage to above
30% in the next two years, although most of the newly acquired
land sites are in Henan province, where the company has a well-
established reputation.

CCRE's EBITDA margin of 17% is near the bottom of the 18%-25%
range of 'BB-' rated peers, as it has been affected by the
company's destocking strategy since 1H15. Fitch expect the
company's rising contracted sales ASP since 2017 and the
recognition of its projects to stabilise its EBITDA margin over
time. Fitch have forecast EBITDA margins of 16%-17% in 2017-2019.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Total contracted sales by gross floor area to increase by 39%
   in 2018 and 24% in 2019
- Average selling price for contracted sales to decrease by 10%
   in 2018 on product mix, and increase 1% in 2019
- EBITDA margin (excluding capitalised interest) at 16%-17% for
   2017-2019
- Land acquisition budget as a percentage of total contracted
   sales of 53% for 2017 and 27%-33% for 2018-2019, allowing the
   company to maintain a land bank reserve of five years of
   contracted sales

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Contracted sales sustained at above CNY50 billion
- Leverage, measured by net debt to adjusted inventory that
   proportionately consolidates its JVs, persistently at 30% or
   below
- Contracted sales to total debt sustained at above 1.5x

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Decline in contracted sales for a sustained period
- Leverage at 40% or above for a sustained period
- EBITDA margin at below 18% for a sustained period

LIQUIDITY

Sufficient Liquidity: As of 30 June 2017, the company had total
cash of CNY10.9 billion (including restricted cash of CNY1.9
billion), sufficient to cover short-term debt of CNY4.4 billion
maturing in one year (consisting of bank loans of CNY0.9 billion,
other loans of CNY0.8 billion and senior notes of CNY2.7
billion).

Diversified Funding, Lower Costs: CCRE had total debt of CNY15.2
billion as of 30 June 2017, consisting of bank loans, other
loans, senior notes and corporate bonds. There were unutilised
banking facilities amounting to CNY55.7 billion as of 30 June
2017. The average cost of borrowing dropped to 6.9% in 1H17, from
8.9% in 2013 and 7.9% in 2015.


HEALTH AND HAPPINESS: S&P Alters Outlook to Pos, Affirms BB CCR
---------------------------------------------------------------
S&P Global Ratings said that it had revised its rating outlook on
Health and Happiness (H&H) International Holdings Ltd. (H&H) to
positive from stable. At the same time, S&P affirmed its 'BB'
long-term corporate credit rating on H&H and its 'BB' long-term
issue rating on the company's outstanding senior unsecured notes.

H&H manufactures and distributes infant milk formula (IMF)
products and other baby products in China. It also provides
vitamin, herbal, mineral, and health supplement (VHMS) products
in Australia, China, and globally following its acquisition of
Swisse Wellness Group in September 2015.

S&P said, "We revised the outlook to positive to reflect our view
that H&H's has solid growth prospects and will likely maintain
steady operating cash flows over the next 12 months. The
company's debt leverage and serviceability could therefore
continue to improve over the period. We also anticipate that H&H
will be more disciplined with capital investment over the next 12
months, after its full integration of Swisse.

"We believe H&H's good growth trajectory will persist over the
next 12-24 months, driven by stronger marketing efforts. The
company has increased spending on advertising and marketing for
both its IMF and VHMS businesses since the second half year of
2017. Growth will also be driven by Chinese consumers' preference
for premium IMF products and rising health awareness that has
fueled the popularity and penetration of VHMS products. Our base
case assumes H&H's revenue will grow 7%-12% in 2018 and 2019,
after a strong growth of about 22% over the first nine months of
2017."

H&H's operating cash flow will likely remain steady over the next
12-24 months, although its profitability could fall amid
increasing spending on marketing. Stronger growth prospects owing
to the company's rising brand-building efforts and good working
capital management should more than offset the impact of a lower
profit margin. We expect H&H's EBITDA margin to deteriorate to
24%-27% in 2018 and 2019, from our estimate of close to 30% in
2017.

Disciplined capital investment and shareholder returns also
underpin our anticipation of H&H's lower debt leverage. The
company operates an asset-light business model by outsourcing the
majority of its product manufacturing to its suppliers globally.
S&P said, "We believe the company's capital expenditure will
remain limited over the next two years. Our base case also
assumes limited acquisitions by H&H over the next 12-24 months.

"We affirmed the ratings because we expect H&H to maintain its
market position, good revenue diversity, and satisfactory
operating efficiency over the next 12-24 months. However, intense
competition in the fragmented IMF and VHMS markets in China and
regulatory uncertainty associated with cross-border e-commerce
could pose a challenge to the company's growth and profitability.
In addition, H&H's high financing costs will constrain its
overall creditworthiness, in our view. We anticipate that the
company's EBITDA interest coverage will improve but stay below
6.0x over the next 12 months.

"We expect H&H to face rising competition in the fast-growing
high-end IMF product segment, with more global brands entering
the market." Competition will also come from global IMF brands
expanding in China through cross-border e-commerce. Although H&H
has an established market position in the high-end product
category in China, it directly competes with strong global peers
such as Nestle S.A., Abbott Laboratories, and Danone.

Risk to H&H from tightening regulations for the distribution of
VHMS products via e-commerce remains, albeit moderating. The
Chinese government has extended the grace period to implement the
new requirement for the distribution of health supplements
through cross-border e-commerce to Dec. 31, 2018, from Dec. 31,
2017. The extension will give Swisse more time to adjust its
distribution strategy in China. Nevertheless, any material change
in policies or tightening of regulations on parallel trading or
cross-border e-commerce could materially weaken Swisse's sales
and profitability.

The positive outlook on H&H reflects our expectation that the
company could continue its strong growth prospects and steady
operating cash flows, which should help reduce its debt leverage
and improve its EBITDA interest coverage over the next 12 months.
S&P also expects H&H to be more disciplined with capital
investment over the next 12 months.

S&P said, "We could revise the outlook to stable if H&H's debt-
to-EBITDA ratio exceeds 3.0x. This could happen if the company's
revenue declines materially or its EBITDA margin falls below 20%,
possibly due to intense competition, the negative impact from
changes in regulations, or difficulties in expanding Swisse's
business. This could also happen if H&H undertakes more
aggressive debt-funded expansion and shareholder returns than we
expect.

"We could raise the rating if H&H's operating performance and
free operating cash flow improve and lead to better debt leverage
and serviceability. This could also happen if H&H optimizes its
capital structure by using cash to reduce its debt balance and
lowering its financing costs. EBITDA interest coverage ratio
approaching 6.0x while the debt-to-EBITDA ratio sustains below
2.5x over the next 12 months would indicate such improvement."


HNA GROUP: To Axe 100,000 Jobs This Year, REDD Report Shows
-----------------------------------------------------------
The South China Morning Post reports that HNA Group, the Chinese
private conglomerate, is planning to cut 100,000 jobs or about a
quarter of its global workforce this year amid a liquidity
squeeze, Risk Event-Driven and Distressed Intelligence (REDD),
the emerging markets news website, said citing five unidentified
sources.

Job cuts of that scale would rank among the biggest ever for any
single company, the Post says.

According to the Post, the heavily indebted Chinese giant plans
to eliminate jobs in areas such as human resources, business
operations and asset restructuring, REDD reported, citing the
people.

The axe will also fall on units that HNA is planning to sell and
the group has informed staff at its home base of Haikou, Hainan
province, about the reduction plan, according to the REDD report.

Employees at HNA's aviation arm could be spared, as the business
has been recruiting, REDD reported, the Post relays.

The Post notes that financial pressure has been intensifying on
HNA after it spent tens of billions of dollars to snap up global
assets from Manhattan buildings to hotels.

The Post relates that the group has reversed its overseas
shopping spree and has been focusing on selling assets in recent
months to repay debts.

HNA told creditors it was facing a potential shortfall of at
least CNY15 billion (US$2.3 billion) in its ability to repay debt
in the first quarter, sources with knowledge of the matter said,
according to the Post.

It is the first time such details of the group's financial
squeeze have emerged, illustrating the extent and urgency of the
liquidity challenges that HNA is facing, the Post relays.

In February, HNA announced a US$2 billion deal for two land
parcels in Hong Kong and offloaded part of its stake in Deutsche
Bank, the Post recalls.

According to the Post, HNA Group chairman Chen Feng said that
liquidity problem exists "because we made a big number of
mergers", even as the external environment became more
challenging and China's economy "transitioned from rapid to
moderate growth", impacting the group's access to new financing,
Reuters reported in January.

HNA, among other high-profile overseas assets acquirers, has been
falling under tougher government scrutiny on "irrational"
overseas buying, the Post states.

In June 2017, HNA, together with Wanda, Fosun International,
Anbang Insurance Group, and east China's Zhejiang-based Rossoneri
Sport Investment -- the vehicle used by mainland businessman Li
Yonghong to acquire Italian soccer club AC Milan in April 2017 --
have been singled out for scrutiny by local banks, following a
directive from the banking regulator, according to emails seen by
the South China Morning Post.

                           About HNA

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


LESHI INTERNET: Posts US$1.8 Billion Loss for 2017
--------------------------------------------------
The South China Morning Post reports that Leshi Internet
Information and Technology has reported a loss of CNY11.6 billion
(US$1.8 billion) for 2017 -- its first full year in the red since
listing in 2010. It recorded a CNY554.8 million profit in 2016.

The Shenzhen-listed video streaming arm of debt-ridden Chinese
conglomerate LeEco said liquidity risks at affiliates had hit its
reputation and creditability hard, leading to a slump in
advertisement and subscription fees last year, the Post relates
citing Leshi's preliminary earnings report to the stock exchange
on Feb. 27. The loss was in line with an earlier estimate made in
January.

Various other entities in the group controlled by LeEco's founder
Jia Yueting owe Leshi some CNY7.53 billion due to the parent
company's too aggressive expansion plan, the Post says.

Leshi has written off CNY4.4 billion as affiliated companies are
unable to pay back money owed to it, it added in the filing, the
Post relays.

The Post says the results have not been externally audited yet,
and a full earnings report will be posted later this year.

According to the Post, Leshi shares were suspended from trading
from April last year until January 24. They ended at CNY5.44 in
Shenzhen on Feb. 27, meaning they have lost 64.5 per cent of
their value since that resumption, the Post adds.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and
distribution businesses in China.


LOGAN PROPERTY: Fitch Assigns BB- Rating to New USD Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned China-based Logan Property Holdings
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-
(EXP)' expected rating.

The notes are rated at the same level as Logan's senior unsecured
rating because they are unconditionally and irrevocably
guaranteed by the company. The final rating is subject to the
receipt of final documentation conforming to information already
received.

Logan's ratings are supported by the company's well-located land
bank in Shenzhen and the Guangdong region. This provides the
company stronger contracted sales and margin visibility over the
next 18 months compared with rated peers of similar size.

KEY RATING DRIVERS

Leverage to Increase: Fitch expects Logan's leverage, as measured
by net debt to adjusted inventory, to rise to 40%-45% in the next
12-18 months. Its 2016 leverage increased to 37% from 32% in 2015
as it acquired well-located sites in Shenzhen during 2015-2016 to
reposition its land bank. The company spent CNY25 billion, or 58%
of its contracted sales, on replenishing its land bank in 2017.
Logan's land acquisition to contracted sales ratio was 42% in
2016 and 55% in 2015.

Larger Scale, Strong Sales: Logan's contracted sales rose 51% yoy
to CNY43 billion in 2017, following a 43% yoy increase in its
contracted selling price to CNY17,898 per sq m. The average
selling price (ASP) of its projects in Shenzhen jumped 111% yoy
to CNY41,301 per sq m in 1H17 due to the launch of new prime
residential and commercial-mixed use developments including Logan
Carat Complex (CNY60,000 per sq m) and The Masterpiece (CNY30,000
per sq m). The ASP in cities in Guangdong, Nanning and other
regions rose 25%-57% yoy, driven by new project launches and
better sell-through rates. Contracted floor space sold rose 6%
yoy to 2.4 million sq m.

Margins Maintained: Logan's Fitch-calculated EBITDA margin
widened to 30% in 2016 from 26% in 2014. Fitch expect the
company's profitability to remain high in the next two to three
years, supported by the start of earnings recognition in 1H17
from its high-margin Shenzhen and Huizhou projects presold in
2015-2016 and the higher contracted sales ASP in 2017. Fitch
expect the company's EBITDA margin to be maintained at 29%-30% in
2017-2019.

Concentration Risks Reduced: Fitch believes Logan's well-located
and high-quality land bank, and expansion to new cities including
Hong Kong and Singapore in 2017, mitigate its concentration risks
over the next 12-24 months. Logan's contracted sales are highly
concentrated in the Guangdong region, with Shenzhen contributing
around 40% of its 1H17 contracted sales. Shenzhen, Shantou,
Foshan and Nanning -- all in the Pearl River Delta region --
accounted for over 80% of contracted sales in 2016 and 1H17.
Fitch expects Shenzhen to continue to account for 30%-40% of
Logan's total attributable contracted sales in 2018.

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

DERIVATION SUMMARY

Logan's contracted sales are comparable with other 'BB-' rated
Chinese developers, which have contracted sales of CNY28 billion-
45 billion. These peers include KWG Property Holding Limited (BB-
/Stable), China Aoyuan Property Group Limited (BB-/Stable) and
Yuzhou Properties Company Limited (BB-/Stable).

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

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

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Contracted sales by gross floor area to increase by 2% in 2018
- Average selling price for contracted sales to increase by 2%
   in 2018
- EBITDA margin stays at 29%-30% in 2017-2018

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Substantial increase in its scale with annual attributable
   contracted sales sustained above CNY30 billion
- Sustained leadership position in the key cities in the greater
   Guangdong area
- Achieving sustainable neutral or positive cash flow from
   operations
- EBITDA margin sustained above 30%
- Net debt/adjusted inventory sustained below 30%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory sustained above 45%
- EBITDA margin sustained below 25%

LIQUIDITY

Sufficient Liquidity: As of June 30, 2017, Logan had total cash
in hand of CNY23.1 billion (including CNY2.2 billion of
restricted cash and pledged deposits), sufficient to cover short-
term debt of CNY5.2 billion maturing in one year (consisting of
bank and other loans of CNY3.5 billion and senior notes due 2017
of CNY1.7 billion). The company has since refinanced the senior
notes with USD450 million 5.25% notes due 2023.


MODERN LAND: Moody's Assigns Rating to B3 Sr. Unsecured USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to the USD notes to be issued by Modern Land (China) Co.,
Limited.

The ratings outlook is stable.

Modern Land will use the proceeds from the proposed issuance
mainly to refinance existing debt and fund existing and new
property projects.

RATINGS RATIONALE

"The proposed notes will enhance Modern Land's liquidity and
improve its debt maturity profile," says Franco Leung, a Moody's
Senior Credit Officer and Senior Analyst, also the International
Lead Analyst for Modern Land.

Moody's expects Modern Land will use the proceeds from the
proposed bond issuance to mainly repay outstanding debt,
including a total of USD230 million notes due between May and
July 2018. The planned issuance will therefore have limited
impact on Modern Land's credit metrics.

Moody's expects Modern Land's EBIT/interest to stay around 1.6x-
2.0x and revenue/adjusted debt around 50%-60% in the next 12-18
months, considering (1) the increase in revenue following its
strong contracted sales performance in 2016 and 2017; (2) the
15%-20% annual growth in debt to support its business expansion;
and (3) a gross margin between 22% and 25%. Such credit metrics
make the company comparable with B2-rated Chinese property
developers.

Modern Land recorded a robust sales performance in 2017, with
contracted sales growing 33.8% year-on-year to RMB22.2 billion.

At the same time, Modern Land's leverage increased in 2017 owing
to debt funding for its business growth. Moody's estimates the
company used around 50% of its sales collections to purchase land
in 2017.

Nevertheless, Modern Land's liquidity profile remains strong. The
company's cash balance of RMB8.7 billion as of June 2017 and
strong contracted sales will be sufficient to meet its short-term
debt of RMB4.5 billion and committed land payments in the next 12
months.

Modern Land's B3 senior unsecured rating is one notch lower than
its corporate family rating, reflecting subordination risk for
senior unsecured bond holders.

