TCRAP_Public/180320.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, March 20, 2018, Vol. 21, No. 056

                            Headlines


A U S T R A L I A

A & L PIPE-EYE: First Creditors' Meeting Set for March 27
AAPSS Pty: First Creditors' Meeting Slated for March 27
CHAMBERS WELDING: First Creditors' Meeting Set for March 28
DOUGHNUT TIME: Founder's Estate Owes AUD1MM to ATO, Trustee Says
S&S PARTNERS: Second Creditors' Meeting Set for March 27

SCHOKMAN PTY: Second Creditors' Meeting Set for March 26
SEWER SERVICES: First Creditors' Meeting Set for March 27


C H I N A

CHINA COMMERCIAL: Fails to Comply with Nasdaq's Market Value Rule
HNA GROUP: Planning to Sell Properties Worth $2.2 Billion


H O N G  K O N G

NOBLE GROUP: Says Won't Make Payments to Notes Due 2018 & 2022


I N D I A

AJB LEATHERS: CRISIL Withdraws B Rating on INR4.35MM LT Loan
ALPHA PACIFIC: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
ALUPAN COMPOSITE: CRISIL Migrates D Rating to Not Cooperating
BOSS COMPUTERS: CRISIL Moves D Rating to Not Cooperating Category
DHOOT RESORTS: CRISIL Moves D Rating to Not Cooperating Category

ESSAR STEEL: VTB-Led Group Open to Buying Out Ruia in Essar Race
GCRG MEMORIAL: Ind-Ra Migrates BB+ Rating to Non-Cooperating
GSM INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Category
HIRA AUTOMOBILES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
HYTUF STEELS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating

INVENTION INDIA: CRISIL Moves D Rating to Not Cooperating Cat.
KSP INCORPORATED: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
KTKP SARABARAHKARI: CRISIL Moves D Rating to Not Cooperating
KVR DREAM: CRISIL Migrates B- Rating to Not Cooperating Category
LINCOLN INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating

MEGHA AUTO: CRISIL Withdraws B+ Rating on INR7.5MM LT Loan
PUNJ AUTOS: CRISIL Migrates B Rating to Not Cooperating Category
R.S. FOODS: CRISIL Moves B Rating to Not Cooperating Category
RIBBEL INT'L: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
RKMM METAL: CRISIL Withdraws B+ Rating on INR3.5MM LT Loan

S.M. BUILDCON: CRISIL Assigns B+ Rating to INR18MM Term Loan
SAI BABUJI: CRISIL Assigns 'B' Rating to INR4.9MM Cash Loan
SAKTHI TRADERS: Ind-Ra Withdraws 'B' LongTerm Issuer Rating
SARITA FORGINGS: Ind-Ra Migrates B+ Rating to Non-Cooperating
SAROJ PRINTS: CRISIL Withdraws B Rating on INR5MM LT Loan

SHIV MAHIMA: CRISIL Migrates B Rating to Not Cooperating Category
SHIVCHAND RAI: CRISIL Moves B+ Rating to Not Cooperating Category
SHRI AGRAWAL: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
SHRI KRISHNA: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SHRIRAM TRANSPORT: Fitch Rates US$150MM Sr. Secured Notes BB+

SRI LOGANAYAKI: CRISIL Withdraws B Rating on INR6MM Loan
SUMERU MICROWAVE: CRISIL Assigns B+ Rating to INR4MM Cash Loan
SUNBEAM DEALERS: CRISIL Moves B+ Rating to Not Cooperating
THREE SEASONS: CRISIL Assigns B+ Rating to INR50MM LT Loan
UMA KRAFTPAPER: CRISIL Withdraws B Rating on INR8.25MM Term Loan

VISHWARAJ DEVELOPERS: CRISIL Assigns B Rating to INR15MM Loan


J A P A N

TK HOLDINGS: Plan Exclusivity Periods Extended Through April 30


N E W  Z E A L A N D

GROCERS MARKET: Assets to be Bought by Farro Fresh


S I N G A P O R E

ECOWISE HOLDINGS: First Quarter Net Loss Narrows to SGD952,000


S O U T H  K O R E A

KUMHO TIRE: Bank Creditor & Union Fail to Bridge Gaps on Sell-off


X X X X X X X X

* BOND PRICING: For the Week March 12 to March 16, 2018


                            - - - - -


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


A & L PIPE-EYE: First Creditors' Meeting Set for March 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of A & L Pipe-
Eye Pty Ltd, trading as "All About Locating", "All About Traffic
Control" and "All About Pipes" and trading as "All About Pipes"
will be held at Level 2, Function Room 5, Hilton Sydney Hotel, 488
George Street, in Sydney, NSW, on March 27, 2018, at
11:00 a.m.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of A & L Pipe-Eye on March 15, 2018.


AAPSS Pty: First Creditors' Meeting Slated for March 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of AAPSS Pty
Limited will be held at Level 2, Function Room 5, Hilton Sydney
Hotel, 488 George Street, in Sydney, NSW, on March 27, 2018, at
2:00 p.m.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of AAPSS Pty on March 15, 2018.


CHAMBERS WELDING: First Creditors' Meeting Set for March 28
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Chambers
Welding & Fabrication Pty Ltd will be held at the offices of HLB
Mann Judd (Insolvency WA), Level 3, 35 Outram Street, in West
Perth, West Australia, on March 28, 2018, at 10:00 a.m.

Gary John Anderson of HLB Mann Judd was appointed as administrator
of Chambers Welding on March 16, 2018.


DOUGHNUT TIME: Founder's Estate Owes AUD1MM to ATO, Trustee Says
----------------------------------------------------------------
SmartCompany reports that the trustee appointed to oversee the
bankrupt estate of Doughnut Time founder Damian Griffiths said the
Australian Taxation Office (ATO) is owed AUD1 million and other
creditors have contributed to loans in the vicinity of
AUD2 million.

Raj Khatri of Worrells Insolvency confirmed on March 19 he has
been appointed by the debtors' petition to oversee Mr. Griffiths'
bankrupt estate, the report says.

According to SmartCompany, Mr. Griffiths is the entrepreneur
behind Doughnut Time and a number of businesses in Fortitude
Valley in Queensland, including Les Bubbles, Alfred and Constance,
and Limes Hotel.

Doughnut Time entered liquidation last week and reportedly owes
employees an estimated AUD200,000 in unpaid wages, SmartCompany
discloses, citing the ABC. Employees were left in the dark up
until the last minute when it came to the future of the business.

SmartCompany relates that a statement from Mr. Khatri said the
insolvency notices of the above businesses led to Mr. Griffiths'
personal insolvency.

Mr. Griffiths' statement of affairs lodged with the Australian
Financial Security Authority (AFSA) said his bankruptcy was caused
by "economic conditions affecting industry, including competition,
credit restrictions, fall in prices or increase in costs,"
SmartCompany relays.

The statement of affairs also outlines that the Australian
Taxation Office is the principal creditor, owed AUD1 million
"arising from a Director Penalty Notice". The director penalty
notice was issued for unpaid PAYG and superannuation debts at
venues he founded, SmartCompany reports citing a statement from
Worrells.

