TCRAP_Public/180315.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

           Thursday, March 15, 2018, Vol. 21, No. 053

                            Headlines


A U S T R A L I A

BUTTERFLY SILVER: First Creditors' Meeting Set for March 22
CORPAC PARTNERS: Fails to Lodge Reports, License Suspended
FEARNDALE HOLDINGS: First Creditors' Meeting Set for March 22
J & US PTY: First Creditors' Meeting Slated for March 22
ORIGIN CLEANING: First Creditors' Meeting Set for March 22

PROTECT SERVICES: Second Creditors' Meeting Set for March 22


C H I N A

CHINA COMMERCIAL: Qun Ma Acquires 8.8% Stake for $2.5 Million
GANGTAI GROUP: Fitch Rates USD Senior Unsecured Notes 'B'
GUANGYANG ANTAI: S&P Assigns 'B+' LT CCR; Outlook Stable
HNA GROUP: $31 Billion Trading Halt Has Left Investors Trapped
QINGHAI PROVINCIAL: S&P Assigns BB- Rating to New US Dollar Notes

XINYUAN REAL ESTATE: Fitch Rates New USD Senior Notes 'B'
XINYUAN REAL ESTATE: S&P Rates New US Dollar Sr. Unsec Notes 'B-'


H O N G  K O N G

CATHAY PACIFIC: Annual Loss Widens to HK$1.26BB in 2017
NOBLE GROUP: Creditors Sign Proposed Restructuring Plan Deal


I N D I A

AASHIRWAD INDUSTRIES: CARE Cuts Rating on INR13.80cr Loan to D
ADITYA HI-TECH: ICRA Keeps B Rating in Not Cooperating Category
ARS AGRO: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
ASIAN IMPEX: CARE Moves D Rating to Not Cooperating Category
BARAKA OVERSEAS: ICRA Reaffirms B+ Rating on INR18cr LT Loan

BD TEXTILE: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
BKD INFRASTRUCTURE: Ind-Ra Affirms BB+ Rating, Outlook Stable
CHANDI STEEL: ICRA Reaffirms B Rating on INR6cr Fund-Based Loan
CLS INDUSTRIES: CARE Lowers Rating on INR14.01cr LT Loan to D
DAFTARI AGRO: ICRA Keeps B+ Rating in Not Cooperating Category

EAGLE FIBRES: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
GANGES GARDEN: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
GOYAL GLASSWARE: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
HERITAGE FINLEASE: Ind-Ra Assigns BB+ Rating to INR210MM Loan
JSW STEEL: Moody's Rates Proposed Senior Unsecured Bonds Ba2

KISHAN GUM: ICRA Keeps B Rating in Not Cooperating Category
LORD BALAJI: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
MAGNUM AVIATION: CARE Reaffirms D Rating on INR13.50cr Loan
MANDALIA OVERSEAS: ICRA Moves D Rating to Not Cooperating
MOSER BAER: CARE Moves D Rating to Not Cooperating Category

MOSER BAER SOLAR: CARE Moves D Rating to Not Cooperating Category
NANDAN BUILDCON: CARE Reaffirms D Rating on INR103.76cr LT Loan
NEOGEM INDIA: ICRA Moves D Rating to Not Cooperating Category
NOXX & CHEFS: CARE Assigns B Rating to INR27.15cr LT Loan
OZONE DIAMONDS: Ind-Ra Migrates BB- Rating to Non-Cooperating

PRAGATI SPINNERS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
RAMAKRISHNA ELECTRONICS: CARE Moves D Rating to Not Cooperating
RAMESHWAR COTTEX: ICRA Keeps B Rating in Not Cooperating Category
REMIRA MOTORS: CARE Assigns B+ Rating to INR18cr LT Loan
SAVAIR ENERGY: CARE Lowers Rating on INR47cr Loan to D

SHREE BHARKA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
SHREE DOODHAGANGA: CARE Reaffirms B Rating on INR217.12cr Loan
SHREE KRISHNA: Ind-Ra Keeps 'B+' Rating in Not-Cooperating Cat.
SK TRANSLINES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
SKY ALLOYS: Ind-Ra Maintains 'D' Rating in Not-Cooperating Cat.

SONI GINNING: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
SUKRITHA BUILDMANN: ICRA Cuts Rating on INR30cr Term Loan to D
SUNRISE MARKETING: CARE Moves B+ Rating to Not Cooperating
SURYA OIL: ICRA Keeps B+ Rating in Not Cooperating Category
TRUVALUE AGRO: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating

VAISHNAVI FOOD: CARE Assigns B Rating to INR6.81cr LT Loan


I N D O N E S I A

BUMI SERPONG: Moody's Alters Outlook to Pos.; Affirms Ba3 CFR


S I N G A P O R E

EZRA HOLDINGS: Court Approves Cross-Border Bankruptcy Protocol


                            - - - - -


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


BUTTERFLY SILVER: First Creditors' Meeting Set for March 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Butterfly
Silver Leasing Pty Ltd, Butterfly Silver Franchising Pty Ltd, and
Butterfly Silver Retail Pty Ltd will be held at the offices of P
A Lucas & Co Pty Ltd, Level 4, 232 Adelaide Street, in Brisbane,
Queensland, on March 22, 2018, at 10:00 a.m., 10:30 a.m., and
11:00 a.m., respectively.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Butterfly Silver on March 12, 2018.


CORPAC PARTNERS: Fails to Lodge Reports, License Suspended
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of NSW-
based Corpac Partners Pty Limited from Feb. 28, 2018, for failing
to lodge financial statements and auditor's reports for a period
of four years. This failure is in breach of both Corpac Partners'
legal obligations and their licence conditions.

ASIC has suspended Corpac Partners' licence until Aug. 28, 2018.

If Corpac Partners does not lodge the required documents by this
date, ASIC will consider whether the licence should be cancelled.

Corpac Partners has held its AFS licence since July 2004.

The annual lodgment of audited accounts is required to ensure
that licensees have adequate financial resources to provide the
services covered by their licence, and to conduct the business in
compliance with the Corporations Act 2001.

ASIC considers failure to comply with reporting obligations to be
a potential indicator of poor compliance culture. ASIC will
continue to contact AFS licensees who have not lodged financial
statements and auditor's reports and take action where
appropriate.

The suspension of Corpac Partners' licence is part of ASIC's on-
going efforts to improve standards across the financial services
industry.


FEARNDALE HOLDINGS: First Creditors' Meeting Set for March 22
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fearndale
Holdings Pty Ltd will be held at the offices of Mackay Goodwin
Level 2, 10 Bridge Street, in Sydney, NSW, on March 22, 2018, at
11:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Fearndale Holdings on
March 12, 2018.



J & US PTY: First Creditors' Meeting Slated for March 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of J & Us Pty
Ltd, trading as Suryun Restaurant, will be held at the offices of
Greengate Advisory, Suite 4.05, Level 4, 130 Pitt Street, in
Sydney, NSW, on March 22, 2018, at 9:30 a.m.

Patrick Loi of Greengate Advisory was appointed as administrators
of J & Us Pty on March 13, 2018.


ORIGIN CLEANING: First Creditors' Meeting Set for March 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Origin
Cleaning Equipment Pty Ltd will be held at Level 6, 87 Marsden
Street, in Parramatta, NSW, on March 22, 2018, at 11:00 a.m.

Schon Gregory Condon of Condon Associates was appointed as
administrator of Origin Cleaning on March 12, 2018.


PROTECT SERVICES: Second Creditors' Meeting Set for March 22
------------------------------------------------------------
A second meeting of creditors in the proceedings of Protect
Services Australia Pty Ltd has been set for March 22, 2018, at
10:00 a.m. at the offices of HLB Mann Judd (Insolvency WA),
Level 3, 35 Outram Street, in West Perth, WA.

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 21, 2018, at 5:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of Protect Services on Feb. 14, 2018.



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


CHINA COMMERCIAL: Qun Ma Acquires 8.8% Stake for $2.5 Million
------------------------------------------------------------
Qun Ma disclosed in a Schedule 13D/A filed with the Securities
and Exchange Commission that as of Feb. 8, 2018, he beneficially
owns 1,764,915 shares of common stock of China Commercial Credit,
Inc., constituting 8.84 percent based on 19,963,415 shares of
common stock outstanding as of Feb. 5, 2018.

On Feb. 8, 2018, Mr. Ma acquired 548,835 shares in a private
transaction for a per share purchase price of $1.50 from pursuant
to certain Share Purchase Agreement dated Feb. 7, 2018 by and
among Daqin International Business HK Limited and Yang Jie as
sellers and Qun Ma and Wenlong Deng as buyers.

Also on February 8, Mr. Ma acquired 1,216,080 shares in a private
transaction for a per share purchase price of $1.40 from pursuant
to certain Share Purchase Agreement dated Feb. 7, 2018 by and
among an entity and two individuals as sellers and the Reporting
Person and Wenlong Deng as buyers.

A full-text copy of the regulatory filing is available at:

                        https://is.gd/Degt5h

                  About China Commercial Credit

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

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

China Commercial reported a net loss of US$1.98 million for the
year ended Dec. 31, 2016, compared with a net loss of US$61.26
million for the year ended Dec. 31, 2015. The Company's balance
sheet as of Sept. 30, 2017, showed US$7.71 million in total
assets, US$8.48 million in total liabilities and a total
shareholders' deficit of US$774,251.


GANGTAI GROUP: Fitch Rates USD Senior Unsecured Notes 'B'
---------------------------------------------------------
Fitch Ratings has assigned Gangtai Group Co., Ltd.'s (B/Stable)
proposed US dollar senior unsecured notes an expected rating of
'B(EXP)' with a Recovery Rating of 'RR4'. The proposed notes will
be issued directly by Gangtai Group. The notes are rated at the
same level as Gangtai Group's senior unsecured rating because
they constitute its direct and senior unsecured obligations. The
final rating is subject to the receipt of final documentation
conforming to information already received.

China-based Gangtai Group has businesses such as jewellery
retailing, real-estate development, cultural and media, financial
investments and trading. The company operates its main jewellery
business through 39.2%-owned Gangtai Holdings, which is listed on
Shanghai Stock Exchange. Gangtai Group's ratings are supported by
its diversified jewellery brand portfolio, expansion into other
business segments and improving credit profile. The ratings are
constrained by limited access to the cash at Gangtai Holdings, a
short history of operating in the financial investments and
cultural and media segments, and the company's high leverage.

KEY RATING DRIVERS

Proportionate Consolidation: Gangtai Group's rating is derived
using a bottom-up approach in line with Fitch's Parent and
Subsidiary Rating Linkage criteria. Fitch assesses that there is
moderate to weak linkage between Gangtai Group and its associate
Gangtai Holdings. Therefore, Gangtai Group is rated on a
proportionate consolidated basis.

Limited Cash Access: Gangtai Group's access to Gangtai Holdings'
cash is limited because the parent does not hold the majority of
the listed company. Gangtai Group cannot easily access Gangtai
Holdings' cash flows except via dividends. Fitch expects Gangtai
Group to receive dividends of CNY10 million-15 million a year
from the listed company, compared with group EBITDA of CNY0.5
billion-1.0 billion a year during 2017-2020.

Multi Jewellery Brand Retailer: Gangtai Holdings retails a
diversified portfolio of four brands of jewellery in China, and
is the group's major revenue and EBITDA generator. According to
Euromonitor, jewellery sales in China are expected to increase by
3%-5% a year in 2017-2020. Fitch expects the jewellery retailer
to have generated 51% of group revenue and 57% of group gross
profit in 2017 compared with 79% of revenue and 57% of gross
profit in 2016. Gangtai Group acquired Italian jewellery and
watch company Buccellati in 2H17 and Fitch expect the group to
inject the acquired company into Gangtai Holdings in 2018.

Benefits from Business Diversification: Gangtai Group also
benefits from improving business diversification through the
development of its residential and commercial property, financial
investments and cultural and media segments. The cultural and
media business is still at the investment stage, and Fitch
expects it to break even on a free cash flow (FCF) basis only
from 2020. However, the property business is likely to be the key
driver of Gangtai Group's revenue and EBITDA from 2018. The
cultural and media, financial investments and trading businesses
will make only minimal revenue and cash flow contribution to the
group in the next three years.

Weak Financial and Credit Profile: On a proportionally
consolidated basis, Gangtai Group's financial profile is weak
with low FFO fixed-charge coverage of 0.6x and EBITDA gross
interest coverage of 0.8x by end-2017, and high FFO net leverage
of 17.5x and net debt/EBITDA of 13.3x. Although revenue growth
and margin expansion are likely to pick up in 2017-2020, Fitch
expect Gangtai Group to generate negative FCF of CNY400 million-
700 million a year in 2017-2018 due to capex on residential and
commercial property development. FCF is likely to only turn
positive from 2019 after the completion of a major property
project.

Fitch expect Gangtai Group's FFO net leverage to fall to 5x-8x
and FFO fixed-charge coverage to improve to 1.2x-2.3x in 2018-20,
following the completion of several residential property
development projects as well as the injection of Buccellati into
Gangtai Holdings.

DERIVATION SUMMARY

Gangtai Group has higher leverage, lower coverage and a more
volatile margin than Gangtai Holdings. Gangtai Holdings'
financial profile is comparable to consumer companies rated
between 'BB-' and 'B-' categories, including Chinese watch
retailer Hengdeli Holdings Limited (B-/Stable) and Chinese
department store operator Golden Eagle Retail Group Limited (BB-
/Negative). In particular, Gangtai Holdings and Hengdeli require
heavy working capital to finance the inventory for jewellery and
watch retailing, respectively.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Revenue growth of 1%-9% per year, with EBITDA margin expanding
   to 7.4%-12.8% in 2017-2020 from 7.1% in 2016
- Lower working capital requirement in 2017-2020
- Capex at CNY400 million-500 million a year during 2017-2020
- CNY40 million-50 million dividend payout (10% payout ratio)
   from Gangtai Holdings; no dividend payout from unlisted
   entities

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Gangtai Holdings successfully executes business plans,
   including improving the profitability of Buccellati
- FFO adjusted net leverage sustained below 5x, based on
   proportionate consolidation
- FFO fixed charge coverage sustained above 1.5x, based on
   proportionate consolidation

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Gangtai Holdings has poor business execution, including
   widening losses at Buccellati
- FFO adjusted leverage sustained above 6.5x, based on
   proportionate consolidation
- FFO fixed charge coverage sustained below 1.2x, based on
   proportionate consolidation

LIQUIDITY

Adequate Liquidity: At end-June 2017, on a proportionate
consolidation basis, Gangtai Group had short-term debt of CNY5.4
billion (including a gold loan of CNY2.0 billion and of the
current portion of long-term debt of CNY725 million), long-term
borrowings of CNY2.8 billion and long-term bonds of CNY2.4
billion. The group had available cash of CNY5.2 billion and an
unused credit facility of CNY2.1 billion; Fitch believe Gangtai
Group will be able to roll over the short-term debt.


GUANGYANG ANTAI: S&P Assigns 'B+' LT CCR; Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to China-based stainless steel producer Guangyang Antai
Holdings Ltd. The outlook is stable.

