TCRAP_Public/180309.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  
  
           Friday, March 9, 2018, Vol. 21, No. 049


                            Headlines


A U S T R A L I A

ANTARES ENERGY: Faces Suit Over Sale of Permian Basin Share
BOS GLOBAL: First Creditors' Meeting Set for March 15
COMMONWEALTH BANK OF AUSTRALIA: S&P Rates PERLS X Notes 'BB+'
FINISHING TOUCH: First Creditors' Meeting Set for March 16
GJJ ENTERPRISES: First Creditors' Meeting Set for March 15

M.J.B. WATERWAYS: First Creditors' Meeting Set for March 15
SHOULDA WOULDA: First Creditors' Meeting Set for March 20
WOLFE CIVIL: First Creditors' Meeting Set for March 16


C H I N A

CAR INC: 2017 Results No Impact on Ba3 CFR, Moody's Says
SUNAC CHINA: Expected Profit Improvement Supports Moody's B2 CFR


H O N G  K O N G

NOBLE GROUP: Clause in Restructuring Plan Raising Concern


I N D I A

ADVAIT STEEL: CRISIL Moves D Rating to Not Cooperating Category
AMTEK AUTO: Liberty House Emerges as Highest Bidder
ANG LIFESCIENCES: CRISIL Moves D Rating to Not Cooperating Cat.
ARYA TRADEX: Ind-Ra Raises Long Term Issuer Rating to 'B'
BUDDHA INDIA: CRISIL Moves C Rating to Not Cooperating Category

CHETAN ALLOYS: Ind-Ra Assigns 'B+' Long Term Issuer Rating
CHETAN OVERSEAS: Ind-Ra Assigns 'B' Long Term Issuer Rating
EARTHCON UNIVERSAL: CRISIL Reaffirms D Rating on INR100MM Loan
GOPSONS PAPERS: CRISIL Moves D Rating to Not Cooperating Category
JAYESH INDUSTRIES: Ind-Ra Affirms BB- LT Rating, Outlook Stable

JAYPEE INFRATECH: IndusInd Bank Invokes 6 Crore Pledged Shares
JSW STEEL: Moody's Hikes CFR to Ba2; Outlook Stable
KAIZEN COLD: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
KARGWAL ENTERPRISES: Ind-Ra Affirms BB LT Rating, Outlook Stable
KMK EVENT: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating

MAHALAXMI FOOD: CRISIL Lowers Rating on INR8MM Cash Loan to D
MIRAMBIKA AGRO: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
NIYATI ENGINEERING: Ind-Ra Assigns BB+ LT Issuer Rating
PALLAVA GRANITE: CRISIL Lowers Rating on INR4MM Loan to C
PALLAVA GRANITE INDUSTRIES: CRISIL Cuts INR18M Loan Rating to D

PALLAVARED GRANITE: CRISIL Reaffirms C Rating on INR9MM LT Loan
RICHLINE FINANCE: Ind-Ra Assigns B- Rating to INR60MM Bank Loan
SARA INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating Cat.
SHREE TRIBHUVAN: Ind-Ra Affirms BB- Long Term Issuer Rating
SHRIRAM TRANSPORT: Fitch Rates Sr. Sec. Notes 'BB+(EXP)(emr)'

SHRIRAM TRANSPORT: S&P Rates INR3.2BB Masala Bond Drawdown 'BB+'
SONA SATI: CRISIL Moves C Rating to Not Cooperating Category
SRI RATNA: CRISIL Assigns B Rating to INR10MM LT Loan
TIRUPATI CARBONS: Ind-Ra Assigns BB- LT Issuer Rating
V M YARNS: CRISIL Lowers Rating on INR13.5MM Cash Loan to D

VAKRANGEE FOUNDATION: Ind-Ra Moves B+ Rating to Non-Cooperating
VIJENDRA PRATAP: Ind-Ra Migrates BB- LT Rating to Non-Cooperating


J A P A N

KOBE STEEL: CEO to Step Down Over False-Data Scandal


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Indonesia to Turn Over Yacht to FBI


N E W  Z E A L A N D

PROPERTY MANAGEMENT: Manager Owes NZ$358K to 67 Landlords


P H I L I P P I N E S

DORSEY GROUP: Liquidator Sells Philippine Magnetite Mine


                            - - - - -


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


ANTARES ENERGY: Faces Suit Over Sale of Permian Basin Share
-----------------------------------------------------------
The Australian Securities and Investments Commission has
commenced civil penalty proceedings in the Federal Court of
Australia against Antares Energy Limited and one of its
directors, former CEO and Chairman James Cruickshank regarding
Antares' announcements made in September 2015 about the proposed
sale of its oil and gas interests in the Permian Basin of Texas
in the United States of America.

The proceedings relate to the company's ASX announcements on
Sept. 7, 2015 and Sept. 10, 2015 on the sale of its Northern Star
asset (for US$148,788,560) and Big Star asset (for
US$105,069,420).

ASIC alleges:

* The company breached its continuous disclosure obligations by:

  -- failing to disclose to the ASX prior to Sept. 15, 2015
     that the identity of the private equity purchaser of
     the two assets was Wade Energy; and further, (as an
     alternative allegation):

  -- failing to disclose prior to Sept. 15, 2015 collectively
     the following information: (a) that Wade Energy was the
     private equity purchaser; (b) that Antares had not
     independently verified or otherwise determined the
     capacity of Wade Energy to complete the purchases; and
     (c) that Wade Energy had not yet received all financial
     approvals necessary to complete the purchase of the Big
     Star asset.

  -- Mr. Cruickshank was involved in the breaches of the
     company's continuous disclosure obligations, thereby
     breaching his own continuous disclosure obligations
     under the Corporations Act, as well as failing to
     discharge his director's duties to Antares with the
     degree of care and diligence required.

ASIC is seeking declarations that Antares breached its continuous
disclosure obligations, but is not seeking any other orders
against the company.  ASIC is also seeking declarations against
Mr Cruickshank that he was involved in the breach by Antares of
its continuous disclosure obligations and that he failed to
discharge his duty as a director to act with the degree of care
and diligence required, as well as financial penalties and orders
banning him from managing corporations.

On Sept. 15, 2015, the ASX suspended Antares' shares from
official quotation, and that suspension remains in place.

On April 28, 2016, voluntary administrators were appointed to
Antares.


BOS GLOBAL: First Creditors' Meeting Set for March 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of BOS Global
Holdings Limited will be held at the offices of Veritas Advisory
Level 5, 123 Pitt Street, in Sydney, NSW, on March 15, 2018, at
11:00 a.m.

Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of BOS Global on March 5, 2018.


COMMONWEALTH BANK OF AUSTRALIA: S&P Rates PERLS X Notes 'BB+'
-------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' issue
credit rating to Commonwealth Bank of Australia's (CBA; AA-
/Negative/A-1+) proposed CommBank PERLS X Capital Notes (PERLS
X).

S&P rates PERLS X four notches below CBA's stand-alone credit
profile (SACP) of 'a-'. The starting point of the SACP reflects
S&P's view that, if required, it is unlikely that the Australian
government's support for CBA and other Australian banks--if
needed--would extend to hybrid capital instruments issued by the
banks.

To arrive at the rating on PERLS X, S&P deduct four notches off
CBA's SACP reflecting the following factors:

-- S&P deducts one notch for PERLS X's subordinated status;

-- Two notches for the risk of partial or untimely payment; and

-- One notch for a nonviability contingent capital feature that
    would require CBA to convert all or a proportion of PERLS X
    into ordinary shares or write them off, if a nonviability
    trigger event occurred.

S&P said, "We have assessed the proposed issue as having
intermediate equity content. In our view, PERLS X capital notes
would be able to absorb losses on a going-concern basis through
nonpayment of coupons and via a nonviability contingent capital
clause that results in an exchange, write-down or conversion into
common equity. On issuance, we understand that PERLS X securities
will qualify as fully compliant Basel III Additional Tier 1
capital under Australian Prudential Regulation Authority
requirements."


FINISHING TOUCH: First Creditors' Meeting Set for March 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Finishing
Touch Homewares & Design Pty Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants, Level 8, 102 Adelaide
St, in Brisbane, Queensland, on March 16, 2018, at 10:30 a.m.

Michael Griffin and Morgan Lane of Worrells Solvency were
appointed as administrators of Finishing Touch on March 6, 2018.


GJJ ENTERPRISES: First Creditors' Meeting Set for March 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of GJJ
Enterprises Pty Ltd will be held at the offices of Servcorp,
Level 36, Riparian Plaza, 71 Eagle Street, in Brisbane,
Queensland, on March 15, 2018, at 12:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisor were appointed
as administrators of GJJ Enterprises on March 5, 2018.


M.J.B. WATERWAYS: First Creditors' Meeting Set for March 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of M.J.B.
Waterways Pty Ltd will be held at CPA Australia, Level 3, 111
Harrington Street, in Sydney, New South Wales, on March 15, 2018,
at 9:30 a.m.

Nicarson Natkunarajah -- nic.raja@rogerandcarson.com.au -- of
Roger & Carson Pty Ltd was appointed as administrator of M.J.B.
Waterways on March 5, 2018.


SHOULDA WOULDA: First Creditors' Meeting Set for March 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Shoulda
Woulda Coulda Pty Ltd will be held at the offices of Romanis Cant
2nd Floor, 106 Hardware Street, in Melbourne, Victoria, on
March 20, at 11:00 a.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Shoulda Woulda on March 7, 2018.


