TCRAP_Public/180327.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 27, 2018, Vol. 21, No. 061

                            Headlines


A U S T R A L I A

AMIGA PARTNERS: Second Creditors' Meeting Set for April 3
CAPITAL FORM: First Creditors' Meeting Set for April 4
DEOGRIN PTY: First Creditors' Meeting Set for April 6
JUGGANORT CONSTRUCTIONS: First Creditors' Meeting Set for April 6
OZ DIGITAL: First Creditors' Meeting Set for April 3

SHORE FLOORS: Second Creditors' Meeting Set for April 5


C H I N A

CIFI HOLDINGS: S&P Alters Outlook to Pos. & Affirms 'BB-' CCR


H O N G  K O N G

NOBLE GROUP: To Seek Insolvency Protection if Restructuring Fails
NOBLE GROUP: Fitch Lowers IDR to RD on Non-Payment of 2018 Notes


I N D I A

ALPINE PANELS: ICRA Lowers Rating on INR10cr Loan to D
AMODA IRON: CRISIL Lowers Rating on INR9MM Cash Loan to D
ANINDITA STEELS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
ASTHA ASSOCIATE: CRISIL Raises Rating on INR5MM Bank Loan From B
BADDI INFRASTRUCTURE: Ind-Ra Moves B- Rating to Non-Cooperating

CITIZEN CARS: ICRA Moves D Rating to Not Cooperating Category
DEV MOTORS: Ind-Ra Affirms 'BB+' Issuer Rating on INR143MM Loan
DM CORPORATION: CRISIL Withdraws D Rating on INR49.21MM Term Loan
GAYATRI MICRONS: Ind-Ra Migrates BB- Rating to Non-Cooperating
HAMD FOODS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

HANUMAN IMPEX: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
JAI SAI: CRISIL Reaffirms and Then Withdraws B+ Loan Rating
JAWAHAR SAW: CRISIL Lowers Rating on INR45.5MM Cash Loan to D
KANHA GRAIN: ICRA Withdraws B+ Rating on INR7cr Cash Loan
KAVIT PU LEATHER: Ind-Ra Migrates 'D' Rating to Non-Cooperating

M.L. TRADERS: CRISIL Lowers Rating on INR2MM Cash Credit to B
MANTHARAGIRI TEXTILES: Ind-Ra Affirms B+ Rating, Outlook Stable
MILIND PULSES: ICRA Lowers Rating on INR5cr Cash Loan to D
MSC IMPEX: CRISIL Withdraws B Rating on INR5MM Cash Loan
NARAIN SINGH: CRISIL Raises Rating on INR3.22MM Loan to B

NEW CITIZEN: ICRA Moves D Rating to Not Cooperating Category
PB LIFESTYLE: Ind-Ra Maintains 'B' Rating as Non-Cooperating
PERFECT ENGINEERING: ICRA Reaffirms B- Rating on INR10cr Loan
REFLEXIONS NARAYANI: ICRA Reaffirms B Rating on INR24.86cr Loan
SARTHAK ISPAT: Ind-Ra Maintains BB+ Rating in Non-Cooperating

SFPL CROP: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
SHIVEN YARN: CRISIL Reaffirms B Rating on INR19.45MM Term Loan
SHIVTEX SPINNING: Ind-Ra Assigns BB Long Term Issuer Rating
SHYMA MA: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
SRI SAI BALAJI: ICRA Reaffirms B+ Rating on INR11cr Loan

SWADESHI TEXTILES: Ind-Ra Lowers Long Term Issuer Rating to B+
TRUWOODS PRIVATE: ICRA Lowers Rating on INR13cr Loan to D
VASAVI THANGA: CRISIL Assigns 'B' Rating to INR7MM Cash Loan


N E W  Z E A L A N D

CAMERON GLADSTONE: Hibbs Gets to 8 Years Jail Over NZ$17.5M Fraud
INTUERI EDUCATION: Liquidators Hire Lawyers, Get Advice on Suit


S I N G A P O R E

CHINA FISHERY: Ad Hoc Committee Opposes Damanzaiho Vessel Sale


S O U T H  K O R E A

KUMHO TIRE: Labor Union Spurns KDB's Call for Vote on Sale Plan


X X X X X X X X

* BOND PRICING: For the Week March 19 to March 23, 2018


                            - - - - -


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


AMIGA PARTNERS: Second Creditors' Meeting Set for April 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Amiga Partners
Pty Ltd has been set for April 3, 2018, at 11:00 a.m. at Collins
Square Business Centre, Level 6, Tower 2, 727 Collins St, in
Melbourne, Victoria.

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 April 2, 2018, at 4:00 p.m.

Andrew Hewitt and Matthew Byrnes of Grant Thornton were appointed
as administrators of Amiga Partners on Feb. 22, 2018.


CAPITAL FORM: First Creditors' Meeting Set for April 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Capital
Form Constructions Pty Ltd will be held at the offices of BDO
Level 18, 727 Collins Street, in Melbourne, Victoria, on April 4,
2018, at 2:00 p.m.

Andrew Peter Fielding and Nicholas Martin of BDO were appointed as
administrators of Capital Form on March 21, 2018.


DEOGRIN PTY: First Creditors' Meeting Set for April 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Deogrin Pty
Ltd will be held at the offices of McLeod & Partners,
Hermes Building, Level 1, 215 Elizabeth Street, in Brisbane,
Queensland, on April 6, 2018, at 10:00 a.m.

Jonathan P McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Deogrin Pty on March 23, 2018.


JUGGANORT CONSTRUCTIONS: First Creditors' Meeting Set for April 6
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Jugganort
Constructions Pty Ltd will be held at the offices of G S Andrews
Advisory, 22 Drummond Street, in Carlton, Victoria, on April 6,
2018, at 12:30 p.m.

Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of Jugganort Constructions on
April 6, 2018.


OZ DIGITAL: First Creditors' Meeting Set for April 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Oz Digital
Solutions Pty Ltd, trading as OZ ComputerMates, will be held at
the offices of Worrells Brisbane, Level 8 102 Adelaide Street, in
Brisbane, Queensland, on April 3, 2018, at 2:00 p.m.

Lee Crosthwaite of Worrells Solvency was appointed as
administrators of Oz Digital on March 22, 2018.


SHORE FLOORS: Second Creditors' Meeting Set for April 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Shore Floors
Pty Ltd has been set for April 5, 2018, at 11:00 a.m. at the
offices of Hall Chadwick, Level 40, 2 Park Street, in Sydney, NSW.

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 April 4, 2018, at 5:00 p.m.

David Allan Ingram of Hall Chadwick was appointed as administrator
of Shore Floors on March 5, 2018.



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


CIFI HOLDINGS: S&P Alters Outlook to Pos. & Affirms 'BB-' CCR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on China-based property
developer CIFI Holdings (Group) Co. Ltd. to positive from stable.
At the same time, S&P affirmed its 'BB-' long-term corporate
credit rating on CIFI and our 'B+' long-term issue rating on the
company's outstanding senior unsecured notes.

S&P said, "We revised the outlook on CIFI to positive because we
expect the company to continue its strong sales performance and
further improve its scale and geographic diversity in the next 12
months. We also believe CIFI will be able to maintain its
financial leverage at the current level, accounting for joint
venture (JV) projects. We expect the company's fast-rising revenue
and EBITDA to offset its growing debt.

"In our opinion, a solid sales performance in 2017 has boosted
CIFI's market position and affirmed its place as a mid-to-large
national developer. In 2017, the company's total contracted sales
increased 96% year on year to Chinese renminbi (RMB) 104 billion,
ranking 15th nationally. CIFI targets total sales of RMB140
billion in 2018 based on RMB250 billion of sellable resources. We
expect the company to achieve this target in line with its track
record in the past two years. Nonetheless, CIFI remains smaller in
terms of attributable sales than the more established national
players such as Gemdale Corp. and Shimao Property Holdings Ltd.
CIFI's attributable contracted sales were RMB55 billion in 2017.
We expect attributable sales to remain at around 55% of the total
in 2018, given the company's high exposure to JV projects."

CIFI has substantially improved its geographical diversity, nearly
doubling the number of cities covered. In 2017, 130 projects
across 25 cities contributed to contracted sales, compared with 80
projects across 14 cities in 2016. The company is also reducing
its dependency on Beijing and Shanghai and starting to produce
more sales from tier-two and tier-three cities, especially as it
expands in central and western China. The contribution of the top
five cities to total sales reduced to 62% in 2017, from 76% in
2016. CIFI's geographical concentration remains high for a
national developer. However, S&P expects the company to materially
reduce its concentration risk in the next two years, given its
expanded and more evenly distributed land bank.

S&P said, "In our opinion, CIFI will continue to expand through
active JV participation. In our view, JV projects help the company
to quickly enter new markets and control land acquisition costs.
They also make CIFI's operations and financial management more
complex." Many of the company's JV partners are reputable
developers, and the JV projects have satisfactory sales
performance and generate healthy revenue and EBITDA. However, such
large-scale participation in JVs lowers CIFI's financial
transparency."

Borrowings in the JVs are mostly non-recourse to CIFI, except
project-level bank loans that the company guarantees (for a total
amount of about RMB2.6 billion as of end-2017). In S&P's financial
analysis, it includes CIFI's attributable JV debt and EBITDA in
its calculation of the credit ratios.

S&P said, "We expect CIFI to have strong revenue growth in 2018
and 2019, tracking the strong sales performance in 2016 and 2017.
In addition, with a near 40% increase in recognized average
selling price (ASP) in 2017, CIFI has seen its reported gross
margin improving to 27% (near 30% if adding back the inventory
revaluation cost when acquiring certain JV projects). We expect
the company's profitability to remain largely stable with gross
margin slightly under 30%. The lower ASP in tier-two and tier-
three cities is offset by lower land prices and construction
costs.

"We anticipate that CIFI's leverage will remain under control
despite significant debt growth in 2017 due to large land
acquisition spending. The company's consolidated debt-to-EBITDA
ratio increased to 6x by end-2017, while its see-through debt-to-
EBITDA ratio (the ratio after proportionally consolidating JVs)
was around 5.5x. Its land acquisitions in 2017 were aggressive,
with a RMB45 billion attributable commitment, accounting for over
80% of attributable sales. We expect land purchases to remain high
in 2018, given that the company has budgeted around 65% of
attributable sales for the year to such spending. We expect CIFI's
see-through debt-to-EBITDA ratio to improve toward 5x in the next
12 months as consolidated EBITDA rapidly increases and more JV
projects enter the delivery phase.

"The positive outlook reflects our view that CIFI will continue to
expand in scale and diversity, advance its market position, and
become a developer with national presence. We forecast that the
company will rapidly grow its sales and revenue in the next two
years, while maintaining stable profitability and financial
leverage.

