/raid1/www/Hosts/bankrupt/TCRAP_Public/180329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 29, 2018, Vol. 21, No. 063

                            Headlines


A U S T R A L I A

DIBBSBARKER CHAMBERS: First Creditors' Meeting Set for April 10
MOULE ENTERPRISES: First Creditors' Meeting Set for April 10
PEPPER RESIDENTIAL NO. 20: S&P Gives B+ Rating to Cl. F Notes
PROJECT GROUP: First Creditors' Meeting Set for April 6
RUBDON PTY: Second Creditors' Meeting Set for April 9

SOUTHLINE PTY: First Creditors' Meeting Set for April 9
SW STAINLESS: Second Creditors' Meeting Set for April 10


H O N G  K O N G

NOBLE GROUP: Secures More Creditors Backing in Restructuring Plan


I N D I A

AMIYA STEEL: Ind-Ra Raises Long Term Issuer Rating to B
ESSAR STEEL: Bidders Disagree on Fresh Bids
HEALTHFORE TECHNOLOGIES: CARE Moves C Rating to Not Cooperating
HIMACHAL FIBRES: CARE Moves D Rating to Not Cooperating Category
HOTEL SWOSTI: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable

ITM INFRA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
LIGARE AVIATION: CARE Moves C(SO) Rating to Not Cooperating Cat.
MAHARASHTRA CRICKET: CRISIL Reaffirms D Rating on INR126.5MM Loan
METAFIL: CRISIL Assigns B+ Rating to INR2.25MM LT Loan
NEELKANTH YARN: Ind-Ra Assigns BB+ LT Rating to INR150MM Limits

P. VENKATESWARA: CRISIL Raises Rating on INR3.7MM Loan From D
PADMAJA POWER: Ind-Ra Raises Long Term Issuer Rating to B+
POMMYS GARMENTS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
SAPPHIRE (INDIA): CRISIL Assigns 'B' Rating to INR7MM Term Loan
SHIVA METTALICKS: Ind-Ra Moves BB- LT Rating to Non-Cooperating

SHIVA SPECIALITY: CARE Migrates D Rating to Not Cooperating Cat.
SMLASH ISPAT: CRISIL Assigns B- Rating to INR9MM Cash Loan
SOLAR PRINT: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SOND KNIT: Ind-Ra Raises Long Term Issuer Rating to B+
SUSHEE INFRA: Ind-Ra Lowers LongTerm Issuer Rating to BB+

TS REAL: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
VENKATADRI SPINNING: CRISIL Lowers Rating on INR8.82MM Loan to D
VENKATESHWARA SPONGE: Ind-Ra Moves B+ Rating to Non-Cooperating
VINAYAK SUPPORT: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
YOGINDRA WORSTED: CARE Moves D Rating to Not Cooperating Category


S I N G A P O R E

COURTS ASIA: Noteholders OK Covenants Change on Debt Due 2019


S O U T H  K O R E A

KUMHO TIRE: Union Refuses to Meet Doublestar Chief Over M&A Plan


                            - - - - -


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


DIBBSBARKER CHAMBERS: First Creditors' Meeting Set for April 10
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of DibbsBarker
Chambers Pty Ltd will be held at the offices of David Clout &
Associates, Level 3, 26 Wharf Street, in Brisbane, Queensland, on
April 10, 2018, at 11:00 a.m.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of DibbsBarker Chambers on
March 27, 2018.


MOULE ENTERPRISES: First Creditors' Meeting Set for April 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

-- Moule Enterprises Pty Ltd;
-- Carr Seabreeze Pty Ltd; and
-- Diary Investments Pty Ltd

will be held at the offices of Grant Thornton Australia Ltd,
Collins Square, Business Centre, 727 Collins St, in Melbourne,
Victoria, on April 10, 2018, at 11:00 a.m.

Matthew Byrnes and Andrew Hewitt of Grant Thornton were appointed
as administrators of Moule Enterprises, Carr Seabreeze and Diary
Investments on March 27, 2018.


PEPPER RESIDENTIAL NO. 20: S&P Gives B+ Rating to Cl. F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of
nonconforming residential mortgage-backed securities (RMBS) issued
by Permanent Custodians Ltd. as trustee of Pepper Residential
Securities Trust No. 20. Pepper Residential Securities Trust No.
20 is a securitization of nonconforming and prime residential
mortgages originated by Pepper HomeLoans Pty Ltd. (Pepper).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses it applies. The credit
    support for the rated notes comprises note subordination.

-- The underwriting standard and centralized approval process of
    the seller, Pepper.

-- The availability of a retention amount, amortization amount,
    and yield-enhancement reserve, all of which will be funded by
    excess spread, but at various stages of the transaction's
    term. They will have separate functions and timeframes,
    including reducing the balance of senior notes, reducing the
    balance of the subordinated notes, and paying senior expenses
    and interest shortfalls on the class A notes in addition to
    providing loss coverage to the notes.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.5% of the outstanding balance of the
    notes, and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest. In
    addition, there is a condition that a minimum margin will be
    maintained on the assets.

-- The redemption facility providers' unconditional and
    irrevocable commitment to ensure the full repayment of the
    stated amount of the class A1-u1 notes on their legal final
    maturity.

-- The benefit of a cross-currency swap provided by Commonwealth
    Bank of Australia to hedge the mismatch between the
    Australian dollar receipts from the underlying assets and the
    U.S. dollar payments on the class A1-u1 notes.

RATINGS ASSIGNED

  Class       Rating            Amount (mil.)
  A1-S        AAA (sf)           A$205.0
  A1-u1       A-1+ (sf)         US$150.0
  A1-a        AAA (sf)           A$300.0
  AR-u        AAA (sf)             A$0.0
  A2          AAA (sf)           A$130.0
  B           AA (sf)             A$85.0
  C           A (sf)              A$30.0
  D           BBB+ (sf)           A$20.0
  E           BB+ (sf)            A$15.0
  F           B+ (sf)             A$10.0
  G           NR                  A$10.0

  NR--Not rated.

The exchange rate applicable to the class A1-u1 notes is
US$0.76923 per Australian dollar. Class A1-u2, A1-s2, A1-p2, or
AR-u notes may be issued to refinance class A1-u1 notes on the
class A1-u1 legal maturity date. Only the terms and conditions of
the class AR-u notes are known at this stage.


PROJECT GROUP: First Creditors' Meeting Set for April 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Project
Group Construction Pty Ltd will be held at the offices of William
Angliss Institute, Angliss Conference Centre, 555 La Trobe Street,
in Melbourne, Victoria, on April 6, 2018, at 11:00 a.m.

Ivan Glavas and Matthew Jess of Worrells Solvency were appointed
as administrators of Project Group on March 23, 2018.


RUBDON PTY: Second Creditors' Meeting Set for April 9
-----------------------------------------------------
A second meeting of creditors in the proceedings of Rubdon Pty
Ltd, trading as D&R Automotive Service, has been set for April 9,
2018, at 11:00 a.m. at Dexus Place, Level 31, 1 Eagle Street,
Waterfront Place, in Brisbane, Queensland.

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 6, 2018, at 4:00 p.m.

Alan Walker & Matthew Joiner of Cor Cordis were appointed as
administrators of Rubdon Pty on March 8, 2018.


SOUTHLINE PTY: First Creditors' Meeting Set for April 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Southline
Pty. Ltd. will be held at the offices of Hall Chadwick, Level 14,
440 Collins Street, in Melbourne, Victoria, on April 9, 2018, at
11:00 a.m.

David Ross and Gaurav Mishra of Hall Chadwick were appointed as
administrators of Southline Pty on March 26, 2018.


SW STAINLESS: Second Creditors' Meeting Set for April 10
--------------------------------------------------------
A second meeting of creditors in the proceedings of SW Stainless
Pty Ltd has been set for April 10, 2018, at 11:00 a.m. at the
offices of Pilot Partners, Level 10, 1 Eagle Street, in Brisbane,
Queensland, on April 10, 2018, at 11:00 a.m.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 9, 2018, at 5:00 p.m.