WOLFE CIVIL: First Creditors' Meeting Set for March 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wolfe
Civil Pty Ltd will be held at the offices of HLB Mann Judd
(Insolvency WA), Level 3, 35 Outram Street, in West Perth, West
Australia, on March 16, 2018, at 12:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd were appointed as
administrators of Wolfe Civil on March 6, 2018.



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


CAR INC: 2017 Results No Impact on Ba3 CFR, Moody's Says
--------------------------------------------------------
Moody's Investors Service says that CAR Inc.'s 2017 results do
not affect its Ba3 corporate family and senior unsecured ratings
and stable ratings outlook.

CAR's total revenue grew 20% year-on-year to RMB7.7 billion in
2017, supported by stable rental revenue and a higher level of
used vehicle sales.

"CAR's stable rental revenue of RMB5.1 billion in 2017 was
consistent with Moody's expectations," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

This stability in rental revenue reflects the fact that a 33%
year-over-year growth in car rental revenue offset a 42% decline
in fleet rental revenue.

The healthy growth in the company's car rental revenue was driven
by the adoption of a competitive pricing strategy that boosted
its car rental utilization rate and growth in the size of its car
rental fleet.

Fleet rental revenue fell, however, due to a decline in its fleet
rental fleet size, reflecting in turn lower rental demand from
online chauffeur car service operator UCAR Inc.

Moody's expects CAR's total revenue to grow by about 14% in the
next 12-18 months, reflecting an approximate 19% rental revenue
growth as Moody's expect its car rental business to continue
grow, supported by fleet expansion.

CAR's adjusted EBITDA margin fell to about 40.8% in 2017 from
47.1% a year ago.

This reflects a gross margin contraction to 25.2% from 32.2%
because of a decline in rental revenue gross margins and a
greater revenue contribution from lower margin used vehicle
sales. This situation was offset by a reduction in operating
expenses.

Moody's estimates the company's adjusted EBITDA margin will
improve to about 42.0% over the next 12-18 months, however,
because of a greater revenue contribution from rental revenue,
which has a higher margin than that for used vehicle sales, and
because of improved operating leverage, as it continues to grow
its revenue and fleet.

Reflecting an approximate 5% year-on-year decline in adjusted
debt to RMB11.5 billion and an approximate 4% year-on-year rise
in adjusted EBITDA to RMB3.2 billion during the same period,
CAR's leverage, as measured by debt to EBITDA, improved to about
3.6x in 2017 from 4.0x in 2016.

CAR's leverage, as measured by net debt to EBITDA, remained
stable at about 2.1x in 2017 versus a year ago.

Moody's expects the company to maintain its leverage at about
2.1x in next 12-18 months as it continues to expand its fleet.

CAR's liquidity position is adequate. Its unrestricted cash of
RMB4.8 billion at the end of 2017 was adequate to cover its
short-term debt of RMB2.5 billion.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including car rentals and fleet rentals in
China. CAR listed on the Hong Kong Stock Exchange in September
2014.

At December 31, 2017, CAR had a total fleet of 102,500 company-
owned cars. CAR commands a leading position in terms of fleet
size and revenue. In 2017, CAR reported net sales of RMB7.7
billion.


SUNAC CHINA: Expected Profit Improvement Supports Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings
Limited's announcement of an expected improvement in its net
profit in 2017 supports its B2 corporate family rating and B3
senior unsecured rating.

The ratings outlook remains stable.

"Moody's had anticipated that Sunac's profits would improve year-
over-year in 2017, so the company's announcement of a material
improvement in its profits for 2017 versus 2016 is within Moody's
expectations and supports its ratings," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

On March 5, 2018, Sunac announced that it expected the profit
attributable to its shareholders will increase significantly by
240% in 2017 compared with 2016. Sunac said the expected higher
profit was due to an 80% rise in revenue and an increase in the
gross profit margin by seven percentage points.

At the same time, Sunac said that the improvement in profit
incorporated certain impairment provisions for its Leshi-related
investments, and the gains from the acquisition of property
projects.

Moody's expects that Sunac will continue to record robust revenue
growth in 2018, driven by its strong sales execution. For
example, the company reported a 140% year-on-year increase in
contracted sales to RMB362 billion for full-year 2017. Its strong
presales should also support its ability to improve its debt
leverage.

Accordingly, Moody's expects that Sunac's debt leverage - as
measured by revenue/adjusted debt and including adjustments for
its shares in joint ventures and associates - will trend towards
40%over the next 12-18 months from around 25% in the 12 months to
June 30, 2017.

In addition, Moody's expects that Sunac will be able to achieve
reported gross profit margins of 22%-24% over the next 12-18
months, through the recognition of revenues over the next 12-18
months from better quality projects presold in 2017.
Consequently, Moody's expects that Sunac's adjusted EBIT/interest
will trend towards 2.5x over the next 12-18 months from around
1.6x for the 12 months to June 30, 2017.

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

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
economic regions, such as the Beijing region, North China region,
Shanghai region, Southwestern China region, Southeastern China
region, Guangzhou-Shenzhen region, Central China region and
Hainan region.

At the end of June 2017, its gross land bank totaled 99.5 million
square meters, and its attributable land bank totaled
approximately 68.4 million square meters.



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


NOBLE GROUP: Clause in Restructuring Plan Raising Concern
---------------------------------------------------------
Denise Wee at Bloomberg News reports that as Noble Group
scrambles to win support for its controversial debt restructuring
proposal, one focus among some observers is a clause in the plan
that releases the company and its representatives from claims
made by senior creditors.

On page 5 of the restructuring term sheet, the clause states that
the arrangement provides the "full release of any and all other
claims" that any senior creditor may have against Noble Group,
its management, directors, advisers, agents and representatives
in relation to its existing senior debt, according to Bloomberg.

"Such language aims to absolve Noble, its advisers and
representatives from claims or legal action related to its senior
creditors' pre-existing debt securities," Bloomberg quotes Basil
Hwang, a managing partner at Hwang Hauzen LLP, who specializes in
financial regulation, as saying.

Once Asia's largest commodities trader, Noble and its largest
creditors are racing against the clock to push through a complex
debt restructuring as a US$379 million maturity of bonds looms on
March 20, Bloomberg says.  Noble already faces opposition from a
group of junior noteholders and Goldilocks Investment Co, its
fifth largest shareholder. Hong Kong-based Noble said last week
that the restructuring plan is its only hope for survival, says
Bloomberg.

Release clauses like the one in Noble's proposal aren't unusual
in schemes of arrangements, the kind of court-led procedure that
the company is pursuing, Bloomberg states. And any final
interpretation would rest with the courts.

Still, it could be a hurdle for investors contemplating legal
action against Noble, which has been dogged for years by
criticism over its accounting methods. According to Bloomberg,
Noble's auditor warned last week that the company may not be able
to continue operating after it posted a US$4.94 billion full-year
loss.

Noble's creditors should weigh what they are giving up, before
they agree to the restructuring proposal, according to Keshik
Capital Pte.

"If they sign it, they likely won't be able to sue Noble, its
auditors or the underwriters of its bonds," Bloomberg quotes Alex
Turnbull, Singapore-based managing partner at the hedge fund and
a former Goldman Sachs Group banker, as saying.

A spokesman at Noble's external public relations firm was unable
to immediately comment, Bloomberg notes.

                        About Noble Group

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

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

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

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



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


ADVAIT STEEL: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has been consistently following up with Advait Steel
Rolling Mills Private Limited (ASR) for obtaining information
through letters and emails dated November 9, 2017, January 17,
2018, February 12, 2018 and February 16, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           2.75      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             3.04      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital
   Term Loan             4.21      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Advait Steel Rolling Mills Private Limited to
CRISIL D Issuer not cooperating'.

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

Set up in 2004 by Mr B S Garg, ASR has a thermo-mechanically
treated bar manufacturing facility in Puducherry, with a capacity
of 36,000 tonne per annum.


AMTEK AUTO: Liberty House Emerges as Highest Bidder
---------------------------------------------------
BloombergQuint reports that Liberty House, part of Sanjeev
Gupta's global industrial group GFG Alliance, said it has emerged
as the successful highest bidder for Amtek Auto Pvt Ltd., paving
the way for the former's entry into the Indian market.

"Liberty House . . . is set to make a dramatic entry into India
after being chosen as preferred H1 bidder for Amtek Auto assets
which include 35 automotive component plants across India, Japan,
Thailand and Spain, employing some 6,000 people," the company
said.

According to BloombergQuint, the announcement was made at the
Committee of Creditors' meeting held on March 7 and confirmed by
the insolvency resolution professional on March 8. This follows
the corporate insolvency resolution process of Amtek Auto which
began on July 24, 2017.

"We are very excited about this opportunity to restore a great
Indian business to its rightful position and add a major new
asset portfolio to our international network," BloombergQuint
quotes GFG Executive Chairman Sanjeev Gupta as saying. "This
business will be the cornerstone of our strategy . . . and expand
our footprint in the automotive sector worldwide."

"We look forward to working closely with the high calibre
customer base Amtek Auto enjoys. We are very pleased to be able
to secure the jobs of 6,000 workers and welcome them to the
global GFG family," Mr. Gupta, as cited by BloombergQuint, said.