"We may raise the rating if CIFI continues to increase its sales
and improve its operating scale and diversity to be comparable to
that of larger peers in the 'BB' rating category. At the same
time, we expect CIFI to control its see-through leverage that
proportionally consolidates JVs at a debt-to-EBITDA ratio of 5.0x-
5.5x over the next two years.

"We could revise the outlook to stable if CIFI's contracted sales
growth is weaker than our expectation or the company's leverage
increases significantly. This could happen if: (1) CIFI's sales
and revenue are materially below our base-case expectation; or (2)
the company's land acquisition spending significantly exceeds our
forecast, such that its see-through debt-to-EBITDA ratio
materially rises to above 5.5x for an extended period."



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


NOBLE GROUP: To Seek Insolvency Protection if Restructuring Fails
-----------------------------------------------------------------
Reuters reports that Noble Group Ltd warned on March 26 that it
would begin insolvency proceedings if the beleaguered commodity
trader's $3.4 billion debt restructuring proposal was not approved
by shareholders.

Reuters says Noble's debt restructuring process is seen as
critical for the firm's survival. But the deal has been opposed by
some bondholders and shareholders, including Goldilocks Investment
Co, which has an 8.1 percent stake in the firm, the report
relates.

According to Reuters, Goldilocks has filed a lawsuit with a
Singapore court against the commodities trader and some of its
former and current senior executives, alleging they inflated
Noble's assets.

Defending its proposal, Singapore-listed Noble said on March 26
that the support of its senior creditors and trade finance banks
depended on a successful debt restructuring, the report says.

"In the absence of such support and a successful restructuring,
the company would no longer be a going concern and the board would
. . . be required to seek insolvency protection," it said in a
filing to the Singapore exchange, Reuters relays.  "Under such
circumstances, existing shareholders would not receive any
recovery on their shares in the company."

Any insolvency proceedings would take place in the United Kingdom,
aiming to maintain more value for the stakeholders than would be
available on a liquidation, Reuters states.

Once Asia's largest commodity trader, Hong Kong-headquartered
Noble was plunged into crisis in February 2015 when Iceberg
Research questioned its books. Noble has stood by its accounting,
according to Reuters.

Reuters relates that Noble has been negotiating a debt-for-equity
swap for months after selling billions of dollars of assets,
reporting big losses due to a severe commodities downturn, and
cutting hundreds of jobs over the past three years.

In its latest statement, Noble said its board was satisfied there
was a reasonable prospect the restructuring could be completed,
allowing the firm to continue as going concern, given the support
of senior creditors for existing management, Reuters says.

Under the deal, Noble is seeking to halve its senior debt and hand
over 70 percent of the restructured business to creditors. Earlier
this month, Noble said it had finalised the restructuring
agreement with a group of senior creditors holding 46 percent of
its debt, and was in talks with others, Reuters recalls.

                         About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.

S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018. In addition, the company said it would not make the
payments despite being given 30-day grace periods to meet both
obligations. The failure to make these payments will trigger
cross-defaults on the company's other obligations. We do not
expect Noble to meet any outstanding obligations as the company
preserves its assets during the restructuring process."

Noble is undergoing a debt restructuring, which management expects
to be completed by the end of July. S&P will conduct another
review the company's credit profile after the restructuring is
complete.


NOBLE GROUP: Fitch Lowers IDR to RD on Non-Payment of 2018 Notes
----------------------------------------------------------------
Fitch Ratings has downgraded Hong Kong-based commodities trader
Noble Group Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'RD' (Restricted Default) from 'C' as the company
has missed the payment on its US$379 million 3.625% notes due 20
March 2018.

The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

Fitch also affirmed Noble's senior unsecured rating and the
ratings of all its outstanding bonds at 'C', with a Recovery
Rating of 'RR5'.

KEY RATING DRIVERS

Non-Payment of Notes: Noble's failure to make payment on the 2018
notes is consistent with Fitch's definition of an 'RD' rating as
the company has not yet entered into bankruptcy filings,
administration, receivership, liquidation, or other formal
winding-up procedure, and has not otherwise ceased operating.

Ongoing Debt Restructuring: Noble is continuing with a debt
restructuring that was proposed on 29 January 2018, which includes
a reduction of all Noble's senior unsecured debt of USD3.4
billion, comprising USD2.3 billion of senior unsecured notes and
USD1.1 billion of outstanding loans under revolving credit
facilities (RCF) due May 2018, to around USD1.7 billion, along
with the debt's conversion into equity. The new USD1.7 billion
debt will comprise notes with differing levels of structural
subordination and security. The ratio of new debt to equity that
senior noteholders will receive will depend on the level of
current creditors' participation in a new trade finance facility.

The restructuring's completion is subject to final documentation,
regulatory and shareholder approval, and implementation via inter-
conditional schemes of arrangement in relevant jurisdictions.
Whatever the outcome, senior noteholders will see a material
reduction in principal and swap their debt for equity. Fitch
considers this restructuring a distressed debt exchange (DDE).

Recovery Rating of 'RR5': The Recovery Rating of Noble's senior
unsecured notes was estimated based on the most conservative
scenario for noteholders under the proposed restructuring, i.e.
Fitch assume all RCF holders will participate in the new trade
finance facility but none of the noteholders will do so. This will
result in allocation of USD405 million of the proposed new bonds
to the existing noteholders, and the rest converted to equity. The
face value of the bonds is equivalent to 18% of the outstanding
USD2.3 billion senior notes. Upside to this estimate will depend
on the value of new equity received by noteholders, but it is
unlikely to exceed the 30% threshold needed to reach an 'RR4'
Recovery Rating.

DERIVATION SUMMARY

Noble's ratings are driven by the non-payment of its USD379
million 3.625% notes due 20 March 2018.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer

- Materialisation of DDE on the announced terms

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Successful debt restructuring

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- The IDR will be downgraded to 'D' from 'RD' if Noble enters
   into bankruptcy proceedings

LIQUIDITY

Severe Liquidity Crunch: The non-payment of the 2018 notes will
trigger cross-defaults on Noble's entire debt obligation of
approximately USD3.9 billion. Noble's cash balance of
approximately USD450 million (calculated as cash and cash
equivalents of USD492 million minus USD42 million of cash balances
with future brokers not immediately available for use in the
business operations) as at end-December 2017 is insufficient to
service its debt obligations. Debt restructuring or bankruptcy
proceedings are Noble's only alternatives to alleviate the
situation.

FULL LIST OF RATING ACTIONS

Noble Group Limited

- Long-Term Foreign-Currency Issuer Default Rating downgraded to
   'RD' from 'C'

- Senior unsecured debt rating and all outstanding notes
   affirmed at 'C' with Recovery Rating of 'RR5'

- USD3 billion medium-term note programme downgraded to 'C' from
   'CC' with Recovery Rating of 'RR5'



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


ALPINE PANELS: ICRA Lowers Rating on INR10cr Loan to D
------------------------------------------------------
ICRA Rating has downgraded the long term and short term ratings
assigned for the INR14.00 crore bank facilities of Alpine Panels
Private Limited to [ICRA]D from [ICRA]B/[ICRA]A4. The rating is
now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based limits     0.75      Downgraded to [ICRA]D from
                                   [ICRA]B; Ratings continue
                                   to be in 'Issuer not
                                   cooperating' category

   Non-Fund based
   Limits               10.00      Downgraded to [ICRA]D from
                                   [ICRA]A4; Ratings continue
                                   to be in 'Issuer not
                                   cooperating' category

   Unallocated           3.25      Downgraded to [ICRA]D from
                                   [ICRA]B/[ICRA]A4; Ratings
                                   continue to be in 'Issuer not
                                   cooperating' category

The rating downgrade takes into account delays in debt servicing
by the entity in the past 6 months. As part of its process
and in accordance with its rating agreement with Alpine Panels
Pvt. Ltd, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Rationale

The rating downgrade takes into account delays in debt servicing
by the entity in the past 6 months

Alpine Panels Private Limited (APPL) was incorporated in 2005 and
is engaged in the manufacturing of veneer and cutting and
processing of timber (sawn timber and wooden plates). These are
primarily used as the raw material in the manufacturing of
plywood. The manufacturing unit is located in Visakahapatnam with
an installed capacity of 24,000 Cubic meters per annum. The
company is led by Mr. Sudama Seth and Mr. Deepak Saxena who have
nearly two decades of experience in the timber and plywood
industry. The company is part of the Deccan Group, which has a
history of about two decades in the plywood business.


AMODA IRON: CRISIL Lowers Rating on INR9MM Cash Loan to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Amoda Iron and Steel Limited (AISL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       0.34       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Letter of Credit     3.63       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan       2.79       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Open Cash Credit     9.00       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects delays in servicing of term loans
and overdrawals for more than 30 days in working capital limit;
the delays have been caused by weak liquidity resulting from a
stretch in working capital.

The rating also reflects modest scale of operations and
susceptibility of operating profitability to volatility in raw
material prices. These weaknesses are partially offset by the
promoter's extensive industry experience and a moderate capital
structure.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive industry:
AISL is a small player in a highly competitive iron and steel
industry which is highly fragmented with presence of small, medium
and large sized players. The large players benefit from economies
of scale, which smaller sized players like AISL do not benefit
from.

* Susceptibility of operating profitability to volatility in raw
material prices: The prices of iron ore and sponge iron have been
highly volatile in the past resulting in volatility in players'
operating margins. The margins would continue to remain
susceptible to changes in input prices over the medium term as
well.

Strengths

* Extensive industry experience of the promoters: AISL benefits
from the extensive industry experience of its promoters in the
iron and steel industry. The company is promoted and managed by
Mr. U Kondal Rao, who has 25 years of extensive experience in the
industry.

* Moderate capital structure: Gearing is estimated at around 1.66
times and net worth at INR13 crore as on March 31, 2017. Gearing
and net worth stood at 1.3 times and INR13.4 Crore as on March 31,
2016.

AISL is promoted by Mr.U Kondal Rao in April 2003 and is engaged
in manufacturing of Sponge Iron which is used in induction
furnaces to produce steel bars. The Plant is located in
Jaggayyapet, Andhra Pradesh.


ANINDITA STEELS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anindita Steels
Limited's (ASL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR200 mil. Fund-based limits affirmed with IND BB+/Stable
    rating; and

-- INR23.2 mil. Non-fund-based limits affirmedIND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects ASL's continued modest scale of
operations and credit metrics as the company operates at only
about 50% of its total production capacity. Revenue grew to
INR834.29 million in FY17 (FY16: INR772.84 million) because of
higher demand. Ind-Ra expects revenue to improve significantly in
FY18 on the back of a rise in the price of sponge iron. The
company booked revenue of INR958.3 million as of 11MFY18.

EBITDA margin remained stable at 7.86% in FY17 (FY16: 7.78%) and
interest coverage (gross EBITDA/interest coverage) at 1.8x (1.8x).
However, net leverage (net debt/operating EBITDA) deteriorated to
5.2x in FY17 (FY16: 4.6x) due to an increase in external
borrowings to fund its working capital requirements.

