TCRAP_Public/180306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, March 6, 2018, Vol. 21, No. 046

                            Headlines


A U S T R A L I A

AA TRADING: First Creditors' Meeting Set for March 15
AUSSIE FARMERS: Grocery Delivery Company Goes Into Administration
AUSTRALIAN SALES: Fitch Affirms BB Rating on AUD39MM Cl. D Notes
CRUSTY DEVIL: First Creditors' Meeting Set for March 13
FORTESCUE METALS: Fitch Rates Proposed US$500MM Sr. Notes BB+

MAGGIE T: Millers Buys Maggie T Brand Out of Administration
RETAIL FOOD: Shares Hit 10-Year Low; To Close Up to 200 Stores
RUNTONG INVESTMENT: Apartment Developer Enters Administration
SAPPHIRE XV 2016-2: Fitch Affirms 'Bsf' Rating on Cl. F Notes
US GROUP: First Creditors' Meeting Slated for March 13

VESTA LIVING: First Creditors' Meeting Set for March 12
VIC ENGINEERING: First Creditors' Meeting Set for March 16


C H I N A

CHINA JINJIANG: 2017 Results No Impact on Moody's Ba2 CFR
FANTASIA HOLDINGS: Moody's Rates New Sr. Unsecured USD Bonds B3
MODERN LAND: Fitch Rates US$350MM Senior Notes Final 'B+'
YUZHOU PROPERTIES: Fitch Rates US$375MM USD Senior Notes BB-


I N D I A

4S SPINTEX: Ind-Ra Gives BB- Rating to INR121.62MM Term Loan
AHUJA AUTOMOBILES: CARE Moves D Rating to Not Cooperating Cat.
AMBIENCE IMPEX: CRISIL Assigns B+ Rating to INR4MM Buyer's Credit
BAHUBALI CASHEWS: CRISIL Reaffirms B Rating on INR6MM Cash Loan
EAPRO GLOBAL: Ind-Ra Assigns 'BB' Long Term Issuer Rating

EXODUS ISPAT: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
GANESH SPONGE: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
GARDEN SILK: CARE Reaffirms D Rating on INR1480.61cr LT Loan
GMR BAJOLI: CARE Raises Rating on INR1,380cr LT Loan to BB-
GUJARAT FOILS: CARE Migrates D Rating to Not Cooperating Category

INKAL VENTURES: CRISIL Lowers Rating on INR10.5MM Cash Loan to D
JAI HIND: CRISIL Lowers Rating on INR4.8MM Term Loan to D
JAI VENKAY: CARE Moves D Rating to Not Cooperating Category
KAIRBETTA ESTATES: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
MAHARAJA AGROFOODS: Ind-Ra Assigns BB+ LT Issuer Rating

MEGASOFT LTD: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
MOD AGE: CARE Moves D Rating to Not Cooperating Category
MOWO INDUSTRY: CRISIL Downgrades Rating on INR5.5MM Loan to D
MP ENTERTAINMENT: Ind-Ra Withdraws BB Rating on INR558.7MM Loan
NARAYAN FRUITS: CARE Assigns B Rating to INR5.50cr LT Loan

OMKAR INFRACON: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
PARI AGRO: CARE Downgrades Rating on INR13cr Loan to D
RAJAN JEWELLERY: CRISIL Cuts Rating on INR10MM Cash Loan to D
RAJENDRA KUMAR: Ind-Ra Affirms BB LT Rating on INR50MM Loan
RAJNI EXPORTS: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan

RAM RAGHU: CARE Assigns D Rating to INR4.26cr LT Loan
S.M. RAM COAL: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
S. R. COTTON: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
SAMARTH AD: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
SARADAMBIKA POWER: CRISIL Cuts Rating on INR28.38MM Loan to D

SEETHARAMA COTTON: CRISIL Reaffirms B+ Rating on INR6MM Loan
SHALIMAR KSMB: Ind-Ra Gives BB+ Rating to INR500MM Term Loan
SHANTOL GREEN: CARE Assigns D Rating to INR14.39cr LT Loan
SIMBHAOLI SUGAR: CBI Questions Amarinder Singh's Son-in-Law
SOLVE PLASTIC: CRISIL Assigns B+ Rating to INR10MM Cash Loan

SOUTHERN PHARMA: CARE Lowers Rating on INR15.80cr LT Loan to D
THEXA PHARMA: CARE Lowers Rating on INR33.27cr LT Loan to D
TRIDENT FABRICATORS: Ind-Ra Assigns BB- Long Term Issuer Rating
UNIPHOS INT'L: Ind-Ra Affirms BB+ Rating on INR30MM Limits
UNITED ELECTRICALS: Ind-Ra Rates INR70MM Working Capital 'B+'

UTOPION SUGARS: CARE Reaffirms D Rating on INR136cr LT Loan
VAMA INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to BB+


N E W  Z E A L A N D

MANCHESTER UNITY: Fitch Affirms BB- IFS Rating; Outlook Stable


V I E T N A M

MILITARY COMMERCIAL: Fitch Hikes LT IDR to B+; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week Feb. 26 to March 2, 2018


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


AA TRADING: First Creditors' Meeting Set for March 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of AA Trading
(Aust) Pty Ltd, trading as The Little Indian Club, will be held
at the offices of Vince & Associates, 51 Robinson Street, in
Dandenong, Victoria, on March 15, 2018, at 11:00 a.m.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of AA Trading on March 5, 2018.


AUSSIE FARMERS: Grocery Delivery Company Goes Into Administration
-----------------------------------------------------------------
Patrick Hatch & Sarah Danckert at The Sydney Morning Herald
reports that online grocery delivery company Aussie Farmers
Direct went into administration and ceased trading on March 5
blaming the competitive might of Coles and Woolworths.

According to the report, the collapse leaves 260 employees out of
work and some of the almost 100 franchisees who bought into the
business facing financial stress after spending large sums of
money buying specialised delivery trucks.

Aussie Farmers Direct was a trailblazer in grocery delivery when
it started shipping fresh vegetables, meat, bread and dairy to
customers' doors in 2005.

Before its collapse it had 100,000 regular customers, SMH says.

But the company was losing more than $1 million a month in 2015
and its decision to go head-to-head with Coles and Woolworths by
expanding into a full grocery offering of predominantly
Australian-made pantry items and other dry goods in 2016 appears
to have pushed it over the edge, the report notes.

The company appointed KordaMentha as administrator on March 5,
the report discloses.

"We are simply no longer able to compete against the domination
of the major two supermarkets and the influx of cheap imported
produce," Aussie Farmers Direct said in a statement, SMH relays.
"It is hugely disappointing that it has come to this."

According to SMH, KordaMentha administrator Craig Shepard said
Aussie Farmers Direct had unsuccessfully tried to sell the
business, and could not recapitalise it or find a partner to
support its continued trading.

"Unfortunately, it is not possible to continue trading and the
business will stop operating immediately," the report quotes
Mr. Shepard as saying.

A rescue plan for the group is looking unlikely as much of the
company's debt is held by investors, SMH states.

Aussie Farmers was founded by marketing professionals William
Scott and Jordan Muir in 2005. The duo left the company in 2015
and 2014 respectively. Mr. Scott and Mr. Muir were previously
involved in Commquest, a marketing company that famously brought
Paris Hilton out to Australia to promote one of its websites at a
2008 New Years Eve bash.

SMH, citing documents lodged with the corporate regulator,
discloses that Aussie Farmers Direct ran at a $12 million loss in
2014 and a $15.5 million loss in 2015, the most recent year it
submitted accounts.

The company had 160 employees in Victoria, 59 in NSW and about 13
in Queensland, South Australia and Western Australia. There were
35 franchisees in Victoria, 30 in NSW, nine in South Australia,
eight in both Queensland and Western Australia and three in the
ACT, the report notes.

Aussie Farmers Direct is the trading name of Stay in Bed Milk &
Bread Pty Ltd. That company lists its shareholder as Aussie
Farmers Holding Company.

ASIC documents list chief executive Brendan Shaw and Australian
private equity outfit Equity Partners as local investors. The
group also has investors from Singapore and America.

Aussie Farmers Holding Company had AUD65 million in paid-up
capital ahead of its collapse.

A meeting of creditors will be called next week, SMH says.
KordaMentha will refund any customers left out of pocket.


AUSTRALIAN SALES: Fitch Affirms BB Rating on AUD39MM Cl. D Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on five note tranches from
the Australian Sales Finance and Credit Cards No.2 Trust. The
transaction is a securitisation of Australian credit card
receivables originated by Latitude Finance Australia. The notes
are issued by Perpetual Corporate Trust Limited in its capacity
as trustee of the trust.

AUD465.0 million Class A1 notes affirmed at 'AAAsf'; Outlook
Stable
AUD440.0 million Class A2 notes affirmed at 'AAAsf'; Outlook
Stable
AUD95.0 million Class B notes affirmed at 'Asf'; Outlook Stable
AUD73.0 million Class C notes affirmed at 'BBBsf'; Outlook Stable
AUD39.0 million Class D notes affirmed at 'BBsf'; Outlook Stable

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement and excess spread are able to support the current
ratings, the portfolio's stable credit quality and performance
and Fitch's expectations of continued benign macroeconomic
conditions in Australia.

Asset performance has been stable and the portfolio has remained
in line with the steady states observed across the entirety of
Latitude's credit card portfolio. Fitch has set a yield steady
state assumption of 12.5%, a charge-off steady state assumption
of 5.5% and a monthly payment rate (MPR) steady state of 13.5%.
Steady state assumptions remain unchanged except for MPR, which
has risen by 0.5%.

Fitch expects the historical performance to remain stable, as the
transaction benefits from several performance triggers, which if
breached, can potentially lead to rapid amortisation of the
transaction to prevent exposure to further deterioration in asset
performance. In addition, Fitch expects stable Australian credit
card performance in the medium-term, with marginal upward charge-
off movements in 2018, as current levels are unsustainable in the
long term.

RATING SENSITIVITIES

Fitch has evaluated the sensitivity of the existing ratings to
decreased yields, increased charge-offs and decreased monthly
payment rates over the life of the transaction. The model
indicates the note ratings are sensitive to an increase in
defaults and a reduction in monthly payment rates, with less
sensitivity to yield reduction. The full results of the analysis
are shown below:

Sensitivity to increased charge-offs (25% / 50% / 75%)
Class A1: AA+sf / AAsf / AA-sf
Class A2: AA+sf / AAsf / AA-sf
Class B: Asf / A-sf / BBB+sf
Class C: BBB-sf / BB+sf / BBsf
Class D: BB-sf / B+sf / Bsf

Sensitivity to decreased monthly payment rate (15% / 25% / 35%)
Class A1: AA+sf / AA-sf / A+sf
Class A2: AA+sf / AA-sf / A+sf
Class B: Asf / A-sf / BBBsf
Class C: BBB-sf / BB+sf / BBsf
Class D: BB-sf / B+sf / Bsf

Sensitivity to decreased yield (15% / 25% / 35%)
Class A1: AA+sf / AA+sf / AA+sf
Class A2: AA+sf / AA+sf / AA+sf
Class B: Asf / Asf / Asf
Class C: BBBsf / BBBsf / BBB-sf
Class D: BB-sf / BB-sf / B+sf

Sensitivity to increased charge-offs and decreased monthly
payment rate
Increase in charge-offs (25% / 50% / 75%)
Decrease in monthly payment rate (15% / 25% / 35%)
Class A1: AA-sf / Asf / BBB+sf
Class A2: AA-sf / Asf / BBB+sf
Class B: A-sf / BBBsf / BB+sf
Class C: BB+sf / BB-sf / Bsf
Class D: B+sf / CCCsf / CCCsf

Fitch also determine the increase in charge-offs needed to result
in a rated note being downgraded by one category, to sub-
investment grade and to 'CCCsf'.

Class A1: 21.5% / 145.5% / 271.2%
Class A2: 21.5% / 145.5% / 271.2%
Class B: 24.3% / 62.5% / 155.3%
Class C: 24.3% / 12% / 93.1%
Class D: 35.7% / n.a. / 54.6%


CRUSTY DEVIL: First Creditors' Meeting Set for March 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Crusty
Devil Bakehouses Pty Ltd will be held at the offices of Pilot
Partners, Level 10, 1 Eagle Street, in Brisbane, Queensland, on
March 13, 2018, at 11:00 a.m.

Nigel Robert Markey of Pilot Partners was appointed as
administrator of Crusty Devil on March 1, 2018.


FORTESCUE METALS: Fitch Rates Proposed US$500MM Sr. Notes BB+
-------------------------------------------------------------
Fitch Ratings has assigned Australia-based Fortescue Metals Group
Limited's (BB+/Stable) proposed US$500 million senior unsecured
notes due 2023 an expected rating of 'BB+(EXP)'. The proposed
notes will be issued by Fortescue's wholly owned subsidiary, FMG
Resources (August 2006) Pty Ltd, and guaranteed by Fortescue.
Fortescue expects to use the proceeds, together with a recently
completely US$1.4 billion syndicated term loan, to substantially
refinance its outstanding senior secured debt. The final rating
is contingent upon the receipt of final documents conforming to
information already received.

The proposed notes are rated in line with Fortescue's existing
senior unsecured notes, based on Fitch understanding that the
notes will be issued with the same terms and conditions as the
US$1.5 billion senior unsecured notes issued in 2017. While Fitch
understand that the proposed notes are not explicitly guaranteed
by Fortescue's subsidiaries, in Fitch's view, the investors of
the proposed notes will have materially the same access to
Fortescue's consolidated cash flows as the investors of its
existing senior unsecured notes because Fortescue and its key
subsidiaries are linked via a deed of cross guarantee. The
proposed notes also rank pari passu in right of payment with
Fortescue's outstanding senior unsecured debt and have access to
share pledge security.

Fortescue's 'BB+' Long-Term Issuer Default Rating (IDR) reflects
its substantial mining assets and position as a low-cost iron-ore
producer to Asia (mainly to China). This, together with 90%
realisation of the benchmark price - reflecting the 58% iron
content in its blend compared with the benchmark's 62% - allowed
Fortescue to withstand weak global iron-ore prices. However,
price realisation for its iron-ore contracts dropped to 68% of
the index in the six months to Dec. 31, 2017 (compared with 86%
in the prior period), which has trimmed the company's
profitability margins. Fortescue's leverage credit metrics remain
strong for its rating and the planned removal of secured debt
from its capital structure is a positive development for its
credit profile but the company also displays weak profitability,
relative to its peers, and has an appetite for investment.

KEY RATING DRIVERS
Lower Realisation Weakens Profitability: Fortescue's cost of
mining and shipping a tonne of iron ore to its main market in
China compares well with other major low-cost iron-ore producers,
such as Rio Tinto Ltd (A-/Positive) and BHP Billiton Limited
(A+/Negative). However, its profitability is not as strong as
other leading iron-ore producers due to its lower price
realisation. The company's mines were positioned in the second
and lower-third quartile of the iron ore global cost curves in
2017, according to CRU's business cost model, which adjusts for
grade and price realisation.

Historically, Fortescue has been able to achieve price
realisation of around 85% of the benchmark. However, this
declined to 68% in the first half of the financial year ending 30
June 2018 (FY18) and the company has given guidance of 70%-75%
for the year.

Improving Capital Structure: Fortescue intends to redeem the
remainder of the US$2.16 billion in senior secured debt with the
proceeds of the US$1.4 billion syndicated term loan completed in
February 2018, the US$500 million proposed note issue and cash.
Fitch believes that the removal of secured debt from its capital
structure, combined with the company's deleveraging, will give it
better financial flexibility and continue to enhance its ability
to improve its capital structure.

Further Cost Improvements Challenging: Fitch expects the
company's C1 costs (which include the cost of mining, processing,
port and rail) to average around US$12 per wet metric tonne (wmt)
in FY18, which is at the upper end of the company's guidance of
US$11-12 per wmt. This recognises that factors beyond Fortescue's
control, such as crude oil prices and the Australian dollar
exchange rate, can have an impact.

Investment-Grade Credit Metrics: Fortescue's credit metrics are
strong for its rating as it has demonstrated its commitment to
deleveraging by using most of the increase in free cash flows to
reduce its net debt since FY13. The company repaid US$8.2 billion
of debt over that period, including US$2.7 billion in FY17. Fitch
expects Fortescue to maintain its strong credit metrics, with FFO
adjusted net leverage remaining below 2.5x over the next two
years (FY17: 0.6x).

Fitch expects the company to continue generating strong operating
cash flows but Fitch also expect Fortescue's profitability to
continue to be impacted by lower price realisation compared with
the benchmark iron-ore price for ore with 62% iron content
delivered to China. Fitch expects Fortescue to generate EBITDA of
US$17 per dry metric tonne (dmt) of iron ore shipped in FY18 and
US$14 per dmt in FY19. Fitch's estimate for Fortescue's leverage
and EBITDA per dmt are based on Fitch expectation that the
benchmark iron-ore price will average US$45 per dmt for the
remainder of 2018 and thereafter.

Flat Iron-Ore Prices: Fitch increased long-term expectations for
benchmark iron-ore prices in October 2017 to US$55 per dmt for
2018 and 2019 and US$50 per dmt thereafter. This is based on
Fitch's expectations that the global iron-ore market is likely to
remain well supplied, with new capacity continuing to be added
amid weaker demand. This is lower than the average price of US$70
per dmt recorded in FY17, following high iron-ore prices in late
2016 and the first half of 2017, but Fitch expects prices to fall
in line with market fundamentals over the longer term.

DERIVATION SUMMARY

Fortescue's credit profile compares well with that of Anglo
American plc (BBB-/Stable), one of the world's largest mining
companies, with significant commodity and geographic
diversification. However, Anglo American's rating reflects its
high exposure to South Africa, which is a challenging environment
to operate in, given an active unionised workforce and
comparatively high wage and electricity cost inflation.

In contrast, Fortescue's operations rely on the sale of a single
commodity, iron ore. This risk is offset by its strong cost
position among global iron-ore miners, which supports strong cash
flow generation during periods of low iron-ore prices. Like Anglo
American, Fortescue has successfully improved its financial
profile as it prioritises deleveraging and balance-sheet
strength. However, Fortescue's weaker profitability, as a result
of lower price realisation due to the iron content of its ore
being lower than the benchmark, is reflected in the one-notch gap
between the ratings on the two companies.

KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- benchmark iron-ore price to average US$55 per dmt for 2017 and
   US$45 per dmt thereafter (based on relevant rating committee
   on Aug. 24, 2017)
- Fortescue's C1 costs to remain between US$12-13 per wmt in
   FY18 and FY19
- capex of around US$900 million for FY18 in line with company's
   guidance
- dividend payout ratio to remain at the lower end of
   Fortescue's guidance of 50%-80% of net profit after tax from
   FY18 to FY21

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Absence of secured debt in Fortescue's capital structure.
- Maintaining FFO adjusted net leverage at less than 2.5x.
- EBITDA per dmt sustained at US$15 or higher.
- Maintaining neutral free cash flow on average.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted net leverage sustained at higher than 3.0x.
- EBITDA per dmt sustained at less than US$10.