S&P said, "The rating on Guangyang Antai reflects our view that
the company will maintain its well-established market position as
a regional stainless steel producer with a higher-than-industry
average utilization rate and relatively high value-added
products. The rating also reflects our expectation that the
company's financial leverage will remain below 3.0x even with
large capital expenditures planned in 2018. However, the
company's relatively small revenue base, geographic
concentration, moderate product diversity, and exposure to
volatility in raw materials prices constrain the rating.

"We view the company's business risk profile as weak. Guangyang
Antai is an integrated steel mill and its main products include
stainless steel as well as carbon flat steel such as hot-rolled
coil and plate and cold-rolled coil. Compared with carbon steel,
stainless steel products are relatively high value-added. The
company has managed to maintain a higher gross profit margin
compared with other Chinese steel mills by increasing its
proportion of stainless steel products. The stainless steel
business has contributed 50%-60% of gross profit in 2015-2016,
compared with less than 40% in 2014. We expect the planned
expansion of stainless steel output to have a positive impact on
the company's profitability, but its overall operating
performance is susceptible to the cyclicality in the steel
industry."

Guangyang Antai has high geographic concentration given its plant
is located in Shandong. It is the largest stainless steel
producer in Shandong province as well as one of the largest in
China with a capacity of 1.8 million metric tons per year and
production of around 1.5 million metric tons in 2016. S&P views
the company as a medium-sized producer of stainless steel, given
the national total capacity is around 30 million metric tons per
year and production in 2016 reached around 25 million metric
tons. Though Guangyang Antai has quite steady relationships with
its key customers, S&P thinks its pricing power is limited, due
to China's highly competitive market.

The company has maintained a relatively high utilization rate of
around 90% since 2015, demonstrating an operational efficiency
which should feed through to maintaining average production costs
at a relatively low level. However, Guangyang Antai is subject to
volatility in the prices of raw materials. The company relies on
imported iron ore to feed its blast furnaces and imported metal
alloys for stainless steel production. These materials account
for the majority of stainless steel's production cost. Coke is
procured mainly from Shandong-based coking companies. The company
has no upstream integration either domestically or overseas. Most
of the raw materials are purchased on short-term price
settlement, such as monthly or quarterly basis. When raw material
prices increase, the company's gross profit margin could be
squeezed as the company may not be able to fully pass through the
cost increase to customers.

S&P views Guangyang Antai's financial risk profile as
significant. The company's debt-to-EBITDA ratio is expected to
fall to below 2.5x in 2017, improved from 2016's 2.9x as a result
of improved steel prices. However we expect leverage to rise to
2.0x-3.0x in 2018 as the company's capital expenditures will
likely increase substantially due to its construction of a cold-
rolled stainless steel plate processing facility. This project is
a joint venture (JV) project in which Guangyang Antai has a 60%
stake. The JV will invest around Chinese renminbi (RMB) 800
million in total and the majority of spending will occur in 2018.
S&P expects the project to start contributing to the company's
operating performance when it commences operations in 2019. The
company will consider increasing the capital expenditure in 2019
and thereafter to upgrade and expand its stainless steel
production capacity if market conditions remain good.

Guangyang Antai has a distribution business for commodities,
including iron ore and steel. In S&P's view, this business bears
some counterparty risk, though it is mainly on a back-to-back
basis, and pressure on the company's financial metrics given the
company's relatively small scale.

S&P sees relatively high volatility in the company's credit
metrics due to potential cyclicality in the steel industry. Thus,
S&P has applied a one-notch downward adjustment in terms of
comparative rating analysis.

Due to overcapacity in the steel industry, the Chinese government
has introduced a series of measures to reduce outdated capacity
since 2016, with the aim to increase the industry's overall
utilization rate to above 80% from 70%. Both stainless steel and
carbon steel prices recovered substantially in 2017 from an
industry trough. S&P said, "As the steel industry's supply and
demand will be more balanced in the next 12 months, we only
assume a moderate increase in stainless steel and carbon steel
prices. This will drive a slight increase in 2018 revenue as we
expect the company to maintain its utilization rate and sales
volume. We expect the company's gross profit margin will slightly
decline in 2018 with steel prices gradually moderating, because
we expect the market supply and demand to achieve a relative
equilibrium."

S&P said, "The stable outlook reflects our expectation that
Guangyang Antai will maintain its market position and financial
leverage over the next 12 months. We also expect the company's
margins to be stable during this time, though somewhat weaker
than the 2017 level. We estimate the company's financial leverage
will increase over the next two years mainly because of
additional capital expenditure, but we expect its debt-to-EBITDA
ratio to remain below 3.0x.

"We could lower the rating if the company's debt-to-EBITDA ratio
rises above 3.0x. This could happen if the company aggressively
increases its debt to fund expansion or mergers and acquisitions,
or its profitability significantly declines possibly due to an
unexpected downturn in the steel industry or material changes in
the company's raw materials costs.

"We could upgrade Guangyang Antai if the company could sustain a
strong and stable operating performance through the industry
cycle and reduce its leverage further, such that its debt-to-
EBITDA ratio falls below 2x on a sustainable basis."


HNA GROUP: $31 Billion Trading Halt Has Left Investors Trapped
--------------------------------------------------------------
Blake Schmidt, Pei Yi Mak and Venus Feng at Bloomberg News report
that HNA Group Co., the poster child for runaway corporate debt
in China, is increasingly drawing attention to another of the
nation's financial ills: trading halts that leave stock investors
trapped for weeks on end.

Bloomberg relates that seven listed units of HNA have halted
their shares for seven weeks or more, creating the largest swathe
of frozen stock tied to a single business group in China. The
suspensions, which affect $31 billion of equity, have prevented
minority shareholders from selling at a time of mounting
financial stress for the aviation-to-hotels conglomerate, the
report says.

"The stock is not supposed to be in our portfolio anymore, but we
are stuck with it," Bloomberg quotes Zhao Danian, a money manager
at Everbright Pramerica Fund Management Co. in Shanghai, as
saying in reference to Hainan HNA Infrastructure Investment Group
Co. Even though Zhao's quantitative investment model no longer
recommends Hainan HNA, the fund can't sell because trading in the
shares has been suspended since Jan. 23, Bloomberg relays.

According to Bloomberg, HNA's units have all cited "major"
restructurings for their halts, but analysts say other motives
may be at play. One involves margin calls: HNA-related entities
have pledged at least $12.7 billion of shares in the suspended
units to creditors, exposing the group to demands for additional
collateral -- or in extreme cases, forced sales of their stakes
-- if recent losses in some of those shares were to continue,
according to data compiled by Bloomberg.

"I suspect this was done to prevent forced liquidation by
creditors," Bloomberg quotes Victor Shih, a professor of
political economy at University of California San Diego who
studies China's financial industry, as saying. He added that the
halts were "sacrificing the interests of small shareholders."

In an emailed response to questions, HNA said it has "robust"
cash flows and support from a range of domestic and international
lenders, Bloomberg relates. The conglomerate, which has been
selling assets to repay the debt it amassed during a global
acquisition spree, declined to comment on the trading halts
beyond what its units have disclosed in public filings.

Bloomberg notes that companies in China have a history of using
trading halts to prevent their stocks from falling. At one point
during the nation's market crash in 2015, nearly half the
country's listed businesses suspended trading, eliciting
widespread condemnation from international investors.

Regulators have since taken steps to contain halts as part of
China's campaign to gain entry into MSCI Inc.'s global stock
indexes, but the value of frozen shares on the country's
exchanges still exceeds $456 billion, according to data compiled
by Bloomberg. That's 3,150 times more than in the U.S., where
suspensions are capped at 10 days.

HNA's lengthy halts "reflect poorly" on China, said Andrew
Clarke, director of trading at Mirabaud Asia Ltd. in Hong Kong.
"People look at the market and say, 'It's bloody easy to get in,
but it ain't that easy to get out,"' Bloomberg relays.

HNA's rationale for the trading halts in public filings, that the
units are undergoing major restructurings, is boilerplate
terminology in China that allows companies to suspend their
shares for up to three months -- or even longer with approval
from shareholders and the exchange, according to Bloomberg.

                          About HNA

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

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


QINGHAI PROVINCIAL: S&P Assigns BB- Rating to New US Dollar Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Qinghai Provincial Investment Group Co. Ltd. (QPIG: BB-
/Stable/--). The issue rating is subject to S&P's review of the
final issuance documentation.

S&P said, "We equalize our rating on the proposed notes to the
issuer credit rating on QPIG. Although QPIG's priority debt ratio
is slightly above 50%, we do not notch down the issue rating
considering the company's important government status. We believe
the Qinghai provincial government is unlikely to dilute its
ownership in QPIG, and therefore structurally subordinated
lenders would not have weaker recovery prospects than other
senior lenders.

"In our view, the proposed notes will not materially affect
QPIG's debt leverage as the company plans to use most of the
proceeds to repay its existing debts. We anticipate that QPIG
will remain highly leveraged for the next 12 months owing to its
heavy debt burden, weak profitability, and high capital
expenditure needs. We expect the company's annual capital
spending to be Chinese renminbi (RMB) 3.0 billion-RMB3.5 billion
in 2018 and 2019, mainly for the construction of power plants and
technology reform for aluminum production lines. Its debt-to-
EBITDA ratio will stay well above 20.0x over the period, with
negative free operating cash flows.

"The stable outlook on QPIG reflects our expectation that the
company's financial leverage will remain high for the next 12
months despite aluminum price recovery. We anticipate that the
company will be able to refinance its short-term debt and to
manage its liquidity. In our view, the Qinghai provincial
government will continue to provide ongoing support to QPIG for
refinancing and business expansion over the next 12 months."


XINYUAN REAL ESTATE: Fitch Rates New USD Senior Notes 'B'
---------------------------------------------------------
Fitch Ratings has assigned Xinyuan Real Estate Co., Ltd.'s
(B/Stable) proposed US dollar senior notes a 'B(EXP)' expected
rating and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Xinyuan's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already
received.

The Chinese homebuilder's ratings are supported by strong
contracted sales and Fitch's expectation of moderate margin
recovery. The ratings are constrained by its small land bank,
high leverage driven by land replenishment needs and tight, but
sustainable, liquidity.

KEY RATING DRIVERS

Solid Contracted Sales: Xinyuan's contracted sales increased 40%
yoy to USD2.5 billion in 2017. The strong growth was driven by
robust market sentiment in its core Tier 2 cities and satellite
cities around Tier 1 cities, namely Zhengzhou, Jinan, Suzhou and
Kunshan. Tier 2 cities contributed over 80% of contracted sales
in 2017.

Small Land Bank Constrains Ratings: Xinyuan's total sellable
gross floor area increased to 4.9 million sq m in 2017, from 2.2
million sq m at end-2016. Its land bank will last for three years
based on 2017 sales. Xinyuan pays advance deposits to local
government and industry partners to secure a large part of its
land bank, excluding the usual public auctions. This strategy
creates uncertainty about its land acquisitions and is a
constraint on the company's sales growth.

Land Replenishment Pressures Leverage: Xinyuan has accelerated
acquisitions after not purchasing any new land in 2015. It
announced CNY3.6 billion in acquisitions of sites in China and
the US in 2016, with cash outlay of around CNY2.6 billion after
considering returned land deposits and prepayments for certain
land parcels. With its low land bank and fast asset-churn model,
Xinyuan's need to replenish its land bank will continue to
pressure leverage. This is made worse by surging land prices in
higher-tier Chinese cities amid fierce competition and a moderate
acquisition pace.

Margin Recovery Sustainable: Fitch expects Xinyuan's gross margin
to continue improving in 2017-2018, with the average selling
price (ASP) maintaining a rising trend. Xinyuan's contracted
sales ASP of USD1,794 per sq m in 4Q17 was also higher than the
USD1,566 per sq m in 4Q16 and USD1,616 per sq m in 3Q17. The
higher ASPs have also helped gross margin to improve from 22.9%
in 2016 to 23.1% in 2017.

The homebuilder's EBITDA margin is likely to improve faster than
the gross margin, as selling, general and administration (SG&A)
costs rose by a slower 18% yoy in 2017, compared with the 40%
increase in contracted sales, which suggests that operational
costs are under control. Xinyuan's SG&A costs will also be spread
over a wider base, boosting its EBITDA margin, as its 2017
revenue of USD2 billion catches up with its contracted sales of
USD2.5 billion. However, Xinyuan's gross margin improvement could
be jeopardised from 2018 if land acquisition costs sprint ahead
of the rising ASP.

DERIVATION SUMMARY

Xinyuan's rating is supported by its solid sales and constrained
by its tight liquidity and small land bank. Xinyuan has a larger
scale, measured by EBITDA, more contract sales and higher
leverage compared with 'B' rated Chinese property peers, such as
Redco Properties Group Ltd (B/Stable). Xinyuan has more stable
profitability and lower leverage than 'B-' peers, such as Jingrui
Holdings Limited (B-/Negative).

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Contracted sales gross floor area to increase by 40%-50% in
   2016 and 5% in 2017-2018 due to improved churn in Tier 1 and 2
   cities.
- ASP of contracted sales to increase by around 5% between 2016
   and 2018 due to price increases in Tier 1 and 2 cities.
- Moderate acquisition pace with the ratio of cash land premium
   paid to contracted sales at 40%-45% in 2016-2018.
- Construction cost per sq m declining to around USD650-700 in
   2016-2018, due to cheaper construction costs in Tier 2 cities.
- SG&A costs as a percentage of contracted sales to gradually
   decrease to between 12% and 13%, as Xinyuan plans to cut
   internal costs.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:
- Net debt/adjusted inventory rising above 60% on a sustained
   basis (2017: 55%).
- Contracted sales/total debt falling below 0.6x on a sustained
   basis (2017: 0.7x).
- EBITDA margin falling below 15% on a sustained basis

Developments that may, individually or collectively, lead to
positive rating action include:
- Significant increase in scale, as reflected by contracted
   sales exceeding CNY15 billion.
- Net debt/adjusted inventory sustained below 40%.
- Contracted sales/total debt improving to above 1.0x on a
   sustained basis.
- EBITDA margin improving to above 20% on a sustained basis.

LIQUIDITY

Tight but Sustainable Liquidity: The company's liquidity position
has worsened slightly, with a ratio of cash/short-term debt of
78% at end-2017 (end-2016: 102%). Xinyuan's total cash of USD1.5
billion and undrawn credit facilities of USD1.1 billion should be
sufficient to cover its short-term borrowings of USD1.9 billion,
although the liquidity position will depend on the pace of land
acquisition. Active fundraising in the onshore bond market has
alleviated Xinyuan's refinancing pressure.


XINYUAN REAL ESTATE: S&P Rates New US Dollar Sr. Unsec Notes 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Xinyuan Real Estate Co. Ltd. (B/Stable/--). The issue rating
is subject to S&P's review of the final issuance documentation.

The senior unsecured notes are rated one notch below the
corporate credit rating because they rank behind a significant
amount of secured debt in the capital structure, reflecting the
subordination risk. S&P expects the Chinese developer to use the
proceeds mainly for refinancing of existing debt. This partly
eases pressure on the company's liquidity profile due to its
large short-term debt.

