TCRAP_Public/180312.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

            Monday, March 12, 2018, Vol. 21, No. 050

                            Headlines


A U S T R A L I A

AUSSIE FARMERS: Franchisees Set Up Fund Campaign After Collapse
BAKERY MACHINERY: First Creditors' Meeting Set for March 19
DALY RUDOV: First Creditors' Meeting Set for March 20
GREENVIEWS CASTLE: First Creditors' Meeting Set for March 19
INSTALLED HOLDINGS: First Creditors' Meeting Set for March 20

MESOBLAST LIMITED: Posts 1H Net Profit of $6.7 Million
PARKHURST FARMS: Second Creditors' Meeting Set for March 19
SCHUMACHER PHARMA: First Creditors' Meeting Set for March 20


C H I N A

BEIJING CAPITAL: Moody's Alters Outlook on Ba3 CFR to Stable
CHINA: First Local Default Could Come in 2018, Aberdeen Says
SEVEN STARS: Expects Full-Year 2017 Revenue of $125MM to $144MM


H O N G  K O N G

NOBLE GROUP: Asked to Get IFA's Opinion on Restructuring Plan


I N D I A

AASHIRWAD INDUSTRIES: CRISIL Assigns D Rating to INR10MM Loan
CHANDRA AUTOMOBILE: CRISIL Lowers Rating on INR4.65MM Loan to B
CHHABRA ISPAT: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
FATEH CHAND: Ind-Ra Affirms BB Rating on INR255.8MM Term Loan
GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR9MM Loan

HARSHGEET OVERSEAS: CRISIL Moves B+ Rating to Not Cooperating
HIA EXPORTS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
JAI KUMAR: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
KAFILA HOSPITALITY: CRISIL Moves B+ Rating to Not Cooperating
KISAN OLEOCHEM: Ind-Ra Migrates BB- LT Rating to Non-Cooperating

LAKHO AGRICULTURAL: CRISIL Reaffirms B+ Rating on INR7.9MM Loan
METALINK: Ind-Ra Lowers LT Issuer Rating to 'B', Outlook Stable
MISHRIBAI AGRO: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
NIRMAN ESTATE: CRISIL Assigns B+ Rating to INR8MM Cash Loan
NIRMAN INFRA: CRISIL Moves B+ Rating to Not Cooperating Category

PETERESA REALTORS: CRISIL Assigns D Rating to INR21.5MM LT Loan
PREMIER METAL: CRISIL Hikes Rating on INR7MM Cash Loan to B+
PRINT SOLUTIONS: CRISIL Assigns B+ Rating to INR19MM Disc. Loan
PROFESSIONAL EDUC: CRISIL Moves D Rating to Not Cooperating
RAJ YAMAHA: CRISIL Moves B+ Rating to Not Cooperating Category

SAJ ROOFING: CRISIL Assigns D Rating to INR4.0MM Term Loan
SENAPATI MOTORS: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
SGRD HEALTHCARE: CRISIL Moves B+ Rating to Not Cooperating
SHREE VENKATESH: Ind-Ra Withdraws 'BB' LT Issuer Rating
SHRI GANGA: CRISIL Moves B Rating to Not Cooperating Category

SULOCHANA AGRO: CRISIL Reaffirms B Rating on INR8.25MM LT Loan
SWASTHIK CERAMALL: CRISIL Moves B+ Rating to Not Cooperating Cat.
VIRINCHI LTD: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Neg.
VKN LAKSHMI: CRISIL Moves B Rating to Not Cooperating Category
VNM JEWEL: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating


I N D O N E S I A

LIPPO MALLS: Moody's Lowers CFR to Ba1; Outlook Negative


J A P A N

SOFTBANK GROUP: Moody's Assigns Ba1 Rating to New Senior Notes
SOFTBANK GROUP: S&P Rates New Senior Unsecured US$ Notes 'BB+'
TAKATA CORP: Files Sale Plan With Tokyo Court


N E W  Z E A L A N D

LIBOR INTERIORS: Director Admits Not Paying NZ$1MM Taxes to IRD


P H I L I P P I N E S

EMPIRE RURAL: PDIC to Pay Depositors Starting March 12
RURAL BANK OF LORETO: Creditors Claims Deadline Set for April 24


S O U T H  K O R E A

GM KOREA: KDB Presses GM Over Korean Unit's Cost Structure
SUNGDONG SHIPBUILDING: To File for Court Receivership


T H A I L A N D

EXPORT-IMPORT BANK: Moody's Ups Baseline Credit Assessment to ba2


                            - - - - -


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A U S T R A L I A
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AUSSIE FARMERS: Franchisees Set Up Fund Campaign After Collapse
---------------------------------------------------------------
Emma Koehn at SmartCompany reports that the daughter of a couple
who invested their life savings in Aussie Farmers Direct
franchises has helped them launch a crowdfunding campaign to
support their financial situation after the collapse of the
grocery delivery operator hit the couple hard.

SmartCompany relates that Brianna Roberts launched a YouCaring
campaign last week after her parents, Heather and Geoff Roberts,
received the call on March 5 that Aussie Farmers Direct would be
closing.

According to the report, Aussie Farmers Direct told its 100
franchisees that it would immediately cease operations after
administrators at KordaMentha were appointed to the company.

SmartCompany relates that administrator Craig Shepard said
previous attempts to sell or recapitalise the business were
unsuccessful, leaving no choice but to end grocery deliveries
immediately.

The impact of this decision on the Roberts family is huge,
Brianna Roberts said, SmartCompany relays.

"This is a huge blow for my parents, who had expected this
business would sustain them, and my younger brother, who has
special needs, into their retirement," she wrote on the
campaign's page, according to SmartCompany.

Heather Roberts told SmartCompany she and her husband had run
their own small business years ago, but in 2015 the couple got
involved in Aussie Farmers Direct, believing in the company's
ethos and seeing franchising as a "good midway point" between
operating your own business and having the support of a head
office.

They purchased and ran a grocery run in the Wantirna South area
in Victoria, but "found that we weren't earning enough money", so
purchased another run from a franchisee who was looking to exit.

SmartCompany relates that Ms. Roberts said the couple spent
AUD45,000 on one franchise and AUD30,000 on the other, with the
second seeing the pair use Heather's superannuation to cover the
cost.

Now, she said Geoff is in conversations with others in the local
community to see how the couple might use their expertise, and
the Toyota truck they purchased for deliveries, to gain other
work.

She said having the support of family and friends, who have
contributed to the campaign, is like having "lifeboats", and she
is worried about the mental health of other franchisees affected
by the situation, SmartCompany relays.

"I think we're very fortunate, we have our family, we have our
church, others don't have that," the report quotes Ms. Roberts as
saying.

According to SmartCompany, the crowdfunding campaign target is
AUD5000, with Roberts saying the fact the company shut up shop
before paying franchisees for the last month of operations has
made things incredibly tough for the couple.

"We've raised about a thousand so far, and it's really for a
buffer," SmartCompany quotes Ms. Roberts as saying.  "They timed
it so they didn't pay us from the last part of work . . . that
was a low act."

On March 6, fellow Aussie Farmers Direct franchisee Nigel Brooke
told SmartCompany he is owned around AUD11,000 for the past month
of work, and has had to field questions from his delivery driver
about when he would be paid.

Mr. Brooke believes it's unlikely he'll end up seeing the money
he is owed, SmartCompany says.

The Roberts are still working out what the next steps will be,
but Heather said many franchisees have been affected by what
seems to be a growing trend of companies closing operations
without letting staff and franchisees know ahead of time,
according to SmartCompany.

"It's pretty shattering to get the phone call from the accountant
when you knew nothing about it, but it seems to be the modern
thing -- that companies come in and shut the doors."

                       About Aussie Farmers

Aussie Farmers Direct was an online grocery delivery company. The
company had 160 employees in Victoria, 59 in NSW and about 13 in
Queensland, South Australia and Western Australia. There were 35
franchisees in Victoria, 30 in NSW, nine in South Australia,
eight in both Queensland and Western Australia and three in the
ACT.

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

Leanne Kylie Chesser and Craig Peter Shepard of KordaMentha
were appointed as administrators of Aussie Farmers Direct on
March 5, 2018.


BAKERY MACHINERY: First Creditors' Meeting Set for March 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bakery
Machinery Service Pty Ltd will be held at the offices of SV
Partners, SV House, 138 Mary Street, in Brisbane, Queensland, on
March 19, 2018, at 2:30 p.m.

Terrence John Rose of SV Partners was appointed as administrator
of Bakery Machinery on March 7, 2018.


DALY RUDOV: First Creditors' Meeting Set for March 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Daly Rudov
Corporation Pty Limited will be held at the Offices of Charles &
Co, Suite 2, Level 1, 190 Queen Street, in Melbourne, Victoria,
on March 20, 2018, at 10:00 a.m.

Claudio Trimboli and Nedin Talic of Charles & Co were appointed
as administrators of Daly Rudov on March 7, 2018.


GREENVIEWS CASTLE: First Creditors' Meeting Set for March 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Greenviews
Castle Hill Pty Ltd will be held at the offices of Balance
Insolvency, 50 Clarence Street, in Sydney, New South Wales, on
March 19, 2018, at 11:30 a.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Greenviews Castle on March 8, 2018.


INSTALLED HOLDINGS: First Creditors' Meeting Set for March 20
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Installed
Holdings Pty Ltd will be held at the offices of HoganSprowles,
Level 9, 60 Pitt Street, in Sydney, on March 20, 2018, at
11:00 a.m.

Michael Hogan of Christian Sprowles was appointed as
administrator of Installed Holdings on March 8, 2018.


MESOBLAST LIMITED: Posts 1H Net Profit of $6.7 Million
------------------------------------------------------
Mesoblast Limited provided the market with an update on its
operational highlights and consolidated financial results for the
six months ended Dec. 31, 2017 (the half-year of FY2018).

Revenues in the half-year of FY2018 were significantly increased
to US$14.6 million, compared with US$0.9 million in the
corresponding period in 2017, an increase of US$13.7 million.
Net cash outflows from operating activities for the half-year
were reduced by US$11.2 million (24%), compared with the half-
year of FY2017.  The Company recorded a profit after tax of
US$6.7 million, compared with a loss after tax of US$39.8 million
for the comparative period.

At Dec. 31, 2017, the Company had cash reserves of US$47.4
million.

Mesoblast is in advanced discussions with certain potential
strategic partners to strengthen its cash position to support
ramp-up of its commercial activities.

                     Operational Highlights

This has been a landmark period for Mesoblast.  The Company's
first Phase 3 trial reported the successful achievement of its
primary endpoint of Day 28 overall response for remestemcel-L
(MSC-100-IV) in steroid-refractory acute Graft Versus Host
Disease (aGVHD).

This cell therapy is now well positioned to be Mesoblast's first
approved product in the United States.

Based on interactions with the United States Food and Drug
Administration (FDA), Mesoblast believes that successful results
from the completed Phase 3 trial through Day 100, together with
Day 180 safety and quality of life parameters in these patients,
may provide sufficient clinical evidence for filing for MSC-100-
IV in the United States under an accelerated approval pathway.

In December 2017, Mesoblast received a Regenerative Medicine
Advanced Therapy (RMAT) designation from the FDA for MPC-150-IM
in end-stage heart failure patients with Left Ventricular Assist
Devices (LVADs).  The RMAT designation under the 21st Century
Cures Act aims to expedite the development of regenerative
medicine therapies intended for the treatment of serious diseases
and life-threatening conditions.  This trial completed enrollment
in the reporting period and the 12 month data readout will occur
in Q3 CY2018.

Enrollment in Mesoblast's Phase 3 trial evaluating its
proprietary allogeneic mesenchymal precursor cell (MPC) product
candidate MPC-06-ID for chronic low back pain is expected to
complete imminently.

Full 52-week results in Mesoblast's Phase 2 trial of MPC-300-IV
in biologic refractory rheumatoid arthritis showed an early and
durable effect from a single infusion.

The strength of Mesoblast's intellectual property portfolio and
its strategy to protect its commercial rights were highlighted
with the license to TiGenix NV (TiGenix) of certain of its
patents.  This license supports the global commercialization of
their adipose-derived mesenchymal stem cell product Cx601 for the
local treatment of fistulae by Takeda Pharmaceutical Company Ltd.
Mesoblast will receive up to EUR20 million (approximately US$24
million) in payments, as well as single digit royalties on net
sales of Cx601.

                       Financial Highlights

At Dec. 31, 2017, the Company had cash reserves of US$47.4
million. Revenues in the half-year of FY2018 were significantly
increased to US$14.6 million, compared with US$0.9 million in the
corresponding period in 2017, an increase of US$13.7 million.
Revenues for the period included US$11.8 million in connection
with the Company's patent license agreement with TiGenix which
was signed in the reporting period (including the upfront receipt
of US$5.9 million upon execution of its patent license agreement
as well as a further US$5.9 million recognized in the period but
due within 12 months), and milestone and royalties of US$2.6
million in connection with sales of TEMCELL HS. Inj. by its
licensee in Japan, JCR Pharmaceuticals Co., Ltd (JCR).