Family members who provided loans to Mr. Griffiths are listed
among the creditors to his estate, with a statement from Worrells
indicating these relate to loans "in the vicinity of AUD2
million". One of the parties involved is secured by a third
mortgage over two properties in Paris, SmartCompany discloses.

Worrells said Griffiths has also declared approximately AUD140,00
in credit card debt, and a recent court case found a family
member's company is owed AUD550,000 for a payment relating to a
partnership venture over the Limes Hotel.

Worrells is currently seeking proof of debt from potential
creditors through its website, adds SmartCompany.


S&S PARTNERS: Second Creditors' Meeting Set for March 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of S&S Partners
Group Pty Ltd has been set for March 27, 2018, at 11:00 a.m. at
the offices of Hall Chadwick Chartered Accountants, Level 40, 2
Park Street, in Sydney, New South Wales.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2018, at 5:00 p.m.

David Allan Ingram and Richard Albarran of Hall Chadwick were
appointed as administrators of S&S Partners on Dec. 7, 2017.


SCHOKMAN PTY: Second Creditors' Meeting Set for March 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of Schokman Pty
Ltd has been set for March 26, 2018, at 11:00 a.m. at the offices
of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on
March 26, 2018, at 11:00 a.m.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2018, at 9:00 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Schokman Pty on Feb. 19, 2018.


SEWER SERVICES: First Creditors' Meeting Set for March 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Sewer
Services Pty. Limited, trading as "Pipeline Infrastructure
Technology", will be held at Level 2, Function Room 5, Hilton
Sydney Hotel, 488 George Street, in Sydney, NSW, on March 27,
2018, at 12:30 p.m.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of Sewer Services on March 15, 2018.



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


CHINA COMMERCIAL: Fails to Comply with Nasdaq's Market Value Rule
-----------------------------------------------------------------
China Commercial Credit, Inc. received on Feb. 28, 2018, a letter
from The NASDAQ Stock Market LLC notifying the Company that it is
not in compliance with the minimum Market Value of Listed
Securities (MVLS) requirement set forth in Nasdaq Listing Rule
5550(b)(2) for continued listing on the Nasdaq Capital Market.
Nasdaq Listing Rule 5550(b)(2) requires listed securities to
maintain a minimum MVLS of $35 million. Nasdaq Listing Rule
5810(c)(3)(C) provides that a failure to meet a minimum MVLS
exists if the deficiency continues for a period of 30 consecutive
business days. Based upon Nasdaq's review of the Company's MVLS
for the last 30 consecutive business days, the Company no longer
meets the minimum MVLS requirement. The Nasdaq staff noted the
Company also does not meet the requirements under Listing Rules
5550(b)(1) and 5550(b)(3).

The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(C), the Company has been provided 180
calendar days, or until Aug. 27, 2018, to regain compliance with
Nasdaq Listing Rule 5550(b)(2).

The Company intends to promptly evaluate options available to
regain compliance and to timely submit a plan to regain
compliance. The Company said there can be no assurance that its
plan will be accepted or that, if it is, the Company will be able
to regain compliance with the applicable Nasdaq listing
requirements.

                  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.


HNA GROUP: Planning to Sell Properties Worth $2.2 Billion
---------------------------------------------------------
Bloomberg News reports that HNA Group Co. is planning to sell
properties including office buildings and hotels across China,
according to people familiar with the matter, as the embattled
conglomerate scrambles to repay its debts.

Bloomberg relates the buildings include Shanghai HNA Tower,
Shanghai Yangtze International Enterprise Plaza and Renaissance
Shanghai Pudong Hotel, said the people, asking not to be
identified as the deliberations are private. Nine properties HNA
has put up for sale in Shanghai and Beijing have a combined book
value of about CNY14 billion ($2.2 billion), one of the people
said.

According to Bloomberg, the move would add to about $13 billion in
HNA asset sales that have emerged in recent months after the once
little-known airline operator went on a debt-fueled buying spree
to snap up everything from Manhattan buildings to a stake in
Deutsche Bank AG in the past few years. The group is said to have
targeted CNY100 billion in asset disposals by the first half of
the year to ease financial pressures, the report states.

Outside of China, the group has been disposing of billions of
dollars of properties in New York, Sydney, Hong Kong and London.
Beyond real estate, HNA has also sold or is planning to sell
stakes in Park Hotels & Resorts Inc., Hilton Grand Vacations Inc.,
NH Hotel Group SA and Red Lion Hotels Corp. It's also planning
initial public offerings for Gategroup Holdings AG and Swissport
International AG, Bloomberg says.

Bloomberg notes that HNA isn't the only Chinese conglomerate
scaling back investments after the government began scrutinizing
some of the country's most high-profile acquirers last year.
Anbang Insurance Group Co. was taken over by the government last
month and is in the process of selling assets, the report says.
Elsewhere, billionaire Wang Jianlin, whose group controls AMC
Entertainment Holdings Inc. and was once China's richest man, is
retreating from previous ambitions to build an entertainment
empire that could challenge Walt Disney Co, adds 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.



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


NOBLE GROUP: Says Won't Make Payments to Notes Due 2018 & 2022
--------------------------------------------------------------
Reuters reports that Noble Group said on March 16 it had not, and
would not, make payments in relation to debt notes due in 2018 and
2022.

Noble has a $379 million bond that matures in 2018 and a $750
million bond due in 2022, according to Reuters.

The Hong Kong-headquartered firm has finalised a restructuring
agreement with a group of senior creditors holding 46 percent of
its debt, and is in talks with others, as it races to launch a
deal crucial to its survival.

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-'.



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I N D I A
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AJB LEATHERS: CRISIL Withdraws B Rating on INR4.35MM LT Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with AJB
Leathers (AJBL) for obtaining information through letters and
emails dated April 6, 2017, and May 4, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          4.4       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

   Proposed Long Term   4.35      CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AJBL. This restricts CRISIL's
ability to take a forward AJBL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of AJBL
continues to be 'CRISIL B/Stable/Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of AJBL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

AJBL, set up in 2000 as a proprietorship firm, processes goat,
sheep, and cow leather. It has a tannery in Dindigul (Tamil Nadu).
Operations are managed by Mr. J Balasubramaniam.


ALPHA PACIFIC: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Alpha Pacific
Systems Private Limited's (APSPL) 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:

-- INR45 mil.Fund-based cash credit limits migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+(ISSUER NOT COOPERATING) ratings; and

-- INR22 mil.Non-fund-based bank guaranteeMigrated to Non-
    Cooperating Category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Established in 2000, Delhi-based APSPL provides engineering,
procurement and construction services to government and private
companies particularly in civil infrastructure, automation and
solar panel installation divisions in northern India,. Mr. Neeraj
Kumar and Mr. Subhash Singh Soam are the promoters.


ALUPAN COMPOSITE: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Alupan
Composite Panels Private Limited (ACPPL) for obtaining information
through letters and emails dated January 10, 2018, and January 18,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            16       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit        8       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term      1       CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Alupan Composite Panels Private Limited to CRISIL
D/CRISIL D Issuer not cooperating'.

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

ACPPL was established in 2003, promoted by Mr. Vinod Kumar Garg.
The company manufactures aluminium composite panels at its
facility in Haridwar, Uttarakhand.