Modern Land's B2 corporate family rating reflects its track
record of marketing its concept of comfortable and eco-friendly
homes -- a niche market -- to generate stable sales and adequate
liquidity, tempered by its relatively small scale and the
execution risks associated with its fast pace of expansion.

The stable outlook reflects Moody's expectation that the company
will (1) maintain adequate liquidity and grow sales as planned;
and (2) adjust its pace of expansion in accordance with market
conditions to avoid a material deterioration in its credit
profile.

Upward rating pressure could emerge if Modern Land establishes a
track record of (1) growing its scale and establishing its brand
in new locations outside its home market; (2) maintaining a
reasonable cash balance, with cash/short-term debt of 1.5x; and
(3) strong financial discipline in its land acquisitions, with
EBIT/interest coverage above 2.5x-3.0x and revenue/adjusted debt
over 70%-75% on a sustained basis.

Downward rating pressure could emerge if (1) Modern Land's
liquidity position and ability to generate operating cash flow
prove weaker than Moody's expectations, owing to declining
contracted sales, aggressive land acquisitions or the emergence
of more severe regulatory controls on China's property sector;
(2) there are prices decline, revenue recognition is slower than
expected, or if profit margins decline further, in turn weakening
interest coverage and financial flexibility; or (3) the company
engages in material debt-funded acquisitions.

Metrics indicative of downward rating pressure include Modern
Land's balance sheet cash, both restricted and unrestricted,
falling below 100% of short-term debt or the company's
homebuilding EBIT/interest coverage weakening below 1.5x on a
sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Modern Land (China) Co., Limited was founded in 2000 in Beijing
by Mr Zhang Lei, now its chairman, who is a real estate developer
in China. The company specializes in developing green housing
units, and is one of the few early leaders in China's green and
eco-friendly lifestyle market.

The company listed on the Hong Kong Stock Exchange in July 2013.
As of the end of 2016, it had a total land bank of approximately
5.4 million square meters in gross floor area, with 39 property
development projects in China (excluding investment properties
and properties held for its own use), located in cities such as
Beijing, Jiujiang, Nanjing, Nanchang, Taiyuan, Changsha, Xiantao,
Dongdaihe, Hefei, Wuhan, Shanghai, Suzhou and Foshan.


TAHOE GROUP: Tap Bond Issue No Impact on Moody's B2 Rating
----------------------------------------------------------
Moody's Investors Service says that the B1 corporate family
rating for Tahoe Group Co., Ltd -- as well as the B2 backed
senior unsecured rating for the USD notes issued by Tahoe Group
Global (Co.,) Limited and guaranteed by Tahoe Group -- are
unaffected by Tahoe Group's proposed tap bond offering on terms
and conditions that are the same as its existing USD200 million
senior notes due 2021 and USD225 million senior notes due 2023.

The outlook on both ratings remains negative.

The proceeds from the proposed tap issuance will be used for
onshore project development and general corporate purposes.

"The tap issuance will not materially affect Tahoe Group's debt
leverage, because Moody's estimate the size will not be material
relative to the company's total debt and part of the issuance
proceeds will be used to refinance existing debt," says Franco
Leung, a Moody's Vice President and Senior Credit Officer.

"However, Tahoe Group's high debt leverage remains a rating
constraint and underpins the company's negative ratings outlook,"
adds Leung.

Tahoe Group's B1 corporate family rating (CFR) reflects the
company's strong sales execution for residential and commercial
properties in the key regions that it operates.

It also reflects the company's large business scale relative to
many B-rated peers, with wide product offerings, ranging from
mass-market, mid-end to ultra-high-end properties.

These factors contribute to the company's high business growth.

It also has a modestly diversified capital structure and a good
track record of accessing the domestic debt and equity capital
markets.

Moody's expects that its good access to funding will support its
capital needs for ongoing business development.

On the other hand, its rating also reflects its rapid growth
ambitions, including expansion in new markets, which increases
its levels of financial and execution risk.

The execution risk in new markets for Tahoe, however, is
mitigated by the company's established brand name in China and
good track record of expansion into new cities.

Its B1 corporate family rating is constrained by its weak
financial metrics and liquidity, in particular, its high debt
leverage, as a result of sizable land acquisitions, construction
spending requirements, and slow cash collections.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for
structural subordination.

As a result of these factors, the expected recovery rate for
claims at the holding company will be lower.

The ratings outlook is negative, reflecting Tahoe Group's high
debt leverage at June 30, 2017, a situation which will take time
to improve to an appropriate level through higher contracted
sales and revenues, as well as slower debt growth.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Tahoe Group Co., Ltd listed on the Shenzhen Stock Exchange in
2010. The company began its first residential property project in
Fuzhou in Fujian Province in 1996. Its operations are mainly
focused on residential property developments. It is also engaged
in commercial property developments.

At June 30, 2017, its land bank totaled 16.25 million square
meters by saleable gross floor area.



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


NOBLE GROUP: Auditor Raises Going Concern Doubt
-----------------------------------------------
Andrea Soh at The Business Times reports that Noble Group's
auditor warned about the group's ability to continue as a going
concern as the struggling commodity trader announced a loss of
US$4.94 billion for 2017.

The group recorded a net profit of US$8.7 million in 2016, the
report discloses.

According to the Business Times, full-year revenue tumbled 26% to
US$6.43 billion, from US$8.67 billion in 2016, as traded volumes
dropped due to constraints in trade finance and liquidity.

The Business Times relates that Noble's auditor EY said in the
financial statements that the 2017 losses, the group's current
liabilities of US$1.19 billion of bank debt and US$378.8 million
of senior notes due in March this year, as well as its net
deficiency of US$800.9 million, "indicate the existence of a
material uncertainty which may cast significant doubt over the
group's ability to continue as a going concern".

But Noble's board said it is satisfied the group can continue as
a going concern until the restructuring is completed, given the
state of its restructuring discussions with the ad hoc creditor
group representing about 36 per cent of its senior debt
instruments, and trade finance facilities currently provided by
its banks, The Business Times relays.

The huge 2017 loss includes a US$1.053 billion loss from
discontinued operations, and US$3.24 billion of exceptional items
recorded from its continuing operations, the report adds.

The Business Times says the latter comprises US$2.15 billion in
adjustments to net fair value gains on commodity contracts and
derivative financial instruments, and US$1.04 billion in
impairments on some current and non-current assets, as well as a
non-cash loss resulting from a significant dilution of its
shareholding in Yancoal Australia.

Still, volumes in the coal business remained "fairly stable" with
a 7 per cent decline from 2016, as it was able to increase its
marketing volumes which does not require trade finance support,
said Noble, The Business Times discloses.

Volumes in the metals, minerals and ores division declined due to
a significant long-term iron ore contract ending in end-2016, and
a focus on profitability over volumes in its freight business

                          About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2018, Fitch Ratings has downgraded Noble Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) and the
ratings on all its outstanding senior unsecured notes to 'C' from
'CC'. The Recovery Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group to
'CC' from 'CCC-'. The outlook is negative. S&P also lowered the
long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.



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


AGLON INDUSTRIES: Ind-Ra Gives BB LT Rating to INR509MM Term Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aglon Industries
Private Limited (AIPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR509 mil. Term loan due on June 2024 assigned with IND
     BB/Stable rating;

-- INR350 mil. Fund-based limits assigned with IND BB/Stable/IND
     A4+ rating; and

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

KEY RATING DRIVERS

The ratings reflect AIPL's moderate scale of operations and weak
credit metrics attributable to its short operational track
record, as the company commenced commercial operations in January
2017. It booked revenue of INR115 million in FY17. As of 10MFY18,
AIPL achieved revenue of INR900 million and had an order book of
INR70 million, to be executed by February 2018.

The company reported high EBITDA margins of 16.50% in FY17 due to
low operating expenses. Interest coverage (operating EBITDA/gross
interest expense) was 1.19x and net leverage (total adjusted net
debt/operating EBITDAR) was 44.41x in FY17 on account of high
debt.

However, the ratings are supported by AIPL's comfortable
liquidity position with 49% average maximum utilization of its
fund-based limits during 12 months ended January 2018.

The ratings also benefit from the promoters' experience of more
than two decades in the trading of nylon yarn.

RATING SENSITIVITIES

Positive: Any substantial growth in the top line along with an
improvement in the operating profitability leading to a
substantial improvement in the credit metrics could be positive
for the ratings.

Negative: Any deterioration in operating profitability leading to
a sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Established as a private limited company in Surat in 2015, AIPL
manufactures nylon yarn with a total annual installed capacity of
6,000 tones. The company is headed by Mr. Vishnu Goenka, Mr.
Abhishek Goenka, Mr. Pradeep Agarwal and Mr. Vinay Agarwal.


AIRCEL LTD: Files for Bankruptcy Amid High Debt Pile and Losses
---------------------------------------------------------------
Reuters reports that Aircel Ltd filed for bankruptcy on Feb. 28,
pressured by a high debt pile and mounting losses following a
price war triggered by a telecom upstart.

Talks between Aircel, 74 percent owned by Malaysia's Maxis
Communications Bhd, and Reliance Communications Ltd (RCom) to
combine their wireless business was called off in late 2017 due
to regulatory and legal uncertainties and interventions by
various parties, Reuters says.

Reuters relates that Aircel, whose debt amounts to INR155 billion
($2.38 billion), then tried unsuccessfully to restructure its
debt.

"Post-detailed discussions with the financial lenders and
shareholders, the company could not reach consensus with respect
to restructuring of its debt and funding," Reuters quotes Aircel
as saying.

According to Reuters, Aircel said it had decided to pursue a
resolution under the country's Bankruptcy Code as the
"appropriate recourse."

Reuters notes that the entry of Reliance Jio in 2016 with free
voice and cut-price data plans forced smaller operators to exit
the crowded and competitive telecoms market, while bigger players
such as Idea Cellular and Vodafone Group Plc's Indian unit are
merging to stave off competition.

Aircel Limited, along with its subsidiaries Aircel Cellular
Limited and Dishnet Wireless Limited, is a telecom service
provider with a pan India presence. Aircel offers GSM-based 2G
services in all the 22 telecom circles and has also introduced 3G
services in select geographies.


AIRCEL LTD: Malaysian Tycoon's Firm to Lose $7BB From Bankruptcy
----------------------------------------------------------------
Elffie Chew and George Smith Alexander at Bloomberg News report
that Malaysian tycoon T. Ananda Krishnan's company is poised to
lose a total of about $7 billion from a failed 12-year foray in
the Indian wireless market, marking his biggest-ever hit on a
soured investment, people with knowledge of the matter said.

Krishnan-backed mobile carrier Aircel Ltd. filed to start
insolvency proceedings in India, the company said, confirming an
earlier Bloomberg News report the move was imminent. Maxis
Communications Bhd., a holding company for some of Krishnan's
telecom ventures, has made about $3.4 billion of shareholder
advances to Aircel that it now won't be able to recoup, according
to one of the people, Bloomberg relays.

Over the years, Maxis Communications also injected around $1.2
billion into Aircel in return for common stock and subscribed to
$1.6 billion of redeemable preference shares, the person, as
cited by Bloomberg, said, asking not to be identified because the
information is private. Both classes of securities are expected
to be wiped out in the insolvency proceedings, according to the
people.

Bloomberg says the estimated losses also include about $800
million that Krishnan spent when he first bought the business in
2006.

Bloomberg relates that Krishnan has no bank borrowings related to
the Aircel investments, one of the people said. While Maxis
Communications currently doesn't expect to recoup funds from any
potential selloff of Aircel's assets, the insolvency process is
at an early stage and the situation could change, the people
said.

Maxis Communications is 45 percent controlled by Krishnan through
his private investment vehicle Usaha Tegas Sdn. Saudi Telecom Co.
owns a 25 percent interest, while 30 percent is held by so-called
bumiputera, or ethnic Malay investors, Bloomberg discloses.

A representative for Maxis Communications declined to comment,
while Aircel Chief Executive Officer Kaizad Heerjee didn't answer
calls to his mobile phone seeking comment, Bloomberg notes. Saudi
Telecom has no financial exposure nor obligations to Aircel after
amending the shareholder agreements relating to the Indian
carrier in December 2013, a representative for the Saudi company
said in response to Bloomberg queries.

Krishnan, 79, is Malaysia's third-richest man with an estimated
net worth of $6.1 billion, according to the Bloomberg
Billionaires Index. He controls stakes in Maxis Bhd., the
Southeast Asian nation's biggest mobile carrier by subscribers,
as well as pay-TV operator Astro Malaysia Holdings Bhd. and oil
services provider Bumi Armada Bhd. The tycoon also has interests
in properties in the U.K. and Switzerland, Bloomberg discloses.

Aircel Limited, along with its subsidiaries Aircel Cellular
Limited and Dishnet Wireless Limited, is a telecom service
provider with a pan India presence. Aircel offers GSM-based 2G
services in all the 22 telecom circles and has also introduced 3G
services in select geographies.


ASANDAS & SONS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Asandas & Sons a
Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The
instrument-wise rating actions are given below:

-- INR285.62 mil. Long-term loans due on December 2021 assigned
     with IND BB/Stable rating;

-- INR145.00 mil. Fund based limits assigned with IND
    BB/Stable/IND A4+ rating;

-- INR25.00 mil. Non-fund-based limits assigned with IND A4+
     rating; and

-- INR130.00 mil. Proposed fund-based limits* assigned with
Provisional IND BB/Stable/Provisional IND A4+ rating.

*The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by Asandas and Sons to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect Asandas' small scale of operations due to a
recent change in the business model from trading to
manufacturing. The firm has started commercial production of
frozen foods from January 2016. Revenue was INR535 million in
FY17 and INR811 million in 10MFY18. The firm has a current order
book of INR1,600 million which will be executed by end-December
2018.

The ratings also reflect the company's weak credit metrics due to
the high debts taken up to set up a manufacturing plant. Interest
coverage ratio (operating EBITDA/gross interest expense) was 1.6x
and net leverage (adjusted net debt/operating EBITDAR) was 6.6x.
Ind-Ra expects an improvement in the credit metrics in FY18 on
account of an improvement in the scale of operations, scheduled
repayment of term loans and absence of debt-led capex plan.

The ratings are constrained by the partnership nature of business
and the limited operational track record of the firm.

Moreover, Asandas has a tight liquidity position with the fund-
based facility utilized at 98% till end-January 2018 due to the
working capital intensive nature of business.

The ratings are supported by the company's strong EBITDA margins
of 21.8% in FY17 due to backward integration through contract
farming and promoters' over six decades of industry experience.

RATING SENSITIVITIES

Negative: Any deterioration in EBITDA margin leading to
deterioration in credit metrics could be negative for the
ratings.

Positive: A consistent improvement in the revenue and EBITDA
margin would be positive for the ratings.

COMPANY PROFILE

Asandas was established in 1962 as a partnership firm. Jayraj
Karamchandani and Kishan Karamchandani are the partners of the
firm. Asandas is one of the leading traders of potatoes and
onions in Gujarat for the last 50 year, and has started
commercial production of frozen foods from January 2016.


BALAJI LOOMTEX: CRISIL Assigns B+ Rating to INR16.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term facilities of Balaji Loomtex Private Limited (BLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan       16.5      CRISIL B+/Stable (Assigned)

   Cash Credit               3        CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit             10.5      CRISIL B+/Stable (Assigned)

The rating reflects BLPL's exposure to project completion risk.
This weakness is partially offset by the extensive experience of
its promoters and the ramp up in scale achieved in just a few
months of operation.

Key Rating Drivers & Detailed Description

Weakness:

   * Exposure to project completion and stabilisation risk: The
textile unit being set up in Panipat, Haryana is expected to
commence commercial operations from September 2018.
Implementation of the project along with timely funding,
stabilisation of operations and commensurate ramp-up of sales
will remain critical to achieve growth in revenue and
profitability.

Strengths:

   * Extensive experience of the promoters: Benefits from the
promoters' four decades of experience and established
relationship with reputed customers should support the business.

   * Ramp up in scale achieved quickly: Trading and semi-
manufacturing activities commenced in July 2017. Further, sales
of INR20 crore were achieved till January 2018 indicating a
modest scale in the first year of operation.