S&P believes Xinyuan sales growth will moderate to around 20% in
the next 12 months, with saleable resources skewed toward the
second half of the year. This is because a significant part of
the current land bank was purchased in the second half of 2017
and should be ready for launch later this year. The company's
gross margin will likely stabilize at 23%-24% in the next 12
months.

Xinyuan's credit rating is constrained by its high leverage and
weakened liquidity due to its accelerated land acquisitions in
2017. S&P estimates that the developer's expenditures on land
acquisitions and construction reached Chinese renminbi (RMB) 15
billion-RMB16 billion in 2017, and will remain high at RMB18
billion-RMB20 billion in 2018. This is commensurate with the
company's growth target, increasing number of new projects, and
small land bank. S&P therefore estimates a debt-to-EBITDA ratio
at about 8.5x in 2017 and 2018, compared with 7x in 2016.

S&P said, "The stable outlook reflects our expectation that
Xinyuan will mildly increase its sales and margins over the next
12 months. We expect the company's leverage to remain stable but
high over the period due to its need for land-reserve
replenishment and construction expenditures."



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


CATHAY PACIFIC: Annual Loss Widens to HK$1.26BB in 2017
-------------------------------------------------------
Reuters reports that Cathay Pacific Airways posted its biggest
annual loss in nine years, which was slimmer than expected as a
rebound in the cargo market helped offset fuel hedging losses and
stiff competition for passengers.

Cathay reported on March 14 a net loss of HK$1.26 billion
(S$210.6 million) for 2017, wider than the prior year's loss of
HK$575 million but smaller than an average loss estimate of
HK$2.15 billion drawn from 11 analysts polled by Thomson Reuters.

It reported an attributable profit of HK$792 million in the
second half, helped by an improving cargo market and profits from
subsidiaries and associates such as Air China, which offset its
first half loss of HK$2.05 billion, Reuters relates.

Still, it was Cathay's second consecutive year of losses and its
fourth since the airline was founded in 1946, Reuters notes.
Revenue grew 4.9 per cent to HK$97.28 billion.

Reuters notes that stung by fierce competition from mainland
Chinese and Middle Eastern rivals that have exacerbated its
problems with overcapacity, Cathay last year launched a three-
year turnaround programme that aims to make HK$4 billion in
savings.

It has announced job cuts and plans to boost productivity
including increasing the number of economy-class seats on Boeing
777 planes.

"We are confident of a successful outcome from these efforts,"
Reuters quotes Cathay's chairman John Slosar as saying in a
statement, referring to the turnaround programme.  "We also look
to benefit from a slowing of the decline in passenger yields as
global economic conditions improve. The outlook for our cargo
business is positive and we will take best advantage of
opportunities in the growing global cargo market."

He warned, however, that fuel costs were increasing and impacting
operating costs, although the firm's losses from expensive fuel
hedging contracts shrank 24.6 per cent over the year, Reuters
relays.

According to Reuters, Cathay Pacific reported a 3.3 per cent
decline in yields, a proxy for ticket prices, in 2017, although
it said they had improved by 3.1 per cent in the second half of
the year compared with the first half. Its full-year cargo and
mail yield grew 11.3 per cent, helped by the growth of e-commerce
and as buoyant consumer confidence spurred companies to restock
inventories.

Rivals such as Singapore Airlines and Qantas Airways have also
reported a moderating pace of yield declines in recent months
amid higher fuel prices that have added to airline cost bases.
Cathay's mainland Chinese competitors have yet to report 2017
financial results, according to Reuters.

Reuters says Cathay's restructuring efforts have faced some
resistance. In December, it extended payment of housing
allowances for pilots for another year after plans to cut it
angered its pilot workforce.

Hong Kong-listed Swire Pacific is Cathay's biggest shareholder
with a 45 per cent stake, followed by Air China which owns 30 per
cent through a cross-shareholding. Qatar Airways owns a 9.94 per
cent stake in Cathay.


NOBLE GROUP: Creditors Sign Proposed Restructuring Plan Deal
------------------------------------------------------------
The Business Times reports that Noble Group and a group of senior
creditors have signed an agreement on its proposed restructuring
plan, the company said in a filing with the Singapore Exchange on
March 14.

According to the report, the restructuring support agreement
(RSA) has been signed by the ad-hoc group of creditors, which
represents 46 per cent of existing senior claims. Deutsche Bank
AG, an existing senior creditor and future trade finance
provider, has also signed the RSA, while ING Bank, as an existing
trade finance provider and fronting bank, is in the process of
seeking credit approval to do the same. The two banks represent a
further 4 per cent of existing senior claims.

The advisers to the ad-hoc group are in contact with creditors
who hold a further 15 per cent of the group's existing senior
claims and "have indicated their broad support for the proposed
financial restructuring", Noble said, BT relays.

The report relates that the RSA, which will see the restructuring
of the existing senior claims and other unsecured liabilities,
includes the provision of a new three-year committed US$600
million trade finance and a US$100 million hedging facility.

BT says the group, post-restructuring, will be listed on the
Singapore Exchange. Some 10 per cent of equity of the "new Noble"
will be granted to current shareholders, while 10 per cent will
also be given to the management once the restructuring is
complete. The management also has an option, exercisable in
stages within a five-year period, to acquire 10 per cent of
equity from a company in which existing senior creditors will be
allocated shares (Senior Creditor SPV).

As a performance incentive, "new Noble" will grant management a
one-off performance incentive share option to subscribe for a
further 5 per cent of new common equity in the company,
exercisable within a five-year period, BT relays.

"The proposed financial restructuring will provide the group with
a sustainable capital structure to deliver long-term value for
all of its stakeholders, as the group focuses on its hard
commodities, freight and LNG businesses and in solidifying its
position as the leading industrial and energy products supply
chain manager in the Asia-Pacific region," Noble, as cited by BT,
said.

BT notes that the proposed restructuring is subject to regulatory
and shareholder approval, and could involve the implementation
via one or more schemes of arrangement.

"In support of the proposed financial restructuring, the board
has agreed to commence the process to move the company's centre
of main interests from Hong Kong to the United Kingdom," Noble
added.

Existing perpetual capital securities holders will be given the
offer to voluntarily exchange existing perpetual capital
securities into a new US$25 million, 2.5 per cent non-
accumulative pay-if-you-can perpetual capital security instrument
issued by the new company, according to BT.

Paul Brough, chairman of the group, said: "This RSA sets out a
clear pathway to providing the group with a sustainable capital
structure and a strong foundation from which to deliver long-term
value for all its stakeholders."

                         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: CARE Cuts Rating on INR13.80cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aashirwad Industries Private Limited (AIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        13.80      CARE D; Revised from CARE B;
   Facilities                       ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AIPL to monitor the rating
vide e-mail communications/letters dated December 12, 2017,
September 13, 2017, September 12, 2017, August 11, 2017 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, AIPL has not paid the
surveillance fees for the rating exercise as agreed to in its
rating agreement. The rating on Aashirwad Industries Private
Limited bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING*. Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above rating.

The revision in the rating factors in the ongoing delays in debt
servicing and overdrawals in cash credit facility.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing obligations: As per the interaction with
the banker, the account has been classified as SMA1 on account of
overdrawals in cash credit facility and delay in repayment of
interest and principal repayment of term loan.

AIPL is a Nagpur-based company, incorporated in June 2012 and is
engaged in the manufacturing of Asbestos Cement (AC) roofing
sheets and accessories. Located in Butibori Industrial area of
Nagpur, the unit has an installed capacity of manufacturing of
54,000 Metric Tonne Per Annum (MTPA) of asbestos cement.


ADITYA HI-TECH: ICRA Keeps B Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings said the ratings of INR8.00 crore bank facilities of
Aditya Hi-Tech Cold Storage (AHCS) continue to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)/A4; ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan          6.80       [ICRA]B(Stable); ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Cash Credit        0.25       [ICRA]B(Stable); ISSUER NOT
                                 COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Unallocated        0.95       [ICRA]B(Stable)/A4; ISSUER NOT
   Limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity.

Established in August 2015, Aditya Hi-Tech Cold Storage (AHCS)
provides cold storage facility to potato-based product
manufacturers and traders on a rental basis and has commenced
commercial operations from February 2016. The firm has a modified
atmosphere cold storage facility located at Idar, Gujarat with
the capacity to store 1,65,000 bags - each weighing 50 Kg (around
8,250 MT of potatoes). The firm has been promoted by Mr. Suresh
Mali along with his relatives who have long experience in potato
farming, trading and in the cold storage business. The partners
also have association with other cold storages like PK Cold
Storage, Ratan Cold Storage and Meghdoot Cold Storage.


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

-- INR55 mil. Proposed term loan migrated to Non-Cooperating
    Category with Provisional IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR55 mil. Proposed fund-based working capital limitmigrated
    Non-Cooperating Category with Provisional IND B(ISSUER NOT
    COOPERATING)/Provisional IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 19, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ARS was originally incorporated on March 26, 1993 under the name
of Escorts Trexim Private Limited. Subsequently, on March 31,
2011, the name of the company was changed from Escorts Trexim
Private Limited to ARS. The company is managed by Kamlesh Tulsian
and Aditya Shankar Parasar. ARS is setting up a flour mill in
Chandauli district, Uttar Pradesh with wheat processing capacity
of 48,000 tons per annum. The by-product of wheat processing is
bran. It plans to sell wheat and bran through agents and
commission agents.


ASIAN IMPEX: CARE Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has been seeking information from Asian Impex to
monitor the ratings vide e-mail communications/ letters dated
January 3, 2018, February 20, 2018, February 22, 2018 and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Asian Impex's bank facilities and instruments will now be denoted
as CARE D; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            7.50       CARE D; Issuer not
cooperating

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

Detailed description of the key rating drivers
At the time of last rating on March 28, 2017 the following was
the key rating weakness.

Key Rating Weakness

Ongoing delay in debt servicing: Asian Impex has been irregular
in servicing its debt obligation as the packing credit account
remained overdrawn on the back of deterioration in overall
financial risk profile coupled with slow realization from its
debtors thereby leading to weak liquidity position.

Asian Impex (AI), incorporated in 2010, is promoted by Mr. Haron
Haji Panja, Mr. Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif
Harun Panja, Ms. Halima Safi Panja and Mr. Aaysa Harun Panja. AI
is engaged in processing of sea foods and exports the same to
Europe, Gulf countries, Africa and China. AI has a processing cum
storage facility located at Veraval (Gujarat) with total
installed capacity of 50 MTPD (metric ton per day) for processing
of Sea Foods and 1,000 metric tons Storage capacity as on
March 31, 2016.


BARAKA OVERSEAS: ICRA Reaffirms B+ Rating on INR18cr LT Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ for
the INR18.00-crore long-term facilities of Baraka Overseas
Traders (BOT). The outlook on the long-term rating is Stable.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-Fund-
   Based              18.00      [ICRA]B+ (Stable); reaffirmed

Rationale

The rating continues to remain constrained by the working-capital
intensive nature of the firm's operations on account of stretched
debtor levels and high inventory holding. The rating takes into
consideration the moderation in the firm's capital structure over
the past two years on account of withdrawals by the partners,
coupled with increase in debt levels. Besides, the rating takes
into account the highly fragmented nature of the Indian sea-food
industry which results in intense competition among players and
restricts the firm's pricing flexibility. The rating also factors
in the inherent risks prevailing in the seafood industry such as
susceptibility of seafood availability to diseases, climate
changes and government regulations.

The rating, however, continues to derive comfort from the long
track record of the promoters in the sea-food processing business
for more than three decades. The rating also derives comfort from
the long-term association of the firm with its key customers
which has ensured repeat orders and aided revenue stability. The
rating continues to favorably factor in the proximity of the
firm's processing plant to the West coast, ensuring adequate
supply of sea food with lesser delivery time and transportation
cost. The rating also positively factors in the healthy growth in
operating income in the past two years, supported by improved
customer demand.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that BOT will
continue to benefit from the extensive experience of the
promoters in the seafood industry and the firm's long-term
association with its key customers. The outlook may be revised to
'Positive' if the liquidity position of the firm improves
significantly, supported by better management of receivables and
inventory levels. The outlook may be revised to 'Negative' if
there are any substantial cash withdrawals by the partners,
adversely impacting the firm's capital structure.

Key rating drivers Credit strengths

Significant experience of promoters in the seafood industry: The
promoters of the firm have an extensive experience of more than
three decades in the seafood industry. Long experience of the
promoters, coupled with proven track record of the firm in the
seafood industry has enabled it in establishing strong ties with
its customers and suppliers.

Strategic location of the processing facility in the West coast:
The firm's processing facility is strategically located in
Mangalore and the same ensures adequate fish supply of desired
quality with low delivery time and transportation cost.

Healthy growth in operating income in the recent past: The firm's
operating income grew at a CAGR of 14.21% during the past two
years, primarily aided by healthy flow of export orders from its
existing customers as well as newly-acquired customers. Besides,
the long-term association with key customers has ensured repeat
orders and aided in revenue stability over the years.

Credit challenges

Intense competition owing to highly fragmented nature of the
seafood industry: The seafood industry is highly fragmented in
nature, characterised by the presence of a large number of
players. This has resulted in intense competition among the
players, thereby restricting the pricing flexibility of the firm.
Besides, the low value-additive nature of operations also results
in thin profit margins of the firm.

Susceptibility of profit margins to fluctuation in foreign
exchange: With the firm deriving more than 90% of its operating
income from exports which are billed in US dollar, the profit
margins are susceptible to fluctuation in foreign exchange.

Risk of withdrawal associated with the partnership nature of the
firm: Given the partnership nature of the firm, any substantial
cash withdrawals by the partners is likely to have an adverse
impact on the capital structure, as seen in the past.

Baraka Overseas Traders was established as a partnership firm in
1979. The firm is involved in exports of frozen seafood with
United States, Mauritius, France and the UK as key export
destinations. Major varieties of seafood exported by the firm
include Cuttle Fish, Ribbon Fish, Mackerel, Sardine and Squid,
among others. The firm's processing facility is located in Ullal,
Mangalore district of Karnataka. The firm employs 150 workers on
a contract basis during the peak season and 50 employees on a
permanent basis.


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

-- INR230 mil.Fund-based facilitiesMigrated to Non-Cooperating
    Category with  IND BB (ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) ratings.

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

COMPANY PROFILE

B.D Textile Mills was incorporated in 1988 and is a promoter-
driven company. It is engaged in the processing and marketing of
woven fabric.


BKD INFRASTRUCTURE: Ind-Ra Affirms BB+ Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed BKD
Infrastructure Pvt Ltd.'s (BIPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are given below:

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

-- INR120 mil.Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects BIPL's medium scale of operations and
low profitability due to the nature of business  along with high
geographical concentration of order book. Revenue declined to
INR1,387 million in FY17 (FY16: INR1,691 million) due to a slow
rate of order execution. EBITDA margin fell to 4.0% in FY17
(FY16: 6.4%) due to the execution of low-margin orders. The
entire order book is concentrated in Odisha.

The ratings are constrained by the company's tight liquidity
profile, as reflected in its 98% use of the fund-based during 12
months ended January 2018.