LIQUIDITY
Comfortable Liquidity, Debt Structure: Fortescue had US$892
million of cash on hand at 1H18 and a US$525 million undrawn
revolving credit facility (completed on 28 July 2017). It has no
debt maturities until 2022, when the first tranche of the
unsecured notes issued in FY17 of US$750 million fall due,
following the expected redemption of its US$2.16 billion in
senior secured notes, which would also have been due in 2022. The
company's total debt of US$4.2 billion at 1H18 (including finance
leases) does not include financial maintenance covenants. This
provides the company with the flexibility to reshape its capital
structure, which is supported by its strengthened financial
credit profile.


MAGGIE T: Millers Buys Maggie T Brand Out of Administration
-----------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that the well-
known plus-size fashion brand Maggie T will live on after
collapsing earlier this year, with Specialty Fashion Group
acquiring the label with plans to relaunch it in Millers stores.

Maggie T - named after the iconic Australian model Maggie
Tabberer - called in administrators DW Advisory in January,
becoming the latest fashion retailer to go under, the report
says.

SMH relates that Specialty Fashion Group, which owns the Karties,
Rivers, Crossroads and City Chic brands, said on March 5 it had
bought the intellectual property assets associated with Maggie T
and would relaunch the brand in Millers stores and online next
month.

"Maggie T is an iconic Australian womenswear brand that will
resonate with our customer base," the report quotes Speciality
Fashion Group's chief executive Daniel Bracken as saying.  "We
look forward to bringing our expertise to reinvigorate the brand
which was much loved by customers in a segment of the apparel
market too often overlooked by fashion."

According to the report, Mr. Bracken said Specialty Fashion would
remain true to Maggie T's core proposition of a "modern yet
timeless fashion that appeals to a contemporary mature woman's
lifestyle", but would extend the size range to 8 to 24 and drop
prices.

"We are delighted to be offering the Millers customer the
opportunity to buy an iconic Australian designer brand at
affordable prices and will continue the brand's commitment to
quality, simplicity, enduring classics and great style," Mr.
Bracken, as cited by SMH, said.

The Maggie T collection will be available in 175 of Millers more
than 300 stores, and on the Millers website from April 23, SMH
discloses.

The products will be in a Maggie T branded area within the
Millers stores, which Mr. Bracken said would give them a
"boutique" feel, SMH relays.

Cameron Hamish Gray and Justin Holzman of DW Advisory were
appointed as administrators of Maggie T on Jan. 3, 2018.


RETAIL FOOD: Shares Hit 10-Year Low; To Close Up to 200 Stores
--------------------------------------------------------------
Christian Edwards at news.com.au reports that Retail Food Group
shares hit their lowest mark since 2008 on their return to trade
following a suspension during which the owner of the Donut King
and Gloria Jean's chains announced the closure of up to 200
stores.

Shares in the embattled firm plummeted nearly 50 per cent to
AUD1.03 in early trade on March 5 -- their lowest mark since
December 2008 -- before rebounding slightly.

At 11:41 AEDT, the shares were down 65.5 cents, or 32.1 per cent,
at AUD1.385, the report notes.

Shares in the franchise owner, which also operates Brumby's
Bakeries and Pizza Capers, were suspended on Feb. 28 for failing
to release its first-half results on time, according to the
report.

news.com.au says that when the accounts were released on March 2,
RFG revealed a first-half loss of AUD87.8 million due to AUD138
million in writedowns and provisions.  It also suspended its
dividend and said it would shut up to 200 stores by mid-2019.

The company had released two profit warnings and been hit with a
potential class action since November, when media reports claimed
RFG was harshly treating franchisees, notes the report.  Its
shares have shed more than two thirds of their value.

According to news.com.au, managing director Andre Nell on March 1
acknowledged RFG needed to do more to help franchisees.

"It is clear from the review process that RFG needs to reset its
business model and enhance its support to franchisees," the
report quotes Mr. Nell as saying.

Following accusations that hundreds of franchisees suffered under
a brutal business model and a lack of support that led to
systemic underpaying of staff, RFG promised to lift compliance on
wage payments, the report notes.

RFG, which has 2,450 outlets, made a AUD45 million non-cash
impairment against Michel's Patisserie, AUD34.5 million against
its coffee division, and AUD4.5 million against Pizza Capers,
news.com.au discloses.


RUNTONG INVESTMENT: Apartment Developer Enters Administration
-------------------------------------------------------------
The developer of a planned 257 apartment complex in the Adelaide
CBD has entered voluntary administration.

Runtong Investment and Development Pty Ltd, which is behind the
AUD117 million Datong U2 apartment complex in Waymouth Street,
has appointed Nick Cooper and Dominic Cantone of Worrells
Solvency and Forensic Accountants as voluntary administrators.

Mr. Cooper, the Adelaide Partner of Worrells, said "work on the
planned 27-storey project had stopped last year when construction
firm Built Environs walked off the site over an alleged lack of
payments".

Scaffolding and the main crane have been removed and no work has
taken place on site since November.

Mr. Cooper said the first meeting of creditors has been called
for 15 March 2018 with directors expected to propose a Deed of
Company Arrangement (DOCA) to offer a return to the company's
creditors.

He said deposits received for almost 200 of the apartments were
not expected to be effected as they were held in trust.

Work on the apartment complex started in March last year, with
only a small percentage of the building completed. When work on
site stopped, only 5 storeys of the planned 27-storey building
had been constructed. The tower was due to be completed by 2019.

A first meeting of the creditors in the proceedings of Runtong
Investment and Development Pty Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, SA, on March 15, 2018, at
10:30 a.m.


SAPPHIRE XV 2016-2: Fitch Affirms 'Bsf' Rating on Cl. F Notes
-------------------------------------------------------------
Fitch Ratings has upgraded 10 and affirmed 27 tranches from five
Sapphire Series transactions. The transactions are
securitisations of Australian non-conforming residential loans
originated by Bluestone Group Pty Limited.

The five transactions are:

Sapphire XII Series 2013-1 Trust
Sapphire XIII Series 2014-1 Trust
Sapphire XIV Series 2016-1 Trust
Sapphire XV Series 2016-2 Trust
Sapphire XVI Series 2017-1 Trust

KEY RATING DRIVERS

The upgrade of the class C to F notes of Sapphire XII Series
2013-1, class B to F notes of Sapphire XIII Series 2014-1 and
class F notes of Sapphire XIV Series 2016-1 reflect the build-up
of credit support, strong excess spread and the agency's
expectations of stable Australian economic conditions. The
affirmation of the remaining notes reflects Fitch's view that
available credit enhancement is sufficient to support the notes'
current ratings.

As at November 2017, arrears levels were high across all
transactions; above Fitch's 3Q17 non-conforming Dinkum RMBS index
of 5.09%. The 30+ days arrears ranged between 8.8% for Sapphire
XVI Series 2017-1 and 14.6% for Sapphire XII Series 2013-1.

The high level of arrears has not translated into an equivalent
level of realised losses. Since closing, realised losses have
ranged from 0% of total collateral for Sapphire XVI Series 2017-1
to 1.1% for Sapphire XII Series 2013-1. All losses have been
covered by excess spread and there are no outstanding charge-
offs.

The underlying pools of Sapphire XII Series 2013-1, Sapphire XIII
Series 2014-1,
Sapphire XIV Series 2016-1, Sapphire XV Series 2016-2 and
Sapphire XVI Series 2017-1 consist of 100% non-conforming
mortgages. The composition of self-certified loans in the
underlying pools ranged between 54.6% for Sapphire XIV Series
2016-1 and 66.5% for Sapphire XIII Series 2014-1.

Fitch considers the level of obligor concentration in the
transaction's mortgage portfolio to be a key factor in assessing
tail risk. The concentration and tail risk are sufficiently
mitigated by the subordination provided by the non-amortising
class G and H notes. The transactions also benefit for
significant levels of excess spread due to the higher asset
margins, which is reflected in Fitch cash flow analysis.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any
foreseeable change in performance. The prospect of downgrade is
remote in light of the subordination level to all rated notes,
pool performance, Fitch's economic outlook and adequate excess
spread.

Where models were run, Fitch conducted sensitivity analysis by
stressing the transaction's base-case assumptions. The results of
rating sensitivity testing, excluding credit to excess spread,
are shown below. Fitch also undertakes defined sensitivity
testing to show the model-implied sensitivities the transaction
faces when recovery rate assumption stresses are increased to a
level that is required to reduce note rating by one full
category, to non-investment grade and to 'CCCsf'.

Sapphire XII Series 2013-1
Class A1/Class A2/Class B/Class C/Class D/Class E/Class F
Rating AAAsf/AAAsf/AAAsf/AAAsf/AAsf/Asf/Asf

Rating sensitivity to increase in default rates:
Increase foreclosure stress by 15%:
AAAsf/AAAsf/AAAsf/AAAsf/AAsf/Asf/Asf
Increase foreclosure stress by 30%:
AAAsf/AAAsf/AAAsf/AAAsf/AAsf/Asf/Asf

Rating sensitivity to decreased recovery rates:
Reduce recoveries by 15%: AAAsf/AAAsf/AAAsf/AAAsf/AAsf/Asf/Asf
Reduce recoveries by 30%: AAAsf/AAAsf/AAAsf/AAsf/A+sf/Asf/A-sf

Rating sensitivity to increased foreclosure and decreased
recovery rates:
Increase foreclosure stress by 15% and reduce recoveries by 15%:
AAAsf/AAAsf/AAAsf/AA+sf/AA-sf/Asf/Asf
Increase foreclosure stress by 30% and reduce recoveries by 30%:
AAAsf/AAAsf/AAsf/Asf/BBBsf/BB+sf/BBsf

Decrease in recovery rate required to:
Reduce the rating by one full category:
56%/56%/41%/23%/26%/35%/31%
Reduce the rating to non-investment grade:
87%/87%/74%/60%/51%/46%/41%
Reduce the rating to 'CCCsf': 99%/99%/85%/72%/63%/59%/54%

Sapphire XIII Series 2014-1
Class A1/Class A2/Class B/Class C/Class D/Class E/Class F
Rating AAAsf/AAAsf/AAAsf/AAAsf/AAsf/Asf/Asf

Rating sensitivity to increase in default rates:
Increase foreclosure stress by 15%:
AAAsf/AAAsf/AAAsf/AAAsf/AAsf/Asf/Asf
Increase foreclosure stress by 30%: AAAsf/AAAsf/AAAsf/AA+sf/AA-
sf/Asf/A-sf

Rating sensitivity to decreased recovery rates:
Reduce recoveries by 15%:
AAAsf/AAAsf/AAAsf/AA+sf/A+sf/BBB+sf/CCCsf
Reduce recoveries by 30%: AAAsf/AAAsf/AAAsf/A+sf/BBB-sf/Bsf/CCCsf

Rating sensitivity to increased foreclosure and decreased
recovery rates:
Increase foreclosure stress by 15% and reduce recoveries by 15%:
AAAsf/AAAsf/AAAsf/AAsf/A-sf/BBBsf/BBsf
Increase foreclosure stress by 30% and reduce recoveries by 30%:
AAAsf/AAAsf/AA-sf/BBBsf/Bsf/CCCsf/CCCsf

Decrease in recovery rate required to:
Reduce the rating by one full category:
65%/65%/40%/12%/13%/14%/8%
Reduce the rating to non-investment grade: Not possible, even if
recovery rate is reduced to 0%/not possible, even if recovery
rate is reduced to 0%/83%/50%/33%/23%/16%
Reduce the rating to 'CCCsf': Not possible, even if recovery rate
is reduced to 0%/not possible, even if recovery rate is reduced
to 0%/97%/62%/43%/32%/26%

Sapphire XIII Series 2016-1
Class A1(A1a and A1b)/Class A2/Class B/Class C/Class D/Class
E/Class F
Rating AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/BB-sf

Rating sensitivity to increase in default rates:
Increase foreclosure stress by 15%: AA+sf/AA+sf/AA-sf/A-sf/BBB-
sf/BBsf/BB-sf
Increase foreclosure stress by 30%:
AAAsf/AAAsf/A+sf/BBB+sf/BB+sf/BBsf/BB-sf

Rating sensitivity to decreased recovery rates:
Reduce recoveries by 15%: AAsf/AAsf/A+sf/BBB+sf/BBsf/BB-sf/B+sf
Reduce recoveries by 30%: A+sf/A+sf/A-sf/BB+sf/CCCsf/CCCsf/CCCsf

Rating sensitivity to increased foreclosure and decreased
recovery rates:
Increase foreclosure stress by 15% and reduce recoveries by 15%:
A+sf/A+sf/A-sf/BBB-sf/B+sf/Bsf/CCCsf
Increase foreclosure stress by 30% and reduce recoveries by 30%:
BBB+sf/BBB+sf/BB+sf/CCCsf/CCCsf/CCCsf/CCCsf

Decrease in recovery rate required to:
Reduce the rating by one full category:
1%/1%/10%/13%//13%/18%/21%
Reduce the rating to non-investment grade:
64%/64%/49%/29%/13%/n.a./n.a.
Reduce the rating to 'CCCsf': 85%/85%/68%/48%/31%/24%/21%

Sapphire XIII Series 2016-2
Class A1/Class A2/Class B/Class C/Class D/Class E/Class F
Rating AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf

Rating sensitivity to increase in default rates:
Increase foreclosure stress by 15%:
AAAsf/AAAsf/AAsf/Asf/BB+sf/BB-sf/Bsf
Increase foreclosure stress by 30%: AA+sf/AA+sf/AA-sf/A-
sf/BB+sf/BB-sf/Bsf

Rating sensitivity to decreased recovery rates:
Reduce recoveries by 15%: AAAsf/AAAsf/AAsf/A-sf/BBsf/CCCsf/CCCsf
Reduce recoveries by 30%: AAsf/AAsf/A+sf/BBBsf/CCCsf/CCCsf/CCCsf

Rating sensitivity to increased foreclosure and decreased
recovery rates:
Increase foreclosure stress by 15% and reduce recoveries by 15%:
AAsf/AAsf/A+sf/BBB+sf/Bsf/CCCsf/CCCsf
Increase foreclosure stress by 30% and reduce recoveries by 30%:
Asf/Asf/BBB+sf/BB-sf/CCCsf/CCCsf/CCCsf

Decrease in recovery rate required to:

Reduce the rating by one full category: 17%/17%/25%/19%/5%/7%/10%
Reduce the rating to non-investment grade:
10%/10%/10%/10%/5%/n.a/n.a
Reduce the rating to 'CCCsf': Not possible, even if recovery rate
is reduced to 0%/ not possible, even if recovery rate is reduced
to 0%/90%/56%/23%/14%/10%

Sapphire XIII Series 2017-1
Class A1/Class A2 (A2a & A2b)/Class B/Class C/Class D/Class
E/Class F
Rating AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf

Rating sensitivity to increase in default rates:
Increase foreclosure stress by 15%: AAAsf/AAAsf/AAsf/Asf/BBB-
sf/BB-sf/CCCsf
Increase foreclosure stress by 30%:
AAAsf/AAsf/A+sf/BBB+sf/BBsf/B+sf/CCCsf

Rating sensitivity to decreased recovery rates:
Reduce recoveries by 15%: AAAsf/AA+sf/AA-sf/BBB+sf/BB-
sf/CCCsf/CCCsf
Reduce recoveries by 30%: AAAsf/AA+sf/AA-sf/BBB+sf/BB-
sf/CCCsf/CCCsf

Rating sensitivity to increased foreclosure and decreased
recovery rates:
Increase foreclosure stress by 15% and reduce recoveries by 15%:
AAAsf/AAsf/Asf/BBB-sf/B+sf/CCCsf/CCCsf
Increase foreclosure stress by 30% and reduce recoveries by 30%:
AAAsf/Asf/BBBsf/Bsf/CCCsf/CCCsf/CCCsf

Decrease in recovery rate required to:
Reduce the rating by one full category: Not possible, even if
recovery rate is reduced to 0%/13%/17%/11%/7%/6%/2%
Reduce the rating to non-investment grade: Not possible, even if
recovery rate is reduced to 0%/87%/57%/24%/2%/n.a/n.a
Reduce the rating to 'CCCsf': Not possible, even if recovery rate
is reduced to 0%/not possible, even if recovery rate is reduced
to 0%/85%/49%/26%/13%/2%

The full list of rating action is shown below, with note balance
as of the December 2017 payment date:

Sapphire XII Series 2013-1 Trust
AUD26.2 million Class A1 (ISIN AU3FN0021424) notes affirmed at
'AAAsf'; Outlook Stable
AUD6.8 million Class A2 (ISIN AU3FN0021432) notes affirmed at
'AAAsf'; Outlook Stable
AUD4.9 million Class B (ISIN AU3FN0021440) notes affirmed at
'AAAsf''; Outlook Stable
AUD5.6 million Class C (ISIN AU3FN0021457) notes upgraded to
'AAAsf' from 'AA-sf'; Outlook Stable
AUD3.8 million Class D (ISIN AU3FN0021465) notes upgraded to
'AAsf' from 'A-sf'; Outlook Stable
AUD2.2 million Class E (ISIN AU3FN0021473) notes upgraded to
'Asf' from 'BB+sf'; Outlook Stable
AUD1.7 million Class F (ISIN AU3FN0021481) notes upgraded to
'Asf' from 'BB-sf'; Outlook Stable

Sapphire XIII Series 2014-1 Trust
AUD50.5 million Class A1 (ISIN AU3FN0025243) notes affirmed at
'AAAsf'; Outlook Stable
AUD14.7 million Class A2 (ISIN AU3FN0025250) notes affirmed at
'AAAsf'; Outlook Stable
AUD6.8 million Class B (ISIN AU3FN0025268) notes upgraded to
'AAAsf' from 'AA+sf'; Outlook Stable
AUD6.7 million Class C (ISIN AU3FN0025276) notes upgraded to
'AAAsf' from 'A+sf''; Outlook Stable
AUD4.3 million Class D (ISIN AU3FN0025284) notes upgraded to
'Asf' from 'BBB+sf'; Outlook Stable
AUD2.4 million Class E (ISIN AU3FN0025292) notes upgraded to
'Asf' from 'BB+sf'; Outlook Stable
AUD1.9 million Class F (ISIN AU3FN0025300) notes upgraded to
'BBBsf' from 'B+sf'; Outlook Stable

Sapphire XIV Series 2016-1 Trust
AUD25.0 million Class A1a (ISIN AU3FN0031175) notes affirmed at
'AAAsf'; Outlook Stable
AUD40.0 million Class A1b (ISIN AU3FN0031183) notes affirmed at
'AAAsf'; Outlook Stable
AUD14.7 million Class A2 (ISIN AU3FN0031191) notes affirmed at
'AAAsf'; Outlook Stable
AUD7.3 million Class B (ISIN AU3FN0031209) notes affirmed at
'AAsf'; Outlook Stable
AUD8.5 million Class C (ISIN AU3FN0031217) notes affirmed at
'Asf'; Outlook Stable
AUD5.9 million Class D (ISIN AU3FN0031225) notes affirmed at
'BBBsf'; Outlook Stable
AUD3.2 million Class E (ISIN AU3FN0031233) notes affirmed at
'BBsf'; Outlook Stable
AUD2.7 million Class F (ISIN AU3FN0031241) notes upgraded to 'BB-
sf' from 'Bsf'; Outlook Stable

Sapphire XV Series 2016-2 Trust
AUD73.9 million Class A1 (ISIN AU3FN0033346) notes affirmed at
'AAAsf'; Outlook Stable
AUD11.6 million Class A2 (ISIN AU3FN0033353) notes affirmed at
'AAAsf'; Outlook Stable
AUD7.8 million Class B (ISIN AU3FN0033361) notes affirmed at
'AAsf'; Outlook Stable
AUD10.5 million Class C (ISIN AU3FN0033379) notes affirmed at
'Asf'; Outlook Stable
AUD8.1 million Class D (ISIN AU3FN0033387) notes affirmed at
'BBBsf'; Outlook Stable
AUD3.0 million Class E (ISIN AU3FN0033395) notes affirmed at
'BBsf'; Outlook Stable
AUD3.0 million Class F (ISIN AU3FN0033403) notes affirmed at
'Bsf'; Outlook Stable

Sapphire XVI Series 2017-1 Trust
AUD102.2 million Class A1 (ISIN AU3FN0036034) notes affirmed at
'AAAsf'; Outlook Stable
AUD34.9 million Class A2a (ISIN AU3FN0036042) notes affirmed at
'AAAsf'; Outlook Stable
AUD27.3 million Class A2b (ISIN AU3FN0036059) notes affirmed at
'AAAsf'; Outlook Stable
AUD11.5 million Class B (ISIN AU3FN0036067) notes affirmed at
'AAsf'; Outlook Stable
AUD12.8 million Class C (ISIN AU3FN0036075) notes affirmed at
'Asf'; Outlook Stable
AUD8.3 million Class D (ISIN AU3FN0036083) notes affirmed at
'BBBsf'; Outlook Stable
AUD4.5 million Class E (ISIN AU3FN0036091) notes affirmed at
'BBsf'; Outlook Stable
AUD3.8 million Class F (ISIN AU3FN0036109) notes affirmed at
'Bsf'; Outlook Stable


US GROUP: First Creditors' Meeting Slated for March 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of US Group
Pty Ltd, USG Security Services, will be held at the offices of
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, Victoria, on March 13, 2018, at 2:30 p.m.