BOSS COMPUTERS: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Boss
Computers Private Limited (Boss) for obtaining information through
letters and emails dated February 5, 2018, and February 9, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           3.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             3.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Boss incorporated in 2008 is a Chandigarh based company promoted
by Mr. Narinder Pal Singh. It is engaged in trading of computer
hardware. The company have dealerships of Dell, Asus, HP, Lenovo
and Acer.


DHOOT RESORTS: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dhoot
Resorts and Spa Private Limited (DRSPL; a part of the Dhoot group)
for obtaining information through letters and emails dated
December 15, 2017, and December 21, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee          2       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              48       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Dhoot Resorts and Spa Private Limited to CRISIL
D/CRISIL D Issuer not cooperating'.

DRSPL, was incorporated in 2011; it operates The Gateway Resort in
Damdama Lake, Gurgaon (Haryana).

The Dhoot group was set up by Mr Kedar Nath Dhoot in 1962 with
business interests of trading in garments, hardware, and
electrical appliances, and manufacturing industrial tools and
components. The group also has presence in the education and
healthcare businesses. Mr Pawan Dhoot, the current managing
director, initiated the group's entry into the real estate
business and incorporated Dhoot Developers Pvt Ltd (DDPL) in 1999.
DDPL undertakes construction on a contract basis. In 2003, the
group diversified into infrastructure development and established
Dhoot Infrastructure Projects Limited (DIPL) to undertake
residential and commercial real estate projects.


ESSAR STEEL: VTB-Led Group Open to Buying Out Ruia in Essar Race
----------------------------------------------------------------
Bloomberg News reports that a consortium led by VTB Group,
Russia's second-largest bank, said it's willing to buy out a local
partner to ensure its offer for an indebted Indian steel mill
meets government rules, setting up a contest with billionaire
Lakshmi Mittal.

According to Bloomberg, other investors in the group are willing
to buy out Rewant Ruia's stake in investment vehicle Numetal Ltd.,
Antoine Chemali, senior adviser for Mauritius-based Numetal, said
in an interview in Mumbai on March 15. That's likely required
because Ruia's father is the founder of Essar Steel India Ltd. and
under India's bankruptcy rules, owners of distressed assets can't
bid to acquire those assets in the insolvency process. Ruia
doesn't have a board seat in Numetal, Chemali said.

Essar Steel could fetch a valuation of at least $6 billion in a
sale, people with knowledge of the matter said last month,
Bloomberg relates. The process has been delayed after advisers to
the resolution professional appointed by an insolvency court
pushed back on the rival bids, citing rules that make both
ineligible.

Claims of about INR518 billion (US$8 billion) on Essar Steel have
been admitted under the bankruptcy process, Bloomberg says. A
successful sale of the mill will be a triumph for Prime Minister
Narendra Modi's government, which is pushing to resolve $210
billion of stressed assets and spur lending in Asia's third-
largest economy before elections due next year.

A large part of the VTB-led consortium's bid will be in cash and
has "both the immediate and long-term solutions for the
stakeholders," Mr. Chemali said without disclosing further
details, Bloomberg relays. ArcelorMittal, the world's biggest
steelmaker, submitted a higher offer than the VTB investor group,
people familiar with the matter said last month.

As part of the resolution proposal for Essar Steel, Numetal is
proposing to raise production to full capacity at 9.7 million tons
from the current level of 60 percent, Mr. Chemali, as cited by
Bloomberg, said. The revival plan also includes completing an
unfinished coke oven plant and a pellet manufacturing facility, he
said.

All the stake holders -- including creditors and the resolution
professional -- are seeking to reach a resolution before the April
29 deadline for Essar Steel's sale, Mr. Chemali said, Bloomberg
relays.

Other than the indebted mill, Numetal is also looking at other
growth opportunities in India including in infrastructure and
related fields, he said, Bloomberg adds.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT), Ahmedabad, admitted
Essar Steel's insolvency case on Aug. 2, 2017. State Bank of
India's suggested interim resolution professional (IRP) Satish
Kumar Gupta, of Alvarez and Marsal India, has been appointed as
IRP.

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to SCB in debt.

Both petitions filed by State Bank of India (SBI) and Standard
Chartered Bank (SCB) for initiating insolvency proceeding under
Insolvency & Bankruptcy Code (IBC) against the steel major Essar
Steel Ltd have been admitted by NCLT on Aug. 2, according to ET.


GCRG MEMORIAL: Ind-Ra Migrates BB+ Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GCRG Memorial
Trust's (GMT) bank loans' ratings to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The ratings will now appear as 'IND
BB+(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR105.8 mil.Term loan due on March 2020 migrated to Non-
    Cooperating Category with IND BB+(ISSUER NOT COOPERATING)
    rating;

-- INR19.5 mil.Fund-based limit migrated to Non-Cooperating
    Category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR115 mil.Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating;

-- INR240 mil.Proposed term loan migrated to Non-Cooperating
    Category with Provisional IND BB+(ISSUER NOT COOPERATING)
    rating; and

-- INR19.7 mil.Proposed fund-based limit migrated to Non-
    Cooperating Category with Provisional IND BB+(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

GMT was founded by Chairman Mr. Abhishek Yadav and his brother Mr.
Mohit Yadav (secretary) in May 2008. It is incorporated under the
Indian Trust Act, 1882. In FY10, the trust set up GMT Group of
Institutions at Chandrika Devi Road, Bakshi Ka Talab, Lucknow.

GMT operates seven institutes on the GGI campus, offering
undergraduate and postgraduate courses in engineering, management
and teaching, along with diplomas and polytechnic courses.
Moreover, it runs a hospital (GCRG Memorial Hospital), which
commenced operations in FY15, and a medical college, which came
online in FY17, on the campus.


GSM INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with G S M
Industries Private Limited (GSM) for obtaining information through
letters and emails dated January 22, 2018, February 15, 2018 and
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of Credit       8       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term     2       CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of G S M Industries Private Limited to CRISIL D/CRISIL
D Issuer not cooperating'.

Gandhidham-based GSM was taken over in 2006 by its current
promoter, Mr. Ramesh Chinaria. The company manufactures marine
plywood, commercial plywood, block-boards and flush-doors under
the brand, GSM.


HIRA AUTOMOBILES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hira Automobiles
Ltd.'s (HAL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable. The instrument wise rating action is given below:

-- INR320 mil.Fund-based working capital limit affirmed with
    IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects HAL's continued thin EBITDA margins and
weak credit metrics owing to intense competition in the dealership
business. EBITDA margins were 2.6% in FY17 (FY16: 2.5%), net
financial leverage (net debt/operating EBITDA) was 7.5x (7.4x) and
gross interest coverage (operating EBITDA/gross interest expense)
was 1.5x (1.4x). At March 31, 2017, total debt stood at INR643
million (FY16: INR604 million), of which working capital debt
constituted 76.3% (81.7%), term loan 11.2% (9.7%) and unsecured
loans 12.5% (8.6%).

The ratings are constrained by the company's tight liquidity
position owing to the working capital intensive nature of
operations, which were further impacted by the implementation of
the Goods and Services Tax regime. HAL's average utilization of
its fund-based limits was 99% for the 12 months ended January
2018.