Outlook: Stable

CRISIL believes BLPL will benefit from the extensive experience
and funding support of its promoters. The outlook may be revised
to 'Positive' if cash accrual is sizeable or if timely
commissioning of project and substantial capacity utilisation,
leads to higher scale of operation. The outlook may be revised to
'Negative' if significant cost or time overrun in project
execution or delays in stabilisation of operations, weakens debt-
servicing ability.

Incorporated in February 2017 and promoted by Mr Raghunandan
Sarup Gupta, his son Mr Uttam Gupta and daughter-in-law Mrs
Shallu Bansal, BLPL is setting up a flannel and polyester fabric
textile unit in Panipat. The company is currently engaged in
trading and semi-manufacturing of home furnishing textiles such
as bed sheets and duvets.


BHUVANESHWARI TEXTILES: CRISIL Lowers Rating on INR12MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhuvaneshwari Textiles Private Limited (BTPL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit         7        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility       2        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan                2        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects instances of delay by BTPL in servicing
its debt, on account of weak liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

   * Susceptibility of operating margin to volatility in raw
material prices: BTPL's operating margin is susceptible to
volatility in raw material prices, mainly cotton. Its operating
margins were declined from 6.8 percent in fiscal 2016 to 3.5
percent in fiscal 2017 on account of increase in cotton prices
resulting in net loss during the year

   * Modest financial risk profile: BTPL's financial risk profile
is modest, marked by modest net worth. Low net worth coupled with
high working capital borrowings led to a high gearing 6.2 times
as on March 31, 2017.

Strength

   * Promoters' extensive experience in spinning industry,
coupled with established relationship with customers and
suppliers: BTPL benefits from its promoter's extensive experience
of around three decades in the spinning industry.

Incorporated in 1970 and promoted by Mr. D Rajagopala Naidu and
his family, BTPL manufactures cotton and polyester yarn in 40s
and 60s counts.


CARGO SOLAR: CRISIL Cuts Rating on INR348MM Term Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cargo Solar Power (Gujarat) Private Limited (Cargo Solar) to
'CRISIL B+/Stable' from 'CRISIL BB-/Negative'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      167       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Negative')

   Rupee Term Loan         348       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Negative')

The downgrade is driven by further delay in financial closure and
revalidation of the power purchase agreement (PPA) with Gujarat
Urja Vikas Nigam Ltd (GUVNL), resulting in increased project
implementation risk with regard to achieving commercial date of
operations (COD) of December 2018. The substantial time overrun
in the proposed concentrated solar power (CSP; also referred to
as solar thermal) project resulted in four revisions in COD to
December 2018 from the original COD of July 2013. The COD was
revised earlier because of more-than-estimated time taken for
acquisition of land and clearances for the project, resulting in
delay in financial closure which let to cost escalation and
change in vendor further leading to revision of COD. The time
overrun resulted in the need to revalidate the PPA with GUVNL.

CRISIL understands that Cargo Solar is in the final stage of
discussion with lenders for disbursement of project debt.
However, financial closure is possible post revalidation of the
PPA. The cost overrun was funded by the promoters. While CRISIL
believes the promoters will continue to provide financial support
for the project and for debt servicing until operations
stabilise, the rating will remain sensitive to any further delay
in financial closure, revalidation of the PPA with the revised
timeline, and in project implementation.

Key Rating Drivers & Detailed Description

Strengths:

   * Strong financial support from the promoters
Cargo Solar benefits from strong financial flexibility of the
promoters. The company experienced considerable delay in
financial closure, because of limited track record of CSP
projects in India and delay in acquisition of land and
clearances, resulting in delayed COD and necessitating the
revalidation of the PPA. The project has been funded primarily
through periodic funds from the company's promoters so far. Also,
the project loans to be contracted by Cargo Solar are expected to
have a corporate guarantee from CMPL. CRISIL believes Cargo
Solar's promoters will continue to provide financial support for
the project and for debt servicing until operations stabilise.
The rating will remain sensitive to further delays in project
implementation.

Weaknesses:

   * Delay in financial closure and revalidation of PPA with
GUVNL
Significant delay observed in revalidation of PPA and financial
closure has resulted in higher implementation risk with regards
to achieving COD of December 2018. The significant delay in
financial closure is on account of delay in acquisition of land,
obtaining clearances resulting in cost overrun and revalidation
of PPA was necessitated due to time over run in the project.
However, the long-term PPA of 25 years with GUVNL provides high
revenue visibility with tariff of INR11 per unit of power for the
first 12 years and INR4 per unit subsequently subject to
revalidation of PPA by GUVNL. At the efficiency level envisaged
by Cargo Solar for its plant, CRISIL believes the tariff
structure will generate more-than-adequate cash flow to service
project debt. Any delay in financial closure and the revalidation
of the PPA with the revised COD will be a key rating sensitivity
factor.

   * Exposure to project implementation and stabilisation risks
Although the CSP technology has been in existence globally since
1984, it has a limited track record in India. CRISIL believes
Cargo Solar's project is exposed to implementation and
stabilisation risks due to limited availability of comparable
benchmarks such as efficiency and typical time taken for
stabilisation. Also, given the company's estimate of higher plant
load factor of 50% (compared to 19-20% for solar photovoltaic
projects) on account of additional nine hours of storage; any
adverse deviation from project milestones, project costs and
operational performance once plant is commissioned will remain
one of the key monitorables. The COD for Cargo Solar's CSP plant
has been revised 4 times from the original COD of July 2013 on
account of delay in land acquisition and clearances, resulting in
delay in financial closure, which led to cost escalation and
necessitated the need for revision of COD and revalidation of
PPA. The delay in revalidation of PPA and financial closure has
resulted in increased project implementation risk with regards to
achieving COD of December 2018.

   * Significant external debt to fund CSP project: Cargo Solar's
CSP project is to be funded through substantial debt of INR506
crore, resulting in a high project gearing of over 1.7 times. The
project's debt service coverage ratio (DSCR) is expected to be
modest, supported by steady offtake for power generated under the
PPA and healthy operational performance (PLF of over 50%).
Liquidity will be supported by DSRA in the form of bank
guarantee, covering debt obligation (principal and interest) for
around six months. Estimated cash flow, though adequate, remains
sensitive to any deviation in the PPA terms, terms of financial
closure, or the actual performance of the plant.

Outlook: Stable

CRISIL believes Cargo Solar's credit risk profile will remain
constrained over the medium term because of risks related to
implementation of its project and stabilisation of operations.
CRISIL, however, believes Cargo Solar will continue to receive
financial support from its promoters. The outlook may be revised
to 'Positive' if operating performance in the initial years of
operations exceeds expectation, resulting in higher-than-expected
cash accrual and timely payment from GUVNL. The outlook may be
revised to 'Negative' if there is any significant deviation from
the current project estimate, including project outlay (Rs 793
crore), drawdown of loan, placing of order for major components
(by June 2018), and revalidation of the PPA with GUVNL (by
February 2018) with the revised COD, so that commercial
operations begin from December 2018. The rating will also remain
sensitive to receipt of timely support from Cargo Solar's
promoters, including for debt servicing, until operations
stabilise.

Cargo Solar was incorporated in May 2010 as a special purpose
vehicle to set up a 25-megawatt CSP plant in Kutch, Gujarat. The
company is a part of the Ahmedabad, Gujarat-based Cargo group,
promoted by Mr Jayant Nanda and his family members, and is a
subsidiary of Cargo Power & Infrastructure Pvt Ltd (CPIPL), which
is the holding company for the group's ventures in power and
infrastructure. CPIPL is a subsidiary of Cargo Motors Pvt Ltd
(CMPL), the group's flagship company. CMPL, set up in 1959, is
among the largest dealers of commercial vehicles of Tata Motors
Ltd ('CRISIL AA/Positive/CRISIL A1+') in Gujarat, with estimated
revenue of about INR1600 crore in fiscal 2017.

Cargo Solar's CSP project is the group's first venture in the
power sector. The estimated COD for the project has been revised
to December 2018. The cost of the project is estimated at INR793
crore, and is being funded in a debt-to-promoters'-contribution
ratio of 64:36. As of December 2017, the company had spent about
INR207 crore on the project, funded through promoters'
contribution of about INR192 crore and rest through credit from
suppliers.


ELA NIRMAN: CRISIL Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Ela Nirman Private Limited
(ENPL) to 'CRISIL D/Issuer Not Cooperating'. However, the
management subsequently started sharing the requisite
information, necessary for carrying out a comprehensive review of
the rating. Consequently, CRISIL is migrating the ratings on bank
facilities of ENPL from 'CRISIL D/Issuer Not Cooperating' to
'CRISIL D'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           3          CRISIL D (Migrated from
                                    'CRISIL D' Issuer Not
                                    Cooperating)

   Long Term Loan        1.5        CRISIL D (Migrated from
                                    'CRISIL D' Issuer Not
                                    Cooperating)

The rating continues to reflect instances of delays by ENPL in
interest payments in cash credit account due to weak liquidity.

ENPL is exposed to risks related to ongoing projects, and
susceptibility to intense competition in trading business. It
benefits from extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

   * Delay in interest payments in cash credit account: ENPL has
been delaying in servicing of interest on its cash credit account
due to stretched liquidity and high bank limit utilisation.

   * Susceptibility to intense competition in trading business:
High competition in the industry coupled with low value addition
and no product differentiation associated with the trading nature
of business has resulted in low operating profitability for the
company.

   * Risks related to ongoing projects: The company currently has
about 13 offices/shops which are yet to be sold, this leads to
demand risk. Moreover, the construction of hotel is yet to be
completed, any delay in project implementation will impact the
cash flows of the company.

Strengths

   * Extensive experience of the promoters: The promoters have
been engaged in the food and hotel industry through their other
group concerns for more than 2 decades, this is likely to benefit
the company over the medium term.

ENPL was incorporated in January 2011 by Mr. Subhash Agrawal and
Mrs. Rekha Agrawal in Raigarh (Chhattisgarh). The company has
constructed a mall in Raigarh and is also engaged in trading of
broken rice which accounts for major portion of the revenues. It
is also constructing a hotel.


FIRESTAR DIAMOND BVBA: Ind-Ra Lowers Rating on USD48MM Loan to C
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond BVBA's (FDBVBA) bank facilities while resolving the
Rating Watch Negative (RWN) as follows:

-- USD48 mil. Fund-based working capital facilities downgraded;
     Off RWN with IND C (SO)/IND A4 (SO) rating; and

-- USD2 mil. Proposed working capital facilities withdrawn,
    (the company did not proceed with the instrument as
    envisaged) and the rating is withdrawn.

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDFZE's
ultimate parent company, Firestar International Private Limited
(FIPL; 'IND C'), which has extended an unconditional, absolute
and irrevocable guarantee towards the rated bank facilities.
FIPL's ratings are based on a consolidated view of its businesses
and financials.

FIPL's rating action follows the determination that the ongoing
investigation into the financial irregularities at common
promoter companies would lead to a substantial disruption in
FIPL's operations. Freezing of FIPL's accounts by banks and
seizing of inventories by enforcement agencies, as well as
absence of key management personnel have impacted the operations
of FIPL and its subsidiaries.

On February 14, 2018, Punjab National Bank (PNB; 'IND AAA'/RWN)
reported fraudulent transactions worth USD1,771.7 million (about
INR114 billion). This amount included the alleged fraud of
INR2,807 million reported by PNB, for which an FIR was registered
by the Central Bureau of Investigation on behalf of PNB against
Solar Exports, Stellar Diamonds and Diamonds R US, all companies
of the Nirav Modi group, and referred the matter to the
enforcement agencies. Subsequently, Ind-Ra placed FIPL's ratings
on RWN on February 15, 2018.

RATING SENSITIVITIES

FDBVBA's ratings will move in tandem with that of FIPL. An
improvement in the operating environment of FIPL and its
subsidiaries through smooth functioning of operations with banks
could result in a positive rating action.

COMPANY PROFILE

FDBVBA is a step-down subsidiary of FIPL, which was founded by
Nirav Modi.

Mumbai-headquartered FIPL is a global diamond and jewelry company
with vertically integrated operations across the value chain. It
has operational presence in Hong Kong, the UAE and the US, and
has offices in New York, Hong Kong, Antwerp and Dubai. It has
manufacturing units across Mumbai and Surat, Jaipur, Moscow,
Armenia and South Africa.


FIRESTAR DIAMOND FZE: Ind-Ra Lowers Rating on USD111MM Loan to C
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond FZE's (FDFZE) bank facilities while resolving the Rating
Watch Negative (RWN) as follows:

-- USD111 mil. fund-based working capital facilities downgraded;
     Off RWN with IND C (SO)/IND A4 (SO) rating; and

-- USD14 mil. Proposed working capital facilities withdrawn (the
    company did not proceed with the instrument as envisaged) and
    the rating is withdrawn.

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDFZE's
ultimate parent company, Firestar International Private Limited
(FIPL; 'IND C'), which has extended an unconditional, absolute
and irrevocable guarantee towards the rated bank facilities.
FIPL's ratings are based on a consolidated view of its businesses
and financials.

FIPL's rating action follows the determination that the ongoing
investigation into the financial irregularities at common
promoter companies would lead to a substantial disruption in
FIPL's operations. Freezing of FIPL's accounts by banks and
seizing of inventories by enforcement agencies, as well as
absence of key management personnel have impacted the operations
of FIPL and its subsidiaries.

On February 14, 2018, Punjab National Bank (PNB; 'IND AAA'/RWN)
reported fraudulent transactions worth USD1,771.7 million (about
INR114 billion). This amount included the alleged fraud of
INR2,807 million reported by PNB, for which an FIR was registered
by the Central Bureau of Investigation on behalf of PNB against
Solar Exports, Stellar Diamonds and Diamonds R US, all companies
of the Nirav Modi group, and referred the matter to the
enforcement agencies. Subsequently, Ind-Ra placed FIPL's ratings
on RWN on February 15, 2018.

RATING SENSITIVITIES

FDFZE's ratings will move in tandem with that of FIPL. An
improvement in the operating environment of FIPL and its
subsidiaries through smooth functioning of operations with banks
could result in a positive rating action.

COMPANY PROFILE

FDFZE is a step-down subsidiary of FIPL, which was founded by
Nirav Modi.

Mumbai-headquartered FIPL is a global diamond and jewelry company
with vertically-integrated operations across the value chain. It
has operational presence in Hong Kong, the UAE and the US, and
has offices in New York, Hong Kong, Antwerp and Dubai. Its
manufacturing units are across Mumbai and Surat, as well as
across Jaipur, Moscow, Armenia and South Africa.


FIRESTAR DIAMOND IPL: Ind-Ra Cuts Rating on INR3,824BB Loan to C
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond International Private Limited's (FDIPL) bank facilities
while resolving the Rating Watch Negative (RWN) as follows:

-- INR3,824 bil. Fund-based working capital facilities
    downgraded; Off RWN with IND C (SO)/IND A4 (SO) rating;

-- INR1,059 bil. Non-fund-based working capital facilities
    downgraded; Off RWN with IND A4 (SO) rating; and

-- INR3,367 bil. Proposed working capital facilities withdrawn
    (the company did not proceed with the instrument as
    envisaged) and the rating is withdrawn.

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDIPL's
parent company, Firestar International Private Limited (FIPL;
'IND C'), which has extended an unconditional, absolute and
irrevocable guarantee towards the rated bank facilities. FIPL's
ratings are based on a consolidated view of its businesses and
financials.

FIPL's rating action follows the determination that the ongoing
investigation into the financial irregularities at common
promoter companies would lead to a substantial disruption in
FIPL's operations. Freezing of FIPL's accounts by banks and
seizing of inventories by enforcement agencies, as well as
absence of key management personnel have impacted the operations
of FIPL and its subsidiaries.

On February 14, 2018, Punjab National Bank (PNB; 'IND AAA'/RWN)
reported fraudulent transactions worth USD1,771.7 million (about
INR114 billion). This amount included the alleged fraud of
INR2,807 million reported by PNB, for which an FIR was registered
by the Central Bureau of Investigation on behalf of PNB against
Solar Exports, Stellar Diamonds and Diamonds R US, all companies
of the Nirav Modi group, and referred the matter to the
enforcement agencies. Subsequently, Ind-Ra placed FIPL's ratings
on RWN on February 15, 2018.