The ratings also remain constrained by ASL's tight liquidity
position as reflected by 96.55% average utilization of the working
capital limits over the 12 months ended February 2018.

The ratings, however, continue to be supported by the promoter's
experience of more than a decade in the manufacturing of steel
products.

RATING SENSITIVITIES

Negative: A further decline in the credit metrics may lead to a
negative rating action.

Positive: An improvement in the operating margins, along with an
improvement in the credit metrics, could lead to a positive rating
action.

COMPANY PROFILE

ASL was incorporated in 1995 as a financing company in the name of
Anindita Trades & Investment Limited. The company remained dormant
for years before entering into a memorandum of understanding with
the Jharkhand government for setting up an integrated mini steel
plant near Ramgarh, Jharkhand. Mr. Subhash Chand Tulsyanand and
Mr. Deepak Rungta are the promoters. In 2006, ASL started
manufacturing of sponge iron at Hazaribagh, Jharkhand.


ASTHA ASSOCIATE: CRISIL Raises Rating on INR5MM Bank Loan From B
----------------------------------------------------------------
Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated
the ratings on the bank facilities of Astha Associate Engineering
& Contractor (AAEC) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has shared information
necessary for a comprehensive review of the rating. Consequently,
CRISIL is migrating the ratings from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' to 'CRISIL B/Stable/CRISIL A4.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Migrated from
                                   'CRISIL B/Stable Issuer Not
                                   Cooperating')

   Cash Credit/           1        CRISIL B/Stable (Migrated from
   Overdraft facility              'CRISIL B/Stable Issuer Not
                                   Cooperating')

The ratings reflect AAEC's modest scale of operations, amidst
intense competition and concentration in revenue along with
volatility in the operating margins. These weaknesses are
partially offset by moderate return on capital employed (RoCE) and
the extensive experience of the partners in the construction
industry along with their timely funding support.

Analytical Approach

For arriving at the ratings, unsecured loans of INR2.35 crore,
extended by AAEC's partners as on March 31, 2017, have been
treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations, amidst intense competition and
concentration in revenue: Consistent drop in revenue (by 60% in
fiscal 2017, in the absence of major government orders) has
resulted in the scale of operations being modest, with operating
income of INR4.7 crore in fiscal 2017.

* Volatility in operating margin: Operating margin has been highly
volatile, ranging between 4.4% and 9.6% over the four fiscals
through 2017.

Strengths:

* Moderate RoCE: RoCE was at 11% in fiscal 2017 and has ranged
between 11-26% over the three fiscals through 2017. Expected to
remain above 10% over the medium term.

* Extensive experience of the partners in the construction
industry and their funding support: The two decade-long experience
of the partners in the construction industry, and technical and
project management capabilities, gathered by the firm to execute
small and mid-sized projects, will continue to support the
business risk profile. The firm is civil contractor engaged in
construction of dams, roads, and bridges, and mainly undertakes
work for the Uttar Pradesh (UP) government and various local
authorities. Liquidity is supported by unsecured loans from
partners of INR2.35 crore as on March 31, 2017.

Outlook: Stable

CRISIL believes that AAEC will continue to benefit from the
extensive experience of its partners. The outlook may be revised
to 'Positive' if significant growth in revenue, sustained
profitability, and expansion in geographic reach, improves
liquidity. The outlook may be revised to 'Negative', if the firm
reports lower-than-expected cash accrual, or if any large capital
expenditure or stretch in the working capital cycle, weakens the
financial risk profile, especially liquidity.

AAEC is an Etah-based partnership firm, formed in 2004. The firm
undertakes construction of check dams, roads and bridges, and is
registered as an 'AA' class contractor with the irrigation
department of the Government of UP. Overall operations are managed
by Mr Shyam Singh.


BADDI INFRASTRUCTURE: Ind-Ra Moves B- Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Baddi
Infrastructure's (BADDI) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B-(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR52 mil.Term loan due on December 2025 migrated to Non-
    Cooperating Category with IND B-(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2010 as a special purpose vehicle of BBN
Industries Association and BBN Development Authority, BADDI
implements projects sanctioned under the government's recast
industrial infrastructure scheme.


CITIZEN CARS: ICRA Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the long-term ratings for the bank
facilities of Citizen Cars (CC) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D; ISSUER NOT
COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit        7.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

   Unallocated       3.00        [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

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

Established in 1998 by Mr. Haneef Sait as a proprietorship firm in
Bangalore, Citizen Cars is a private pre-owned car (POC) dealer
which primarily deals in high-end range of cars. The major car
brands include Ford, Honda, Hyundai, Rolls Royce, Bentley, Land
Rover, Toyota, Benz, BMW, Audi, Bugatti, Harley Davidson,
Lamborghini, Jaguar, Volkswagen, Chevrolet and Skoda. It has one
leased showroom in Hebbal which has a capacity of keeping ~110
cars. Prior to 2013, it was operating in an owned showroom in
Banaswadi which had a capacity of keeping ~60 cars. It has a
sister concern, called, New Citizen Cars, which is also a private
POC dealer and operates out of a showroom with a capacity of
keeping ~60 cars in Banswadi, Bangalore.


DEV MOTORS: Ind-Ra Affirms 'BB+' Issuer Rating on INR143MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Dev Motors
Private Limited's (DMPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR143 mil.Fund-based working capital limits affirmed with
    IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects DMPL's continued medium scale of
operations, modest credit metrics and thin EBITDA margin owing to
intense competition in the automobile dealership business. Revenue
rose 5.80% yoy to INR1,114 million in FY17, driven by an increase
in the number of order received. DMPL booked INR981 million in
revenue for 11MFY18. EBITDA margin was 1.97% in FY17 (FY16:
1.90%). The marginal improvement in EBITDA margin was due to a
decline in advertising expenses.

In FY17, gross interest coverage (operating EBITDA/gross interest
expense) was 2.59x (FY16: 2.47x) and net financial leverage (total
adjusted net debt/operating EBITDAR) was 2.82x (4.92x). The
improvement in gross interest coverage was primarily driven by an
increase in absolute EBITDA, while the enhancement in net
financial leverage was on account of a decrease in working capital
debt and an increase in absolute EBITDA.

The ratings, however, continue to be supported by DMPL's
comfortable liquidity, indicated by a 68.26% average peak
utilization of the fund-based limits for the 12 months ended
February 2018.

The ratings also continue to benefit from DMPL's dealership with
Maruti Suzuki India Limited, the leading automobile manufacturer
in India, in Aligarh, Uttar Pradesh, and the promoter's experience
of more than four decades in the automobile dealership business.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
EBITDA margin leading to deterioration in the credit metrics on a
sustained basis.

Positive: A positive rating action could result from a substantial
rise in EBITDA margin leading to an improvement in the credit
metrics on a sustained basis.

COMPANY PROFILE

Established in 1997 in Aligarh, DMPL is an authorized dealer of
cars manufactured by Maruti Suzuki. It is also engaged in the work
of body shop and trading of spare parts.


DM CORPORATION: CRISIL Withdraws D Rating on INR49.21MM Term Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with DM
Corporation Private Limited (DMCPL) for obtaining information
through letters and emails dated September 19, 2017, and
November 6, 2017, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        30       CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Cash Credit            4       CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Term Loan     0.79    CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Term Loan             49.21    CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Working Capital       36       CRISIL D (Issuer Not
   Term Loan                      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 DMCPL. This restricts CRISIL's
ability to take a forward DMCPL 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 DMCPL
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

Incorporated in 2002 as M&M Pvt Ltd (name changed in 2011), DMCPL
undertakes construction of infrastructure projects, such as
earthen dams, canals, hydroelectric projects, earth-moving
projects, industrial construction, and urban infrastructure
projects. It has its registered office located in Kolhapur and Mr.
Dilip Mohite is the managing director. The company has also set up
an 8 megawatt hydropower project at Phatakwadi near Kolhapur.


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

The instrument-wise rating actions are:

-- INR31.8 mil.Fund-based limit migrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) ratings; and

-- INR50.62 mil. Term loan due on August 2023 migrated to Non-
    Cooperating CategoryIND BB-(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

GML was originally incorporated as Gayatri Microns Private Limited
in February 1998 by promoters Mr. Rashminbhai Mohanbhai Patel and
Mr. Kantibhai Patel. It was reconstituted as a limited company
under its current name in April 2003.

GML manufactures micronized minerals such as coated mineral powder
(calcite), ranging from 16 microns to 25 microns; calcite
(uncoated); dolomite; china clay; talc, barytes; mica; and silica.
These minerals are used as raw materials in plastic, rubber and
paints.


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

The instrument-wise rating action is:

-- INR108 mil. 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 2005 by Mohammed Hasir and his family, HFPL
processes and exports frozen buffalo meat. The company is also
engaged in livestock trading.


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

-- INR99 mil. Fund-based working capital limits migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2004, HI is a proprietorship firm engaged in the
sale of animal feed products such as soya bean de-oiled cakes and
maize to farmers and other users across Bihar, Uttar Pradesh and
Jharkhand. In addition, it exports the products to Nepal. It
mainly purchases soya bean from Madhya Pradesh and Rajasthan, and
maize from Bihar and Maharashtra. Mr. Rajeev Gupta is the
proprietor of the firm.


JAI SAI: CRISIL Reaffirms and Then Withdraws B+ Loan Rating
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Jai Sai Construction (JSC), and subsequently withdrawn its rating,
on the company's request and after receiving a no-objection
certificate from the bankers. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loan
facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       3.5        CRISIL A4 (Reaffirmed and
                                   withdrawn)

   Cash Credit          5.0        CRISIL B+/Stable (Reaffirmed
                                   and withdrawn)

   Proposed Long Term   1.5        CRISIL B+/Stable (Reaffirmed
   Bank Loan Facility              and withdrawn)

Established in 2007 as a partnership concern, JSC is a Class 1
civil contractor and constructs roads, dams, and canals, and other
irrigation projects. Its entire business is tender based, and it
primarily executes tenders floated by the Maharashtra Irrigation
Department, Pune Municipal Corporation (PMC), Maharashtra
Industrial Development Corporation (MIDC) and Military Engineering
Services (MES). The firm derives its entire revenue from
Maharashtra. It is headquartered in Osmanabad (Maharashtra).


JAWAHAR SAW: CRISIL Lowers Rating on INR45.5MM Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jawahar Saw
Mills Pvt Ltd (JSMPL; a part of the Agicha group) for obtaining
information through letters and emails dated Nov. 13, 2017 and
Jan. 17, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45.5      CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JSMPL which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes information available on JSMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Consequently, CRISIL has downgraded its rating
on the bank facilities of JSMPL to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL B-/Stable'. The downgrade reflects
delays in servicing debt. CRISIL has held discussions with the
bankers, who have confirmed the ongoing delay.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Satramdas and Co and JSMPL. The
entities, together referred to as the Agicha group, are managed by
the same promoter family, and trade in the same product. There
have been instances of financial transactions between them, and
they share infrastructure, and procurement, finance, and
management teams.