Ann Fordyce and Bradley Vincent Hellen of Pilot Partners were
appointed as administrators of SW Stainless on March 1, 2018.



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


NOBLE GROUP: Secures More Creditors Backing in Restructuring Plan
-----------------------------------------------------------------
Reuters reports that Noble Group Ltd said on March 28 that
creditors holding the majority of its senior debt now accept its
$3.4 billion restructuring plan.

Reuters relates that the beleaguered commodity trader said support
for the deal, seen as critical for the firm's survival, has risen
to 55 percent from 46 percent on March 14.

According to the report, the proposed restructuring agreement
requires approval by a majority of existing senior creditors
representing 75 percent in value of its debt.

The firm said in a statement it is making "solid progress" towards
the deal and would extend the deadline for subscriptions to April
11, Reuters relays.

Noble warned on March 26 that it would begin insolvency
proceedings if the debt restructuring, which has been opposed by
some bondholders and shareholders, was not approved, says Reuters.

                        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.

                        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.



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


AMIYA STEEL: Ind-Ra Raises Long Term Issuer Rating to B
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Amiya Steel
Private Limited's (ASPL) Long-Term Issuer Rating to 'IND B' from
'IND B-'. The Outlook is Stable. The instrument-wise rating
actions are given below:

-- INR177 mil. Fund-based limits upgraded with IND B/Stable
     rating;

-- INR40 mil. Non-fund-based limits affirmed with IND A4 rating;

-- INR23 mil. Proposed fund-based limits withdrawn (the company
    did not proceed with the instrument as envisaged) and the
    rating is withdrawn; and

-- INR30 mil. Proposed non-fund-based limits withdrawn (the
    company did not proceed with the instrument as envisaged) and
    the rating is withdrawn;

KEY RATING DRIVERS

The upgrade reflects an increase in ASPL's EBITDA margin leading
to an improvement in its credit metrics. In FY17, the company
reported an EBITDA profit of INR33.23 million with a margin of
7.37%, as against an EBITDA loss of INR31.07 million in FY16, due
to a decrease in raw material cost. Consequently, net leverage
(adjusted debt/EBITDA) improved to 9.25x and interest coverage
(operating EBITDA/gross interest expense) to 1.34x in FY17.

However, the ratings remain constrained by ASPL's small scale of
operations and tight liquidity position. In FY17, revenue declined
to INR450.76 million (FY16: INR773.75 million) owing to a decline
in price of products, resulting from the decrease in raw material
prices. The company shut operations for two quarters during FY17
for repairs and maintenance work, which also led to lower revenue.
ASPL's average use of its working capital limits was around 98.98%
during the 12 months ended February 2018.

The ratings, however, continue to be supported by the promoters'
experience of more than one decade in the iron and steel industry.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin leading to deterioration
in the credit metrics could lead to a negative rating action.

Positive: A sustained growth in revenue, along with an improvement
in the credit metrics, could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2002, ASPL is engaged in the manufacturing of
sponge iron and trading of other related materials such as coal,
iron ore, and thermo-mechanically treated bars, among others. The
company's manufacturing facility, located in Bankura, West Bengal,
has an annual installed capacity of 60,000 metric tons.


ESSAR STEEL: Bidders Disagree on Fresh Bids
-------------------------------------------
BloombergQuint reports that ArcelorMittal India and VTB Bank-led
Numetal Mauritius disagreed on whether fresh bids should be called
for Essar Steel Ltd. as part of the insolvency proceedings
currently underway.

BloombergQuint relates that the Essar Steel case was heard at the
National Company Law Tribunal in Ahmedabad on March 27, but no
conclusion was arrived at. The judge has now posted the matter for
April 2.

According to the report, the highlights from the hearing at the
NCLT are:

- Numetal does not want fresh bidding process.

- Numetal says that a single shareholder, Rewant Ruia, shouldn't
   be considered as grounds for disqualification.

- ArcelorMittal says it doesn't mind fresh bids.

- ArcelorMittal India and Numetal Mauritius were deemed
   ineligible to bid for debt-ridden Essar Steel by the committee
   of creditors and the resolution professional last week.

In a plea submitted before the Ahmedabad NCLT on March 20, Numetal
had said its resolution plan was not properly assessed by the
resolution professional, the report says. The Mauritius-based
entity also asked for a declaration of eligibility from the NCLT.
On March 26, ArcelorMittal India said it will challenge the
decision of Essar Steel's resolution professional to disqualify
its bid, adds BloombergQuint.

                        About Essar Steel

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

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

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

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


HEALTHFORE TECHNOLOGIES: CARE Moves C Rating to Not Cooperating
---------------------------------------------------------------
CARE has been seeking information from Healthfore Technologies
Limited (HTL) to monitor the ratings vide e-mail communications/
letters dated November 15, 2017, November 20, 2017, February 19,
2018, February 21, 2018, February 22, 2018 and March 5, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings have also been
removed from credit watch with negative implications.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      100.0       CARE C (SO); Issuer not
   Facilities                      cooperating; Based on best
                                   available information Revised
                                   from CARE C (SO) "Credit Watch
                                   with negative implications"

   Long term Bank      166.67      CARE C (SO); Issuer not
   Facilities                      cooperating; Based on best
                                   available information Revised
                                   from CARE C (SO) "Credit Watch
                                   with negative implications"

   Short term Bank       7.10      CARE A4 (SO); Issuer not
   Facilities                      cooperating; Based on best
                                   Available Information Revised
                                   from CARE A4 (SO) "Credit
                                   Watch with negative
                                   implications"

The rating on HTL's bank facilities will now be denoted as CARE C
(SO); ISSUER NOT COOPERATING and CARE A4(SO); ISSUER NOT
COOPERATING as no update is available on the entities providing
credit enhancement.

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

Detailed Description of the Key Rating Drivers

No further update is available on the entities providing credit
enhancement.

Analytical approach:

The ratings of the facilities of HTL are based on the assessment
of RHC as the rated facilities are backed by credit enhancement
from RHC.

Healthfore Technologies Limited (HTL; erstwhile Religare
Technologies Limited), incorporated in May 2009 is a global
healthcare IT solutions and advisory services company. HFTL offers
various products and services including product 'Infinity' which
is a Hospital Information System and supports patient, clinical,
ancillary and financial management, 'Magnum Imaging system' which
optimizes clinical workflow by combining Picture Archival and
Communication System (PACS), Radiology Information System (RIS)
and teleradiology. HFTL also provides telehealth services spanning
telemedicine, telepathology, teledermatology and teleradiology.
About RHC Holding Pvt Ltd (providing credit enhancement) RHC
(formerly, Solaris Finance Private Limited), incorporated in April
2007, is a Non-Banking Financial Company (NBFC) managed and
controlled by the family members of Mr Malvinder Singh and Mr
Shivinder Singh.


HIMACHAL FIBRES: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Himachal Fibres
Limited to monitor the ratings vide e-mail communications/letters
dated February 21, 2018; February 20, 2018; February 19, 2018;
February 10, 2018; February 1, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
The rating on Himachal Fibres Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      22         CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short term Bank      5         CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

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

The ratings take into account continued ongoing delays in debt
servicing due to stressed liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on February 17, 2017, the following
were the rating strengths and weaknesses (updated for the
information available from stock exchange):

Key Rating Weaknesses

Ongoing delays in debt servicing: On account of stressed liquidity
position, there are ongoing delays in the servicing of the
interest and principle repayments of the term loans. Furthermore,
there are overdrawals in the cash credit limits which have not
been settled for a period exceeding 30 days.