Amtek Auto is one of 12 large insolvency cases which the key
lenders took to insolvency resolution process under the National
Company Law Tribunal, the report notes.

Based in India, Amtek Auto Limited (BOM:520077) --
http://www.amtek.com/aal.php -- engages in automotive components
manufacturing and commercial sales. The Company is engaged in
forging, grey and ductile iron casting, gravity and high pressure
aluminum die casting and machining and sub-assembly. It has a
product portfolio with a range of engineered components,
including flywheel ring gears, machining, forging, casting
aluminum and casting iron. The Company supplies components for
passenger cars, light and heavy commercial vehicles, 2/3
wheelers, light weight commercial vehicles and heavy weight
commercial vehicles. The Company has facilities across India, the
United Kingdom, Germany, Brazil, Italy, Mexico, Hungary and the
United States. The Company also manufactures components for non-
auto sectors, such as the railways, specialty vehicles,
aerospace, agricultural and heavy earth moving equipment.


ANG LIFESCIENCES: CRISIL Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL has been consistently following up with ANG Lifesciences
India Limited (ANG) for obtaining information through letters and
emails dated February 7, 2018, and February 14, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            20       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            50       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Foreign Documentary    25       CRISIL D (Issuer Not
   Bills Purchase                  Cooperating; Rating Migrated)

   Letter of credit &     70       CRISIL D (Issuer Not
   Bank Guarantee                  Cooperating; Rating Migrated)

   Packing Credit         25       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Fund-         26       CRISIL D (Issuer Not
   Based Bank Limits               Cooperating; Rating Migrated)

   Term Loan               4       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ANG. 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
ANG is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of ANG to
'CRISIL D/CRISIL D' Issuer not cooperating' from 'CRISIL D/CRISIL
D'.

CRISIL has withdrawn its rating on the bank facilities of ANG on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Incorporated in 2006, ANG manufactures dry powder injectables at
its plant in Baddi, Himachal Pradesh. Its operations are
currently being managed by Mr Rajesh Gupta.


ARYA TRADEX: Ind-Ra Raises Long Term Issuer Rating to 'B'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Arya Tradex
Private Limited's (ATPL) Long-Term Issuer Rating to 'IND B' from
'IND B-(ISSUER NOT COOPERATING)'. The Outlook is Stable. The
instrument-wise rating action is as follows:

-- INR100 mil. Non-fund-based facilities affirmed with IND A4
     rating.

KEY RATING DRIVERS

The upgrade reflects a significant increase in ATPL's revenue,
which grew to INR40.38 million in 1HFY18 (provisional) (FY17:
INR20.3 million, FY16: INR10.96 million) mainly because of an
increase in brokerage and interest income from deposits against
bank facilities. However, proprietary trading formed a majority
portion of income in 1HFY18, indicating a high dependence on
proprietary trading for profitability. That being said, the
company's scale of operations remained small.

EBITDA margin improved to 73% in 1HFY18 (FY17: 59%, FY16: 43%).
Interest coverage (interest expense/EBITDA) was 2.57x in FY17
(FY16: 3.46x) and gearing (debt/equity) was 0.3x (0.4x). Return
on equity also improved, but was modest at 4.6% in FY17 (FY16:
2.2%)

However, the ratings are constrained by the company's
concentrated client profile. The top three to four customers
account approximately 80% of its trading volumes. During April to
December 2017, ATPL's top 20 clients accounted for all of its
trading volumes. As of December 2017, ATPL's total turnover as a
percentage of total traded volumes in Multi Commodity Exchange of
India Limited and National Commodity and Derivatives Exchange
amounted to 0.84% and 0.03%, respectively (FY17: 1.7% and 0.09%).

The ratings are, however, supported by ATPL's promoters' about
two decades of experience in the commodity trading business.

RATING SENSITIVITIES

Negative: Decline in profitability margins and scale of
operations, and reduction in company's net worth resulting in
deterioration in coverage and gearing levels could lead to a
negative rating action.

Positive: Significant improvement in the size of operations and
brokerage income, lower dependence on proprietary trading income,
and improvement in operating profitability and interest coverage
while sustaining existing levels of gearing could lead to
positive rating action.

COMPANY PROFILE

Incorporated in 2014, ATPL is engaged in broking and trading of
commodities.


BUDDHA INDIA: CRISIL Moves C Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has been consistently following up with Buddha India
Hotels Private Limited (BIHPL) for obtaining information through
letters and emails dated February 7, 2018 and February 14, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            1        CRISIL C (Issuer Not
                                   Cooperating; Migrated
                                   from 'CRISIL C'; Rating
                                   Withdrawal)

   Proposed Long Term     5.55     CRISIL C (Issuer Not
   Bank Loan Facility              Cooperating; Migrated
                                   from 'CRISIL C'; Rating
                                   Withdrawal)

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 BIHPL. 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
BIHPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of BIHPL to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL A4+'.

CRISIL has withdrawn its rating on the long-term bank facility of
BIHPL at the company's request and after receiving a no-objection
certificate from bank. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank facilities.

BIHPL, is promoted by Mr. Anil Tibrewal. Incorporated in 2011,
the company operates a franchise restaurant of Bikanervala, which
is a chain of traditional sweet shops and restaurants. BIHPL's
main business comprises managing a sweet shop and a restaurant,
with facilities such as banquet hall and catering, under the
brand name Bikanervala. BIHPL commenced operations in June 2011
and has acquired a business which was operational for five years
under the same franchisee format.


CHETAN ALLOYS: Ind-Ra Assigns 'B+' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chetan Alloys
Private Limited (CAPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating action is given
below:

-- INR100 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect CAPL's small scale of operations, volatile
EBITDA margins and modest-to-weak credit metrics due to the
company's presence in a highly fragmented and competitive steel
industry. Revenue declined to INR129 million in FY17 (FY16:
INR179.36 million) owing to lower demand. However, the EBITDA
margins improved to 26.48% in FY17 (FY16: 10.80%) on account of
liquidation of stock by the company, which primarily consisted
zinc scrap and other tradable purchased during the year. Net
financial leverage (total adjusted net debt/operating EBITDAR)
improved to 2.75x in FY17 (FY16: 5.12x) and gross interest
coverage (operating EBITDA/gross interest expense) to 2.49x
(1.34x) on account of an improvement in absolute EBITDA.

The ratings are further constrained by the company's elongated
net cash conversion cycle of 357 days in FY17 (FY16: 227 days) on
account of delay in debtor realizations.

However, the ratings benefit from the company's comfortable
liquidity position as reflected by around 89% of average maximum
utilization of the working capital facilities during the 12
months ended February 2018.

The ratings are also supported by CAPL's directors' over two
decades of experience in the steel trading business, leading to
strong relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Inability to improve the overall working capital cycle
and/or deterioration in the credit metrics will be negative for
the ratings.

Positive: An improvement in revenue along with an improvement in
the overall working capital cycle, leading to an improvement in
the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2011, CAPL is a private limited company engaged
in the trading of nonferrous metals. The company's product
portfolio includes alloys and scraps of copper, zinc, lead,
nickel and brass. Its registered office is located in Delhi,
while its facility is located in Jamnagar (Gujarat).


CHETAN OVERSEAS: Ind-Ra Assigns 'B' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chetan Overseas
Private Limited (COPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The instrument-wise rating action is given
below:

-- INR135 mil. Fund-based working capital limits assigned with  
    IND B/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect COPL's small scale of operations and weak
credit metrics owing to intense competition in the jewelry
trading business. Revenue was almost stable at INR359.45 million
in FY17 (FY16: INR340.12 million). However, EBITDA margins
expanded to 11.62% in FY17 (FY16: 4.87%) owing to sale of flats,
which were lying with the company. Previously, the group was into
the real estate business. The group had unsold flats worth
INR1,144.77 million which were transferred to COPL in FY17.
Interest coverage (operating EBITDA/gross interest expense)
improved to 1.71x in FY17 (FY16: 0.67x) and net leverage (total
adjusted net debt/operating EBITDA) to 6.83x (18.20x) owing to
the improvement in the EBITDA margins.

The ratings are also constrained by the company's tight liquidity
position as reflected by near full utilization of its fund-based
limits during the 12 months ended February 2018.

However, the ratings are supported by COPL's established track
record of more than a decade in the jewelry trading business.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics and/or a further
stress on the liquidity position will adversely affect the
ratings.

Positive: An improvement in the top line and liquidity position,
along with an improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Incorporated in 2005, COPL is engaged in retailing of jewelry at
its showrooms in Jamnagar and Gandhidham (Gujarat). It is
involved in trading of designer sarees and gift items.


EARTHCON UNIVERSAL: CRISIL Reaffirms D Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
loan facilities of Earthcon Universal Infratech Private Limited
(EUIPL; part of the Earthcon group).

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Proposed Rupee Term Loan      25      CRISIL D (Reaffirmed)
   Rupee Term Loan              100      CRISIL D (Reaffirmed)

The rating reaffirmation reflects EUIPL's continued delays in
servicing debt, mainly due to weak liquidity. In addition, the
company remains exposed to cyclicality inherent in the Indian
real estate sector. However, it benefits from its promoters'
track record in the residential real estate sector.

Key Rating Drivers & Detailed Description

* Delays in debt servicing: There have been continuous delays in
meeting debt obligation on account of weak liquidity. The company
has met term loan obligation only till September 2017.