RATING SENSITIVITIES

FDIPL's ratings will move in tandem with that of FIPL. An
improvement in the operating environment of FIPL and its
subsidiaries through smooth functioning of operations with banks
could result in a positive rating action.

COMPANY PROFILE

FDIPL was incorporated in 2006 as a jewelry manufacturing company
for exports. It became a wholly-owned subsidiary of FIPL in March
2016 (FY15: 67% held by FIPL). FDIPL's export jewelry
manufacturing facility caters to the wholesale diamond jewelry
business and is located in Surat Special Economic Zone and
Jaipur, whereas its retail jewelry designing and manufacturing
unit is based in Mumbai. FDIPL operates FIPL's domestic retail
business, which functions under the Nirav Modi brand. FDIPL is
strategically important as FIPL maintains focus on expanding its
retail presence.


FIRESTAR DIAMOND LHK: Ind-Ra Lowers Rating on USD35MM Loan to C
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond Limited, Hong Kong's (FDLHK) bank facilities while
resolving the Rating Watch Negative (RWN) as follows:

-- USD35 mil. fund-based working capital facilities downgraded;
    Off RWN with IND C (SO)/IND A4 (SO) ratings.

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDLHK's
ultimate parent company, Firestar International Private Limited
(FIPL; 'IND C'), which has extended an unconditional, absolute
and irrevocable guarantee towards the rated bank facilities.
FIPL's ratings are based on a consolidated view of its businesses
and financials.

FIPL's rating action follows the determination that the ongoing
investigation into the financial irregularities at common
promoter companies would lead to a substantial disruption in
FIPL's operations. Freezing of FIPL's accounts by banks and
seizing of inventories by enforcement agencies, as well as
absence of key management personnel have impacted the operations
of FIPL and its subsidiaries.

On February 14, 2018, Punjab National Bank (PNB; 'IND AAA'/RWN)
reported fraudulent transactions worth USD1,771.7 million (about
INR114 billion). This amount included the alleged fraud of
INR2,807 million reported by PNB, for which an FIR was registered
by the Central Bureau of Investigation on behalf of PNB against
Solar Exports, Stellar Diamonds and Diamonds R US, all companies
of the Nirav Modi group, and referred the matter to the
enforcement agencies. Subsequently, Ind-Ra placed FIPL's ratings
on RWN on February 15, 2018.

RATING SENSITIVITIES

FDLHK's ratings will move in tandem with that of FIPL. An
improvement in the operating environment of FIPL and its
subsidiaries through smooth functioning of operations with banks
could result in a positive rating action.

COMPANY PROFILE

FDLHK is a step-down subsidiary of FIPL, which was founded by
Nirav Modi.

Mumbai-headquartered, FIPL is a global diamond and jewelry
company with vertically-integrated operations across the value
chain. It has operational presence in Hong Kong, the UAE and the
US, and has offices in New York, Hong Kong, Antwerp and Dubai.
Its manufacturing units are across Mumbai and Surat, as well as
across Jaipur, Moscow, Armenia and South Africa.


FIRESTAR INT'L: Ind-Ra Cuts Rating on INR17,132MM Capital to C
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
International Private Limited's (FIPL) Long-Term Issuer Rating to
'IND C' from 'IND A-' while resolving the Rating Watch Negative
(RWN). The instrument-wise rating actions are given below:

-- INR17,132 mil. Fund-based working capital facilities
    downgraded; Off RWN with IND C/IND A4 rating;

-- INR2,272 bil. Non-fund-based working capital facilities
    downgraded; Off RWN with IND A4 rating; and

-- INR5,197 bil. Proposed working capital facilities withdrawn
    (the company did not proceed with the instrument as
    envisaged) and the rating is withdrawn.

KEY RATING DRIVERS

The rating action follows the determination that the ongoing
investigation into the financial irregularities at common
promoter companies would lead to a substantial disruption in
FIPL's operations. Freezing of FIPL's accounts by banks and
seizing of inventories by enforcement agencies, as well as
absence of key management personnel have impacted the operations
of FIPL and its subsidiaries.

On February 14, 2018, Punjab National Bank (PNB; 'IND AAA'/RWN)
reported fraudulent transactions worth USD1,771.7 million (around
INR114 billion). This amount included the alleged fraud of
INR2,807 million reported by PNB, for which an FIR was registered
by the Central Bureau of Investigation on behalf of PNB against
Solar Exports, Stellar Diamonds and Diamonds R US, all companies
of the Nirav Modi group, and referred the matter to enforcement
agencies. Subsequently, Ind-Ra placed FIPL's ratings on RWN on
February 15, 2018.

FIPL's consolidated fund flow from operations was INR5.87 billion
in FY17 (FY16: INR4.98 billion, FY15: INR2.75 billion), while
cash flow from operations margin stood at 1.8% (FY16: 0.2%, FY15:
negative 3.3%). Fixed charge coverage (operating EBITDAR/gross
interest expense + rent) was 2.73x in FY17 (FY16: 2.70x,
FY15:2.16x) and adjusted net leverage (net debt/EBITDAR) was 3.5x
(3.9x, 4.8x). Net working capital cycle was 149 days in FY17
(FY16: 162 days, FY15: 179 days).

The company changed its auditors to a Big Four in 2015-2016,
which audited FY16, FY17 and 1HFY18 financials. The agency noted
that FY16 and FY17 auditor's reports mentioned there were no
defaults on bank dues and no material fraud by the company or by
its officers.

As per the audited standalone 1HFY18 financials (end-September
2017), FIPL reported EBITDA margins of 8.8% (1HFY17: 4%) and
EBITDA gross interest cover of 2.4x (1.6x).

FIPL did not have material transaction with the entities in
question as per the audited FY16, FY17 and 1HFY18 financials, nor
were these entities part of the material customer or supplier
list provided to the agency, except for corporate guarantee
extended by Diamonds R US to FIPL's lenders.

FIPL's total adjusted consolidated debt stood at INR40.8 billion
at FYE17 (FYE16: INR39.9 billion; FYE15: INR36.9 billion) and
included contingent liabilities in the standalone financials
relating to the guaranteed debt of subsidiaries (INR23 billion at
FYE17). Other contingent liabilities were immaterial.

Note: FY15 and FY16 ratios above are as restated under Ind-AS
reported in FY17 audited financials. These may therefore vary
from those in Ind-Ra's rationale published on 17 March 2017. FY15
balance sheet data is as on 1 April 2015 as reported by the
company in its FY17 annual report.

RATING SENSITIVITIES

Positive: An improvement in the operating environment of FIPL and
its subsidiaries through smooth functioning of operations with
banks could result in a positive rating action.

COMPANY PROFILE

FIPL, founded by Nirav Modi, is a global diamond and jewelry
company with vertically-integrated operations that span the value
chain. Headquartered in Mumbai, the company operates in global
diamond markets of Hong Kong, the UAE and the US, and has offices
in New York, Hong Kong, Antwerp and Dubai. Its manufacturing
units, located in Mumbai and Surat, are the largest; other units
are located in Jaipur, Moscow, Armenia and South Africa.


HEM IMPEX: CRISIL Reaffirms B- Rating on INR1.7MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings to
bank facilities of Hem Impex (HI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           1.7       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      3.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .3       CRISIL B-/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility    4.5       CRISIL A4 (Reaffirmed)

The ratings continue to reflect small scale of operations,
susceptibility of revenues and margins to intense competition in
the metal trading industry and exposure to volatility in prices
of traded commodities and below-average financial risk profile,
marked by small net worth, high TOL/TNW and weak debt protection
metrics. These weaknesses are partially offset extensive
experience of promoters in the metal industry.

Key Rating Drivers & Detailed Description

Weaknesses

   * Small scale of operations: The firm has recorded an
operating income of INR19.17 crore in fiscal 2017. Despite being
in operations since a decade the firm's scale of operation is
small and it faces intense competition in the fragmented
industry, with the presence of several players.

   * Low profitability on account of trading nature of business:
The trading business is dominated by a large number of organized
players and several modest sized players which sell products of
other local and regional brands. The commoditized nature of the
products has led to intense competition in the industry. Hence HI
has low operating margin on account of its trading business.

   * Below-average financial risk profile: The firm has below-
average financial risk profile, marked by small net worth, high
total outside liabilities to adjusted networth ratio (TOLANW) and
weak debt protection metrics

Strength

   * Extensive experience of promoters in the metal industry: The
firm's business risk profile benefits from the extensive industry
experience of its promoters of over 10 years in the industry.
Over the years, Mr. Kekin and Mr. Ketan have gained significant
industry experience enabling the establishment of its supplier
and customer base.

Outlook: Stable

CRISIL believes HI will continue to benefit over the medium term
from the extensive experience of promoters. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability margins, or better
working capital management. Conversely, the outlook may be
revised to 'Negative' if profitability margins decline, or
capital structure deteriorates because of large, debt-funded
capital expenditure or a stretch in the working capital cycle.

HI Established in 2012, HI is a partnership firm engaged in
trading (importer) of aluminium scrap, copper scrap, brass scrap
and other ferrous and non-ferrous scraps.  Mr. Kekin Ganatra (Mr.
Kekin) and Mr. Ketan Ganatra (Mr. Ketan) are the partners of the
firm.


IDBI BANK: Moody's Alters Outlook to Pos.; Affirms B1 Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the long-term local and
foreign currency bank deposit rating of IDBI Bank Ltd (IDBI) at
B1, and changed the outlook to positive from stable.

Moody's has also affirmed IDBI and its DIFC branch's long-term
foreign currency senior unsecured debt rating at B1 and changed
the outlook to positive.

Moody's has also affirmed the bank's baseline credit assessment
(BCA) at caa1 and the counterparty risk assessment (CRA) at
Ba3(cr)/NP(cr).

In addition, Moody's has changed the outlook on IDBI and its DIFC
branch to positive from stable.

The list of affected ratings is provided at the end of this press
release.

RATINGS RATIONALE

UPWARD PRESSURE ON THE BANK'S BCA

The positive outlook reflects the upward pressure that could
develop on the bank's long-term rating, if its credit
fundamentals -- namely the capital position -- continues to
improve over the next 12-18 months due to capital infusions from
the Indian government (Baa2 stable).

The positive outlook also factors in Moody's view on the expected
evolution of IDBI's balance sheet, including a stabilization in
asset quality and continued stable funding and liquidity
positions.

According to the recapitalization plan announced in October 2017,
the government has committed to infuse INR1.53 trillion into the
public-sector banks by March 2019, of which INR800 billion will
be injected in the form of recapitalization bonds.

Based on the announced allocations of this capital to individual
banks, IDBI will receive INR78.81 billion in new capital by March
2018. Moody's estimates that this capital infusion will increase
the common equity tier 1 (CET1) ratio for IDBI to about 9.8%
based on the risk weighted assets as of December 31, 2017. At the
same time, the bank will continue to report losses over the next
few quarters on account of high provisioning charges, eroding
this capital level. Nevertheless, Moody's expects that the CET1
ratio as of March 31, 2019 will meet the minimum Basel III
capital requirements.

As of the latest quarter ended December 31, 2017, IDBI's gross
NPA ratio declined to 24.7% from the high of 25.0% in the quarter
ended 30 September 2017. In addition, the net NPA ratio
stabilized at 14.3% compared again with the previous quarter.

The bank has also been able to maintain a stable funding base in
spite of its weak solvency profile. Thus, the bank reported a
current and savings account (CASA) balance of INR856 billion as
of December 31, 2017, which was a moderate increase from INR846
billion the year before. With the bank shedding some of its
expensive bulk deposits in the past year, the CASA ratio improved
significantly to 36.1% of deposits as of December 31, 2017
compared to 28.4% reported as of December 31, 2016. This
improvement in the bank's funding mix is also a positive driver
for the bank's profitability.

IMPACT ON LONG-TERM RATINGS

Moody's continues to assume a very high probability of government
support for IDBI, resulting in a three-notch uplift to the
deposit rating from the BCA.

The positive outlook on IDBI's deposit rating reflects a likely
rating upgrade if the standalone BCA moves up over the next 12-18
months.

WHAT COULD CHANGE THE RATING UP:

Given the positive outlook, IDBI's ratings could be upgraded in
the next 12-18 months, if the capital infusion helps strengthen
the bank's capital to a level above minimum regulatory
requirements (including the capital conservation buffer) under
Basel III standards, and/or the bank returns to profitability on
a sustainable basis.

WHAT COULD CHANGE THE RATING DOWN:

Downward pressure on IDBI's ratings will emerge if further credit
losses worsen its capital position. Any indication that
government support has diminished beyond what Moody's anticipates
in this rating action could also lead to a ratings downgrade.

The principal methodology used in these ratings was Banks
published in September 2017.

IDBI Bank Ltd, headquartered in Mumbai, reported total assets of
INR3.4 trillion ($52 billion) as of December 31, 2017.

Following this action, IDBI Bank Ltd's ratings are:

- BCA and Adjusted BCA affirmed at caa1

- LT Bank Deposits (Local & Foreign currency), affirmed at B1,
   outlook revised to positive from stable

- ST Bank Deposits (Local & Foreign currency), affirmed at Not
   Prime

- Foreign currency senior unsecured debt rating affirmed at B1,
   outlook revised to positive from stable

- Foreign currency senior unsecured MTN programme rating
   affirmed at (P)B1

- Foreign currency subordinate MTN program rating affirmed at
   (P)Caa1

- Foreign currency junior subordinate MTN program rating
   affirmed at (P)Caa2

- LT CR Assessment affirmed at Ba3(cr)

- ST CR Assessment affirmed at Not Prime(cr)

The outlook, where applicable, has been revised to positive from
stable.

Following this action, IDBI Bank Ltd, DIFC Branch's ratings are:

- Foreign currency senior unsecured debt rating affirmed at B1,
   outlook revised to positive from stable

- Foreign currency senior unsecured MTN programme rating
   affirmed at (P)B1

- Foreign currency subordinate MTN program rating affirmed at
   (P)Caa1

- Foreign currency junior subordinate MTN program rating
   affirmed at (P)Caa2

- LT CR Assessment affirmed at Ba3(cr)

- ST CR Assessment affirmed at Not Prime(cr)

The outlook, where applicable, has been revised to positive from
stable.


JENNEX GRANITE: CRISIL Reaffirms B+ Rating on INR5MM Secured Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Jennex Granite Industries Private Limited (JGIPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Import Letter of
   Credit Limit            4        CRISIL A4 (Reaffirmed)

   Post Shipment Credit   14        CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility                5        CRISIL B+/Stable (Reaffirmed)

The ratings reflect modest scale in a highly competitive industry
and working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of promoters in the
granite industry and comfortable leverage and networth.

Key Rating Drivers & Detailed Description

Weaknesses

   * Modest scale in a highly competitive industry: Operating
income of INR28 crores in fiscal 2017 reflects modest scale of
operations. Scale is expected to remain modest over the medium
term.

   * Working capital-intensive operations: Operations are working
capital-intensive as reflected from gross current assets of 326-
365 days over the three fiscals ended March 31, 2017, driven by
high receivables (129-171 days). Operations are expected to
remain working capital intensive over the medium term.

Strengths

   * Extensive experience of promoters in the granite industry:
The promoter, has extensive industry experience of over 2 decades
which has enabled in establishing healthy relations with
customers. Benefits from the extensive promoter's experience is
expected to continue over the medium term.

   * Comfortable leverage and networth: Networth was comfortable,
at INR15.3 crores as on March 31, 2017 while total outside
liabilities to adjusted net worth ratio (TOLANW) was 1.4-1.5
times over the 3 years ended March 31, 2017. Both are expected to
remain comfortable over the medium term.

Outlook: Stable

CRISIL believes JGIPL will continue to benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' in case of significant and sustainable
increase in accrual, along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if a decline in revenue or profitability, large, debt-funded
capital expenditure, or increased working capital borrowings
weaken the financial risk profile.