Weak financial risk profile: The total operating income of the
company declined by ~8% to INR 43.99 crore in FY17 (refers to the
period April 1 to March 31). The company had losses at the net
level. The reported net loss stood at INR 1.03 crore in FY17 as
compared with profit of INR 0.17 crore in FY16. However, the
capital structure of the company improved in FY17 owing to lower
debt outstanding towards year end. The debt coverage indicators
deteriorated in FY17 owing to weak financial performance of the
company.

Working capital intensive nature of operations: The operating
cycle of HFL remained elongated at ~250 days as on March 31, 2017,
as compared with ~258 days as on March 31, 2016. The operations of
the company therefore remained highly working capital intensive in
nature with overdrawals in the cash credit limits for more than 30
days.

Key Rating Strengths

Experienced promoters and established dealer network: HFL is being
promoted by the Shiva Group. The main promoter of the group, Mr.
Akhil Malhotra, who is also the current managing director of YWL,
has an industry experience of nearly two and a half decades. The
group has a longstanding presence of over two and a half decades
across the entire value chain of the textile industry (from
manufacturing of yarn to that of garments) with an established
distribution network.

Set up in 1980, Himachal Fibres Limited (HFL) was promoted by Mr.
BK Garodia in collaboration with Himachal Pradesh Minerals &
Industrial Development Corporation Limited. It was subsequently
acquired by the 'Shiva' group in 2010. The product profile of HFL
was also changed from cotton yarn to include polyester spun yarn,
acrylic yarn, blended yarns and knitted cloth. HFL operates from
its manufacturing facility in Baddi, Himachal Pradesh at an
installed capacity of 20,344 spindles and 504 rotors, as on
March 31, 2015. The debt of the company was restructured in March-
2015 due to liquidity constraints.

In FY17, the company reported an operating income of INR 43.99cr.
with a PBILDT and PAT margin of 8.75% and (-) 2.34%, Respectively.


HOTEL SWOSTI: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hotel Swosti Pvt.
Ltd.'s (HSPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable. The instrument-wise rating actions are as follows:

-- INR46.7 mil. (increased from INR30.79 mil.) Term loan due on
    March 31, 2025 affirmed with IND BB/Stable rating; and

-- INR7.5 mil. Fund-based limits affirmed with IND BB/Stable
    rating.

KEY RATING DRIVERS

The affirmation reflects HSPL's continued small scale of
operations and modest credit metrics as the company operates in
the highly competitive and price-sensitive hospitality industry.
Revenue rose to INR93 million in FY17 (FY16: INR89 million) on
account of an increase of room rent in FY17. Interest coverage
(operating EBITDA/gross interest expense) increased to 3.96x in
FY17 (FY16: 3.01x) and net leverage (adjusted net debt/operating
EBITDAR) reduced to 1.12x (2.28x) because of an increase in total
EBITDA to INR20 million (INR19 million).

However, the ratings are supported by HSPL's comfortable liquidity
position as the average maximum working capital utilization was
32% during the 12 months ended February 2018. Also, the promoters
have more than three decades of experience in the hospitality
industry.

RATING SENSITIVITIES

Negative: Sustained deterioration in the interest coverage could
lead to a negative rating action.

Positive: A substantial increase in the scale of operations along
with a sustained improvement in the interest coverage could lead
to a positive rating action.

COMPANY PROFILE

Incorporated in 1981, HSPL operates a three-star hotel (Hotel
Swosti) in Bhubaneswar, Odisha. The hotel, which commenced
operations in 1984, is managed by Jitendra Kumar Mohanty, Bijendra
Kumar Mohanty, Chiranjiv Mohanty, Bipasa Mohanty and Sasmita
Mohanty.


ITM INFRA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ITM Infra (ITM) a
Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The
instrument-wise rating action is as follows:

-- INR1.2 bil. Long-term loan due on December 2021 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect a high execution risk, considering ITM Infra
has completed just 20% of the project as of December 2017. Timely
receipt of customer advances will be critical for timely project
execution. The estimated project cost of INR2,513.8 million
(including interest on debts) is to be funded by a term loan of
INR1,200 million, partner's contribution of INR570 million,
unsecured loans from promoters of INR256.4 million and customer
advances of INR487.4 million. Till 31 December 2017, the firm has
received partner's contribution of INR145 million (25%), unsecured
loans from promoters of INR47 million (18%) and availed a term
loan of INR160 million (13%).

The ratings are constrained by ITM's partnership structure of
business.

The ratings are supported by a modest off take risk, as 46% (330
shops out of 724 shops) of the project has already been booked.
Ind-Ra expects bookings to improve as the project nears
completion. Ind-Ra expects cash debt service coverage ratio to be
in the range of 1.0x-3.6x over the project life, subject to timely
realization from bookings.

The ratings are also supported by the partners' track record in
successful project completion and extensive experience in the
Surat real estate market. It has five partners, who are the
promoters of Roongta Group, Arihant Group and MIDAS group, and
have over 20 years of experience in the real estate market of
Surat. The upcoming commercial project is strategically located
near the city's developing textile market with all basic
amenities, including proximity to the railway station and airport.

RATING SENSITIVITIES

Positive: Fast bookings in the ongoing project resulting in higher
customer advances and timely project execution without additional
debt could result in a positive rating action.

Negative: Lower-than-expected sales volume or lower realization
from the bookings or significant time or cost overrun in the
projects could result in a negative rating action.

COMPANY PROFILE

ITM Infra is a partnership firm registered in July 2015 to execute
a commercial-cum-residential project - ITM Infra - in Surat,
Gujarat. Other commercial complex & housing project built across
the Surat city by the promoters include Marchello, White House,
Sky View, Salasar Residency, Midas Square, Water Hills Residency,
Roongta Shopping's, and Laurels.


LIGARE AVIATION: CARE Moves C(SO) Rating to Not Cooperating Cat.
----------------------------------------------------------------
CARE Ratings has been seeking information from Ligare Aviation
Limited (LAL) to monitor the ratings vide e-mail communications/
letters dated November 15, 2017, November 20, 2017, February 19,
2018, February 21, 2018, February 22, 2018 and March 5, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The long term ratings have
also been removed from credit watch with negative implications.
The rating on LAL's long term bank facilities will now be denoted
as CARE C (SO); ISSUER NOT COOPERATING as no update is available
on the entities providing credit enhancement. The ratings on ST
bank facilities (Standalone facility) have been revised to CARE D;
ISSUER NOT COOPERATING on account of delays as confirmed by the
lender.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      100.0       CARE C (SO); Issuer not
   Facilities                      cooperating; Based on best
                                   available information Revised
                                   from CARE C (SO) "Credit Watch
                                   with negative implications"

   Long term Bank       35.0       CARE C (SO); Issuer not
   Facilities                      cooperating; Based on best
                                   available information Revised
                                   from CARE C (SO) "Credit Watch
                                   with negative implications"

   Long term Bank       83.33      CARE C (SO); Issuer not
   Facilities                      cooperating; Based on best
                                   available information Revised
                                   from CARE C (SO) "Credit Watch
                                   with negative implications"

   Long term Bank       16.67      CARE C (SO); Issuer not
   Facilities                      cooperating; Based on best
                                   available information Revised
                                   from CARE C (SO) "Credit Watch
                                   with negative implications"

   Short term Bank        5.0      CARE D; Issuer not
   Facilities                      cooperating; Based on best
                                   available information; Revised
                                   from CARE A4

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

Detailed description of the key rating drivers

No further update is available on the entities providing credit
enhancement.

Analytical approach:

The long-term ratings of Ligare Aviation Limited (LAL) are based
on the credit enhancement from RHC Holding Private Limited (RHC)
and Malav Holdings Pvt Ltd & Shivi Holdings Pvt Ltd, the holding
companies of RHC while the short term rating are based on
standalone approach.