The Agicha group, founded by Mr Agicha and family in 1956, trades
in timber logs. Mr Manohar Agicha manages the operations.


KANHA GRAIN: ICRA Withdraws B+ Rating on INR7cr Cash Loan
---------------------------------------------------------
ICRA Rating has withdrawn the long term rating of [ICRA]B+ along
with a stable outlook assigned to the INR0.95-crore term loan
facility, INR7.00-crore cash credit limits and INR1.05-crore
unallocated limits of Kanha Grain Process. ICRA has also withdrawn
the short term rating of [ICRA]A4 assigned to the INR3.0-crore non
fund-based bank guarantee facility and INR1.05-crore unallocated
limits of KGP. The unallocated limit of KGP has been rated on both
the long term and short term scale.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-Term
   loans                 0.95      [ICRA]B+ (Stable) Withdrawn

   Fund Based-Cash
   credit                7.00      [ICRA]B+ (Stable) Withdrawn

   Non-fund based
   Limits-Bank
   Guarantee             3.00      [ICRA]A4 Withdrawn

   Unallocated limits    1.05      [ICRA]B+ (Stable)/[ICRA]A4
                                    Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension of credit rating at the request of
the Rated Entity and on receipt of No objection from the lending
bank.

Outlook: Not applicable

Kanha Grain Process (KGP) was established as a partnership firm in
2006 by the Agrawal family based out of Raipur, Chhattisgarh. The
entity is involved in milling of raw rice and parboiled rice and
has an installed milling capacity of 14,400 metric tonne per annum
(MTPA). The major part of the paddy milling operations undertaken
by the entity has been in the form of custom milling operations
for the Government. Other than milling of paddy, the entity also
processes rice and broken rice procured from the manufacturers at
the sortex machines installed by the entity.


KAVIT PU LEATHER: Ind-Ra Migrates 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kavit PU Leather
Cloth Industries 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 D(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limit (Long-term/Short-term) migrated to
    Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR27 mil. Term loan (Long-term) due on November 2021
    migrated to Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 31, 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 May 1999, the company is engaged in the trading of
polyurethane foam and poly-coated fabric.


M.L. TRADERS: CRISIL Lowers Rating on INR2MM Cash Credit to B
-------------------------------------------------------------
Due to inadequate information and in line with SEBI guidelines,
CRISIL Ratings had migrated its ratings on the bank facilities of
M.L. Traders (MLT) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the firm's management has started sharing information
necessary for a comprehensive review of the ratings. Consequently,
CRISIL is migrating the ratings from 'CRISIL B+/Stable' Issuer Not
Cooperating' to 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            2        CRISIL B/Stable (Migrated from
                                   'CRISIL B+/Stable Issuer Not
                                   Cooperating')

   Warehouse Receipts    10        CRISIL B/Stable (Migrated from
                                   'CRISIL B+/Stable Issuer Not
                                   Cooperating')

The downgrade reflects weakening of financial risk profile due to
significant deterioration in networth to INR1.03 crore as on
March 31, 2017, from INR2.24 crore as on March 31, 2016, following
capital withdrawal of INR1.48 crore. Total outside liabilities to
adjusted networth (TOLANW) ratio also weakened to 9.28 times from
6.10 times. Debt protection metrics remained weak, with interest
coverage ratio of 1.1 times and negative net cash accrual to
adjusted debt ratio in fiscal 2017 on account of low and volatile
profitability and significant working capital debt. Financial risk
profile is expected to remain below average over the medium term.

Business risk profile is subdued, with operating revenue of
INR11.18 crore for fiscal 2017 against INR13. 1 crore in the
previous year; turnover has also remained volatile. Operating
margin too has fluctuated in the 1.8-12.3% range in the five
fiscals through 2017. Sales were INR10.4 crore as of December 2017
and are expected to be INR14-15 crore in fiscal 2018.

Liquidity remains adequate, reflected in average bank limit
utilisation of 78% in the 12 months ended January 2018; absence of
any term debt; and funding of INR2.1 crore from promoter as on
March 31, 2017.

The rating reflects MLT's below-average financial risk profile
because of a high TOLANW ratio, and small scale of operations in
the highly fragmented rice industry. These weaknesses are
partially offset by the experience and funding support of its
promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The TOLANW ratio was high at 9.28
times and networth small at INR1.03 crore, as on March 31, 2017.
Debt protection metrics were also weak, with interest coverage
ratio of 1.1 times and negative net cash accrual to adjusted debt
ratio for fiscal 2017.

* Working capital-intensive operations: Gross current assets were
345 days as on March 31, 2017, due to sizeable inventory of 340
days. This is because key input, paddy, is available only during
October-March and has to be stored for the entire year's
requirement. Against this, the firm does not receive any credit
from suppliers, which further constrains liquidity.

* Vulnerability to volatility in raw material prices:
Profitability remains vulnerable to fluctuations in input prices
as paddy yield depends on monsoon and crop cycles. Sizeable
inventory also exposes the firm to risk of fall in raw material
prices.

Strength

* Extensive experience of promoter: The promoter has been in this
rice milling business for around a decade through other entities,
and has hence gained sound understanding of market dynamics and
established strong relationship with customers and suppliers.

Outlook: Stable

MLT will benefit over the medium term from promoter's extensive
experience. The outlook may be revised to 'Positive' if
significant improvement in revenue and margin leads to higher-
than-expected net cash accrual. The outlook may be revised to
'Negative' if sharp decline in revenue or margin, increase in
working capital requirement, or any large, debt-funded capital
expenditure further weakens financial risk profile.

MLT was formed as a Hindu Undivided Family in 2012 by Mr Makhan
Lal Garg. The firm processes rice at its plant in Mansa, Punjab,
which has capacity of 1 tonne per hour. MLT also trades in rice
and rice bran.


MANTHARAGIRI TEXTILES: Ind-Ra Affirms B+ Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mantharagiri
Textiles' (MT) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit affirmed
    IND B+/Stable rating;

-- INR53.22 mil. (reduced from INR66.65 mil.) Term loan due on
    affirmed August 2023 IND B+/Stable rating; and

-- INR10.952 mil. (reduced from INR11.51 mil.) Non-fund-based
    working capital limit affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation continues to reflect MT's tight liquidity owing to
the working capital-intensive nature of operations. MT's net
working capital cycle was 177 days in FY17 (FY16: 150 days). The
deterioration in the cycle was due to a rise in inventory days.
MT's average utilization of its fund-based limits was 100% for the
12 months ended February 2018.

The affirmation also continues to reflect medium scale of
operations and modest credit metrics. Revenue declined to INR620
million in FY17 from INR621 million in FY16 owing to the company's
entry into the production of melange yarn. Net leverage improved
to 4.4x in FY17 from 4.9x in FY16 and gross interest coverage
improved to 1.9x from 1.7x. The improvement in net leverage was
driven by a decline in debt and a rise in operating EBITDA. On the
other hand, the enhancement in interest coverage was primarily due
to a rise in operating EBITDA.

The ratings also continue to be constrained by the partnership
nature of the business.

The ratings, however, are supported by a comfortable EBITDA margin
(FY17: 10.1%; FY16: 9.31%). The rise in EBITDA margin was due to a
shift in MT's production focus; melange yarn offers a high margin
compared with raw cotton yarn.

The ratings continue to benefit from MT's founders' experience of
two and half decades in the cotton yarn manufacturing business.

RATING SENSITIVITIES

Negative: Any decline in revenue on a sustained basis or a further
stretch in the liquidity will be negative for the ratings.

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

COMPANY PROFILE

Founded in 1990, MT is a partnership firm engaged in the
manufacturing and production of cotton yarn in Senjerimalai near
Coimbatore.


MILIND PULSES: ICRA Lowers Rating on INR5cr Cash Loan to D
----------------------------------------------------------
ICRA Rating has revised the rating of bank facilities of Milind
Pulses to [ICRA]D from [ICRA]B. ICRA has also moved the rating to
the 'Issuer Not Cooperating' category due to non submission of no
default statement. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Cash     5.00       [ICRA]D ISSUER NOT COOPERATING;
   Credit                         Revised from [ICRA]B(Stable)
                                  and moved to 'Issuer Not
                                  Cooperating' category

ICRA has been consistently following up with Milind Pulses for
obtaining the monthly 'No Default Statement' and had also placed
the rating under review due to non submission of NDS in the month
of February 2018. However the entity's management has remained
non-cooperative.

Rationale

The rating downgrade follows the delays in debt servicing by
Milind Pulses to the lender, as confirmed by them to ICRA.

Milind Pulses started its operations in 2000-01 and is engaged in
trading and manufacturing of Tur Dal, Lakhodi Dal and Chana Dal
driven primarily by its healthy demand. The proprietor Mr. Milind
and his father Mr. Vijay have an experience of over 12 years in
the pulses processing industry. The firm has a combined production
capacity of 18,000 MTPA or 600 quintals of Tur Dal, Lakhodi Dal
and Chanal Dal with the manufacturing facility located at Nagpur.


MSC IMPEX: CRISIL Withdraws B Rating on INR5MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has been consistently following up with MSC Impex
(MSC) for obtaining information through letters and emails dated
January 30, 2017, and March 22, 2017, among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit            5      CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Withdrawal)

   Letter of Credit       5      CRISIL A4 (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 MSC. This restricts CRISIL's
ability to take a forward MSC is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, the rating on bank facilities of MSC
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

MSC was established as a proprietorship concern in Bengaluru in
2009 by Mr. Pratik Mehta. The firm trades in several products,
largely non-ferrous metal scraps and raw cashew nuts.


NARAIN SINGH: CRISIL Raises Rating on INR3.22MM Loan to B
---------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated
its ratings on the bank facilities of Narain Singh Bundela and Co.
(NSBC) to 'CRISIL B-/Stable/CRISIL A4/Issuer Not Cooperating'.
However, management has started sharing information necessary for
a comprehensive review of the ratings. Consequently, CRISIL is
migrating the ratings from 'CRISIL B-/Stable/CRISIL A4/Issuer Not
Cooperating' to 'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee          3       CRISIL A4 (Migrated from
                                   'CRISIL A4' Issuer Not
                                   Cooperating)

   Cash Credit             3.22    CRISIL B/Stable (Migrated from
                                   'CRISIL B-/Stable' Issuer Not
                                   Cooperating)

   Term Loan                .1     CRISIL B/Stable (Migrated from
                                   'CRISIL B-/Stable' Issuer Not
                                   Cooperating)

The ratings continue to reflect NSBC's small scale of operations
resulting in geographically concentrated revenue profile, and low
operating margin. These weaknesses are partially offset by
moderate financial risk profile because of healthy gearing, and
extensive experience of proprietor in the construction industry.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of proprietor: Presence of around three
decades in the civil construction industry has enabled the
proprietor to secure repeat tenders from the Railways. The firm
also constructs canals in the irrigation sector.