However, the ratings remain supported by the company's strong
operating profile with 10 dealerships of Maruti Suzuki India
Limited (MSIL), the largest original equipment manufacturer in the
passenger car market in India. Despite the decline in sales volume
to 5,094 cars in FY17 (FY16: 5,627 cars), revenue grew to INR3,213
million (INR3,104 million) on the back of increase in sale of
higher value cars. However, the scale of operations remained
modest. HAL derives around 85% of its revenue from the sale of
cars, while sale of spares and accessories, and services accounts
8% and 7%, respectively.

The ratings continue to benefit from HAL's established market
position as the oldest authorized dealer of MSIL in Patiala and
Muktsar district of Punjab, and the promoter's experience of more
than two decades in the automobile industry.

RATING SENSITIVITIES

Negative: A further stress on the liquidity position or
deterioration in the credit metrics could result in a negative
rating action.

Positive: An increase in revenue and operating profitability,
along with an improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Incorporated in 1989, HAL began operations as an MSIL car dealer
with a showroom and a workshop in Patiala. In 9MFY18 (unaudited),
HAL reported revenue of INR2,353 million (9MFY17 (unaudited):
INR2,205 million) with EBITDA margin of 3.1% (3.3%) and net profit
of INR1.8 million (INR1.9 million).


HYTUF STEELS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hy-Tuf Steels
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:

-- INR130 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB+(ISSUER NOT COOPERATING)
     rating.

-- INR57.4 mil. Term loan due on July 2019-October 2021 migrated
    to Non-Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING ) rating; and

-- INR8 mil.Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 24, 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 1994, Hy-Tuf Steels is a Vadodara-based
manufacturer of TMT bars.


INVENTION INDIA: CRISIL Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Invention
India (Exports) Private Limited (IIL) for obtaining information
through letters and emails dated February 5, 2018, February 9,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Foreign Bill           6         CRISIL D (Issuer Not
   Discounting                      Cooperating; Rating Migrated)

   Letter of Credit       1         CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Packing Credit         2.5       CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term     1.35      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Invention India (Exports) Private Limited to CRISIL
D /CRISIL D Issuer not cooperating'.

IIL was incorporated in 1978 by Mr Harbhajan Singh and Mr Kulbir
Singh. Its plant in Sonipat (Haryana) has manufacturing capacity
of 1.8 million readymade garments per annum. The company derives
most of its revenue from exports to Europe.


KSP INCORPORATED: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KSP Inc.'s Long-
Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. (reduced from INR105 mil.) Fund-based export
    related limits affirmed with IND BB/Stable/IND A4+ ratings;

-- INR3 mil. Non-fund-based bank guarantee affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects KSP's continued small scale of operations
and a decline in operating margins due to its presence in a highly
fragmented and competitive market, and the trading nature of
business. Revenue increased to INR430 million in FY17 (FY16:
INR337 million) due to an increase in orders from existing and new
customers. The firm achieved a turnover of INR357.21 million
during 9MFY18. As of March 2018, it had an order book of INR450
million, to be executed over the next one and a half months. Ind-
Ra expects a stable growth in revenue due to growth in orders.
Despite the increase in revenue, EBITDA margins reduced to 7.6% in
FY17 (FY16: 10%) on account of an increase in employee costs and
other expenses.

The ratings also remain constrained by the partnership nature of
the business.

However, the ratings continue to be supported by KSP's comfortable
credit metrics due to lower dependence on external debt. Interest
coverage (operating EBITDA/gross interest expense) deteriorated to
8x in FY17 (FY16: 10.2x) and net leverage (total adjusted net
debt/operating EBITDA) to 1.7x (1.5x) owing to a decline in
absolute EBITDA and an increase in debt to fund its working
capital requirements.

The ratings also continue to benefit from the firm's comfortable
liquidity position as indicated by 55% average utilization of the
working capital limits during the 12 months ended February 2018.
Working capital cycle was 43 days in FY17 (FY16: 47 days).

The ratings also draw comfort from KSP's promoters' more than four
decades of experience in the trading of lawn and garden decorative
items.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margins leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: An increase in the scale of operations, along with a
sustained improvement in the credit metrics will be positive for
the ratings.

COMPANY PROFILE

Founded in 1977, KSP is engaged in the trading of lawn and garden
decorative items such as garden products, wrought iron furniture,
garden arches, garden fences, bird feeders, furniture, among
others. The firm exports these items to Europe, the UK and North
America. The company is promoted by Mr. Puneet Berry and his
family.


KTKP SARABARAHKARI: CRISIL Moves D Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with K T K P
Sarabarahkari and Babasayi Samitee Himghar Limited (KTKP) for
obtaining information through letters and emails dated
January 19, 2018, February 15, 2018 and February 21, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       0.18      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit          4.38      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   4.80      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Working Capital
   Loan                 0.65      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Working Capital       .39      CRISIL D (Issuer Not
   Term Loan                      Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of K T K P Sarabarahkari and
Babasayi Samitee Himghar Limited, which restricts CRISIL's ability
to take a forward looking view on the entity's credit quality.
CRISIL believes information available on K T K P Sarabarahkari and
Babasayi Samitee Himghar Limited is consistent with 'Scenario 1 '
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of K T K P Sarabarahkari and Babasayi Samitee Himghar
Limited to CRISIL D/CRISIL D - Issuer not cooperating'.

KTKP was incorporated in 1997 to provide cold storage facility to
potato farmers and traders. The company is promoted by Mr Krishna
Gopal Jena and has a facility in Hooghly, West Bengal.


KVR DREAM: CRISIL Migrates B- Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with KVR Dream
Vehicles Private Limited (KVR) for obtaining information through
letters and emails dated July 13, 2017, February 12, 2018 and
February 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Drop Line              2.6      CRISIL B-/Stable (Issuer Not
   Overdraft Facility              Cooperating; Rating Migrated)

   Electronic Dealer      4.75     CRISIL B-/Stable (Issuer Not
   Financing Scheme                Cooperating; Rating Migrated)
   (e-DFS)

   Proposed Long Term     6.15     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in 2008, KVR, promoted by Mr K P Nair and his son Mr
Sujith Nair and based in Kannur (Kerala) is the exclusive
authorised dealer for Tata Motor's passenger cars, utility
vehicles, spares, and accessories in Kannur and Kasaragod
(Kerala).


LINCOLN INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lincoln
Industries Limited (LIL) for obtaining information through letters
and emails dated December 20, 2017, February 15, 2018 and February
21, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            6        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

LIL, established in February 1983, gins cotton and manufactures
oil and oil cakes from cotton seeds. The company also trades in
cotton and cotton seeds. Mr. Praveen Chand Dhandhania, Mr. Shyam
Sunder Bhageria, Mr. Sushil Kumar Sureka, Mrs. Rinku Dhandhania,
and Mr. Sushovan Saharoy are the company's directors. Its
operations are, however, primarily managed by Mr. Dhandhania and
Mr. Bhageria.