Net cash outflows from operating activities for the half-year
were reduced by US$11.2m (24%), compared with the half-year of
FY2017, primarily as a result of a reduction of US$4.7 million in
payments to suppliers and employees and increased inflows of
US$6.5 million relating to the receipts from TiGenix and JCR.

The Company recorded a profit after tax of US$6.7 million,
compared with a loss after tax of US$39.8 million for the
comparative period.

A non-cash income tax benefit of US$26.2 million was recognized
in the half-year FY2018 as a result of changes in tax rates.  On
Dec. 22, 2017, the United States signed into law the Tax Cuts and
Jobs Act (the Tax Act), which changed many aspects of U.S.
corporate income taxation, including a reduction in the corporate
income tax rate from 35% to 21%.

Mesoblast retains an equity facility for up to A$120
million/US$90 million, to be used at its discretion over the next
18 months to provide additional funds as required.

               Financial Results for the Six Months
                      Ended December 31, 2017

Revenues were US$14.6 million in the half-year of FY2018 compared
with US$0.9 million in the half-year of FY2017, an increase of
US$13.7 million.

In addition to increasing revenues, the Company contained spend
whilst increasing its R&D investment in Tier 1 clinical programs
by deferring manufacturing production and constraining management
and administration costs.  Research and development expenses
increased by US$2.6 million (9%) and management and
administration costs increased by US$0.3 million (3%), these
increases were offset by cost savings of US$5.4 million (76%) for
manufacturing for the half-year of FY2018, compared with the
half-year of FY2017.

There was a decrease of US$26.5 million (58%) in the loss before
income tax for the half-year of FY2018, compared with the half-
year of FY2017.

The main items which impacted the loss before income tax movement
were:

  * Revenues: the Company recognized milestone revenue of US$12.8
    million in the half-year of FY2018 compared to US$Nil in the
    half-year of FY2017, an increase of US$12.8 million.
    Milestone revenue of US$12.8 million in the half-year of
    FY2018 comprised: US$5.9 million (EUR5.0 million) upfront
    payments received upon execution of the Company's patent
    license agreement with TiGenix; a further US$5.9 million
    (EUR5.0 million) of milestone revenue was recognized in
    relation to product Cx601 under the terms of the TiGenix
    patent license agreement; and US$1.0 million in sales
    milestones on achievement of cumulative sales milestones on
    TEMCELL by its licensee in Japan, JCR.

    The Company recognized commercialization revenues from
    royalties on sales of TEMCELL by JCR of US$1.6 million in the
    half-year of FY2018 compared with US$0.7 million in the half-
    year of FY2017, an increase of US$0.9 million (139%).

  * Research and Development expenses were US$31.6 million for
    the half-year of FY2018, compared with US$29.0 million for
    the half-year of FY2017, an increase of US$2.6 million (9%)
    as the Company invested in Tier 1 clinical programs.

  * Manufacturing expenses were US$1.7 million for the half-year
    of FY2018, compared with US$7.1 million for the half-year of
    FY2017, a decrease of US$5.4 million (76%) due to a reduction
    in manufacturing activity because sufficient quantities of
    clinical grade product were previously manufactured for all
    ongoing clinical trials.

  * Management and Administration expenses were US$10.6 million
    for the half-year FY2018, compared with US$10.3 million for
    the half-year of FY2017, an increase of US$0.3 million (3%)
    due to increased labour costs for non-cash share based
    payments partially offset by a decrease in corporate overhead
    expenses such as rent, IT costs and professional service
    fees.

The overall decrease in loss before income tax also includes
movements in other items which did not impact current cash
reserves, such as: fair value remeasurement of contingent
consideration, and foreign exchange movements within other
operating income and expenses.

A non-cash income tax benefit of US$26.2 million and was
recognized in the half-year FY2018 in relation to the net change
in deferred tax assets and liabilities recognized on the balance
sheet during the period, primarily due to a revaluation of our
deferred tax assets and liabilities recognized as a result of
changes in tax rates.  On Dec. 22, 2017, the United States signed
into law the Tax Cuts and Jobs Act (the Tax Act), which changed
many aspects of United States corporate income taxation,
including a reduction in the corporate income tax rate from 35%
to 21%.  The Company recognized the tax effects of the Tax Act in
the half-year FY2018, the most significant of which was a tax
benefit resulting from the remeasurement of deferred tax balances
to 21%.

A non-cash income tax benefit of US$6.2 million was recognized in
the half-year FY2017 in relation to the net change in deferred
tax assets and liabilities recognized on the balance sheet during
the period.

The net profit attributable to ordinary shareholders was US$6.7
million, or 1.46 cents earnings per share, for the half-year of
FY2018, compared with a net loss of US$39.8 million, or 10.41
cents loss per share, for the half-year of FY2017.

             Financial Results for the Three Months
            Ended December 31, 2017 (second quarter)

Revenues were US$13.4 million in the second quarter of FY2018
compared with US$0.6 million in the second quarter of FY2017, an
increase of US$12.8 million.

In addition to increasing revenues the Company contained spend
whilst increasing its R&D investment in Tier 1 clinical programs
by deferring manufacturing production and constraining management
and administration costs.  Research and development expenses
increased by US$1.2 million (8%) and management and
administration costs increased by US$0.7 million (16%), these
increases were offset by cost savings of US$3.0 million (79%) for
manufacturing for the second quarter of FY2018, compared with the
second quarter of FY2017.

There was a decrease of US$13.5 million (58%) in the loss before
income tax for the second quarter of FY2018, compared with the
second quarter of FY2017.

The main items which impacted the loss before income tax movement
were:

   * Revenues: the Company recognized milestone revenue of
     US$12.3 million in the second quarter of FY2018 compared to
     US$Nil in the second quarter of FY2017, an increase of
     US$12.3 million.

     Milestone revenue of US$12.3 million in the second quarter
     of FY2018 comprised: US$5.9 million (EUR5.0 million) upfront
     payments received upon execution of the Company's patent
     license agreement with TiGenix; a further US$5.9 million
     (EUR5.0 million) of milestone revenue was recognized in
     relation to product Cx601 under the terms of the TiGenix
     patent license agreement; and US$0.5 million in sales
     milestones on achievement of cumulative sales milestones on
     TEMCELL by its licensee in in Japan.

     The Company recognized commercialization revenues from
     royalties on sales of TEMCELL by its licensee in Japan, JCR,
     of US$0.9 million in the second quarter of FY2018 compared
     with US$0.4 million in the second quarter of FY2017, an
     increase of US$0.5 million (119%).

   * Research and Development expenses were US$16.2 million for
     the second quarter of FY2018, compared with US$15.0 million
     for the second quarter of FY2017, an increase of US$1.2
     million (8%) as the Company invested in Tier 1 clinical
     programs.

   * Manufacturing expenses were US$0.8 million for the second
     quarter of FY2018, compared with US$3.8 million for the
     second quarter of FY2017, a decrease of US$3.0 million (79%)
     due to a reduction in manufacturing activity because
     sufficient quantities of clinical grade product were
     previously manufactured for all ongoing clinical trials.

   * Management and administration expenses were US$5.6 million
     for the second quarter FY2018, compared with US$4.9 million

     for the second quarter of FY2017, an increase of US$0.7
     million (16%) due to increased labour costs for non-cash
     share based payments partially offset by a decrease in
     corporate overhead expenses such as rent, IT costs and
     professional service fees.

The overall decrease in loss before income tax also includes
movements in other items which did not impact current cash
reserves, such as: fair value remeasurement of contingent
consideration, and foreign exchange movements within other
operating income and expenses.

A non-cash income tax benefit of US$23.3 million and was
recognized in the second quarter FY2018 in relation to the net
change in deferred tax assets and liabilities recognized on the
balance sheet during the period, primarily due to a revaluation
of our deferred tax assets and liabilities recognized as a result
of changes in tax rates.  On Dec. 22, 2017, the United States
signed into law the Tax Cuts and Jobs Act (the Tax Act), which
changed many aspects of U.S. corporate income taxation, including
a reduction in the corporate income tax rate from 35% to 21%.
The Company recognized the tax effects of the Tax Act in the
second quarter FY2018, the most significant of which was a tax
benefit resulting from the remeasurement of deferred tax balances
to 21%.

A non-cash income tax benefit of US$3.1 million was recognized in
the second quarter FY2017 in relation to the net change in
deferred tax assets and liabilities recognized on the balance
sheet during the period.

The net profit attributable to ordinary shareholders was US$13.7
million, or 2.91 cents earnings per share, for the second quarter
of FY2018, compared with a net loss of US$20.1 million, or 5.22
cents loss per share, for the second quarter of FY2017.

The financial report has been independently reviewed.  The
financial report is not subject to a qualified independent review
statement.  The independent audit review report includes the
following statement:

  "We draw attention to Note 1(i) in the half-year financial
   report, which indicates that the Group incurred net cash
   outflows from operations for the six months ended 31 December
   2017 of USD35.2 million.  As a result, the Group is dependent
   on entering into a partnership with a third party for funding
   of operations and/or raising capital through the issue of new
   shares, together with successfully maintaining certain cost
   containment and deferment strategies.  These conditions, along
   with other matters set forth in Note 1(i), indicate the
   existence of a material uncertainty that may cast significant
   doubt about the Group's ability to continue as a going
   concern."

Directors of Mesoblast Limited in office at any time during or
since the end of the six months ended Dec. 31, 2017 were:

     Name                           Position
     ----                           --------
     Silviu Itescu              Executive Director

     Brian Jamieson             Chairman

     William M Burns            Non-executive Director, Vice
                                Chairman

     Donal O'Dwyer              Non-executive Director, Chair of
                                Nomination and Remuneration
                                Committee

     Eric Rose                  Non-executive Director, Chair of
                                Science and Technology Committee

     Michael Spooner            Non-executive Director, Chair of
                                Audit and Risk Committee

     Ben-Zion Weiner            Non-executive Director

A full-text copy of the press release is available at:

                     https://is.gd/ySIjLU

                        About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a
global developer of innovative cell-based medicines.  The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates.  Mesoblast's allogeneic, 'off-the-shelf' cell product
candidates target advanced stages of diseases with high, unmet
medical needs including cardiovascular conditions, orthopedic
disorders, immunologic and inflammatory disorders and
oncologic/hematologic conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for
the year ended June 30, 2015.

As of Dec. 31, 2017, Mesoblast had US$664.81 million in total
assets, US$89.20 million in total liabilities and US$575.60
million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended June 30, 2017, noting that Company
has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going
concern.


PARKHURST FARMS: Second Creditors' Meeting Set for March 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Parkhurst
Farms Pty Ltd and Yarra Station Pty Ltd has been set for
March 19, 2018, at 10:30 a.m. at the offices of Deloitte
Financial Advisory Pty Ltd, Level 10, 550 Bourke Street, in
Melbourne, Victoria, on March 19, 2018, at 10:30 a.m.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 14, 2018, at 4:00 p.m.

Richard John Hughes and Salvatore Algeri of Deloitte were
appointed as administrators of Parkhurst Farms Pty Ltd and Yarra
Station on March 19, 2018.


SCHUMACHER PHARMA: First Creditors' Meeting Set for March 20
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Schumacher
Pharmaceuticals Pty. Ltd. will be held at the offices of Charles
& Co, Suite 2, Level 1, 190 Queen Street, in Melbourne, Victoria,
on March 20, 2018, at 10:45 a.m.

Nedin Talic -- ntalic@charlesandco.com.au -- and Claudio Trimboli
-- ctrimboli@charlesandco.com.au -- of Charles & Co were
appointed as administrators of Charles & Co on March 7, 2018.



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BEIJING CAPITAL: Moody's Alters Outlook on Ba3 CFR to Stable
------------------------------------------------------------
Moody's Investors Service has revised to stable from negative its
outlook on Beijing Capital Land Limited's (BJCL) Ba3 corporate
family rating.

At the same time, Moody's has revised to stable from negative the
outlook on the following ratings of BJCL's subsidiaries:

1. The B1 corporate family rating of International Financial
Center Property Ltd. (IFC)

2. The B1 backed senior unsecured debt rating on the bonds issued
by Central Plaza Development Ltd. (CPD)

3. The provisional (P)B1 backed senior unsecured rating on the
medium-term note (MTN) program of CPD

At the same time, Moody's has affirmed all the above ratings.

Both the bonds and MTN program of CPD are guaranteed by IFC.

The bonds and MTN program are also supported by Deeds of Equity
Interest Purchase Undertaking and Keepwell Deeds between BJCL,
CPD, IFC and the bond trustee. Both CPD and IFC are wholly-owned
subsidiaries of BJCL.

Additionally, Beijing Capital Group Co., Ltd. (BCG, Baa3 stable),
the parent of BJCL, provides Letters of Support in favor of BJCL
and IFC in connection with both the bonds and the MTN program.

RATINGS RATIONALE

"The change in BJCL's ratings outlook to stable from negative
reflects Moody's expectation that the company's credit metrics
will improve on a sustained basis, supported by improved gross
profit margins, expected revenue growth as well as prudent debt
management over the next 12-18 months," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer, and also the
International Lead Analyst for BJCL.