Ligare Aviation Ltd (LAL) incorporated in September 1996, is
engaged in non-scheduled air charter business with fleet of
11 aircrafts (out of which four are owned and balance seven are
leased) including jets, turbo props and helicopters with a
flying range within the Asian continent and the Middle East.
About RHC Holding Pvt Ltd (providing credit enhancement)
RHC (formerly, Solaris Finance Private Limited), incorporated in
April 2007, is a Non-Banking Financial Company (NBFC) managed and
controlled by the family members of Mr. Malvinder Singh and Mr
Shivinder Singh.


MAHARASHTRA CRICKET: CRISIL Reaffirms D Rating on INR126.5MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-
term facilities of Maharashtra Cricket Association (MCA). The
rating continues to reflect instances of delay by the association
in servicing its term debt obligations on account of weak
liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility       36         CRISIL D (Reaffirmed)

   Term Loan               126.5       CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Irregular cash flows: MCA is highly dependent on the Board of
Control for Cricket for India (BCCI) for funds. Hence, irregular
receipt as well as inadequacy of subsidies to fund operational and
maturing debt constrains the liquidity of the association.

Strength

* Benefits derived from association with BCCI: Being a full-time
member of BCCI, MCA receives a share of BCCI's surplus, which is
critical for the smooth running of operations of the association.

Set up in 1935, MCA is affiliated to BCCI and is one of its full-
time members. The association's primary objective is to promote,
develop, control, and regulate cricket in Maharashtra. It is the
cricket controlling body for Maharashtra, with the exception of
Vidharbha, Mumbai, and Thane.


METAFIL: CRISIL Assigns B+ Rating to INR2.25MM LT Loan
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Metafil.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       2.25       CRISIL B+/Stable

   Loan Against
   Property             1.21       CRISIL B+/Stable

   Export Packing
   Credit               1.00       CRISIL B+/Stable

   Bank Guarantee       0.34       CRISIL A4

   Cash Credit          1.20       CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations,
susceptibility of its operating margin to volatility in raw
material prices, and its large working capital requirement. These
weaknesses are partially offset by the extensive experience of its
proprietor in the metal fabrication industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Metafil's modest scale is reflected
in revenue of INR18.04 crore in fiscal 2017. The metal fabrication
business has various small as well as large, organised players.
The firm's modest scale in the fragmented industry limits
bargaining power with suppliers and customers. Though revenue is
expected to grow over the medium term, the scale of operations
will remain modest.

* Susceptibility of operating margin to volatility in raw material
prices: The operating margin ranged from 18-28% over the three
fiscals ended March 31, 2017. Any fluctuation in commodity prices,
especially that of steel, the firm's major raw material, will
impact profitability.

* Large working capital requirement lading to high total outside
liabilities to tangible networth (TOLTNW) ratio: Gross current
assets were at 160 days as on March 31, 2017, because of
substantial receivables of 138 days. The firm provides credit of
90-120 days to customers and maintains inventory of 10-15 days.
However, working capital management is partially supported by
payables of 100-140 days. This has led to high reliance on
external debt, thus resulting to high TOLTNW ratio of 7.14 times
as on March 31, 2017.

Strength:

* Proprietor's extensive industry experience: Ms Uma Rani, the
proprietor of the firm, and her family members have experience of
around 45 years in the metal fabrication industry through other
firms. Her industry insights, knowledge of the domestic market,
and healthy relationships with suppliers and customers will
support the business risk profile of the firm.

Outlook: Stable

CRISIL believes Metafil will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if scale of operations increases
substantially, while profitability remains stable, leading to
higher cash accrual and better financial risk profile. The outlook
may be revised to 'Negative' if decline in operating margin or
revenue, or larger-than-expected working capital requirement, or
sizeable, debt-funded capital expenditure or significant capital
withdrawal weakens the financial risk profile or liquidity.

Set up in 2006, Metafil is engaged in metal fabrication. It is
promoted by Ms Uma Rani and its manufacturing facility is in
Manesar, Haryana.


NEELKANTH YARN: Ind-Ra Assigns BB+ LT Rating to INR150MM Limits
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Neelkanth Yarn
(NEEL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable. The instrument-wise rating action is as follows:

-- INR150 mil. Fund-based working capital limit assigned with
    IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect NEEL's modest scale of operations, low margin
and weak credit metrics owing to the trading nature of the
business. In FY17, revenue declined to INR1,984.16 million (FY16:
INR2,333.81 million) attributable to a decline in cotton prices.
In addition, the company strategically shifted its client base to
domestic from international customers to reduce its foreign
exchange and commodity price risks, leading to the decline in
revenue. However, the EBITDA margin improved to 1.9% in FY17
(FY16: 1.66%) on account of favorable change in the traded product
prices. Interest coverage (operating EBITDA/net interest expense)
stood at 1.13x in FY17 (FY16: 1.18x) and financial leverage (total
adjusted debt/operating EBITDA) at 5.83x (5.90x).

As of December 2017, the company achieved revenue of INR1,920
million. Ind-Ra expects the credit metrics to improve in FY18 on
the back of a likely increase in revenue and stable operating
profitability. Gross interest coverage and financial leverage is
likely to remain around 1.5x and 4.5x, respectively, over FY18-
FY19.

The ratings also factor in NEEL's modest liquidity position as
indicated by working capita cycle of 50 days in FY17 (FY16: 38
days). The company's average use of its working capital limit was
around 99% during the 12 months ended January 2018.

However, the ratings are supported by the promoters' experience of
more than two and a half decades in the textile business.

RATING SENSITIVITIES

Negative: A significant decline in the EBITDA margin, leading to
deterioration in the credit metrics and/or liquidity position
could lead to a negative rating action.

Positive: A significant improvement in revenue coupled with an
improvement in the EBITDA margin, leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

COMPANY PROFILE

NEEL was established in 2009 as a partnership firm by Mr. Anil
Rungta and Mr. Arun Aggarwal. The firm is engaged in the trading
of various varieties of yarns, cotton and polyester fiber.


P. VENKATESWARA: CRISIL Raises Rating on INR3.7MM Loan From D
-------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
M/s. P. Venkateswara Rao (PVR) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       6.5        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Overdraft            3.7        CRISIL A4 (Upgraded from
                                   'CRISIL D')

The rating upgrade reflects improvement in PVR's liquidity that
has resulted in no excess drawing / irregularity for more than 30
days on OD limits in the last 3 months ended Feb. 2018.

The rating continues to reflect PVR's large working capital
requirement and modest scale of operations in the intensely
competitive construction industry. However, the firm benefits from
its promoters' extensive industry experience and moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weakness:

* Large working capital requirement: PVR's operation is working
capital intensive, as reflected in gross current asset (GCA) days
of 205 days as on March 31, 2017. The high GCA days emanates from
the company's high receivable levels of around 110 days as on the
same date.

* Modest scale of operations in the intensely competitive
construction industry: The net sales for the last four years have
been in the range of INR28.82 crores to INR36.23 crores. Modest
scale of operations restricts the firm's ability to undertake
large projects and limits the total number of projects it can
undertake at one time. It also prevents the company from achieving
economies of scale and limits its bargaining power with supplier.

Strengths

* Promoters' extensive industry experience: The promoter Mr. P.
Venkateshwara, has more than three decades' extensive experience
as a civil works contractor in Andhra Pradesh (AP), Telangana and
Tamil Nadu. The promoters' experience has enabled the company to
establish a strong presence in civil constructions work in Andhra
Pradesh, Tamil Nadu and Telangana.

* Moderate financial risk profile: Net worth and gearing were at
INR11.53 Cr and 0.33 times respectively as on March 31, 2017. The
debt protection metrics namely interest coverage and net cash
accrual to total debt ratio were at 2.38 times and 42 percent
respectively in 2016-17.

Outlook: Stable

CRISIL believes that PVR will benefit from the long standing
experience of the promoters in the civil construction industry.
The outlook may be revised to 'Positive' in case of significant
increase in revenues coupled with improvement in net cash accruals
and financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of sharp decline in revenues or operating
margins, or large debt funded capital expenditure or deterioration
in working capital management weakening the financial risk
profile.