The ratings, however, are supported by BIPL's continued
comfortable credit metrics, despite deterioration, due to low
financial cost and high cash balance at year end. Interest
coverage (operating EBITDA/gross interest expenses) was 4.3x in
FY17 (FY16: 8.2x) and net financial leverage (net debt/ operating
EBITDA) was 1.5x (nil). Also, the order book of INR3,478 million
in February 2018 (2.5x of FY17 revenue) provides medium-term
revenue visibility.

The ratings are further supported by over a decade of operating
experience of BIPL's promoters in the construction of buildings,
roads and bridges.

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity profile could
be positive for the ratings.

Negative: Any deterioration in the liquidity profile could be
negative for the ratings.

COMPANY PROFILE

BIPL was incorporated in April 2008 and has a registered office
in Sambalpur, Odisha. The company, promoted by Braja Kishore Das
and Monalisa Das, is engaged in the execution of civil
construction works.


CHANDI STEEL: ICRA Reaffirms B Rating on INR6cr Fund-Based Loan
---------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B
assigned to the INR6.00-crore cash-credit facility (revised from
INR7.50 crore earlier) of Chandi Steel Industries Limited. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 assigned to
the INR1.50-crore bank-guarantee limit of CSIL. The outlook on
the long-term rating is Stable. ICRA has also removed the ratings
from the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based Limit      6.00      [ICRA]B (Stable); Rating
                                   reaffirmed and removed from
                                   the 'Issuer Not Cooperating'
                                   category

   Non-fund Based        1.50      [ICRA]A4; Rating reaffirmed
   Limit                           and removed from the 'Issuer
                                   Not Cooperating' category

Rationale

The reaffirmation of the ratings takes into the lack of vertical
integration in its stand-alone rolled products manufacturing
business, which makes margins sensitive to input and output
prices. ICRA notes that the financial profile of the company
continues to remain weak as reflected by an aggressive capital
structure, subdued coverage indicators and stretched liquidity
position, which restrict financial flexibility of the company.
The ratings also take into consideration the weak credit risk
profile of one of the group companies to which CSIL has extended
a corporate guarantee. The ratings take note of the ongoing
weakness in the steel industry, CSIL's overall profitability that
remains vulnerable to fluctuations in raw-material prices and the
intense competition due to the fragmented nature of the industry.
The operating income of the company increased significantly,
however, the operating profit declined substantially during 9M
FY2018 in comparison to FY2017 and 9M FY2017 due to higher input
material cost vis-a-vis realisations.

The ratings, however, note the long experience of the promoters
in the steel industry and the strategic location of the
manufacturing unit that is in close proximity to raw-material
sources, leading to low landed cost of input materials. The
ratings also consider the reputed client base, which results in
low counterparty risk.
In ICRA's opinion, CSIL's ability to scale up operations while
improving its capital structure, coverage indicators and
profitability, would remain the key rating sensitivities, going
forward. Weakening in the credit profile of the Group and
increase in the working-capital requirements of the company,
which could adversely impact the liquidity position of the
company.

Outlook: Stable

ICRA believes that CSIL will continue to benefit from the
extensive experience of the promoters. The outlook may be revised
to Positive if the company is able to scale up its operations
while improving its profitability, capital structure and coverage
indicators. The outlook may be revised to Negative if there is
any weakening in the credit profile of the Group and increase in
the working-capital requirements of the company, which could
adversely impact the liquidity position of the company.

Key rating drivers

Credit strengths

Long track record of the promoters in the steel industry: CSIL is
promoted by the Kolkata-based Jai Balaji Group. The promoters
have around four decades of experience in the steel industry
through CSIL as well as other Group companies.

Strategic location of the plant leads to low freight cost: CSIL's
re-rolling plant is located in Howrah, West Bengal. Since the
company primarily procures raw materials from the suppliers based
in West Bengal, and sells its products to clients concentrated
mainly in the Eastern India, CSIL enjoys operational advantages
from its strategic location.

Reputed customer profile reduces counter-party risk to an extent:
The promoters of the company have established relationships with
reputed clients and have availed repeat orders from them. With a
reputed client base, the counter-party risk reduces to a large
extent.

Credit challenges

Weak financial profile characterised by an aggressive capital
structure and subdued coverage indicators: The capital structure
remained aggressive as depicted by a gearing of 3.02 times as on
March 31, 2017. High debt levels, coupled with low profitability
kept the debt-coverage indicators depressed.

Stretched liquidity position, restricting financial flexibility
of the company: ICRA notes that the liquidity position of the
company has remained stretched in view of high utilisation of its
cash-credit limit, as reflected by an average utilisation of ~99%
in the last 15 months, which also restricts its financial
flexibility.

Weak credit risk profile of one of the Group companies to which a
corporate guarantee has been extended by CSIL: ICRA notes that
the credit risk profile of one of the Group companies to which a
corporate guarantee was extended by CSIL stands weak, which in
turn may impact its financial stability. CSIL has also extended
financial assistance (unsecured loans) to two of its Group
companies.

Profitability remains susceptible to volatility in raw material
prices: Metal prices have witnessed substantial fluctuations in
the past, which keep the profitability and cash flows of the
company susceptible. Moreover, absence of any price-variation
clause in the orders procured by the company exposes it to such
risk further.

Intense competition from large integrated steel manufacturers:
The ingot/ billet/ bloom, structural manufacturing business is
characterised by intense competition from across the value chain
due to low product differentiation, and consequent high
fragmentation and low entry barriers, which limit the pricing
flexibility of the participants, including CSIL.

Exposure to inherent cyclicality in the steel industry: The
ratings continue to be impacted by the cyclicality inherent in
the steel industry, which are likely to keep the margins and cash
flows of all the players in the steel industry, including CSIL,
volatile.

The company was incorporated in 1978 as Chandi Steel Industries
Private Limited by the promoters of a partnership concern,
Haryana Steel Corporation. The promoters of the Jai Balaji Group
purchased the company in 1993, and subsequently converted the
entity into its current form in November, 2003 by listing CSIL on
the Calcutta Stock Exchange Association Limited. It re-rolls
semi-finished steel (alloy and non-alloy billets/ ingots/ blooms/
slabs) into long products (alloy and non-alloy bars, rounds,
squares and flats). CSIL also manufactures a specialised product,
copper cylindrical rod cast inside the cathode bar. The company's
re-rolling plant is located at Belur in Howrah district, West
Bengal, and has a production capacity of 16,500 MTPA (based on
one shift and 300 working days). The promoters have around four
decades of experience in the steel industry through CSIL as well
as other group companies.


CLS INDUSTRIES: CARE Lowers Rating on INR14.01cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
CLS Industries Private Limited (CIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       14.01     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE C; Stable on
                                  the basis of best available
                                  information

CARE has been seeking information from CIPL to monitor the
rating(s) vide e-mail communications/letters dated October 27,
2017, November 23, 2017, December 18, 2017, December 29, 2017,
numerous phone calls and final reminder dated February 27, 2018.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on CLS Industries Private Limited's bank
facilities and instruments will now be denoted as CARE D; ISSUER
NOT COOPERATING.

Ongoing delays in debt servicing: The revision in the ratings
assigned to CLS Industries Private Limited is primarily due to
irregularity in servicing its debt obligations.

Gandhidham-based (Gujarat) CIPL, erstwhile Ave Hotels and Resorts
Private limited, was incorporated in the year 2008 as a private
limited company by Mr Shyam Sharma (Director) and his two sons Mr
Mohit Sharma (Director) and Mr Rohit Sharma (Director). The name
of the company was changed to its present form on May 18, 2010.

CIPL is engaged in the manufacturing of core veneer with an
installed capacity of 18.25 lakh Square Meter per Annum (SMPA),
phase veneer with an installed capacity of 54.75 lakh SMPA,
marine plywood with an installed capacity of 1.10 lakh per annum,
block board with an installed capacity of 3.65 lakh per annum and
flush doors with an installed capacity of 1.10 lakh per annum as
on March 31, 2016.


DAFTARI AGRO: ICRA Keeps B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings said the rating of INR9.25 crore bank facilities of
Daftari Agro Private Limited (DAPL) continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING". ICRA had earlier
moved the rating of DAPL to the 'ISSUER NOT COOPERATING' category
due to non-submission of monthly 'No Default Statement' ("NDS")
by the entity.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term, Fund      1.75       [ICRA]B+ (Stable); ISSUER NOT
   based limits-                   COOPERATING; Rating continues
   Term Loans                      to remain under 'Issuer Not
                                   Cooperating' category

   Long Term, Fund      7.50       [ICRA]B+ (Stable); ISSUER NOT
   based limits-                   COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity.

Incorporated in 1994, Daftari Agro Private Limited (DAPL) is
promoted by the Daftari family based out of Wardha, Maharashtra.
The company is engaged in the cultivation, breeding, processing,
cleaning, grading and preservation of certified seeds-such as oil
seeds, soya bean seeds, pulses seeds, paddy seeds, hybrid cotton
seeds, wheat seeds, vegetable seeds, maize seeds and fodder
seeds. The seeds are then supplied to distributors under the
brand name, 'Daftari', across the country.


EAGLE FIBRES: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Eagle Fibres
Private Limited's (EFPL) 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:

-- INR240 mil. Fund-based limits withdrawn(paid in full) and the
    rating is withdrawn;

-- INR60 mil.Non-fund-based limits migrated to Non-Cooperating
    with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 22, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, EFPL manufactures polyester and nylon yarn,
and fabrics. The company has three units in Surat specializing in
spinning of yarns, sizing of filaments and weaving of fabrics.


GANGES GARDEN: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ganges Garden
Realtors Private Limited (GGRPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are given below:

-- INR75 mil. Fund-based limits assigned with IND BB-/Stable
    rating; and

-- INR50 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect the risk of time and cost overruns in GGRPL's
five ongoing residential projects around Kolkata. All the five
projects are in the construction stage, and on average only 70%
of the total construction work have been completed. The projects
are likely to be completed during October 2018-March 2020.

The ratings factor in GGRPL's high dependence on customer
advances for project completion. Till December 2017, the company
received customer advances of INR701.58 million out of the total
project cost of INR1,817.60 million.

The ratings are constrained by GGRPL's small order book of
INR146.6 million, comprising infrastructure projects of Indian
Railways. The company expects the projects to be completed during
July 2018 to March 2019. Moreover, the liquidity position is
modest as reflected from its average fund-based working capital
utilization of 88% for the 12 months ended February 2018.

The ratings, however, are supported by over 25 years of
experience of the company's promoters in the real estate sector.
The promoters so far have developed and sold a total area of
close to 30,00,000 sf. The ratings are also supported by the
projects' strategic location, close to schools, colleges,
markets, and other basic amenities etc. in Kolkata.

RATING SENSITIVITIES

Positive: Sale of a substantial number of housing units leading
to strong visibility of cash flow will be positive for the
ratings.

Negative: Any slowdown in bookings leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

GGRPL was incorporated in May 1991 with an objective to carry out
a real estate business of both residential and commercial units.
The company is managed by Mr. Om Prakash Bhartia and Nikunj
Bhartia.


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

-- INR180 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) ratings;

-- INR42.5 mil.Non-fund-based working capital limits migrated
    to Non-Cooperating Category with IND A4+(ISSUER NOT
    COOPERATING) ratings; and

-- INR106.48 mil. Term loans due on March 2020 migrated to Non-
    Cooperating Category with IND BB+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 20, 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 2013, Goyal Glassware Private Limited is engaged
in manufacturing of glass bottles and caters to the packaging
needs of liquor and pharmaceutical industry. The company is
promoted by Mr. Nitesh Gupta. It has a daily installed capacity
of 190mt.


HERITAGE FINLEASE: Ind-Ra Assigns BB+ Rating to INR210MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Heritage Finlease
Limited's (HFin) bank loans as follows:

-- INR210 mil. Bank loans assigned with IND BB+/Stable rating.

KEY RATING DRIVERS

The rating is constrained by HFin's modest scale of operations,
limited franchise and infrastructure as well as product and
geographical concentration. HFin primarily lends to dairy
farmers; the loan book was INR278 million at end-September 2017
and 86% of the loan book is concentrated in Andhra Pradesh and
Telangana.

The rating however is supported by HFin's operational linkages
with its parent group entity, Heritage Foods Limited (HFL). HFin
is majorly owned (96%), directly and indirectly (through Nirvana
Holdings Private Limited), by the promoters of Heritage group,
while the balance is held by HFL. HFin gives loans to the dairy
farmers and milk accumulators of HFL against a tripartite
arrangement with the farmers and HFL. As per this arrangement,
the milk consideration payable by HFL to the farmers which have
been financed by Hfin is paid directly by HFL to HFin in the form
of loan installments. HFL with a turnover of INR22.8 billion
during FY17 has a strong market presence in Andhra Pradesh. HFin
operates as the captive financier for the vendors of HFL, however
has a low penetration of 0.5% into HFL's base of milk supplying
farmers. Key executive board members of the group companies are
common, and the whole time director of HFin is also the principal
of Nirvana Holdings. Key infrastructure such as finance function
and administrative premises are shared with the group's other
entities.

Moreover, the tripartite arrangement with HFL and dairy farmers
provides a strong mechanism in keeping asset quality checked. A
discontinuance of milk supply by farmers to HFL can lead to
credit losses. Due to granularity in the portfolio (top 50 loans
form 12.6% of total loans), the steady state credit costs have
remained low at around 0.3% of loans. HFin management has
indicated to diversify in the long run towards financing of non-
HFL farmers too, while dominant portfolio would be mainly towards
HFL's farmers and the tripartite arrangement would continue.
Although lending outside the group operations could dilute the
existing comfort of operating through the group and make the
asset quality vulnerable to slippages, the parent is committed to
support HFin in case of any stress in the portfolio.

The rating is also supported by HFin's strong capitalization
(Tier 1 ratio of 36% at end-September 2017) which is sufficient
to meet business growth targets in the medium term. The loan book
has grown at a CAGR of 5.3% since end-March 2015. The asset-
liability profile is comfortable as the company provides short-
term loans for less than one year and funds its operations
through a mix of equity capital and bank borrowing. HFin's bank
loans are guaranteed by the parent entity, Nirvana Holdings. The
existing capital base, healthy liquidity at the parent entity,
and regular borrower repayments provide comfort on liquidity as
well.

The company also benefits from healthy yields in the dairy loan
segment (around 20%); the yields are likely to sustain based on
the low competitive intensity in the key geographies where the
operations are based. Due to a lean employee structure as well as
most operations in-housed through the group, the operating costs
are low (average operating costs to earning assets at 1.9% in
last four years) despite the retail nature of business. Sustained
yields and low operating costs have resulted in healthy operating
profitability on a sustained basis; the average pre-provision
operating profit as a proportion of earning assets was 11.1% over
April 2014-September 2017. The credit costs have remained
controlled and are not likely to increase materially in the near
to medium term.

RATING SENSITIVITIES

Positive: The rating could be upgraded if HFin builds-up scale
while gradually strengthening its franchise and maintaining asset
quality and profitability, which would provide sufficient
internal capital to finance loan growth. Though unlikely in the
near to medium term, an increase in operational and/or financial
linkages with HFL could also result in a rating upgrade.

Negative: Reduced group ownership or a decline in the operational
linkages with HFL could result in a rating downgrade. Higher-
than-expected asset quality deterioration, significant weakening
of the pre-provision operating profit buffer and inability to
maintain high capital buffers due to faster-than-projected loan
growth could also lead to a rating downgrade.