MEGHA AUTO: CRISIL Withdraws B+ Rating on INR7.5MM LT Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Megha Auto
Dealers India Private Limited (MADIPL) for obtaining information
through letters and emails dated February 7, 2018, and
February 14, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

   Electronic Dealer     3.0       CRISIL B+/Stable (Issuer Not
   Financing Scheme                Cooperating; Migrated from
   (e-DFS)                         'CRISIL B+/Stable'; Rating
                                   Withdrawal)

   Proposed Long Term    7.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Migrated from
                                   'CRISIL B+/Stable'; Rating
                                   Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MADIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
MADIPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the rating on the bank facilities of MADIPL to
'CRISIL B+/Stable Issuer Not Cooperating' from 'CRISIL B+/Stable'.

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

MADIPL, promoted by Mr Mahesh Singh Patel and Mr Dheeraj Shukla,
is based in Lucknow. It is a dealer in BAL's two-wheelers.


PUNJ AUTOS: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Punj Autos
Private Limited (PAPL) for obtaining information through letters
and emails dated December 20, 2017, February 15, 2018 and
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              2.75     CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

PAPL was incorporated in 2013 and commenced operations in June
2014. The company has a HCIL dealership in Hoshiarpur, Punjab. It
has one showroom with sales, service, and spares facilities for
cars. It is managed by Mr Ayodhya Nath Sharma and his family.


R.S. FOODS: CRISIL Moves B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with R.S. Foods
(RSF) for obtaining information through letters and emails dated
January 19, 2018, February 15, 2018 and February 21, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             16.5      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of R.S. Foods to CRISIL B/Stable Issuer not
cooperating'.

Set up in 2015, RSF is setting up a milk processing and milk
powder plant with a capacity of 1 lakh litres per day (lpd) in
Ranchi.


RIBBEL INT'L: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ribbel
International 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:

-- INR35 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil.Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ribbel International was incorporated in 1992 and its registered
office is in New Delhi. The company manufactures high-precision
surgical blades and foley balloon catheters. The company majorly
exports its products to the US, Russia, Europe, Germany and Saudi
Arabia. The company is promoted by Mr. R K Kanodia and Mrs. Suman
Kanodia.


RKMM METAL: CRISIL Withdraws B+ Rating on INR3.5MM LT Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with RKMM Metal
Chennai Private Limited (RKMM) for obtaining information through
letters and emails dated May 24, 2017, and June 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           2       CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Withdrawal)

   Long Term Loan        3.5     CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Withdrawal)
   Proposed Long Term
   Bank Loan Facility     .25    CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RKMM. This restricts CRISIL's
ability to take a forward RKMM is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB rating category or lower. Based on the
last available information, the rating on bank facilities of RKMM
continues to be 'CRISIL B+/Stable/Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of RKMM on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Established in 2014 as a private limited company, RKMM is a
manufacturer of TMT bars and ingots. Based in Chennai, the company
is promoted by Mr. S.Murugesan, Mr. C.Kannan and Mr. V. Rajasingh.
The day-to-day operations are managed by Mr.C.Kannan.


S.M. BUILDCON: CRISIL Assigns B+ Rating to INR18MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of S. M. Buildcon.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan              18        CRISIL B+/Stable (Assigned)

The rating reflects moderate project implementation and offtake
risk and exposure to cyclicality in the industry. These weakness
are partially offset by the partners' extensive experience and the
firm's limited exposure to funding risks on the ongoing project.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate implementation and offtake risk: As the Shashwat
Mahadev III project is in the initial stages with only around 25%
of the construction completed till February 2018, implementation
risk remains moderate. Moreover, bookings have also been limited
to around 14% so far. Any delay in implementation and inflow of
customer advances may impact liquidity and will remain a
monitorable.

* Exposure to the inherent risks and cyclicality in the industry
The real estate sector in India is cyclical, intensely
competitive, and marked by sharp movements in prices and a highly
fragmented market structure. The overall uncertain economic
climate, and higher caution by banks towards exposure to real
estate sector, may also impact demand for projects.

Strengths:

* Partners' extensive experience in the real estate business:
S. M. Buildcon's partners have been in the real estate industry
for around two decades and have completed projects aggregating
over 19.90 lakh square feet in and near Ahmedabad, Gujarat,
leading to their established presence.

* Limited funding risks on the ongoing project, Shashwat Mahadev
III: The project has limited exposure to funding risk as around
78% of the partners' contribution has already been received.
Around 29% of the project term loan has also been received till
February 2018.

Outlook: Stable

CRISIL believes that S. M. Buildcon will benefit from the
extensive experience of its partners in the real estate industry
and their funding support. The outlook may be revised to
'Positive' if the customer response to the project significantly
exceeds expectations, leading to higher cash accrual and a
stronger financial risk profile. The outlook may be revised to
'Negative' if cash flow is significantly below expectations,
either due to subdued response to the project or lower than
envisaged flow of advances, thereby affecting its debt servicing
ability.

Established in September 2015, S. M. Buildcon is a partnership
firm of Mr. Hardik Patel, Mr. Anil Solanki, Mr. Mahesh Patel, Mr.
Amit Patel, Mr. Hasmukh Patel, Mr. Vijay Patel, Mr. Kanti Patel,
Mr. Anupam Patel, Mr. Vinod Patel, Mr. Dinesh Patel and Mahadev
Construction Pvt Ltd. The firm develops residential and commercial
real estate in and around Ahmedabad, and is currently implementing
Shashwat Mahadev III with a total of 366 saleable units of which
construction commenced from March 2017.


SAI BABUJI: CRISIL Assigns 'B' Rating to INR4.9MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Sai Babuji Projects Private
Limited (SBPPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B/Stable

   Bank Guarantee           6.1      CRISIL A4

   Cash Credit              4.9      CRISIL B/Stable

The ratings reflect SBPPL's large working capital requirement, a
weak financial risk profile, and modest scale of operations. These
weakness are partially offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: The operations are highly
working capital intensive, with gross current assets (GCAs) of 235
days as on March 31, 2017, driven by stretched debtors of 155
days. GCAs increased from 97 days as on March 31, 2017 2016,
because of delay in payments from the Government of Andhra
Pradesh.

* Weak financial risk profile: Networth was modest at INR2.13
crore as on March 31, 2017, with high gearing of 1.16 times due to
large working capital debt. Interest coverage and net cash accrual
to total debt ratios were average at 1.76 times and 0.06 time,
respectively, in fiscal 2017.

* Modest scale of operations: Despite being in the industry since
2011, scale of operations has been modest, with revenue of INR12
crore in fiscal 2017. SBBPL is yet to establish its market
position and demonstrate a track record of growing scale of
operations, sustaining profitability growth and prudent working
capital management. Moreover, the solar light business is also
competitive.

Strength

* Experience of promoters: The company is promoted by Mr Mallela
Sreekanth and Mr. Bhuva Neshwaari Mallela, having over a decade of
experience in the infrastructure business through its another
group concern M/s Balaji Industrial & Agricultural Castings Pvt
Ltd and is actively involved in core decision making of the
company. Their extensive business experience would continue to
support the business and help receive tenders from the government.

Outlook: Stable

CRISIL believes SBPPL will maintain a stable business risk profile
over the medium term backed by the promoters' experience. The
outlook may be revised to 'Positive' if SBPPL registers higher-
than-expected operating income and cash accrual with improvement
in networth and working capital cycle. Conversely, the outlook may
be revised to 'Negative' if low revenue and cash accrual, a
stretch in the working capital cycle, or any significant, debt-
funded capital expenditure weakens the financial risk profile.