The company's gross profit margin increased significantly to
26.7% in 2017 from 12%-13% in 2016 and 2015. The improvement was
mainly attributable to the delivery of high-margin projects in
Beijing, Shanghai and Tianjin, which accounted for around 75% of
revenue in 2017.

Moody's expects that BJCL will maintain a gross profit margin of
around 25% over the next 12-18 months, supported by the company's
continued focus on first-tier and major second-tier cities.
Around 67% of its total contracted sales in 2017 were derived
from top-tier cities such as Beijing, Tianjin and Shanghai.

Moody's also estimates that the company will register revenue
growth of around 20% year-on-year over the next 12-18 months,
supported by its strong contracted sales growth over the last 1-2
years. At year-end 2017, the company indicated that it had
already locked in future revenue of around RMB30.2 billion.

Moody's expects BJCL's debt will increase by around 5%-10% over
the next 12-18 months to replenish its land bank and achieve its
RMB75-80 billion sales target for 2018 (including contributions
from joint ventures and associates). However, this rise in debt
will be more than offset by the expected strong earnings growth
over the same period. BJCL may also raise equity to reduce its
reliance on debt funding.

Consequently, Moody's expects BJCL's interest coverage - as
measured by adjusted EBIT/interest - to further improve to 2.0x-
2.2x over the next 12-18 months from 1.9x for 2017. Its debt
leverage - as measured by adjusted revenue/debt - will likely
rise to around 30%-35% from 27% at end-2017. Such metrics will
support the company's standalone credit strength, which is
equivalent to a B2 rating.

The two-notch parental uplift continues to reflect Moody's
expectation that BCG will provide support to BJCL in a distressed
situation, given its strategic and economic importance as the
group's core property arm.

Additionally, BCG has managerial control over the company and a
track record of financially supporting BJCL. Such support
includes the provision of guarantees to cover the repayment of
BJCL's onshore debt, and a letter of support covering its
offshore bond.

Moody's would consider upgrading BJCL's ratings if the company:
(1) demonstrates stable sales growth and grows its scale; (2)
maintains its prudent approach to land acquisitions; and (3)
maintains EBIT/interest coverage in excess of 2.5x.

On the other hand, BJCL's ratings could come under downward
pressure if: (1) it generates weak contracted sales; (2) its
profit margin decline materially; (3) its liquidity position
becomes impaired; and/or (4) its financial metrics weaken, with
EBIT/interest coverage falling below 1.25x-1.5x on a sustained
basis.

Any evidence of weakening support from BCG will also pressure
BJCL's rating.

Moody's also revised the outlook on IFC's rating to stable from
negative, following the change in outlook on BJCL's rating to
stable from negative.

IFC's B1 corporate family rating reflects its standalone credit
strength and a one-notch rating uplift, based on expected
financial and operating support from its parent, BJCL.

IFC's standalone credit strength reflects its small-scale
operation, thin capital base, and weak projected EBIT/interest of
around 1.0x-2.0x.

Moody's assessment of a high level of support from BJCL is based
on its: (1) 100% ownership of IFC; and (2) track record of
providing financial support to IFC.

Upward rating pressure could emerge if (1) IFC improves its scale
and geographic diversity to reduce the volatility in its sales
and earnings; (2) it improves its financial profile, with
EBIT/interest exceeding 3.0x; and (3) BJCL's rating is upgraded.

A downgrade of BJCL's rating will result in a similar downgrade
of IFC's rating.

In addition, any evidence of weakening support from BJCL, or a
reduction in the strategic importance of IFC to BJCL, could be
negative for the company's rating.


CHINA: First Local Default Could Come in 2018, Aberdeen Says
------------------------------------------------------------
Bloomberg News reports that it's been years coming, but the
latest Chinese moves to rein in leverage mean 2018 may be the
year for the country's first bond default by a local government
financing vehicle.

Bloomberg relates that the units that amassed record debt in the
borrowing-and-building binge after the global financial crisis
have faced increasing strains, and with their borrowing costs
climbing Moody's Investors Service and others have anticipated a
default at some stage. Aberdeen Standard Investments says the
groundwork is now ready for that to happen in 2018, according to
Bloomberg.

Bloomberg says the annual gathering of China's legislature, now
underway, has showcased President Xi Jinping's push to rein in
financial risks, and local debt has been singled out. Huang
Shouhong, head of State Council's research office, highlighted
that the central government won't bail out regional debts.

"The government has talked about LGFV credit risks long enough to
pre-warn people," Bloomberg quotes Edmund Goh, an Asia fixed-
income investment manager at Aberdeen Standard Investments in
Singapore, as saying in an interview this month. A default "would
be a signal to investors, letting them know that they will have
to be responsible for the risks they are taking," he said.

The first bond to miss a payment would probably be a privately
placed security issued by a small-scale LGFV, Mr. Goh, as cited
by Bloomberg, said. He only considers investment-grade LGFVs
offshore and avoids such bonds rated lower than AAA in the
domestic market.

According to Bloomberg, Mr. Goh said he's quite bullish on
China's onshore bonds this year. He estimated the authorities
will relax market regulations in the second half to help lower
borrowing costs.

Bloomberg notes that among the signs of strain in the LGFV bond
market:

  - LGFVs have a record CNY331 billion ($52 billion) worth of
    bonds to repay in the onshore and offshore markets in the
    second quarter. The bond maturities from now to the end of
    the year will be CNY882 billion.

  - A Chinese trust loan company was said to delay payments to
    investors on products tied to local borrowings.

  - Zhenjiang State-owned Investment Holding Group and Jiangsu
    Hanrui Investment Holding Co. sold 270-day bonds at a yield
    of 7.5 percent last month, a record coupon rate for LGFV
    notes of similar maturity.


SEVEN STARS: Expects Full-Year 2017 Revenue of $125MM to $144MM
---------------------------------------------------------------
Seven Stars Cloud Group, Inc., provided updates on 2017 pending
financial results, fiscal year 2018 revenue guidance and
initiation of fiscal year 2018 EBITDA guidance.

SSC management is expecting that in fiscal year 2018, the
Company, via its fintech-powered digital financial services
business and seven product engines, will generate $280 million in
revenue and $35 million in EBITDA.

SSC now foresees full-year 2017 revenue to be in the range of
$125 million to $144 million upon the anticipated timely
completion of its 2017 audit by BF Borgers CPA PC. While this was
short of the Company's earlier and recent guidance, the result is
anticipated to be in the 256%-310% growth range over 2016
revenue.

Commenting on the Company's achievements in 2017 as well as
outlook for 2018, Mr. Bruno Wu, Chairman & CEO of Seven Stars
Cloud stated:

"We experienced our fair share of opportunities and challenges in
2017 and generated what is anticipated to be record revenue and
revenue growth."

"Management is focused on building the Company for long term
growth, profitability and success. This is more than evident in
the performance delta between 2017 revenue results and any other
prior year in the Company's existence. This evolution and
progress includes significant transformational work in solving
for lagging and embedded legacy issues while at the same time
balancing and addressing current and go forward execution
activities."

"Unanticipated personnel issues that led to internal
communication and internal administrative oversights that
materialized during the Company's 2017 fiscal year, resulted in
what is anticipated to be 2017 revenue that is below prior and
recent guidance expectations.

However, the Company and management specifically, believes that
it has taken strong and immediate actions to cure the causes of
these deficiencies. Because of the foundation built and steps
taken during 2017, the Company believes it is well positioned for
continued growth in 2018. Specifically:

   * Management successfully transitioned the Company, formerly
strictly focused on VOD content distribution in China, into a
global financial technology firm;

   * The Company executed the first phase of its strategic and
integration plan by acquiring, investing in, or partnering
with firms focused on Artificial Intelligence, Blockchain and
Alternative Trading System platforms;

   * SSC is poised to launch the second phase of its strategic
plan in 2018 and expects to introduce a Global Trading Partner
Network that enables partners to list and trade financial
products both cost effectively and seamlessly across the globe;

* The Company relieved its former chief executive officer of
his responsibilities and Mr. Robert G. Benya joined the Company
as president, chief revenue officer & Board director. Mr. Benya
is responsible for leading the Company's US operations with
specific focus on revenue generating initiatives. In addition,
Mr. Benya is overseeing plans to open a US HQ in NYC in 2018 and
is working to supplement the global management team with
additional US-based senior executives.

Mr. Wu continued, "Given the high level of 2017 strategic plan
accomplishments as well as operational and personnel adjustments
continually implemented in the midst of all of the forward
motion, SSC estimates the Company will generate $280 million in
revenue and $35 million in EBITDA in 2018."

                         About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc. --
http://www.sevenstarscloud.com/-- is an Intelligent Industrial
Internet (3I) platform, creating an artificial intelligent &
fintech-powered, supply chain solution for commercial
enterprises.

By utilizing cutting-edge and all-encompassing fintech-powered
technologies plus resources such as Artificial Intelligence,
Blockchain, Cloud Computing & Data ("ABCD"), Seven Stars Cloud
provides efficient, secure and margin-expanding digital supply
chain solutions and asset-backed securitization for global
industrial energy, commodity, exhibition/trade show &
Intellectual Property, clients & markets. The company is
headquartered in Tongzhou District, Beijing, China.

KPMG Huazhen LLP, in Beijing, China, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2016, noting that the
Company incurred recurring losses from operations, has net
current liabilities and an accumulated deficit that raise
substantial doubt about its ability to continue as a going
concern.

Webcast reported a net loss of $27.43 million in 2016 following a
net loss of $8.54 million in 2015. As of Sept. 30, 2017, Seven
Stars had $71.55 million in total assets, $47.76 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $22.53 million in total equity.



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


NOBLE GROUP: Asked to Get IFA's Opinion on Restructuring Plan
-------------------------------------------------------------
The Business Times reports that the Singapore Exchange (SGX) on
March 8 said it requires commodity trader Noble Group to appoint
an independent financial advisor (IFA) to opine on whether the
group's proposed restructuring and the resultant allocation of
shares to the shareholders, management and senior creditors are
"fair and reasonable and not prejudicial to the interest of
shareholders".

The report says the IFA opinion is to be included in the
shareholders circular related to the proposed restructuring to
assure that the shareholders are fully informed in making their
decision when they vote on it.

On Jan. 29, 2018, Noble had announced that it had entered into a
principle agreement with an ad hoc group of Noble's senior
creditors for a restructuring of Noble's existing debts, the
Business Times notes.

Under this proposed plan, the assets and core business would be
transferred to a new company, referred to as Topco.

Existing shareholders will have a 10 per cent interest in Topco;
the company's management will have a 10 per cent stake, with an
additional 10 per cent to be purchased from senior creditors with
the shares to vest, upon the meeting of certain performance
targets; senior creditors will have a 70 per cent interest, the
report discloses.

The Business Times relates that a few days later, Noble said the
group of ad hoc senior creditors agreed that retaining the
current management team is important to help Noble's turnaround
over the medium to long term.

Given the "scale and complexity" of the proposed restructuring,
SGX said: "While the exchange is cognisant that the company has
been in regular discussion with the Securities Investors
Association (Singapore), it is important that shareholders are
given adequate information to make an informed decision when the
proposed restructuring is put forth for their vote," the report
relays.

This will happen at an extraordinary general meeting to be
convened, and requires at least 50 per cent approval to pass,
adds the Business Times.

                         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
=========


AASHIRWAD INDUSTRIES: CRISIL Assigns D Rating to INR10MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Aashirwad Industries Private Limited (AIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              5        CRISIL D (Assigned)

   Cash Credit           10        CRISIL D (Assigned)

   Proposed Long Term
   Bank Loan Facility     2        CRISIL D (Assigned)

The rating reflects delays in debt servicing by the company due
to operating losses and weak liquidity.

AIPL has small scale of operations in the intensely competitive
asbestos cement (AC) roofing sheets sector, a weak financial risk
profile, and large working capital requirement. However, it
benefits from its promoters' extensive industry experience and
funding support.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: There have been delays by the company
in meeting term loan obligation and interest obligation on its
cash credit account.

* Modest scale of operations: Operating income, at INR14.6 crore
in fiscal 2017 (INR6.6 crore in fiscal 2016), is constrained by
competition from local as well as organised, large players.

* Weak financial risk profile: Gearing was high and networth
small, at 93.93 times and INR0.2 crore, respectively, as on
March 31, 2017, and debt protection measures were weak on account
of losses in fiscal 2017.

Strength:

* Promoters extensive experience and funding support: The
promoters' experience of around two decades in the real estate
and allied businesses should continue to support operations.
Also, the company gets need-based funding support from the
promoters.

Incorporated in June 2012, AIPL manufactures AC roofing sheets.
The company is promoted by Mr Rahul Tupe and Ms Leena Tupe. Its
unit is in the Butibori Industrial area of Nagpur (Maharashtra),
and has installed capacity of 54,000 tonne per annum.