COMPANY PROFILE

HFin is a Hyderabad-based non-bank finance company that provides
loans to milk supplying cattle farmers towards the purchase of
livestock. HFin is a captive financier for the farmers of HFL.
HFin has been into business since 1996 and had loans outstanding
worth INR276 million at end-March 2017.


JSW STEEL: Moody's Rates Proposed Senior Unsecured Bonds Ba2
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to JSW Steel
Limited's (JSW) proposed senior unsecured bonds. The rating
outlook is stable.

The bond rating is the same as JSW's Ba2 corporate family rating
(CFR) and the Ba2 rating on the company's existing senior
unsecured notes. The proposed bonds rank pari-passu to the
company's existing senior unsecured notes.

RATINGS RATIONALE

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

The proposed bonds will rank pari-passu to the company's $500
million senior unsecured bonds maturing in November 2019 and the
$500 million senior unsecured bonds maturing in April 2022.

The bond issuing entity has significant operations, along with
its role as the holding company for the group -- as such there is
no structural subordination for the bondholders.

The improving split between secured and unsecured debt in JSW's
capital structure results in the unsecured bonds being rated at
the same level as the CFR.

As at December 2017, secured debt constituted 53% of total debt,
down from 71% in March 2014. With the proposed bond issuance,
Moody's expects that the proportion of secured debt to total debt
will fall further.

Further description is available in Moody's press release
"Moody's upgrades JSW Steel to Ba2; outlook stable", published on
March 6, 2018.

The principal methodology used in this rating was Steel Industry
published in September 2017.

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


KISHAN GUM: ICRA Keeps B Rating in Not Cooperating Category
-----------------------------------------------------------
ICRA Ratings said the rating for the INR5.94 crore bank
facilities of Kishan Gum Industries (KGI) continues to remain in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Term      1.44      [ICRA]B (Stable) ISSUER NOT
   Loan                           COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Fund based-Cash      4.50      [ICRA]B (Stable) ISSUER NOT
   Credit                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Established in September 2014, Kishan Gum Industries (KGI) is
engaged in processing guar gum seeds to manufacture guar gum
refined splits as main product and churi and kroma as by product.
The guar gum refined splits finds it application as raw material
in guar gum powder manufacturing industries whereas churi and
korma are largely used as cattle feed. The plant is located at
Halvad in Surendranagar district of Gujarat with capacity of
processing 10,800 MT of raw guar seeds per annum. The firm
commenced commercial operations in June 2015.


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

-- INR99.66 mil.Term loan (Long-term) due on March 2020 migrated
    to Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 7, 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 2011, LBWPL is engaged in the business of
building and renting of warehouses. The company is promoted by
Mr. Rakesh Bansal and has its registered office in Delhi.


MAGNUM AVIATION: CARE Reaffirms D Rating on INR13.50cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Magnum Aviation Private Limited (MAPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.50       CARE D Reaffirmed

   Short-term Bank
   Facilities           13.50       CARE D Reaffirmed

Detailed Rationale and key rating drivers

The rating of MAPL continues to be constrained by delays in debt
servicing due stretched liquidity position coupled with weak
financial risk profile. The rating also factors its presence in
competitive industry. The rating, however, derives strength from
the experienced promoters. Going forward, growth in the scale of
operations to improve its debt servicing track record would be
the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Delay in debt servicing due to stretched liquidity position:
There have been delays in recent past in relation to the interest
payment of working capital limits on account of liquidity stress
due to cash flow miss match arising out of elongated collection
period.

Declining and small scale of operations with low net worth base:
the scale of operations of MAPL continues to remain small marked
by total operating income INR26.86 crore during FY17.
Furthermore, the total operating income has been declined coupled
with company reports cash losses in FY17.

Considering the high share of trading income in the business, the
company is operating at a low profitability margins marked by
PBILDT margin of 2.85% due to high interest cost and
depreciation, the company reported losses in Fy17.  The capital
structure of the company stood leveraged marked by overall
gearing of 7.00x as on March 31, 2017 due to high dependence on
bank borrowing to fund working capital requirements.

Owing to high financial expenses and high debt levels, the debt
service coverage indicators remained weak marked by interest
coverage and total debt to GCA of 0.24x and negative 10.64x for
FY17. The operating cycle of the company stood elongated at 211
days for FY17 owing to high inventory and collection period.

The company extends credit period of around three months to its
customers due to low bargaining power coupled with owing to
delays in payments from the clients, the same resulted into an
average collection period stood at 111 days for FY16. The company
maintains adequate level of inventory for spares and other
consumables items for the smooth conduct of service operations
and to meet the short delivery schedules.

Presence in competitive industry: MAPL operates in a competitive
industry, wherein there is the presence of a large number of
small and mid-size players catering to the same market segment.
This is due to the low initial capital expenditure requirement to
enter into the market. The high competition restricts the pricing
flexibility and bargaining power of the company, which is further
intensified by the tender-based nature of the business for
certain customers in the industry.

Key rating strengths

Experienced promoters and management team: MAPL is promoted and
led by Mr Vishal Varshnei who is a post graduate and around one
and half decade of experience in trading of aircraft products
through his association with the company. Mr Varshnei is actively
engaged in the day-to-day operations of the company and is
supported by qualified second tier management team who has
requisite experience for their respective fields in the industry.

Noida-based (Uttar Pradesh) MAPL was incorporated in 2002 by Mr
Vishal Varshnei and Ms Manvi Varshnei. The company is engaged in
the trading of aircraft spares such as aircraft wheels, brakes,
avionics, propellers hoses, lubricants, etc. Also, the company
provides maintenance, repairs & overhaul (MRO) services for the
aircraft components. MAPL has its service facility located in
special economic zone in Noida, Uttar Pradesh. MAPL caters to the
need of both civil and military aircraft customers in overseas
markets as well as in domestic markets.


MANDALIA OVERSEAS: ICRA Moves D Rating to Not Cooperating
---------------------------------------------------------
ICRA Ratings has moved the long-term rating for the bank
facilities of Mandalia Overseas Corporation (MOC) to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based-       1.05        [ICRA]D ISSUER NOT COOPERATING;
   Overdraft                     Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund-based-      (4.00)       [ICRA]D ISSUER NOT COOPERATING;
   Packing Credit                Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund-based-       8.00        [ICRA]D ISSUER NOT COOPERATING;
   Post-shipment                 Rating moved to the 'Issuer Not
   Credit                        Cooperating' category

   Unallocated       0.95        [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating moved to the 'Issuer Not
                                 Cooperating' category

The rating is based on limited information on the entity's
performance since the time it was last rated September 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating
agreement with MOC, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Established in 1971, as a partnership firm, MOC is engaged in
export of variety of agro-products as well as packed foods. The
firm has its registered office located in Masjid, Mumbai and has
two rented warehouses in Navi Mumbai. The firm is registered with
various government organizations like National Agricultural
Cooperative Marketing Federation (NAFED), Agricultural and
Processed Food Products Export Development Authority (APEDA) and
is also a recognized export house by the Government of India.


MOSER BAER: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has migrated ratings to the bank facilities of Moser
Baer India Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank    1,808.22     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short-term Bank     355.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers
Moser Baer India Limited has not paid the surveillance fees for
the rating exercise agreed to in its Rating Agreement. In
line with the extant SEBI guidelines, CARE's rating on Moser Baer
India Ltd.'s bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Moser Baer India
Limited (MBIL) continues to factor in the delays in servicing
of the company's debt obligations.

Detailed description of the key rating drivers

At the time of last rating on April 05, 2017 the following were
the rating weaknesses (updated for the information
available from BSE):

Key Rating Weaknesses

Ongoing delays in the servicing of debt obligations: Weak
operational and financial performance in past years led to stress
on the liquidity position of the company and eventually led to
delays in servicing of debt obligations by the company.

The company is currently undergoing Corporate Insolvency
Resolution Process after order dated Nov 14, 2017 of the NCLT.

MBIL, promoted in 1983 by Mr. Deepak Puri, began manufacturing
time recorder units in technical collaboration with Maruzen
Corporation, Japan, and Moser Baer Sumiswald, Switzerland. MBIL
diversified into optical data storage in 1988, and has evolved
as the leading manufacturer of removable data storage media such
as floppy disks, Compact Discs (CDs), Digital Versatile Discs
(DVDs), High Definition Digital Versatile Discs (HD-DVD), Blu-Ray
Disc etc. MBIL has its manufacturing facilities located at Noida
(2 units) and Greater Noida (1 unit). In 2005, the company
entered into photo voltaic (PV) business through its wholly owned
subsidiaries - Helios Photo Voltaic Ltd (HPVL) and Moser Baer
Solar Limited (MBSL; formerly, PV Technologies India Ltd). As a
forward integration move, the company has entered content
distribution (home entertainment) of selling content (movies) on
CDs/DVDs manufactured at its optical storage facilities. In 2012,
the company had converted the part of CD/DVD lines into the
state-of the-art Blu Ray lines.

During FY17, total operating income of MBIL stood at INR556.59
crore with net loss of INR1113.96 crore as against total
operating income of INR778.43 crore and net loss of INR703.65
crore during FY16.


MOSER BAER SOLAR: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated rating to the bank facilities of Moser
Baer Solar Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      881.46     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank      64.60     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

Moser Baer Solar Limited has not paid the surveillance fees for
the rating exercise agreed to in its Rating Agreement. In line
with the extant SEBI guidelines, CARE's rating on Moser Baer
Solar Ltd.'s bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of Moser Baer Solar
Limited (MBSL) continues to factor in the delays in servicing
of the company's debt obligations.

Detailed description of the key rating drivers

At the time of last rating on April 10, 2017 the following were
the rating weaknesses (updated for the information publicly
available):

Key Rating Weaknesses

Ongoing delays in the servicing of debt obligations: Weak
operational and financial performance in past years led to stress
on the liquidity position of the company and eventually led to
delays in servicing of debt obligations by the company. The
company is currently undergoing Corporate Insolvency Resolution
Process after order dated Nov 14, 2017 of the NCLT.

MBSL, formerly PV Technologies India Limited (PVTIL) is a step-
down subsidiary of Moser Baer India Limited (MBIL). MBSL is
primarily engaged into manufacture, design and export of thin
film and EPC systems, thick film photo voltaic modules etc. MBSL
has installed capacity for 50 MW thin film based on amorphous
silicon technology and 90 MW high efficiency silicon cell and
module line.

During FY17, total operating income of MBSL stood at INR115.12
crore with net loss of INR417.19 crore as against total operating
income of INR176.17 crore and net loss of INR913.42 crore during
FY16.


NANDAN BUILDCON: CARE Reaffirms D Rating on INR103.76cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nandan Buildcon Private Limited (NBPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities          103.76       CARE D Reaffirmed

   Short term bank
   facilities           25.00       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of NBPL continues to
factor in delays in servicing its debt obligation.  Going forward
improvement in liquidity position and timely servicing of debt
obligation is key rating monitorable.

Detailed description of the Key Rating Drivers

Key Rating Weaknesses

Delays in debt servicing: There have been delays in servicing of
debt obligation of NBPL on account of stretched liquidity
position of the company.

Project risk considering significant size of the projects
vis-a-vis the experience of the company: Timely development and
sale of Nashik-based Nandan Carnival project, the biggest project
of the group so far continues to be critical for the financial
risk profile of the company. Given that the group has not handled
bigger projects in the past, the ability to manage the bigger
project along mobilization of the funds as and when required is
appearing quite difficult.

Delay in execution of the projects: Delay in execution of Nandan
Carnival and Nandan Eduraa project is majorly on account of
higher dependence on customer advances for development of the
projects. Going ahead, sales momentum and realizations shall be
critical for
the financial risk matrices of the company and exposes the
company to a considerable degree of residual execution risk.

Subdued outlook for the cyclical real estate sector: The real
estate industry in India is highly fragmented with most of the
real estate developers having a city-specific or region-specific
presence. The risks associated with real estate industry are -
cyclical nature of business (linked to economic cycle), interest
rate risk, roll back of income tax benefits etc.

Key rating strengths

Experience of the promoter: Mr Shamkant Kotkar, the promoter of
the company has nearly two decades of experience in residential
real estate development in Pune.

NBPL is a part of 'NANDAN' Group, engaged in the construction of
residential and commercial properties. Till date, the group has
completed 34 projects in Pune through various group entities
(SPVs, Partnership firms & AoP) with total saleable area
admeasuring approximately 33.93 lakh square feet (lsf.). Nandan
group consists of Nandan Associates and Nandan VSP Developers.


NEOGEM INDIA: ICRA Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the long-term rating for the bank
facilities of Neogem India Limited (NIL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term and      15.00       [ICRA]D ISSUER NOT COOPERATING;
   Short-term                     Rating moved to the 'Issuer
   Fund-based Limits              Not Cooperating' category

The rating is based on limited information on the entity's
performance since the time it was last rated August 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating
agreement with NIL, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

NIL was set up in September 1991, by Mr. Mahindra Doshi to
manufacture and export gold and studded jewellery. The company
came out with its public issue in April 1993 to fund its
jewellery manufacturing unit located in SEEPZ Andheri, Mumbai.
The unit is spread over a total space of around 7,000 square feet
and the company employs around 240 employees including the
administrative staff. The company exports its jewellery products
to USA, Europe, Middle East, etc., and recently the company has
received the status as a 'Two Star Export House'. Apart from
this, the company is also engaged in trading activities, where it
imports cut and polished diamonds and rough diamonds and exports
the same to UAE, Hong Kong, Europe, etc. either directly or
through merchant exporters.


NOXX & CHEFS: CARE Assigns B Rating to INR27.15cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Noxx &
Chefs Deck Pvt Ltd (NXCD), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           27.15       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NXCD is primarily
constrained by its small scale of operation with short track
record, project implementation risk, seasonality associated with
hotel industry and highly competitive and fragmented industry.
The ratings, however, derive strength from its experienced
promoters with locational advantage.

Going forward, the ability of the company to complete the project
without time and cost overrun and derive the
envisaged benefits is the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operating with short track record: NXCD is a small
player with total operating income of INR0.13 crore and PAT of
INR0.0026 crore in FY17. Furthermore, the total capital employed
was also modest at INR0.01 crore as on March 31, 2017. However,
during 10MFY18, the company has achieved total operating income
of INR1.34 crore. Furthermore, the company started operations
from April 2015, thus having short track record of only three
years of operation.

Project implementation risk: In recent past, the company has
undertaken two projects as a step towards business expansion. One
project is for construction of a 32 room hotel cum restaurant
with a project cost of INR25.12 crore (promoter contribution of
INR8.71 crore & term loan of INR16.41 crore). The financial
closer for the said project is yet to be achieved. However, the
company has already expended INR6.92 crore for the project which
is fully contributed by promoters. The restaurant has already
been started from August 2017 and the company expects the
commercial operation of the said hotel is expected to be started
from July 2018.

The other project is setting up of a Packaged Drinking Water
(PDW) manufacturing Plant at Howrah, West Bengal. The proposed
installed capacity would be 3,36,00,000 liters of water per annum
with a proposed project cost of INR12.34 crore (promoter
contribution of INR4.60 crore and term loan of INR7.74 crore).
However, full financial closer for the said project is yet to be
achieved. The company has already expended INR2.54 crore for this
project entirely through promoter's contribution. The commercial
operation for the PDW plant is expected to start from August
2018.