* Moderate financial risk profile: As working capital is mostly
funded through payables, security deposits from sub-contractors,
and accrual, reliance on bank debt is low. While net worth was
moderate at INR11.69 crore, gearing was healthy at 0.3 time, as on
March 31, 2017. Gearing will remain steady over the medium term.

Weaknesses

* Small scale of operations: Since majority of revenue is derived
from Uttar Pradesh and Madhya Pradesh, scale remains modest,
reflected in an operating income of INR13.12 crore for fiscal
2017. Scale is likely to remain subdued over the medium term
because of a modest order book.

* Exposure to high fragmentation and segment concentration
The civil construction industry is intensely competitive, with
several unorganised players operating on small scales. However,
since all orders are from government entities, project execution
and sales depend highly on timely clearances from customers.

* Tender-based business, leading to modest operating margin
Operating margin was 10.08% in fiscal 2017 due to intense
competition at the bidding stage. The company needs to meet the
eligibility criteria and remain cost-competitive to ensure healthy
order flow.

Outlook: Stable

CRISIL believes NSBC will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if sustained and significant increase in
revenue while maintaining operating profitability, and effective
working capital management lead to higher net cash accrual. The
outlook may be revised to 'Negative' in case of deterioration in
working capital management or large, debt-funded capital
expenditure.

Set up in 1988 in Jhansi, Uttar Pradesh, as a proprietorship firm
by Mr. Narain Singh Bundela, NSBC is engaged in civil construction
works for Railways, irrigation, and road departments. The firm
constructs bridges and canals and undertakes ancillary works for
railway lines.


NEW CITIZEN: ICRA Moves D Rating to Not Cooperating Category
------------------------------------------------------------
ICRA Rating has moved the long-term ratings for the bank
facilities of New Citizen Cars (NCC) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Cash Credit         5.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

  Unallocated         5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

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

Established in 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait) as
a proprietorship firm in Bangalore, New Citizen Cars is a private
pre-owned car (POC) dealer, which primarily deals in high-end
range of cars. The major car brands include Ford, Honda, Hyundai,
Rolls Royce, Bentley, Land Rover, Toyota, Benz, BMW, Audi,
Bugatti, Harley Davidson, Lamborghini, Jaguar, Volkswagen,
Chevrolet and Skoda. The firm has one showroom in Banswadi, which
has a capacity of keeping ~60 cars. It has a sister concern,
called Citizen Cars, which is also a private POC dealer and
operates out of a showroom with a capacity of keeping ~110 cars in
Hebbal, Bangalore.


PB LIFESTYLE: Ind-Ra Maintains 'B' Rating as Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained PB Lifestyle
Limited's (PBL) Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action are:

-- INR5 mil. Fund-based working capital limit maintained in Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR145 mil. Term loans due on April 2020 maintained in Non-
    Cooperating Category with IND B( ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 7, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in April 2012 by Parag Sanghavi, PBL is the master
and exclusive license-holder for the Playboy brand in India. The
licensing agreement of PBL extends over a period of 30 years. The
company plans to launch Playboy-branded clubs, restaurants/lounges
across India and also retail Playboy merchandise including
clothing, perfumes and accessories, among others.


PERFECT ENGINEERING: ICRA Reaffirms B- Rating on INR10cr Loan
-------------------------------------------------------------
ICRA Rating has reaffirmed a long-term rating of [ICRA]B- to the
INR7.00-crore fund based facility and the INR10.00-crore non-fund
based facility of Perfect Engineering Associates Private Limited.
ICRA has also reaffirmed a short-term rating of [ICRA]A4 to the
INR3.00-crore nonfund based bank facilities of PEAPL. The outlook
on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-Over
   Draft Facilities      7.00      [ICRA]B- (Stable); Reaffirmed

   Non-fund Based-
   Bank Guarantee
   Facilities           10.00      [ICRA]B- (Stable); Reaffirmed

   Non-fund Based-
   Letter of Credit
   Facilities            3.00      [ICRA]A4; Reaffirmed

Rating Rationale

The reaffirmation of the ratings take into account the long
standing experience of the promoters, coupled with the established
track record of the company in the civil construction industry,
established relations of the company with various Government
departments, and protection of operating profit margins from raw
material price fluctuation risk, given the presence of escalation
clauses in Government contracts. The ratings, however, remain
constrained by PEAPL's significant decline in operating income in
FY2017, weak debt coverage indicators, high working capital
intensity of operations, and its modest current unexecuted order
book position of INR29.60 crore as on November 30, 2017. The
ratings also take into account of the company's exposure to
customer as well as geographical concentration risks as majority
of its projects are executed for the Municipal Corporation of
Greater Mumbai (MCGM) and are located in the Mumbai region.

Rating Outlook: Stable

ICRA believes PEAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised
to Positive if substantial growth in revenue on the back of
addition of healthy orders and faster execution of projects,
and improvement in working capital management strengthens the
financial risk profile. The outlook may be revised to
'Negative' if cash accrual is lower than expected, or any delays
in order execution, or stretch in the working capital cycle,
weakens liquidity.

Key rating drivers

Credit strengths

Longstanding experience of promoters and track record of PEAPL in
the civil construction industry: Incorporated in 1972, PEAPL is
involved in executing projects involving repair and construction
of water pipelines and construction of water reservoirs for
various municipal corporations. The company specialises in work
involving cement mortar lining of DI pipes, new pipe laying and
construction of water storage tanks for urban water distribution.

The promoter, Ms. Meghna Shah, has an experience of over two
decades in municipal works. The company has executed projects such
as cement mortar lining, construction of pipelines, water
distribution improvement and construction of reservoirs in
Mumbai, Pune, Surat, Aurangabad and Solapur (Maharashtra). The
company also enjoys established relationships with various
Government departments.

Raw material price risk mitigated due to escalation clauses in
Government tenders: All Government tenders for the construction of
buildings and development/improvement of roads, laying of
pipelines, etc., have escalation clauses for key raw material
items such as cement, steel, valves and accessories to the extent
of 10%, which mitigate raw material price risks. However, the
company continues to remain exposed to increase in labour cost.

Credit challenges

Significant decline in operating income and low cash accruals: The
operating income of the company declined by 48% to INR16.6 crore
in FY2017 from INR30.3 crore in FY2016 due to delay in the
execution of orders. The order inflow declined significantly due
to the inability of the company to bid for additional orders,
given its stretched liquidity condition. Although, the operating
profit margins of the company increased to 12.0% in FY2017 from
9.0% in FY2016 due to inventory gain and decline in raw material
expense, the OPBDITA declined significantly to INR2.0 crore in
FY2017 from INR2.7 crore in FY2016, given the sharp fall in
operating income. The net profit also stood substantially lower at
INR0.1 crore in FY2017, as compared to INR0.8 crore in FY2016 due
to decline in OPBDITA and high interest expenses. The company has
reported an operating income of INR7.60 crore at operating profit
margins of 16.80% and net profit margins of 0.03% in 8M FY2018.

Leveraged capital structure and weak debt coverage indicators
along with high working capital intensity: PEAPL's total debt
increased to INR12.6 crore as of March 31, 2017 from INR11.5 crore
as on March 31, 2016 on account of higher working capital
borrowings and unsecured loans. The capital structure continued to
remain leveraged with gearing of 2.03 times as on March 31, 2017.
The coverage indicators continued to remain weak and deteriorated
further in FY2017 with interest coverage of 1.0 times, TD/OPBDITA
of 6.3 times and NCA/TD of 4% as compared to interest coverage of
1.3 times, TD/OPBDITA of 4.2 times and NCA/TD of 10% in FY2016.
The debtor position of the company remained high at 88 days as on
March 31, 2017, which increased further to 126 days as on November
30, 2017. The inventory position continues to remain high due to
high work in progress inventory, given the delays in execution.
The working capital intensity increased to 90% in FY2017 from 46%
in FY2016.

Modest order book position, high geographical and project
concentration risks: The fresh order inflow in the company
continued to remain low in FY2017 and CY2018. The company had an
outstanding order book position of INR29.61 crore as on December
01, 2017, which was ~1.8 times the operating income of the company
in FY2017. There is high geographical concentration with all the
projects located in Mumbai and Pune, Maharashtra. Most of the
projects are awarded by Government sector clients like the
Municipal Corporation of Greater Mumbai (MCGM) and Pune Municipal
Corporation (PMC). The project concentration remains high with the
top five projects accounting for ~93% of the outstanding order
book position as on December 1, 2017.

Intense competition given the low complexity of work involved: The
construction industry is highly competitive and fragmented with
numerous small as well as large players, impacting the pricing
flexibility and profitability of players like PEAPL. Many
construction majors are present in the segments where PEAPL
operates, which can impact the order book build up. Given PEAPL's
modest size and the intense competition in the industry,
increasing the order inflow would continue to be challenging.

Incorporated in 1972, Perfect Engineering Associates Pvt. Ltd.
(PEAPL) is based out of Mumbai, and is involved in the repair and
construction of water pipelines and construction of water
reservoirs for various municipal corporations. The company
specialises in work involving cement mortar lining of various
diameter pipes, new pipe laying and construction of water storage
tanks for urban water distribution.

In 8M FY2018, the company reported a profit before tax of INR0.0
crore on an operating income of INR7.6 crore on provisional basis,
as compared to a net profit of INR0.1 crore on an operating income
of INR16.6 crore in the previous year.


REFLEXIONS NARAYANI: ICRA Reaffirms B Rating on INR24.86cr Loan
---------------------------------------------------------------
ICRA Rating has reaffirmed the long-term rating of [ICRA]B
assigned to the term loan of INR10.00-crore (reduced from INR18.60
crore) and INR24.86-crore (revised from INR18.83 crore) fund-based
overdraft facility of Reflexions Narayani Impex Private Limited
(RNIPL). ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR4.00-crore short-term fund-based bank
limits of RNIPL. ICRA has also reaffirmed the long-term rating of
[ICRA]B and short-term rating of [ICRA] A4 to an untied limit of
INR2.57 crore of RNIPL. The outlook on the long term rating is
'Stable'.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Term Loan            10.00     [ICRA]B (Stable);Reaffirmed

   Overdraft Facility   24.86     [ICRA]B (Stable);Reaffirmed

   Packing Credit        2.00     [ICRA]A4;Reaffirmed

   Foreign Bill
   Purchase              2.00     [ICRA]A4;Reaffirmed

   Untied Limits         2.57     [ICRA]B(Stable)/[ICRA]A4;
                                  Reaffirmed

Rationale

The reaffirmation of ratings takes into account RNIPL's continuous
losses from core operations of leather goods export over the last
three years due to lower operating income and high cost of
operation of the leather segment. The ratings also take into
consideration high client-concentration risk in the leather
business with ~ 80% revenues of the leather segment coming from
only two clients.