CHANDRA AUTOMOBILE: CRISIL Lowers Rating on INR4.65MM Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Chandra Automobile India Pvt Ltd (CAIPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           2.5       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan        4.65      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade factors in the expected decline in revenue and
operating margin in fiscal 2018, on account of increased
competition for in Coimbatore market with newer entrants. While
revenue remained largely stable in fiscal 2017, there was a drop
in margin from 3.7% to 2.6% due to competitive pressure. During
fiscal 2018, CAIPL is expected to report revenue and operating
margin of INR140 crore and 2-2.2%, respectively. CRISIL believes
that CAIPL's business profile will remain exposed to intense
competition and any improvement in the operating performance,
particularly its margin will be gradual.

The ratings also reflect the weak financial risk profile and
exposure to intense competition in the automobile dealership
industry. These weaknesses are partially offset by the extensive
experience of the promoter in the auto dealership industry.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition in the automobile dealership
industry: The automotive segment is intensely competitive, with a
large number of players present in the mini, compact, mid-size,
executive, premium and luxury categories in the passenger car
segment, and in the 100cc, 150cc and premium variants in the two-
wheeler segment.

* Weak financial risk profile: Financial risk profile is marked
by a small networth and high total outside liabilities to
tangible networth (TOL/TNW) ratio of around INR5.1 crore and 4.4
times, respectively, as on March 31, 2017. Accretion to reserves
may continue to be low, given the trading nature of operations
and muted profitability thereof.

Strength

* Extensive experience of the promoters in the automobile
dealership industry: The promoters set up CAPL in 1992, to deal
in two-wheelers for Hero Honda Motors Pvt Ltd. Later, in 2005,
they took over the dealership of Honda Motorcycle and Scooter
India Pvt Ltd. Following the split between Hero and Honda, the
company is now operating the dealership of Hyundai Motor India
Ltd (HMIL).

Outlook: Stable

CRISIL believes CAPL will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' if the company reports sustained growth in revenue and
profitability, or if any equity infusion by its promoters,
strengthens the capital structure. The outlook may be revised to
'Negative' if low cash accrual or any large capital expenditure,
weakens the financial risk profile.

Set up in 1992, CAPL is an authorised dealer for passenger cars
of HMIL, and two-wheelers of HMSI in Coimbatore (Tamil Nadu). The
company has been promoted by Mrs R Nandini and her family
members.


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

-- INR180 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR12.8 mil. Term loan due on March 31, 2021migrated to Non-
    Cooperating Category with IND BB+(ISSUER NOT COOPERATING)
    rating; and

-- INR82 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
February2, 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 2005, CIPL manufactures mild steel billets at its
62,400mtpa manufacturing unit in Burdwan district. These billets
are used by rolling mills to manufacture thermo-mechanically
treated bars. The company's registered office is in Kolkata.
Surendra Kumar Jain and Sourav Jain are the directors.


FATEH CHAND: Ind-Ra Affirms BB Rating on INR255.8MM Term Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Fateh Chand
Charitable Trust's (FCCT) bank loans' ratings as follows:

-- INR255.8 mil. (increased from INR181.6 mil.)Term loan due on
    March 2023 affirmed with IND BB/Stable rating; and

-- INR24.2 mil. (reduced INR70.5 mil.)Non-fund-based bank
    facilities (bank guarantee) affirmed with IND BB/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect FCCT's continued tight liquidity position,
despite increase in the available funds to INR46.63 million in
FY17 from INR14.17 million. The trust's tight liquidity position
provides weak financial cushion to its financial leverage (FY17:
6.16%, FY16: 1.98%) and operating expenditure (6.87%, 1.96%).
Collection period increased to 29 days in FY17 (FY16: 14 days)
mainly due to delay in the fee collection of MBBS course.

The ratings are further constrained by the trust's sustained high
debt levels. However, debt/current balance before interest and
depreciation (CBBID) improved to 3.12x in FY17 (FY16: 7.03x) on
account of a 137.74% yoy increase in CBBID to INR242.65 million,
against a 5.58% yoy rise in debt to INR757.17 million. The
trust's debt/income ratio also improved marginally to 82.18% in
FY17 (FY16: 86.84%).

Debt service coverage ratio (DSCR) improved to 1.26x in FY17
(FY16: 0.49x) due to the improvement in the CBBID. Interest
service coverage ratio also improved to 2.87x in FY17 (FY16:
1.57x) despite an increase in the interest expense. Ind-Ra
expects continued timely financial support from trustees by way
of unsecured loans will bridge the deficit in debt servicing, if
any.

Total income grew 11.57% yoy to INR921.35 million in FY17 driven
by a 21.52% rise in tuition fee income to INR792.73 million,
partially offset by a 35.16% yoy decline in hospital income to
INR92.50 million. The trust's total student headcount grew at
CAGR of 7.62% over FY13-FY18 to 1,321 (FY18: up 3.93% yoy, FY17:
up 7.80%). The approved annual intake increased to 363 in FY18
(FY17: 344) due to an increase in post-graduation course intake
by 19 seats to 53 seats. However, capacity utilization declined
marginally to 91.04% in FY18 (FY17: 92.64%).

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity position and
demand flexibility along with an improvement in the credit
metrics could be positive for the ratings.

Negative: Deterioration in the available funds in conjunction
with a disproportionate increase in debt resulting in weaker
coverage ratios and absence of timely financial support from
trustees could be negative for the ratings.

COMPANY PROFILE

Established in 2005, FCCT is affiliated to the Chaudhary Charan
Singh University, Meerut and is approved by the Medical Council
of India.

Muzaffarnagar Medical College and Hospital, under FCCT's aegis
started operations in 2006. The courses offered are MBBS, PG,
along with para-medical courses to impart nursing education and
training. The admission is through the entrance test of Uttar
Pradesh Unaided Medical College Welfare Association. The college
does not offer any part time courses. The hospital, presently
with a capacity of 650 beds, was established primarily to support
the college as a teaching hospital.


GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR9MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Galco Extrusions Private Limited (Galco).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            9         CRISIL B+/Stable (Reaffirmed)


   Proposed Long Term
   Bank Loan Facility     5.45      CRISIL B+/Stable (Reaffirmed)

   Term Loan              1.20      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's below-average
financial risk profile and modest scale of operations. These
weaknesses are partially offset by its promoter's extensive
experience in the aluminum extrusions industry.

Analytical Approach

For arriving at its rating, CRISIL has treated unsecured loans
extended by Galco's promoters (Rs 5.85 crore as on March 31,
2017) as debt, as they are not subordinated to bank debt, and may
or may not be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in the
aluminium extrusion industry keeps scale of operations modest,
reflected in net sales of INR72.6 crore in fiscal 2017, and
limits pricing power with suppliers and customers, thereby
constraining profitability.

* Below-average financial risk profile: Total outside liabilities
to adjusted networth ratio was weak at 5.18 times and networth
was modest at INR4.39 crore as on March 31, 2017. However,
interest coverage ratio was moderate at 3.28 times in fiscal
2017.

Strength

* Extensive experience of the promoters: The promoters' industry
experience of a decade and established relationships with major
customers and suppliers should support the business risk profile.

Outlook: Stable

CRISIL believes Galco will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if substantial growth in revenue, profitability,
and cash accrual, or significant equity infusion, strengthens
capital structure. The outlook may be revised to 'Negative' if
decline in revenue or profitability, or major capital expenditure
weakens the capital structure.

Incorporated in 2007, Galco has manufactured aluminum extrusions
since 2010. The company is headquartered in Ahmednagar
(Maharashtra) and is owned and managed by Mr Sandesh Lodha and
family.


HARSHGEET OVERSEAS: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Harshgeet Overseas
for obtaining information through letters and emails dated
January 31, 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            10       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Harshgeet Overseas which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Harshgeet Overseas 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 Harshgeet Overseas to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2011, Harshgeet trades in raw cotton. Based in Sendhwa
(Madhya Pradesh), the firm is promoted by Mr. Jaideep Singh
Rajpal.


HIA EXPORTS: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hia Exports
(HIA) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The instrument-wise rating actions are as follows:

-- INR100 mil. Fund-based working capital limit assigned with
    IND BB-/Stable rating; and

-- INR50 mil. Proposed fund-based limit* assigned with
    Provisional IND BB-/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect HIA's small scale of operations, volatile
EBITDA margin and modest credit metrics.  Revenue declined to
INR324.2 million in FY17 (FY16: INR343.1 million) due to subdued
gold demand in the domestic market. EBITDA margin ranged between
5.9% and 7.9% over FY15-FY17 (FY17: 7.9%, FY16: 5.9%) due to
fluctuation in gold prices. Interest coverage (operating
EBITDA/gross interest expense) improved to 1.4x in FY17 (FY16:
1.2x) and net financial leverage (total adjusted net
debt/operating EBITDAR) to 4.6x (6.4x) due to an increase in the
absolute EBITDA to INR25.5 million (INR20.2 million). Ind-Ra
expects HIA's overall credit profile to improve in FY18 due to an
increase in demand; the firm booked revenue of around INR300
million as of December 2017.

The ratings also factor in the firm's modest liquidity position
as reflected by around 88.57% average utilization of working
capital limits during the 12 months ended February 2018.

The ratings are also constrained by the proprietorship nature of
the firm.

However, the ratings derive support from the proprietor's over
one decade of experience in the jewelry industry, leading to
established relationships with the suppliers and customers.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin leading to a decline
in the credit metrics and/or liquidity could lead to a negative
rating action.

Positive: A substantial improvement in the scale of operations
along with an improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Formed in 2004, Mumbai-based, HIA Exports is a proprietorship
concern engaged in the manufacturing and sales of diamond and
gold jewelry.


JAI KUMAR: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai Kumar Arun
Kumar Private Limited's (JKAKPL) 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:

-- INR87 mil. Fund-based limitMigrated to Non-Cooperating
    Category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR0.52 mil. Long term loan due on May 30, 2017 migrated to
    Non-Cooperating Category with IND BB(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 13, 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 1979, JKAKPL is a Meerut-based authorized dealer
for Mahindra & Mahindra Limited ('IND AAA'/Stable) and Hero
MotoCorp Limited.  The firm is managed by Praveen Jain and Jai
Kumar Jain.


KAFILA HOSPITALITY: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Kafila Hospitality and
Travels Pvt Ltd (KHTPL) to 'CRISIL B+/Stable Issuer not
cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of KHTPL from 'CRISIL
B+/Stable Issuer not cooperating' to 'CRISIL B+/Stable'.

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Cash Credit          40       CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable Issuer Not
                                 Coperating')

   Proposed Cash
   Credit Limit          1       CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable Issuer Not
                                 Coperating')

The rating continues to reflect KHTPL's average financial risk
profile, large working capital requirement and small scale of
operation. These weaknesses are partially offset by the extensive
experience of KHTPL's promoter in the travel and tourism
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: Modest networth and high
gearing, INR7.92 crore and 4.83 times, respectively, as on
March 31, 2017, keep financial risk profile average.

* Large working capital requirement: Operations are expected to
remain working capital intensive over the medium term gross
current assets were 237 days as on March 31, 2017 driven by
creditors of 330 days.

Strength:

* Benefits from the promoter's decade long experience and
diversification in revenue streams should support the business.

Outlook: Stable

CRISIL believes KHTPL will continue to benefit from its
established network of agents and healthy relationships with
domestic airlines. The outlook may be revised to 'Positive' if
increase in revenue and stable profitability strengthen financial
risk profile, especially liquidity. The outlook may be revised to
'Negative' if revenue and profitability decrease because of
pricing pressures from airlines or if increase in working capital
requirement weakens financial risk profile, particularly
liquidity.

Incorporated in 2008, KHTPL is promoted by Mr Pradeep Chadda. The
company undertakes airline ticket and hotel bookings through the
business-to-business and business-to-consumer models, and runs a
27-room guest house.


KISAN OLEOCHEM: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kisan Oleochem &
Derivatives Private Limited's (KODPL) 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:

-- INR345 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING)/IND A4+
   (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 2, 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 October 2009, KODPL commenced commercial
operation in 2012. The company is engaged in manufacturing,
processing and trading of castor oil and castor de-oiled cake.
Its registered office is in Palanpur, Ahmedabad.


LAKHO AGRICULTURAL: CRISIL Reaffirms B+ Rating on INR7.9MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Lakho Agricultural and Food
Products Private Limited (LAFPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.9       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          1.6       CRISIL B+/Stable (Reaffirmed)

Operating income, at INR34.29 crore in fiscal 2017 and expected
at INR38-40 crore in fiscal 2018, is expected to grow at a
moderate pace over the medium term. Operating profitability is
susceptible to volatility in raw material price, and was low at
3.6% in fiscal 2017, and is expected at a similar level over the
medium term. Working capital requirement has increased, indicated
by gross current assets of 132 days as on March 31, 2017, against
89 days a year earlier, driven by increase in inventory to 129
days from 89 days. Sustenance of working capital cycle remains a
key sensitivity factor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Despite increase in operating
income to INR34.29 crore in fiscal 2017 from INR29.06 crore in
the previous fiscal, the company's scale remains modest,
constrained by intense competition.