Seasonality associated with hotel industry: The business of hotel
industry is seasonal in nature and region-based. Furthermore, the
same is highly sensitive to the untoward events such as slowdown
in the economy coupled with the slew of militant attacks which
have had an adverse impact on the hotel industry. This apart,
demand of PDW also increases in summer which results in
seasonality of nature.

Highly competitive and fragmented industry: The Indian hotel
industry is highly fragmented in nature with presence of large
number of organized and unorganized players spread across the
region resulting in high competition among the industry. This
apart, there is numerous number of local and branded companies
operating in PDW business.

Key Rating Strengths

Experienced promoters with locational advantage: NXCD is
currently managed by Mrs. Amrita Banerjee, Director, along with
other director Mr Pritish Roy. All the directors are having
around a decade of experience in similar line of business. This
apart, the hotel is located at Dumurjala, Howrah, which is also
in proximity to the industrial and state capital regions of West
Bengal. Furthermore, the PDW plant also located in Howrah. Hence,
its presence results in benefits derived from a lower logistic
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices.

Noxx & Chefs Deck Pvt Ltd (NXCD) was incorporated during
September 2013 as Merven Developers Pvt Ltd (MDPL). However,
after incorporation, the company remained dormant and during
September 2015 MDPL was rechristened as NXCD and started trading
of agricultural and textile products. However, during August
2017, the company stopped trading operations and entered into a
restaurant business at Howrah. This apart, in recent past, the
company has undertaken two projects as a step towards business
expansion. One project is for construction of a 32 room hotel cum
restaurant with a project cost of INR25.12 crore, financed by
debt-equity ratio of 1.98:1. The financial closer for the same is
yet to be achieved. However, the company has already expended
INR6.92 crore for this project which is fully contributed by
promoters. Commercial operation of the said hotel is expected to
be started from July 2018.

The other project is installation of a PDW manufacturing Plant at
Howrah, West Bengal. The proposed installed capacity is
3,36,00,000 liters of water per annum and the proposed project
cost is INR12.34 crore (promoter contribution of INR4.40
crore, term loan of INR7.94 crore). However, full financial
closer for this project is yet to be achieved and INR2.54 crore
has been expended in this by the promoters. The commercial
operation for this PDW plant is expected to start from August
2018.

The day-to-day affairs of the company are looked after by Mrs.
Amrita Banerjee, Director, along with other director Mr
Pritish Roy and a team of experienced personnel.


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

-- INR100 mil.Fund-based working capital limit migrated to
    Non-Cooperating Category with IND BB-(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) ratings.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ozone Diamonds was incorporated in 2009 and manufactures
diamonds.


PRAGATI SPINNERS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pragati Spinners
Private Limited's (PSPL) 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 given
below:

-- INR237.828 mil.Term loan due on March 2021-June 2022 migrated
    to Non-Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING) rating;

-- INR180 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB+(ISSUER NOT COOPERATING)/
    IND A4+(ISSUER NOT COOPERATING) ratings; and

-- INR6 mil.Non-fund-based working capital limit migrated to
    Non-Cooperating Category with IND A4+(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

PSPL was incorporated in October 2010 as a private limited
company in Andhra Pradesh. The company started its commercial
operations in August 2012.

PSPL processes cotton lint to produce cotton yarn of various
counts. The company mainly sells cotton yarn to merchant
exporters. About 95% of its revenue is generated through merchant
exports. Domestic customers are mainly located in Telangana.


RAMAKRISHNA ELECTRONICS: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has been seeking information from Ramakrishna
Electronics to monitor the rating vide e-mail communications
dated October 4, 2017, October 25, 2017, December 8, 2017 and
February 9, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on Ramakrishna Electronics
Kurnool bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      30.00     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

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

Detailed description of the key rating drivers
At the time of last rating in March 25, 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Delays in debt servicing: On account of tight liquidity position
of the firm, there are delays in interest payment in cash credit
account and the account remains overdrawn for over a period of
30-40 days on regular basis. Growth in scale of operations;
however, leveraged capital structure and high working intensity.

The total operating income of the firm improved significantly by
85.15% to INR 139.51 crore in FY16 from INR 75.35 crore in FY15
on account of increased sales of LED TVs. The PBILDT margin of
the firm declined significantly at 3.53% in FY16 as compared to
6.04% in FY15 due to reduced amount of margins on the branded
electronic products sold by the company. Further the PAT margin
of the firm improved marginally at 0.16% in FY16 as compared to
0.07% in FY15 on account of reduced amount of depreciation costs
of the company.

The overall gearing ratio continued to remain high; however, it
has improved from 5.12xas on March 31, 2015 to 3.70x as on
March 31, 2016 mainly on account of infusion of capital (INR7.23
crore) by partners in FY16.

The firm operates in a working capital intensive sector which
results in high working capital utilization. The working capital
limits remained fully utilized during the 12 months period ended
February 28, 2017 and there were instances of overdraw for a
period of more than 30 days during the same period.

Key rating strengths

Experience of the promoters in the similar line of business: Mr.
V. Raghavendra (Managing Partner) has experience of around 29
years in the trading activity and looks after marketing and
purchase activities of the firm.

Ramakrisha Electronics (RE), is a partnership firm established in
April, 2000 by Mr. V. Raghavenrdra, Mr. V. Ravi Kumar, Mrs. V.
Rajeshwari,Mrs. V. Neelima, Mr. V Ananthakrishna, Mr. G. Ramaiah,
Mr. G. Seshamma and Mrs. V. Nagarekha. The firm is engaged in
distribution and trading (retail and wholesale) of consumer
electronic products and home appliances. It operates with a total
9 showrooms. The firm has its registered office and show room
located at Municipal Shopping Complex, Park Road, Kurnool with
other retail show rooms located at Anathapur, Nadhyala,
Madhanapally, Thandapathi, Kadiri and Guntakal in Andhra Pradesh.
The firm distributes consumer durables of some major brands which
include Sony and LG electronics goods in and around two district
of Andhra Pradesh. The firm has closed down its distribution
center in Telangana on account of excess of 2% of state tax over
and above levied by the state government.


RAMESHWAR COTTEX: ICRA Keeps B Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings said the rating of INR9.50 crore bank facilities of
Rameshwar Cottex (RC) continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Cash       7.00      [ICRA]B (stable); ISSUER NOT
   Credit                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-Term       2.50      [ICRA]B (stable); ISSUER NOT
   Loan                            COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in April 2016, as a partnership firm, Rameshwar
Cottex (RC) is involved in cotton ginning and pressing to produce
cotton bales and cottonseeds and in trading of raw cotton at its
manufacturing facility located in Rajkot, Gujarat. Its facility
is equipped with 36 ginning machines and a pressing machine with
an installed production capacity of 54 MTPD or 320 bales per day.
The firm set up its manufacturing facility in November 2015 and
commercial operations commenced from January 2016. The promoters
associated with the firm have vast experience in agro-
commodities.


REMIRA MOTORS: CARE Assigns B+ Rating to INR18cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Remira
Motors Private Limited (RMPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           18.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RMPL is constrained
by its short track record of operations, small scale of
operations, low profitability margins, leveraged capital
structure and working capital intensive nature of operations. The
rating is further constrained by stabilization risk associated
with project and company's presence in a highly competitive and
cyclical nature of the auto industry. The rating, however,
derives strength from experienced promoters and company's
association with Maruti Suzuki India Limited (MSIL) Going
forward, the ability of the company to complete the ongoing
project within cost & time estimates while improving its scale of
operations, profitability margins and overall gearing would
remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: Owing
to short track record of operations, the total operating income
(TOI) of RMPL stood at INR42.62 crore in FY17 (refers to the
period April 01 to March 31). Further, the company has reported
total operating income of INR40.00 crore in 8MFY18 (Provisional).

The profitability margins of the company also stood low marked by
PBILDT margin of 1.38% and PAT margin of 0.30% in FY17 as the
company has limited negotiating power with manufacturers.

Leveraged capital structure: The capital structure of the company
stood leveraged with overall gearing ratio of 2.19x as on
March 31, 2017 mainly on account of company's high reliance on
borrowings to fund various requirements of business. Further, net
worth base stood low which also resulted in leveraged capital
structure.

Working capital intensive nature of operations: RMPL generally
has to maintain optimal inventory of different models of vehicles
and spare parts in the showroom/workshop to meet the customer
demand and unforeseen supply shortage. Further, RMPL procures
vehicles and spares from Maruti Suzuki India Limited by making
full advance payment. Though the sales to customers are made on
"Cash and Carry" basis, however around 30% of the cars are bought
by customers on vehicle financing basis through banks/financial
institutions.

Project stabilization risk: The company is setting up 2 showrooms
at Moga, Punjab. The total cost of the project is envisaged at
INR11.60 crore and financed with promoters' capital of INR 3.60
crore and term loan of INR8.00 crore. The company has achieved
55% of the total project cost resulting in project execution
risk. Further, it is a debt-funded project. The commercial
operation of the ongoing projects is slated to start from March
2018.

Highly competitive industry: Indian auto dealership business is
highly fragmented and competitive with presence of large number
of auto dealers catering to different brands. Considering the
existing competition, discounts offered to customers may create
pressure on margins. Further, the margin on product is pre
decided at a particular level by the principal manufacturer.

Cyclical nature of the auto industry: The auto industry is
inherently vulnerable to economic cycles and is highly sensitive
to the interest rates and fuel prices. A hike in interest rate
increases the costs associated with the purchase leading to
purchase deferral. Fuel prices have a direct impact on the
running costs of the vehicle. Thus, the policies implemented by
the government also have a direct bearing on the sale of
passenger cars.

Key Rating Strengths

Experienced promoters: Mr. Amit Singh Brar and Mr. Jagmohan Singh
Brar have a work experience of two decades and four decades
respectively which they have gained through their association
with RMPL and group concerns. The directors have adequate acumen
about various aspects of business which is likely to benefit RMPL
in the long run.

Association with Maruti Suzuki India Limited (MSIL): RMPL is
engaged in the automobile dealership business and has entered in
an association with MSIL, a leading automobile manufacturer. MSIL
offers a wide range of cars across different segments which
include 15 brands and over 150 variants. MSIL has wide and
established distribution network and a network of service centers
across India which provides it a competitive advantage over its
peers.

Remira Motors Private Limited (RMPL) was incorporated in March
2016 as a private limited company and is currently being managed
by Mr. Amit Singh Brar and Mr. Jagmohan Singh Brar. RMPL
commenced commercial operations in July 2016. The company is an
authorised dealer of passenger and utility vehicles of Maruti
Suzuki India Limited. RMPL operates a 3S facility (sales, spares
and service) and is also engaged in purchase and sale of preowned
cars at its showroom/ workshop located at Moga (Punjab) (rented
showroom).


SAVAIR ENERGY: CARE Lowers Rating on INR47cr Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Savair Energy Limited (SEL), as:

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Bank Facilities-     21.00     CARE D; Issuer not cooperating;
   Fund-based-LT                  Revised from CARE BB; stable on
   Cash Credit                    the basis of best available
                                  information

   Bank Facilities-     47.00     CARE D/CARE D; Issuer not
   Non-fund based-                cooperating; Revised from
   LT/ST- BG/LC                   CARE BB; stable /CARE A4 on
                                  the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SEL to monitor the
rating(s) vide e-mail communications dated January 31, 2018,
December 26, 2017, December 6, 2017, December 5, 2017,
October 24, 2017 and October 6, 2017, and letter dated February
13, 2018 and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, Savair
Energy Ltd has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Savair Energy Ltd.'s bank facilities will now be denoted as
CARE D/CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of on-going delays in
debt servicing due to weakening of liquidity profile.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt: There have been on-going delays in debt
servicing due to weakening of liquidity profile.

Key Rating Strengths

Experience of promoters and established track record of
operations: SEL is promoted by Mr. Saji Antony who is a
Mechanical Engineer by qualification. After 20 years of corporate
experience in a similar line of business, Mr. Antony incorporated
this company in the year 2001 as a service provider for energy
audits. Subsequently other business segments including EPC
contract execution, manufacturing of key machinery for Energy
projects and Energy consultancy were added to the service
offerings. The promoter is well supported by experienced staff at
various levels.

Incorporated in the year 2001 by the name of Energy Logistics
Private Limited, the Company was subsequently renamed as Savair
Energy Limited (SEL). The company was setup to provide services
related to Energy Audits. Subsequently in the year 2007, the
company started undertaking EPC, turnkey projects, erection,
installation and execution for various projects in the energy
sector. SEL is promoted by Mr. Saji Antony who is a Mechanical
Engineer by qualification and has worked in various Oil & Gas
companies for 20 years before starting the business in 2001. The
company now focuses in providing EPC services in the Energy and
Infrastructure space, SKID & Packages for the Air filtering, fuel
filtering, Gas Conditioning and Heat Exchanges systems, project
management consultancy in the field of Energy & Infrastructure.
The manufacturing facility is located in Ambernath MIDC.


SHREE BHARKA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Bharka
(India) Limited (SBIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating action is as
follows:

-- INR240 mil. Fund-based facilities assigned with
    IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SBIL's modest credit profile due to high
competition in the textile industry. Revenue surged to INR1,263
million in FY17 (FY16: INR677 million) mainly due to higher
exports to Afghanistan. The company booked revenue of INR984
million in 7MFY18. As of December 2017, it had an order book of
INR574.9 million, which will be executed by end-March 2018.

Despite the revenue growth, EBITDA margin contracted to 4.1% in
FY17 (FY16: 6.8%) due to an increase in job work cost to INR87
million (INR15.2 million). Net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 3.4x in FY17 (FY16: 3.2x)
on account of an increase in debt to INR179 million (INR150
million), resulting from an increase in working capital
requirement. However, interest coverage (operating EBITDA/gross
interest expenses) improved to 2.5x in FY17 (FY16: 2.1x) due to a
decline in gross interest expense on account of receipt of
approval for a 3% interest subvention scheme. Ind-Ra expects the
credit metrics to deteriorate further on account of the increase
in debt taken in FY17.

The company's average utilization of the fund-based facilities
was 91% over the 12 months ended February 2018.

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

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and EBITDA
margin, leading to an improvement in the overall credit metrics
could be positive for the ratings.

Negative: A decline in the revenue and decline in the EBITDA
margin, along with deterioration in the overall credit metrics
could be negative for the ratings.

COMPANY PROFILE

Incorporated on April 6, 1995, SBIL manufactures and exports of
all types synthetic and cotton fabrics, and yarns under the SBIL
brand. The company's manufacturing plant located at Bhilwara,
Rajasthan, has an annual installed capacity of 1.1 million
meters. Mr. Sandeep Kothari and Mr. Saurabh Kothari are the
promoters.


SHREE DOODHAGANGA: CARE Reaffirms B Rating on INR217.12cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Doodhaganga Krishna Sahakari Sakkare Karakhane Niyamit
(SDKSSKN), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           217.12      CARE B, Stable Reaffirmed

   Short-term Bank
   Facilities            45.75      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of the bank facilities of SDKSSKN continue to be
constrained by its adverse financial risk profile with continuing
losses owning to high interest costs and cane arrears being paid
in FY17 (refers to the period April 1 to March 31), negative
networth, stretched operating cycle with substantially high
inventory levels, cyclical and regulated nature of the industry.