PVR, set up as a proprietary concern by Mr P Venkateswara Rao in
1984, was reconstituted as a partnership concern in 1989, with Mr
Rao and his family members, as partners. Located in Hyderabad,
(Telangana), PVR is engaged in construction of roads, roads over
bridges (ROB), road under bridges primarily for the railways and
other allied civil construction.


PADMAJA POWER: Ind-Ra Raises Long Term Issuer Rating to B+
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Padmaja Power &
Infra Private Limited's (PPIPL; formerly Padmaja Power Private
Limited) Long-Term Issuer rating to 'IND B+' from 'IND B(ISSUER
NOT COOPERATING)'. The Outlook is Stable. The instrument-wise
rating actions are as follows:

-- INR400 mil. Proposed fund-based working capital limit*
    assigned withProvisional IND B+/Stable/Provisional IND A4
    rating;

-- INR150 mil. Fund-based working capital limits withdrawn (paid
    in full) and the rating is withdrawn;

-- INR150 mil. Non-fund-based working capital limits withdrawn
    (paid in full)and the rating is withdrawn; and

-- INR200 mil. Proposed fund-based working capital limit
    withdrawn (the issuer did not proceed with the instrument
    as envisaged)and the rating is withdrawn.

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

KEY RATING DRIVERS

The upgrade reflects an improvement in the credit profile, driven
by economies of scale; however, the company's financial and credit
profiles remain weak as it started operations in FY16.

In FY17, revenue grew 42.5% yoy to INR 504.8 million due to timely
order execution. During the period, net leverage (total adjusted
net debt/operating EBITDAR) was 5.2x (FY16: 20.9x) and EBITDA
interest coverage was 2.2x (1.2x). The improvement in the credit
metrics was driven by an increase in the absolute EBITDA to
INR53.5 million in FY17 (FY16: INR12.3 million). EBITDA margin
rose to 10.6% in FY17 from 3.5% in FY16, due to the economies of
scale.

The ratings factor in PPIPL's strong revenue visibility, given it
had an unexecuted order book of INR6,382.3 million (12.6x of FY17
revenue) as of February 2018. Ind-Ra expects revenue to improve
further in FY18, given PPIPL had booked about INR706.5 million in
revenue 9MFY18 (provisional).

Considering PPIPL closed the earlier sanctioned debt limits in
November 2017, it needs to tie up working capital funds and/or
infuse equity on time to sustain revenue growth in FY19.

The ratings continue to be supported by the promoters' experience
of more than two decades in the construction industry.

The ratings are constrained by the execution risk associated with
the engineering, procurement and construction business due to
delays in obtaining environmental clearances and delayed
receivables that could lead to an inventory & receivables pile-up
and a fall in revenue. Moreover, any adverse policy movement in
the construction sector could affect the business.

RATING SENSITIVITIES

Negative: Any decline in revenue and/or EBITDA margin leading to
any deterioration in the credit metrics and/or liquidity on a
sustained basis will be negative for the ratings.

Positive: Substantial revenue growth and a rise in EBITDA margin
leading to an improvement in the credit metrics on a sustained
basis will lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2010, PPIPL undertakes civil and infrastructure
construction, primarily in the irrigation, bridges and roads
segments. The company was renamed in October 2016.


POMMYS GARMENTS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pommys Garments
(India) Limited (Pommys) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are
given below:

-- INR244.2 bil. Term loan due on March 2021 assigned with
    IND BB+/Stable rating;

-- INR490 mil. Fund-based facilities assigned with IND BB+Stable/
    IND A4+ rating; and

-- INR120.75 mil. Proposed fund-based facilities assigned with
    Provisional IND BB+/Stable/Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The ratings reflect Pommys' modest scale of operations and
volatile EBITDA margins. Revenue was INR2,016 million
(provisional) in 9MFY18 and INR1,547 million in FY17 (FY16:
INR1,255 million). As of February 2017, the company had
outstanding orders of INR150 million which will be executed with
in next two months. Margins ranged between 4.0%-4.6% during FY14-
FY17 and deteriorated marginally to 4.0% in FY17 (FY16: 4.2%) due
to an increase in raw material cost and labor expenses.

The ratings factor in Pommys' weak credit metrics due to low
EBITDA and high debt. Net interest coverage (operating EBITDAR/net
interest expense + rents) improved to 1.4x (FY16: 1.3x) due to an
increase in EBITDA  while net leverage (adjusted net
debt/operating EBITDAR) deteriorated to 8.1x (7.3x) on account of
an increase in debt.

Moreover, liquidity is tight due to a stretched working capital
cycle (FY17: 169 days; FY16: 116 days) because of the requirement
to maintain a large inventory. The company used 99% of its fund-
based facilities on average during the 12 months ended February
2018.

However, Ind-Ra expects the company's revenue and EBITDA to
improve in the near term. Pommys has changed its business strategy
by merging its group firms namely Angel Apparels, Sneha Apparels,
Pommys Apparels, Pommys Readymades into a single entity. Pommys
owns a showroom which was managed by these entities and the
revenue was also booked under them.

The ratings are supported by Pommys' established brand name in the
south India region for nightwear and its promoters have over two
decades of experience in manufacturing textiles and garment.

RATING SENSITIVITIES

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

Negative: A substantial decline in the revenue or EBITDA margin
leading to sustained deterioration in overall credit metrics could
be negative for the ratings.

COMPANY PROFILE

Pommys was incorporated in 1998 headed by Mr. Raja and Mr.
Inbaraj. The company manufactures and distributes nightwear
garments. It has a cutting unit with an installed capacity of
12,000 pieces per day.


SAPPHIRE (INDIA): CRISIL Assigns 'B' Rating to INR7MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its rating on the bank facilities of
Sapphire (India) Private Limited (SIPL) at 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              7        CRISIL B/Stable (Assigned)
   Proposed Term Loan     6        CRISIL B/Stable (Assigned)
   Bill Discounting       2        CRISIL B/Stable (Assigned)
   Cash Credit            5        CRISIL B/Stable (Assigned)

The rating reflects high total outside liabilities to adjusted net
worth (TOLANW), working capital intensive operations and modest
scale of operations. The above weaknesses are offset by extensive
experience of the promoters and diversified product and customer
profile.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BCPL and SIPL; together referred to as
Bhiwadi group. This is because both the companies, together
referred to as the Bhiwadi group, have significant operational and
financial linkages and a common management. SIPL is a wholly owned
subsidiary of BCPL.

Key Rating Drivers & Detailed Description

Weaknesses:

* High TOLANW: Bhiwadi group has a high leverage, marked by TOLANW
of over 7 times on March 31, 2017, due to dependence on external
borrowing and accumulated losses in SIPL. TOLANW is expected to
improve in the medium term due to accretion to reserves.

* Working capital intensive operations: Bhiwadi group's operations
are working capital intensive as reflected in Gross current asset
(GCA) days of 171 days on March 31, 2017.

* Modest scale of operations: SIPL has a modest scale of
operations as reflected by operating income of INR35.2 crore in
fiscal 2017.

Strengths:

* Extensive experience of the promoters: The promoters of the
group have been in the industry for more than two decades. Their
extensive experience and knowledge of the industry helps them
maintain good relations with all stakeholders and leverage the
same for their business.

* Diversified product and customer profile: Bhiwadi group deals in
disposable & refrigerant cylinders and valves apart from LPG
cylinders. They supply cylinder ranging from 5 kg to 425 kg. They
also cater to private companies and export markets apart from Oil
Marketing Companies.

Outlook: Stable

CRISIL believes that Bhiwadi group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group improves its
leverage while maintaining steady revenue growth and improving its
profitability. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in revenue growth or
profitability or substantial debt-funded capital expenditure,
affecting the group's financial risk profile.