Weakness

* Susceptibility to cyclicality inherent in the real estate
sector: Being a real estate developer, EUIPL is exposed to risks
and cyclicality inherent in the real estate sector, resulting in
fluctuations in cash inflow because of volatility in realisations
and saleability. In contrast, cash outflow related to project
completion and debt servicing are relatively fixed, which can
lead to cash flow mismatches.

Strength
* Promoters' extensive industry experience: The Earthcon group
has experience of over a decade in construction and sale of
villas, cottages, two- and three-bedroom apartments,
studio/service apartments, and commercial spaces in Delhi; Noida,
Lucknow, and Moradabad (Uttar Pradesh); and Nainital
(Uttarakhand).

EUIPL was incorporated in 2009 as Zayat Infratech Pvt Ltd, and
got its present name in 2010. Greater Noida Industrial
Development Authority (GNIDA), through a bid system, allotted a
65,330-square-metre plot of land in Sector-I, Greater Noida, to a
consortium of Universal Construction Company (a partnership
firm), Earthcon Construction Pvt Ltd, and Omaxe Ltd. For the
purpose of allotment and development of the land, EUIPL was set
up as a special purpose vehicle with shareholding in a ratio of
46:44:10 respectively. Omaxe Ltd later transferred its
shareholding to other shareholders.

The Earthcon group, promoted by Mr Shabad Khan, constructs
residential and commercial apartments in northern India. Since
inception, the group has delivered various projects, including
villas, cottages, and apartments in Delhi, Noida, Lucknow,
Moradabad, and Nainital.


GOPSONS PAPERS: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Gopsons Papers
Limited (GPL) for obtaining information through letters and
emails dated December 14, 2017, January 17, 2018, February 07,
2018 and February 14, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee       5       CRISIL D (Issuer Not Cooperating;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawal)

   Cash Credit         16       CRISIL D (Issuer Not Cooperating;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawal)

   Corporate Loan      32.5     CRISIL D (Issuer Not Cooperating;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawal)
  
   Export Packing
   Credit               5       CRISIL D (Issuer Not Cooperating;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawal)


   Term Loan           18.6     CRISIL D (Issuer Not Cooperating;
                                Migrated from 'CRISIL D'; Rating
                                Withdrawal)
    
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 GPL. 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
GPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of GPL to
'CRISIL D Issuer Not Cooperating' from 'CRISIL D'.

CRISIL has withdrawn its rating on the long-term bank facility of
GPL at the company's request and after receiving a no-objection
certificate from bank. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank facilities.

GPL is a printing and publishing house, providing type setting,
pre-press, printing, and post-press services to international and
national publishers. The company was incorporated in 1986, by
promoter, Mr. Sunil Goyal and his family, which has been engaged
in the printing business since 1950. The product portfolio
includes fiction and nonfiction books, course books, and
holograms. Plants are located at Noida and Sivakasi (Tamil Nadu).
Operations are now managed by Mr Sunil Dutt Goel.


JAYESH INDUSTRIES: Ind-Ra Affirms BB- LT Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jayesh
Industries Limited's (JIL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR87.5 mil. Fund-based working capital facilities affirmed
    with IND BB-/Stable/IND A4+ rating;

-- INR10.0 mil. Standby line of credit affirmed with IND A4+
    rating;

-- INR52.0 mil. Non fund-based working capital facilities
    affirmed with IND A4+ rating;

-- INR120.0 mil. Proposed long-term loans withdrawn (company did
    not proceed with the instrument as envisaged) and the rating
    is withdrawn; and

-- INR30.0 mil. *Proposed long-term loans assigned with
    Provisional IND BB-/Stable rating.

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

KEY RATING DRIVERS

The affirmation reflects JIL's continued small scale of
operations and weak credit metrics owing to intense competition
in the industry. JIL's revenue increased to INR464 million in
FY17 from INR401 million in FY16, driven by an increase in orders
from customers. JIL booked revenue of INR475 million for 9MFY18
(interim). At end-February 2018, JIL had outstanding orders worth
INR50 million, to be executed within a month.

Ind-Ra expects JIL's credit metrics to improve in FY18, given its
EBITDA interest coverage (operating EBITDA/gross interest
expense) improved to 2.1x in 9MFY18, driven by a rise in EBITDA
margin to 6.8%. In FY17, EBITDA interest coverage was 1.4x (FY16:
1.7x) and net leverage (Ind-Ra-adjusted net debt/operating
EBITDAR) was 9.5x (5.2x). The deterioration in the credit metrics
in FY17 was primarily driven by a fall in EBITDA (FY17: INR25
million; FY16: INR34 million) and an increase in total debt.

The ratings reflect the company's volatile EBITDA margins over
FY15-FY17 (FY17: 5.4%, FY16: 8.6%, FY15: 7.4%) on account of
fluctuations in the raw material prices.

The ratings further reflect JIL's tight liquidity position,
indicated by about 97% average utilization of the cash credit
limits during the 12 months ended February2018.

The ratings, however, are supported by the founders' experience
of over five decades in steel manufacturing.

RATING SENSITIVITIES

Negative: A significant decline in profitability resulting in a
sustained deterioration in the overall credit metrics of the
company will lead to a negative rating action.

Positive: A substantial growth in revenue and profitability
leading to a sustained improvement in the overall credit metrics
will lead to a positive rating action.

COMPANY PROFILE

JIL was incorporated in 1992. The company is engaged in
manufacturing, import and export of Ferro alloys, metals,
minerals and chemicals and steel strips. These products are used
in welding electrode industry, wear plate manufacturing,
railways, automotive companies, flux-cored wires, and glass and
allied industries. The day-to-day operations of the company are
managed by Mr. Jayesh Shah.


JAYPEE INFRATECH: IndusInd Bank Invokes 6 Crore Pledged Shares
--------------------------------------------------------------
BloombergQuint reports that IndusInd Bank Ltd. has invoked 6
crore pledged shares, which make up about 4.32 percent stake, of
the crisis-hit Jaypee Infratech Ltd.

According to the report, these shares were held by Jaypee
Infratech's promoter Jaiprakash Associates Ltd., which is the
flagship company of debt-ridden Jaypee Group. The group is facing
protest from homebuyers for significant delays in completing of
housing projects in Noida, BloombergQuint says.

In a regulatory filing, Jaiprakash Associates informed that,
"IndusInd Bank Ltd. has transferred in its name 6 crore shares of
Jaypee Infratech Ltd. held by the company which stood pledged in
their favor," BloombergQuint relays.

Jaiprakash Associates had 89.5 crore shares, about 64.44 percent
stake in Jaypee Infratech as on Dec. 31, 2017. Of the total
shares held by it, 92.55 percent shares were pledged, the report
discloses.

BloombergQuint notes that Jaypee Infratech has been taken over by
a National Company Law Tribunal-appointed Insolvency Resolution
Professional for recovery of bad loans. Last year, the tribunal
had admitted the application by an IDBI Bank-led consortium
seeking resolution for Jaypee Infratech under the Insolvency and
Bankruptcy Code.

Moving ahead with the process, IRP Anuj Jain had on Oct. 27
issued a public notice seeking applications from entities with
regard to resolution of JIL, the report states. Several players
have submitted expression of interest. The resolution plan needs
to be approved by the creditors and the NCLT, BloombergQuint
relates.

Jaypee Infratech Limited is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.


JSW STEEL: Moody's Hikes CFR to Ba2; Outlook Stable
---------------------------------------------------
Moody's Investors Service has upgraded JSW Steel Limited's
corporate family rating (CFR) and senior unsecured bond rating to
Ba2 from Ba3.

The ratings outlook is stable.

RATINGS RATIONALE

"The upgrade to Ba2 reflects Moody's expectation that JSW will
continue to show improving credit metrics," says Kaustubh
Chaubal, a Moody's Vice President and Senior Analyst. "JSW's
likely better results will be due to the benign operating
environment, and higher steel sales from the company's brownfield
expansion, catering to India's growing steel demand."

Moody's expects that India's steel consumption will continue to
grow in the range of 5.5%-6.5%, on the back of the Government of
India's (Baa2 stable) push for infrastructure projects,
construction - including affordable housing - power transmission
and railway investments, as well as improving demand from the
automotive sector.

Moody's says that JSW's revenues will likely show a mid-single
digit increase over the next 12-18 months, and its profitability
- as measured by EBITDA margins - will stay at 20%-22%, even as
raw material prices increase.

"Indian steel producers are consolidating their operations, with
five stressed assets - that account for an estimated 17% of the
country's crude steel capacity - likely to find suitable buyers
within the next 12 months," adds Chaubal who is also Moody's Lead
Analyst for JSW. "Such a situation augurs well for large
established players such as JSW."

Rising domestic demand, a wide slate of long and flat products,
and an increasing proportion of value-added products will help
JSW in preserving its market share in India. These factors, along
with a favorable pricing environment, will improve the company's
earnings growth, but capital expenditure to develop a five mtpa
brownfield expansion at JSW's Dolvi plant will likely lead to a
prolonged negative free cash flow situation.

Moody's expects that JSW's leverage will improve to levels below
3.0x over the next 12-18 months from Moody's estimate of 3.3x at
March 31, 2018. Such levels are substantially lower than Moody's
thresholds for a mid-Ba rating when compared with similarly rated
steel companies. On the other hand, EBIT/interest coverage of
3.0x is weak.