SBPPL was incorporated in August 2011 by Mr Mallela Sreekanth and
Mr Bhuva Neshwari Mallela. The company executes manufacturing and
trading of solar power equipment such as invertor, solar panels,
high-density polyethylene pipes, power cables, and fasteners along
with fabrication of solar panel; it began commercial production
from fiscal 2014. The company operates in Hyderabad, Tamil Nadu,
Andra Pradesh, Chhattisgarh, and Gujrat.


SAKTHI TRADERS: Ind-Ra Withdraws 'B' LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sakthi Traders
Shri Sakthi Hitech Agro Foodss' Long-Term Issuer Rating of 'IND
B'. The Outlook was Stable. The instrument-wise rating actions are
as follows:

-- INR79 mil.Fund-based working capital limits withdrawn and the
    rating is withdrawn; and

-- INR26 mil.Proposed fund-based working capital limits
    withdrawn and the rating is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings as the
instruments have been repaid in full.

COMPANY PROFILE

Sakthi Traders Shri Sakthi Hitech Agro Foodss was established in
1994 as a partnership firm and is engaged in rice milling and
processing paddy to produce rice, rice bran and husk. The firm has
a facility in Karaikudi (Tamil Nadu).


SARITA FORGINGS: Ind-Ra Migrates B+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sarita Forgings
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 B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR85 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER
    NOT COOPERATING) ratings;

-- INR15 mil. Term loans due on March 2019 migrated to Non-
    Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    ratings; and

-- INR50 mil. Proposed fund-based limits migrated to Non-
    Cooperating Category with Provisional IND B+(ISSUER NOT
    COOPERATING)/Provisional 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

Established in 1996, Sarita Forgings manufactures all kinds of
heavy steel forgings in north India.


SAROJ PRINTS: CRISIL Withdraws B Rating on INR5MM LT Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Saroj
Prints (Chennai) Private Limited (SPPL) for obtaining information
through letters and emails dated January 20, 2017, and
February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit             2      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Long Term      5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

   Term Loan               3      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPPL. This restricts CRISIL's
ability to take a forward SPPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of SPPL
continues to be 'CRISIL B/Stable/Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of SPPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

SPPL, promoted by Mr. Ratan Chand Daga in 1978 as a propreitory
concern and subsequently converted into a private limited company,
manufactures carton box for various industries.


SHIV MAHIMA: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shiv Mahima
Milk Products Private Limited (SMPL) for obtaining information
through letters and emails dated February 5, 2018, and February 9,
2018 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            6        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan         6.6      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shiv Mahima Milk Products Private Limitedto CRISIL
B/Stable Issuer not cooperating'.

SMPL was incorporated in 2013 in Jaipur, promoted by the Mittal
family. The company set-up a wheat-processing unit with a grinding
capacity of 63,000 tpa at Shahapur to manufacture maida, wheat,
and bran. The key promoter, Mr Bharat Mittal manages operations
along with his wife, Ms Mukta Mittal.


SHIVCHAND RAI: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shivchand
Rai Krishn Kumar (SCK) for obtaining information through letters
and emails dated January 19, 2018, February 15, 2018 and
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          5.58        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shivchand Rai Krishn Kumar to CRISIL B+/Stable
Issuer not cooperating'.

SCK is a proprietorship established in 1984 and promoted by Mr
Krishna Kumar Murarka based in Ranchi, Jharkhand. It trades in
cotton, synthetic, and grey fabrics. Mr Murarka has over three
decades of experience in the fabric trading business.


SHRI AGRAWAL: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Agrawal
Technical & Education Society's bank loan ratings to the non-
cooperating category. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR181.7 mil.Term loan due on January 2021-December 2026
    migrated to Non-Cooperating Category with IND BB-(ISSUER NOT
    COOPERATING) rating; and

-- INR149 mil.Fund-based working capital facility migrated to
    Non-Cooperating Category with IND BB-(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2017. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Registered under the Madhya Pradesh Society Registration Act,
1973, the society was set up by Mr. Sanjeev Agarwal in June 2002.
It manages four institutes namely Sagar Institute of Research and
Technology, Sagar Institute of Research and Technology - Pharmacy,
Sagar Institute of Research, Technology and Science, and Sagar
Institute of Research, Technology and Science -Pharmacy. The
institutes offer courses in engineering, management and pharmacy.


SHRI KRISHNA: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Krishna
Steelage 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:

-- INR130 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB(ISSUER NOT COOPERATING)
    /IND A4+(ISSUER NOT COOPERATING) ratings; and

-- INR40 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 23, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Shri Krishna Steelage manufactures heavy
gauge stainless steel cold patti products, derived from stainless
steel flats. The company has a 12,000tpa manufacturing facility at
Sirmour district in Himachal Pradesh. The company is managed by
Mr. Vinod Gautam and Mr. Surender Kumar.


SHRIRAM TRANSPORT: Fitch Rates US$150MM Sr. Secured Notes BB+
-------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+(emr)' to India-
based Shriram Transport Finance Company Limited's (STFC;
BB+/Stable) US$150 million of rupee-denominated senior secured
notes that are payable in US dollars.

The assignment of the final rating follows the completion of the
securities issue and the receipt of final documents conforming to
information previously received. The final rating is the same as
the expected rating assigned on March 6, 2018.

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

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

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

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

KEY RATING DRIVERS

SENIOR SECURED DEBT

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

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


SRI LOGANAYAKI: CRISIL Withdraws B Rating on INR6MM Loan
--------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Loganayaki Timbers (SLT) for obtaining information through letters
and emails dated January 25, 2017, and February 14, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          .60       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Letter of Credit     6.00      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SLT. This restricts CRISIL's
ability to take a forward SLT is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of SLT
continues to be 'CRISIL B/Stable/Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SLT on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 2003, SLT is a Tamil Nadu-based firm that trades
in and processes hardwood. It is promoted and managed by Mr. I S
Murugan and his family members.


SUMERU MICROWAVE: CRISIL Assigns B+ Rating to INR4MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Sumeru Microwave Communications
Pvt Ltd (SMCPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            2.35       CRISIL B+/Stable (Assigned)
   Letter of Credit     2.15       CRISIL A4 (Assigned)
   Bill Discounting     2.5        CRISIL A4 (Assigned)
   Cash Credit          4.00       CRISIL B+/Stable (Assigned)

The ratings reflect the company's improving, though modest, scale
of operations and large working capital requirement. The ratings
also factor SMCPL's below-average financial risk profile,
reflected in small networth and high gearing. These weaknesses are
partially offset by the extensive experience of its promoters,
their established relationships with customers and suppliers, and
moderate operating efficiency.

Key Rating Drivers & Detailed Description

Weakness

* Modest, albeit increasing, scale of operations: Revenue grew at
a compounded annual rate of over 11% during the three fiscals
through 2017, but remained modest at INR14.79 crore for fiscal
2017 and INR10 crore till December 2017.