* Susceptibility to raw material prices: With raw material cost
constituting 85-90% of operating income and given the company's
large inventory, operating profitability is susceptible to
volatility in paddy prices, as intense competition limits ability
to pass on fluctuation in raw material price to customers.
Operating profitability has remained low at 3.0-3.5% for past
couple of year and expected at similar level over the medium
term.

Strength

* Extensive experience of promoters: The promoters have been in
the rice milling segment for around two decades, resulting in
strong industry insight, diverse clientele (5-6 brokers and 40
direct customers, including export houses, in Bihar and
Jharkhand), and established relationships with paddy suppliers
and customers.

Outlook: Stable

CRISIL believes LAFPL will continue to benefit from the extensive
experience of its promoters and its diverse clientele. The
outlook may be revised to 'Positive' if there is a substantial
increase in revenue and profitability, or in net worth due to
equity infusion. The outlook may be revised to 'Negative' if
decline in profitability, sizeable working capital requirement,
or debt-funded capital expenditure weakens financial risk
profile.

Incorporated in 2011 and promoted by Mr Uma Nand Singh and Mr
Vishal Kumar Singh, LAFPL mills non-basmati parboiled rice at its
facility in Buxsar, Bihar. The company sells under the Lakho
brand.


METALINK: Ind-Ra Lowers LT Issuer Rating to 'B', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Metalink's
Long-Term Issuer Rating to 'IND B' from 'IND B+ (ISSUER NOT
COOPERATING)'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR44.5 mil. Fund-based working capital limit downgraded with
    IND B/Stable rating;

-- INR5 mil. (reduced from INR12.5 mil.)Non-fund-based working
    capital limit affirmed with IND A4 rating; and

-- INR17.5 mil. *Proposed fund-based limit assigned with
    Provisional IND B/Stable rating.

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

KEY RATING DRIVERS

The downgrade reflects deterioration in Metalink's credit metrics
on account of a decline in absolute EBITDA and an increase in the
year-end debt. The company's interest coverage (operating
EBITDA/gross interest expense) declined to 1x in FY17 (FY16:
1.8x) and net financial leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 9x (3.8x). The company's
revenue declined to INR98 million in FY17 (FY16: INR126 million)
as revenue generation from exports decreased due to lower orders
received from the United States. As per interim 10MFY18
financials, the company reported revenue of INR59 million.

Metalink's scale of operations remained small and its credit
metrics was weak due to low operating profitability. The
company's EBITDA margins declined to 3.09% during FY17 (FY16:
4.92%) on account of higher selling and distribution and other
expenses.

The ratings are constrained due to partnership nature of the
business and tight liquidity profile of the company as reflected
by its 97% average utilization of the working capital limits
during the 12 months ended February 2018. The company's working
capital cycle was long at around 135 days during FY17 (FY16: 81
days) on account of high debtors and inventory days.

The ratings, however, continue to derive support from over a
decade of operating experience of Metalink's partners in the
fabricated steel manufacturing business.

RATING SENSITIVITIES

Negative: Further decline in the scale of operations or further
stretch in the liquidity will be negative for the ratings.

Positive: A sustained revenue growth, along with improved credit
metrics on a sustained basis will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, Metalink is a partnership firm engaged in
manufacturing and export of fabricated steel products. The firm
exports its products to the United States and Spain. Metalink is
managed by Mr. Gaurav Dhawan and family. Recently the company
started working on rail and road infrastructure projects.


MISHRIBAI AGRO: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Mishribai Agro Tech Private Limited (MATPL) at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           5          CRISIL B+/Stable (Reaffirmed)
   Term Loan             7.5        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect exposure to initial phase of
operations and below average financial risk profile. This rating
weaknesses are partially offset by the extensive experience of
the promoters in edible oil and agriculture-related industries.

Key Rating Drivers & Detailed Description

Weakness

* Initial phase of operations: The company has started operations
in May 2017 and current year is first year of operations. The
revenue is estimated to be low at less than INR10 crore in
current fiscal 2018. The operations remain exposed to initial and
stabilisation phase of operation and ramp-up in operations remain
critical.

* Below average financial risk profile: The networth is modest
estimated at around INR3.7 crore, gearing is high estimated at
2.3 time as on March 31, 2018. Debt protection metrics are
average, because of low cash accruals and high debt levels.

Strength

* Extensive experience of the promoters in agriculture-related
industries: The promoters have extensive experience in oil seeds,
edible oil and agricultural-related businesses.  This experience
and established customer relations should benefit the company in
scaling up the operation of its cattle feed unit.

Outlook: Stable

CRISIL believes MATPL will benefit from promoters' industry
experience over medium term. The outlook may be revised to
'Positive' if company achieves higher than expected revenue and
cash accruals supported by quick stabilization. The outlook may
be revised to 'Negative' if lower than expected revenue or
profitability or higher working capital requirements or
unanticipated debt funded capital expenditure, weakens the
financial risk profile and liquidity.

MATPL was incorporated in 2011, promoted by Mr Mahendhra Omkar
Agarwal, and Mr Subhash Omkar Agarwal. The company has set up a
unit for manufacturing cattle feed with total capacity of about
200 tonne per day. Commercial operation started from May 2017.


NIRMAN ESTATE: CRISIL Assigns B+ Rating to INR8MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its rating 'CRISIL B+/Stable' rating
to the long-term bank facility of Nirman Estate Developers
Private Limited (NEDPL).  The rating reflects high offtake and
implementation risks related to its on-going projects and
exposure to cyclicality in the Indian real estate sector. These
weaknesses are partially offset by promoter's extensive
experience in the real estate industry and established regional
presence.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            8         CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     3         CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* High off-take and implementation risks: The company has sold
about 6% and completed 24% of its ongoing projects, which leads
to a high off-take and implementation risk. Any delay in inflow
of customer advances or bookings may impact construction progress
and liquidity.

* Susceptibility to cyclicality in the real estate sector: The
real estate sector in India is cyclical and is marked by sharp
movements in prices and a highly fragmented market structure. The
overall uncertain economic climate, and, higher caution by banks
towards exposure to the sector, can also impact company's credit
profile.

Strength

* Extensive industry experience of the promoters and strong
regional presence: The promoters have more than two decades of
experience in the industry and have completed several projects in
Nasik, leading to established presence and brand of Nirman.

Outlook: Stable

CRISIL believes NEDPL will continue to benefit over the medium
term from the extensive experience of its partners. The outlook
may be revised to 'Positive' if higher bookings and timely
receipt of advances lead to substantial cash inflows and
strengthens financial risk profile. The outlook may be revised to
'Negative' if lower bookings or delayed receipt of customer
advances constrains cash flows.

Setup in 1990, NEDPL is engaged in residential real estate
development in Nasik (Maharashtra). It currently has two ongoing
projects - Nirman Dwarkapuram and Nirman Vrindavan Garden. The
company is managed by Mr. Nemchand Poddar and his sons Mr. Vipul
Poddar and Mr. Hitesh Poddar.


NIRMAN INFRA: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nirman
Infra Steel Private Limited (NISPL) for obtaining information
through letters and emails dated November 23, 2017, 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            11       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan          7       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nirman Infra Steel Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Nirman Infra Steel 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 Nirman Infra Steel Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.

NISPL produces thermo-mechanically treated (TMT) bars under the
Bhaskar brand. The manufacturing facility at Jaipur commenced
operations in May 2013, and has capacity of 300 tonnes per day.


PETERESA REALTORS: CRISIL Assigns D Rating to INR21.5MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-
term bank facilities of Peteresa Realtors (PR).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan          8.5        CRISIL D (Assigned)

   Proposed Long Term
   Bank Loan Facility     21.5        CRISIL D (Assigned)

The rating reflects instance of delay in interest servicing and
susceptibility of PR's exposure to moderate project risk. Rating
also factors in cyclicality in the real estate industry. These
weakness are partially offset by extensive industry experience of
promoters.


Key Rating Drivers & Detailed Description

Weakness

* Instance of delay in interest servicing: On account of
stretched liquidity, there was delay in servicing of interest.

* Exposure to moderate project risk: The ongoing project is
exposed to moderate project risk. Any delays in implementation of
project or slow sales along with low advances from customers will
impact the firm's cash flows.

* Exposure to risks and cyclicality inherent in Indian real
estate industry: PR remains exposed to the inherent risks and
cyclicality associated with the Indian real estate industry
because of a highly fragmented market structure due to the
presence of a large number of regional players.

Strength

* Extensive experience of promoter: PR benefits from the
extensive experience of promoters of over 1 decade in real estate
industry. The promoter has successfully completed project in
Mumbai and Navi Mumbai.

Established in 2008, PR is partnership firm which is engaged in
residential real estate activities.  PR is undertaking a
residential real estate project in Borivali, Mumbai and is
managed by Mr Robert Dsouza.


PREMIER METAL: CRISIL Hikes Rating on INR7MM Cash Loan to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Premier Metal Products (PMP) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Buyer's Credit         2        CRISIL B+/Stable (Upgraded
                                   from 'CRSIL B/Stable')

   Cash Credit            7        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects expectation of continued improvement in
business risk profile over the medium term, driven by sustained
pick-up in demand from the Polypropylene caps and aluminium die
castings industries. In the 10 months ended January, 2018, sales
were INR58.65 crore, against INR49.96 crore in fiscal 2017.
Operating margin is also expected to improve to around 7% in
fiscal 2018 from 5.5% in fiscal 2017. Moreover, working capital
management has improved, with gross current assets of 142 days as
on March 31, 2017, against 245 days in the previous year.
Financial risk profile is also expected to improve with equity
infusion by promoters in fiscal 2018. Liquidity is likely to get
better with higher net cash accrual in fiscal 2017.

The rating reflects PMP's working capital-intensive operations
and constrained financial risk profile because of small networth
and below-average debt protection metrics. These weaknesses are
partially offset by moderate scale of operations with expected
improvement in operating margin, extensive experience of
promoters in the aluminium industry, and established relationship
with customers and suppliers.

Analytical Approach

Unsecured loans of INR5.55 crore (as on March 31, 2017) from
promoters and affiliates bear an interest rate that is lower than
the market rate. These loans have been classified as neither debt
nor equity.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets,
receivables, and inventory were sizeable at 142 days, 71 days,
and 22 days, respectively, as on March 31, 2017. Against this,
the firm receives credit of 20 days on average from local
dealers, and none from regular suppliers.

* Weak financial risk profile: Networth was small at INR2.73
crore as on March 31, 2017, while gearing was high at 3.89 times.
Also, debt protection metrics were subdued, reflected in interest
coverage and net cash accrual to adjusted debt ratios of 1.3
times and negative 0.05 time, respectively, for fiscal 2017. This
was due to capital withdrawal to pay a leaving partner. However,
promoters brought in funds in fiscal 2018 to support capital
structure. However, financial risk profile will remain weak over
the medium term.

Strengths

* Extensive experience of promoters: Presence of over four
decades in the aluminium industry has enabled the promoters to
diversify product profile and establish strong relationship with
suppliers and customers. Clientele includes large companies such
as Tata Iron and Steel Company Ltd, Dabur India Ltd ('CRISIL
AAA/Stable/CRISIL A1+'), and Hamdard Laboratories (India); as
well as major pharmaceutical companies.

* Improving scale of operations and operating margin: Turnover
clocked a compound annual growth rate of 28.49% in the three
years through fiscal 2017 to INR49.96 crore. Sales were INR58.65
crore in the 10 months ended February 16, 2018. Operating margin
is likely to be around 7% for fiscal 2018 and will remain stable
over the medium term. Revenue growth too will be steady.

Outlook: Stable

CRISIL believes PMP will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if substantial increase in revenue and
operating margin strengthens liquidity. The outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, weakens further because of decline in operating
margin, large, debt-funded capital expenditure, or increase in
working capital requirement.

PMP was set up in 1976 as a partnership firm by Kolkata-based
Bagaria familymenbers. PMP manufactures aluminium deoxidant
castings, aluminium PP caps, and aluminium die castings, which
are used in the steel casting industries. Based in Howrah, West
Bengal, and part of the Triveni group, the firm has a reputed
clientele.


PRINT SOLUTIONS: CRISIL Assigns B+ Rating to INR19MM Disc. Loan
----------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
bank facility of Print Solutions Private Limited (PSPL) and has
assigned its 'CRISIL B+/Stable' ratings to the bank facilities.
CRISIL had suspended the ratings on June 18, 2015, as the company
had not provided the information required for a rating review. It
has now shared the requisite information, enabling CRISIL to
assign a rating to the facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Lease Rental           19       CRISIL B+/Stable (Assigned;
   Discounting Loan                Suspension Revoked)

The rating reflects the company's single party concentration
risk, leading to modest debt service coverage ratio (DSCR) and
large advances extended to third parties. This weakness is
partially offset by the promoter's extensive experience in the
real estate leasing industry, presence of an escrow mechanism
with a defined waterfall mechanism and a debt service reserve
account for three months.

Key Rating Drivers & Detailed Description

Weakness:

* Customer concentration in revenue profile: Revenue is entirely
derived from PSPL's leasing out of a single property to Malwa
Hospitality Pvt Ltd (rated CRISIL BB/Stable).