The ratings also take into consideration RNIPL's weak debt-
coverage indicators as reflected by a low interest cover of 1.11
times and high TD/OPBDITA of 9.05 times in FY2017. Moreover,
RNIPL's high working-capital intensity of operations has adversely
impacted its liquidity position. The ratings are also constrained
by the company's large exposure to a group entity in the form of
investments and loans/advances, which are not value accretive till
now and comprise around 22% of the tangible net worth of RNIPL as
on March 31, 2017, thus reducing the company's overall business
returns.

The ratings, however, draw comfort from the experience of the
management of over two decades in the leather industry and healthy
lease rentals generated by the company from the reputed tenants
supporting the overall operating income.

In ICRA's opinion, the ability of the company to scale up its
leather operations and improve its profitability, while
efficiently managing its working-capital requirements will remain
key rating sensitivities.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that RNIPL will
continue to benefit from the long experience of the promoters. The
outlook may be revised to 'Positive' if the company is able to
scale up operations while improving its profitability. The outlook
may be revised to 'Negative' if there are any further declines in
profitability or increase in the working-capital intensity of
operations, which could adversely impact the liquidity position of
the company.

Key rating drivers

Credit strengths

Experience of the promoters in the leather industry: The company
is an established player in the leather industry with promoters
having experience of more than two decade in this line of
business. The company, being an export-oriented unit, exports its
entire production to countries like the UAE, the UK, Germany,
Russia, the Middle East etc.

Healthy lease rentals received from reputed tenants: RNIPL
receives healthy rental income from its commercial building, Rene
Tower, which accounts for around 50% of the operating income of
RNIPL. Though one of its clients, Vasan Healthcare, had vacated
around 18,900 sq.ft. area, a major portion has been occupied by Dr
Agarwal's Health Care, IndusInd Bank and others.

Credit weaknesses

High client-concentration risk in the leather export business: The
client concentration of the company has remained significantly
high in FY2017 with top-two customers accounting for ~80% of the
revenues from the leather segment (68% in FY2016). Around 60% of
the company's revenues came from a single client, K.Plus Co. Ltd.

Relatively small scale of current operations: The capacity
utilisation of the unit has remained low over the past few years.
The top-line of the company has consistently declined from
INR37.89 crore in FY2014 to INR21.80 crore in FY2017. The
operating income of the company had declined significantly in
FY2015 on account of discontinuation of business with the
company's largest customer, Coach Inc and Coach Manufacturing
Limited, which had attributed to around 60% of the company's
export turnover during FY2014. RNIPL's operating income from the
leather business declined further in FY2017 as sales from one of
its client, Knight & Walker, has reduced on account of payment
issues. RNIPL earned a non-operating income of INR4.56 crore from
the sale of a building in Kolkata, which led to higher cash
accruals and PAT in FY2017.

High working-capital intensity of operations: RNIPL's working-
capital intensity of operations is high as reflected by NWC/OI of
41%. This is due to high debtor days as a result of delay in
receipt of payment from its client, Knight & Walker. Though the
same has improved compared to the last year (61% in FY2016) it
still remained on the higher side. ICRA notes that the cash flow
will be under pressure due to significant debt-service obligations
in the near future.

Weak debt-coverage indicators due to deterioration in profits;
capital structure continue to remain favourable: The capital
structure of the company continues to remain favourable as
reflected by a gearing of 0.57 times as on March 31, 2017, mainly
due to healthy accretion to reserves in the past. However, the
debt-coverage indicators of the company has witnessed a
significant deterioration on account of reduced OPBDITA as
reflected by an interest cover of 1.11 times, TD/OPBDITA of 9.05
times in FY2017 compared to the interest cover of 1.18 times, and
TD/OPBDITA of 8.86 times in FY2016.

Large non-value accretive investments as well as loans/advances
extended to a group entity hits the overall business return: Large
exposure of the company (~22% of the tangible net worth as on
March 31, 2017) to a group entity in the form of investments and
loans/advances, which are not value accretive till now, affects
the overall business return.

Reflexions Narayani Impex Pvt. Ltd. (RNIPL) is involved in the
business of designing, manufacturing and exporting leather goods.
Its product portfolio includes handbags, brief cases, school bags,
wallets, passport/card holders, personalised accessories etc. The
company has three manufacturing units in Kolkata, employing around
250 workers. RNIPL is a 100% export-oriented company and has been
supplying to countries like the UAE, the UK, Germany, Russia, the
Middle East etc.

The company has also constructed a commercial building, Rene
Tower, at Rajdanga, Kolkata, for leasing out space to the
corporate houses. The building has a total leasable/saleable area
of 1,17,324 sq.ft. The rental income from the building accounted
for around 50% of the operating income of RNIPL in FY2017.


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

-- INR210 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING) rating; and

-- INR77.8 mil. Term loans maintained in Non-Cooperating Category
    with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SIPL manufactures and supplies premium quality mild steel products
such as angles, beams, channels, and round bars. The company uses
high grade billet for manufacturing these products. SIPL has a
75,000tpa facility in Raipur, Chhattisgarh.


SFPL CROP: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of SFPL Crop Life Science Private Limited (SFPL) at
'CRISIL B/Stable'.

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

CRISIL's rating on the long-term bank facilities of SFPL continues
to reflect below-average financial risk profile because of modest
net worth, and average capital structure and debt protection
metrics. The rating also factors in large working capital
requirement, small scale of operations, and susceptibility to
risks related to the regulated nature of India's seed and
fertilizer industry, and vulnerability to monsoon. These
weaknesses are partially offset by promoters' extensive industry
experience and funding support, and established distribution and
sales network.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The capital structure remained
below average because of small networth with negative networth of
(INR2 crore as on March 31, 2017) and weak debt protection metrics
of NCATD and interest coverage ratio of 0.06 and 1.55 times over
the medium term, driven by low cash accrual.

* Working capital management: Gross current asset were 316 days as
on March 31, 2017, driven by high creditors and high inventory of
90 days and 233 days, respectively.

Strengths

* Experience of promoter: The Karwa family has been in the
business of producing seeds for over 30 years and they set up SFPL
to diversify into manufacturing of fertilisers and also for
distributing their seeds. CRISIL believes that the company will
benefit from promoters' extensive experience and its strong
distribution network.

Outlook: Stable

CRISIL believes SFPL will continue to benefit over the medium term
from its promoters' extensive experience in seed trading and
fertilizer manufacturing businesses. The outlook may be revised to
'Positive' in case of significant ramp-up of operations and
improvement in profitability resulting in substantial cash
accrual, and thus, better liquidity. Conversely, the outlook may
be revised to 'Negative' if financial risk profile, especially
liquidity, deteriorates because of larger-than-expected working
capital requirement or pressure on cash accrual.

SFPL was incorporated in 1999 as Subhash Fertilizers Pvt Ltd and
was later renamed as SFPL. The company is a fully owned subsidiary
of KSPL, which produces and markets seeds for the commercial seed
market. SFPL manufactures nitrogen, phosphorus, and potassium
mixed fertilizers. It is the sole distributor of hybrid vegetable
seeds of group company Krishnadhan Vegetable Seeds India Pvt Ltd
across India.

Profit after tax (PAT) and net sales were estimated at INR0.40
crore and INR51 crore, respectively, for fiscal 2017, as against
INR0.36 crore and INR51 crore, respectively, in the previous
fiscal.


SHIVEN YARN: CRISIL Reaffirms B Rating on INR19.45MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Shiven Yarn Private Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL A4 (Reaffirmed)

   Cash Credit           10        CRISIL B/Stable (Reaffirmed)

   Foreign Exchange
   Forward                0.2      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.35     CRISIL B/Stable (Reaffirmed)

   Term Loan             19.45     CRISIL B/Stable (Reaffirmed)

CRISIL's ratings on SYPL continue to reflect its weak financial
risk profile and exposure to risks related to stabilisation and
ramp-up in operations. These weaknesses are partially offset by
the extensive experience of and funding support received from the
promoters, and low demand risk.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans of
INR4.90 crore as on March 31, 2017 received from the promoters as
neither debt nor equity as they carry a nominal interest rate and
are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Large debt should keep gearing high
at 3-5 times over the medium term - was 3.54 times as on March 31,
2017. Debt protection metrics were weak as the company incurred
cash losses.

* Exposure to risks related to stabilisation and ramp up in
operations: As fiscal 2017 is the first year of operations, the
company's ability to ramp up business with healthy profitability
and prudent working capital management will remain a sensitivity
factor.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' 35 years of experience in the textile industry through
group concern and strong relationship with customers and suppliers
should support the business. Moreover, need-based funding support
from the promoters is expected to continue.

* Low demand risk: Guaranteed offtake of more than 30% by the
group and the company being situated in Surat, Gujarat, a hub for
textile industry, leads to low demand risk.

Outlook: Stable

CRISIL believes SYPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if expansion in scale of operations with sustained
profitability or capital infusion or sizeable cash accruals
strengthen financial risk profile. The outlook may be revised to
'Negative' if stretch in working capital cycle, large debt-funded
capital expenditure or capital withdrawal weakens financial risk
profile.

Incorporated in February 2016, SYPL is promoted by Mr. Samir
Patel, Mr. Ketan Patel, Mr. Dharmesh Patel, Mr. Chirag Patel, Mr.
Vinodkumar Patel, Mr. Mitul Ruwala, and Mr. Chirag Rao. The
company manufactures nylon yarn, which is used in garments,
footwear, auto parts, gas (petrol) tanks, slings and rope, used in
climbing gear and slack lining, machine parts, such as gears and
bearings.


SHIVTEX SPINNING: Ind-Ra Assigns BB Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shivtex Spinning
Private Limited (SSPL) a Long-Term Issuer rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR299 mil. Term loan due on September 2026 assigned with
    IND BB/Stable rating;

-- INR80 mil. Fund-based limits assigned with IND BB/Stable
    rating; and

-- INR17 mil. Non-fund-based limits assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SSPL's limited operational track record, given
it commenced commercial operations in FY18. SSPL's ability to
stabilize its spinning mill, ramp up operations and achieve
envisaged level of scale of operations and profitability is yet to
be seen.

SSPL has signed a take-or-pay agreement with Siddhi Weaves Private
Limited (SWPL). SWPL will purchase more than 80% of SSPL's
spinning capacity at a pre-determined rate. The agreement provides
for consequential compensation in case of lower-than-agreed off
take by SWPL. As per the agreement, the agreed compensation has
been decided keeping in mind SSPL's debt and fixed overheads.

Adherence to the agreement terms by both parties, along with
timely receipt of payment from SWPL, would be a key rating
sensitivity.

The ratings also reflect by SSPL's presence in a cyclical and
highly competitive textile industry and exposure to risks related
to compliance with stringent pollution control norms.

The ratings factor in SSPL's modest liquidity position, indicated
by a working capital facility utilization of 89% over October-
February 2018.

The ratings, however, are supported by the promoters' experience
of more than 20 years in the textile industry and SSPL's
association with and support from Ahmedabad-based Chiripal group,
which has vertically integrated operations and has a proven track
record of over four decades in the textile industry.