Bhiwadi cylinders Pvt. Ltd. (BCPL) was established in 1998 for the
production of LPG cylinders & other cylinders and valves. It has a
plant in Bhiwadi, Rajasthan. Sapphire (India) pvt. ltd. (SIPL) is
a wholly owned subsidiary of the group and is engaged solely in
the business of LPG cylinders.


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

-- INR120 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND 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

Incorporated in 2004, Rourkela, Odisha-based SMPL manufactures
sponge iron. The company has an installed capacity of 60,000
metric tons per annum. SMPL is managed by Mr. Mahesh Khaitan, Mr.
Sanjay Kumar Agarwal and Mr. Shyam Sundar Mittal.


SHIVA SPECIALITY: CARE Migrates D Rating to Not Cooperating Cat.
----------------------------------------------------------------
CARE Ratings has been seeking information from Shiva Speciality
Yarns Limited to monitor the ratings vide e-mail
communications/letters dated February 21, 2018; February 20, 2018;
February 19, 2018; February 10, 2018; February 1, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Shiva
Speciality Yarns Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      69.89      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank      1.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

The ratings take into account continued ongoing delays in debt
servicing due to stressed liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on January 24, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: On account of stressed liquidity
position, there are ongoing delays in the servicing of the
interest and principle repayments of the term loans. Furthermore,
there are overdrawals in the cash credit limits which have not
been settled for a period exceeding 30 days.

Weak financial risk profile: The total operating income of the
company declined by ~25% to INR95.28 crore in FY17 (refers to the
period April 1 to March 31). The company continued to remain in
losses at the net level.  The reported net loss stood at INR 4.83
crore in FY17 as compared with INR2.91 crore in FY16. Furthermore,
the overall solvency position deteriorated in FY17 owing to
decline in net worth due to losses at the net level and high debt
outstanding towards year end.

Working capital intensive nature of operations: The operating
cycle of SSYL remained elongated at ~174 days as on March 31,
2017, as compared with ~163 days as on March 31, 2016. The
operations of the company therefore remain highly working capital
intensive in nature with overdrawals in the cash credit limits for
more than 30 days.

Key Rating Strengths

Experienced promoters and established dealer network: SSYLYWL is
being promoted by the Shiva Group. The main promoter of the group,
Mr. Akhil Malhotra, who is also the current managing director of
YWL, has an industry experience of nearly two and a half decades.
The group has a longstanding presence of over two and a half
decades across the entire value chain of the textile industry
(from manufacturing of yarn to that of garments) with an
established distribution network.

Shiva Speciality Yarns Limited (SSYL), formerly known as Punjab
Cotspin Limited, was incorporated in 2005. The company was
promoted by the Singla family of Ludhiana and was engaged in the
manufacturing of cotton yarn at its production facilities in
Bhatinda, Punjab. It was subsequently acquired by the 'Shiva'
Group in November, 2007. The product profile was changed to
include synthetic yarns. Currently, SSYL manufactures mainly dyed
polyester spun yarn, blended spun yarn and knitted cloth. It also
engages in trading of polyester fibers. Almost all the raw
material procurement viz. polyester staple fibers and acrylic
fibers is done from other group concerns The debt of the company
was restructured in FY15 due to liquidity constraints faced by the
company. In FY17, the company achieved an operating income of
INR95.28 cr. with PBILDT and PAT margin of 7.01% and (-) 5.07%,
respectively.


SMLASH ISPAT: CRISIL Assigns B- Rating to INR9MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long term bank facilities of Smlash Ispat Private Limited
(SMLASH).

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

Rating reflects the firm's modest scale of operations and
operating losses. Rating also factors weak financial risk profile
marked by its negative net worth, high gearing and below average
debt protection metrics. These weaknesses are partially offset by
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and operating losses: SPLASH's scale
of operations is modest, as reflected in revenues of around INR28
crore in Fiscal 2017 and expected revenues of around INR24 crore
in Fiscal 2018. Modest scale of operations constrains company's
ability to take advantages associated with economies of scale that
other big companies are able to leverage upon. Furthermore,
fragmented industry, modest scale of operations and low capacity
utilization results in operating losses.

* Weak financial risk profile: Financial risk profile is weak
marked by negative networth, below average debt protection metrics
and high gearing. Net worth was modest at INR (3.5 crore) against
total debt outstanding of INR12.19 crore resulting in high gearing
as on March 2017. Debt protection metrics was weak due to losses
over the past two years however the same is supported by
continuous fund infusion from promoters.

Strengths

* Extensive industry experience of promoters: The company is
promoted by Mr. A. I. Shalimar, Mr. P. A. Mohammed Hazeem, Mr. A.
P. Asad, Mr. E. S Mohammed Ali and Mr. P. K Abdul Rahman. Over the
years the promoters have stablished strong relationship with raw
material suppliers and customers resulting in uninterrupted supply
of raw material and repeated orders. CRISIL believes that SMLASH
will continue to benefit from extensive experience of promoters
over the medium term.

Outlook: Stable

CRISIL believes SMLASH 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 resulting in
improvement in financial risk profile. 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.

Incorporated in September 2012 and based out of Thrissur, Kerala,
SMLASH is engaged in production of Galvanised (GP) coil. The
company is promoted by Mr. A. I. Shalimar, Mr. P. A. Mohammed
Hazeem, Mr. A. P. Asad, Mr. E. S Mohammed Ali and Mr. P. K Abdul
Rahman.


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

-- INR29.9 mil. Term loan due on September 2020 to June 2021
    migrated to Non-Cooperating Category with IND BB(ISSUER NOT
    COOPERATING) rating;

-- INR18.6 mil. Line of credit (term loan) due on July 2023
    migrated to Non-Cooperating Category with IND BB(ISSUER NOT
    COOPERATING) rating;

-- INR80 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) ratings; and

-- INR5 mil. Letter of guarantee migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
    NOT COOPERATING).

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

COMPANY PROFILE

Incorporated in 1983, SPPPL provides an entire range of print
services, using state of the art technology and solutions from
industry leaders. It has its works and registered offices in New
Delhi.


SOND KNIT: Ind-Ra Raises Long Term Issuer Rating to B+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sond Knit
Garments' (SKG) Long-Term Issuer Rating to 'IND B+' from 'IND B
(ISSUER NOT COOPERATING)'. The Outlook is Stable. The instrument-
wise rating actions are as follows:

-- INR100 mil. Fund-based working capital limitupgraded with
    IND B+/Stable rating; and

-- INR13.5 mil. Non-fund-based limit withdrawn (repaid in full)
    and the rating is withdrawn.

KEY RATING DRIVERS

The upgrade reflects SKG's improved scale of operations due to
higher exports in FY17, as reflected in its revenue of INR638
million (FY16: INR458.15 million). Also, operating EBITDA margin
rose to 3.6% in FY17 (FY16: 3.3%) because of lower raw material
costs. Moreover, its working capital cycle improved to 77 days in
FY17 (FY16: 116 days) on account of increased creditor days.

However, the financial profile of the company remains modest due
to the export nature of business. The ratings continue to be
constrained by the partnership nature of business.

The ratings factor in SKG's comfortable credit metrics, supported
by low debt. Interest coverage was 1.6x in FY17 (FY16: 3.2x) and
net financial leverage (adjusted debt/operating EBITDAR) was 5.2x
(6.16x). Moreover, SKG's liquidity profile is adequate as
reflected in its average working capital use of around 59% during
the 12 months ended February 2018.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and/or credit
metrics will be positive for the ratings.

Negative: Further deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

SKG is a partnership firm formed in 2006; it manufactures hosiery
and readymade garments and exports them to US, the Middle East,
Canada and Europe. SKG has an annual production capacity of
300,000 pieces. It is managed by Mr. Kailashbathi and Ms. Vibhita
N Kailashbathi and its registered office is located in Tirupur,
Tamil Nadu.