* Large working capital requirement: Working capital requirement
is sizeable. Gross current assets were 301 days because of high
receivables and substantial inventory of 117 and 209 days,
respectively, as on March 31, 2017. Although creditors of 316 days
support its working capital requirement, operations will remain
working capital intensive and any further stretch therein will
impact liquidity.

* Below-average financial risk profile: Although the promoters
infused equity capital of INR0.95 crore in fiscal 2017, networth
has remained modest at INR1.89 crore and gearing was high at 4.25
times, as on March 31, 2017. Debt protection metrics have been
average, with interest coverage and net cash accrual to total debt
ratios of 1.98 times and 0.14 time, respectively, for fiscal 2017.

Strengths

* Extensive experience of the promoters and established
relationships with customers and suppliers: Over two-decade long
experience of the promoters -- Mr. Raghubir Singh and Mr.
Sudhanshu Singh in the very small aperture terminal (VSAT) antenna
manufacturing industry has enabled them to establish strong
relationship with customers and suppliers and the same should
continue to support the business risk profile.

* Healthy operating efficiency: Although scale of operations has
been modest, profitability improved to 17.34% in fiscal 2017
against 8.62% and 11.49% in fiscals 2015 and 2016, respectively.
Return on capital employed, too, remained moderate at over 15% for
fiscal 2017.

Outlook: Stable

CRISIL believes SMCPL will benefit from its promoters' extensive
industry experience and healthy operating efficiency. The outlook
may be revised to 'Positive' if significant improvement in
revenue, with stable profitability leads to higher-than-expected
cash accrual, or efficient working capital management strengthens
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual, or further stretch in working capital cycle,
or a large debt-funded capital expenditure weakens financial risk
profile, especially liquidity.

Incorporated in November 1995, SMCPL is promoted by Mr. Sudhanshu
Singh, Mr. Raghubir Singh, Mr. Chandrashekhar Gour, and Ms. Sudha
Gangwar. It manufactures different kinds of antennas, primarily
VSAT and the ones used for defence (radars and other communication
devices), to cater to commercial communication requirements. Its
manufacturing facility is in Ahmedabad, Gujarat.


SUNBEAM DEALERS: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sunbeam
Dealers Private Limited (SDPL) for obtaining information through
letters and emails dated January 19, 2018, February 15, 2018 and
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            10      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SDPL established in 2013 is engaged in the trading of in trading
of cotton, synthetic and grey fabrics. The company is promoted by
Mr. Amit Sarawgi & Mr. Swati Sarawgi and it is based out in
Ranchi, Jharkhand.


THREE SEASONS: CRISIL Assigns B+ Rating to INR50MM LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Three Seasons Exim Limited (TSEL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan         50        CRISIL B+/Stable (Assigned)

The rating reflects the limited track record of the company's
promoters in the seafood processing industry, and its exposure to
project implementation risk. These weaknesses are partially offset
by rising demand for Indian-bred shrimp in the global market, and
low funding risk.

Key Rating Drivers & Detailed Description

Weaknesses

* Limited track record of the promoters: TSEL's promoters have
experience in construction of rural godowns, logistics, real
estate, and mini power plants, but do not possess any experience
in the shrimps processing industry. As a result, their ability to
scale up business is a key monitor able.

* Exposure to project implementation risk: TSEL's project is in
the nascent stage of construction, and the company faces moderate
project implementation risk. Timely project completion and
stabilisation of operations without any cost overrun will remain a
key rating sensitivity factor.

Strengths

* Rising demand for Indian bred Shrimps: Supply of shrimps from
Thailand, China, and Vietnam face issues such as early mortality
syndrome (EMS) and increased domestic demand. Given the
circumstances, Indian-bred Vannamei shrimps have assumed
significance in the past two years. Global demand is expected to
increase with consumers' increased focus on dietary plans that
focus on protein-rich shrimps. As TSEL is setting up a plant that
processes Vannamei shrimps, it should benefit from the surge in
global demand.

* Low funding risk: Promoters infused equity of INR27.00 crore
till January 2018. Term loan of INR18.00 crore has already been
disbursed. So far, the project has been funded in a debt-to-equity
ratio of 2:3. Therefore, funding risk remains low.

Outlook: Stable

CRISIL believes TSEL will continue to benefit from rising global
demand for Indian-bred shrimps. The outlook may be revised to
'Positive' if the company stabilises operations earlier than
expected and achieves more-than-expected sales and profitability,
leading to healthy liquidity. The outlook may be revised to
'Negative' if there is any cost or time overrun in the project.

TSEL, incorporated in fiscal 2014, is setting up a seafood
processing unit to process shrimps and export the same. The plant
is in East Godavari district, Andhra Pradesh.


UMA KRAFTPAPER: CRISIL Withdraws B Rating on INR8.25MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with UMA
Kraftpaper Private Limited (UKPPL) for obtaining information
through letters and emails dated May 25, 2017, and July 12, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1.75      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Term Loan            8.25      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UKPPL. This restricts CRISIL's
ability to take a forward UKPPL is consistent with 'Scenario 3'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB rating category or lower. Based on the
last available information, the rating on bank facilities of UKPPL
continues to be 'CRISIL B/Stable/Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of UKPPL
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 2013, UKPPL is promoted by Mahendrakumar Patel and
family. UKPPL has set-up a plant for manufacturing of kraft paper
at Palanpur, Gujarat, with processing capacity of 30,000 tonne per
annum. The promoters have two decades of experience in the paper
industry.


VISHWARAJ DEVELOPERS: CRISIL Assigns B Rating to INR15MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating on the
long-term bank facilities of Vishwaraj Developers (VD). The rating
reflects VD's exposure to implementation, funding, and offtake
risks related to its upcoming projects, and susceptibility to
cyclicality in the real estate industry. These weaknesses are
partially offset by its established track record in the
residential real estate market and its promoters' extensive
industry experience.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             15        CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to implementation, funding and off take risks related
to upcoming project: VD is exposed to implementation-related risks
associated with its upcoming project, 'U R Casa', which is yet to
be launched. Any slowdown in customer advances caused by regional
or project-specific factors can severely impact the project's
timely execution.

* Exposure to risks and cyclicality inherent in Indian real estate
industry: The real estate sector in India is cyclical, and is
marked by volatile prices and a highly fragmented market structure
because of the presence of a large number of regional players.
VD's revenue and profitability, like those of any other player in
the industry, remains susceptible to the intense industry
competition.

Strengths

* Established market position in real estate in Belgaum and
extensive experience of promoters in real estate industry: The
promoters of the company have extensive experience of almost two
decades in the residential real estate sector, during which has
completed around 25,60,000 residential units in Belgaum, which is
expected to serve VD well in the medium term.

Outlook: Stable

CRISIL believes that VD will benefit over the medium term from its
promoters' extensive experience in the residential real estate
sector. The outlook may be revised to 'Positive' if the company
exhibits significant progress in bookings and flow of advances for
the project. Conversely, the outlook may be revised to 'Negative'
in case of larger-than-expected debt funding of the project or
lower-than-expected consumer interest in the projects.

VD, set up in 1999 by Katti family, is presently developing a
residential real estate project named 'U R Casa'. The project
comprises of 77 residential apartments over 1.5 acres of land area
at Bauxite Road in Belgaum (Karnataka).