Matthew Kucianski & Paul Burness of Worrells Solvency were
appointed as administrators of US Group on Feb. 28, 2018.


VESTA LIVING: First Creditors' Meeting Set for March 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Vesta
Living Communities Limited will be held at the offices of Hall
Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, NSW, on March 12, 2018, at 10:00 a.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of Vesta Living on Feb. 28, 2018.


VIC ENGINEERING: First Creditors' Meeting Set for March 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Vic
Engineering & Silos Pty Ltd, trading as Vic Silos, will be held
at the offices of Romanis Cant, 2nd Floor, 106 Hardware Street,
in Melbourne, Victoria, on March 16, 2018, at 11:00 a.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Vic Engineering on March 5, 2018.



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


CHINA JINJIANG: 2017 Results No Impact on Moody's Ba2 CFR
---------------------------------------------------------
Moody's Investors Service says that China Jinjiang Environment
Holding Co. Ltd.'s (CJE) results for 2017 were broadly within
Moody's expectations and will not immediately affect its Ba2
corporate family rating and the Ba3 senior unsecured rating on
its USD bond, as well as the stable ratings outlook.

However, operating and regulatory challenges remain a constraint
on the ratings and therefore limit the headroom for the current
ratings.

"CJE's operating and financial performance in 2017 weakened
slightly when compared with previous years, reflecting the
challenges that the company is facing under the current operating
and regulatory environment," says Ralph Ng, a Moody's Analyst.

"At the same time, the rising leverage associated with CJE's
capital spending and ambitious overseas expansion continues to
pose a credit challenge for its ratings," adds Ng.

CJE recorded a 3.2% rise in reported revenue but a 1.4% decline
in reported gross profit in 2017 versus 2016, mainly owing to the
increased operating and fuel costs from its power generation
segment.

Revenue from power sales increased by 2.1%, which is consistent
with the 2.2% growth in the volume of on-grid power in 2017.
However, the gross margin of the waste-to-energy (WTE) business -
excluding contributions from construction services - fell to
36.5% from 42.4%, due to higher costs from additional coal used
and high coal prices.

Moody's says that the commencement of coal-fired generation
facilities for the Zhuji Bafang WTE project in 2017 has exposed
CJE to the volatile and high coal prices, because fuel costs are
not fully passed on to end-users under the current tariff
mechanism.

Moody's will reassess the associated business risks of the
company, if coal-fired generation becomes the dominant generation
segment in CJE's portfolio.

The construction revenue under "Build-Operate-Transfer" projects,
recognized during the construction phase, does not incur actual
cash flow. Moody's therefore assumes no cash flows benefits from
this segment in its projected metrics for CJE. This segment
accounted for 20.5% and 9.8% of revenue and gross profit for
2017.

Moody's expects the evolving regulatory regime of the WTE
industry to constrain CJE's ratings. For example, there is some
uncertainty over a full recovery of invested cost of three of its
projects, which will be shut down, due to government land use
plans and policies related to relevant local governments, because
these projects involve various negotiations with the local
governments.

Moody's also believes the technical upgrades and planned outage
of some of its WTE facilities - starting in H2 2017 - due to
constraints on land resources and the need to meet growing demand
for waste treatment, will reduce overall revenue growth in 2018.


The entire technical upgrading program will involve around half
of the current operating capacity by phases and Moody's expects
that CJE will incur capital spending of about RMB1 billion at a
manageable pace; factors which will not materially alter its
credit profile.

The company's adjusted total debt was RMB5.1 billion at the end
of 2017 from RMB3.3 billion at the end of 2016. The increase was
driven by the capital spending on new projects and upgrading of
existing plants, as well as overseas acquisitions.

CJE currently has three WTE projects in India. Such overseas
expansion brings higher business and regulatory risks to CJE's
overall business profile, given its limited experience in those
markets compared to its entrenched position in China.

Moody's forecasts that CJE's annual capital spending will measure
RMB1.5-RMB2.0 billion- versus RMB1.7 billion in 2017 - of which,
overseas projects will account for 30% of the annual total.

Overall, Moody's estimates that CJE's adjusted funds from
operations/ debt will register 15%-16% (approximately 17%-18% in
2017) and its retained cash flow/debt will remain in the range of
10%-11% (approximately 11%-12% in 2017) over the next two years.

The company also intends to declare dividends of no less than 50%
of net profits attributable to shareholders for full year 2017.
If the company implements a more aggressive dividend policy -
which lowers future retained cash flow - such a move will further
reduce the headroom for the current ratings.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

China Jinjiang Environment Holding Co. Ltd. (CJE) is a Singapore-
listed waste-to-energy (WTE) operator in China.

CJE operates the whole value chain of WTE, from planning,
construction, operation and management of the facilities. At the
end of 2017, CJE had 20 operating WTE facilities with a total
waste treatment capacity of 28,280 tons/day and electricity
generating capacity of 521MW in 12 provinces in China.


FANTASIA HOLDINGS: Moody's Rates New Sr. Unsecured USD Bonds B3
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the
proposed senior unsecured US dollar bonds to be issued by
Fantasia Holdings Group Co., Limited.

At the same time, Moody's has affirmed the company's B2 corporate
family rating, and the B3 senior unsecured ratings on its USD200
million notes due 2018, RMB1.6 billion notes due 2019, USD250
million notes due 2020, USD500 million notes due 2021, and USD300
million notes due 2022.

The ratings outlook is stable.

Fantasia plans to use the proceeds from the proposed notes mainly
to refinance certain of its existing indebtedness.

RATINGS RATIONALE

"The proposed notes will lengthen Fantasia's debt maturity
profile and liquidity," says Stephanie Lau, a Moody's Vice
President and Senior Analyst.

Moody's expects that the proceeds will address the repayment of
the existing outstanding USD notes due in 2Q 2018. The company
has USD200 million of senior unsecured bonds maturing in May
2018, and USD487 million of 364-day short-term notes due in June
2018. In addition, it has around RMB3.1 billion of onshore public
corporate bonds and RMB2.4 billion of onshore private corporate
bonds that are puttable by investors to the company during 2018.

"The proposed bond issuance will have a limited impact on the
company's credit metrics, because the majority of the proceeds
will be used to refinance its existing debt," adds Lau, who is
also Moody's Lead Analyst for Fantasia.

Moody's expects that the company's liquidity position will remain
adequate over the next 12 months. Fantasia's cash/short-term debt
- excluding Colour Life's cash on hand - measured 1.3x at June
30, 2017. Moody's says that over the next 12 months, Fantasia's
cash on hand and operating cash flow will be adequate to cover
its committed land premiums, short-term debt obligations, as well
as puttable onshore bonds. Moody's also notes that the company
issued USD300 million 364-day short-term USD notes in February
2018.

Fantasia's contracted sales totaled RMB20.2 billion for full-year
2017, and RMB1.6 billion for the month of January 2018,
representing a 65% and 101% year-on-year growth respectively.
Moody's expects the company will achieve around RMB20-RMB22
billion of contracted sales in 2018, supported by the launch of
key projects in Shenzhen, Chengdu and Wuhan.

Fantasia's adjusted EBIT/interest should register around 1.8x-
2.0x over the next 12-18 months, and revenue/debt will likely
stay around 58%-60%. Such levels remain appropriate for the
company's ratings.

Fantasia's B2 corporate family rating reflects its long track
record in Chengdu and Shenzhen, its increasing recurring income
streams - which also enhance revenue diversification - and
adequate liquidity.

But the rating is constrained by the company's high geographic
concentration and high funding needs, as well as business
volatility associated with frequent M&A activities in non-
property development sectors, and its modest credit metrics.

The B3 senior unsecured rating of the proposed notes is one notch
below Fantasia's B2 corporate family rating because of the risk
of structural and legal subordination.

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

Upward pressure on Fantasia's ratings could emerge if: (1) the
company's EBIT/interest coverage improves to 2.5x-3.0x on a
sustainable basis; (2) its revenue-to-adjusted debt exceeds 75%-
80%; and (3) it records contracted sales and revenue above RMB10
billion.

The ratings could be downgraded if: (1) the company's sales fall
short of Moody's expectations; (2) its liquidity position
deteriorates, due to aggressive land acquisitions, weak sales, or
if large debt maturities occur without committed refinancing
arrangements; or (3) its ratio of cash to short-term debt falls
below 1.0x.

An EBIT/interest coverage of less than 1.5x on a sustainable
basis would also indicate a potential downgrade of the company's
ratings.

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

Established in 1996, Fantasia Holdings Group Co., Limited listed
on the Hong Kong Stock Exchange in November 2009.

At end-June 2017, its land bank totaled 16.0 million square
meters in planned gross floor area - including lots under
framework agreements - mainly in the Chengdu-Chongqing Economic
Zone and the Pearl River Delta.


MODERN LAND: Fitch Rates US$350MM Senior Notes Final 'B+'
---------------------------------------------------------
Fitch Ratings has assigned Modern Land (China) Co., Limited's
(B+/Negative) US$350 million 7.95% senior notes due 2021 a final
rating of 'B+' and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Modern Land's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received. The final rating is in line with the expected rating
assigned on February 26, 2018.

The Outlook on Modern Land is Negative, reflecting Fitch's
estimate that Modern Land's leverage, measured by net debt over
adjusted inventory including proportionate consolidation of joint
ventures (JVs), increased to above 45% at the end of 2017. Fitch
believes Modern Land's higher leverage was mainly due to higher
leverage at JV levels, as the company continued to expand by
replenishing land via JV projects. Fitch may take further
negative action if Modern Land's leverage is sustained above 40%.

KEY RATING DRIVERS

Increasing Leverage: Fitch estimates Modern Land's leverage rose
to around 46% as of end-2017, from 34% at end-2016 and 23% at
end-2015. The leverage exceeded Fitch previous expectation of
below 40%, mainly due to higher leverage at JV levels. Fitch
continues to proportionately consolidate Modern Land's JV net
debt and adjusted inventory as Fitch expect the company's
attributable contracted sales to continue to account for less
than 60% of its reported contracted sales. Modern Land's leverage
may improve in 2018, helped by a lower land premium budget and
better sales collection from newly acquired projects in tier 3
cities, where home purchase policies are looser than in higher-
tier cities.

Limited Margin Improvement: Fitch expects Modern Land's gross
profit margin to hover around 20% in 2017-2018, compared with 41%
in 2014 and 31% in 2015. Fitch estimate that Modern Land's land
cost as a percentage of the average selling price exceeded 40% in
2017 and will continue to pressure Modern Land's recognised gross
profit margin in 2018. Fitch expects Modern Land's EBITDA margin
(excluding capitalised interest) to remain below 20% in 2017-
2018, but its lower land appreciation tax and funding cost will
keep its net profit margin stable.

Growing Scale: Modern Land's reported contracted sales increased
by 34% yoy to CNY22 billion in 2017. Fitch estimates attributable
sales also rose by over 20% to more than CNY12 billion in 2017,
assuming 54% of contracted sales were attributable, the same
proportion as in 1H17. Fitch expects the company to target
contracted sales of more than CNY30 billion, or more than CNY16
billion in attributable sales, in 2018.

Sustained Land Bank Pressure: Fitch believes Modern Land is still
under pressure to replenish quality land to sustain growth in the
next three years, even though Fitch estimate that the company's
land bank has improved to slightly less than three years of sales
from about two years in 2015. Modern Land's attributable
available-for-sale land bank was 2.6 million square metres (sq m)
in gross floor area (GFA) at end-June 2017, compared with
attributable sales GFA of around 1 million sq m in 2016.

Modern Land extended its coverage to more tier 1 and 2 cities in
2015-2017 and also increased land bank in tier 3 cities in 2017
due to positive regional market sentiment. Fitch estimates tier 1
cities, such as Beijing, Guangzhou and Shanghai, and tier 2
cities, like Hefei, Suzhou and Wuhan, still account for more than
60% of Modern Land's saleable resources by value.

DERIVATION SUMMARY

Modern Land's reported contracted sales and attributable sales
have been increasing at a compound annual growth rate of more
than 50% and 30%, respectively, in 2013-2017, faster than most
peers in the 'B' rating category. Modern Land's historical low
leverage of 30%-40%, driven by its disciplined financial policy
and low land cost, is lower than for 'B' rated peers whose
leverage is around 45%-55%, such as Hong Yang Group Company
Limited (B/Stable) and Guorui Properties Limited (B/Stable).
Modern Land's land bank life is shorter than 'BB-' peers' more
than three years of annual sales and remains a key rating
constraint. The Negative Outlook on the company reflects Fitch's
estimate that leverage increased to above 45% as of end-2017.
Fitch will take further negative rating action if leverage
remains above 40% in the next 18 months.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Attributable contracted sales of CNY13 billion in 2017 and
   CNY19 billion in 2018.
- Attributable land investment accounting for 70% of
   attributable contracted sales in 2017 and 50% in 2018.
- Average selling price to increase to above CNY15,000/sq m in
   2018.
- Large cash balance is adjusted where cash in excess of its
   three-month contracted sales is invested in new inventory.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Insufficient land bank for two years of development.
- Sustained decline in attributable contracted sales.
- EBITDA margin (excluding capitalised interest) below 20% for a
   sustained period (1H17 EBITDA margin including capitalised
   interest: 13%).
- Net debt/adjusted inventory (including JV proportionate
   consolidation) above 40% for a sustained period.

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- The Outlook may be revised to Stable if the negative
   guidelines are not met in the next 18 months.

LIQUIDITY

Sufficient Liquidity, Lower Funding Cost: Modern Land's liquidity
remains healthy, with total cash of CNY8.7 billion, including
restricted cash, compared with short-term debt of CNY4.5 billion
at end-June 2017. Modern Land significantly lowered its funding
cost to below 7% at end-June 2017, from 8% in 2016 and 11% in
2015. Fitch estimates Modern Land increased total cash to around
CNY10 billion by end-2017, which Fitch expect will be sufficient
to cover short-term debt obligations.


YUZHOU PROPERTIES: Fitch Rates US$375MM USD Senior Notes BB-
------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(BB-/Stable) US$375 million 6.375% US dollar senior notes due
2021 a final 'BB-' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received. The company's management says it plans to use most of
the net proceeds from the issue to refinance existing
indebtedness. The final rating is in line with the expected
rating assigned on 26 February 2018.

The Chinese homebuilder's ratings are supported by its strong
contracted sales growth, regional diversification and favourable
margin compared with its peers. Yuzhou's active land acquisition
approach will support higher contracted sales in the medium term,
though it may have driven leverage, defined by net debt to
adjusted inventory, up to around 40% by end-2017. Fitch believes
leverage of 40%-45% will be reasonable as the company's operating
scale will be larger. Fitch's assessment of Yuzhou's ratings will
depend on whether it can manage its contracted sales growth
without significantly impairing its leverage and margins.

KEY RATING DRIVERS

Land Purchases Underpin Expansion: Fitch believes Yuzhou's recent
land acquisitions will enhance its geographical diversification
as they include properties in three cities where it does not yet
operate, Beijing, Foshan and Shenyang.

The company, which is strongly positioned in the West Strait
Economic Zone and the Yangtze River Delta, will be able to
gradually expand into northern China as some properties acquired
are in Tianjin and Shenyang. Contracted sales in the West Strait
Economic Zone and the Yangtze River Delta accounted for 35% and
60%, respectively, of total contracted sales in 2017. Fitch
expects the company's operating scale to continue increasing in
these two regions. Yuzhou's total contracted sales increased by
73.7% to CNY40.3 billion in 2017.

Higher Leverage: Fitch expects Yuzhou's leverage to have
increased to about 40% by the end of 2017 (end-2016: 37.5%), as
Yuzhou used 50%-60% of its annual presales proceeds to acquire
land to maintain growth in contracted sales beyond 2017. Fitch
believes a rise in leverage to about 40% by end-2017 would still
be reasonable because of the good quality of its recent land
purchases and the increase in contracted sales. Yuzhou's
attributable land acquisition cost of CNY16.9 billion was 73% of
its total contracted sales in 2016, and most of the cost was paid
in 2016 and 2017.

Margin Remains Robust: Yuzhou's land acquisition prices will be
lowered by the very low average land cost for the recent
acquisition of seven projects in China from Coastal Greenland
Limited. Fitch expects Yuzhou's gross profit margin to remain at
30%-35% and EBITDA margin at 25%-30% (before capitalised
interest), which is high relative to peers rated in the 'BB'
category. Most of the sites purchased in 2016 and 2017 are in
good locations in major cities in the Yangtze River Delta and the
West Strait Economic Zone, where the company has a record of
achieving increases in selling prices.

DERIVATION SUMMARY

Yuzhou's business profile and scale are trending towards those of
'BB' rated peers. A faster churn rate may be achieved with a
slightly lower margin. Yuzhou's recent expansion into the Yangtze
River Delta will increase its leverage, but Fitch believes a rise
to around 40% in the next 12 months will be reasonable as it has
acquired good quality sites and achieved a much larger operating
scale.