Looking ahead, Moody's says that JSW's product mix demonstrates a
higher proportion of value-added products versus its steel
manufacturing peers in India, which should preserve EBITDA/tonne
at INR8,500- INR9,000.

Moody's also says that the impact on JSW of the US Commerce
Department's imposition of a 25% tariff to curb steel imports
will be limited, given the company's relatively modest exposure
to the US, which constituted less than 3% of JSW's total exports
for the nine months ended December 31, 2017.

The US tariff will be credit negative for the Asian steel
industry because a reduction in export volumes to the US will
lead the affected steel producers to divert their steel output
elsewhere, intensifying competition in Asia. Even as India's
steel consumption levels continue to rise, Moody's expects anti-
dumping duties on steel imports to insulate Indian steel
producers such as JSW from any plausible dumping of surplus
steel.

JSW's Ba2 CFR reflects the company's large scale, strong market
shares in West and South India, and competitive conversion costs,
with the last factor supported by the company's wide range of
furnace technology and the coastal locations of its operations.

These strengths are counterbalanced by the cyclical nature of the
steel industry and JSW's lack of raw material integration; both
factors which increase supply and price risks. These risks are
partly mitigated by JSW's recent addition of five iron-ore mining
licenses, although even when fully operational, these mines will
cater to less than 15% of the company's total iron ore
requirement.

The stable ratings outlook incorporates Moody's expectation that
JSW's operations will continue to exhibit solid performance,
which will translate into a sustained improvement in its credit
metrics, with adjusted leverage trending towards 3.0x.

The stable ratings outlook also factors in Moody's expectation
that JSW will maintain a cautious approach towards evaluating
capacity expansions or potential acquisitions.

Near-term upward ratings pressure is limited, because of upward
rating actions. Nevertheless, over the longer term, Moody's could
upgrade the ratings, if JSW demonstrates a sustained improvement
in its operating performance.

Specific credit metrics that Moody's will look for in upgrading
the ratings include: 1) adjusted leverage below 3.5x; and 2)
EBIT/interest coverage in excess of 2.7x--3.0x; with both results
maintained on a sustained basis.

JSW would also need to show a consistent generation of positive
free cash flow.

Negative ratings pressure could emerge, if there is any reversal
in the company's leverage correction trajectory - because of a
shift in industry conditions - or if the company undertakes
overly aggressive investments or acquisitions, such that adjusted
leverage exceeds 4.0x.

A weakening in EBIT/interest coverage to below 2.0x or EBIT
margin below 12% could also exert negative pressure on the
ratings.

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

JSW Steel Limited is a leading manufacturer of a wide range of
steel products in India. Its installed steelmaking capacity of 18
million tonnes per annum makes it one of the country's largest
steel producers.


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

-- INR50.0 mil. Fund-based facilities migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)
    and IND A4 (ISSUER NOT COOPERATING) ratings; and

-- INR60.7 mil. Non-fund-based facilities migrated to Non-
    Cooperating Category with IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Set up in 2009, the company trades in steel products. The
company's day-to-day operations are managed by Mr. Raghav Saraf
and his brother Mr. Rahul Saraf.


KARGWAL ENTERPRISES: Ind-Ra Affirms BB LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kargwal
Enterprises Private Limited's (Kargwal) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are as follows.

-- INR74.1 mil. (reduced from INR93.1 mil.)Term loans due on
    June 2018-June 2023 affirmed with IND BB/Stable rating;

-- INR245 mil. (increased from INR225 mil.)Fund-based working
    capital limits affirmed with IND BB/Stable/IND A4+ rating;
    and

-- INR160 mil. Non-fund-based working capital limits affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect continued modest credit profile owing to its
presence in the fragmented business of cutting and processing
imported marble blocks, which was affected by demonetization.
Revenue declined to INR917 million in FY17 from INR1,043 million
in FY16. As of January 2018, Kargwal had an order book position
of INR650 million that would be executed in the next seven
months. Kargwal booked INR1,153 million in revenue for 10MFY18.

In FY17, EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.5x (FY16: 1.5x) and net leverage (total
adjusted net debt/operating EBITDAR) was 6.1x (6.3x).

The ratings also reflect Kargwal's tight liquidity, indicated by
a 95% average working capital limit utilization for the 12 months
ended January 2018.

The ratings, however, are supported by the promoter's experience
of more than two decades in the marble trading business and a
rise in EBITDA margin to 7.9% in FY17 from 5.9% in FY16, driven
by a fall in raw material prices.

RATING SENSITIVITIES

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

Positive: A significant increase in revenue and EBITDA margin
leading to an improvement in the credit metrics on a sustained
basis would be positive for the ratings.

COMPANY PROFILE

Set up in 2000, Kargwal is engaged in the cutting and processing
of imported marble blocks into slabs for the wholesale and retail
markets. The imports are mainly from Italy, Turkey, Greece,
Lebanon, Iran and Spain. The company is owned and promoted by Mr.
Rajendra Agarwal.


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

-- INR40 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR28 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 22, 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 2006, KMK is a closely held company that provides
institutional and bulk catering services, and organizes and
manages corporate events and weddings. Its head office is in
Hyderabad, Telangana, and operates in most cities across
Telangana and Andhra Pradesh, as well as metropolitan cities such
as New Delhi, Bengaluru and Chennai. KMK is promoted by Koneru
Murali Krishna and Koneru Sudha Sai.


MAHALAXMI FOOD: CRISIL Lowers Rating on INR8MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mahalaxmi Food Products (MFP) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            8        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Project Loan           3.75     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Term Loan      .80     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan              7.45     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects the company's delay in repaying its term
due to stretched liquidity and stretched receivables.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in term loan repayment: Low accruals and large
receivables caused stretched liquidity, resulting in delay in
meeting interest obligation on working capital demand loan by two
months and repayment of its term loans.

Strengths

* Extensive experience of the partners: The decade-long
experience of the partners in the agro products industry, and
their healthy relationships with suppliers will continue to
support the business risk profile.

MFP was set up as a partnership firm in 2004 at Ratnagiri. The
firm processes flour and spices. The partners of the firm are Mr.
Yogesh Sarpotdar and Mr. Anand Mulye.


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

-- INR60 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER
    NOT COOPERATING) rating; and

-- INR4.56 mil. Long-term loans due on November 2019 migrated to
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 9, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MAI was incorporated as a partnership firm by Mr. Manhardan
Gadhavi, Ms. Pravinaben Gadhavi and Mr. Pratapsang Gadhavi in
2012. The firm is engaged in the processing of various agro
commodities such as rice, wheat and pulses.


NIYATI ENGINEERING: Ind-Ra Assigns BB+ LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Niyati
Engineering Private Limited (NEPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR62.5 mil. Fund based limits assigned with IND BB+/Stable
    rating; and

-- INR35 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings are constrained by NEPL's low revenue base (FY17:
INR398 million; FY16: INR363 million) because of a small scale of
operations. The management expects the revenue to increase in
FY18 due to a healthy order book of INR1,000 million on, and in
view of sales of INR399 million by, 31 December 2017.

The ratings, however, are supported by NEPL's comfortable credit
metrics in FY17, due to low debt levels and stable EBITDA
margins. Net leverage (net debt/EBITDA) was 1.6x in FY17 (FY16:
2.0x) and gross interest coverage (EBITDA/gross interest
expenses) was 5.3x (6.8x). EBITDA margins were in the range of
5.8%-7.3% over FY14-FY17. The stable margins are attributed to
the company's strategy to book raw materials only after receiving
orders and advance for the same. The agency expects NEPL's credit
metrics to remain comfortable with an increase in EBITDA from
higher revenues.

The ratings are also supported by NEPL's comfortable liquidity,
with the fund-based facilities being utilized at 84% during the
12 months ended January 2018, due to a moderate networking cycle
(FY17: 60 days; FY16: 62 days).

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or profitability
leading to stress on the liquidity as well as credit metrics
could be negative for the ratings.

Positive: A substantial increase in the revenue while maintaining
the profitability resulting in an improvement in the credit
metrics along will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2002, NEPL undertakes civil engineering projects
for various types of manufacturing plants especially chemicals.
The company is promoted by Jayeshkumar Tarachand Shah, Hemangini
Sureshbhai Vashi, Abhay Naik Yatin and Jigar Sureshbhai Vashi, of
Surat, Gujarat.


PALLAVA GRANITE: CRISIL Lowers Rating on INR4MM Loan to C
---------------------------------------------------------
CRISIL has been consistently following up with Pallava Granite
Industries Chennai Private Limited (PGICPL) for obtaining
information through letters dated November 13, 2017, and
January 17, 2018, apart from telephonic communication. However,
the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL C (Issuer Not
                                   Cooperating; Migrated
                                   from 'CRISIL B-/Stable')

   Export Packing         4        CRISIL C (Issuer Not
   Credit                          Cooperating; Migrated
                                   from 'CRISIL B-/Stable')

   Letter of Credit       1        CRISIL C (Issuer Not
                                   Cooperating; Migrated
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     2        CRISIL C (Issuer Not
   Bank Loan Facility              Cooperating; Migrated
                                   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 PGICPL. 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 PGICPL is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL B Rating category or lower.' Based on the last available
information, CRISIL has migrated the rating to 'CRISIL C Issuer
Not Cooperating'. Furthermore, the company has not paid the fee
for conducting rating surveillance as agreed to in the rating
agreement

The rating downgrade reflects delays in repayment of bank debt by
flagship company PGIPL. These delays have been due to weak
operating performance.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PGICPL, Pallava Granite Industries
India Pvt Ltd (PGIPL), and PallavaRED Granite Pvt Ltd (PGPL).
This is because all these entities, collectively referred to as
the Pallava group, are in a similar line of business and managed
by the same promoter, and have significant operational linkages.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set
up in 1983 and PGIPL in 1989. The group is based in Chennai.