The ratings however derive strength from its qualified and
resourceful promoters and experienced management team, fully-
integrated operation and improved operational performance in
10MFY18.

The ability of SDKSSKN to turn its operations profitable and de-
leverage its balance sheet forms the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Adverse financial risk profile: SDKSSKN registered improved
operating income in FY17 of INR 430.73 crore in FY17 as against
INR 310.73 crore in FY16. However, SDKSSKN posted net loss of
INR32.5 crore in FY17 as against net loss INR0.4 crore due to
payment of cane arrear of INR35.7 crore in FY17 (FY16: Nil).
SDKSSKN's networth stood negative at INR61.6 crore as on Mar'17
due to continued losses.

Stretched operating cycle with substantially high inventory
levels: SDKSSKN's operating cycle continues to remain stretched
though improved from 551 days in FY16 to 400 days in FY17. This
was on account of improvement in inventory holding period to 373
days in FY17 from 506 days in FY16, with management's decision to
monetize the sugar stocks at improved prices to optimize gains.

Cyclical and regulated nature of the industry: Cyclical nature of
the sugar industry significantly impacts the operating
performance and cash flow generation of the sugar companies. Both
the raw material prices and distribution of end product (sugar)
are regulated by the government. In addition to this, sale and
distribution of by-products (molasses and power) also regulated
at different levels in different States. Sugar industry is also
impacted by vagaries of monsoon and prevailing agro climatic
condition. Integrated players are in a better position to counter
cyclicality of the sugar business.

Key Rating Strengths

Qualified and resourceful promoters and experienced management
team: SDKSSKN is a multi-state co-operative society led by Mr
Amit P Kore, Chairman and Mr D S Girigoudar as Managing Director.
Mr Kore, B.E. (Mech.) and MBA (USA); commands an experience of
over a decade in sugar industry. He is also associated with
National Federation of Co-operative Sugar Factories Limited. Mr
Girigouder, B.E. (Mech.), has an experience of nearly four
decades in the sugar industry.

Fully integrated operations: SDKSSKN operates a fully integrated
plant with crushing capacity of 10000 TCD, 20.70 MW cogen plant
and 30 KLPD distillery. Fully integrated nature of facility
enables it to better protect its margins against the seasonality
& cyclicality associated with the sugar industry.

Surplus power from the cogen unit post captive consumption is
sold in the open market to 3rd parties through power exchange.
The co-generation activity contributes around 12% to total
revenue of the society.

Satisfactory operational performance albeit drought situation:
The sugar plant was operational for a period of 83 days in SS16-
17 as against SS15-16 where the plant was operational for 128
days. The lost days of operations in SS16-17 were mainly
attributable to lower sugarcane availability due to a drought
like situation in Karnataka State and farmers shifting largely to
alternate crops requiring lower rainfall for cultivation. With
satisfactory rainfall availability and sufficient cane
availability the crushing in SS17-18 as on February 22, 2018
stands at 9.64 lakh MT. The capacity utilization of plant
improved to 84.56% in SS16-17 as against 78.92% in SS15-16.


SDKSSKN is a multi-state co-operative society, incorporated in
March 1969 by Mr Chidanand B Kore to undertake sugar & sugar
related production business. The first crushing season of the
sugar factory was conducted in sugar season (SS) 1974-75 with a
crushing capacity of 1,250 Tonnes crushed Per Day (TCD) at
Belgaum, Karnataka. The crushing capacity has since been enhanced
in stages to its present level of 10,000 TCD. The society has
also installed a distillery unit of 30 Kilo Liters Per Day (KLPD)
and a co-generation unit of 20.70 Mega-Watt (MW) in year 2002 and
2004 respectively.


SHREE KRISHNA: Ind-Ra Keeps 'B+' Rating in Not-Cooperating Cat.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Krishna
Educational & Charitable Society's (SKECS) bank loans' ratings in
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
continue to appear as 'IND B+(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is as
follows:

-- INR66 mil.Term loan maintained in Non-Cooperating Category
    with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Working capital facility maintained in Non-
    Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
March 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SKECS was established in 2008 under Societies Registration Act,
1860. It was set up by Mr. Rakesh Kumar Gupta, Mr. Rajiv Mangla,
Mr. Vicky Singhal and Mr. Anoop Bansal.

The society operates two institutes namely Aryabhatta Group of
Institutes and Aryabhatta College that offer courses in various
disciplines, such as engineering, management, along with other
graduation courses and are located at Barnala, Punjab.


SK TRANSLINES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.K. Translines
Pvt Ltd.'s (SKTPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are given
below:

-- INR3.30 mil. Long-term loans due on October 2021 assigned
    with IND BB-/Stable rating;

-- INR65 mil. (reduced from INR70 mil.)Fund-based limits
     affirmed with IND BB-/Stable/IND A4+ ratings; and

-- INR35 mil. (reduced from INR45 mil.)Non-fund-based limits
    affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SKTPL's low revenue base because of a
continued small scale of operations. Revenue in FY17 marginally
improved to INR563 million (FY16: INR536 million) due to the
addition of new customers. SKTPL booked revenue of INR368.30
million for 9MFY18 and had an order book of INR30 million as of
13 February 2018.

The ratings are constrained by the company's tight liquidity
position with its use of the fund-based limits being 91% on an
average for the 12 months ended January 2018.

The ratings however are supported by SKTPL's comfortable EBITDA
margins between 5%-6% on account of the company's owned fleet
vehicles and use of advanced technology to track vehicle
movements.

The ratings are also supported by SKTPL's comfortable and
improved credit metrics, mainly due to low term debt and
scheduled debt repayments, respectively. The leverage ratio
(adjusted net debt/operating EBITDAR) was 3.5x in FY17 (FY16:
3.8x) and coverage ratio (operating EBITDA/gross interest
expense) was 3.3x (2.4x).

The ratings are also supported by company's experience of over
two decades in providing logistics services.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
margins will lead to a positive rating action.

Negative: A substantial decline in the top line or profitability
margins and sustained deterioration in the overall credit metrics
will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2004, SKTPL offers multimodal (road and rail)
freight forwarding and logistics services throughout India.


SKY ALLOYS: Ind-Ra Maintains 'D' Rating in Not-Cooperating Cat.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sky Alloys &
Power Private Limited's Long-Term Issuer Rating in 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
appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR500 mil. Fund-based working capital limit (Long term)
    maintained in Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating;

-- INR1,161 bil. Long-term loans (Long term) maintained in Non-
    Cooperating Category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR100 mil.Non-fund-based working capital limit (Short term)
    maintained in Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, Sky Alloys & Power Private Limited
manufactures sponge iron, ingots and Ferro alloys, and generates
power. Its plant is located in Temtema village, Raigarh,
Chhattisgarh.


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

-- INR60 mil.Fund-based working capital limits migrated to Non-
    Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Soni Ginning Factory is a Sendhwa-based cotton ginning factory,
manufacturing raw cotton seeds and lint with a daily production
capacity of 200 bales.


SUKRITHA BUILDMANN: ICRA Cuts Rating on INR30cr Term Loan to D
--------------------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to the
INR30.0-crore term-loan facility of Sukritha Buildmann Pvt Ltd
from [ICRA]B+ to [ICRA]D. ICRA has also removed the rating from
issuer not co-operating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Term     30.0       [ICRA]D; Revised from [ICRA]B+,
   Loan                           Removed from 'Issuer Not Co-
                                  operating' category

Rationale

The rating revision takes into account the recent delays in
servicing of interest payment obligations by the company owing to
lower than-expected sales and collections in its ongoing
projects. ICRA notes that slowdown in the real-estate sector in
2017 resulted in the reduced sales velocity of the projects. The
rating also factors in the susceptibility of the real estate
sector to the economic cycles, along with intense competition
from other players in the region.

The rating, however, continues to take in account the experience
of the promoters in the real-estate business and low regulatory
risks associated with the project given the receipt of all
requisite approvals. ICRA also takes note of the satisfactory
construction progress in the project, with around 60% of the
project cost having been incurred till January 2018.

Going forward, the company's ability to meet the debt-servicing
obligations in a timely manner and successfully execute the
ongoing project within the budgeted costs and time would be the
critical determinants of its credit risk profile.

Key rating drivers

Credit strengths

Established track record with around three decades of experience
in the industry: The company has a track record of over 29 years
in the Bengaluru real-estate space. The company has executed 15
residential projects. The promoters of the company have long
experience in the field of real-estate development and
construction.

Favourable location of the entity's ongoing projects: The
entity's ongoing projects, Buildmann Aaroha I & II, are in KR
Puram, Off Old Madras Road, which is a major suburb in the
eastern part of Bengaluru. The project is located close to
several Information Technology (IT) and business establishments
having developed social infrastructure including international
schools, several supermarkets, shopping mall and multi-specialty
hospitals.

Credit weaknesses

Delays in debt servicing: The company has delayed in meeting its
debt-servicing obligations owing to lower than-expected sales as
well as collections in its ongoing projects.

Low incremental bookings in the last one year on account of weak
demand: The company has been able to achieve booking position of
57% in Phase-1 of the project as of January 2018. The incremental
sales in the last 12 months stands at only 12% of the Phase-1
saleable area primarily owing to slowdown in the sector. ICRA
however takes note that Phase-1 of the project is close to
completion which is an advantage for sales in the present market
condition, demonstrated by the recent increase in footfalls at
the project.

Exposure to inherent cyclicality in the real-estate industry
coupled with prevailing weak macro-economic scenario: Operating
in a cyclical industry, the company's fortune is highly dependent
on macro-economic factors which make its sales vulnerable to any
downturn in the real-estate demand and competition within the
region from various established developers.

Incorporated in 1988, Sukritha Buildmann Pvt Ltd (SBPL) is
involved in real-estate development in Bengaluru, Karnataka. The
promoters have long experience in the field of real-estate
development and construction. The company's business spanned
across contracting, consulting engineering and real-estate
development, but at present, the focus is on real-estate
development. The company is executing a a villa cum apartment
project called, "Buildmann Aaroha" at KR Puram, Off Old Madras
road, Bangalore. The project is split into two phases spread
across 2.96 lakh sqft of land parcel and has two towers with 85
apartments and 39 villas with an aggregate super built up area of
4,25,757 square feet (sqft). In the future, the company plans to
launch unique mid-segment housing projects in well-connected
locations.


SUNRISE MARKETING: CARE Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Sunrise Marketing
and Services to monitor the ratings vide e-mail communications/
letters dated November 1, 2017, November 6, 2017, December 8,
2017, January 3, 2018, January 10, 2018, January 23, 2018,
February 22, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on Sunrise Marketing and
Services' bank facilities and instruments will now be denoted as
CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        5.50       CARE B+; Stable; Issuer not
   Facilities                       Cooperating

   Short term Bank       0.25       CARE A4; Issuer not
   Facilities                       Cooperating

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

Detailed description of the key rating drivers
At the time of last rating on February 13, 2017 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations coupled with thin profit margins:
During FY16, TOI of Sunrise rose by 31.22% and remained at modest
level of INR26.33 crore. Further, its margins continued to
remained thin marked by PBILDT margin of 3.36% and PAT margin of
0.65%.

Moderate liquidity position, leveraged capital structure and weak
debt coverage indicators: As on March 31, 2016, the current ratio
remained moderate at 1.20 times as on March 31, 2016 as against
1.11 times as on March 31, 2015. The working capital cycle
further elongated to 69 days in FY16.The average utilization of
working
capital borrowings for the past 12 months ended December 31, 2016
remained at 90%. The overall gearing ratio deteriorated
marginally and continued to remain leveraged at 2.80 times as on
March 31, 2016 as against 2.64 times as on March 31, 2015. The
debt coverage indicators also continued to remain weak as marked
by total debt to GCA at 30.04 times as on March 31, 2016.

Presence in highly competitive market along with limited
bargaining power with suppliers: The Industry is highly
fragmented and competitive with presence of large number of
dealers catering to different brands, entry of global players in
the Indian market further intensifies competition.Further, the
dealers of electrical and mechanical engineering components have
very low bargaining power over the principal manufacturer.

Key Rating Strengths

Widely experienced prorprietor with established track record of
operations: The proprietor of Sunrise, Mr. Lejas Desai has a wide
experience of over 15 years in the electrical appliances industry
and is a Diploma in Electrical Engineering by qualification. With
long standing industry experience, Sunrise has been able to bag
orders from government and semi-government as well as other
private sector entities and corporates.

Surat-based (Gujarat) proprietorship firm, Sunrise was
established in the year 2002 as an authorized dealer for various
electrical components and machine lubricating oil and grease. The
proprietor, Mr Lejas Hemantrai Desai looks after the overall
management of the entity. The entity purchases electrical motors
primarily from Bharat Bijlee Limited, gear boxes primarily from
Premium Transmission Limited, lighting products from Crompton
Greaves Limited and AXL Lighting Limited, machine lubricating oil
and grease from Gulf Oil Lubricants India Limited and paltry
amount of welding consumables like welding rods and mig/ tig
wires from few other companies, which it stocks in its own godown
and office,
while it sells the same directly via its own sales executives to
various Original Equipment Manufacturers (OEM's) primarily
belonging to the textile and diamond industry. The electric
motors are the major revenue drivers, followed by gear boxes.

The proprietor is also associated with other firms, namely, Niti
Enterprises and Suniti Hospitality Private Limited. Niti
Enterprises is owned by Mrs. Mitali Lejas Desai, which provides
after sales service and consultation for the products sold
by Sunrise. Mr Lejas Desai and Mrs Mitali Lejas Desai are also
directors in Suniti Hospitality Private Limited, which is into
the usiness of hotels and banquet halls.


SURYA OIL: ICRA Keeps B+ Rating in Not Cooperating Category
-----------------------------------------------------------
ICRA Ratings said the rating of INR10.79 crore bank facilities of
Surya Oil & Agro Industries (SOAI) continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (stable); ISSUER NOT COOPERATING."
                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        7.00      [ICRA]B+ (stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Fund based-        3.79      [ICRA]B+ (stable); ISSUER NOT
   Unallocated                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in August 2011, Surya Oil and Agro Industries (SOAI)
is a partnership firm engaged in refining of edible cottonseed
oil and maize oil. SOAI is promoted by Mr. Sanket Zalaria, Mr.
Narottam Patel and Mr. Jateen Adroja. The firm also carries out
trading of other edible oils such as Sunflower oil, sesame oil,
rice bran oil etc. SOAI operates from its plant located in
Wankaner, Rajkot with a total installed capacity of refining 100
MT of edible oil per day.


TRUVALUE AGRO: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Truvalue Agro
Ventures Private Limited's (TAVPL) Long-Term Issuer Rating of
'IND BB+'. The Outlook was Stable. The instrument-wise rating
actions are as follows:

-- INR20.0 mil.Fund-based facilities withdrawn and the rating is
    withdrawn;

-- INR140.0 mil. Non-fund-based facilities withdrawn and the
    rating is withdrawn;

-- INR30.0 mil. Proposed fund-based facilities withdrawn and the
    rating is withdrawn; and

-- INR210.0 mil. Proposed non-fund-based facilities withdrawn
    and the rating is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received closure letter 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 TAVPL.