* Large advances extended to third parties: Advances of about
INR15 crore have been extended to third parties on interest.
CRISIL will continue to monitor that the principal and interest,
thereafter, are received on time.

* Modest DSCR: DSCR is likely to be in the range of 1.05-1.1
times over the next five years, against lease income.

Strengths:

* Soundness of debt repayment structure: Presence of a mechanism
wherein lease payments are deposited by the tenant in an escrow
account, which is maintained by the bank, reflects the soundness
of debt repayment structure. The bank has first charge on the
lease rentals.

* Extensive experience of the promoter: PSPL is a part of the
Indore-based C-21 group, established by Mr Gurjeet Singh Chhabra.
Mr. Chhabra is an established player with experience of around 25
years in the industry. He owns three out of the four large malls
in Indore, and also has other properties leased out to players in
the hospitality industry.

Outlook: Stable

CRISIL believes PSPL will continue to benefit over the medium
term from its promoter's extensive experience and funding
support. The outlook may be revised to 'Positive' if sustainable
ramp-up in lease rentals improves financial risk profile. The
outlook may be revised to 'Negative' if unexpected termination of
the lease agreement or significant delays in receiving rent
weakens financial risk profile, particularly liquidity.

Incorporated in 2006, PSPL is promoted by Mr Gurjeet Singh
Chhabra and Mrs Prabjot Chhabra. The company has constructed
buildings of 60,000 sq. ft., and has leased them to MHPL. MHPL
runs Effotel Hotel on the premises. Furthermore, the company
lends loans and advances (outstanding at INR14.87 crore as on
January 2018) to third parties on interest basis.


PROFESSIONAL EDUC: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with
Professional Educational Trust (PET) for obtaining information
through letters and emails dated November 13, 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
   ----------        ---------    -------
   Funded Interest        4       CRISIL D (Issuer Not
   Term Loan                      Cooperating; Rating Migrated)

   Long Term Loan        21       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Overdraft              4       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term     5       CRISIL D (Issuer Not
   Bank Loan Facility             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 Professional Educational Trust
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Professional Educational Trust is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Professional Educational Trust to 'CRISIL D Issuer
not cooperating'.

PET, located in Palladam (Tamil Nadu), was established in 2009 by
Dr. C Subramaniam. The trust offers undergraduate and
postgraduate courses in engineering and management.


RAJ YAMAHA: CRISIL Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Raj Yamaha
(RY) for obtaining information through letters and emails dated
November 14, 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           8.75      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Term Loan        1.00      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Cash         2.00      CRISIL B+/Stable (Issuer Not
   Credit Limit                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Raj Yamaha which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Raj
Yamaha 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 Raj Yamaha to 'CRISIL B+/Stable Issuer not
cooperating'.

RY was established in 2009 as an authorised dealer of India
Yamaha Motor Pvt Ltd in Chennai. The proprietor, Mr H Rajkumar,
manages operations.


SAJ ROOFING: CRISIL Assigns D Rating to INR4.0MM Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-
term bank facilities of Saj Roofing Solutions Private Limited
(SRS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          3.2        CRISIL D (Assigned)
   Cash Term Loan       4.0        CRISIL D (Assigned)

The rating reflects delay in servicing debt due to weak
liquidity, which was driven by delay in payments by customers.
The rating also reflects geographical concentration in revenue.
These rating weaknesses are partially offset by the experience of
the promoter in the roofing sheet industry.


Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity: Delays in payment by customers has led to weak
liquidity and resulted in delay in servicing debt. Also, a small
scale of operations resulted in insufficient cash accrual to meet
repayment obligation.

* Geographical concentration in revenue: The firm caters to
customers only in the Tamil Nadu, and hence revenue is
susceptible to any economic downturn in the state.

Strength

* Industry experience of the promoter: The promoter has an
experience of about a decade in the roofing sheet industry.
Benefits from this should continue.

SRS was established in 2016 by Mr Sebastien Cletus in Coimbatore,
Tamil Nadu. The company manufactures roofing sheets for
industrial use.


SENAPATI MOTORS: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Senapati Motors (SM).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            5.5       CRISIL B+/Stable (Assigned)

The rating reflects exposure to intense competition and supplier
concentration risks in the automobile dealership business, and
weak financial risk profile.  These weaknesses are partially
offset by the promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition in the dealership business and
supplier concentration risk: SM generates revenues from the sale
of vehicles, and its service Centre. SM faces intense competition
from other TVS dealers in and around Jagatsinghpur region as
principals have also been encouraging more dealerships (thereby
increasing competition) to improve penetration and sales. SM is
involved only in the dealership of TVS and thus, exposed to
supplier concentration risk.

* Weak financial profile: SM has a weak financial profile marked
by low networth of INR 1.53 Cr as on 31st March, 2017. The debt
protection metrics is also weak with NCATD and ICR of 0.05 and
1.52 times respectively in FY17 which is expected to improve over
the medium term.

Strengths:

* Extensive experience of promoters in automotive dealership
segment and benefits derived from TVS's dealership: SM generates
its 90% of revenues from product sales, 10% from spares and
accessories.  With close to three decades of experience of the
promoters in the industry, in the last 3 years the company has
grown more than 90%.

Outlook: Stable

CRISIL believes that SM will continue to benefit from its
promoters extensive industry experience and from the established
relationship with TVS. The outlook may be revised to 'Positive'
in case of improvement in SM's financial risk profile driven by
higher than expected cash accruals or capital infusion along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of pressure on the company's
financial risk profile, particularly its liquidity emanating from
lower than expected cash accruals or larger than expected working
capital requirements.

Set up in 2002, SM is an authorized main dealer for two-wheeler
vehicles of TVS Motor Company. The company is currently having 6
showrooms with 6 service stations in and around Rahama, Orissa.
The company is the authorised main dealer for the whole district
of Jagatsinghpur in Orissa.


SGRD HEALTHCARE: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with SGRD
Healthcare Private Limited (SGRD) for obtaining information
through letters and emails dated November 23, 2017, 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
   ----------        ---------     -------
   Term Loan             15.4      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGRD Healthcare Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on SGRD Healthcare Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

SGRD was incorporated in 2011, by promoters, Mr Amarjit Singh
Sabharwal and his brother, Mr Tejinder Singh Sabharwal. The
company has set up a 130-bedded multi-specialty hospital at
Amritsar. Work commenced in April 2012 and operations have
started from August 2015. SGRD has entered into an agreement with
IVY Health & Life Sciences Pvt Ltd (IVY), to manage the entire
operations of the hospital for a period of 10 years.


SHREE VENKATESH: Ind-Ra Withdraws 'BB' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Venkatesh
Group's (SVG) Long-Term Issuer Rating of 'IND BB'. The Outlook
was Stable.

The instrument-wise rating action is as follows:

-- INR277.5 mil. Term loan due on September 2017 withdrawn and
     the rating is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

SVG is a Pune-based partnership firm engaged in housing
construction and real estate development activity. Most of the
housing projects are middle-income group oriented and
concentrated in Pune.


SHRI GANGA: CRISIL Moves B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri Ganga
Four Wheels Private Limited (SFWPL) for obtaining information
through letters and emails dated November 23, 2017, 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            4         CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan              4         CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shri Ganga Four Wheels Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shri Ganga Four Wheels 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 Shri Ganga Four Wheels Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.

Incorporated in 2014, SFWPL has set up an automotive dealership
for light commercial vehicles of Tata Motors Ltd (rated 'CRISIL
AA/Positive/CRISIL A1+) at Sikar, Rajasthan. The company
commenced operations from September 2015.


SULOCHANA AGRO: CRISIL Reaffirms B Rating on INR8.25MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long term bank facilities of Sulochana Agro and Infratech Pvt
Ltd.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           6.75       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    8.25       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect SAIPL's modest scale of
operations in the intensely competitive edible oils industry and
its working-capital-intensive operations. The rating also factors
in SAIPL's below average financial risk profile marked by modest
net worth, high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of SAIPL's promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in the intensively competitive
edible oil industry: The company's scale of operations is modest,
as indicated by its estimated revenues of around INR47.97 Cr in
2016-17. Modest scale of operations restricts the company from
achieving economies of scale.

* Working-capital-intensive operations: SAIPL's working capital
intensive nature of operations is reflected in gross current
assets (GCA) of around 119 days as on March 31, 2017 owing to
inventory of 27 days and debtors of 88 days.

* Below average financial risk profile: SAIPL had high gearing of
2.5 times and net worth and INR6.64 Cr respectively as on
March 31, 2017. The interest coverage and net cash accruals to
total debt were at 1.73 times and 5 percent respectively in 2016-
17

Strength:

* Promoters' extensive industry experience: SAIPL is promoted by
Mr. T Mahender Reddy and Mr. B Chandrasekhar Reddy. The promoters
have an extensive experience of around 20 years in edible oil
industry which has aided SAIPL to establish a comfortable
presence in the domestic market. Furthermore, promoter's contacts
and long-standing relations with rice mills for procuring rice
husk will continue to benefit SAIPL over the medium term.

Outlook: Stable

CRISIL believes SAIPL will continue to benefit over the medium
term from the promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if there is substantial and sustained increase in its
scale of operations, while maintaining its profitability margins,
coupled with sustained improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if revenue
or profitability margins decline steeply or in case of a
significant deterioration in its capital structure caused most
likely because of a stretch in its working capital cycle.

Incorporated in 2006, SAIPL manufactures rice bran oil and de-
oiled rice bran, which are used as animal feed. Its processing
facilities are in Nalgonda (Telangana). The company is managed by
Mr. T Mahender Reddy.


SWASTHIK CERAMALL: CRISIL Moves B+ Rating to Not Cooperating Cat.
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Swasthik
Ceramall for obtaining information through letters and emails
dated November 14, 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           1.35      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan        1.25      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Working
   Capital Facility      0.90      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Swasthik Ceramall which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Swasthik Ceramall 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 Swasthik Ceramall to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2015, Chennai (Tamil Nadu) based Swasthik Cermall
(Swasthik) is engaged in the trading of tiles and sanitary ware.
The firm is promoted by Mr. A.S. Jaya Ganesh and his brother Mr.
A.S. Jaya Kumar.


VIRINCHI LTD: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Neg.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Virinchi
Limited's (VL) Long-Term Issuer Rating to 'IND BB' from
'IND BBB-' while resolving the Rating Watch Negative (RWN). The
Outlook is Negative. The instrument-wise rating action is as
follows:

-- INR130 mil. Fund-based working capital limit downgraded with
IND BB/Negative/IND A4+ rating.

Ind-Ra has taken a consolidated view on VL and its 100%
subsidiary Virinchi Healthcare Private Limited (VHPL, IND D).

KEY RATING DRIVERS

The downgrade and the Negative outlook reflect delays in
repayment of term loans by VHPL in the month of February 2018. VL
has provided a corporate guarantee of INR687.5 million for VHPL's
debt. VHPL is facing cash flow mismatch on account of project
cost overrun and delay in obtaining the required cash from its
parent.

The ratings reflect VL's tight liquidity position as indicated by
the average maximum utilization of the fund-based working capital
limits at around 99.7% over the 12 months ended September 2017.

The ratings factor in VL's sustained modest credit profile.
During FY17, the consolidated revenue grew 31.3% yoy to INR2,867
million and EBITDA margin expanded to 22.3% (FY16: 14.3%) on
account of an increase in revenue from the higher-margin software
services segment. The company's pharmacy segment also began
generating revenue in FY17, augmenting the overall revenue
further.  During the 1HFY18 (interim), VL's consolidated revenue
was INR1,688 million with EBITDA margin of 26.8%.

Net leverage (total adjusted net debt/operating EBITDAR) improved
to 2.5x in FY17 (FY16: 3.4x) on the back of an increase in
operating EBITDA to INR639 million (INR311 million). However,
despite the increase in operating EBITDA, interest coverage
(operating EBITDA/gross interest expense) deteriorated to 5.5x in
FY17 (FY16: 10.3x) owing to an increase in interest expense to
INR115 million (INR30 million), resulting from an increase in
debt to fund capex.  As of 1HFY18, the net leverage was 1.8x and
interest coverage was 5.02x.

RATING SENSITIVITIES

Positive:  Satisfactory track record of timely repayment by VHPL
will result in the Outlook being revised to Stable.

Negative: Unsatisfactory track record of repayment by VHPL will
lead to negative rating action.

COMPANY PROFILE

Founded in 1991, VL, formerly Virinchi Technologies Limited, is
part of Virinchi Group. VL has Capability Maturity Model
Integration certification. It is an ICT (information and
communications technology) products and services company based
out of Hyderabad, India. The company has over 1,000 employees
across three offshore development centers, located in Hyderabad,
with 100,000 square feet of ready to plug-in workspace. The
company has IT clientele majorly in North America.


VKN LAKSHMI: CRISIL Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with VKN
Lakshmi Agro Foods Private Limited (VKN) for obtaining
information through letters and emails dated November 14, 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
   ----------        ---------     -------
   Long Term Loan         5        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Secured Overdraft
   Facility               5        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VKN Lakshmi Agro Foods Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on VKN Lakshmi Agro Foods 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 VKN Lakshmi Agro Foods Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.