PALLAVA GRANITE INDUSTRIES: CRISIL Cuts INR18M Loan Rating to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pallava Granite Industries India Private Limited (PGIPL; part of
the Pallava Granite group) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       6        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Export Packing
   Credit                18        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Letter of Credit       5        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit         4        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility     4.5      CRISIL D (Downgraded from
                                   'CRISIL C')

   Term Loan              2.5      CRISIL D (Downgraded from
                                   'CRISIL C')

The rating downgrade reflects delays in repayment of bank debt by
PGIPL. These delays have been due to weak operating performance.

The ratings also reflects Pallava Granite group's working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the granite industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGIPL, Pallava Granite Industries
Chennai Private Limited (PGICPL), and PallavaRED Granite Pvt Ltd
(PGPL). This is because all these entities, collectively referred
to as the Pallava group, are in a similar line of business and
managed by the same promoter, and have significant operational
linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital intensive operations: Operations are working
capital intensive as reflected by gross current asset days of
over 500 days as on March 31, 2017. This was majorly on account
of high inventory and debtors.

Strength:

* Extensive experience of group's promoters in the granite
industry: Pallava group's promoter, Mr. Subba Reddy, has over
three decades of experience in the granite industry. The promoter
also operates owned quarries in Tamil Nadu and Andhra Pradesh,
which cater to the majority of the group's raw material
requirements.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set
up in 1983 and PGIPL in 1989. The group is based in Chennai.


PALLAVARED GRANITE: CRISIL Reaffirms C Rating on INR9MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of PallavaRED Granite
Private Limited (PGPL; part of the Pallava group) continues to
reflect the Pallava group's working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the granite industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL C (Reaffirmed)
   Bill Discounting         2        CRISIL C (Reaffirmed)
   Export Packing Credit    6        CRISIL C (Reaffirmed)
   Letter of Credit         1        CRISIL A4 (Reaffirmed)
   Long Term Loan           6        CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       9        CRISIL C (Reaffirmed)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGPL, Pallava Granite Industries India
Pvt Ltd (PGIPL), and Pallava Granite Industries Chennai Pvt Ltd
(PGICPL). This is because all these entities, collectively
referred to as the Pallava group, are in a similar line of
business and managed by the same promoter, and have significant
operational linkages.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: Operations are working
capital intensive as reflected by gross current asset days of
over 500 days as on March 31, 2017. This was majorly on account
of high inventory and debtors.

Strength

* Extensive experience of group's promoters in the granite
industry: Pallava group's promoter, Mr. Subba Reddy, has over
three decades of experience in the granite industry. The promoter
also operates owned quarries in Tamil Nadu and Andhra Pradesh,
which cater to the majority of the group's raw material
requirements.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set
up in 1983 and PGIPL in 1989. The group is based in Chennai.


RICHLINE FINANCE: Ind-Ra Assigns B- Rating to INR60MM Bank Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Richline Finance
Limited's (RFL) bank facilities as follows:

-- INR60 mil. Bank loan assigned with IND B-/Stable rating.

KEY RATING DRIVERS

The rating is constrained by RFL's small scale of operations with
a total loan portfolio of INR19.8 million as of March 2017 (INR23
million in November 2017). The company provides financing through
Self Help Group and Joint Liability Group models. These groups
have eight to 15 woman members. Moreover, RFL's operations are
geographically concentrated in Tamil Nadu with only one branch at
Namakkal. The company does not have any funding facilities.

The rating, however, is supported by RFL's comfortable
capitalization for the current scale of operations and one year
growth plans. It had a net worth of INR20 million in FY17
(INR22.5 million at end-January 2018) and equity to loans ratio
of around 101% in FY17 (102% at end-January 2018). The promoter
plans to raise capital if required through own network.

Also, the company's asset quality is reasonable with a gross non-
performing loan (NPL) ratio of 0.81% of the gross loan book at
end-September 2017. The NPL repayments have remained overdue in
the range of 150-300 days.

RATING SENSITIVITIES

Negative: Aggressive loan growth without adequate capital
injection, an unsustainable increase in NPLs, deterioration in
liquidity buffers, inability to raise growth capital or net loss
for a financial year could lead to a negative rating action.

Positive: A sustained increase in the operating scale, franchise
and portfolio size, ability to raise growth capital, maintaining
adequate liquidity buffers and funding and maintaining adequate
profitability and capital buffers could lead to a positive rating
action.

COMPANY PROFILE

RFL is a non-banking finance company, started in 1991.


SARA INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Sara International
Private Limited (SIPL; part of the Sara group) for obtaining
information through letters and emails dated February 07, 2018
and February 14, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            20       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            50       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Foreign Documentary    25       CRISIL D (Issuer Not
   Bills Purchase                  Cooperating; Rating Migrated)

   Letter of credit       70       CRISIL D (Issuer Not
   & Bank Guarantee                Cooperating; Rating Migrated)

   Packing Credit         25       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Fund-         26       CRISIL D (Issuer Not
   Based Bank Limits               Cooperating; Rating Migrated)

   Term Loan               4       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SIPL. 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
SIPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower.' Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of SIPL to
'CRISIL D' Issuer Not Cooperating' from 'CRISIL D'.

CRISIL has withdrawn its ratings on the INR50 crore Cash Credit,
INR 25 crore Foreign Documentary Bills Purchase, INR 25 crore
Packing Credit and INR4 crore Term Loan facilities of SIPL on the
request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIPL and Sara Textiles Ltd (STL). This
is because the two companies, together referred to as the Sara
group, are under common directors and management. SIPL has a 64%
stake in STL's equity, and is likely to support STL in case of
exigencies. SIPL has also provided an undertaking to CRISIL for
timely servicing of STL's debt, in case the latter does not have
the requisite cash flow to meet principal and interest
obligations in a timely manner.

SIPL, set up by Mr D P Singh in 1973, trades in iron ore fines,
hot-rolled steel coils, textiles, cement, steel, and coal. The
company had formed a joint venture, Gopalpur Port Ltd, with
Odisha Stevedores Ltd for developing the port in Gopalpur,
Odisha.

STL, incorporated in 2005, manufactures terry towels and trades
in bath mats and bed sheets. The company has its manufacturing
facility in Nalagarh, Himachal Pradesh. It is attempting to
increase the share of its manufactured products in its total
sales.


SHREE TRIBHUVAN: Ind-Ra Affirms BB- Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Tribhuvan
Ispat Private Limited's (STIPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are as follows:

-- INR100 mil. Fund-based working capital limit affirmed with
    IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects STIPL's continued medium scale of
operations and weak, albeit marginally improved, credit metrics.
In FY17, revenue grew 9% yoy to INR299 million, driven by an
increase in demand, and would be higher in FY18 as STIPL has
already booked INR335 million in revenue for 9MFY18. In FY17,
interest coverage (operating EBITDA/gross interest expense) was
1.07x (FY16: 1.04x) and financial leverage (total adjusted net
debt/operating EBITDAR) was 7.29x (7.53x). The marginal
improvement in the credit metrics was primarily driven by a rise
in EBITDA. However, operating profitability fell to 4.10% in FY17
from 4.39% in FY16 owing to an increase in raw material cost.

Ind-Ra expects operating profitability to improve in the medium
term on account of a likely fall in raw material prices, leading
to an improvement in the credit metrics.

The ratings also reflect STIPL's tight liquidity, indicated by
about 96% utilization of the working capital limits for the 15
months ended February 2018.

The ratings, however, continue to be supported by STIPL's
directors' over two-decade experience in the non-ferrous metal
industry and the company's strong relationships with customers
and suppliers.

RATING SENSITIVITIES

Negative: Any decline in revenue, along with any fall in
operating profitability leading to any deterioration in the
credit metrics, will be negative for the ratings.

Positive: Any substantial growth in revenue, along with any rise
in operating profitability leading to any improvement in the
credit metrics, will lead to a positive rating action.

COMPANY PROFILE

Ghaziabad-based STIPL manufactures mild steel ingots that are
extensively used for industrial purposes. Its steel mill, which
has an annual capacity of 25000 metric tons, is located in
Bazpur, Uttarakhand. The company is promoted by Mr. Anand Agarwal
and Mr. Vibhor Mittal.


SHRIRAM TRANSPORT: Fitch Rates Sr. Sec. Notes 'BB+(EXP)(emr)'
-------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+(EXP)(emr)'
to India-based Shriram Transport Finance Company Limited's (STFC;
BB+/Stable) proposed rupee-denominated senior secured notes of
about USD150 million that are payable in US dollars.

The issue comprises INR6.5 billion in notes maturing in five
years and INR3.2 billion in notes maturing in three years.