CIFI Holdings (Group) Co. Ltd. (BB/Stable) is the closest peer to
Yuzhou, as both companies are focussed on the Yangtze River
Delta, while Yuzhou is also strongly positioned in the West
Strait Economic Zone, and less exposed in the Bohai Rim. CIFI has
lower leverage and higher sales efficiency than Yuzhou, while its
EBITDA margin is lower than Yuzhou. Fitch expects Yuzhou's margin
to trend down but sales efficiency to improve, as the company is
striving to balance its margin and sales efficiency.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Attributable contracted sales of CNY30 billion-50 billion a
   year in 2017-2020 (CNY30 billion in 2017)
- Contracted average selling price to rise 30% in 2017 and 10% a
   year in 2018-2020 (27% in 2016)
- Gross profit margin (before capitalised interest) of 30%-35%
   in 2017-2020 (37% in 2016)
- Land acquisition costs to account for 50%-60% of total
contract
   sales each year in 2017-2020 (73% in 2016)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Attributable contracted sales sustained above CNY30 billion
  (2017: CNY30 billion)
- Net debt/adjusted inventory sustained below 40% (2016: 39%)
- Contracted sales/gross debt sustained above 1.2x (2016: 0.8x)
- EBITDA margin (before capitalised interest) sustained above
   25% (2016: 35%)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory above 45% for a sustained period
- Contracted sales/gross debt below 1.0x for a sustained period
- EBITDA margin (before capitalised interest) below 20% for a
   sustained period

LIQUIDITY

Healthy Liquidity: Yuzhou's liquidity position is healthy. The
company had unrestricted cash of CNY18.5 billion at end-1H17,
which is ample to meet its short-term debt of CNY5.4 billion and
support its planned expansion. The company has diversified
funding channels to ensure the sustainability of its liquidity.
Besides bank loans, it has established channels for both onshore
and offshore bond issuance, as well as equity placement.



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


4S SPINTEX: Ind-Ra Gives BB- Rating to INR121.62MM Term Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned 4S Spintex India
Private Limited (4S) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

--INR60 mil. Fund-based working capital limit assigned with
IND BB-/Stable/IND A4+ rating; and

-- INR121.62 mil. Term loan due on February 2026 assigned with
IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect 4S' short operational track record as it
began commercial operations in August 2016. FY18 will be the
company's first full year of operations. The company reported
revenue of INR147.7 million and EBITDA margins of 16% in FY17.
Credit metrics were weak with net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) of 8.2x and EBITDA interest coverage
(operating EBITDA/gross interest expense) of 1.3x in FY17. As of
10MFY18, the company achieved revenue of INR312.6 million and
EBITDA margin of around 26% due to economies of scale.

However, the ratings are supported by 4S' comfortable liquidity
position with 82% average peak utilization of its fund-based
limits during the 12 months ended January 2018.

The ratings also benefit from 4S' locational advantage, located
in Krishna District, Andhra Pradesh, with abundant availability
of key raw material (cotton).

The ratings are further supported by the promoter's experience of
around three decades in the cotton industry leading to
established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Any decline in revenue and/or operating profitability
resulting in a sustained deterioration in the credit metrics will
lead to a negative rating action.

Positive: A substantial growth in the top line while maintaining
the operating profitability, leading to an improvement in the
credit metrics will lead to a positive rating action.

COMPANY PROFILE

Incorporated in August 2012, Andhra Pradesh-based 4S is engaged
in the manufacturing of carded cotton yarn.


AHUJA AUTOMOBILES: CARE Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CARE Ratings has been seeking information from Ahuja Automobiles
to monitor the rating(s) vide e-mail communications/ letters
dated January 25, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Ahuja Automobiles bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      13.30      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

Detailed description of the key rating drivers

At the time of last rating on December 12, 2016 the following
were the rating strengths and weaknesses

Key Rating Weaknesses

On going delays in debt servicing: There are ongoing delays in
debt servicing on account of weak liquidity position as the
firm is unable to generate sufficient funds in a time manner.

Established in 2008, Ahuja Automobiles (AA) is a partnership
entity based in Amritsar, Punjab. The entity is currently being
managed by Mr. Harish Ahuja, Mr. Gagan Ahuja and Mrs. Madhu
Ahuja, sharing profit and loss in an equal proportion. The entity
is operating 3S facilities (Sales, Service and Spares) of Hyundai
Motor India Limited (HMIL), with an authorized dealership of
entire range of passenger vehicles (PV), since 2008. AA operates
through its three showroomscum-workshops in Amritsar and Distt.
Tarn Taran, Punjab.


AMBIENCE IMPEX: CRISIL Assigns B+ Rating to INR4MM Buyer's Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Ambience Impex Limited (AIL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer's Credit          4        CRISIL B+/Stable (Assigned)
   Cash Credit             2        CRISIL B+/Stable (Assigned)

The rating reflects the company's modest scale of operations and
low profitability due to the trading nature of operations and
moderate financial risk profile. These weaknesses are partially
offset by the extensive experience of its promoters and
diversified product profile.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation and low profitability: Intense
competition and low value-addition keeps scale of operation small
operating income was INR38 crore in fiscal 2017, while
profitability has remained at 1-2% over the three years through
March 2017.

* Average financial risk profile: Networth was low at INR3.2
crore as on March 31, 2017 owing to modest scale of operation and
profitability resulting in meagre accretion to reserves. Further,
interest coverage albeit low, has remained over 1 time over the
years with gearing at 1.8-2.0 times over the past three years
through March, 2017.

Strengths

* Extensive experience of the promoters: Benefit from the
promoters' two decades of experience in the industry should
support business.

* Diversified product profile: As a wide variety of products are
traded, downturn in any particular industry is mitigated.

Outlook: Stable

CRISIL believes AIL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations and profitability
strengthen financial risk profile. The outlook may be revised to
'Negative' if revenue and profitability reduce, working capital
requirement increases, or a large, debt-funded capital
expenditure is undertaken.

Incorporated in 2004, AIL is promoted by Mr Sandeep Agarwal and
family. It is engaged in the trading of various ferrous and non-
ferrous metals including brass, aluminum, zinc, iron scrap bars
and channels etc.


BAHUBALI CASHEWS: CRISIL Reaffirms B Rating on INR6MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Bahubali Cashews (BC).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect extensive experience of the
promoters in the cashew processing business. These rating
strengths has been partially offset by below average financial
risk profile and modest scale of operations and exposure to
intense competition in the fragmented industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense competition
in the fragmented industry: The firm's business risk profile
remains constrained on account of its small scale of operations
in a highly fragmented industry. The firm generated revenue of
INR 22.9 cr. during fiscal 2017. The cashew industry is marked by
limited differentiation in technology involved in the processing
of cashew nuts. This, coupled with relatively moderate capital
requirements to set up a cashew-processing unit has resulted in
low entry barriers. Consequently, the domestic cashew processing
industry is highly fragmented, marked by the presence of many
small players, leading to intense competition in both the
organised and unorganised segments.

* Below-average financial risk profile: The BC has below-average
financial risk profile marked by modest net worth of INR 1.39
cr., high gearing of 5.72 times as on March 31, 2017. The company
has subdued debt protection metrics with net cash accrual to
total debt (NCATD) and interest coverage ratios of 0.03 and 1.51
times, respectively, for 2016-17. Financial risk profile may
remain below average over the medium term.

Strengths

* Extensive experience of the promoters in the cashew processing
business: BC benefits from its promoters' extensive experience of
over a decade in the cashew industry. Over the years, the
promoters have developed healthy relationships with its customers
that have ensured repeat offtake over the years. BC also has a
strong network of raw cashew nut suppliers spread across several
geographies, which ensures availability of high quality cashew
nuts throughout the year. The firm sources cashews from Ivory
Coast, Ghana, Benin, Guinea Bissau, Senegal, and Indonesia.

Outlook: Stable

CRISIL believes BC will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if considerable increase in revenue
and profitability leads to higher cash accrual and improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low revenue or profitability, or weakening
of working capital management, or large debt-funded capital
expenditure, leading to deterioration in financial risk profile,
particularly liquidity.


Set up as a proprietorship firm in 2000, BC processes raw cashew
nuts and sells cashew kernels. Its facility in Udupi (Karnataka)
has installed processing capacity of 4 metric tonnes per day of
cashew kernels. Its operations are managed by proprietor Ms.
Nirmala Mahaveer Hegde.


EAPRO GLOBAL: Ind-Ra Assigns 'BB' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Eapro Global
Limited (EGL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The instrument-wise rating actions are as follows:

-- INR80 mil. Fund-based working capital limit assigned with
    IND BB/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based limit assigned with IND A4+ rating;
     and

-- INR10 mil. Term loan due on October 2020 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect EGL's small scale of operations as indicated
by revenue of INR306.99 million in FY17 (FY16: INR234.18
million). The growth in revenue is attributable to an increase in
orders from existing and new customers.

The ratings also factor in the company's modest liquidity
position as indicated by working capital cycle of 130 days in
FY17 (FY16: 145 days).

However, the ratings are supported by EGL's comfortable operating
margins and credit metrics. The EBITDA margins declined to 10.82%
in FY17 (FY16: 12.11%) on account of higher discounts offered by
the company to support its growing scale of operations. However,
gross interest coverage (operating EBITDA/gross interest expense)
improved to 5.23x in FY17 (FY16: 4.53x) and net financial
leverage (adjusted net debt/operating EBITDA) to 1.96x (2.22x)
due to an increase in absolute EBITDA to INR33.21 million in FY17
(FY16: INR28.36 million).

The ratings also benefit from the promoter's experience of more
than two decades in the power electronics industry.

RATING SENSITIVITIES

Negative: A substantial decline in the scale of operations and
profitability margin leading to deterioration in the overall
credit metrics would be negative for the ratings.

Positive: A substantial improvement in the scale of operations
while maintaining the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2012, EGL is promoted by Mr. Jagdeep Chauhan and
Mrs. Abhilasha Singh. The company manufactures inverters for
industrial and commercial use. Its manufacturing facility is
located in in Roorkee, Uttarakhand.


EXODUS ISPAT: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facilities of
Exodus Ispat Private Limited (Exodus) to 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           3.5        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      2.0        CRISIL A4 (Reaffirmed)

CRISIL's ratings on bank facilities of Exodus continue to reflect
the modest scale of operations, working capital intensity in
operations, and exposure to intense competition in the building
material industry and cyclicality in end-user industries. These
rating weaknesses are partially offset by extensive experience of
the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The modest scale, also reflected in
operating income of INR24.3 crore for fiscal 2017, results in
negligible bargaining power with suppliers and customers.

* Moderate working capital requirement: Operations remain working
capital intensive, with gross current assets of 166 days, led by
sizeable inventory and modest receivables of 101 and 55 days,
respectively.

* Exposure to intense competition in the building materials
industry, and cyclicality in end-user industries:  Exodus is
exposed to intense competition in the roofing industry and is
susceptible to cyclicality in its end-user industry. Roofing
materials are mainly used in the manufacturing and infrastructure
sectors. The industry has a large number of small players on
account of low capital requirement. Sales are directly related to
capital expenditure (capex) undertaken by large
manufacturing/construction players, and also remain susceptible
to cyclicality.

Strengths:

* Extensive experience of the promoters in the building material
industry: Exodus has been promoted by Kolkata-based Mr Rohit
Lohia, Mr Manish Lohia, and Mr Anil Bagaria. The company is part
of the Exodus group, which has been trading in and manufacturing
steel products for over four decades.

Outlook: Stable

CRISIL believes Exodus will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if substantial growth in revenue and cash accrual,
or better working capital management, strengthens the financial
risk profile and liquidity. The outlook may be revised to
'Negative' in case of lower-than-expected revenue and accrual,
stretch in the working capital cycle, or any major capex,
weakening the financial risk profile and liquidity.

Incorporated in 2002, Exodus manufactures multi-colour steel
roofing, tiles designing and zed purlins and accessories for use
in factories, warehouses, malls and other buildings. The company
has recently started manufacturing pre-engineered building (PEB).
Exodus is part of the Exodus group, and has been promoted by Mr
Rohit Lohia, Mr Manish Lohia and Mr  Anil Bagaria. The
manufacturing facility is located at Bishnupur (West Bengal).


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

-- INR116.5 mil. Term loan (Long-term) due on March 2020
    migrated to Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR260 mil. Fund-based limit (Long-term) migrated to Non-
    Cooperating Category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, GSPL is a manufacturer of sponge iron. The
company is managed by Mr. S.K Dalmia.


GARDEN SILK: CARE Reaffirms D Rating on INR1480.61cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Garden Silk Mills Limited (GSML), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities-Term
   loan*                1480.61     CARE D Reaffirmed

   Long-term Bank
   Facilities-Fund
   based working
   capital limits        298.71     CARE D Reaffirmed

   Short-term Bank
   Facilities-Non-
   fund based working
   capital limits        532.00     CARE D Reaffirmed

* SBLC amounting to INR416.79crore has been devolved and
reclassified as term loan

Detailed Rationale and Key Rating Drivers

The reaffirmation in the ratings assigned to the bank facilities
of GSML takes into account continuing delays in servicing of its
debt obligations on account of stretched liquidity position.

GSML's ability to improve its cash flows and regularize its debt
servicing are the key monitorable.

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

Delays in debt servicing: The rating factors in delays in debt
servicing on account of stretched liquidity position. The company
has been incurring cash losses on account of weak demand for its
products resulting in sub-optimal capacity utilization.

Incorporated in 1979, Garden Silk Mills Limited (GSML) is engaged
in manufacturing of polyester chips, polyester filament yarn and
polyester textile fabrics. It manufactures synthetic fabric under
the brand names, Garden and Vareli, they deal in wide range of
Polyester Chips, Polyester Filament Yarns (PFY), Preparatory
Yarns, Woven (grey) Fabric as well as Dyed and Printed Sarees and
Dress Materials The manufacturing facilities are located in
Vareli (weaving unit) and Jolwa (manufacturing unit of chips and
yarn), in Surat District. As on March 31, 2015, the company had
polyester chips capacity of 5,06,000 metric tonnes per annum
(MTPA) and Polyester Filament Yarn (PFY) capacity of 2,21,061
MTPA - comprising of 1,58,610 MTPA of Partially Oriented Yarn
(POY) and 62,451 MTPA of Fully Drawn Yarn (FDY). Capacity
utilization for polyster melt and chips for FY17 277,714 MT (as
compared to 271,648MT in FY16). GSML is promoted by Mr. Praful A
Shah, a first-generation entrepreneur. He is also the Chairman
and Managing Director of the company. He has more than four
decades of experience in the industry. He is involved in the
strategic decision making process of the company. He is well
supported by his son Mr Alok P. Shah, promoter and joint managing
director in the day-to-day operations of the company; who also
possesses significant experience in the industry.

GSML is predominantly a domestic player with around 85.33% in
FY17 of the gross sales from the domestic market while remaining
is in the form of exports.


GMR BAJOLI: CARE Raises Rating on INR1,380cr LT Loan to BB-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
GMR Bajoli Holi Hydro Power Private Limited (GBHHPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term           1380.00      CARE BB-; Stable Revised from
   Facilities                       CARE D
   (Term Loan)

   Long term bank        25.00      CARE BB-; Stable Revised from
   facilities                       CARE D
   (Non-fund based)

Detailed Rationale & Key Rating Drivers

The revision in the rating of GBHHPL takes into account the delay
free track record of more than three months in servicing of debt
obligations by the company. The liquidity position of the company
was aided by receipt of funds from Delhi International Airports
Limited (DIAL) towards infusion of its share of equity amounting
to INR108.33 crore.

The rating is however constrained by high execution risk marked
by long gestation period, inherent hydrological risks associated
with run-of-the-river power projects and possibility of time and
cost overrun.

Going forward, the ability of the company to complete the project
within envisaged cost and time including the power evacuation
infrastructure, execution of firms and long term PPA for the
remaining power with off takers shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long Term PPA with DIAL for majority of the capacity; however
balance power remains untied: GBHHPL has signed Power Purchase
Agreement with Delhi International Airport Private Ltd (DIAL), a
JV company of GAIL (GMR Airports India Ltd) for off-take of
majority of the capacity gradually increasing from 51 percent in
the first year up to 72 percent in the eighteenth year of the
power generated by GBHHPL at bus bar tariff with-starting from
INR5.67/kWh and an annual escalation of 3.5 percent. As per the
PPA, DIAL has invested a total of INR108.33cr towards its share
of
equity in order to comply with Electricity Rules, 2005 (Captive
Generating Unit).

Although the company has signed PPA with DIAL for majority of
power increasing gradually from 51 percent in the first year up
to 72 percent in the eighteenth year, the off-take risk still
exists to the extent of balance untied power. The company is in
discussion with Discoms/ Industrial consumers for tie up of
balance power from 3rd unit.

Update on the Project: As per the Lender Engineer's (LE) report
dated January 24, 2018 for the quarter ended December 31, 2017,
the overall project progress, as on December 31, 2017 is around
65% against the planned progress of 78%. The primary reasons for
the delay in civil works are poor geology in Head race Tunnel
(HRT) and adverse climate conditions.

In terms of engineering progress, the project is 75 percent
complete with engineering progress for civil works, electro
mechanical works and hydro mechanical works at 86 percent, 72
percent and 40 percent respectively. Further, against the total
length of 16 kilometers, the head race tunnel of 11.55 kilometers
is completed.

The arrangement of power evacuation from GBHHPL bus bar to the
pooling station will be undertaken by Himachal Pradesh Power
Transmission Corporation Ltd (HPPTCL). It comprises of 220kV
double circuit 19 kilometers transmission line from GBHHPL bus
bar to Lahal pooling sub-station of HPPTCL and 400kV double
circuit 40 kilometers transmission line from Lahal pooling sub-
station of HPPTCL to Inter State Transmission System (ISTS)
injection point at Chamera-II pooling station of Power Grid
Corporation of India Ltd (PGCIL). The construction progress for
220kV transmission line is 48 percent and is expected to be
complete by June 2018. However, the contract for 400kV
transmission line is yet to be awarded.

Going forward the completion of power evacuation facilities
within the envisaged time will be important from credit
perspective.

The estimated cost of the project is INR2,205 cr which is
proposed to be funded by way of debt of INR1,580 cr and
promoters' contribution of INR625 cr. As per LE report the
company has spent INR1429 cr. till December 31, 2017 which
includes liability of INR41.03 crores towards amount payable to
Government of Himachal Pradesh for third installment of the
project premium. The project cost is funded by way of debt of
INR868 cr. and equity of INR519 cr.

Delay in completion of the project: The original COD of the
project was December 2017 which was subsequently revised to
August 2018. The delay was largely on account of pending civil
works due to unprecedented snowfall and rainfall and subsequent
damage to connecting leading to revision in CoD to 31st August
2018. As per recent LE report, a further delay of around 6 to 7
months in project commissioning from the revised schedule of
August 2018 is expected based on the inputs gathered during site
visit and analysis of the data provided by GBHHPL. The
implementation of the project is through 3 major contracts on
turnkey EPC basis - Civil, Electro-Mechanical (E&M) and Hydro-
Mechanical (H&M) works. The construction progress for civil works
is 67 percent against the planned 72 percent. The overall
progress in E&M works and H&M works is around 40 percent and 20
percent against the scheduled 93 percent and 71 percent
respectively.