Incorporated in 2005, JGIPL is a 100% export-oriented unit that
processes and exports granite slabs. The company, based in Delhi,
has a granite-processing capacity of 125,000 square feet per
month. It is closely held by its promoter-director Mr Yogesh
Anand and his family.


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

-- INR50 mil. Fund-based limits migrated to Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JSB was incorporated in 2011, but commenced operations from 2013.
The company is engaged in the trading of rice (accounted 87% of
total revenue in FY16), cement and oil seeds. Its operations are
limited to north-eastern states such as Assam, Arunachal Pradesh
and Meghalaya.


K. C. SOLVENT: CRISIL Reaffirms B+ Rating on INR48MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facility of K. C. Solvent Extractions Private Limited (KCSE) at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           48        CRISIL B+/Stable (Reaffirmed)

Operating income, at INR192.52 crore in fiscal 2017, may remain
stable in fiscal 2018, and witness moderate growth in the medium
term. Operating margin, which stood at 3.94% in fiscal 2017, will
continue to be susceptible to volatile raw material prices.

Liquidity is constrained by high bank limit utilization,
averaging more than 95% during the peak season. However, it is
supported by low but sufficient net cash accrual (expected to be
in the range of INR1.5-2.0 crore) against zero term debt, and
funding support from promoters via unsecured loans (INR19.96
crore as on March 31 2017).

Analytical Approach

Unsecured loans extended by promoters (INR19.96 crore as on
March 31, 2017), have been treated as neither debt nor equity, as
they are expected to be retained over the medium term and bear a
lower interest rate than the market rate.

Key Rating Drivers & Detailed Description

Weakness

   * Weak financial risk profile: Financial risk profile is
marked by high total outside liabilities to adjusted networth
(TOL/ANW) ratio, expected to be around 8.0 times as on March 31,
2018, and below-average adjusted interest coverage ratio likely
to be in the range of 1.3-1.4 times in the medium term. The
networth was low at INR 8.12 crore as on March 31 2017 and
expected to be at similar level over the medium term due to low
accretion to reserves due to low profitability

   * Working capital intensive operations: Operations are
moderately working capital intensive, with gross current assets
of 174 days as on March 31 2017, led by sizeable inventory of 152
days, which also exposes the company to price volatility.
Further, inventory level is expected to remain high due to high
procurement during October to March period owing to seasonal
nature of raw material.

Strength:

   * Extensive experience of the promoters: The two decade-long
experience of the promoters, in the rice industry, and their
strong relationships with brokers, customers, and suppliers, will
continue to support the business risk profile. The fully
integrated unit, with facilities for rice milling, solvent
extraction and refining, helps the company sustain profitability
amidst high volatility in raw material prices.

Outlook: Stable

CRISIL believes KCSE will maintain its business risk profile,
supported by the diversified product mix, though the financial
risk profile may remain constrained by high TOL/ANW ratio and
below average adjusted interest coverage ratio. The outlook may
be revised to 'Positive' if a capital infusion strengthens the
TOL/ANW ratio, or in case of substantial improvement in
profitability and cash accrual, or if better working capital
management reduces debt levels. The outlook may be revised to
'Negative' if financial risk profile weakens because of decline
in sales or any large capital expenditure.

KCSE was set up in 1987 at Jalalabad (Punjab) by the late Mr
Khushal Chand, and operations are now managed by Mr Prem Kumar.
The company mills rice and processes rice bran oil. It has rice
milling capacity of 10 tons per hour, refining capacity of 50
tons per day (tpd), and solvent extraction capacity of 150 tpd.


KAPOOR PRESERVATIONS: CRISIL Assigns B Rating to INR4MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kapoor Preservations LLP (KPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           1.2       CRISIL B/Stable (Assigned)
   Term Loan             4.0       CRISIL B/Stable (Assigned)

The rating reflects the firm's exposure to risks relating to
timely project execution and ramp-up of operations of its cold
storage unit, and the highly regulated and competitive nature of
the cold storage industry. These weaknesses are partially offset
by the extensive entrepreneurial experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

   * Highly regulated and fragmented nature of cold storage
industry: The cold storage industry is highly regulated by state
cold storage associations. The rental rate is fixed by Department
of Agricultural Marketing. The fixed rental limits players'
ability to earn profit based on their strengths and geographical
advantages. Furthermore, the industry is highly fragmented with
the largest player having market share of less than 0.5%. This
limits the bargaining power of players and forces them to offer
discounts to ensure healthy utilisation of capacity.

   * Exposure to risk related to project execution and demand:
KPL is setting up a cold storage facility in Barabanki, Uttar
Pradesh, at a cost of INR6.16 crore, with INR4.0 crore to be
funded through debt and INR2.16 crore through partner's
contribution. About 70% of civil construction has been completed
and the cold storage is expected to start commercial operations
from October 2018. Stabilisation of operations and utilisation of
the cold storage space, as envisaged, will remain key rating
sensitivity factors.

Strength

   * Partners' extensive entrepreneurial experience: The firm is
managed by Mr Arpit Kapoor and his brother, Mr Akshat Kapoor, who
are associated with other firms also. The partners have
entrepreneurial experience of around a decade. They had set up
Kapoor Stone Suppliers (engaged in transportation and
construction business), Kapoor Enterprises (oil factory), Kapoor
Concrete Products (manufacturing of concrete products), and
Kapoor Filling Centre & Kapoor Petroleum (petrol pumps). The
partners' extensive experience has helped them develop
understanding of the dynamics of the local market, anticipate
price trends, and calibrate purchasing and stocking decisions.
CRISIL believes KPL will continue to benefit from the extensive
experience of the partners.

Outlook: Stable

CRISIL believes that KPL will continue to benefit over the medium
term from its partner's extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if operations stabilize
timely and there is significant growth in revenue and
profitability. The outlook may be revised to 'Negative' if delay
in stabilization of operations or any debt-funded capital
expenditure weakens financial risk profile.

KPL has been set up by Mr Arpit Kapoor and his family members for
setting up a cold storage facility at Fatehpur in Barabanki. The
firm is setting up a multipurpose cold storage, with capacity to
store 6013 tonne of potatoes for farmers and traders. The unit is
expected to start commercial operations from November 2018.


KHUKHRAIN COLD: CRISIL Lowers Rating on INR7.5MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facilities of
Khukhrain Cold Storage & Ice Factory (KCS) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             7.5        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan               1.05       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects instances of delay in servicing debt on a
term loan due to stretched liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

   * Delay in servicing debt: The servicing of debt on a term
loan for December 2017 and January 2018 was delayed due to
stretched liquidity.

   * Modest scale of business: Revenues of INR20.67 crore in
fiscal 2017 reflect the small scale of operation.

   * Working capital intensive operations: Gross current assets
were high at 264 days as on March 31, 2017 driven by sizeable
inventory and debtor days of 147 and 112, respectively.

   * Weak financial risk profile: Capital structure remained
aggressive with high total outside liabilities to tangible
networth ratio of 6.14 times as on March 31, 2017, on account of
small networth and large debt. The modest networth, INR2.5 crore
as on March 31, 2017, limits the firm's financial flexibility.

Strength

   * Extensive experience of the partners: Benefits from the
partners' decade-long experience in the industry and established
relations with customers and suppliers should support the
business. The firm provides warehousing and logistics facilities
primarily to hotels, restaurants and caterers in Punjab, Haryana,
Jammu & Kashmir, and Himachal Pradesh.

Chandigarh-based KCS is a partnership firm promoted by the Sahni
family. The firm provides warehousing and logistics services for
dairy products, frozen meat products and vegetables, and
beverages through a cold storage and a fleet of refrigerated
vehicles.


KUNJ ROLLER: Ind-Ra Assigns BB+ Rating on INR135MM Term Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kunj Roller
Flour Mills Pvt Ltd. (KRFM) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The instrument-wise rating action is
given below:

-- INR135 mil. Fund-based working capital limit assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect KRFM's moderate scale of operations and
credit metrics due to the company's presence in a highly
competitive flour milling industry. Revenue grew to INR932
million in FY17 (FY16: INR812 million) driven by an increase in
orders. EBITDA margins were low and ranged between 2.1% and 2.3%
over FY15-FY17 due to fluctuations in raw material price.
Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.7x in FY17 (FY16: 2.2x) and net leverage (total
adjusted net debt/operating EBITDAR) to 6.7x (4.8x) due to an
increase in debt for funding its working capital requirements.
KRPM's interim financials indicated revenue of INR707 million in
8MFY18.

The ratings are also constrained by the company's tight liquidity
position as indicated by 95% average utilization of its fund-
based limits for the 12 months ended January 2018.

The ratings, however, are supported by the promoters' experience
of around three decades in the flour milling business.

RATING SENSITIVITIES

Positive: Substantial improvement in the scale of operations and
credit metrics would be positive for the ratings.

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

COMPANY PROFILE

Incorporated on May 7, 1997, KRFM is engaged in milling of flour.
The company sells flour in eastern part of India under the Rishta
Food brand. It began commercial production on April 1, 2000.


LAXMI COTTEX: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Laxmi Cottex (LC). The rating continues to
reflect the firm's modest financial risk profile because of high
gearing, small networth, and modest debt protection metrics. The
rating also factors in small scale of operations in the
fragmented and competitive cotton industry, and susceptibility to
regulatory changes. These weaknesses are partially offset by the
partners' industry experience and proximity to the cotton-growing
belt in Gujarat.

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Cash Credit         7.5       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

   * Small scale of operations in a competitive industry: The
firm's scale remains modest, and it faces competition from many
small players due to low entry barriers to the cotton ginning
business.

   * Modest financial risk profile: The capital structure remains
leveraged, with gearing expected at 2.0 time largely due to
expected modest networth of INR3.3 crore, as on March 31, 2018.

   * Susceptibility to government policies: Government fixes the
minimum support price for each crop every year to support
farmers' interest. The firm will remain susceptible to regulatory
changes over the medium term.

Strengths

   * Extensive experience of the promoters: Presence of more than
two decades in the cotton industry has enabled the promoters to
understand market dynamics and establish strong relationships
with farmers and customers.

   * Proximity to cotton-growing belt: LC's facility in Dhasa is
close to Gujarat's cotton-growing belt, making operations cost-
effective.

Outlook: Stable

CRISIL believes LC will continue to benefit from its partners'
industry experience. The outlook may be revised to 'Positive' if
a significant increase in revenue leads to sizeable cash accrual,
or if capital structure improves because of capital infusion. The
outlook may be revised to 'Negative' if financial risk profile,
including liquidity, weakens because of low cash accrual,
stretched working capital cycle, or large debt-funded capital
expenditure.

LC is a partnership firm engaged in cotton ginning, pressing of
cotton bales, and production of cotton seeds, cotton cakes, and
cotton seed oil. The firm has capacity of around 250 bales per
day. Mr Mahesh Patel, Mr Pravin Khunt, Mr Harshad Viramgama, Mr
Bhupat Kavathia, and Mr Sanjay Patel are partners in the firm.


M/S SATKAR: Ind-Ra Affirms BB LT Rating on INR95MM Loans
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Satkar
Industries Private Limited's (SIPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR95 mil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR1.3 million (reduced from INR4.13 mil.) Long-term loan due
    on August 2018 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SIPL's continued moderate credit profile
due to its presence in the highly fragmented and competitive
cotton ginning business. The company's net financial leverage
(total adjusted net debt/operating EBITDAR) was 3.44x in FY17
(FY16: 2.1x) and interest coverage (operating EBITDA/gross
interest expense) was 3.45x (2.5x). Deterioration in leverage was
due to a high debt balance at the year-end while the improvement
in coverage was due to a decline in interest expenses during the
year. EBITDA margin declined to 3.76% in FY17 (FY16: 4.50%) due
to an increase in selling and distribution expenses on account of
an increase in export expenses as the company was engaged in the
soybean export business.

The ratings reflect SIPL's improved but moderate scale of
operations. The improvement was due to an increase in revenue to
INR626 million in FY17 (FY16: INR428 million) on account of a
rise in the quantity of cotton bales sold. The company reported
revenue of INR613.93 million during 10MFY18 (interim). The
agency, therefore, believes the company will witness growth in
its revenue during FY18 as well.

The ratings continue to draw comfort from around a decade of
experience of SIPL's founders in the cotton ginning and pressing
business. The ratings are supported by the proximity of SIPL's
manufacturing unit to the cotton-producing region in Madhya
Pradesh. The ratings are further supported by SIPL's continued
strong liquidity position as the average peak cash credit
utilization was 33.77% during the 12 months ended January 2018.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2008, SIPL is a private limited company engaged
in the ginning and pressing of cotton at its plant in Anjad and
Singhana (MP), with a combined annual installed capacity of
50,000 cotton bales. SIPL is also engaged in trading of soybean,
occasionally. The company is managed by its experienced promoters
in the cotton industry. The company's manufacturing unit is
situated in Madhya Pradesh which is one of the top 10 cotton
producing states in India; its neighboring states such as
Gujarat, Rajasthan and Maharashtra are also the cotton-producing
states.


MAA BHUASUNI: Ind-Ra Assigns BB Rating to INR90MM Capital Limit
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maa Bhuasuni
Roller Flour Mills (MBRFM) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are
given below:

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

-- INR40 mil. Long term loans due on June 2024 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect MBRFM's small scale of operations, as
reflected by revenue of INR375 million in FY17 (FY16:INR294
million). According to interim financials for 10MFY18, MBRFM
booked revenue of INR480 million. The ratings further reflect the
company's moderate credit metrics due to the highly fragmented
and commoditized nature of the flour milling business. MBRFM's
interest coverage ratio (operating EBITDA/gross interest expense)
was 1.3x in FY17 (FY16: 1.4x) and its net leverage ratio (total
adjusted net debt/operating EBITDAR) deteriorated to 6.0x (2.7x)
on account of an increase in the overall debt.  During FY15-FY17,
MBRFM's operating EBITDA margins remained volatile in the range
of 4.3% to 5.0% on account of raw material price fluctuations.

The ratings are constrained by the company's tight liquidity
position, as reflected by 96% average maximum utilization of its
fund-based working capital limits during the 12 months ended
January 2018.

The ratings, however, draw comfort from three decades of
experience of the company's partners in the flour milling
industry.

RATING SENSITIVITIES

Positive: Improvement in the scale of operation along with an
improvement in operating profitability which will lead to
improvement in credit metrics may lead to a positive rating
action.

Negative: Deterioration in the overall credit metrics and
liquidity position would lead to a negative rating action.

COMPANY PROFILE

MBRFM, established in 1984, processes wheat products such as
white flour, semolina, flour, and bran. The company sells flour
in the eastern part of India under the Rishta Food brand.


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

-- INR96.9 mil. Term loan due on March 2025- February 2028
migrated to Non-Cooperating Category with IND B+ (ISSUER NOT
COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, Madhuri P. owns an 11,000-metric-ton
warehouse in Nagireddy Pally, Telangana. It provides warehouse
rental services to Food Corporation of India and Telangana State
Warehousing Corporation.


MAHARANA PRATAP: CRISIL Lowers Rating on INR38.8MM Loan to D
------------------------------------------------------------
CRISIL has been consistently following up with Maharana Pratap
Education Centre (MPEC) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft              14       CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable')

   Proposed Bank
   Guarantee               1       CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable')

   Proposed Term Loan     26.2     CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable')

   Term Loan              38.8     CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable')

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 MPEC. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
MPEC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating.'

The downgrade reflects continuous delay in term debt obligations,
because of its stretched liquidity position, result in the
account has turned in to non-performing asset (NPA).


MPEC was established in 1995 by Mr. Ram Singh Bhadauria. It
operates institutes providing technical, management, and medical
courses in Kanpur and Lucknow (Uttar Pradesh). It also operates
three schools named MPEC School, eight higher-education colleges,
and Pratap University in Jaipur.


MARINO FOOD: CRISIL Raises Rating on INR23MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Marino Food Products Private Limited (Marino) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     3        CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan             23        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

Upgrade reflects CRISIL's belief that Marino's business profile
will improve in a sustainable manner over the medium term.
Revenues are expected to improve to around INR80 crore for the
Fiscal 2018 with stable operating margins. Increase in scale of
operations along with stable margins is expected to result in
improved financial risk profile with moderate debt protection
metrics.