The rupee-denominated bonds will be issued by the company in the
international market. Coupon payments and principal on maturity
will be settled in US dollars at the then prevailing rupee-dollar
exchange rate. Therefore, settlement is subject to transfer and
convertibility risk on exchange operations involving the Indian
rupee. Thus, the rating on the notes can be no higher than
India's Country Ceiling of 'BBB-'. Fitch caps the upward notching
of secured ratings over the Issuer Default Rating, given country-
specific constraints on recovery expectations.

The linkage of payments under the terms of the notes to the then
prevailing exchange rate means Fitch does not regard the
trustee's role in facilitating the conversion of rupees into
dollars at the transaction's initiation and maturity as altering
the underlying local-currency nature of the notes. Fitch's 'emr'
suffix for the issue rating denotes the embedded market risk for
the investor, who is paid on maturity in US dollars rather than
the currency of the notes.

The proposed bonds, which will carry a fixed-rate coupon payable
annually, will be secured by a fixed charge over specified
standard accounts receivable in line with STFC's domestically
issued secured bonds.

KEY RATING DRIVERS
SENIOR SECURED DEBT

STFC's proposed rupee-denominated bonds are rated at the same
level as its Long-Term Local-Currency IDR of 'BB+' in accordance
with Fitch's rating criteria.

STFC's Long-Term Local-Currency IDR reflects the company's strong
and established franchise in used commercial-vehicle financing,
in which it has nearly four decades of experience. STFC is the
largest pan-India player in this segment, with a business model
underpinned by close customer relationships, sound valuation
capabilities and a strong understanding of the transport market.

For more information on the key rating drivers and rating
sensitivities on the company, please see Fitch Affirms 'BB+'
Rating of India's Shriram Transport Finance, published in January
2018.

RATING SENSITIVITIES
SENIOR SECURED DEBT

The expected bond rating will move in tandem with STFC's Long-
Term Local-Currency IDR.


SHRIRAM TRANSPORT: S&P Rates INR3.2BB Masala Bond Drawdown 'BB+'
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB+' long-term
issue rating to the Indian rupee (INR) 3.2 billion senior secured
bonds of Shriram Transport Finance Co. Ltd. (STFC: BB+/Stable/B).
This is a rupee-denominated offshore bond (commonly known as
Masala bond) drawdown from the INR50 billion medium-term notes
(MTN) program by STFC.

S&P equalizes the rating on the notes with the long-term issuer
credit rating on the company. The notes are direct and
unconditional obligations of STFC. They are secured and will rank
equally, without any preference, among themselves, and with all
other outstanding secured and unsubordinated obligations of the
issuer.

The notes have performance-related covenants, which, if breached,
can result in an event of default and early redemption of the
bonds, subject to approval from the Reserve Bank of India (RBI).
These covenants are: STFC's capital adequacy ratio (CAR) should
comply with minimum regulatory requirements; and The company's
net nonperforming loan (NPL) ratio, based on the RBI's
recognition norms, should at all times be equal to or less than
(i) 4.0% based on a 120-day delinquency period from the issue
date to March 31, 2018; and (ii) 7.0% based on a 90-day
delinquency period from April 1, 2018, until the maturity date of
the notes.

S&P said, "We believe the risk of STFC breaching these triggers
over the next 12 months is limited. The company has a strong
market position as the largest financier of commercial vehicles
in India. It benefits from high yields on its pre-owned
commercial vehicles portfolio and low operating costs, which
compensate for the high cost of wholesale borrowing and credit
costs. As of Dec. 31, 2017, STFC's net NPL ratio based on a 120-
day delinquency period was 2.5%. STFC's return on average assets
of 2.3% in the past five years is higher than the banking
industry average and comparable to that of some other finance
companies that we rate in India.

"In a stress scenario, we believe the company has sufficient
buffer through its preprovision profits and will, if required,
aggressively provide for its NPLs to ensure it does not breach
the covenant. STFC's capital base benefits from good internal
capital generation and the company's CAR was 16.2% as of Dec. 31,
2017, above the regulatory requirement of 15%. If required, we
expect the company to raise equity capital through investors or
Tier-2 capital to ensure compliance with regulatory minimum
capital requirements."


SONA SATI: CRISIL Moves C Rating to Not Cooperating Category
------------------------------------------------------------
CRISIL has been consistently following up with Sona Sati Organics
Private Limited (SSOPL) for obtaining information through letters
and emails dated December 18, 2017, January 17, 2018, February
08, 2018 and February 15, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            8        CRISIL C (Issuer Not
                                   Cooperating; Migrated
                                   from 'CRISIL C'; Rating
                                   Withdrawal)

   Term Loan             49.82     CRISIL C (Issuer Not
                                   Cooperating; Migrated
                                   from 'CRISIL C'; Rating
                                   Withdrawal)

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 SSOPL. 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
SSOPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of SSOPL to
'CRISIL C Issuer Not Cooperating' from 'CRISIL C'.

CRISIL has withdrawn its rating on the long-term bank facility of
SSOPL at the company's request and after receiving a no-objection
certificate from bank. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank facilities.

SSOPL, incorporated in 2004 was earlier into manufacturing of
extra neutral alcohol and rectified spirit with its unit located
in Bihar. With the Government of Bihar imposing a ban on liquor,
SSOPL ventured into manufacturing of ethanol. Mr Rakesh Kumar, Mr
Manish Kumar Jaiswal, Mr Manoj Kumar, Mr Ramashankar Prasad and
Mr Devendra Prasad Singh are the directors of the company.


SRI RATNA: CRISIL Assigns B Rating to INR10MM LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facility of Sri Ratna Packaging (SRP).


                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility       10      CRISIL B/Stable (Assigned)

The ratings continue to reflect exposure to risks related to
timely commercialisation of operations, ramp-up in revenue,
intense competition in the paper industry, and below-average
financial risk profile. These weaknesses are partially offset by
the extensive entrepreneurial experience of partners.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to timely commercialisation of
operations, and ramp-up in revenue: Commercial operations at the
newly established corrugated boxes manufacturing unit is expected
to commence from May, 2018. Timely stabilisation of operations,
and commensurate ramp-up in revenue and operating profitability,
during the initial phase, remains critical.

* Below-Average financial risk profile: Financial risk profile
may remain below-average, owing to the debt-funded capital
expenditure, with gearing expected at 4-5 times in the medium
term.

* Intense competition and susceptibility to volatile waste paper
prices: Unorganised players account for bulk of the production in
the domestic packaging industry. Though high customisation levels
limit the threat of imports, presence of a large number of
players has intensified competition. Further, revenue and
profitability remain susceptible to volatility in waste paper
prices.

Strengths:

* Extensive experience of the partners: Benefits from over more
than a decade-long presence of the promoters in the packaging
industry, their keen grasp over local market and business
dynamics, and established relationships with suppliers and
customers aids the firm's business risk profile.

Outlook: Stable

CRISIL believes that SRP will continue to benefit over the medium
term from its promoters' extensive experience in the packaging
industry. The outlook may be revised to 'Positive' if SRP
generates more-than-expected revenues and profits, after
stabilizing its operations. Conversely, the outlook may be
revised to 'Negative' in case the company reports delay in the
commissioning of its project because of unforeseen events, or its
financial risk profile deteriorates because of additional, debt-
funded capital expenditure.

SRP was incorporated in January, 2018 for establishing a facility
for manufacturing of corrugated boxes. The company is located in
Hyderabad (Telangana). The company is mainly promoted and managed
by Mr. D Ammi Raju and his son Mr. D Satish Raju.


TIRUPATI CARBONS: Ind-Ra Assigns BB- LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tirupati Carbons
& Chemicals Private Limited (TCCPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR4.75 mil. Long-term loan due on October 2020 assigned with
    IND BB-/Stable rating;

-- INR40 mil. Fund-based limits assigned with IND BB-/Stable
    rating; and

-- INR5 mil. Non-fund-based limits assigned with IND A4+ rating.

KEY RATING DRIVERS
The ratings reflect TCCPL's low revenue base (FY17: INR189
million; FY16: INR153 million) because of its small scale of
operations. The revenue growth in FY17 was due to an increase in
revenue generation from the company's Rajdewra graphite
processing plant.

The ratings also reflect TCCPL's tight liquidity position because
of high working capital intensity. The company's use of the
average utilization of the fund-based working capital limits was
around 91% during the 12 months ended February 2018. The net
working capital cycle of the company was long at 102 days (FY16:
120 days).

The ratings, however, are supported by TCCPL's comfortable credit
metrics due to strong profitability, as reflected in its gross
interest coverage ratio (EBITDA/gross interest expense) of 4.5x
in FY17 (FY16: 5.9x), net leverage (net debt/EBITDA) of 2.3x
(2.2x) and EBITDA margin of 12% (15.2%). The ratings are also
supported by the founder's experience of over two decades in
graphite manufacturing.

RATING SENSITIVITIES

Negative: Further deterioration in the EBITDA margin along with a
decline in overall credit metrics would be negative for the
ratings.

Positive: An improvement in the scale of operations and credit
metrics may lead to a positive rating action.

COMPANY PROFILE

TCCPL was incorporated in December 2006. It is engaged in
graphite manufacturing and has five mines in Jharkhand. It has an
installed capacity of 3,500TPA and its production capacity is
3,000TPA.


V M YARNS: CRISIL Lowers Rating on INR13.5MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of V M Yarns Private Limited (VMYPL) to 'CRISIL D' from 'CRISIL
B+/Stable.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           13.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term     6.5      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The rating downgrade reflects the overdrawn cash credit facility
for more than three months due to stretched liquidity and
stretched receivables.