GMR Bajoli Holi Hydropower Pvt. Ltd (GBHHPL), incorporated on
October 1, 2008, is special purpose vehicle (SPV) promoted by GMR
group under its energy subsidiary GMR Energy Limited for
implementing 180 MW (3 x 60 MW) hydro power plant (run-of-river
with pondage) on the upper reaches of river Ravi, which belongs
to the Indus river system in Chamba district of Himachal Pradesh.
The project was allotted to GEL by Government of Himachal Pradesh
(GoHP) in July 2007 on Build, Own, Operate and Transfer (BOOT)
basis through international competitive bidding process based on
payment of highest one time up-front premium.


GUJARAT FOILS: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from Gujarat Foils
Limited (GFL) to monitor the rating vide e-mail communications/
letters dated December 12, 2017; December 21, 2017 and
January 19, 2018. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines, CARE's rating on
debt instruments of GFL will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-term Bank       34.24     CARE D; Issuer Not Cooperating;
   Facilities-                    Based on best available
   (Term Loans)                   Information

   Long-term Bank      105.00     CARE D; Issuer Not Cooperating;
   Facilities-                    Based on best available
   (Fund Based)                   Information

   Short-term Bank     105.00     CARE D; Issuer Not Cooperating;
   Facilities-                    Based on best available
   (Non- fund based)              Information

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

The rating takes into account the ongoing delays in debt
servicing by the company.

Detailed description of the key rating drivers

Delays in Debt Servicing: The heavy losses incurred during FY17
and H1FY18 have constrained the company's ability to service its
debt in a timely manner and there have been continuing delays in
servicing of debt obligations to the lenders and the account has
become NPA. Moreover, "Hon'ble NCLT, Ahmedabad Bench, vide Order
dated November 8, 2017 in CP. (IB) 116/7/NCLT/AHM/2017 has
admitted Section 7 Petition under the Insolvency and Bankruptcy
Code, 2016 filled by Allahabad Bank. In the terms of the said
order, corporate insolvency resolution process in respect of the
GFL has been commenced."

Incorporated in 1992 as a public limited company, Gujarat Foils
Limited (GFL) was acquired by Topworth Group in 2008. Mr. Abhay
Lodha (promoter of the Topworth Group) is the Chairman of GFL and
has more than a decade of experience in steel trading and
manufacturing. GFL manufactures aluminium sheets and foils for
industrial applications like bottle caps used in brewery and
pharmaceutical packaging, heat exchanger fins of AC units,
Eyelets used in footwear and garment sector, end caps of Tube
lights used in electrical sector. Besides, GFL has presence in
consumer products business with its embossed consumer house foil
'nutriwrap'. Also, in November 2014, the company ventured into a
new activity in the consumer segment and commenced manufacturing
of Semi-Rigid Containers (SRC), which are used mostly by
restaurants to supply packaged food to cater to the orders from
households. The SRC manufacturing unit is a leasehold premise at
Bhiwandi, Maharashtra. As on March 2017, GFL has 28000 tonnes
sheets and foils rolling capacity and 3600 tonnes pharmaceutical
foil rolling capacity.


INKAL VENTURES: CRISIL Lowers Rating on INR10.5MM Cash Loan to D
----------------------------------------------------------------
CRISIL has been consistently following up for information with
Inkal Ventures Private Limited (IVPL) for obtaining information
through letters and emails dated July 11, 2017 and August 07,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        4.5      CRISIL D/Issuer Not Cooperating
                                  (Issuer Not Cooperating;
                                  Downgraded from 'CRISIL A4')

   Cash Credit          10.5      CRISIL D/Issuer Not Cooperating
                                  (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 IVPL. 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
IVPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. CRISIL has downgraded its rating on the bank
facilities of IVPL to 'CRISIL D/CRISIL D/Issuer Not Cooperating'
from 'CRISIL B+/Stable/CRISIL A4/Issuer Not Cooperating'.

The downgrade reflects delays by the company in servicing debt.
CRISIL had discussions with the bank, which has confirmed the
delay in repayment.

Incorporated in 2008, and based at Cochin, IVPL is a part of
Arabcal group of companies in the Middle East. The company has
diversified business streams, which include execution of
(Engineering, Procurement, and Construction) EPC projects, local
distributorship for global industrial machinery companies and
food processing (specifically dairy products). Mr. Prasad
Balakrishnan Nair manages the daily operations.


JAI HIND: CRISIL Lowers Rating on INR4.8MM Term Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Jai Hind Public School (JHPS) to 'CRISIL D' from 'CRISIL
B+/Stable'. The downgrade reflects delay in repayment of term
debt obligations.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               4.8        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating continues to reflect stretched liquidity risk profile
of JHPS. The rating weakness is partially offset by the
established track record of the school, and extensive experience
of the trustees.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity: The stretched liquidity risk profile of
the company is reflected in the low cash accruals generated by
JHPS and the same has resulted in delays in repayment of its term
debt obligations

Strengths

* Established track record of the school and extensive experience
of trustees: The school, which has been operational since 1997,
and affiliated with the Central Board of Secondary Education from
2012, offers courses till Class XII. The trustess, Mr Krishna Deo
Prasad, Ms Kalavati Devi, Mr Upendra Kumar, and Ms Keshwar
Prasad, have strong entrepreneurial experience and have been
managing JHPS, since its inception.

JHPS commenced operations in 1997 in Bodh Gaya, Bihar. Mr Krishna
Deo Prasad manages the daily operations. The school is currently
run by the Jai Hind Educational and Welfare Society, and
affiliated to the CBSE.


JAI VENKAY: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has been seeking information from Jai Venkay Poultry
Farms (JVPF) to monitor the rating vide e-mail communications
dated October 4, 2017, January 19, 2018 and February 5, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the rating. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Jai Venkay Poultry Farms bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      7.74      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

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

Detailed description of the key rating drivers

At the time of last rating in November 17, 2016 the following
were the rating strengths and weaknesses:

Key Rating weakness

Ongoing delays in servicing debt obligation due to delay in
realizing debtors: The firm has elongated operating cycle due to
high inventory levels. The average inventory days of the firm
during review period lies within the range of 150-180 days. Due
to, the egg production starts from the small chicks takes on an
average of 20 weeks from the date of starting farming of every
batch of chicks, resulted in high inventory levels. The firm
receives the payment from its customers within 60-80 days.
However, the firm is making payment to its creditors within 15-20
days. The said factor resulted in high dependence on working
capital borrowings. The average utilization of cash credit
facility is 100% for the last 12 months ended October 31, 2016.
Due to the above said factor the firm is unable to make
the timely payment of debt obligation.

Decline in PBILDT margin and fluctuating PAT margin during FY14-
FY16: The PBILDT margin of the firm declined from 24.61% in FY14
to 12.58% in FY16 due to increase in material costs i.e. The
Poultry industry has low profitability margins as material costs
(small chicks & feed) form significant portion of the total
costs. Due to the above said factor along with high interest and
depreciation cost the PAT margin of the firm has also been
fluctuating and remained thin in the range of 0.21%-0.47% during
FY14-FY16.

Leverage capital structure and weak debt coverage indicators: The
capital structure of the firm though improved marked by debt
equity and overall gearing ratio from 2.27x and 3.14 respectively
as on March 31, 2014 to 1.65x and 2.82x respectively as on March
31, 2016 due to increase in tangible net worth along with
repayment of term loan.

Highly fragmented industry with intense competition from large
number of players: JVPF faces stiff competition in the poultry
industry from established brands like vencobb, Suguna in the
market. Competition gets strong with the presence of unorganized
players leading to pricing pressures. However, improved demand
scenario of poultry products in the country enables well for the
company.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, partnership firms have
restricted access to external borrowings as credit worthiness of
the partners would be key factors affecting credit decision for
the lenders.

Key rating strengths

Experience of the partners for one decade in Poultry business:
JVPF was established in the year 2008 and promoted by Mr. K
Venkata Rao and family members. Mr. K Venkata Rao and Ms. T
Lakshmi Sujatha are qualified arts graduates and have one decade
of experience in the poultry industry. Apart, Ms. T Bhavani Reddy
is also a qualified commerce graduate has one decade of
experience in the poultry industry. Due to long term presence in
the market, the partners have good relations with suppliers and
customers.

Growth in total operating income during review period: The total
operating income of the company increased from INR6.83 crore in
FY14 to INR11.67 crore in FY16 due to increase in repeat orders
from existing customers and addition of new customers. Further,
during 7MFY17, the firm achieved sales of INR8 crore.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Andhra based, Jay Venkay Poultry Farms (JVPF) was established in
the year 2008 and promoted by Mr. K Venkata Rao and family
members. The firm is engaged in farming of egg laying poultry
birds(chickens) and trading of eggs and live birds.  The firm
sells its products like eggs and live birds in Andhra Pradesh to
retailers through own sales personnel. The firm buys chicks
(small chickens) from Srinivasa hatcheries private limited,
Vijayawada. The firm purchases raw materials like rice brokens,
sun flower cake from local farmers, and soya from Harikrishna &
Co, Suvarnalakshmi trading company.


KAIRBETTA ESTATES: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Kairbetta Estates Syndicate (KES).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4.5      CRISIL B+/Stable (Reaffirmed)

   Post Shipment Credit    1.0      CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility        4.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its partners in the tea industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: With revenue of INR11.2 crore in
fiscal 2017, scale remains modest in an intensely competitive
industry.

* Large working capital requirement: The operations of the
company were working capital intensive in nature as indicated by
the Gross current asset (GCA) days of 282 during fiscal 2017. The
GCA days were high due to stretched trade receivable days.

Strength:

* Extensive experience of partners: Presence of over five decades
in the tea industry has enabled the promoters to establish strong
relationship with major customers, Unilever (the UK) and HUL
(Kolkata). Management replanted over 120 hectares around 1995,
thus improving yield and quality of green leaves.

Outlook: Stable

CRISIL believes KES will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if increase in revenue and profitability
improves financial risk profile. The outlook may be revised to
'Negative' if low accrual, stretch in working capital cycle, and
large, debt-funded capital expenditure weaken financial risk
profile, particularly liquidity.

Established in 1956, KES plants and processes orthodox tea in
Kotagiri, Tamil Nadu. Operations are managed by Mr Prashant
Bhansali and family.


MAHARAJA AGROFOODS: Ind-Ra Assigns BB+ LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maharaja
Agrofoods Private Limited (MAFPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR70 mil. Fund-based limits assigned with IND BB+/Stable/
    IND A4+ rating; and

-- INR80 mil. Term loans due on October 2019 assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect MAFPL's modest profitability margins
resulting in weak debt protection metrics and elevated leverage.
The company reported EBTIDA margin of 1.47% in FY17 (FY16: 1.80%)
attributable to limited degree of value addition, coupled with
relatively weak bargaining power than its key customer, Mother
Dairy Fruits & Vegetables Pvt Ltd (Mother Dairy). Interest
coverage (operating EBITDA/gross interest expense) remained
subdued at 1.99x in FY17 (FY16: 1.87x), while net leverage
(adjusted net debt/EBITDA) remained high at 3.59x (4.02x) on
account of the weak profitability margins. Debt service coverage
ratio stood at 0.91x in FY17 (FY16: 1.13x).

However, Ind-Ra believes MAFPL's entry into the curd and
buttermilk processing business is likely to be a credit positive
for the company. It is setting up a curd and buttermilk
processing unit at its existing facilities, wherein Mother Dairy
has committed an off take of 50,000 liters/day. With the entire
capex of approximately INR80 million being funded by internal
accruals, promoters' equity and unsecured borrowings, Ind-Ra
expects the incremental cash flows will support deleveraging
efforts over the near-to-medium term. The agency believes
interest coverage is likely to increase above 2x in FY18 and
further increase and sustain above 2.5x from FY19 onwards in the
absence of any significant debt-funded expansion plans.

The ratings also benefit from the company's large scale of
operations as indicated by revenue of INR3,482.37 million in FY17
(FY16: INR3,266.43 million; FY15: 2,478.68 million). Its
established relationship with Mother Dairy provides substantial
revenue visibility over the near-to-medium term. The agency
opines that MAFPL's ability to maintain a strong relationship
with Mother Dairy shall be a key credit monitorable.

RATING SENSITIVITIES

Negative: Further profitability pressures and/or repudiation of
the existing arrangement with Mother Dairy, leading to
deterioration in the credit metrics may result in a negative
rating action.

Positive: A significant improvement in the profitability margins,
resulting in net leverage reducing below 2.5x on a sustained
basis may result in a positive rating action.

COMPANY PROFILE

Incorporated in 2011 by Mr. Sunder Singh and Mr. Bijendra Nagar,
MAFPL is engaged in the processing and packaging of milk for
Mother Dairy. The company is also involved in the trading of raw
milk. It has an installed processing capacity of 0.5 million
liters per day at its unit in Bhiwadi, Rajasthan. MAFPL has been
engaged in milk processing and packaging for Mother Dairy since
December 2013.


MEGASOFT LTD: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Megasoft Ltd.'s
Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable. The
instrument-wise rating actions are given below:

-- INR150 mil. Fund based working capital limit affirmed with
    IND B+/Stable rating; and

-- INR50 mil. (reduced from INR70 mil.)Non-fund based working
    capital limit affirmed with IND A4 rating.

Ind-Ra has taken a consolidated view of Megasoft and its
subsidiaries, XIUS Holding Corp and Xius Corp in the US, XIUS S
DE RL DE CV (formerly, Bostan Communication Group) in Mexico and
Megasoft Consultant in Malaysia. All the companies have strong
operational and strategic interlink ages, as they operate in the
same line of business. As of FY17, Megasoft held 100% in all of
its subsidiary companies.

KEY RATING DRIVERS

The affirmation reflects Megasoft's continued small scale of
operations and weak profitability and credit metrics due to the
growing competition and slowdown in the telecom services market.
Revenue improved slightly to INR701 million in FY17 (FY16: INR657
million), mainly due to the execution of orders in the cloud
service division. Megasoft has recorded the revenue of INR504
million in 9MFY18. The net financial leverage (adjusted net
debt/operating EBITDA) increased to 10.2x in FY17 (FY16: 7.2x)
and gross interest coverage operating (EBITDA/gross interest
expense) reduced to 1.1x (2.5x), because of a fall in EBITDA to
INR44 million (INR129 million). EBITDA margin declined to 6.3% in
FY17 (FY16: 19.6%) due to the high cost incurred for the cloud
computing division.

The ratings remain constrained by Megasoft's tight liquidity with
its almost full use of the fund-based facilities on average
during the 12 months ended January 2018. The net cash conversion
cycle deteriorated to 168 days in FY17 (FY16: 141 days) due to a
fall creditor days to 160 (220).

However, the ratings continue to be supported by Megasoft's
operational track record and experience of over a decade in
setting up prepaid cellular billing infrastructure and offering
related services in the Americas, Europe and Middle East.

RATING SENSITIVITIES

Positive: A significant increase in the revenue and profitability
leading to an improvement in the liquidity and credit metrics
could be positive for the ratings.

Negative: A significant decline in the revenue and profitability
leading to deterioration in the liquidity or credit metrics could
be negative for the ratings.

COMPANY PROFILE

Incorporated in 1999, Megasoft (represented by its telecom brand,
XIUS) is engaged in the sale of licenses for products related to
pre-paid billing, mobile commerce, mobile roaming and mobile
advertising to telecom operators. Its head office and development
center are located in Hyderabad.


MOD AGE: CARE Moves D Rating to Not Cooperating Category
--------------------------------------------------------
CARE Ratings has been seeking fees from Mod Age Consultants &
Advisory Services Private Limited. However, despite CARE's
repeated requests, the company has not provided the fees. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on the bank facilities of Mod Age Consultants & Advisory
Services Private Limited will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Non      17.00      CARE D; Issuer not cooperating;
   Convertible                   based on best available
   Debenture                     information

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

The rating takes into account the ongoing delays in servicing the
interest on NCD's.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in interest servicing: Being a strategic investment
company, Mod Age has no operations of its own and therefore does
not have any revenue from operations. The interest obligations of
the company are serviced through the funds infused by the
promoters. Timely debt servicing of debt obligations remains
dependent on timely infusion of funds by promoters/shareholders.
However, presently, the company has ongoing delays in servicing
of its interest obligations on the outstanding NCDs.

Incorporated on January 21, 2008, Mod Age; erstwhile known as Mod
Age Investment Private Limited, name changed in December 2013, is
a strategic investment holding company of the promoters of Jyoti
Structures Limited (JSL). Mr K. R. Thakur and Mr P. K. Thakur,
shareholders and directors in JSL, each hold 50% shareholding in
Mod Age. As Mod Age is only an investment holding company, it
does not have own operational cash flows. On October 30, 2013,
the company issued NCDs of INR25.00 crore for investment in
shares and offering loans to group companies. Of these, NCDs
aggregating to INR17.00 crore was subscribed. The company has
placed 1.18 crore shares of JSL as collateral against the NCD
issue.

The funds raised by the NCD issued are utilised for investment
into shares of Surya India Fingrowth Private Limited, a group
company.


MOWO INDUSTRY: CRISIL Downgrades Rating on INR5.5MM Loan to D
-------------------------------------------------------------
CRISIL has been consistently following up with Mowo Industry (MI)
for obtaining information through letters and emails dated
September 21, 2017, and October 26, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                  Amount
   Facilities    (INR Mln)    Ratings
   ----------    ---------    -------
   Cash Credit      4.5       CRISIL D (Issuer Not Cooperating;
                              Downgraded from 'CRISIL B+/Stable')

   Proposed Cash
   Credit Limit     5.5       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 MI. 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
the company is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded
the rating on bank facilities of MI to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL B+/Stable'. The downgrade reflects
overdrawn working capital limits of the group for over 30 days.

Key Rating Drivers & Detailed Description
Weakness
* Delay in debt servicing: The Company has delayed servicing term
loan owing to stretched liquidity and classified as a non-
performing asset by its banker.

* Modest scale of operations and low operating profitability:
MI's scale of operations has been modest as reflected in its
operating income of around INR22.8 crores for fiscal 2016 in its
first full year of operations.

* Vulnerability to government regulations: The prices of
commodities like chillies are regulated by the government, as
they are highly vulnerable to global demand-supply situation. MI
will remain vulnerable to regulatory uncertainties.

* Below-average financial risk profile: MI's financial risk
profile is below-average with high TOLANW of 18 times and small
networth as on March, 2016

Strengths

* Promoter's extensive experience in the chillies trading
industry: MI was set up by Mr.Nageshwara Rao who has an
experience of around 20 years in the chillies trading business.

MI was set up in 2015 and is engaged in the processing and export
of red chillies. The firm has been set up by Mr.Nageshwara Rao
and family.