Rating continues to reflect below average financial risk profile
and exposure to intense competition in the confectionary
industry. Rating also factors vulnerability to volatile raw
material prices. These rating weaknesses are partially offset by
extensive experience of promoters and their established relation
with the suppliers and strong distribution network.

Key Rating Drivers & Detailed Description

Weaknesses

   * Below-average financial risk profile: Financial risk profile
is below average marked by modest net worth, high gearing albeit
supported by moderate debt protection metrics. Debt protection
metrics was weak in Fiscal 2017 with sub-1 interest coverage
ratio however the same is expected to improve in Fiscal 2018 with
significant expected increase in scale of operations.

   * Exposure to intense competition in the confectionery
industry: The market for branded confectionery has a very high
demand among children in India. However, the confectionery
industry's low entry barriers, due to limited capital intensity
and need to cater to local and regional tastes, have led to high
competition from the organized and unorganized sectors.

   * Vulnerability to volatile raw material prices: Profitability
margin is highly correlated with fluctuations in raw material
prices. Raw material costs account for about 80 percent of the
revenue and prices of key raw materials have been volatile in
past exposing the company to the risk arising due to it.

Strength:

   * Extensive industry experience of promoters: Mr. Om Prakash
Chhawnika, one of the directors, has been in the manufacturing
business since 1970, where he was involved in manufacturing of
Fast Moving Consumer Goods (FMCG) products. In 2000, he acquired
a loss-making unit and drove it to profits with his innovative
style and intellect. In 2009, he set up SMV Agro Products Pvt
Ltd, a rice milling unit in Jharkhand. Healthy relationships with
suppliers and customers, ensure timely availability of raw
material and steady orders.

   * Strong distribution network: Within a short period of time
the company has been able to extend its distribution network to
various states, including Andhra Pradesh, Telangana, Karnataka,
and Tamil Nadu, Kerala, Madhya Pradesh and Orissa. The company
has one stockist in each of the districts of all states except
Madhya Pradesh, Kerala and Orrisa where the company currently has
1 stockist each. The company has more than 400 distributors
across all the states. Strong distribution network supports the
business profile of the company.

Outlook: Stable

CRISIL believes that Marino will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of sustainable increase in scale of
operations and profitability or efficient working capital
management, leading to a better business risk profile and hence
financial profile. Conversely, the outlook may be revised to
Negative if the company undertakes a large debt-funded capital
expenditure programme, or if cash accrual declines leading to
weakening of financial risk profile.

Marino, incorporated in May 2010 by Mr. Om Prakash Chhawnika,
manufactures confectionery items. It is based in Hyderabad.


MUSLIM EDUCATIONAL: CRISIL Cuts Rating on INR15.67MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The
Muslim Educational Society (Regd.) Calicut (MES) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        5.35       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Overdraft             5          CRISIL D (Downgraded from
                                    'CRISIL A4')

   Term Loan            15.67       CRISIL D (Downgraded from
                                    'CRISIL A4')

The rating downgrade reflects delays by MES in servicing its term
debt obligations on account of its weak liquidity and cash flow
mismatch.

MES is also exposed to intense competition and to risks related
to the regulated nature of the education sector. However, the
society benefits from its established position in the education
sector and its wide course offerings.

Key Rating Drivers & Detailed Description

Weakness

   * Delay in servicing term debt obligations: MES has been
delaying in servicing of its term debt obligations, on account of
stretched liquidity marked by high utilisation of bank lines,
large continuous capex and mismatch in liquidity.

   * Exposure to intense competition in education sector: MES
faces intense competition in Kerala due to presence of large
number of institutes. The sustained inflow of students will
depend to a large extent on the society's ability to offer
quality education through continuous infrastructure development,
and by retaining and recruiting the best faculty.

   * Vulnerability to regulatory environment governing
educational sector: MES has to comply with specific operational
and infrastructure norms set by governmental and quasi-
governmental agencies. Any non-compliance has implications for
the continuation of the affiliation to various boards.

Strengths

   * Established position in education sector, and wide course
offerings: MES has strong presence in Kerala through long track
record of more than 5 decades. Over the years, the society gained
prominence in Kerala, and diversified its course offering across
various disciplines, through 160 institutes.

MES was established in 1964 by the late Dr. P K Abdul Gafoor in
Calicut (Kerala). The society operates 160 institutions,
including professional colleges, schools, hostels, hospitals,
orphanages, and technical institutes, mostly in Kerala.


NAGARJUNA FERTILIZERS: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nagarjuna
Fertilizers and Chemicals Limited's (NFCL) Long-Term Issuer
Rating at 'IND D'. The instrument-wise rating actions are given
below:

-- INR8,030bil. (reduced from INR8,200bil.) fund-based limit
    (Long-term) affirmed with IND D rating;

-- INR11,811.1 bil. non-fund-based limit (Short-term) affirmed
    with IND D rating; and

-- INR5,454.9bil. (increased from INR2,315bil.) Long-term loans
    due on FY20-FY24 affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects NFCL's continued delays in debt
servicing during the 12 months ended January 2018, due to its
tight liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a positive rating action.

COMPANY PROFILE

Established in FY87, NFCL manufactures and supplies plant
nutrients. The company has two urea plants in Andhra Pradesh,
with total capacity of 1.19mmtpa. It also trades in other
fertilizers such as di-ammonium phosphate, mono-ammonium
phosphate, muriate of potash, water solublefertilizers,
micronutrients, bio-products, customizedfertilizers, and seeds.


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

-- INR160 mil. Fund-based limits migrated to Non-Cooperating
Category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2004, Navdurga Ispat manufactures a wide range of
steel-rolled structures, including beams, joists, channels,
angles, round bars, and flats.


NS MINT: Ind-Ra Raises LT Rating on INR190MM Loan to BB
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded NS Mint Products
Private Limited's (NS Mint) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR190mil. (increased from INR150 mil.) Fund-based working
    capital limit Long-term rating upgraded; Short-term rating
    affirmed with IND BB/Stable/ IND A4+ rating;

-- INR2 mil. Non-fund-based limit affirmed with IND A4+ rating;
    and

-- INR8.2 (reduced from INR17) mil. Term Loan due on December
    2020 upgraded with IND BB/Stable rating.

KEY RATING DRIVERS

The upgrade reflects a sustained improvement in NS Mint's small-
to-moderate scale of operations along with an improvement in its
net working capital cycle. In FY17, revenue grew to INR805.38
million (FY16: INR336.15 million) driven by an increase in the
export demand. As per interim financial of 9MFY18, the company
booked revenue of INR1,275.5 million and the management expects
to achieve revenue of INR1,650 million by FYE18. Net working
capital cycle improved to 98 days in FY17 (FY16: 167 days) due to
an improvement in inventory days. The management expects the
working capital cycle to improve further, led by an improvement
in the creditor days.

The ratings reflect marginal improvement in the company's credit
metrics. NS Mint's gross interest coverage (operating
EBITDA/gross interest expense) improved to 2.45x in FY17 (FY16:
1.82x) and net financial leverage (total adjusted net
debt/operating EBITDAR) to 6.14x (6.85x), owing to an increase in
absolute EBITDA to INR35.36 million (INR22.27 million). The
credit metrics, however, remained moderate due to the working
capital intensive nature of the business.

The ratings further reflect a continuous decline in the company's
EBITDA margins to 4.39% in FY17 (FY16: 6.63%, FY15: 7.23%)
despite the increase in absolute EBITDA. The decline in margins
can be attributed to high volatility in the raw material (mentha
oil) prices and the company's inability to pass on the increased
raw material price to its customer.

The ratings factor in NS Mint's moderate liquidity position, with
the average peak fund-based limits utilization of 84.30% during
the 12 months ended January 2018.

The ratings, however, are supported by more than 20 years of
promoter's experience in trading and manufacturing of mint
products and essential oils.

RATING SENSITIVITIES

Positive: Overall improvement in revenue along with an
improvement in net leverage from the FY17 level as well as an
improvement in the working capital cycle could lead to a positive
rating action.

Negative: Not meeting the expected revenue, any debt-led capex
and any deterioration in the credit metrics could lead to a
negative rating action.

COMPANY PROFILE

NS Mint was incorporated in May 2013. The company manufactures
menthol, menthol crystals, essential oils, aromatic chemicals,
mint oils etc.  The company has a 1600mtpa manufacturing facility
in Sambhal, Uttar Pradesh.


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

-- INR46.5 mil. Long-term loans due on December 2022 migrated to
    Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR15 mil. Fund-based facilities (long-term) Migrated to
    Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ome Sree Sai Ganesh Poultries is a partnership firm established
in 2015. The firm proposes to establish a poultry farm in the
west Godavari district of Andhra Pradesh, with a capacity of
100,000 layer birds.


ORIGIN MINERALS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) correction a ratings release
on Origin Minerals Private Limited (OMPL) published on
January 12, 2017 to correctly state the short-term rating of
proposed fund-based working capital limit.

The amended version of the Jan. 12 release is as follows:

India Ratings and Research (Ind-Ra) has assigned Origin Minerals
Private Limited (OMPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit assigned with
    IND BB+/Stable/IND A4+ rating;

-- INR350 mil. Non-fund-based limits assigned with IND A4+
    rating;

-- INR50 mil. Proposed fund-based working capital limit assigned
    With Provisional IND BB+/Stable/Provisional IND A4+ rating;
    and

-- INR550 mil. Proposed non-fund-based working capital limit
    assigned with Provisional IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect OMPL's moderate scale of operations and
credit profile. FY16 was the company's first full year of
operations. Revenue was INR941 million in FY16 (FY15: INR42
million), EBITDA margins were 0.9% (0.6%), EBITDA interest cover
was 1.5x (129x).  Net leverage was negative in FY16 (-2.2x, 3.1x)
aided by equity injection of INR100 million which was primarily
used for funding the working capital requirement.

The company has indicated revenue of around INR900 million in
1HFY17. OMPL has an order book of INR6,600 million as of November
30, 2016, which it expects to complete in mid-FY18. The company
has proposed INR600 million of facilities to support the order
book execution.

The company's liquidity was moderate as reflected by its average
use of fund-based facilities of 96% over the 12 months ended
October 2016.

However, the ratings are supported by OMPL's promoters' more than
a decade of operating experience in the international trading
business.

RATING SENSITIVITIES

Negative: An improvement in profitability and liquidity, leading
to a sustained improvement in the credit metrics could be
positive for the ratings.

Positive:  A substantial decline in the profitability, resulting
in a sustained deterioration in the overall credit metrics could
be negative for the ratings.

COMPANY PROFILE

Incorporated on April 11, 2013, OMPL is engaged in trading of
coal, bitumen and its products, iron ore, rock phosphate and
fertilizers, base oil used in manufacturing of lubricants and
lubricant oils, other oils, chemical and polymers including
polyvinyl chloride and polypropylene, and agricultural
commodities.

NON-COOPERATION WITH PREVIOUS RATING AGENCY

Origin Minerals Private Limited is listed under the 'Non Co-
operation by the issuer' category by CARE Ratings due to
inadequate information provided by the company.

                   Feb. 21 Ratings Release

Subsequently, on Feb. 21, 2018, India Ratings and Research
(Ind-Ra) has migrated Origin Minerals Private Limited's Long-Term
Issuer Rating to the non-cooperating category. The issuer did not
participate in the rating exercise, despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND BB+(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are as follows:

-- INR50 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with INDBB+(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating;

-- INR350 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating;

-- INR50 mil. Proposed fund-based working capital limit migrated
    to Non-Cooperating Category with Provisional IND BB+(ISSUER
    NOT COOPERATING)/Provisional IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR550 mil. Proposed non-fund-based working capital limit
    migrated to Non-Cooperating Category with Provisional IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Origin Minerals was incorporated in April 2013 and is engaged in
trading coal, electronic goods, bitumen and its products, iron
ore, rock phosphate & fertilizers, base oil.


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

-- INR97.4 mil. Term loan due on March 2025- February 2028
    migrated to Non-Cooperating Category with IND B+ (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, P. Padma Rural Godowns owns an 11,000MT
godown at Nagireddy Pally, Telangana. It provides godown rental
services to Food Corporation of India and Telangana State
Warehousing Corporation.


Q NINETH: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Q Nineth Ceramics (QNC) at 'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Open Cash Credit         11      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect QNC's exposure to intense
competition in the tiles trading business and its average
financial risk profile. These weaknesses are partially offset by
the extensive experience of its proprietor in the tiles trading
business.

Key Rating Drivers & Detailed Description

Weaknesses

   * Exposure to intense competition: The vitrified tiles
industry is highly fragmented and competitive, with a large
number of un-organised players in the market. The industry also
faces additional competition from low-cost Chinese imports. QNC's
operating margin has remained modest in the range of 2.2 to 3.1%
in the recent three years till March 31, 2017, thereby
constraining its business profile.

   * Average financial risk profile: Networth was small at INR4.1
crore and total outside liabilities to tangible networth ratio
weak at 2.45 times, as on March 31, 2017. Also, interest coverage
ratio was low at 1.45 times for fiscal 2017.

Strength

   * Extensive experience of proprietor: The firm's proprietor
has been trading in tiles, granites, and marbles for the past 17
years, during which he has developed healthy relationship with
suppliers and corporate customers. QNC is the authorised dealer
for multiple brands, and supplies to leading builders in Kerala.

Outlook: Stable

CRISIL believes QNC will continue to benefit over the medium term
from its established relationship with suppliers and proprietor's
extensive experience. The outlook may be revised to 'Positive' if
financial risk profile improves with ramp in operations and
profitability. The outlook may be revised to 'Negative' if lower
cash accrual, large, debt-funded capital expenditure, or
deterioration in working capital management further weakens
financial risk profile.

Set up in Thirukkad, Kerala, in 2013 as a proprietorship firm by
Mr Moopan Kunnath, QNC trades in tiles, marbles, and granite.


RANGOLI PARTICLE: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Rangoli Particle
Boards Private Limited (RPBPL) for obtaining information through
letters and emails dated December 29, 2017 and January 9, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Proposed Long Term   2.5      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility            Cooperating; Rating Migrated)

   Term Loan            5        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 Rangoli Particle Boards
Private Limited, which restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes information available on Rangoli Particle Boards 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 Rangoli Particle Boards Private Limited to CRISIL
B+/Stable Issuer not cooperating'.

RPBPL was incorporated in 2012 by Mr. Bhupendra Limbani at
Kolhapur (Maharashtra). It trades in prelam boards used in
interior designing and furniture.


RUNGTA IRRIGATION: Ind-Ra Alters Outlook to Negative
----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Rungta Irrigation
Limited's (Rungta) Outlook to Negative from Stable while
affirming its Long-Term Issuer Rating at 'IND BB-'. The
instrument-wise rating actions are as follows:

-- INR140 mil. Fund-based limits rating affirmed; Outlook
    revised Negative from Stable with IND BB-/Negative/IND A4+
    rating; and

-- INR80 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The Negative Outlook and affirmation reflects Rungta's decline in
top-line and operating EBITDA margins, leading to deterioration
in the credit metrics in FY17 and 9MFY18.

In FY17, Rungta's scale of operations remained small with a
marginal dip in revenue to INR626.02 million (FY16: INR640.34
million), primarily on account less government tenders. During
9MFY18, the company's revenue declined further to INR340.68
million mainly because the company's Ghaziabad plant was shut
down for three months due to the fire in the plant.

Rungta's operating margins declined to 1.74% in FY17 (FY16:
4.05%) on account of a substantial increase in selling and
administrative expenses. Subsequently, the credit metrics
remained weak, with a substantial deterioration of interest
coverage (operating EBITDA/gross interest expense) to 0.59x in
FY17 (FY16: 1.37x) and net leverage (total adjusted net
debt/operating EBITDAR) to 21.65x (8.53x).

During 9MFY18, EBITDA stood at INR9.60 million and interest
coverage stood at 0.48x.

The ratings, however, are supported by more than three decades of
promoters' experience in manufacturing pipes.

RATING SENSITIVITIES

Negative: Inability to improve the credit metrics will lead to a
rating downgrade.

Outlook revision to Stable: Improvement in the credit metrics
will lead to the Outlook being revised to Stable.