COMPANY PROFILE

Incorporated in December 2014, TAVPL is engaged in the trading of
rice, grains, pulses, sugar, spices, palm oil, black-eyed beans,
betel nuts and animal feeds. It commenced operations in February
2015.


VAISHNAVI FOOD: CARE Assigns B Rating to INR6.81cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vaishnavi Food Products (VFP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.81       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of VFP is constrained
by small scale of operations with low net worth base, leveraged
capital structure, weak debt service coverage indicators and
working capital intensive nature of operations. The rating is
further constrained by susceptibility of margins to fluctuation
in raw material availability, VFP's presence in the fragmented
and unorganized nature of industry and constitution of the entity
being a partnership firm. The ratings, however, continue to draw
comfort from experienced promoters and moderate profitability
margins.

Going forward; ability of the firm to scale up its operations
while managing its working requirements and improvement in
capital structure shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: The scale of
operations of the firm has remained small marked by total
operating income and gross cash accruals of INR6.80 crore and
INR0.45 crore respectively during FY17 (FY refers to the period
April 01 to March 31). Furthermore, the partner's capital base
also remains relatively small at INR1.32 crore as on March 31,
2017. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. Furthermore,
the total operating income of the firm declined significantly in
FY17 on account of decrease in quantity sold. During 10MFY18
(refers to the period April 1 to January 31; based on provisional
results), the firm has achieved total operating income of INR4.75
crore.

Leveraged capital structure coupled with weak coverage
indicators: The capital structure of the firm stood leveraged on
account of high dependence on external borrowings to meet its
working capital requirements and debt funded capex undertaken by
the firm to set up the facilities. As on March 31, 2017, the
overall gearing ratio stood high at 5.28x Furthermore, high debt
levels led coupled with small scale of operations led to weak
coverage indicators marked by the total debt to gross cash
accruals and interest coverage ratio of 15.66x and 1.70x
respectively for FY17.

Working Capital Intensive operations: The firm procures fruits,
vegetables directly from farmers, commission agents during the
respective harvesting season, store them and thereafter sell it
during the year. The operations of the firm are such that it is
required to maintain high inventory holdings making it working
capital intensive. The firm generally receives a credit period of
around a month; however, due to year end purchases the creditor
days remain high as on balance sheet date. Further firm receives
payment within one month from its customers resulting in average
collection period of 27 days in FY17.The high working capital
requirements were met largely through bank borrowings which
resulted in almost full utilization of its sanctioned working
capital limits for past 12 months ended January 31, 2018.

Susceptibility of margins to fluctuation in raw material
availability: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. Being agro commodities, these are perishable in nature
and the price of raw materials is dependent on their
availability, which is further dependent on the vagaries of
nature (agro-climatic conditions). Any adverse impact on the crop
production will adversely affect the profitability as well as
growth prospects for the firm.

Fragmented and unorganized nature of industry: The food
processing industry is highly fragmented with more than half of
the total number of players being unorganized. There are many
small unorganized players in the industry along with large
organized players like Mother Dairy (Safal, Vadilal) etc. Thus
this makes the food processing industry highly competitive in the
domestic market. This makes food processing industry highly
competitive.

Constitution of the entity being a partnership firm: VFP
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Key Rating Strengths

Experienced Promoters: The operations of the firm are currently
being managed Mr. Rajendra Kumar Sharma, Mr. Ashok kumar Sharma,
Mr. Anil Kumar Sharma, Smt. Rama Sharma, Smt. Naina Shrama, Smt.
Rekha Sharma. Mr. Rajendra Kumar Sharma is a graduate by
qualification and has an experience of around two decades in agro
processing industry through his association with this entity and
family run business. Mr. Ashok Sharma is a graduate by
qualification and also has an experience of around two and half
decades in the agro processing industry. Mr. Anil Kumar Sharma,
Smt. Rama Sharma, Smt. Naina Shrama, Smt. Rekha Sharma who are
graduates by qualification and have experience of around one
decade in the agro processing industry through their association
with this entity and family run business.

Moderate profitability margins: The profitability margins of the
firm stood moderate as marked by PBILDT margin of 16.00% in FY17
as against 13.84% in FY16. The improvement in the PBILDT margin
was on account lower raw material cost. However high interest
cost and depreciation charges restricted the net profitability of
the company below unity in FY17.

Bazpur, Uttarakhand based Vaishnavi Food Products (VFP), was
established as a partnership firm in the year 2011 and the
current partners are Mr. Rajendra Kumar Sharma, Mr. Ashok kumar
Sharma, Mr. Anil Kumar Sharma, Smt. Rama Sharma, Smt. Naina
Shrama and Smt. Rekha Sharma sharing profit and losses equally.
The firm is engaged in processing of fresh fruits and vegetables
(green peas, papaya banana and corn) into frozen form through
individual quick freezing (IQF) technique at its processing unit
located in Uttarkhand with installed capacity of 12.5 metric
tonnes per day on January 31, 2018. It procures the agricultural
products from farmers, commission agents and traders located in
the vicinity of the plant and sell to whole sellers and retailers
located in Maharashtra, Chhattisgarh and Haryana.



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BUMI SERPONG: Moody's Alters Outlook to Pos.; Affirms Ba3 CFR
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Bumi Serpong Damai TBK (P.T.) (BSD) and affirmed the
Ba3 backed senior unsecured rating of the 2020 notes and 2023
notes issued by Global Prime Capital Pte. Ltd., a wholly owned
subsidiary of BSD. The notes are guaranteed by BSD and some of
its subsidiaries.

The rating outlook is changed to positive from stable.

RATINGS RATIONALE

"The positive outlook on BSD's ratings reflect Moody's
expectation that an increase in the company's recurring income
and strong financial metrics over the next 12-18 months could
support an upgrade of its ratings" says Jacintha Poh, a Moody's
Vice President and Senior Analyst.

BSD has continued to grow its recurring revenue base by around
15% year-on-year over the last three years, such that its
recurring EBIT covers at least 1.0x of interest expense. Moody's
expects the company's recurring revenue to grow 25%-30% year-on-
year, supported by contributions from office towers acquired in
2017 and newly completed investment properties.

BSD's credit metrics in 2017 were strong for its ratings. Its
adjusted debt/homebuilding EBITDA was at 1.5x and homebuilding
EBIT/interest expense was 10.4x, driven by high levels of sale of
commercial land plots.

Although Moody's expects BSD's marketing sales levels to
normalize to around IDR6 trillion in 2018 and 2019, the company's
credit metrics will stay strong over this period with adjusted
debt/homebuilding EBITDA at around 2.5x and homebuilding
EBIT/interest expense at around 5.0x. These credit metrics will
be supportive of a ratings upgrade.

Despite weakness in Indonesia's property market since the second
half of 2015, BSD has continued to achieve strong marketing sales
through new project launches and the sale of commercial land
plots. Excluding BSD's sales of land to its various joint-venture
projects, the company recorded more than IDR5.5 trillion of
annual marketing sales over the last three years.

BSD's Ba3 ratings reflect its established position as one of the
largest property developers in Indonesia, with diversification
across multiple projects and property segments -- residential,
office, retail, industrial and hospitality.

The company's focus on selling land lots and low-rise commercial
and residential properties entails relatively low development
risks and provides it with the flexibility to adjust the scale of
its operations in line with demand.

Nonetheless, BSD remains exposed to: (1) concentration risk as it
derives the majority of its revenue from BSD City; (2) the
volatile property sector in Indonesia; and (3) the evolving
regulatory environment in Indonesia.

The company is also exposed to foreign exchange rate risk as US
dollar bond issuances made up around 84% of its outstanding debt
as of 31 December 2017, while its business transactions are in
Indonesian rupiah.

Although the company intends to use non-deliverable call spread
option facilities to protect the principal amount of its US
dollar debt from adverse exchange rate volatility, it had not yet
done so as of 31 December 2017. Nonetheless, foreign exchange
rate risk is partially mitigated by the long-dated maturities of
its US dollar bonds.

BSD's ratings could be upgraded over the next 12-18 months if the
company successfully executes its business plans and grows
revenue towards IDR10 trillion while maintaining healthy
financial metrics and strong liquidity.

Credit metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 2.5x, and adjusted homebuilding
EBIT/interest coverage above 5.0x. An upgrade will also require
that the recurring EBIT to cover at least 1.0x of interest
expense.

Given the positive outlook, BSD's ratings are unlikely to be
downgraded over the next 12-18 months. However, the outlook could
return to stable if: (1) the company fails to implement its
business plans; (2) there is a deterioration in the property
market, leading to weakness in its operations such that adjusted
debt/homebuilding EBITDA stays above 2.5x and adjusted
homebuilding EBIT/interest coverage falls below 5.0x.

The ratings will face downward pressure if there are signs of
cash leaking from BSD to fund affiliated companies, for example,
through intercompany loans, aggressive cash dividends, or
investments in affiliates.

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

Established in 1984, Bumi Serpong Damai TBK (P.T.) (BSD) is the
largest developer listed on the Indonesia Stock Exchange by
market capitalization. The company and its subsidiaries are
engaged in the development, management and operation of
residential townships, condominium towers, office buildings,
retail malls and hotel properties. The company is sponsored by
Sinarmas Land Limited, which held a 58% interest in BSD at
Dec. 31, 2017.



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


EZRA HOLDINGS: Court Approves Cross-Border Bankruptcy Protocol
--------------------------------------------------------------
The Strait Times reports that the High Court on March 13 approved
an application by Ezra Holdings for a cross-border protocol
between the Singapore court and the US Bankruptcy Court in
relation to the firm's bankruptcy proceedings.

Ezra Holdings, which filed a Chapter 11 plan in the US last year
after it received two statutory demands from creditors, had also
applied to the Singapore court on March 1 for leave to seek a
meeting with its creditors under the Companies Act, the report
relates.

According to the report, the application here is to allow the
firm time to work out an arrangement with creditors where the
firm is restructured in order to settle its debts.

The Strait Times, citing documents filed in the US Bankruptcy
Court in New York earlier this month, says the secured creditors
include DBS Bank, OCBC Bank and United Overseas Bank. According
to the Strait Times, tThe Chapter 11 plan and the application in
Singapore also spell out the terms in which the firm's board and
management can legally sustain the company's operations so debts
can be settled.

The report says the firm's board of directors, and its subsidiary
and associated companies, announced on March 13 that the cross-
border protocol application is meant to coordinate the efficient
administration of the bankruptcy proceedings in the US and
restructuring proceedings in Singapore.

The application for the cross-border protocol is also to
establish a framework of general principles to address issues
that may arise out of the cross-border nature of the
restructuring proceedings, the Strait Times relates.

The Strait Times says the firm's move to seek endorsement of such
a protocol dovetails with an October 2016 initiative by the
Singapore Supreme Court known as the Judicial Insolvency Network
(JIN).

Under the initiative, judges of various jurisdictions established
guidelines and a common framework on how courts in different
countries can communicate and cooperate with one another in
cross-border insolvency cases, the report states.

Among other things, the guidelines provide a structure for joint
hearings, enabling two or more courts to simultaneously hear
arguments and examine evidence.

Ezra Holdings is expected to ask the New York and Singapore
courts to jointly decide under the JIN Guidelines where conflicts
of laws might arise, according to the Strait Times.

Ms. Robin Chiu, Ezra Holdings' court-approved chief restructuring
officer, was quoted in last week's issue of Global Restructuring
Review as saying "the debtors are aware of no precedence for
seeking both approval by a US bankruptcy court and a Singapore
court" for confirmation of a Chapter 11 plan and the application
for a creditors' meeting in Singapore, the Strait Times reports.

The Strait Times relates that the firm has also separately
applied to the US court for approval of the cross-border protocol
and the hearing is due later this month. If approved there as
well, it may see the first reported hearing in which the JIN
scheme is applied.

Ezra Holdings had also sought other High Court orders through
Drew & Napier senior lawyer Sushil Nair on March 13, but the
matters were adjourned to a later date, the report notes.

                        About Ezra Holdings

Founded in 1992, Ezra Holdings Limited --
http://www.ezraholdings.com/-- is an offshore contractor and
provider of integrated offshore solutions to the global oil and
gas industry.  Ezra is incorporated in Singapore with its
registered office at 15 Hoe Chiang Road #28-01 Tower Fifteen
Singapore 089316.

Its shares were listed on the SGX Sesdaq on Aug. 8, 2003, and
moved to the Mainboard of the Singapore Exchange since Dec. 8,
2005. It also issued certain notes (S$150,000,000 4.875% Notes
due 2018 comprised in Series 003) which have been listed on the
Singapore Exchange since 2013.

Ezra established and maintains an office in the United States
located at 75 South Broadway, Fourth Floor, Office Number 489,
White Plains, New York 10601.  Ezra also has a wholly owned New
York subsidiary, Ezra Holdings (NY) Inc., which was incorporated
in the United States of America with 200 shares at a nominal
issue price per share.

EMITS, a wholly owned subsidiary of Ezra, provides supporting
information technology services to each of the Ezra Group's
business divisions.  Ezra Marine, another wholly owned subsidiary
of Ezra, has a leasehold interest in the marine base in Singapore
located at 51 Shipyard Road, Singapore 628139 and leases out the
base's facilities and provides various support services in
connection with the marine base to the Ezra Group's operating
entities.

Ezra Holdings and two affiliates -- Ezra Marine Services Pte.
Ltd. and EMAS IT Solutions Pte Ltd -- filed voluntary Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 17-22405) on
March 18, 2017, before the Honorable Robert D. Drain.  In the
petition signed by Tan Cher Liang, director, Ezra Holdings
estimated $500 million to $1 billion in assets and $100 million
to $500 million in liabilities.  The Debtors' Chapter 11 Cases
are being jointly administered for procedural purposes only.

Lawyers at Saul Ewing, led by Sharon L. Levine, Esq., serve as
the Debtors' Chapter 11 counsel.  The Debtors tapped as general
Singapore counsel Drew & Napier LLC; and claims and noticing
agent, Prime Clerk LLC.  Foxwood LLC also serves as special
counsel.

The Ezra Group's joint venture, EMAS CHIYODA Subsea Limited, and
certain of its affiliate companies filed voluntary Chapter 11
petitions (Bankr. S.D. Tex. Lead Case No. 17-31146) on Feb. 27,
2017.  ECS' wholly-owned subsidiary, EMAS-AMC AS, has also been
placed under members' voluntary liquidation in Norway.

Ezra guaranteed substantial charter hire liabilities of the ECS
Group, as well as certain loans owed by the ECS Group to
financial institutions, Ezra faces potentially significant
contingent liability if the creditors call on the guarantees.

Ezra received statutory demands from Svenska Handelsbanken AB
(Publ), Singapore Branch and Forland Subsea AS on Jan. 24, 2017,
and Feb. 6, 2017, respectively. These statutory demands have
since expired under Singapore law and these two creditors may
commence winding up applications against Ezra.  Ezra also
received a statutory demand from VT Halter Marine, Inc. on
March 9, 2017.



                             *********

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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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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