VKN Lakshmi Agro Foods Private Limited (VKN) was incorporated in
the year 2015 in order to set up a dairy farm with 1000 cows and
sell organic milk. The company is based out of Chennai. VKNis
promoted by Mr. Natesan Krishnan and his family members and
expects to commence commercial operations from April 2017.


VNM JEWEL: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated VNM Jewel Crafts
Limited's (VNMJC) 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 mil. Fund-based working capital limit migrated to
    Non-Cooperating Category with IND B (ISSUER NOT
    COOPERATING)/IND A4 (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

Incorporated in 1890, VNMJC is a Kerala-based manufacturer and
distributor of gold jewelry, gold medallions, gold coins/bar, and
silver jewelry. The company also sells through its own retail
outlet, situated in Kochi.



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


LIPPO MALLS: Moody's Lowers CFR to Ba1; Outlook Negative
--------------------------------------------------------
Moody's Investors Service has downgraded its rating for Lippo
Malls Indonesia Retail Trust (LMIRT) to a non-investment grade
corporate family rating of Ba1 from an investment-grade issuer
rating of Baa3.

Consequently, LMIRT's Baa3 issuer rating has been withdrawn and
the company has been assigned a Ba1 corporate family rating.

The rating outlook is negative.

The rating action concludes Moody's review of the company's
rating for downgrade, which was initiated on December 21, 2017,
and prompted by the deteriorating credit quality of key entities
within the Lippo group that contribute around one-third of
LMIRT's total revenue.

RATINGS RATIONALE

"Our downgrade of LMIRT's rating was driven by a weakening of the
trust's financial metrics and its significant exposure to the key
entities within the Lippo group, whose credit quality are
deteriorating," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.

At December 31, 2017, LMIRT's adjusted debt/total deposited
assets increased to 41%; a result which exceeded Moody's downward
rating threshold of 40%, because of the trust's aggressive debt-
funded acquisitions and the weaker Indonesian rupiah against the
Singapore dollar.

For comparability, Moody's has treated half of LMIRT's SGD260
million perpetual security as debt and the other half as equity.
However, following downgrade of LMIRT's rating to non-investment
grade, Moody's will treat all of the trust's perpetual security
as debt, resulting in adjusted debt/total deposited assets of 48%
at December 31, 2017. Over the next 12-18 months, Moody's expects
that LMIRT's adjusted debt/total deposited assets will measure
around 50%.

Moody's points out that LMIRT's reported debt/assets of 34% at
December 31, 2017 was well below the Monetary Authority of
Singapore's requirement of 45%, because all of its perpetual
security was deemed equity instead of debt.

LMIRT is closely linked to the Lippo group of companies, due to
these companies' roles as sponsor, property pipeline provider,
REIT manager, property manager and tenants. The exposure is
credit negative, particularly given the deteriorating credit
quality of key entities within the group, namely Lippo Karawaci
Tbk (P.T.) (B1 negative) and Matahari Putra Prima Tbk (P.T.) (B1
stable).

Over the next 12-18 months, Moody's expects that LMIRT will
continue to derive a third of its revenue from the Lippo group of
companies, particularly after the trust extended the master lease
agreement at Lippo Mall Kemang with Lippo Karawaci for a further
two years until the end of 2019.

"The negative rating outlook reflects LMIRT's increased
refinancing risk, because the trust used a short-term credit
facility of SGD80 million to partially finance its acquisitions
of two retail malls in December 2017," adds Poh, who is also
Moody's Lead Analyst for LMIRT.

LMIRT's proportion of short-term debt against total debt
increased to around 39% at December 31, 2017 from around 28% at
September 30, 2017. In 2018, LMIRT will need to address SGD270
million of debt maturities consisting of SGD80 million in
revolving credit facilities, SGD100 million in medium-term notes
due in November 2018, and SGD90 million of secured loans due in
December 2018.

While the trust has demonstrated a track record of refinancing
its debt maturities, it may not continue to do so, if market
liquidity tightens unexpectedly.

LMIRT's rating is unlikely to be upgraded over the next 12-18
months given the negative outlook, but Moody's could change the
outlook to stable if LMIRT addresses its 2018 maturities promptly
and reduces its proportion of short-term debt to total debt to
less than 15%.

The rating could be downgraded if: (1) the operating environment
deteriorates, leading to higher vacancy levels and declines in
operating cash flow; (2) the transactions with the Lippo group of
companies increases; (3) LMIRT's financial metrics deteriorate,
with adjusted debt/total deposited assets exceeding 50% and
adjusted EBITDA/interest coverage falling below 3x; or (4) LMIRT
fails to address its 2018 debt maturities promptly.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust, listed on the Singapore Stock Exchange since
November 2007. At December 31, 2017, it had a portfolio of 23
retail malls and seven retail spaces across major cities in
Indonesia, with a total appraised value of around SGD1.9 billion.

LMIRT is sponsored by Lippo Karawaci Tbk (P.T.), which owns a
29.99% stake in the trust.

LMIRT is managed by LMIRT Management Ltd, while its properties
are managed by PT Lippo Malls Indonesia. The latter two companies
are wholly-owned subsidiaries of Lippo Karawaci.



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


SOFTBANK GROUP: Moody's Assigns Ba1 Rating to New Senior Notes
--------------------------------------------------------------
Moody's Japan K.K. has assigned a Ba1 backed senior unsecured
rating to the proposed senior notes (2018 notes) to be issued by
SoftBank Group Corp. (Ba1 corporate family rating, stable). The
rating outlook is stable.

The 2018 notes will be issued as part of an exchange offer for
existing senior unsecured notes issued in 2015 (2015 notes). The
purpose of the exchange offer is to extend maturities and to
amend some covenants of the 2015 notes to align with those for
the senior unsecured notes issued in 2017 (2017 notes). The 2018
notes are guaranteed by SoftBank Corp.

The following debt has been assigned a backed Ba1 senior
unsecured rating:

- USD senior unsecured guaranteed notes due 2028

- EUR senior unsecured guaranteed notes due 2028

RATINGS RATIONALE

"Moody's understanding is that one reason of this exchange offer
and consent solicitation is to conform covenants of 2015 notes to
those of 2017 notes, which includes amending covenants related to
SoftBank Corp. releasing its debt guarantee," says Motoki Yanase,
a Moody's Vice President and Senior Credit Officer.

SoftBank Corp. is SoftBank Group Corp.'s principal subsidiary
that guarantees most of its parent's senior debt.

2017 notes and 2018 notes lack a covenant in the 2015 notes which
requires the debt to be rated investment-grade before SoftBank
Corp. can release its guarantee. These transactions thus
facilitate SoftBank Corp. releasing its guarantee, which could be
required for the potential SoftBank Corp. IPO that SoftBank Group
Corp. is preparing.

Moody's views the release of the upstream guarantee as a credit
negative, although the impact is sufficiently mitigated by the
growing value of SoftBank Group Corp.'s investment holdings, led
by its 29% stake in Alibaba Group Holding Limited (A1 stable).
Asset coverage of holding company debt will remain ample upon
completion of the exchange, even when excluding the appreciation
of Alibaba's share price over the past year.

Moody's expects that the maximum amount of the proposed notes
will be about the amount of the 2015 notes being exchanged, so
that SoftBank Group Corp.'s total consolidated debt or
debt/EBITDA will remain about the same.

The stable rating outlook reflects Moody's expectation that
SoftBank Group Corp. will maintain a balanced financial policy
that preserves its financial health as it expands its investment
portfolio and alters its business model. The stable outlook also
reflects the continued substantial value of SoftBank's investment
portfolio, providing it with adequate financial flexibility.

An upgrade is unlikely in the foreseeable future, given the
changes underway at the company, including the potential IPO and
transactions related to the SoftBank Vision Fund.

Factors that could lead to a downgrade include: (1) a more
aggressive financial policy, (2) a deterioration in the company's
financial flexibility due to a sustained fall in the value of its
investments, or (3) a prolonged reduction in its access to the
capital markets that impairs its liquidity. The ratings could
also be downgraded if SoftBank's consolidated adjusted EBITDA
margin remains below 30%, or if the company's adjusted gross
debt/EBITDA exceeds 5.5x on a sustained basis.


SOFTBANK GROUP: S&P Rates New Senior Unsecured US$ Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB+' issue rating to
Japan-based telecommunications and internet company SoftBank
Group Corp.'s (SoftBank; BB+/Negative/--) proposed senior
unsecured U.S. dollar notes and proposed senior unsecured euro
notes. SoftBank plans to use these notes mainly to exchange
multiple senior unsecured U.S. dollar notes and senior unsecured
euro notes it issued in 2015 (2015 notes). Yesterday it said it
has offered to exchange and has solicited consent to amend the
2015 notes.

The issue rating on the proposed notes is equal to the long-term
corporate credit rating on SoftBank. This is because the ratio of
the issuer's total secured debt plus its subsidiaries' debt to
the issuer's total debt (priority debt ratio) stands below 50%,
the threshold for us to consider notching down the issue rating.
Although major subsidiary SoftBank Corp., a Japan-based
telecommunications operator, will guarantee the notes, the
guarantee could be released before the proposed notes mature
under certain circumstances, such as the guarantor no longer
guaranteeing any of SoftBank's indebtedness. However, these
guarantee conditions do not affect our issue rating on the
proposed notes, because we base the rating on the aforementioned
analysis and the rating does not rely on the upstream guarantee.
Changes to the terms and conditions on the 2015 notes would make
the guarantee conditions the same as those on the proposed notes
but, because of S&P's aforementioned rationale, it does not
expect the changes to affect our rating on the 2015 notes.

S&P said, "Our corporate credit rating on SoftBank reflects its
stable profitability, supported by its strong market position as
a diversified telecommunications operator in Japan, and its good
business and geographic diversity. The negative rating outlook
reflects our view that SoftBank has adopted an increasingly
aggressive financial policy, as demonstrated by tolerance of
accelerated investment in its fund business. As a result, we see
a greater likelihood of key financial ratios for the company
deteriorating more substantially than we had assumed."


TAKATA CORP: Files Sale Plan With Tokyo Court
---------------------------------------------
Takata Corporation, Takata Kyushu Corporation and Takata Service
Corporation on Feb. 28, 2018, each filed a proposed
rehabilitation plan with the Tokyo District Court.

According to Takata's Feb. 28 statement, going forward, on the
Tokyo District Court issuing orders to refer the proposed
rehabilitation plans to resolutions of creditors' meetings, the
proposed rehabilitation plans and voting rights forms, along with
other relevant documents, will be sent to civil rehabilitation
creditors who have voting rights. Matters such as the method of
exercise of voting rights by civil rehabilitation creditors will
be determined by the orders issued by the Tokyo District Court.

As advised in the Company's Nov. 21, 2017, press release, "TAKATA
CORPORATION AND KSS SIGN DEFINITIVE ASSET PURCHASE AGREEMENT," we
have formulated the proposed rehabilitation plans in order to
maximize repayments to civil rehabilitation creditors on the
premise of transferring substantially all of Takata Group's
assets
and businesses to Key Safety Systems (the "Transactions").

Takata said the Transactions are expected to be consummated by
mid-April this year.

                         About Takata Corp

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

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

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

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

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

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

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

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

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

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

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

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

                              * * *

In February 2018, the U.S. Bankruptcy Court for the District of
Delaware has confirmed the Fifth Amended Chapter 11 Plan of
Reorganization filed by TK Holdings, Inc. ("TKH"), Takata's main
U.S. subsidiary, and certain of TKH's subsidiaries and
affiliates.



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


LIBOR INTERIORS: Director Admits Not Paying NZ$1MM Taxes to IRD
---------------------------------------------------------------
Anne Clarkson at Stuff.co.nz reports that a Christchurch
businessman has admitted he did not pay more than NZ$1 million of
his employees' taxes to Inland Revenue.

In the Christchurch District Court on March 8, Libor Lasek, 47,
admitted 44 charges of aiding and abetting Libor Interiors Ltd,
Libor Living Ltd, Libor Ltd and L Group Ltd in not paying Inland
Revenue pay as you earn (PAYE) tax, Stuff relates.

The businesses provided building and joinery services and were
placed in liquidation in 2015 owing more than $2 million, Stuff
discloses.

According to Stuff, the companies failed to account for
deductions for PAYE, KiwiSaver and child support, as well as
student loan repayments and KiwiSaver and superannuation
contributions.

The firms owed Inland Revenue NZ$1,231,790, Stuff notes.

Stuff says Mr. Lasek had been reminded of his obligations on
several occasions with statements of account, monthly letters and
warning letters from Inland Revenue outlining the overdue
amounts.

In the same year the four companies were put in liquidation,
Mr. Lasek was put in charge of Canterbury Joinery Ltd and also
failed to pay its taxes. That company was then placed into
liquidation in 2017 owing Inland Revenue NZ$132,882.

Judge Tom Gilbert remanded Mr. Lasek on bail for sentencing on
April 18, Stuff adds.