RATING SENSITIVITIES

Negative: Any adverse change in the take-or-pay agreement with
SWPL and any delay in the receipt of payments from SWPL could lead
to a negative rating action.

Positive: Any substantial revenue growth, along with any rise in
EBITDA and credit metrics, could lead to positive rating action.

COMPANY PROFILE

SPPL was incorporated in 2017 by Mr. Sanjay Bindal, Mr. Navin
Saraogi, Mr. Dinesh Agarwal and M. Aman Agarwal. The company is
engaged in manufacturing of denim yarn with nine and 16 counts.


SHYMA MA: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Shyma Ma Enterprise (SME).

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

   Proposed Cash
   Credit Limit           7        CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's small scale of operations in the
intensely competitive gold jewellery retailing segment, the
initial phase of its operation, constraining the financial risk
profile, and geographical concentration in revenue. These
weaknesses are partially offset by strong brand of Senco Gold Ltd
('CRISIL A-/Stable'; particularly in West Bengal), of which, SME
is a franchisee.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans of
INR 2.9 crore (as on March 31, 2017) extended to SME by its
promoters and related party as neither debt nor equity as the
loans are expected to be retained in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Initial years of operation and small scale of business: The firm
started operations in February 2016, and has added another
showroom which has been operational from February, 2018. Revenue
of only INR11.84 crore was recorded in fiscal 2017, its first full
year of operations. The firm has just two showroom, which
restricts its scale of operations.

* Geographical concentration in revenue: The firm has one showroom
in Dakshin Dinajpur and another one in Midnapur. It is setting up
another showroom in Jhargram, which is expected to be operational
in the first quarter of fiscal 2019. Regional presence exposes SME
to regulatory changes or shift in customer preferences. However,
the risk is partially offset by Senco Gold Ltd's strong brand and
regular clientele.

* Exposure to intense competition in a fragmented industry, and to
volatility in gold prices: The domestic jewellery segment has many
organised and unorganised players, and the resultant competition
exerts pressure on operating margin. Profitability is also
affected by volatile gold prices, and the risk is aggravated by
SME's large inventory of around 4 months. However, its
replenishment model of procurement helps mitigate the inventory
risk.

* Weak financial risk profile: Low initial capital and nascent
stage of operations resulted in small networth of INR1.22 crore as
on 31st March, 2017. Though the networth is expected to increase
gradually as operations are ramped up, it will remain modest as
the firm's franchisee business will restrict its operating margin
and cash generating ability. Moderate operating profitability and
large working capital debt has resulted in moderate debt
protection metrics.

Strengths

* Strong brand presence of Senco Gold Ltd (particularly in West
Bengal): SME retails gold and diamond-studded jewellery including
necklaces, earrings, finger rings, bracelets, and pendants, under
a franchise agreement with Senco Gold Ltd, which has a strong
brand presence in eastern India, particularly West Bengal,
resulting in steady demand from retail customers. SME will
continue to benefit from the strong brand presence of Senco Gold
Ltd.

Outlook: Stable

CRISIL believes SME will continue to benefit from the strong brand
of franchisor Senco Gold Ltd in the gold jewellery business. The
outlook may be revised to 'Positive' if there is a significant and
sustained increase in revenue, resulting in improvement in cash
generating ability, capital structure, and debt protection
metrics. The outlook may be revised to 'Negative' if revenue is
lower than expected, or if working capital cycle lengthens, or if
the firm undertakes large, debt-funded capital expenditure,
leading to deterioration in its financial risk profile.

SME was set up in 2016 as a partnership firm by Mr Sutana
Chakraborty and Ms Sarbani Chakraborty. SME has entered into a
franchisee agreement with Senco Gold Ltd for retailing of gold and
diamond-studded jewellery. The firm started operations in February
2016.


SRI SAI BALAJI: ICRA Reaffirms B+ Rating on INR11cr Loan
--------------------------------------------------------
ICRA Rating has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR11.00-crore fund-based limits and INR2.00-crore
unallocated limits of Sri Sai Balaji Tobaccos Private Limited
(SSBTPL). The outlook on the long-term rating is 'Stable'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based limits    11.00      [ICRA]B+ (Stable) Reaffirmed

   Unallocated           2.00      [ICRA]B+ (Stable) Reaffirmed

Rationale

The rating continues to be constrained by the intensely
competitive nature of the tobacco-processing industry, restricting
operating margins and high working-capital intensive nature of the
business on account of high inventory due to seasonality
associated with tobacco availability. The rating also factors in
the agro-climatic risks affecting the raw material availability,
and regulatory risks as production and auctioning are controlled
by the Tobacco Board of India. The ratings are further constrained
by the weak financial profile of the company as reflected by low
operating margin, stretched gearing, weak coverage indicators, and
constrained liquidity position as reflected by high utilisation of
the working-capital limits.

The rating, however, favorably factors in SSBTPL's robust sales
growth in FY2017 backed by improved demand and presence of the
company in the major tobacco-growing region in Andhra Pradesh. The
rating also factors in the long experience of the promoter in the
tobacco industry which has resulted in established relationship
with various tobacco aggregators, resulting in repeat orders for
the company.

Outlook: Stable

ICRA believes that Sri Sai Balaji Tobaccos Private Limited will
continue to benefit from the extensive experience of its promoters
in the tobacco-processing industry. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability, and
better working-capital management, strengthen the financial risk
profile. The outlook may be revised to 'Negative' if cash accrual
is lower than expected, or stretch in the working-capital cycle,
weakens liquidity.

Key rating drivers

Credit strengths

Significant experience of the promoter in the tobacco business:
The promoters have over seven years of experience in the tobacco
industry resulting in established relationship with customers and
suppliers.

Strategic location of the unit: Favorable location of the unit in
Andhra Pradesh with proximity to major tobacco producers and
aggregators results in easy access to raw materials and customers.

Credit weaknesses

High working-capital intensity resulting from high inventory,
which impacts liquidity: The working-capital intensity remains
high due to high inventory-holding requirements. This is mainly
because of the seasonality associated with cultivation of tobacco
owing to which the company needs to maintain stocks to ensure
sales throughout the year. This has constrained the liquidity as
reflected in high average utilisation (100%) of sanctioned limits.

Financial profile characterised by leveraged capital structure and
weak debt-coverage indicators: The financial profile of the
company remains weak with leveraged gearing, constrained liquidity
and weak coverage indicators. The company's gearing remained high
at 3.1 times as on March 31, 2017 on account of increased working-
capital borrowings. Coverage indicators continued to remain weak
with interest coverage at 1.4 times and TD/OPBDITA at 7.6 times
for FY2017.

Intense competition in the industry: Tobacco-processing industry
is very competitive with presence of a large number of organised
and unorganised players, impacting the margins.

Vulnerable to regulatory risks pertaining to tobacco cultivation:
The company's performance remains exposed to regulatory risks as
the Tobacco Board dictates the price and quantity to be produced
in a given year. As India is a signatory of WHO's Framework
Convention on Tobacco Control (FCTC), it needs to reduce
production of tobacco over the long term.

Sri Sai Balaji Tobaccos Private Limited (SSBTPL), incorporated in
2011 by Mr. Showraiah and family, is involved in trading and
processing of tobacco. The company is registered with the Tobacco
Board as a tobacco dealer and can participate in the auction
conducted by the same. The company is involved in trading of
tobacco leaves, primarily Virginia Flue Cured (VFC) and non-VFC.
SBTPL is located in Guntur district of Andhra Pradesh which is
among high tobacco-growing regions in the state.

In FY2017 audited financials, the company reported a net profit of
INR0.3 crore on an operating income of INR49.3 crore, compared to
a net profit of INR0.3 crore on an operating income of INR44.5
crore in the previous year.


SWADESHI TEXTILES: Ind-Ra Lowers Long Term Issuer Rating to B+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Swadeshi
Textiles Private Limited's (STPL) Long-Term Issuer Rating to 'IND
B+' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is
Stable. The instruments-wise rating actions are as follows:

-- INR100 mil. (increased from INR60 mil.)Fund-based working
    capital limit downgraded with IND B+/Stable rating;

-- INR40 mil. Proposed fund-based working capital limits
    withdrawn (the company did not proceed with the instrument as
    envisaged) and the rating is withdrawn; and

-- INR2 mil. Non-fund-based working capital limit withdrawn
    (repaid in full) and the rating is withdrawn.

KEY RATING DRIVERS

The downgrade reflects deterioration in STPL's overall liquidity
profile as indicated by 88% average maximum utilization of its
working capital limit during the 12 months ended February 2018.
Net cash cycle elongated to 408 days in FY17 (FY16: 296 days) on
account of an increase in receivable days to 293 days (199 days)
and inventory holding period to 167 days (121 days).

The ratings remain constrained by the company's weak credit
metrics, modest profitability margin and small revenue base. Net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 8.01x in FY17 (FY16: 6.49x) on account of an increase in total
debt to INR315 million (INR305 million). However, interest
coverage (operating EBITDA/gross interest expense) improved to
2.16x in FY17 (FY16: 2.01x) due to a decrease in interest cost to
INR18 million in FY17 (FY16: INR23 million). Revenue declined to
INR205 million in FY17 (FY16: INR250 million) owing to lower sales
realization. Ind-Ra expects revenue to improve in FY18 on the back
of higher demand. The company reported revenue of INR264.14
million in 10MFY18. Despite the decline in revenue, the EBITDA
margin improved marginally to 19% in FY17 (FY16: 18.6%) owing to
an increase in manufacturing and employee costs.

The ratings, however, remain supported by over 15 years of
experience of STPL's promoters in the manufacturing of fabrics.

RATING SENSITIVITIES

Positive: An improvement in the overall liquidity profile will be
positive for the ratings.

Negative: Deterioration in the overall credit metrics along with
liquidity profile will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2001, Mumbai-based STPL manufactures interlining
and wide width fabrics.