MP ENTERTAINMENT: Ind-Ra Withdraws BB Rating on INR558.7MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M P
Entertainment and Developers Private Limited's (MPEDPL) Long-Term
Issuer Rating of 'IND BB(ISSUER NOT COOPERATING)'. The
instrument-wise rating action is:

-- IND BB Rating on INR558.7 mil. term loan due on February 29,
    2024 is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

MPEDPL was incorporated in 2006 by Mr. Gurjeet Singh Chhabra and
Mrs. Prabjot Kaur Chhabra. Its registered office is in Indore,
Madhya Pradesh. The company's Malhar Mega Mall has a total
constructed area of 350,000 square feet and a gross leasable area
250,000 square feet.


NARAYAN FRUITS: CARE Assigns B Rating to INR5.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Narayan Fruits and Vegetables Cold Storage Private Limited (NFV),
as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            5.50       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NFV is primarily
constrained by its initial stage of business operations, project
stabilization risk associated with newly setup debt funded
project. The rating is further constrained by fragmented and
competitive nature of the industry with high level of government
regulation. The rating, however, draws comfort from experienced
promoter and positive outlook for Indian cold chain industry.
Going forward, achievability of envisaged revenue and
profitability given debt-funded capex would be a key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Initial stage of business operations: NFV started with its
commercial operations during Feb 2017 and has very short track
record of operations as compared with other established players.
Furthermore, post project implementation risk in the form of
stabilization of the Cold storage facilities to achieve the
envisaged scale of business and revenue visibility risk
associated with the products in the light of competitive nature
of industry remains crucial for NFV.

Project stabilization risk: The company has successfully set up
the cold storage with total project cost of INR6.18 crore which
was funded by promoter's contribution, term loans and other
unsecured borrowings of INR2.18 crore, INR0.50 crore and INR3.50
crore respectively. The company has commenced its operations from
February, 2017. However, stabilization of operations from the
newly commissioned facility would be important from a credit
perspective.

Fragmented nature of the industry with high level of government
regulation: NFV business risk profile is constrained on account
of exposed to competition from other regional players operating
in warehousing industry. Firm is operating in such an industry
which is fragmented in nature and has limited entry and exit
barrier. This leads to limited bargaining power with customers
and restrict to charge additional rent, which constraints its
scale of operations.

Key Rating Strengths

Experienced promoter in managing business: The company has been
promoted by by Mr. Nikhil Aggarwal and Mrs. Vani Aggarwal. Mr.
Nikhil Aggarwal and Mrs. Vani Aggarwal have an experience of 2
decades in the trading and cold storage business respectively
through various companies. The diverse experience of the
directors allows the company to manage the business affairs
efficiently.

Positive outlook for Indian cold chain industry: The warehousing
and cold chain industry is emerging as a fast-growing business
sector in India, with developments in the food processing sector,
organized retail and government initiatives driving growth.
Further with rapid growth of organized retail and manufacturing
sector, the need for warehousing is increasing. The government is
taking steps to set up cold chain infrastructure and has
introduced schemes such as capital investment subsidy from the
National Horticulture Board (NHB), the National Horticulture
Mission (NHM) and the Ministry of Food Processing Industries
(MoFPI). Apart from subsides, like credit-linked capital subsidy
scheme for construction of cold storages and godowns, the
government is also providing consultancy services to help
connecting farmers to market & to avoid heavy losses & wastes of
food products.

Etawah, Uttar Pradesh based Narayan Fruits & Vegetables Cold
Storage Private Limited was incorporated in 2016 and commenced
its operation February, 2017. The company is being manage by Mr.
Nikhil Aggarwal. NFV is engaged in the business of renting of its
cold storage facility for potatoes to the local farmers in Etawah
from its cold storage unit with multi chambers having installed
capacity to store 1,20,141 quintals for storage of potato as on
March 31, 2017.


OMKAR INFRACON: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Omkar Infracon
Private Limited's (OIPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR17.1 mil. (reduced from INR20.81 mil.)Long-term loan due
    on March 2022 affirmed with IND BB/Stable rating;

-- INR50 mil. (increased from INR35 mil.)Fund-based limits
    affirmed with IND BB/Stable rating; and

-- INR15 mil. (increased from INR6 mil.)Non-fund-based limits
    affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects a decline in revenue to INR130 million
in FY17 from INR146 million in FY16 owing to a slowdown in its
end-user industry (real estate) post demonetization.

The ratings also reflect OIPL's tight liquidity position,
indicated by a 90% average working capital limit utilization for
the 12 months ended January 2018.

The ratings, however, are supported by continued comfortable
EBITDA margin (FY17: 14.96%; FY16: 15.03%). The stability in
EBITDA margin was driven by an increase in cost of goods sold
compensated by a rise in income from transportation.

The ratings are also supported by comfortable, albeit marginally
deteriorated, credit metrics. In FY17, net financial leverage
(total adjusted net debt/operating EBITDAR) was 3.6x (FY16: 3.4x)
and interest coverage ratio (operating EBITDA/gross interest
expense) was 2.1x (FY16: 2.2x).

The ratings continue to be supported by OIPL's founders'
experience of over five years in manufacturing fly ash brick.

RATING SENSITIVITIES

Negative: Any further deterioration in revenue and credit metrics
could lead to a negative rating action.

Positive: Any significant revenue growth, along with any
improvement in credit metrics, could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2010, OIPL started its commercial operations in
August 2012. The company has a fly ash brick plant near Kolaghat
Thermal Power Plant in West Bengal. Its annual production
capacity is 143,000 metric tons.


PARI AGRO: CARE Downgrades Rating on INR13cr Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pari Agro Exports (PAE), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        13.00      CARE D Revised from CARE BB-;
   Facilities                       Stable

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of PAE
takes into consideration delays in debt servicing due to
stretched liquidity. The firm has small scale of operations, low
profitability margins, weak debt coverage indicators, working
capital intensive nature of operations, susceptibility of margins
to foreign exchange fluctuations risk, fragmented nature of
industry and partnership nature of constitution. However, the
partners are experienced Going forward, the ability of the firm
to profitably scale up its operations while managing the working
capital requirements efficiently and improve its overall solvency
position will remain the key rating sensitivities.

Detailed description of the key rating drivers

Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations on account of weak liquidity
position of the firm as the firm is unable to generate sufficient
funds on timely manner.

Small scale of operations along with low profitability margins:
The total operating income of PAE remained low at INR34.29 crore
in FY17. The small scale limits the firm's financial flexibility
in times of stress and deprives it from scale benefits.
Furthermore, the PBILDT margin and PAT margin stood low
at 4.66% and 0.38% respectively in FY17.

Weak debt coverage indicators: The debt coverage indicators
marked by interest coverage ratio stood weak at 1.25x in FY17.
The same deteriorated from 1.30x in FY16 due to decrease in
PBILDT level in absolute terms. Additionally, the total debt to
GCA ratio continued to remain weak at 36.53x for FY17.

Working capital intensive nature of operations: The operating
cycle of the firm stood elongated at 147 days for FY17 (PY 85
days). The working capital limits stood fully utilized for last
12 months period ended Jan, 2018.

Foreign exchange fluctuation risk: To some extent, the firm
enters into derivative contacts and also hedges its exposure
using various instruments available.  However, since the complete
exposure of the firm is not hedged, it exposes the revenue to the
foreign exchange fluctuation risk

Fragmented and regulated nature of the industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very
less product differentiation. Also, Government of India (GoI),
every year decides a minimum support price (MSP) of paddy which
limits the bargaining power of the rice millers over the farmers.

Constitution as a partnership firm: PAE's constitution as a
partnership firm leads to limited financial flexibility and
inherent risk of capital withdrawal at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partner.

Strengths

Experienced promoters: Mr. Vaneet Sachdeva has an experience of
around two decades and Mr. Varun Sachdeva has nearly 16 years of
experience and has been associated with PAE since its inception.
The partners have adequate acumen about various aspects of
business which is likely to benefit PAE in the long run.

Pari Agro Exports (PAE) is a Amritsar (Punjab) based, partnership
firm established in 2009 by Mr. Vaneet Sachdeva and Mr. Varun
Sachdeva sharing profit and loss equally. The firm is engaged in
the processing of paddy and has two manufacturing facilities, one
located at Tarn Taran (rented facility), Punjab and another at
Ajnala Road (owned facility), Punjab having a total installed
capacity of 57600 Tonnes of paddy Per Annum, as on February 13,
2018. The firm majorly exports rice to Middle East, Europe, North
America, Africa, South East Asia and Australia through several
distributors and also sells directly to several big retailers.


RAJAN JEWELLERY: CRISIL Cuts Rating on INR10MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Rajan Jewellery (RJ) to 'CRISIL D' from 'CRISIL B-/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

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

The rating also reflects RJs large working capital management.
This rating weakness is partially offset by the extensive
experience of RJs partners in the jewellery industry.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital management: RJ has large working capital
requirement as reflected in its gross current asset (GCA) of 331
days as on March 2016. High GCA is owing to significant increase
in inventory of 340 days and receives very less credit from
suppliers (15 days as on March 2016).

Strength

* Promoters' extensive industry experience: RJ's promoters have
been in the gold jewellery business for over seven decades. Their
established presence instils an element of trust among customers,
which is an important factor in influencing jewellery-buying
decisions. The promoters' experience gives the firm strong
insight into consumer-buying patterns and designs.

Established in 1933 by Mr. G Pradeep Kumar and his family
members, RJ is a gold jewellery retailer based in Thiruvalla.


RAJENDRA KUMAR: Ind-Ra Affirms BB LT Rating on INR50MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rajendra Kumar
Kalal's (Rajendra) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR95 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The ratings continue to reflect a decline in revenue to INR570
million in FY17 from INR694 million in FY16 and the
proprietorship nature of the organization. The decline in revenue
was due to a fall in the order book size. The scale of operations
continues to be medium. Moreover, EBITDA margin was comfortable
at 10.3% in FY17 (FY16: 9.8%). The rise in EBITDA margin was due
to the execution of high-margin orders.

The ratings factor in a marginal deterioration in credit metrics
in FY17. In FY17, its interest coverage (operating EBITDA/gross
interest expense) deteriorated to 4.5x (FY16: 5.5x) due to a rise
in interest cost. During the period, leverage (total adjusted net
debt/operating EBITDA) deteriorated to 1.1x (FY16: 0.8x) owing to
a debt-led capex of INR89 million during the period. Despite the
marginal deterioration, the credit metrics continue to remain at
a comfortable level.

The ratings, however, are supported by modest revenue visibility,
given Rajendra had a decent unexecuted order book of INR938
million (1.64x of FY17 revenue) at end-December 2017. Moreover,
Rajendra's liquidity profile was comfortable, indicated by a 78%
utilization of the fund-based limits for the 12 months ended
January 2018.

The ratings continue to be supported by the proprietor's two-
decade experience in the construction business.

RATING SENSITIVITIES

Negative: Any substantial deterioration in the credit metrics
will be negative for the ratings.

Positive:  Any revenue growth, while maintaining the credit
metrics, will be positive for the ratings.

COMPANY PROFILE

Rajendra executes civil contracts in Rajasthan. It primarily
executes orders issued by the Public Works Department, Rajasthan.
Rajendra operates in several locations across Rajasthan.


RAJNI EXPORTS: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Rajni Exports & Imports (REI) at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            15       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect REI's below-average financial
risk profile, marked by a modest net worth, and exposure to
intense competition in the agro commodities trading industry.
These rating weaknesses are partially offset by the extensive
experience of REI's partners in the agro commodities trading
business.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Financial risk profile is
below average, marked by modest networth of INR 6.17 crores and
high gearing of 2.08 times as on March 31, 2017. Debt protection
metrics are moderate marked by interest coverage ratio of 4.19
time and net cash accruals to adjusted debt of 0.01 time.
However, debt protection metrics are dependent upon the operating
margin, which is likely to remain modest due to trading nature of
operations.

* Modest size of operations in highly competitive industry:
Rajni's scale of operations is modest, in the highly competitive
agro-commodities trading industry. Rajni's revenues declined to
INR73 crore in fiscal 2017 from INR171 crore in fiscal 2016. The
agro-commodity trading business is highly fragmented, with
numerous small scale unorganised players catering to local
demands

Strength

* Extensive industry experience of partners: The firm benefits
from the extensive experience of its partners, who have been
engaged with wholesale trading of agro commodities for the past 3
decades. Over the years, the partners have developed healthy
relationships with key stakeholders.

Outlook: Stable

CRISIL believes that REI will continue to benefit over the medium
term from its promoters' extensive experience in the agro
commodities trading business. The outlook may be revised to
'Positive' in case the firm significantly scales up its
operations and improves its profitability, while it maintains its
working capital requirements. Conversely, the outlook may be
revised to 'Negative' in case  the cash accruals decline
significantly or if its working capital management deteriorates,
leading to weakening of its financial risk profile.


RAM RAGHU: CARE Assigns D Rating to INR4.26cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ram
Raghu Healthcare Private Limited (RRH), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            4.26       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RRH takes into
account ongoing delays in servicing of the interest and principal
repayment due to stressed liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing: There is normally delay of a
month in relation to the servicing of principal installment and
interest of term loan on account of stressed liquidity position.

Small scale of operation coupled with net losses: The scale of
operation of the hospital stood small marked by total operating
income and Gross cash accruals at INR7.78 crore and INR3.69 crore
respectively in FY17 (FY refers to the period April 1 to
March 31)). The small scale limits the RRH's financial
flexibility in times of stress and deprives it from scale
benefits. Further, the hospital has achieved a TOI of INR3.00
crore in 7MFY18 (refers to the period April 1 to October 31;
based on provisional results). The hospital incurred losses in
initial years of operations due to inherent long gestation period
for stabilization of operations of hospital. RRH incurred net
losses of INR5.12 crore mainly on account of depreciation expense
and provisions made for deferred tax adjustment.

Leveraged capital structure: The capital structure of the firm
stood leveraged for the past three balance sheet dates (i.e.
FY15-FY17) owing to debt funded capex undertaken in the past
coupled with low net worth base. As on March 31, 2017; overall
gearing ratio deteriorated and stood at 3.07x as on March 31,
2017 as against 2.04x as on March 31, 2017 owing to erosion of
net worth base due to net losses incurred during the year.

Highly competitive with a large number of established organized
players: The healthcare industry is highly competitive with a
large number of established organized players and their growing
network of hospitals. The healthcare and specialty hospitals
sector mainly comprises large national players, organized
regional players, Government hospitals, charitable trusts, and a
large number of nursing home and multi-specialty clinics making
it highly competitive. The competition is expected to intensify
with the expected entry of Public Private Partnerships in this
segment. Moreover, Healthcare is a highly sensitive sector where
any mishandling of a case or negligence on part of any doctor
and/or staff of the unit can lead to distrust among the masses.
Thus, all the healthcare providers need to monitor each case
diligently and maintain standard of services in order to avoid
the occurrence of any unforeseen incident. They also need to
maintain high vigilance to avoid any malpractice at any pocket.

Key Rating Strengths

Experienced Promoters and satisfactory strength of medical staff
to support operations: The Ram Raghu group has been managed by
Mr. Manish Bansal and Ms. Pooja Bansal and Dr. Parnita Bansal.
Dr. Parnita Bansal is gynecologist by profession with more than 2
decades of experience in the field of medicine. Mr. Manish and
Mr.
Pooja, have considerable experience in different industry and
manages the overall administration functions of the hospital.
Also, the management is assisted by a team of 10 in-house
experienced doctors, 35 visiting doctors and around 70 support
staff available for RRH to support the hospitals day to day
operations.

Positive outlook & high growth potential for the healthcare
sector: Increasing urbanisation, improving demographics, rising
purchasing power necessary to afford quality medical treatments
and medicines are expected to drive increase in per capita health
expenditure. Furthermore, in the past few years, state
governments have spent larger proportion of their total
expenditure towards healthcare and related subjects. This
similarly results in higher demand in hospital as well as
educational services.

Agra Uttar Pradesh based RRH was incorporated in January 2012.
The company was incorporated with an aim to run a hospital in the
name of Ram Raghu Hospital. It is being managed by Mr. Manish
Bansal, Mrs. Pooja Bansal and Dr. Parnita Bansal. The hospitals
are multi-specialty hospitals and trauma centre along with value
added services mainly comprising of 42 bedded general ward, 21
bedded private rooms and 37 bedded ICU, OPD, Operating rooms/
Labour room. The hospital has an in-house facility of CT scan, X-
ray, ultrasound machine, theatre sterile supply unit,
Mammography, Laboratory services etc.


S.M. RAM COAL: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'CRISIL B+/Stable/CRISIL A4'
on the bank facilities of S.M. Ram Coal Importers Private Limited
(SMR).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Negotiation        2        CRISIL A4 (Reaffirmed)

   Cash Credit             4        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       12        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.5      CRISIL B+/Stable (Reaffirmed)

The ratings reflect SMR's modest scale of operation in the local
coal trading business, below-average financial risk profile and
large working capital requirement.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive coal
trading segment: SMR's scale of operations is modest with
revenues of around INR53.21 crore in fiscal 2017. The coal
trading segment in India is highly fragmented, with the presence
of larger players who source directly from Indonesia and South
Africa and other smaller players who trade from local players in
India.

* Large working capital requirement: Operations are expected to
remain working capital intensive over the medium term gross
current assets were 307 days as on March 31, 2017, driven by high
inventory and receivables levels.

* Below-average financial risk profile: Capital structure is
highly leveraged with total outside liabilities to adjusted
networth of 18.5 times as on March 31, 2017. Debt protection
metrics are modest with interest coverage ratio of 1.3 times in
fiscal 2017.

Strength

* Extensive experience of the promoter: Benefits from the
promoter's two decades of experience and healthy relationships
with customers and suppliers, should support the business.

Outlook: Stable

CRISIL believes SMR will continue to benefit from the extensive
experience of its promoter and favourable demand for coal in
India. The outlook may be revised to 'Positive' if higher cash
accrual, arising from better scale of operation and
profitability, and prudent working capital management, strengthen
financial risk profile. The outlook may be revised to 'Negative'
if a sharp drop in revenue, or low cash accrual or stretch in
working capital cycle, weakens financial risk profile, especially
liquidity.

SMR was established in 2009 as a proprietorship concern by Mr SM
Ramar and was reconstituted as a private limited company in
fiscal 2016. The company trades in steam coal and is based in
Thoothukudi, Tamil Nadu.


S. R. COTTON: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of S. R. Cotton (SRC).

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

   Proposed Long Term
   Bank Loan Facility      .42      CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan     1.08      CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                 1.00      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations in
highly fragmented industry and below average financial risk
profile. These rating weakness are partially offset by extensive
experience of proprietor in cotton industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented industry: The
cotton ginning and spinning industry is largely unorganised with
various players having small capacity. In addition, the entry
barriers are low on account of low capital and technology
intensity and low differentiation in end product. This has led to
a highly fragmented industry structure with intense competition
among players. Furthermore, due to fragmentation and intense
competition in the industry, the players have limited pricing and
bargaining power. SRC is a small player in the industry with
revenue of INR60.4 crore for 2016-17 (refers to financial year,
April 1 to March 31).