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


TK HOLDINGS: Plan Exclusivity Periods Extended Through April 30
---------------------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware, at the behest of TK Holdings Inc. and its
affiliated debtors, has extended the exclusive plan proposal
period and exclusive solicitation period through and including
April 30, 2018.

As reported by the Troubled Company Reporter on March 7, 2018, the
Debtors sought for exclusivity extension, contending that the
requested extension of the Exclusive Periods will enable them
implement the Plan, pursuant to which the Debtors will consummate
a sale of substantially all of their Assets (excluding PSAN
Inflator-related Assets) to the Plan Sponsor, maximizing value for
creditors and preserving a substantial number of jobs for the
Debtors' 14,000 employees.

With the Court's confirmation of the Fifth Amended Joint Chapter
11 Plan of Reorganization of TK Holdings Inc. and its Affiliated
Debtors on February 16, 2018, the Debtors achieved a significant
milestone and are now working to expeditiously close the sale of
substantially all their Assets (excluding PSAN Inflator-related
Assets) to the Plan Sponsor and emerge from chapter 11.

Although the Debtors are confident that they will be able to
accomplish these goals within the next several weeks, out of an
abundance of caution, the Debtors sought an extension of their
Exclusive Periods for a limited period of time.

Given the Debtors' record of building consensus amongst creditors
and developing and confirming a feasible and value-maximizing
plan, the Debtors said that it is reasonable and appropriate to
afford them this limited extension of their Exclusive Periods as
they implement the Plan.

Having confirmed the Plan with broad creditor support, the Debtors
claimed that they are well on their way down the path and require
only a limited extension to allow them a full and fair opportunity
to close the sale and have the Plan go effective without the
deterioration and disruption of the Debtors' business that might
be caused by the filing of multiple competing plans.

                      About TK Holdings

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

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

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

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

PricewaterhouseCooper54 is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.  Prime Clerk is the claims and noticing agent.
The Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

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

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

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

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

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

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

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

                         *     *     *

Takata Corporation on Feb. 21, 2018, disclosed that the U.S.
Bankruptcy Court for the District of Delaware has confirmed the
Fifth Amended Chapter 11 Plan of Reorganization filed by TK
Holdings, Inc. ("TKH"), Takata's main U.S. subsidiary, and certain
of TKH's subsidiaries and affiliates.



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


GROCERS MARKET: Assets to be Bought by Farro Fresh
--------------------------------------------------
NZ Herald reports that Farro Fresh is planning to open its sixth
Auckland store after reaching a conditional agreement to buy the
business assets of the Grocers Market from receivers.

According to the report, Chief Executive Bryce Howard said the
price for the assets of Grocers Market, on the same site as the
former Mt. Eden Nosh, were confidential and the company was in
negotiations with the landlord to secure the lease.

NZ Herald relates that Farro plans to open a store in late April
or early May. Products sold at Farro included free range meats and
seafood, a full-service deli, wine and craft beers, specialty
grocery products and quick meal solutions.

Farro was opened in 2006 by co-founders James and Janene Draper
and the family-owned business has five Auckland stores employing
more than 400 staff.

The company intends to stay in the Auckland region. "We believe
there's enough growth, there's enough people, there's no reason at
the moment to go outside the Auckland area," Mr. Howard, as cited
by NZ Herald, said.

The Mt Eden site would help the company to support the small
artisan food community, the report adds.

NZ Herald relays that Farro would help the receivers manage the
remaining stock from the previous owner. Most of the perishable
goods would be donated to food rescue charities.

The company said any outstanding debts to current suppliers rested
with the receivers and liquidators, adds NZ Herald.

C & C Strategic's John Gilbert was appointed receiver of the Old
Auckland Grocers Market by an unknown supplier on Feb. 19,
according to Radio New Zealand.



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


ECOWISE HOLDINGS: First Quarter Net Loss Narrows to SGD952,000
--------------------------------------------------------------
The Business Times reports that a lower share of losses from its
associate and jointly controlled entity enabled ecoWise Holdings
to narrow its net loss to SGD952,000 in its first quarter ended
Jan 31, from a net loss of SGD1.1 million in the previous year.

According to the report, the environmental solutions company
reported a share of losses from associate and jointly controlled
entity of SGD46,000 in the quarter, compared to SGD558,000 a year
ago. In its latest quarter, the net loss was mainly incurred by
Chongqing eco-CTIG Rubber Technology.

But higher cost of sales and administrative expenses continued to
keep its financial results in the red, the Business Times says.

For the three months ended Jan. 30, revenue climbed 21.3 per cent
to SGD14.5 million from the preceding year, due to higher turnover
from the group's renewable energy, resource recovery and
integrated environmental management solutions segments, the
Business Times discloses.

This was thanks to increased woodchips supply to customers, more
electrical and heat energy consumed by Gardens by the Bay, as well
as an increase in the sales of retreaded tyre and rubber compound,
and revenue from technical support services rendered, according to
the report.

Loss per share shrank to 0.099 Singapore cent, from a loss per
share of 0.116 Singapore cent in the previous year, the Business
Times discloses.

Net asset value per share slipped to 4.4 Singapore cents as at
Jan. 31, from 4.43 Singapore cents three months ago, the report
adds.

ecoWise Holdings Limited, an investment holding company, provides
resource recovery, renewable energy, and integrated environmental
solutions in Singapore, Malaysia, Australia, the People's Republic
of China, and internationally.



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


KUMHO TIRE: Bank Creditor & Union Fail to Bridge Gaps on Sell-off
-----------------------------------------------------------------
Yonhap News Agency reports that the head of a state-run creditor
bank and representatives of the labor union of Kumho Tire Co. held
a meeting on March 19, but failed to find agreement on the
proposal to sell the troubled tiremaker to China's Qingdao
Doublestar Co., the union said.

During the 90-minute meeting with Lee Dong-gull, CEO and chairman
of the Korea Development Bank (KDB), the labor union repeated its
opposition to the planned sell-off, Yonhap relates.

According to Yonhap, the union said it will launch a four-day
partial strike on March 20 and start a full-time strike on
Saturday.

"The labor union and creditor group concur on the current
situation of business deterioration of Kumho Tire, but the two
sides confirmed there is a wide difference on how to resolve this
matter," the union said after the meeting, Yonhap relays.

Yonhap notes that the fate of Kumho Tire was thrown into
uncertainty after a deal to sell a majority stake in the tiremaker
to the Chinese company collapsed last September over price
differences and other issues.

Earlier this month, the KDB said it will try again to sell Kumho
Tire to Qingdao Doublestar, the report relays.

Yonhap says the KDB called on the union to decide on whether to
accept the Chinese company's investment proposals by the end of
March.

If the union refuses to accept the offer, the tiremaker will have
to be placed under a court receivership, the bank said.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars,
various sizes of trucks and buses and racing cars.  In addition,
the company provides batteries for automobiles.  The company is
part of the Kumho Asiana Group.



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


* BOND PRICING: For the Week March 12 to March 16, 2018
-------------------------------------------------------

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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35     07/03/17    CNY     69.88


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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

KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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

PRECINCT PROPERTIES NEW      4.80     09/27/21    NZD      1.01

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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***