SUSHEE INFRA: Ind-Ra Lowers LongTerm Issuer Rating to BB+
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sushee Infra &
Mining Limited's (Sushee) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB+' and placed the ratings on Rating Watch Negative
(RWN). The Outlook was Negative.

The instrument-wise rating actions are:

-- INR1 bil. Fund-based working capital limits downgraded to
    BB+/IND A4+ and placed the ratings on Rating Watch Negative;

-- INR5.32 bil. Non-fund-based limits downgraded to BB+/IND A4+
    and placed the ratings on Rating Watch Negative;

-- INR200 mil. Proposed fund-based working capital limits*
    downgraded to provisional IND BB+/Provisional IND A4+and
    placed the ratings on Rating Watch Negative; and

-- INR2.68 bil. Proposed non-fund-based limits* downgraded to
    provisional IND BB+/Provisional IND A4+ and placed the
    ratings on Rating Watch Negative;

* The final ratings will be assigned subject to execution of
sanction letters for the rated facilities.

KEY RATING DRIVERS

The rating action reflects a delay by Sushee in tying up funds
required for repayments due in end-March 2018. The company has a
bullet repayment of INR650 million on 31 March 2018, along with
INR257.5 million of other term or equipment loans repayments, and
interest payments on all loans.

The company expects to receive INR569 million from its ongoing
irrigation and road projects, and INR250 million as a mobilization
advance from road projects in March 2018. Sushee's Arunachal
Pradesh build-operate-transfer special purpose vehicle has signed
an agreement with the Ministry of Road Transport & Highways for
availing One Time Fund Infusion Scheme to fund completion of its
Nechipu Hoj road project, through which the company expects to
receive INR600 million. However, even a minor delay in the receipt
of such payments beyond March 31, 2018 will result in a default by
the company.

Ind-Ra has not received any financial, operational or other
information since the previous review. The company has only shared
no default statements for September 2017 to February 2018 with
Ind-Ra.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded
upon resolution. The RWN will be resolved in the first week of
April 2018 upon receipt of evidence of the payment of the interest
and principal payments due in March 2018.

COMPANY PROFILE

Incorporated in 1986, Sushee undertakes mining, irrigation,
railways, infrastructure and road projects. Its clients include
the Irrigation Department of Andhra Pradesh, Singareni Collieries
Company Ltd, Coal India Ltd, Indian Railways and Ministry of Road
Transport & Highways.


TS REAL: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated T S Real Tech
Private Limited's (TSRPL) 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 are:

-- INR100 mil. Term loan due on June 2020 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

TSRPL was incorporated in July 2006, and is a group company of
Trehan Promoters & Builders Private Limited. TSRPL is engaged in
real estate development with its business interest ranging from
construction of commercial complexes and I.T. parks to the
development of residential townships.


VENKATADRI SPINNING: CRISIL Lowers Rating on INR8.82MM Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Venkatadri Spinning Mills Private Limited (VSMPL) to
'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        .18       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Overdraft            4.00       CRISIL D (Downgraded from
                                   'CRISIL C')

   Term Loan            8.82       CRISIL D (Downgraded from
                                   'CRISIL C')

The downgrade reflects delays in servicing term debt obligations
owing to weak liquidity and overdrawls in overdraft account for
more than 30 days.

The rating also reflects weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics
and large working capital requirements. The rating also factors in
the company's small scale of operations in the intensely
competitive cotton yarn industry, and the susceptibility of its
profitability margins to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive experience of
VSMPL's promoters in the textile industry, and its established
relationship with customers.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The company has delayed servicing term
loan obligations owing to stretched liquidity and overdrawls in
overdraft account for more than 30 days.

* Small scale of operations in the intensely competitive cotton
yarn industry: VSMPL had commenced commercial operations in August
2011 and had generated revenue of INR17.92 crores during 2016-17,
underpinning its small scale of operations in the fragmented
cotton yarn industry.

* Susceptibility to volatility in cotton prices: Operating margin
of cotton yarn manufacturers are susceptible to changes in cotton
prices. Apart from demand and supply factors, cotton prices are
also influenced by government policies. Cotton is the major raw
material accounting for more than 75 percent of the company's
production cost. Cotton prices have been highly volatile in the
past and are expected to remain so, thereby exposing the company
to price risk.

* Weak financial risk profile: The financial risk profile has
small networth, high gearing and below-average debt protection
metrics. The networth is small at INR2.37 crores as on March 31,
2017, due to low initial paid-up capital and limited accretion to
reserves; the latter is a result of small scale of operations and
modest profitability margin. The company has followed an
aggressive financial policy, with its peak gearing over the past
three years through 2016-17 being high at 5.65 times.

Strengths:

* Promoters' extensive experience in the textile industry, and
established relationship with customers: The promoters have over
15 years industry experience and have established healthy
relationship with customers. The bulk of the revenue is derived
through supply of cotton yarn and hence there are established
relations with dealers who have provided sufficient demand for the
products. VSMPL has generated revenue of around INR17.92 crores
during 2016-17.

VSMPL was set up in 2009, as a private limited company, by Mr.
Srimannarayana and Mr. Hanumantha Rao. The company manufactures
cotton yarn; its spinning mill is in Rajahmundry (Andhra Pradesh).

Profit after tax was INR(2.14) crore on revenue of INR17.92 crore
in fiscal 2017, against INR0.07 crore on revenue of INR22.03 crore
in fiscal 2016.


VENKATESHWARA SPONGE: Ind-Ra Moves B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Venkateshwara
Sponge & Iron Company Private Limited's (VSICPL) Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND B+(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action are:

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

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 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 2005, Jharkhand-based VSICPL manufactures sponge
iron and has an installed capacity of 100MT per day. The company
is managed by Mr. Saurabh Kumar and Mr. Kumar Gaurav.


VINAYAK SUPPORT: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vinayak Support
Services Private Limited (VSSPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR42 mil. Term loan due on March 2023 assigned with
    IND BB/Stable rating; and

-- INR52 mil. Fund-based working capital limits assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect VSSPL's modest scale of operations and credit
metrics, and low EBITDA margins attributed to the trading nature
of business. Revenue increased to INR676.51 million in FY17 (FY16:
INR474.16 million) as the company started trading of coal in FY17.
The EBITDA margins expanded to 4.5% in FY17 (FY16: 1.0%) due to a
decline in material cost. Consequently, net leverage (adjusted net
debt/operating EBITDAR) improved to 4.8x in FY17 (FY16: 22.6x) and
gross interest coverage (operating EBITDA/gross interest expense)
to 16.6x (5.6x).

The ratings are further constrained by VSPPL's tight liquidity
position as indicated by 98.0% average use of its fund-based
limits during the six months ended February 2018.

However, the rating benefits from the promoters' experience of
more than a decade in the transportation of bauxite.

RATING SENSITIVITIES

Positive: A sustained improvement in the operating profitability
leading to an improvement in net leverage will lead to a positive
rating action.

Negative: A decline in revenue and operating profitability leading
to deterioration in the credit metrics and its liquidity position
will lead to a negative rating action.

COMPANY PROFILE

VSSPL began operations in 1993 in Jharkhand under the name Diamond
Marketing Private Limited. In August 2015, the company changed its
name to VSSPL. It transports bauxite and supplies coal to power
units.


YOGINDRA WORSTED: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from Yogindra Worsted
Limited to monitor the ratings vide e-mail communications/letters
dated February 21, 2018; February 20, 2018; February 19, 2018;
February 10, 2018; February 1, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
The rating on Yogindra Worsted Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     66.18       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short term Bank     9.25       CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

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

The ratings take into account continued ongoing delays in debt
servicing due to stressed liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on January 24, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in the debt servicing: On account of the stressed
liquidity position of the company, there have been ongoing delays
in the servicing of the interest and principle repayments of the
term loans. Furthermore, there are ongoing overdrawals in the cash
credit limits as well as devolvement of the letters of credit for
a period exceeding 30 days each.