* Below average financial risk profile: The financial risk
profile of the company is below average marked by a weak capital
structure. The net worth of the company is modest at around
INR2.59 crores as on 31st March 2017. The gearing of the company
is high at around 4.92 times as on 31st March 2017 given the
dependence of the company's external debt to meet its term debt
obligations. The debt protection metrics was weak with net cash
accrual to total debt (NCATD) and interest coverage ratios of
0.03 and 1.03 times, respectively, for 2016-17. With the SRC's
operating profitability expected to remain at the current levels,
its debt protection metrics are likely to remain moderate over
the medium term.

Strength

* Extensive experience of proprietor in cotton industry: The
proprietor and family have been in the cotton ginning business
for over 35 years through other firms. This extensive industry
experience has enabled SRC to establish relationships with
customers and suppliers. Benefits from extensive experience of
proprietor will support business risk profile.

Outlook: Stable

CRISIL believes SRC will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if improved working capital management and
profitability, or capital infusion strengthens financial risk
profile. The outlook may be revised to 'Negative' if large
working capital requirement or substantially reduced cash accrual
weakens liquidity.

SRC was set up in 2006 as a proprietorship firm by Mr Vinit
Tayal. The firm is engaged in cotton ginning and pressing at its
two units in Beed (Maharashtra) and Sendhwa (Madhya Pradesh).


SAMARTH AD: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Samarth Ad
Protex Pvt. Ltd (SAPPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR397.4 mil. Long-term loans due on April 2023 assigned with
    IND BB+/Stable rating; and

-- INR147 mil. Fund-based limits assigned with IND BB+/Stable
    rating.

Ind-Ra has taken consolidated a view of SAPPL and its group
company, Samarth Fablon Private Limited ('IND BBB'/Stable) while
assigning the ratings on account of strong linkages between them
by way of common promoters, similar line of business and
corporate guarantees for loans.

KEY RATING DRIVERS

The ratings reflect SAPPL's limited operational track record as
it began commercial production of block bottom bags/polypropylene
laminated bags on 14 December 2017. Until January 2018, the
company booked revenue of INR19.3 million with an operating
EBITDA margin of 29.3%.

However, the ratings benefit from SAPPL's comfortable liquidity
position. During January 2018, the company utilized 27.96% of its
fund-based limits since it operated at 21% of its total
production capacity. Ind-Ra expects SAPPL's working capital
requirement to increase with an increase in the capacity level.

The ratings are also supported by the promoter's close to a
decade of experience in the manufacturing of cement bags.

RATING SENSITIVITIES

Positive: Stabilization of operations along with maintenance of
comfortable liquidity position will lead to a positive rating
action.

Negative: Failure to stabilize operations leading to lower-than-
expected capacity utilization or weakening of linkages with
Samarth Fablon would lead to a negative rating action.

COMPANY PROFILE

SAPPL manufactures block bottom bags/polypropylene laminated bags
in Purulia district, West Bengal. The company has a production
capacity of 8,000 metric tons per annum. Mr. Bishnu Kumar Agarwal
is the key promoter.


SARADAMBIKA POWER: CRISIL Cuts Rating on INR28.38MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Saradambika Power Plant Private Limited (SPPPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. The downgrade
reflect delays in servicing debt obligations owing to incurred
losses and stretched liquidity.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bill Discounting        .68        CRISIL D (Downgraded from
   under Letter of                    'CRISIL A4')
   Credit

   Funded Interest        3.57        CRISIL D (Downgraded from
   Term Loan                          'CRISIL B+/Stable')

   Long Term Loan        28.38        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Open Cash Credit       3.50        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Working Capital        4.48        CRISIL D (Downgraded from
   Demand Loan                        'CRISIL B+/Stable')

   Working Capital        4.39        CRISIL D (Downgraded from
   Term Loan                          'CRISIL B+/Stable')

The ratings continue to reflect SPPPL's modest scale of
operations, geographical and customer concentration in revenue
profile and weak financial risk profile marked by high gearing,
weak debt protection metrics and modest networth. These
weaknesses are partially offset by the benefits derived from the
Power purchase agreement (PPA) with the Maharashtra State
Electricity Board (MSEB).

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The company has delayed servicing debt
obligations owing to incurred losses and stretched liquidity.

* Weak average financial risk profile: The financial risk profile
of the company is marked by low networth, high gearing and weak
debt protection metrics. The company has networth of around
INR4.79 crores as on March 31, 2017. Consequently, the gearing
stood at around 13.27 times as on the same date. Majority of the
total debt includes working capital loans and term loans. The
company has weak debt protection metrics as indicated by its
NCATD of around 5 percent and interest coverage ratio of around
2.46 times as on March 31, 2017. Financial risk profile is
expected to remain weak over the medium term.

* Modest scale of operations: SPP operates a 10-MW biomass power
plant. With no major capex plans and a moderate PLF, the business
risk profile is constrained by a modest scale of operations,
which restricts the volume of power generated.

* Geographical and client concentration: SPP supplies power only
to MSEB, with which it has entered into a 13-year PPA, and has
been dealing with for over six years. Moreover, the revenue is
concentrated in Maharashtra, exposing the company to risks of
geographical and client concentration in the revenue profile.
Furthermore, any constraint in MSEB's financial flexibility and
liquidity will have a cascading effect. CRISIL believes SPP will
be vulnerable to the dynamics of operating in a single market and
with a single client.

Strengths
* Power purchase agreement (PPA) with the Maharashtra State
Electricity Board (MSEB) SPP entered into a long-term PPA with
MSEB for supply of power for 13 years. The agreement was made in
2008. The tariff rate has an escalation clause, which ensures
regular off take and revenue stability. There is no minimum or
maximum power supply clause in the PPA, ensuring that all the
power generated is comfortably supplied to MSEB. CRISIL believes
a long-term PPA provide revenue visibility to SPP.

Incorporated in August, 2004 and based in Srikakulam (Andhra
Pradesh), SPPPL operates a biomass power plant with installed
capacity of 10 megawatt located in Chandrapur district
(Maharashtra). The company commenced commercial operations in
June 2008 and is promoted by Mr B Govinda Rajulu. His son Mr B
Satya Srinivasa manages the operations.

Profit after tax was INR1.09 crore on revenue of INR41.85 crore
in fiscal 2017, against INR0.51 crore on revenue of INR31.55
crore in fiscal 2016.


SEETHARAMA COTTON: CRISIL Reaffirms B+ Rating on INR6MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Seetharama Cotton Industries (SCI).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit           6         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive cotton ginning industry,
and its below-average financial risk profile because of small
networth, high gearing, and subdued debt protection metrics. The
rating also factors in susceptibility of operating margin to
fluctuations in raw material prices. These weaknesses are
partially offset by the extensive industry experience of the
partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in the intensely competitive cotton
ginning industry: SCI's modest scale, reflected in net sales of
INR34.01 crore in fiscal 2017, limits resilience to external
shocks compared with larger players. Small networth of INR2.55
crore as on March 31, 2017, also limits cushion against any
adverse condition or business downturn. Furthermore, the cotton
ginning industry has numerous small players because of low
capital and technological intensity, and limited differentiation
in end products of different players. The high fragmentation has
led to intense competition and limited pricing power. The low
value addition restricts SCI's bargaining power with its
customers. CRISIL believes SCI's business risk profile will
remain constrained over the medium term on account of its modest
scale of operations and exposure to intense competition.

* Below-average financial risk profile: The financial risk
profile is constrained by modest networth, high gearing, and
below average debt protection metrics. Networth was INR2.55 crore
and gearing was 2.49 times as on March 31, 2017. Majority of the
total debt comprises working capital borrowing. Net cash accrual
to total debt ratio was 0.05 time and interest coverage ratio was
2.01 times in fiscal 2017. The financial risk profile will remain
subdued over the medium term.

* Susceptibility of operating margin to volatility in raw
material prices and regulatory changes: The operating margin of
cotton ginners such as SCI is susceptible to changes in cotton
prices. Raw cotton is the major raw material accounting for 95%
of the production cost. Cotton prices have been highly volatile
and are expected to remain so, as they depend on the monsoon and
are affected by international demand, thereby exposing the firm
to price risk.

Apart from demand and supply, cotton prices are also influenced
by government policies. The Government of India fixes a minimum
support price (MSP) for cotton for every crop year. When the
price of any variety of cotton declines below the MSP, the Cotton
Corporation of India and National Agricultural Co-operative
Marketing Federation resort to immediate market intervention and
purchase cotton at the MSP without any quantitative limits.
Hence, any abrupt change in regulations can lead to distortion in
market prices and affect the profitability of players in the
cotton value chain, including ginners. Moreover, if cotton price
increases, inability of the firm to pass on the full increase due
to intense competition or oversupply in the market, can impact
its operating margin. SCI's operating margin will remain
susceptible to fluctuating cotton prices and regulatory changes.

Strength:

* Partners' industry experience: SCI has been in the cotton
industry for about eight years now. It will continue to benefit
from the partners' experience and understanding of the local
market dynamics and established relationships with farmers and
customers.

Outlook: Stable

CRISIL believes SCI will continue to benefit from the experience
of its partners in the cotton industry. The outlook may be
revised to 'Positive' if the firm reports higher-than-expected
revenue while improving its profitability and capital structure.
The outlook may be revised to 'Negative' if revenue or
profitability declines, or if the firm undertakes large, debt-
funded capital expenditure, resulting in deterioration in the
financial risk profile.

SCI was set up in 2008 as a partnership firm by Ms Mukka
Srilaxmi, Mr Garrepalli Karthik, Mr Kamishetty Prakash, Ms
Ponaganti Kalyani, Ms Vollala Aruna, and Ms Vollala Anjali Devi.
It gins and presses cotton.


SHALIMAR KSMB: Ind-Ra Gives BB+ Rating to INR500MM Term Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shalimar KSMB
Projects (SKSMBP) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR500 mil. Term loan due on March 2020 assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings are constrained by SKSMBP's partnership structure and
risk for time and cost overruns in the ongoing project, Ganden
Bay, in Lucknow. Around 256 units (55%) were sold till December
2017. Possession will begin from June 2018. The estimated project
cost is INR2,136 million.

The ratings are supported by SKSMBP's promoter's experience of
over two decades in the residential and commercial real estate
space and established brand name 'Shalimar' of the promoter
company Shalimar Corp Limited. The project is in the advance
stage of completion, with major (78%) expenses already incurred.

Also, SKSMBP has no dependence on customer advances, mitigating
the project delay risk due to the shortage of fund.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of the sold
units, leading to stressed cash flows, could lead to a negative
rating action.

Positive: An improvement in the sales and timely receipt of
customer advances, leading to stronger cash flows, could lead to
a positive rating action.

COMPANY PROFILE

Garden Bay is a residential development by Shalimar Corp and KSM
Bashir Mohammad and Sons in Lucknow.

Shalimar Corp was established in 1985. It has already developed
nearly 6 million sf of residential and commercial properties and
its set to develop an additional 15 million sf area in the major
cities of Uttar Pradesh and Delhi-NCR in the next couple of
years.

K.S.M. Bashir Mohammad & Sons is a construction group, having a
proven track record of completing of more than 200 projects in
diversified sectors of residential, commercial, institutional,
airports, highways and infrastructure development for
multinational companies, government and corporate sector during
the last 65 years.


SHANTOL GREEN: CARE Assigns D Rating to INR14.39cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shantol Green (India) Private Limited (SGPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities            14.39      CARE D Assigned

   Short Term Bank
   Facilities             0.08      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SGPL is due to
ongoing delay in debt repayment.

Establishing a clear debt servicing track record with improvement
in the liquidity position remains the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: There are on-going delays in
repayment of principle and interest amount of term loan due to
weak liquidity position.

Rajkot (Gujarat)-based, SGPL was incorporated in October 9, 2011
as a private limited company by well-known 'Radhe Group' of
Rajkot. SGPL is engaged in manufacturing of fuel oil which is
used in heating furnace in substitution of diesel oil and carbon
black which finds its application in industries such as tyre,
rubber products, plastic, pipe, auto parts etc. as well in
manufacturing of conveyer belts, rubber sheet etc. SGPL has
established its manufacturing unit at Bhilwada, Rajasthan with
installed capacity of 90 tonne per day for fuel oil and 66 tonne
per day for carbon black as on March 31, 2017.


SIMBHAOLI SUGAR: CBI Questions Amarinder Singh's Son-in-Law
-----------------------------------------------------------
Livemint reports that the Central Bureau of Investigation (CBI)
on March 1 interrogated Punjab chief minister Amarinder Singh's
son-in-law, Gurpal Singh, in connection with Simbhaoli Sugar loan
default case.

Livemint relates that the Enforcement Directorate (ED) has
registered a money laundering case against Simbhaoli Sugars Ltd
and its executives in connection with an alleged bank loan fraud
of INR97.85 crore, officials said on March 1. A case was
registered by the ED under the Prevention of Money Laundering Act
(PMLA)and the searches were conducted by it in Hapur and Noida on
Feb. 28.

"Some documents have been recovered and seized by the sleuths
during the raids. Financial details about the company and its
officials have also been obtained by the ED from various banks,"
the report quotes a senior official as saying.

According to the report, the ED filed a criminal case under the
PMLA, based on a CBI FIR filed early last week in this instance.
It will investigate if the allegedly defrauded bank funds were
laundered and proceeds of crime were subsequently used by the
accused to create illegal assets and black money.

CBI has registered a case against Simbhaoli Sugars, its chairman
Gurmit Singh Mann, deputy managing director Gurpal Singh and
others.

Simbhaoli Sugars is one of the largest sugar mills in India. The
company's chief executive G.S.C. Rao, chief finance officer
Sanjay Tapriya, executive director Gursimran Kaur Mann and five
non-executive directors have also been booked by CBI.

Gurpal Singh is the son-in-law of Punjab chief minister Amarinder
Singh. The chief minister has denied any wrongdoing on the part
of his son-in-law.

According to LiveMint, CBI and the ED probe focuses on two loans
-- INR97.85 crore which was declared fraud in 2015 and another
corporate loan of INR110 crore which was used to repay the
previous loan. The second loan was declared NPA on Nov. 29, 2016,
nearly 20 days after the demonetisation was announced, according
to the CBI FIR.

The bank was allegedly cheated to the tune of INR97.85 crore, but
the loss incurred by the bank is INR109.08 crore, the FIR read,
LiveMint relays.

The lender, Oriental Bank of Commerce, complained to CBI on
Nov. 17, 2017, but the agency registered a case of criminal
conspiracy and cheating under the Prevention of Corruption Act on
February 22, LiveMint adds.


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 (Assigned)

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.


SOUTHERN PHARMA: CARE Lowers Rating on INR15.80cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Southern Pharma India Private Limited (SPIPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      15.80     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information. Revised from
                                 CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPIPL to monitor the
rating vide e-mail communications dated October 4,2017,
October 25, 2017, December 8, 2017, January 19, 2018, February 5,
2018 and February 7, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the rating. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Southern Pharma
India Private Limited bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in
debt servicing by the company.

Detailed description of the key rating drivers

Key Rating weakness

Ongoing delays in meeting of debt obligations: The company was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its
debt obligations in time.

Southern Pharma India Private Limited (SPIPL), was incorporated
on April 22, 2015 promoted by Mr Venkat Raju and Mr Rakesh. The
company has proposed to set-up a manufacturing unit of API and
intermediaries with a proposed installed capacity of 700 MTPA.
The manufacturing unit of the company is located at Plot No.28, I
& H, APIIC, Denotified Area, Rambilli Mandal, Atchutapuram,
Visakhapatnam. SPIPL planning to manufacture the products like
Atorvastatin Calcium (Ulcer), Esomeprazole Magnesium Trihydrate
(anti vomting) and Rabeprazole Sodium (gastric) among others. The
company is planning to sell its products to Hetero Drugs Limited
and Aurbindo Pharma Limited. SPIPL is planning to import 60% of
its raw material like Methanol and Benzal dehyde from China and
Singapore and remaining 40% of raw material like hyflow,
Palladium Carbon, Aniline among others is likely to procure from
domestic market.


THEXA PHARMA: CARE Lowers Rating on INR33.27cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Thexa Pharma Private Limited (TPPL), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long term Bank
   Facilities         33.27     CARE D; Issuer not cooperating;
                                Based on best available
                                information. Revised from
                                CARE BB-; Stable

   Short term Bank
   Facilities           1.00    CARE D; Issuer not cooperating;
                                Based on best available
                                information. Revised from CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TPPL to monitor the
rating(s) vide e-mail communications dated January 3, 2018,
December 12, 2017, November 16, 2017, October 4, 2017,
September 12, 2017, July 06, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. .
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on Thexa Pharma
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in
debt servicing by the company.

Detailed description of the key rating drivers

Key rating Weaknesses

Ongoing delays in meeting of debt obligations: The company was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its
debt obligations in time.

Thexa Pharma Pvt Ltd (formerly known as Nitya Fine Chem Private
Limited) was incorporated in 2007 as a private limited company
and commenced its operations from 2009. It is currently managed
by Mr. N. Subbarao, Mr. N. Sharat and six other directors. The
company is engaged in manufacturing of active pharmaceutical
ingredients (API's) and intermediates pertaining to antiulcer
therapeutic segment. Products range of TPPL includes APIs like
Omeprazole (contributes approx. 70% of revenue), Lansoprazole
(contributes approx. 20% of the revenue), Esomeprazole,
Pantaprazole and Rabiprazole, intermediates like Di-ethyl
Tartarate and Omeprazole Sulphide and chemicals like Sodium
Methoxide. The manufacturing facility has an installed capacity
to manufacture 20MT of APIs per month. The company sells its
products domestically to customers in Andhra Pradesh, Telangana,
Maharashtra and Gujarat. Raw materials are procured from Gujarat
and Andhra Pradesh. Out of the products manufactured, company
derives approximately 70% of the revenue from Omeprazole and 20%
from Lansoprazole while the rest contribute the remaining 10%.


TRIDENT FABRICATORS: Ind-Ra Assigns BB- Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Trident
Fabricators Private Limited (TFPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR51 mil.Fund-based working capital limits assigned with
    IND BB-/Stable rating; and

-- INR48.5 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect TFPL's modest credit profile as indicated by
revenue of INR354 million in FY17 (FY16: INR327 million),
interest coverage (operating EBITDA/gross interest expense) of
2.0x (2.8x) and net leverage (total adjusted net debt/operating
EBITDA) of 5.3x (3.7x). The improvement in revenue was due to an
increase in job work orders to INR87.6 million in FY17 (FY16:
INR43.1 million). However, the credit metrics deteriorated on
account of a decline in operating margin to 6.3% in FY17 (FY16:
8.5%), resulting from an increase in employee cost. As of 31
January 2018, the company had work orders in hand worth INR225.1
million (0.64x of FY17 revenue).

The ratings are constrained by high customer concentration risk
as the company's top 10 customers contributed 89% to the total
revenue in FY17.

The ratings are also constrained by the company's tight liquidity
position as indicated by 94.97% average utilization of its fund-
based facilities over the 12 months ended January 2018.

However, the ratings are supported by the promoters' over two
decades of experience in the fabrication industry.