COMPANY PROFILE

Rungta manufactures, designs, assembles, and markets pipe-based
sprinkler irrigation systems. It was converted to a public
limited company under the present name in 1994. It has
manufacturing facilities in Ghaziabad (Uttar Pradesh),
Pondicherry (Union Territory of Pondicherry) and Jamshedpur
(Jharkhand).


RURAL INSTITUTE: CRISIL Lowers Rating on INR20MM LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Rural Institute of Social and Economic Empowerment (RISE) to
'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          20        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Overdraft                2        CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflect delays in servicing term debt obligations
owing to stretch in receivables and weak liquidity.

The ratings also reflect RISE's exposure to intense competition
from other educational institutions in its vicinity and
susceptibility to regulatory changes, below average financial
risk profile. These weaknesses are partially offset by healthy
demand for education in India.

Key Rating Drivers & Detailed Description

Weakness

   * Delay in debt servicing: The company has delayed servicing
term loan interest obligations owing to stretch in receivables
and weak liquidity.

   * Exposure to intense competition from other nearby
educational institutions: RISE is primarily a regional player in
the education industry, with presence only in Ongole, where it
faces intense competition from around 20 engineering colleges and
15 MBA colleges in the vicinity (same district) having around 800
seats per college. The intense competition may limit RISE's
flexibility to raise fees for various courses. The sustained
inflow of students will depend largely on the society's ability
to offer placements to its students by securing tie-ups with
multinational corporations and offer quality education through
continuous development in infrastructural facilities and its
ability to retain the best faculty. Although the society achieved
100 per cent occupancy in the first two years of operations,
CRISIL believes that RISE will remain exposed over the medium
term to intense competition from other colleges in the vicinity,
especially in the management and engineering streams.

   * Vulnerability to regulatory risks associated with
educational institutions: The courses offered by RISE have to
comply with specific operational and infrastructure norms set by
regulatory bodies such as All India Council for Technical
Education. Thus, the trust needs to invest regularly in its
workforce and infrastructure. Also, setting up of new institutes,
increase in seats, and increase in fee require approvals. The
fees are charged as per the state administrating authorities and
are regulated. CRISIL believes the regulated nature of the
education industry restricts any substantial increase in RISE's
revenue, as the number of seats offered and the fee structure are
controlled by the regulating authorities.

   * Below average financial risk profile: The financial risk
profile of the company is marked by moderate networth, high
gearing and weak debt protection metrics. The company has
networth of around INR14.42 crores as on March 31, 2017.
Consequently, the gearing stood at around 1.75 times as on the
same date. Majority of the total debt includes term loans. The
company has weak debt protection metrics as indicated by its
NCATD of around 2 percent and interest coverage ratio of around
1.29 times as on March 31, 2017. Financial risk profile is
expected to remain weak over the medium term.

Strengths

   * Healthy demand prospects for education industry: The
expected increase in enrolment in higher education every year, of
India's population will increase the demand for education
institutes over the medium term. The private sector plays a
significant role in education, especially professional education,
in the country. With the popularisation of private self-financing
colleges, the role of the private sector in education has been
accepted and recognised. CRISIL believes RISE will benefit over
the medium term from the healthy demand prospects for the
education industry.

RISE was established by Mr I C Rangamannar and his friend, Mr. T
V Subbiah, in 2009. The society operates two engineering
colleges, two post-graduate business administration colleges, and
two post-graduate computer applications colleges in two adjoining
campuses in Ongole, Andhra Pradesh. Its engineering courses
include civil, mechanical, electrical, electronics and
communication, and computer science.

Profit after tax was INR0.45 crore on revenue of INR15.59 crore
in fiscal 2017, against INR2.34 crore on revenue of INR15.80
crore in fiscal 2016.


SATYAMEV COT: Ind-Ra Affirms BB LT Rating on INR60MM Loans
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Satyamev Cot
Fibers Private Limited's (SCFPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable. The instrument-wise rating actions
are as follows:

-- INR60 mil. Fund-based working capital limits affirmed with
    IND BB/Stable rating; and

-- INR0.22 (reduced from INR3.32) mil. Long-term loan due on May
    2018 affirmed with IND BB/Stable rating.

Ind-Ra has taken a consolidated view of the SCFPL and Satyam Oil
Mill while arriving at the ratings. This is because of the strong
operational linkages between them in terms of the forward and
backward integration and common promoters.

KEY RATING DRIVERS

The affirmation reflects SCFPL's continued moderate EBITDA margin
which remained constant at 3.7% in FY17 (FY16: 3.7%) due to no or
much less fluctuation in the raw cotton prices. The ratings
reflect SCFPL's moderate scale of operations owing to its short
operational track record as the company started operations in
2012. The company's consolidated revenue was INR628 million in
FY17 (FY16: INR503 million); it recorded revenue of INR457
million during 10MFY18 (interim).

SCFPL's consolidated credit metrics improved due to an increase
in EBITDA (FY17: INR23.21 million; FY16: INR18.61 million). The
company's net financial leverage (total adjusted net
debt/operating EBITDAR) was 2.5x in FY17 (FY16: 3.6x) and
interest coverage (operating EBITDA/gross interest expense) was
3.9x (2.4x). Although SCFPL's credit metrics improved, the
ratings remain constrained due to its presence in the highly
fragmented and competitive cotton ginning business.

The ratings, however, draw comfort from around a decade of
experience of SCFPL's founders in the cotton ginning business.
The ratings are supported by the company's manufacturing unit's
proximity to the cotton-producing region in Madhya Pradesh. The
ratings continue to be supported by SCFPL's comfortable liquidity
position as reflected by the average peak cash credit utilization
of 36.55% during the 12 months ended January 2018.

RATING SENSITIVITIES

Negative: Deterioration in the overall credit metrics could lead
to a negative rating action.

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

COMPANY PROFILE

SCFPL was established in 2012 in Anjad (Madhya Pradesh), and is
engaged in the cotton ginning and pressing business. The company
has an annual production capacity of 25,000 cotton bales. It has
presence all over India. The company's business depends on the
raw cotton which is a seasonal crop.

The company is managed by Vandan Patidar and Savitribai Gole.


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

-- INR99.9 mil. Term loan due on January 2028 migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2016, P. Shiva Raj Goud Rural Godowns is setting
up rural godowns of an installed capacity of 16,500MT for storing
agricultural products in Yadagiri, Telangana.


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

-- INR450 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING)/IND A4(ISSUER
     NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based facilities migrated to Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 31, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1969, Shree Gajanan Industries manufactures
various varieties of rice (basmati and non-basmati). It has a 5
tones/hour modern rice mill in Nizamabad.


SOLVE PLASTIC: CRISIL Assigns B+ Rating to INR10MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Solve Plastic Products Private Limited (SPP).  The
ratings reflect the modest scale of operations amidst intense
competition, and the below-average financial risk profile. These
weaknesses are partially offset by extensive experience of the
promoter in the pipe manufacturing industry.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              10        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses:

   * Below-average financial risk profile: Financial risk profile
is marked by a high gearing and total outside liabilities to
tangible networth (TOL/TNW) ratios of 3.41 and 4.64 times,
respectively, as on March 31, 2017.

   * Modest scale of operations amidst intense competition: The
company has a modest scale of operations in a highly fragmented
industry.

Strength:

   * Extensive experience of the promoter: The two-and-a-half
decade-long experience of the promoter, Mr Sudheer Kumar, and his
established relationships with customers as well as suppliers,
will continue to support the business risk profile.

Outlook: Stable

CRISIL believes SPP will continue to benefit from the extensive
experience of its promoter, in the pipe manufacturing industry.
The outlook may be revised to 'Positive' growth in revenue and
profitability strengthens the financial risk profile. The outlook
may be revised to 'Negative' if any large capital expenditure or
a stretch in the working capital cycle, weakens the financial
profile.

SPP, which was established in 1991, at Punalur, Kerala
manufactures water pipes, pipe fittings and PVC pipes.


THERMOSOL GLASS: CRISIL Lowers Rating on INR29.36MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Thermosol Glass Pvt Ltd (TGPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Negative/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       2.5       CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit        13          CRISIL D (Downgraded from
                                  'CRISIL B+/Negative')

   Long Term Loan     29.36       CRISIL D (Downgraded from
                                  'CRISIL B+/Negative')

The downgrade reflects instances where servicing of term debt has
been delayed by 3-4 days, over the past two months, as promoters
failed to transfer funds on time leading to insufficient
liquidity.

The rating also reflects significant delay in commencement of
commercial operations as the ongoing concentrated solar power
(CSP) project of a group company, Cargo Solar Power (Gujarat) Pvt
Ltd (Cargo Solar; rated 'CRISIL B+/Stable') has not commenced
operations on time. Cargo Solar, a key customer for TGPL, is
slated to begin commercial operations from December 2018. While
TGPL is making efforts to secure orders from other CSP plants, it
could take longer for operations to break-even and generate
adequate cash flow. CRISIL believes that promoters will continue
to extend financial support until operations stabilise, however
with few instances of delay observed in servicing of the debt
obligations, timely servicing of the same will remain one of key
monitorables.

Key Rating Drivers & Detailed Description

Weakness

   * Recent delays in term debt servicing due to insufficient
funds:  Term debt payment has been delayed by 3-4 days over the
past two months, as promoters could not transfer funds on time,
thus leading to weak liquidity.

   * Weak financial risk profile: Despite progressive long-term
debt repayment, mainly supported by promoters' contribution and
advances from Cargo Solar, lower-than-expected profitability and
cash accrual, due to a delay in achieving significant scale of
operations, has weakened key financial metrics.

   * Weak Liquidity: Liquidity remains weak, as debt repayment
has commenced before generation of cash flows from plant
operations. Cash generation will remain sensitive to extent of
capacity utilisation, particularly because the company is yet to
tie-up major orders, apart from existing orders from the group
company, Cargo Solar. Further, maturing debt of around INR7.2
crore and INR4.4 crore needs to be serviced in fiscals 2018 and
2019, respectively. Liquidity had been supported by advances of
around INR36 crore from Cargo Solar in fiscal 2016. Nevertheless,
support from the promoters, will be critical to liquidity over
the near term.

Strengths

   * Strong financial support from promoters: Muted demand for
parabolic mirrors, and delay in commencement of operations in
Cargo Solar have constrained scale up of the business. However,
the financial risk profile is supported by fund infusions by the
promoters and holding company Cargo Motors Private Limited (CMPL)
to meet the debt obligations and business requirement. Advance
received from Cargo Solar, for orders to be executed over the
next 18-24 months, has also eased the funding constraint.

CRISIL believes that the promoter group has adequate resources to
offer funding support, though timely debt servicing remains a key
monitorable. Significant delay in TGPL achieving scale,
necessitating additional funding requirement, will remain a key
rating sensitivity factor.

TGPL was incorporated in March 2011 to set up a glass-processing
unit in the Kutch district of Gujarat, primarily to supply
parabolic mirrors to CSP plants. The unit is estimated to have
installed capacity of 1.1 million square metres (sqm) per annum.

The project has been commissioned at an estimated cost of INR86.4
crore, funded through debt of around INR46.0 crore, promoters'
contribution of around INR28.0 crore, and the remaining through
credit from suppliers. External debt is likely to be replaced
with contribution from promoters over the medium term.

TGPL is a part of Ahmedabad-based Cargo group, and a wholly-owned
subsidiary of flagship company, Cargo Motors Pvt Ltd (CMPL). The
Cargo group is promoted by Mr Jayant Nanda and his family
members. CMPL, established in 1959, is one the largest dealers of
commercial vehicles of Tata Motors Ltd (rated 'CRISIL
AA/Positive/CRISIL A1+') in Gujarat.


UD SOLUTION: Ind-Ra Affirms BB+ LT Rating on INR20MM Loan
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed UD Solution
Private Limited's (UDSPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR20 mil. Fund-based working capital limit affirmed with
    IND BB+/Stable rating; and

-- INR140 mil. Non-fund-based working capital limit affirmed
    with IND A4+/Stable rating.

KEY RATING DRIVERS

The affirmation is despite a fall in UDSPL's operating EBITDA
margin (FY17: 1.5%; FY16: 3.0%) due to significant promotional
and selling distribution expenses, as Ind-Ra expects the margin
to improve on account of the introduction of new brands.

The ratings reflect a tight liquidity position, indicated by an
average working capital limit utilization of 95% for the 12
months ended January 2018 and instances of over-utilization
(regularized within a day).

The ratings, however, continue to be supported by strong credit
metrics, albeit deterioration on a year-on-year basis, in FY17.
During the period, its interest coverage was 2.6x (FY16: 3.2x)
and net financial leverage was 1.3x (0.01x). The deterioration in
interest coverage and net leverage was due to a rise in interest
costs and debt, respectively.

The ratings are also supported by UDSPL's large scale of
operations. Revenue increased to INR2,682 million from INR977
million in FY16, driven by a rise in demand for smartphones and
expansion by UDSPL in the interiors of Bihar, Jharkhand and
Odisha.

RATING SENSITIVITIES

Negative: Any further decline in operating EBITDA margin on a
sustained basis and a stretch in the liquidity profile could lead
to a negative rating action.

Positive: Revenue growth while maintaining the credit metrics at
the current levels on a sustained basis, along with an
improvement in the liquidity profile, could be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2014, UDSPL commenced commercial operations from
November 2014 as a national distributor of Gionee mobile phones.
It is managed by Mr. Umang Dokania and his family. Its registered
office is in Raniganj, West Bengal. UDSPL has started the
distribution of other mobile phones as well.


VALLUVANAD HOSPITAL: CRISIL Lowers Rating on INR11MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Valluvanad Hospital Complex Limited (VHCL) to 'CRISIL D' from
'CRISIL B+/Stable'. The downgrade reflects instances of delay in
servicing term debt; the delays were on account of weak liquidity
arising from cash flow mismatches.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan               11        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating also reflects a modest scale of operations, exposure
to intense competition, and a below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoter in the healthcare industry and his
funding support.

Key Rating Drivers & Detailed Description

Weaknesses

   * Instances of delay in servicing term debt: VHCL has been
delaying servicing its term debt due to weak liquidity.

   * Modest scale of operations and exposure to intense
competition: With revenue of around INR31 crore in fiscal 2017,
the scale remains small. This is compounded by competition from
big hospitals in the vicinity and from established players with
pan-India presence. Despite expected improvement, the scale will
remain subdued over the medium term.

   * Below-average financial risk profile: The networth is small
on account of limited accretion to reserves in the past. However,
the promoter has provided support through unsecured loans, the
balance of which stood at INR11.5 crore as on March 31, 2017. The
gearing was high due to the large capital expenditure in the
past. The interest coverage and net cash accrual to total debt
ratios were weak in fiscal 2017.

Strength

   * Extensive industry experience of the promoter: The promoter
has an experience of around 25 years in the healthcare industry,
resulting in an established reputation and hence healthy
occupancy at the hospital.

Incorporated in 1989 and promoted by Mr M Ramakrishnan, VHCL
operates the 250-bed super-speciality Valluvanad Hospital in
Palakkad, Kerala.


WEBTECH ENGINEERING: CRISIL Assigns D Rating to INR16.5MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facility of Webtech Engineering Private Limited (WTEPL) and
assigned its 'CRISIL D' rating to the long-term bank facilities.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           16.5        CRISIL D (Assigned;
                                     Suspension Revoked)

CRISIL had suspended the ratings on December 9, 2016, on account
of non-cooperation by WTEPL with CRISIL's efforts to undertake a
review of the ratings. The company has now shared the requisite
information, enabling CRISIL to assign its ratings.

The rating reflects frequent instances where the bank working
capital limit was overutilised for more than two months on a
continuous basis, mainly due to sizeable working capital
requirement.

The rating also factors in the weak financial risk profile and
modest scale of operations. However, these rating weaknesses are
partly offset by the extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness

   * Over-utilisation in cash credit limit: The cash credit limit
remains fully utilised, and there have been frequent instances
where the limit has been over-utilised, and regularised in about
70-80 days. This stems from the high dependence on external
working capital debt.