Key Rating Drivers & Detailed Description

Weaknesses

* Overdrawal in cash credit facility: Low accruals and large
receivables caused stretched liquidity, resulting in delay in
meeting interest obligation on working capital demand loan by two
months and repayment of its term loans.

Strength:

* Extensive industry experience of the promoter: The promoter,
Mr. Yogesh Kanoria and Ms. Payal Kanoria, has an experience of
around 25 years in the textile industry.

VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh
Kanoria and Ms. Payal Kanoria. The company trades various types
of yarns such as cotton yarn, linen yarn, polyester yarn, PC
yarn, viscose yarn, and PV yarns.


VAKRANGEE FOUNDATION: Ind-Ra Moves B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vakrangee
Foundation's (VF) bank loan rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is as follows:

-- INR35.30 mil. Term loans due on February 2022 migrated to
    Non-Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
February 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

VF was established in July 2010 and is incorporated under the
Societies Registration Act, 1973. The society was founded by Mr.
Manish Bohra and Mrs. Bhawna Bohra. The society is running a
school, Academic World School, in Bemetara, Chhattisgarh. The
school curriculum is affiliated to Central Board of Secondary
Education, Delhi, and has classes from nursery to XII standard.  


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

-- INR45 mil. Fund-based limitsmigrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

VPS was incorporated in August 2002 at Gorakhpur, Uttar Pradesh,
by Mr. Vijendra Pratap Singh. The firm is engaged in the
construction of bridges, railways, roads and flyovers.


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


KOBE STEEL: CEO to Step Down Over False-Data Scandal
----------------------------------------------------
Mayumi Negishi at The Wall Street Journal reports that Kobe Steel
Ltd.'s chief executive said he would step down effective April 1
to take responsibility for a quality scandal that has shaken
Japan's reputation for top-notch manufacturing.

"To demonstrate that Kobe Steel has changed and to speed up
change, we need new management," the Journal qoutes Hiroya
Kawasaki, the head of Japan's third-largest steelmaker, as
saying.

Kobe Steel -- which supplies the makers of cars, planes and
nuclear plants -- admitted in October to falsifying quality
specifications on products shipped to hundreds of customers,
prompting an investigation by the U.S. Justice Department. On
March 6, the company said some of the data falsification went
back 50 years, the Journal relays.

According to the Journal, Kobe Steel's announcement opened the
floodgates for similar revelations at other top manufacturers,
puncturing national pride in Japan's manufacturing prowess.

In recent months, Mitsubishi Materials Corp. and Subaru Corp.
admitted to quality-inspection lapses, while Nissan Motor Co.
said it let unqualified employees perform final quality
inspections on some cars. Those companies, as well as Kobe Steel,
said no safety issues resulted.

Other scandals in recent years affecting Japan's reputation
include problems at Takata Corp., which declared bankruptcy last
year after it said it supplied more than 50 million defective
vehicle air bags in the U.S., according to the Journal.

The Journal relates that Mr. Kawasaki blamed a corporate culture
that he said prioritized winning orders and meeting delivery
deadlines over quality. According to the report, Kobe Steel said
that two current and two former executives at its aluminum and
copper division had been aware that workers were falsifying data
but that they failed to stop the practice or report it to the
board. Another executive only partially addressed the issue by
having some of the orders halted, it said.

The two former executives were directly involved at some point in
the practice, the company said, following a probe by outside
legal experts. It didn't name those involved or detail what
happened to them, the Journal relays.

The Journal says that to date, the company has found that 605
customers received shipments affected by data falsification.
Overseas customers accounted for 222 of those.

According to the report, Mr. Kawasaki said the company will
overhaul its board so that a third of its members are external
directors and set up an advisory committee dedicated to
compliance issues.

"I cannot but say that the roots of the problem go deep," Mr.
Kawasaki, as cited by the Journal, said.

The Journal adds that Kobe Steel said five executives, including
the head of its aluminum and copper division, would also resign,
while other executives would have their pay cut as much as 80%.
The company said it would name a new CEO soon, the report relays.

For all the upheaval, Kobe Steel's results have yet to take a
major hit. The company has said the scandal would reduce net
profit by JPY10 billion ($94 million) in the year ending March 31
to JPY45 billion, up from a loss the previous year, thanks to
higher steel prices and strong demand for construction machinery.

The impact next fiscal year will hinge on overseas litigation,
said Ryosaku Kadowaki, head of Kobe Steel's management strategy,
the Journal adds.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel
Limited -- http://www.kobelco.co.jp/english/corp/index.html--  
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.

Egan-Jones Ratings Company, on Jan. 3, 2018, EJR raised the local
currency senior unsecured rating on debt issued by Kobe Steel
Ltd. to BB+ from BB.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: Indonesia to Turn Over Yacht to FBI
----------------------------------------------------------
The Wall Street Journal reports that Indonesia will hand over a
luxury yacht seized on the resort island of Bali to U.S.
authorities, police said on March 7, giving the Justice
Department an elusive asset connected to a $4.5 billion fraud
case centered on the Malaysian state fund 1Malaysia Development
Bhd., or 1MDB.

The Journal relates that Daniel Silitonga, Indonesia's chief
police investigator in seizure of the yacht Equanimity, said
police would transfer control over the $250 million, 300-foot
vessel "in a few days" upon the completion of legal arrangements.

According to the Journal, Indonesia seized the Cayman Islands-
flagged, helipad-equipped Equanimity at the request of the U.S.
Federal Bureau of Investigation on Feb. 28, capping a months long
search by U.S. authorities.

The Justice Department alleges that a Malaysian financier who
controls the vessel -- 36-year-old Jho Low -- helped siphon off
at least $4.5 billion from the fund between 2009 and 2015, the
Journal notes.

1MDB was established by Prime Minister Najib Razak in 2009 to
spur Malaysia's economy, but it now is being investigated by
authorities in several countries on allegations ranging from
money-laundering to misappropriation of funds involving billions
of dollars, the report states.
  
                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


PROPERTY MANAGEMENT: Manager Owes NZ$358K to 67 Landlords
---------------------------------------------------------
The NZ Herald reports that the company of Auckland property
manager David Sharma owes 67 landlords more than NZ$350,000, a
liquidators' report says.

According to the Herald, liquidators, of firm Rodgers Reidy, said
67 landlords were owed funds by Sharma's company Property
Management Out West Limited, formerly Ray White Henderson, which
he put into liquidation last month.

The Herald relates that Rodgers Reidy liquidator Lynda Smart said
most of the rental payments owed dated back to January and
February this year, however, there were 20 historical sums dating
back to an unspecified earlier period.

"There's a small trade creditors amount, but the bulk of that is
owed to landlords," the Herald quotes Ms. Smart as saying.

A total of 12 bond payments were also found to have not been
lodged with tenancy services, a number which is expected to rise,
Ms. Smart said.

"There are no assets available for immediate recovery and the
company bank accounts had a net overdrawn position. We have
commenced our investigations to determine what further avenues of
recovery, if any, may be available," she said.

A number of landlords contacted the Herald last month concerned
over rental payments they were owed from Sharma, who formerly
managed their properties.

One West Auckland landlord, Neil Pinto, claimed Sharma owed him
NZ$20,000. He said the situation had put him and his family under
"extreme financial hardship," the Herald relays.

According to the Herald, Mr. Sharma began managing his property
in October 2016 and shortly thereafter Mr. Pinto said he began to
notice he wasn't being paid as regularly as before.

"As of August last year the payments completely stopped coming,"
Mr. Pinto alleged.

Mr. Pinto claimed he approached Mr. Sharma, who offered to pay
back the NZ$20,000 in weekly instalments but had not received any
funds as promised.

Another landlord who had three properties managed by Sharma, and
did not want to be named, claimed he was owed between NZ$1,200
and NZ$3,500, the Herald adds.

In a statement to the Herald last month, Ray White said the
matter had been reported to the police, a forensic audit was
underway and the Real Estate Agents Authority (REAA) was
currently investigating.

The Herald relates that the real estate company said it was
working with those who had been affected "to ensure that they are
not left out of pocket."

A Ray White spokesperson said that the liquidators would not
allow the auditors it appointed access to any information, the
Herald relays.

"Late last week, they further advised Ray White in writing that
they will not provide us with any of their findings as we are
considered an 'external party' to the issue, so we are
unfortunately not aware of any developments. We have advised all
tenants and landlords of this."

Mr. Sharma said he did not owe any money to landlords and would
not comment any further when approached by the Herald last month.



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


DORSEY GROUP: Liquidator Sells Philippine Magnetite Mine
--------------------------------------------------------
The Liquidators of Dorsey Group Limited offer for sale such
rights, title and interests as the Company indirectly owns in a
Financial or Technical Assistance Agreement with the Republic of
the Philippines dated June 29, 2010, granting exclusive rights to
explore, mine and process magnetite (magnetic sand) in a mining
area of 9,588.2396 hectares located in the provinces of Ilocos
Sur, Ilocos Norte and Pangasinan in the Philippines.

For further particulars in relation to the sale, please contact      
Tim Davies -- tim.davies@bm.ey.com -- prior to March 29, 2018.

The Liquidator may be reached at:

      Roy Bailey
      Ernst & Young Ltd.
      Road Town, British Virgin Islands






                             *********

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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