RATING SENSITIVITIES

Positive: A significant improvement in revenue leading to an
improvement in the credit metrics, while maintaining the
liquidity position would lead to a positive rating action.

Negative: Deterioration in operating EBITDA margin or liquidity
position leading to a further deterioration in the credit metrics
would lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2004, Odisha-based TFPL manufactures building and
technological structures, and fabricated equipment. The company
also undertakes civil construction job works. Chandrashekar
Chandan and Soni Chandan are the directors.


UNIPHOS INT'L: Ind-Ra Affirms BB+ Rating on INR30MM Limits
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Uniphos
International Limited's (UIL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are as follows:

-- INR30 mil. Fund-based limits affirmed with IND BB+/Stable
    rating; and

-- INR170 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The ratings remain constrained by UIL's small scale of
operations. Revenue have been volatile (FY17: INR448 million;
FY16: INR354 million; FY14: INR623 million; FY15: INR507 million)
due to the trading nature of business. The company has achieved
revenue of INR190 million in 9MFY18.

The ratings are supported by UIL's strong EBITDA margins which
increased to 9.2% in FY17 (FY16: 7.6%) owing to higher sales in
engineering division, where margins are high. The margins
increased further to 13.7% in 9MFY18, indicated by provisional
financials.

The affirmation reflects UIL's continued comfortable credit
metrics in FY17. The company' s borrowing levels have remained
minimal historically, leading to comfortable leverage and
coverage indicators. Its net leverage (net debt/EBITDA) was
negative 3.5x in FY17 (FY16: negative 3.7x; FY15: negative 7.6x)
and gross interest coverage (EBITDA/gross interest expenses) 4.7x
(4.4x; 2.5x). The agency expects UIL's credit metrics to remain
comfortable over the near to medium term, backed by low debt-
funded working capital requirements.

The affirmation also reflects UIL's continued comfortable
liquidity in FY17. Interest income stayed higher than interest
expenses in FY17, leading to net interest coverage (EBITDA/net
interest expenses) of negative 7.5x (FY16: negative 3.2x; FY15:
negative 3.9x). Moreover, the company has unutilized bank lines
in the form of a cash credit facility.

The affirmation is supported by prudent risk control measures
adopted by UIL. The company's sales are concentrated in African
and South American countries. However, the majority of sales are
backed by letters of credit. In addition, UIL obtains export
credit insurance from Export Credit Guarantee Corporation of
India Ltd. in most transactions wherein sales are not backed by
letters of credit. Moreover, the company follows conservative
hedging policies to cover the risk of foreign currency
fluctuations.

RATING SENSITIVITIES

Negative: A significant decline in the revenue or profitability
or profitability resulting in deterioration of the credit metrics
or liquidity on a sustained basis could lead to a rating
downgrade.

Positive: A significant improvement in the scale of operations
while maintaining a comfortable credit profile on a sustained
basis could lead to a rating upgrade.

COMPANY PROFILE

Incorporated in 1992, UIL is engaged in import and export of
chemicals, agro products and engineering goods. UIL is a closely
held unlisted public limited company and an associate of the UPL
Group. UIL's shareholding is divided between UPL Ltd (15.1%) and
the promoters of the UPL group.


UNITED ELECTRICALS: Ind-Ra Rates INR70MM Working Capital 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned United
Electricals & Engineering Private Limited (UEEPL) a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable. The instrument-
wise rating actions are:

-- INR70 mil. Fund-based working capital limits assigned with
    IND B+/Stable rating;

-- INR130 mil. Non-fund-based working capital limits assigned
    with IND A4 rating; and

-- INR90 mil. Proposed fund-based working capital limits*
    assigned with Provisional IND B+/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect UEEPL's small scale of operations as
indicated by revenue of INR185.6 million in FY17 (FY16: INR90.7
million). The growth in revenue was on account of an increase in
execution of work orders.

The ratings also factor in the company's modest credit metrics as
indicated by subdued interest coverage (operating EBITDA/gross
interest expense) of 2.1x in FY17 (FY16: 2.4x) and high net
leverage (adjusted net debt/operating EBITDAR) of 4.7x (4.3x).
The decline in the credit metrics was due to an increase in debt
and the resultant increase in interest cost.

The ratings are constrained by UEEPL's tight liquidity position
as reflected by around 97.7% average utilization of its working
capital limits during the 12 months ended January 2018.

However, the ratings benefit from UEEPL's healthy operating
margin, which improved to 15.8% in FY17 (FY16: 10.5%) on account
of a decline in operating cost.

The ratings also draw support from the promoter's experience of
over two decades in the electrical contracting business.

RATING SENSITIVITIES

Positive: An overall improvement in the revenue along with an
improvement in the credit metrics will be positive for the
ratings.

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

COMPANY PROFILE

UEEPL was incorporated in February 2004 at Berahampur, Odisha.
The company was set up as a proprietorship firm in 1987 and was
converted in to a private limited company in 2004. It is
primarily engaged in the manufacturing of power and distribution
transformers.  The entity undertakes projects pertaining to
installation of electrical sub-station.


UTOPION SUGARS: CARE Reaffirms D Rating on INR136cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Utopion Sugars Limited (USL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities-Term
   Loan                 136.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings reaffirmed to the bank facilities ofUSL, factors in
the ongoing delays in debt servicing by USL.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in debt servicing: There are on-going delays in
servicing of its debt obligations of bank facilities.

Utopian Sugar Limited (USL) was incorporated in March, 2010 as a
closely held limited company (not listed) to undertake
manufacturing of sugar and sugar related products at Taluka
Mangalwedha in Solapur, Maharashtra. USL is promoted by Mr. Umesh
P. Paricharak as Chairman and his brother Mr. Uttam V. Patil as
Managing Director (MD) having industry experience of over two
decades. USL has set up a green field partially integrated cane
processing plant with a crushing capacity of 3,500 tonnes of cane
crushed per day (TCD) and co-generation power plant of 14.8 Mega-
Watt (MW) at Taluka Mangalwedha in Solapur, Maharashtra. The
company commenced commercial production from sugar season (SS)
2014-15 in December 2014 and crushed sugarcane to the tune of
4.56 lakh MT. FY16 was the first full year of commercial
operations of the company.


VAMA INDUSTRIES: Ind-Ra Raises Long Term Issuer Rating to BB+
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vama Industries
Limited's Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limits' long term
    rating is upgraded to IND BB+ with Stable outlook while the
    short term rating on the limits is affirmed at IND A4+
    rating;

-- INR170 mil. (increased from INR75 mil.)Non-fund-based working
    capital limits affirmed with IND A4+ rating.

Ind-Ra has taken a consolidated view of Vama and its wholly owned
subsidiary Vama Technologies Pte. Ltd. (VTPL) for the ratings.
The subsidiary was floated on May 23, 2016 and FY17 was the first
year of operations.

KEY RATING DRIVERS

The upgrade reflects a substantial improvement in Vama's credit
metrics due to strong growth in revenue and EBITDA margins.
Interest coverage (operating EBITDA/gross interest expense)
improved to 3.2x in FY17 (FY16: 1.4x) and net leverage (total
adjusted net debt/operating EBITDAR) to 1.8x (3.1x).  Vama's
EBITDA margins increased to 9.8% in FY17 from 3.5% in FY16 on
account of higher revenue contribution from the more profitable
segments of data center engineering, IT infrastructure and system
integration. Moreover, the company's revenue generation from
exports increased substantially to 42% in FY17 from 3% in FY16
due to higher orders resulting in economies of scale. Income from
VTPL also augmented Vama's overall revenue which stood at
INR613.5 million in FY17 (FY16: INR485.3 million); as per the
unaudited financials, the company generated revenue of INR905
million and EBITDA of INR65.2 million during 9MFY18.

Vama's scale of operations and credit profile, however, remained
modest due to intense industry competition and low entry barriers
in the trading segment.

The ratings are constrained by Vama's tight liquidity position
due to the inherent working capital intensity. Its average
maximum utilization of the cash credit limits was 98% during the
12 months ended January 2017.

The ratings, however, are supported by Vama's long standing
customer relationships and its founders' experience of around two
decades in the engineering design and hardware trading business.

RATING SENSITIVITIES

Positive: A sustained improvement in revenue and liquidity while
maintaining or improving the profitability and credit metrics
could be positive for the ratings.

Negative: A sustained decline in revenue, rise in margin
pressures or deterioration in the credit metrics and liquidity
could be negative for the ratings.

COMPANY PROFILE

Vama, a Bombay Stock Exchange listed company, was formed in 2003.
Vama supplies computers, servers, peripherals, etc. to public
sector undertakings, central and state government organizations
and some private companies. The company is also engaged in data
center engineering and provides engineering designing solutions
to clients in the US.



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


MANCHESTER UNITY: Fitch Affirms BB- IFS Rating; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the Insurer Financial Strength (IFS)
Rating on Manchester Unity Friendly Society (MUFS) at 'BB-'
(Moderately Weak). The Outlook is Stable.

KEY RATING DRIVERS

The affirmation of MUFS's rating reflects its weak business
profile, limited market franchise and small membership base. Its
capital level is good, albeit small in terms of absolute amount,
and might be potentially vulnerable to unexpected shocks and
changing economic conditions. The rating also incorporates the
support of its loyal membership base, low-risk insurance
exposures and conservative investment portfolio.

MUFS is a small player in the New Zealand life insurance sector
with a market share of less than 1%. The society underwrites
three simple medical plans that provide low-cost cover to its
members, and to become a policyholder an individual must also
become a member. With a declining membership (FYE17: 13,180;
FYE16: 14,000) Fitch expects premium volumes to be lower in the
future.

MUFS' coverage of the regulatory requirement was 163% at FYE17
(161% at FYE16). Insurance exposures are declining and the
regulatory ratio is sensitive to changes in the discount rate but
Fitch expects capital ratios to remain relatively constant in
FY18. However, MUFS's small absolute capital base and limited
access to new capital leave MUFS potentially vulnerable to any
unexpected operational risks and changes in the external
operating environment.

Given its mutual status, MUFS is not a profit maximising entity.
The society's FYE17 earnings (NZD3.8 million) remained in line
with FYE16 earnings (NZD3.7 million) while its net profit after
tax has decreased by NZD0.8 million to NZD1.5 million as a result
of its directors' decision to make appropriations to the
participating insurance business funds.

MUFS's management of investment risk is strong with 79% (FY16:
80%) of its investments in cash (including term deposits) and
highly rated fixed-income investments (no sub-investment-grade
securities). Fixed-income securities comprised 52% of total
investments at FYE17, and were a mix of mainly bank, corporate,
local authority and state-owned entity senior debt.

RATING SENSITIVITIES

Downgrade triggers include:
- Continued deterioration in the weak business profile, and a
   decrease in the number of lodges due to a significantly
   reducing membership base;
- Fall in coverage of MUFS's regulatory capital requirement
   below the management target of 150% for an extended period of
   time, and the society is unable to rectify the ratio to back
   above this trigger point.

An upgrade of MUFS's rating in the near term is unlikely given
its weak business profile, limited franchise, small absolute
capital base and limited financial flexibility.



=============
V I E T N A M
=============


MILITARY COMMERCIAL: Fitch Hikes LT IDR to B+; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Rating
(IDR) of Military Commercial Joint Stock Bank (Military Bank) to
'B+' from 'B' with a Stable Outlook and its Viability Rating to
'b+' from 'b'. At the same time, the agency has upgraded the
Viability Ratings of Joint Stock Commercial Bank For Foreign
Trade of Vietnam (Vietcombank) and Vietnam Joint Stock Commercial
Bank for Industry and Trade (Vietinbank) to 'b' from 'b-'.

The Long-Term IDRs of Vietnam Bank for Agriculture and Rural
Development (Agribank), Vietinbank and Vietcombank have been
affirmed at 'B+' with a Positive Outlook. The IDR of Asia
Commercial Joint Stock Bank (ACB) has been affirmed at 'B' with a
Stable Outlook.

The positive rating action takes into account the Vietnamese
banking system's enhanced operating environment, with improved
economic policy-making from authorities promoting macroeconomic
stability and predictability. This has enabled banks to
significantly reduce their exposure to legacy problem loans that
have long weighed on their balance sheets and offsets, in part,
the banking system's long-standing structural weaknesses - such
as thin capital buffers and weak profitability - which Fitch
expect to be more adequately addressed over the longer term.

KEY RATING DRIVERS
IDRS AND VIABILITY RATINGS OF MILITARY BANK AND ACB

The upgrade of Military Bank's Viability Rating and Long-Term IDR
takes into account its higher capital levels compared with peers
and continued asset quality improvement, as reflected in its more
diversified loan composition and declining problem-loan ratio
(end-2017: 2.9%, end-2015: 6.8%). The bank's Fitch Core Capital
ratio of 11.4% at end-June 2017 was the highest among that of
Fitch-rated Vietnamese banks.

Fitch expects Military Bank to continue generating higher
profitability than peers, supported by a wider net-interest
margin and leaner cost structure, which has aided its internal
capital generation. The bank's operating profit/risk-weighted
assets ratio of 2.3% is likely to stay above that of the majority
of local peers. The bank's loan/deposit ratio increased to 88% at
end-June 2017 due to rapid loan growth.

The Long-Term IDRs of Military Bank and ACB are driven by their
Viability Ratings and reflect their smaller franchises but better
loan quality compared with state-owned banks. Fitch believes the
capital encumbrance of ACB and Military Bank from under-reporting
of non-performing loans is lower compared with state-owned banks.

ACB's ratings also reflect its improving asset quality and
profitability profile. Its loan quality is likely to be better
than most of its peers given its much lower loan concentration
risk, with a small 1% exposure to state-owned enterprises at end-
June 2017. The bank's problem loan ratio improved significantly
after writing off its entire bad debt sold to Vietnam Asset
Management Company (VAMC) in 2017.

Fitch expects ACB's improving profitability to continue in the
near term, as legacy problem exposures are mostly provisioned for
and the full resolution of bad debts sold to VAMC should
alleviate its credit cost burden. The bank's operating
profit/risk-weighted assets ratio improved to 1.9% in 6M17 from
its four-year average of 1.2% to end-2016.

The Stable Outlooks on Military Bank and ACB reflect Fitch's
expectation that their asset quality and profitability profiles
will be maintained over the near- to medium-term amid
macroeconomic stability in Vietnam.

VIABILITY RATINGS OF VIETINBANK AND VIETCOMBANK

The upgrade of Vietcombank and Vietinbank's Viability Ratings
reflects the banks' improvement in asset quality, with problem
loan ratios - comprising reported non-performing loans, bad debt
sold to VAMC and special mention loans - improving to 2.4% and
2.8% at end-June 2017, from 5.1% and 3.4%, respectively, at end-
2015. This was supported by the benign operating environment and
strong retail loan growth. Vietcombank's full resolution of bad
debts sold to VAMC in 2016 will lower its credit cost burden.

Fitch assessment also incorporates the banks' strong domestic
franchises, but limited balance sheet strength relative to
problem assets and growth aspirations. Fitch Core Capital ratios
of 8.8% for Vietcombank and 6.9% for Vietinbank are low and
require capital raising in the run-up to the implementation of
Basel II by 1 January 2020. Internal capital generation remains
weak, as evidenced by low operating profit/risk-weighted assets
ratios of 1.8% for Vietcombank and 1.4% for Vietinbank from 2013-
1H17.

Loan/customer deposit ratios remain manageable and largely
unchanged - at 81% for Vietcombank and 106% for Vietinbank as at
end-June 2017 - despite strong loan growth in the previous few
years. Fitch believes the two state-owned banks have an advantage
over private banks in times of stress, as depositors are likely
to have more confidence in a majority state-owned bank.

Fitch does not assign a Viability Rating to wholly government-
owned Agribank. Providing support to the domestic economy has a
high influence on its standalone profile and makes it likely that
it will continue to benefit from regulatory forbearance.

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS OF AGRIBANK,
VIETINBANK AND VIETCOMBANK

The Long-Term IDRs of Agribank, Vietinbank and Vietcombank are
driven by Fitch's expectation that government support will be
forthcoming, if needed, in light of their high systemic
importance and the government's controlling stakes. The banks are
among the largest four Vietnamese banks by assets and have strong
domestic franchises.

The banks' IDRs and Support Rating Floors are one notch lower
than Vietnam's sovereign rating (BB-/Positive). The Support
Ratings of '4' reflect the banking industry's large size relative
to GDP and the government's weak finances, which may constrain
the timeliness of support.

The Positive Outlook on the three banks' IDRs reflects Fitch's
view of an improving sovereign ability to provide extraordinary
support, if needed.

SUPPORT RATINGS AND SUPPORT RATING FLOORS OF MILITARY BANK AND
ACB
The Support Ratings of '5' and Support Rating Floors of 'No
Floor' reflect Fitch's view that state support may be possible
but cannot be relied upon.

RATING SENSITIVITIES
IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS OF MILITARY BANK,
ACB, AGRIBANK, VIETINBANK AND VIETCOMBANK

The Long-Term IDRs of Military Bank and ACB are sensitive to
changes in their Viability Ratings.

An upgrade of the Support Ratings and Support Rating Floors for
Military Bank and ACB is sensitive to Fitch expectations around
the sovereign's ability and propensity to support the banks.

The Long-Term IDRs, Support Ratings and Support Rating Floors of
Agribank, Vietinbank and Vietcombank are sensitive to movements
in the sovereign's ratings, which are currently on Positive
Outlook. An upgrade of the sovereign ratings would be likely to
lift the banks' support-driven ratings, which may also be
affected by any perceived change in the government's propensity
to support the banks.

VIABILITY RATINGS OF VIETINBANK, VIETCOMBANK, MILITARY BANK AND
ACB

Further Viability Rating upgrades for Vietinbank, Vietcombank and
Military Bank are not probable in the near term and would require
meaningful and sustainable improvement in capitalisation and
profitability.

Fitch may consider upgrading the Viability Rating of ACB if the
favourable macroeconomic performance leads to a sustained
improvement in the bank's profitability profile and thin capital
buffers are more adequately addressed.

Viability Ratings may be downgraded if excessive growth leads to
significant impairment risk and weakened balance sheet strength.

The full list of rating actions is as follows:

Military Bank
Long-Term IDR upgraded to 'B+' from 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating upgraded to 'b+' from 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'

Vietcombank
Long-Term IDR affirmed at 'B+'; Outlook Positive
Short-Term IDR affirmed at 'B'
Viability Rating upgraded to 'b' from 'b-'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'

Vietinbank
Long-Term IDR affirmed at 'B+'; Outlook Positive
Short-Term IDR affirmed at 'B'
Viability Rating upgraded to 'b' from 'b-'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'

Agribank
Long-Term IDR affirmed at 'B+'; Outlook Positive
Short-Term IDR affirmed at 'B'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'

ACB
Long-Term IDR affirmed at 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'



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


* BOND PRICING: For the Week Feb. 26 to March 2, 2018
-----------------------------------------------------

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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35     07/03/17    CNY     69.88


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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

KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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

PRECINCT PROPERTIES NEW      4.80     09/27/21    NZD      1.01

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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

Copyright 2018.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is 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.



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