History of debt restructuring: On account of the liquidity
constraints faced by the company, its debt was restructured in
March, 2015. Post the restructuring of the debt, the fund based
working capital limits of the company were reduced from INR27.50
crore to INR20.60 crore while the INR6.90 crore, carved out of the
cash credit limit was restructured into working capital term loan
repayable from January, 2017. The repayment schedule of
outstanding term loans was also elongated.

Weak financial risk profile: The total operating income of the
company declined by ~46% from FY15 to INR82.66 crore in FY16 on
account of lower demand. The company continued to remain in losses
at the net level. The reported net loss increased from INR0.82
crore in FY15 to INR2.02 crore in FY16. Furthermore, additional
working capital term loans and vehicle loans amounting to INR1.01
crore were also availed during the year. The capital structure of
the company therefore remained weak with long-term debt to equity
ratio and overall gearing ratio of 1.28x and 2.12x respectively as
on March 31, 2016 as compared to 1.29x and 2.05x respectively as
on March 31, 2015. Debt coverage indicators also remained weak
with total debt to GCA of 29.07x as on March 31, 2016 and interest
coverage ratio of 1.33x in FY16 deteriorating from 15.11x as on
March 31, 2015 and 1.50x in FY15.

Working capital intensive nature of operations: The operating
cycle of YWL remained elongated at ~390 days as on March 31, 2016
deteriorating from ~179 days as on March 31, 2015. Lower demand
for the products during the year led to a significant accumulation
of finished goods inventory which led to an elongation of the
average inventory holding period from ~159 days as on March 31,
2015 to ~410 days as on March 31, 2016.

The operations of the company therefore remain highly working
capital intensive in nature with ongoing overdrawals in the cash
credit limits for more than 30 days.

Key Rating Strengths

Experienced promoters and established dealer network: YWL is being
promoted by the Shiva Group since 2007. The main promoter of the
group, Mr. Akhil Malhotra, who is also the current managing
director of YWL, has an industry experience of nearly two and a
half decades. The group has a longstanding presence of over two
and a half decades across the entire value chain of the textile
industry (from manufacturing of yarn to that of garments) with an
established distribution network.

Incorporated in 1997, Yogindera Worsted Limited (YWL) was promoted
by Mr.Ajay Kumar Gupta and his family members in collaboration
with Punjab State Industrial Development Corporation Limited
(PSIDCL). It was subsequently acquired by the 'Shiva' group in
2007. The product profile of YWL was also changed from predyed
worsted/acrowool yarn to include other varieties of yarns like
dyed/white worsted woolen yarn, acrowoolen yarn, acrylic yarn,
polyester yarn, fancy yarn, hand knitting yarn, melange yarns,
space dyed/printed yarns, knitted cloth etc. The company operates
from its manufacturing facility in Bathinda, Punjab at an
installed capacity of 11,464 meteric tonnes per annum as on March
31, 2015. The company also engages in exports of its products to
countries in the Middle East, South Africa etc. Export sales
constituted ~18% of the total operating income in FY16. In FY16,
the company reported an operating income of INR82.66 cr. with a
PBILDT and PAT margin of 15.78% and (-) 2.44%, respectively.



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


COURTS ASIA: Noteholders OK Covenants Change on Debt Due 2019
-------------------------------------------------------------
Jamie Lee at The Business Times reports that Courts Asia Limited
on March 27 said it has received more than 80 per cent of votes
favoring a change in covenants on certain notes due 2019.

According to the report, the firm had this month sought to relax
some terms on a series of notes worth SGD75 million and that pay a
5.75 per cent coupon. The notes were issued in March 2016 and
mature on March 15, 2019.

Under the consent solicitation exercise, Courts Asia proposed to,
among other things, lower the threshold for its minimum
consolidated tangible net worth to SGD120 million. The original
threshold stood at SGD165 million, The Business Times says.

The report relates that Courts Asia also moved to reduce the
minimum ratio of Ebitda (earnings before interest, taxes,
depreciation and amortisation) to interest expense to 1.5 times.
Currently, the minimum ratio is 1.75 times. At the end of last
year, Courts Asia's ratio of Ebitda to interest expense was 2.89
times.

On March 27, Courts Asia said as at 10:00 a.m., some 83 per cent
of note holders have voted in favor of the new terms. A 75 per
cent majority is required to pass the resolutions, the report
relays.

The Business Times relates that Courts Asia had said it is seeking
more headroom as it adjusts to new accounting standards that will
become mandatory between this year and next.

According to the Business Times, the retailer said the adoption of
FRS 115 - which deals with revenue from contracts with customers -
has impacted Courts Asia's tangible net worth by more than SGD75
million. The new standard was made mandatory for the financial
year beginning on or after Jan. 1 this year.

The adoption of FRS 109 (financial instruments), which is also
mandatory from this year, is expected to result in lower opening
retained earnings due to the recognition of a higher impairment
allowance on trade receivables as well, adds the Business Times.

Courts Asia Limited, an investment holding company, engages in the
retail of household furniture, furnishings, home appliances, and
information technology (IT) products in Singapore, Malaysia, and
Indonesia.



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


KUMHO TIRE: Union Refuses to Meet Doublestar Chief Over M&A Plan
----------------------------------------------------------------
Yonhap News Agency reports that Kumho Tire Co.'s union on
March 23 refused to meet with the chief of Qingdao Doublestar Co.
over the Chinese firm's plan to acquire the Korean tiremaker,
raising the possibility of the company being placed under court
receivership, the company said.

According to Yonhap, Kumho Tire's creditors are planning to sell
the loss-making tiremaker to Doublestar, which has proposed
investment plans in the company for what it calls a "win-win"
synergy between the two tiremakers.

Yonhap relates that creditors asked Kumho Tire and its union to
reach an agreement on the M&A plan by the end of March. The Korea
Development Bank (KDB), the main creditor, warned no agreement
will result in the company being placed under court protection.

Doublestar Chairman Chai Yongsen went to Gwangju, 330 kilometers
southwest of Seoul on March 22, home to Kumho Tire's main domestic
plant, for a possible meeting with union leaders. He held a press
conference to explain its investment plans in Kumho Tire.

But the union representing 3,100 assembly line workers at Kumho
Tire's three domestic plants refused to meet with him as they said
talks are only possible after they examine Doublestar's investment
plans in the tiremaker and job security programs, Yonhap says.

Instead, the chairman met a group of Kumho Tire employees
representing some 1,500 office workers who do not belong to the
union at the Gwangju plant, Yonhap notes. The office workers have
said they concur with the creditors plan to sell Kumho Tire to the
Chinese truck and bus tiremaker.

According to Yonhap, Doublestar has offered to invest
KRW646.3 billion (US$603.4 million) in new Kumho Tire shares,
which would allow the Chinese tiremaker to become the biggest
shareholder, with a stake of 45 percent, and the KDB-led creditors
would collectively own a 23.1 percent stake.

It has also pledged to invest 200 billion won in the tiremaker's
production facilities while guaranteeing three years of job
security for current union workers, Yonhap notes.

In the past three years, Kumho Tire, the country's second-biggest
tiremaker by sales, has posted net losses due to lower demand and
poor performances in China. Its net losses deepened to
KRW88.6 billion in 2017 from KRW37.9 billion a year earlier though
last year's net result slightly improved from a net loss of
KRW67.5 billion in 2015, Yonhap discloses.

Yonhap notes that Kumho Tire faces KRW1.2 trillion worth of debts
maturing at the end of this month. The entire debt the tiremaker
owes to creditors has been extended since late last year, the KDB
said.

Given everything, the state lender has recently concluded that the
only option to put the financially troubled tiremaker back on
track is to sell it to Doublestar, Yonhap states.

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.



                             *********

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.

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