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



EMPIRE RURAL: PDIC to Pay Depositors Starting March 12
------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will service
the deposit insurance claims of depositors of the closed Empire
Rural Bank, Inc. on March 12 and 13, 2018, 8:00 AM to 5:00 PM.
Claims of depositors will be serviced at the bank's Head Office
located in 154 C. M. Recto Avenue, Poblacion Barangay 4, Lipa
City, Batangas.

Filing of claims is waived for depositors with valid deposit
balances of PHP100,000 and below; who have no obligations with
the bank, have not acted as co-makers of these obligations, are
not spouses of the borrowers, have updated and complete mailing
address in the bank records or through the PDIC-provided Mailing
Address Update Form (MAUF), and have not maintained the account
under the name of business entities. Postal Money Order checks
(PMO) will be sent to said depositors at their respective mailing
addresses.

All other depositors, regardless of the type of their account or
account balance, have to file deposit insurance claims. All valid
claims will be paid.

When filing claims for deposit insurance, depositors have to
personally present their Savings Passbook, Certificate of Time
Deposit or other evidence of deposit, and one (1) valid photo-
bearing ID with their signature. It is recommended, however, that
they bring at least two (2) valid IDs in case of discrepancy in
signature.

Depositors who are below 18 years old should be represented by a
parent. For these depositors, a photocopy of the child's Birth
Certificate issued by the Philippine Statistics Authority (PSA)
or a duly certified copy issued by the Local Civil Registrar is
required. The parent should sign the Claim Form and other
requirements. However, if the claimant is not the signatory in
the bank records, the original copy of a notarized or
authenticated Special Power of Attorney (SPA) of depositor or
parent of a minor depositor is required.

PDIC will not accept claims which are incomplete or lack the
requisite documents. The deposit insurer may also require other
documents in the course of processing of claims. PDIC reminds
depositors to deal only with PDIC authorized officers.

For more information on the payout process and requirements,
depositors may contact the Public Assistance Department at
telephone numbers (02) 841-4630 to 31, or e-mail at
pad@pdic.gov.ph. Depositors outside Metro Manila may call the
PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). The procedures
and requirements for filing of deposit insurance claims are also
posted in the PDIC website, www.pdic.gov.ph. The Claim Form and
format of the SPA may also be downloaded free of charge from the
PDIC website.


RURAL BANK OF LORETO: Creditors Claims Deadline Set for April 24
----------------------------------------------------------------
All creditors of the closed Rural Bank of Loreto (Surigao del
Norte), Inc. have until April 24, 2018 to file their claims
against the assets of the closed bank either personally or by
mail. Creditors refer to any individual or entity with a valid
claim against the assets of the closed Rural Bank of Loreto and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph.

Claims filed after April 24, 2018 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Loreto was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on February 9, 2018 and
PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located in Purok 1, Brgy. San
Juan, San Jose, Dinagat Islands. Its three other banking offices
(OBOs) are located in Cagdianao, Libjo (Albor), and Loreto, all
in Dinagat Islands.

All requests and inquiries relating to Rural Bank of Loreto shall
be addressed to the PDIC Public Assistance Department through
mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, or through telephone numbers (02) 841-
4630 or 841-4631. Depositors and creditors outside Metro Manila
may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).
Walk-in clients may also visit the PDIC Public Assistance Center
at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM.



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


GM KOREA: KDB Presses GM Over Korean Unit's Cost Structure
----------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank (KDB) said March 8 it will not pump new funds into the South
Korean unit of General Motors Co. unless the U.S. automaker
discloses the cost structure of GM Korea Co.

"To receive fresh funds (from the KDB), GM has to come clean with
the cost structure (at GM Korea) among others and set up a viable
plan to put the Korean operations back on track. If so, we will
give serious consideration to injecting 'new money' into the
company," Yonhap quotes KDB Chairman and CEO Lee Dong-gull as
saying in a press conference.

According to Yonhap, Mr. Lee said due diligence on GM Korea has
not started because the U.S. automaker has refused to submit what
it calls "very sensitive data" to the South Korean government.

"We are still waiting for the submission of the documents," the
chairman said. "We have notified GM that the planned due
diligence (on GM Korea) should be satisfactory enough for us to
grasp GM's broad plans to revive its Korean business in the
future," the report quotes Mr. Lee as saying.

Working-level negotiations between the Seoul government and GM
are under way to start the due diligence, the chairman said,
adding the review of accounts is aimed at "figuring out the cost
structure and the expense structure of GM Korea to judge whether
the carmaker can operate if the U.S. automobile giant's self-
rescue plan is carried out," Yonhap relays.

He made the remarks in the press conference held earlier in the
day [March 8] to announce the government's decisions on the fate
of two financially troubled shipbuilders -- STX Offshore &
Shipbuilding Co. and Sungdong Shipbuilding & Marine Engineering
Co, Yonhap says.

Yonhap notes that the KDB is the second-biggest shareholder in GM
Korea with a stake of 17 percent, with GM and SAIC Motor Corp
controlling 77 percent and 6 percent, respectively.

According to the report, the state lender has been in talks with
GM to find ways to turn the loss-making Korean operations around
after the carmaker announced on Feb. 13 it will shut one of its
four car assembly plants in Korea by May due to low productivity
and high costs, and decide on the fate of the remaining plants
within weeks.

Last month, GM also asked the KDB to inject fresh capital into GM
Korea to facilitate a turnaround, Yonhap recalls. In 2017, GM
Korea's sales fell 12 percent on-year to 524,547 vehicles, with
its four plants producing 520,000 cars out of a total capacity of
910,000.

PricewaterhouseCoopers will carry out the detailed review on
behalf of the KDB with an aim to finish the process by the end of
April, according to the state lender, adds Yonhap.

GM Korea Co. is the South Korean unit of General Motors Co.


SUNGDONG SHIPBUILDING: To File for Court Receivership
-----------------------------------------------------
Yonhap News Agency reports that Sungdong Shipbuilding and Marine
Engineering Co. will file for a court receivership, Finance
Minister Kim Dong-yeon said March 8.

Another troubled shipbuilder, STX Shipbuilding Co., will face
intense restructuring efforts to overhaul its operations, Kim
told a meeting of relevant ministers, Yonhap says.

According to Yonhap, the two shipbuilders have been struggling
with mounting losses as a slump in oil prices and the global
economic downturn have sharply weakened demand for tankers and
other vessels.

STX Shipbuilding, once the country's No. 4 shipbuilder, was put
under a court receivership in 2016, the report notes.

Yonhap says the government and state-run creditor banks have put
pressure on troubled shipbuilders to reform, urging them to carry
out massive job cuts and other cost reduction measures.

Yonhap relates that the government decided to let Sungdong
Shipbuilding file for a court receivership and asked STX
Shipbuilding to present a "high-intensity restructuring plan"
within a month.

If the management and labor union of STX Shipbuilding fail to
agree on a restructuring plan within a month, Kim warned that the
government "will deal with the shipbuilder in accordance with set
rules," Yonhap says.

During the meeting, the government also decided to pump
KRW240 billion into Tongyeong and Kunsan, which hosts GM Korea's
ailing plant, to help the two cities cope with job losses, the
report notes.

According to the report, the government said the funds will be
used to waive or defer taxes for people who lost their jobs,
support subcontractors and provide loans to smaller businesses in
the two cities.

Sungdong Shipbuilding & Marine Engineering Co., Ltd. operates as
a shipbuilder. Its products include product carriers, crude oil
tankers, shuttle tankers, container ships, bulk carriers,
floating storage and offloading vessels, and deep-sea fishing
vessels.  Sungdong Shipbuilding & Marine Engineering Co., Ltd. is
a subsidiary of The Export-Import Bank of Korea.

Sungdong Shipbuilding's plant is located in the southern port
city of Tongyeong.



===============
T H A I L A N D
===============


EXPORT-IMPORT BANK: Moody's Ups Baseline Credit Assessment to ba2
-----------------------------------------------------------------
Moody's Investors Service has affirmed Export-Import Bank of
Thailand's (EXIM Thailand) long-term foreign currency issuer
rating of Baa1.

At the same time, Moody's has upgraded the bank's baseline credit
assessment (BCA) to ba2 from ba3.

Moody's has also assigned a Counterparty Risk Assessment of
Baa1(cr)/P-2(cr).

The rating outlook for EXIM Thailand is stable.

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

RATINGS RATIONALE

AFFIRMATION OF ISSUER RATING

EXIM Thailand's issuer rating of Baa1 is based on the bank's BCA
of ba2 and four notches of support from the Government of
Thailand (Baa1 stable), owing to the bank's full government
ownership, and given its important policy role in providing
financial services to Thai exporters, as well as Thailand's track
record of supporting financial institutions.

The bank is under the Bank of Thailand's supervision and
protected under the Export-Import Bank of Thailand Act, 2003
(B.E. 2536) against high-risk financial transactions. In
particular, if there are any losses incurred from business
transactions implemented in conformity with the government's
directive or the cabinet's resolution, the Ministry of Finance is
required to allocate funds from the government's annual budget to
compensate for such losses.

Because of these features, Moody's support assumption for Exim
Thailand's issuer rating is government-backed. This results in a
four-notch uplift to its issuer rating from its ba2 BCA.

CONSISENT IMPROVEMENTS IN THE STANDALONE METRICS HAVE DRIVEN THE
BCA UPGRADE

The upgrade of EXIM Thailand's BCA to ba2 from ba3 reflects a
consistent improvement in the bank's asset quality metrics,
underpinned by a drop of more than 180 basis points in the
nonperforming loan (NPL) ratio during the past two years to 3.6%
in June 2017 compared to 5.4% at the end of 2015. Furthermore,
EXIM Thailand's asset quality has significantly improved compared
to the reported NPL ratio of 9.3% at the end of 2008.

The BCA also considers the bank's strong capitalization and loan
loss reserves, supported by stable profitability levels. These
strengths are counterbalanced by its high single borrower
concentration risk, dependence on wholesale funding sources and a
modest liquidity profile.

EXIM Thailand's capitalization is strong and provides it with
ample loss absorption capacity. The bank's reported Tier 1 ratio
- under Basel II standards - measured 16.3% at the end of June
2017. Moody's points out that while the bank retains about 50% of
its earnings, Moody's expects a moderate deterioration in its
capital levels, because of its strong growth target of about 18%
in 2018.

Moody's considers the maintenance of a sizeable loss-absorbing
buffer as an important credit factor, given EXIM Thailand's
exposure to companies involved in trade and overseas investments,
some of which are in emerging economies that are riskier than
Thailand's.

The bank's concentration risk - as measured by its top-20
exposures as a percentage of its Tier 1 capital - is high when
compared with similarly rated peers in Southeast Asia. As such,
the bank's loan loss reserves - totaling 232% of its NPLs at 30
June 2017, a level which is particularly strong when compared to
similarly rated peers in Southeast Asia - provide a cushion
against risks.

Although EXIM Thailand's funding is predominantly from wholesale
sources, the associated risks are somewhat mitigated, because the
maturity between its assets and liabilities is fairly matched.
Furthermore, the bank's assets and liabilities are fairly
matched, thereby reducing any exchange rate risk. However, the
bank's buffers against funding risks are limited, due to its
modest liquidity levels, with liquid banking assets equal to less
than 13% of total tangible banking assets.

WHAT COULD CHANGE THE RATING UP:

EXIM Thailand's ratings are aligned with that of the Government
of Thailand's sovereign rating, owing to the bank's important
policy role. The bank's ratings will therefore likely move in
line with those of the Thai government.

And, the bank's BCA could be upgraded, if its standalone
creditworthiness improves, as demonstrated by: (1) a consistent
improvement in its asset-quality metrics, and (2) improvement in
core profitability, supported by a stable capitalization
position.

WHAT COULD CHANGE THE RATING DOWN:

EXIM Thailand's ratings could be downgraded if the sovereign's
creditworthiness deteriorates, or if the bank's operating
environment deteriorates materially, resulting in a worsening of
EXIM Thailand's standalone creditworthiness.

Specific downgrade triggers are:

(1) A diminishing strategic importance of the bank, owing to
changes in its policy role or a weakening in the bank's
relationship with the government, such that strong government
support is no longer assured;

(2) A material deterioration in the credit risk position of
export-oriented borrowers or other categories of borrowers, in
which the bank exhibits concentrated risks; and

(3) A material rise in the bank's nonperforming assets, without a
commensurate increase in loan-loss reserves or capital, such that
its nonperforming assets - as a percentage of shareholders'
equity and loan-loss reserves - rise significantly.

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

Export-Import Bank of Thailand (EXIM Thailand), headquartered in
Bangkok, reported total assets of THB92.3 billion ($2.7 billion)
as of June 30, 2017.

Following this action, EXIM Thailand's ratings are:

Affirmation:

Long-term foreign currency issuer rating at Baa1, outlook
maintained at stable

Upgrade:

Baseline credit assessment upgraded to ba2 from ba3

Assignment:

Long-term counterparty risk assessment of Baa1(cr)

Short-term counterparty risk assessment of P-2(cr)

Outlook:

The outlook, where relevant, maintained at stable



                             *********

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
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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
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                 *** End of Transmission ***