TRUWOODS PRIVATE: ICRA Lowers Rating on INR13cr Loan to D
---------------------------------------------------------
ICRA Rating has downgraded the long term and short term ratings
assigned for the INR20.00 crore bank facilities of Truwoods
Private Limited to [ICRA]D from [ICRA]B+/[ICRA]A4. The rating is
now denoted as "[ICRA]D ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash credit           7.00      Downgraded to [ICRA]D from
                                   [ICRA]B+(Stable); Ratings
                                   continue to be in 'Issuer not
                                   cooperating' category

   Non-Fund based
   Limits               13.00      Downgraded to [ICRA]D from
                                   [ICRA]A4; Ratings continue to
                                   be in 'Issuer not cooperating'
                                   category

The rating downgrade takes into account delays in debt servicing
by the entity in the past 6 months. As part of its process
and in accordance with its rating agreement with Truwoods Pvt.
Ltd, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Rationale

The rating downgrade takes into account delays in debt servicing
by the entity in the past 6 months

Truwoods Pvt. Ltd. (TPL) was incorporated in 2001 and is engaged
in manufacturing of plywood and Veneers. The company is part of
the Deccan Group, which has a history of about two decades in the
plywood business. The other group companies include Deccan Veneers
Pvt Ltd, Maxworth Plywoods Pvt Ltd, Alpine Panels Pvt Ltd, and
Indus tropics ltd. All the group companies are involved in plywood
and Veneer related business. Truwoods has diverse product
portfolio which include marine plywood, shuttering and film faced
plywood, fire guard plywood, block boards, flush doors, decorative
veneers etc


VASAVI THANGA: CRISIL Assigns 'B' Rating to INR7MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Vasavi Thanga Maaligai (VTM).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            7         CRISIL B/Stable (Assigned)

Rating reflects firm's modest scale of operations and below
average financial risk profile marked by its modest net worth and
high gearing however supported by moderate debt protection metrics
and. These weaknesses are partially offset by extensive experience
of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations remain modest
with estimated revenues of around INR36 crore in Fiscal 2018.
Scale of operations is expected to remain modest over the medium
term in the lei of no expansion plan over the next two years.
Modest scale of operations constrains the business risk profile.

* Below average financial risk profile: Financial risk profile is
marked by modest net worth and high gearing however supported by
moderate debt protection metrics. Net worth was low at INR1.37
crore against total debt outstanding of INR6.40 crore resulting in
gearing of around 4.68 times as on March 31 2017. Interest
coverage ratio was moderate at around 2.13 times for the fiscal
2017.

Strengths

* Extensive experience of promoters: Over the years the promoter
has developed keen sense about the pricing and hedging of gold
resulting in prudent strategy/management of inventory. Furthermore
promoter has been able promote the brand image resulting in
moderate foothold in the local market supporting the business risk
profile of the company. Furthermore established relationship with
suppliers in Maharashtra and Chennai supports the business risk
profile of the company.

Outlook: Stable

CRISIL believes VTM will continue to benefit over the medium term
from the promoters' extensive experience in the business. The
outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations and profitability, while the
capital structure remains stable. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens owing
to decline in profitability, stretch in working capital cycle, or
any large debt-funded capital expenditure.

Set up in 2006 as a proprietorship firm, Vaasavi Thanga Maaligai
(VTM) is engaged in retail jewellery business. The firm is managed
by Mr. A.D.Prabhukannt.



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


CAMERON GLADSTONE: Hibbs Gets to 8 Years Jail Over NZ$17.5M Fraud
-----------------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that Christchurch
businessman Paul Hibbs has been sentenced to eight years in jail
for defrauding clients of at least NZ$17.5 million through a Ponzi
scheme.

BusinessDesk relates that the sentence, handed down in the
Christchurch District Court, includes a minimum non-parole period
of four years. Mr. Hibbs had pleaded guilty to charges under the
Crimes Act including false statements by a promoter, theft by a
person in a special relationship, using forged documents and
forgery.

According to BusinessDesk, the Serious Fraud Office said in a
statement that Mr. Hibbs owned and operated Cameron Gladstone
Investments and Hansa, and through these two companies "he
provided clients with false investment reports and used their
funds for unauthorised activities, which included using the
proceeds from sales of clients' investments to pay other
investors."

BusinessDesk relates that the white-collar crime investigator also
said Mr. Hibbs used client money "for business expenses, including
paying dividends, and for personal purposes."

"The sentence imposed today reflects the very serious nature of
the offending," said SFO director Julie Read. Mr. Hibbs "deceived
his clients in a number of ways resulting in significant monetary
losses."

Cameron Gladstone Investments was put into liquidation in May last
year while liquidators were appointed to Hansa in November 2016.
BusinessDesk says the first liquidators' reports for both
companies, from Waterstone Insolvency's Damien Grant and Steven
Khov, described the businesses as "Financial Investment/Ponzi
scheme".

When Mr. Hibbs appeared in court in June last year, the SFO said
his legitimate businesses developed into a Ponzi scheme - where
new money is used to pay existing investors - in 2008, and that he
gave false investment reports to clients and used investors' funds
for purposes other than required, such as paying other investors,
BusinessDesk says.

According to the report, the SFO's statement on March 23 gave
background to its investigation, saying Mr. Hibbs was "employed
for a number of years as a private banker, dealing with high net
worth individuals, buying and selling shares and managing clients'
investment portfolios."

The SFO said Mr. Hibbs left banking in 2002 and incorporated the
investment advisory businesses, Cameron Gladstone Investments, and
later, Hansa, BusinessDesk relays.

"Mr. Hibbs solicited some of his old banking clients who brought
with them their existing portfolios and investments," the SFO, as
cited by BusinessDesk, said. "Mr Hibbs was not a registered
financial services provider."


INTUERI EDUCATION: Liquidators Hire Lawyers, Get Advice on Suit
---------------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that the liquidators of
Intueri Education Group, which had its salvageable assets sold
under administration last year, hired lawyers and got advice on
possible legal action against parties associated with the failed
education provider.

"We are currently reviewing the merits of pursuing these actions
and cannot comment further in relation to possible litigation,"
BusinessDesk quotes William Black and Connor McElhinney of
McGrathNicol as saying in their second report as liquidators. They
were previously the voluntary administrators from June 1 to Sept.
1 last year and in that role had flagged the potential for legal
action without being specific, BusinessDesk says.

In the latest six-months ended Feb. 28, the company took in NZ$6.5
million in receipts, of which NZ$5.7 million was funds transferred
from the administration, BusinessDesk discloses. It made total
payments of NZ$6.3 million, of which NZ$6.2 million went to the
secured creditor.

BusinessDesk notes that the company was placed into voluntary
administration at the start of June last year after a strategic
review attracted an offer for its operating assets for less than
the NZ$70.7 million owed to ANZ Bank New Zealand, meaning the
lender would be forced to take a loss.

In July last year, the administrators, said Auckland-based ACG,
which was bought by Australia's Pacific Equity Partners in 2015,
had completed its purchase of the Intueri New Zealand schools,
including the New Zealand Institute of Sport, the New Zealand
College of Massage, Global Education Group trading as NSIA The
Professional Hospitality Academy, and Intueri Education New
Zealand trading as Cut Above Academy, Design and Arts College of
New Zealand, Academy New Zealand, and Elite International School
of Beauty and Spa Therapies, BusinessDesk recalls. No price was
disclosed.

As administrators, Black and McElhinney had concluded liquidation,
"given that there was no other viable alternative and that all of
the assets of the companies had been sold," BusinessDesk relays.

Questions about the company predate the administration, the report
says. In April 2017, the Serious Fraud Office dropped an
investigation into enrollments at its defunct Quantum Education
Group, whiles its operations were also investigated by the
Tertiary Education Commission, BusinessDesk recalls.

Intueri's 2014 initial public offering at NZ$2.35 a share allowed
vendor Arowana International to net about NZ$102 million while
selling its stake down to 24.9 percent and provided NZ$60 million
to pay for the acquisition of Quantum. In its 2015 year, Intueri
wrote down the value of Quantum by NZ$53.1 million, including
wiping NZ$27 million off the value of the school's brand and
goodwill to take it down to zero. Its shares slumped to 1 cent
last May and it went into voluntary administration on June 1,
BusinessDesk says.

Intueri Education Group Limited provided physical and online
private training tuition in New Zealand and Australia.



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


CHINA FISHERY: Ad Hoc Committee Opposes Damanzaiho Vessel Sale
--------------------------------------------------------------
BankruptcyData.com reported that China Fishery Group's ad hoc
committee of senior noteholders filed with the U.S. Bankruptcy
Court an objection to the Company's notice of sale of a non-debtor
vessel. The committee asserts, "The Court should not sanction the
Chapter 11 Trustee's proposed sale of the Damanzaihao because the
proposed sale violates the Indenture and would provide a windfall
to the Chapter 11 Trustee and CFG Peru Singapore's other
stakeholders at the expense of the Senior Noteholders, which are
SFR's only funded debt claim holders. Furthermore, to the extent
that the Court does permit the Chapter 11 Trustee to sell the
Damanzaihao, the Court should require the Chapter 11 Trustee to
cause SFR to hold any resulting cash sale proceeds in a segregated
account for the benefit of the Senior Noteholders, pending further
order of the Court. The Chapter 11 Trustee has not demonstrated
the ability or the intention to repay SFR any funds transferred to
CFG Peru Singapore on account of the Damanzaihao sale. (defining
fraudulent transfers as including transfers where 'the debtor
would incur debts that would be beyond the debtor's ability to
pay'). To the extent that the Chapter 11 Trustee seeks to transfer
the Damanzaihao sale proceeds to CFG Peru Singapore pursuant to
the Financing Order or otherwise, the Court should not sanction
such value leakage and should instead require any such proceeds to
be held in a segregated account for the benefit of the Senior
Noteholders."

           About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at $10
million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP,
serves as special litigation counsel.



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


KUMHO TIRE: Labor Union Spurns KDB's Call for Vote on Sale Plan
---------------------------------------------------------------
Yonhap News Agency reports that the labor union of Kumho Tire Co.
on March 23 spurned a call by state-run creditor bank to let all
employees vote on the planned sale of a majority stake in the
troubled tiremaker to China's Qingdao Doublestar Co.

Yonhap relates that the rebuff came shortly after Lee Dong-gull,
chairman and CEO of the Korea Development Bank (KDB), called for
all employees of Kumho Tire to vote on the future of the company.

According to the report, Lee told reporters that some office
employees of Kumho Tire have backed the planned sale, which is
strongly opposed by the tiremaker's labor union.

However, an official at Kumho Tire's labor union in Gwangju, 330
kilometers south of Seoul where the tiremaker's main plan is
located, said the union rejected the KDB's call for vote, Yonhap
relays.

Yonhap says the union, which organized a general strike, also
criticized the KDB for "playing the media" in order to turn the
company over to Doublestar.

KDB is planning to sell a 45 percent stake in Kumho Tire for
KRW646.3 billion (US$598.4 million) to the Chinese tiremaker, the
report notes.

According to Yonhap, the state-run lender said the labor union
must accept the planned sale by the end of the month. If not,
Kumho Tire will be put under court receivership, Lee said.

Yonhap says Doublestar had been chosen as a preferred bidder to
buy a controlling stake in Kumho Tire last year, but the deal was
terminated after the Chinese firm demanded a cheaper price.

Earlier this month, KDB said Doublestar agreed on the new deal to
buy Kumho Tire.

With just four days until the deadline, the situation seems
deadlocked, the report states.

If Doublestar buys the stake in Kumho Tire, KDB's Lee said the
creditor will consider giving stock options to employees, Yonhap
adds.

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 19 to March 23, 2018
-------------------------------------------------------

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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35     07/03/17    CNY     69.88


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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

KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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

PRECINCT PROPERTIES NEW      4.80     09/27/21    NZD      1.01

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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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