   * Weak financial risk profile: Financial risk profile is weak,
marked by high gearing (3.22 times as on March 31, 2017), and
below-average debt protection metrics, with interest coverage and
net cash accrual to total debt ratios of 1.5 times and 0.07 time,
respectively, for fiscal 2017.

   * Modest scale of operations: Revenue of INR16.18 crore in
fiscal 2017, indicates the modest scale of operations, which
restricts the bargaining power with suppliers and customers.

Strength

   * Extensive experience of the promoter: The promoter, Mr
Sabhajeet Singh has spent nearly two decades in the printing
machines and packaging business, and built healthy relationships
with customers, over the years. WTEPL, which was set up in 1998,
has grown to be an established player, catering to both corporate
clients, and government institutions.

WTEPL, which was set up by Mr Sabajeet Singh in 1998, began its
operations by manufacturing security printing machines. Over the
years, the company has diversified into machines for packaging,
engineering, and CNC, and vertical and horizontal machining
centres.



=================
I N D O N E S I A
=================


STAR ENERGY: Moody's Rates New US$650MM Sr. Secured Notes (P)Ba3
-----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba3 rating to Star
Energy Geothermal (Wayang Windu) Limited's proposed senior
secured notes of up to US$650 million. The rating outlook is
stable.

The provisional status of the rating will be removed upon Moody's
satisfactory review of the final terms and conditions.

Star Energy intends to use the proceeds of the proposed notes
issuance to refinance existing borrowing and for general
corporate purposes.

RATINGS RATIONALE

"The (P)Ba3 rating reflects Star Energy's predictable revenue
profile, underpinned by a solid operating track record and strong
take-or-pay features under its Energy Sales Contract (ESC) with
Perusahaan Listrik Negara (P.T.) (PLN, Baa3 positive)," says
Spencer Ng, a Moody's Vice President and Senior Analyst.

"At the same time, Star Energy's credit profile is constrained by
its dependence on the continuous supply of steam resources, and
by its high financial leverage", Ng adds.

Moody's expects Star Energy to maintain its strong operational
performance during the term of the notes, supported by its
experienced work force and robust track record since the start of
operations. With the exception of a 4-month outage in 2015 --
caused by a landslide that damaged its main steam pipeline --
both generation units at Wayang Windu have registered an average
availability factor around 98% since the beginning of operations
(excluding the landslide affected periods).

Star Energy benefits from a robust tariff structure under the
ESC, according to which PLN is required to pay for at least 95%
of nameplate generation capacity available, regardless of whether
PLN actually dispatches the electricity. Moody's notes that PLN
has historically dispatched all of the electricity generated by
the Wayang Windu facilities.

Reflecting the natural decline of geothermal steam wells, Star
Energy faces a degree of resource risk, and will need to drill
new make-up wells in addition to introducing measures to raise
production from existing wells. This also gives rise to
variability in both the rate of decline across the steam wells
and the company's success in developing new steam production from
its drilling campaign.

However, Star Energy has extensive experience in these areas,
thereby supporting its ability to design and implement its
scheduled drilling program over time.

"Star Energy's rating incorporates its high financial leverage",
Ng says, adding "Over the term of the notes, Moody's expect Star
Energy to achieve an average debt service coverage ratio (DSCR)
of 1.2x under Moody's base case assumptions".

Furthermore, Star Energy's financial flexibility is constrained
by the need to undertake sizeable drilling programs on a periodic
basis, and which could have a materially impact on its financial
profile if actual timings or drilling requirements shift as
actual well performance changes.

Moody's believes the cash reserving requirements under the
proposed notes will lessen the impact from an increase in capital
spending requirements.

The (P)Ba3 rating incorporates the possible need for Star Energy
to renew the supply arrangement with PLN for Unit 1 in December
2030. Moody's considers risks associated with contract extension
for Unit 1 as manageable, given the company's exclusive access to
geothermal resources in the Wayang Windu area for electricity
generation and the role of geothermal power in Indonesia's carbon
reduction plans to meet its international commitments.

The (P)Ba3 rating has not factored in the potential credit impact
of expansion at Unit 3, given uncertainty over its timing and
funding structure. Moody's will consider the financial impact and
execution risk relating to such an expansion, if Star Energy
progresses with its expansion plans in the future.

The stable rating outlook reflects Moody's expectation that Star
Energy's performance is unlikely to experience a material change
over the next 12-18 months relative to Moody's base case
expectations.

Upward momentum for the rating is not expected in the near term,
given the project's fixed revenue profile. Over time, the rating
could face upward trend if there is a sustained improvement in
the company's DSCR levels to above 1.35x.

The rating could come under downward pressure if the projected
financial metrics drop to levels that are below Moody's base case
expectations, including average DSCR falling consistently below
1.15x during the amortization period. This could be due to
faster-than-expected decline in steam production which could lead
to increases in drilling costs.

The principal methodology used in this rating was Power
Generation Projects published in May 2017.

Star Energy Geothermal (Wayang Windu) Limited operates one of the
largest geothermal power stations in Indonesia by capacity. Its
Java Island plant has an operational capacity of 227 MW.
Commercial operations for the 110MW Unit 1 began in June 2000,
followed by the 117MW Unit 2 in March 2009. All of the
electricity produced is sold to PLN under the energy sales
contract (ESC).

Star Energy Geothermal (Wayang Windu) Limited is 100% owned by
Star Energy Geothermal Pte Ltd (SEG), which is in turn 60% owned
by Star Energy Group Holdings Pte Ltd (SEGH). SEGH and SEG own a
further 648 MW of geothermal generation capacity in West Java
(Darajat and Salak) after they had acquired these facilities from
Chevron Corporation (Aa2 stable) in March 2017.



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


TAKATA CORP: Davis Polk Advising Volkswagen on Restructuring
------------------------------------------------------------
Davis Polk is advising Volkswagen AG and subsidiaries on the
global restructuring of Takata Corporation and Subsidiaries.

In February 2017, Takata Corporation pleaded guilty to wire fraud
in connection with the Takata group's manufacture of airbag
inflators containing non-desiccated phase-stabilized ammonium
nitrate ("PSAN"), and agreed to pay $850 million in restitution
to original equipment manufacturers ("OEMs"), including
Volkswagen. Since then, Takata Corporation has entered into civil
rehabilitation in Japan, while Takata's U.S. and Mexican entities
have entered into chapter 11 bankruptcy in the Bankruptcy Court
for the District of Delaware.

In that context, Takata and its OEM customers have negotiated a
global restructuring, under which Takata will sell its non-PSAN
production lines to Key Safety Systems ("KSS") and place its
PSAN-related production lines into a trust for the purpose of
producing airbag replacement kits for certain OEMs and otherwise
mitigating the ongoing recalls of its PSAN-based inflators.
Under the terms of a global settlement agreement, a restructuring
support agreement and other documents, Takata's major customers
(including certain Volkswagen entities) have agreed to support
Takata's global restructuring, including the sale to KSS.

On February 16, 2018, the U.S. bankruptcy court confirmed the
chapter 11 debtors' plan of reorganization over several
objections, clearing the way for Takata to consummate its sale to
KSS and satisfy its restitution obligations to its customers.

Takata is one of the largest global producers of automotive
safety parts, including seat belts, child restraints and airbags.
Its products are incorporated into vehicles of nearly every major
OEM.

The Davis Polk restructuring team includes partners Timothy
Graulich and Darren S. Klein and associates Natasha Tsiouris,
Aryeh E. Falk, Benjamin M. Schak and Eugene Y. Park.  The
litigation team includes partner Elliot Moskowitz, counsel
Michael J. Russano and associates Nikolaus Williams and Cindy S.
McNair. All members of the Davis Polk team are based in the New
York office.

                          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.


TK HOLDINGS: Statement on Chapter 11 Plan Confirmation
------------------------------------------------------
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., 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.



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


CBL INSURANCE: Breached Orders, Paid NZ$55 Million Offshore
-----------------------------------------------------------
BusinessDesk reports that the Reserve Bank of New Zealand said it
asked for CBL Insurance (CBLI) to be put into an interim
liquidation after the company paid NZ$55 million to overseas
companies, breaching the central bank's orders.

BusinessDesk relates that parent company CBL Corp, an Auckland-
based credit surety and financial insurance risk firm, had its
stock suspended from the NZX on February 8 amid concerns from NZX
Regulation about the information it had given the market,
following engagement between it, CBL, the Financial Markets
Authority (FMA), the Reserve Bank, and a number of overseas
regulators with prudential oversight of CBL's international
insurance business.

On February 20, CBL Insurance told the Reserve Bank it was
continuing to operate despite being below the minimum regulatory
solvency level, BusinessDesk says.

According to BusinessDesk, interim liquidators were appointed by
the Auckland High Court, and on March 1 the Reserve Bank's deputy
governor and head of financial stability Geoff Bascand said the
payments had been the cause.

BusinessDesk says the central bank's concerns about CBL
Insurance's reserving policies and regulatory solvency were being
reviewed with the company and through an independent
investigation, and the bank had told CBL it needed approval to
make any significant transactions.

"CBL Insurance did not have our approval but nevertheless paid a
total of NZ$55 million to two other entities," BusinessDesk
quotes Mr. Bascand as saying. "The payments may provide some
creditors of CBL Insurance with an advantage over other
creditors."

In an affidavit released alongside Mr. Bascand's statement, the
bank's head of prudential supervision Tony Fiennes said the bank
believes CBLI has NZ$750 million in assets, mainly in cash and
insurance receivables, and there is serious risk the directors
could further dispose of those or that overseas creditors could
ask for freezing orders, according the BusinessDesk.

CBLI paid 25 million euro, or around NZ$42 million, to Alpha
Insurance of Denmark for reinsurance claims on February 16,
despite the bank declining permission and ordering it not to make
the payment, the affidavit said, BusinessDesk relays.

Between February 8 and February 20, it also made other payments,
with the total including the Alpha Insurance payment worth
NZ$55 million, BusinessDesk adds.

CBL Insurance Limited provides building and construction related
credit and financial surety insurance, bonding, and reinsurance
products.  CBL Insurance is a subsidiary of NZX-listed CBL
Corporation.



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


COOK ISLANDS: S&P Affirms 'B+/B' SCR, Outlook Remains Stable
------------------------------------------------------------
On Feb. 28, 2018, S&P Global Ratings affirmed its 'B+/B'
sovereign issuer credit ratings on the Cook Islands. The outlook
remains stable. The Transfer & Convertibility assessment remains
'AAA'.

OUTLOOK

The stable outlook reflects S&P's expectations that debt levels
will remain low, that solid tourism prospects will support the
economy, and its supportive relationship with New Zealand will
continue to counterbalance weak political and institutional
settings as well as infrastructure shortcomings.

The ratings could come under pressure during the next 12 months
if the tourism sector were to substantially weaken or if the
government's commitment to uphold past fiscal gains through
changes to economic or fiscal policies were to weaken. These
scenarios would result in weaker fiscal balances and debt rising
significantly more than we currently expect.

There is little prospect for improvement in creditworthiness
during the next 12 months without sustained gains in policymaking
stability and effectiveness, as evidenced by the closing of
sizable data deficiencies, and progress in opening up the economy
to create opportunities for residents and stem the population
decline.

RATIONALE

The ratings on the Cook Islands reflect the vulnerabilities
associated with its weak institutional settings, limited monetary
policy flexibility, a narrow economic base that suffers from
heavy emigration, and data deficiencies. These factors are partly
offset by the government's supportive relationship and high labor
mobility with the highly rated New Zealand sovereign, the sound
outlook for its key tourism sector, low borrowings, financial and
technical assistance from donor agencies, and the country's
insulated financial system.

Institutional and Economic Profile:

-- Weak policymaking culture and institutional settings hinder
    rating, while economic prospects are sound

-- Weak policymaking culture and institutional settings
    constrain the ratings

-- Strong tourism sector supports economy, while high emigration
    rates constrain growth

The vulnerabilities associated with the country's weak
policymaking culture and institutional settings are a key ratings
constraint. The political framework historically has been
fragmented and susceptible to policy shifts driven by populist
sentiments that have hampered previous development and reform
efforts. These issues could arise again with the upcoming
election. Limits to funding and skilled labor weigh on
institutional capacity. The policymaking settings are supported
by a vigorous free press, an outspoken business community, and
major aid donors' efforts to promote sound financial and economic
public-policy development and administration. There appears to be
no significant off-budget transactions, and governance and
transparency is adequate.

The Cook Islands also benefits from a close and comprehensive
political, economic, defense, and foreign policy relationship
with New Zealand. A large Cook Islands diaspora resident in New
Zealand and Australia supports close ties with those countries.
The security environment is good and the judicial system is
robust.

The Cook Islands' moderate per capita income level supports the
rating. Income is high compared with that of its peers, and we
estimate GDP per capita at US$24,700 in 2017. S&P projects Cook
Islands' real per capita GDP growth will average 3.7% during 2018
to 2020, partly reflecting further expected declines in its
population. High emigration has seen the residential population
falling substantially during the past two decades, reflecting
Cook Islanders' access to the New Zealand labor market,
education, and healthcare systems.

The narrow-based economy is vulnerable to cyclones and changing
tourism preferences on its major revenue earner, the tourism
industry. S&P expects moderate further increases in tourist
arrivals to support economic growth, with tourism remaining the
country's primary economic activity. The strong New Zealand
economy, the source of about 65% of the Cook Islands' tourists,
combined with additional international flights continues to
benefit tourism. The Cook Islands continues to face competition
from other Pacific islands, particularly for Australian tourists,
who account for more than 15% of the country's visitors.

Flexibility and Performance Profile:

-- Solid fiscal and debt profiles, but lack of monetary policy
    and reliable data weigh on ratings

-- Solid fiscal performance and low debt levels because of under
    execution of basic infrastructure that could support tourism
    and economic growth

-- Lack of reliable and timely statistical releases restricts
    robust analysis of its economy, external accounts, and
    financial system.

S&P expects net debt to average 6.6% of GDP during the next few
years, helped by lower borrowing levels and larger holdings of
liquid assets, reflecting weaker-than-expected execution of major
infrastructure projects. Weaker-than-expected capital expenditure
also supports the government's fiscal position, as does a large
one-off increase in grants during 2018. These infrastructure
projects are funded by official lending and grants, and support
the tourism sector prospects and the economy. S&P said, "We
forecast the government's fiscal balances will remain broadly in
balance during the next few years. We expect revenues to decline
after 2018 as official grants and capital requirements decrease."

The concessional and long-term nature of current government
borrowings, as well as the government's low debt, mean that the
ratio of the general government interest expenditure to revenues
is low; S&P estimates it to average about 1% of revenues during
2018 and 2020. However, depreciation of the New Zealand dollar
would adversely affect the government's debt-servicing costs
because about 70% of this debt is exposed to foreign-currency
movements.

Poor coverage and timeliness of statistical releases is a key
factor that restricts a robust analysis of its economic and
external accounts. The Cook Islands is not a member of the United
Nations or International Monetary Fund (IMF), and is not included
in major international economic and social surveys such as the
United Nations Development Index or the IMF's Article IV. This
also limits opportunities for comparison with the Cook Islands'
peers. In saying this, the IMF, through the Pacific Technical
Assistance Center, is becoming more involved in the Cook Islands
and could undertake an economic assessment at some point during
the next few years. In addition, there is a lack of transparency
in the activities of statutory authorities and other government-
controlled entities.

The country's monetary policy flexibility is diminished because
of its use of the New Zealand dollar and absence of a central
bank. This arrangement means it forfeits monetary independence,
which is an important lever for promoting economic and financial
stability. That said, its use of the New Zealand dollar has
enabled the Cook Islands to benefit from lower inflation than its
peers.

S&P equalizes the local currency rating with the foreign currency
rating, reflecting the Cook Islands' absence of monetary policy
flexibility and a domestic capital market, and its use of the New
Zealand dollar. The transfer and convertibility assessment for
the Cook Islands is 'AAA', which also reflects its use of the New
Zealand dollar.

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

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

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

RATINGS LIST
  Ratings Affirmed

  Cook Islands
   Sovereign Credit Rating                B+/Stable/B
  Transfer & Convertibility Assessment
    Local Currency                        AAA



                             *********

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,
Psyche A. Castillon, 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 US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                 *** End of Transmission ***