TCRAP_Public/180404.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

           Wednesday, April 4, 2018, Vol. 21, No. 066

                            Headlines


A U S T R A L I A

JIN PLASTERING: First Creditors' Meeting Set for April 11
LENDEX GROUP: First Creditors' Meeting Set for April 12
RUNTONG INVESTMENT: Second Creditors' Meeting Set for April 12
SURFSTITCH GROUP: Co-Founder Challenges Second Report Validity
ZACHARY THE LABEL: Second Creditors' Meeting Set for April 11


C H I N A

XIAOMING BIKE: Plans Bankruptcy Amid Failure to Pay Back Deposits


H O N G  K O N G

CHINA MEDICAL: KPMG Hit by HK High Court in $400MM Fraud Case


I N D I A

ACCURA SPINTEX: CRISIL Assigns B+ Rating to INR16MM LT Loan
AIR CARNIVAL: CRISIL Lowers Rating on INR5MM Term Loan to D
ASSOCIATED COLOURS: CARE Lowers Rating on INR14.05cr Loan to D
BEST TANNING: CRISIL Moves D Ratings to Not Cooperating Category
BHUSHAN STEEL: Gets INR35,200cr Takeover Offer From Tata Steel

BHUVANESWARI SAKTHI: CRISIL Reaffirms B Rating on INR1.5MM Loan
CHERISH AGRO: CRISIL Moves B+ Ratings to Not Cooperating Category
CONSTRO SOLUTIONS: CRISIL Lowers Rating on INR22MM Loan to D
DINESH SOAPS: CRISIL Moves D Ratings to Not Cooperating Category
ELLENABAD STEELS: CARE Moves D Rating to Not Cooperating Category

ESSAR STEEL: Numetal, ArcelorMittal & Vedanta Submit Fresh Bids
ETHNIC TOBACCO: CRISIL Moves B Ratings to Not Cooperating Category
GANPATI STEELS: CRISIL Reaffirms B Ratings on INR6MM Loans
KSR COTTON: CRISIL Moves B+ Ratings to Not Cooperating Category
LIZZART GRANITO: CRISIL Moves B+ Rating to Not Cooperating Cat.

MAA GANGA: CRISIL Migrates B Rating to Not Cooperating Category
MITHRA COTTON: CRISIL Moves B+ Rating to Not Cooperating Category
MOYALAN AGRO: CRISIL Reaffirms B+ Rating on INR7MM Overdraft
NAYAAB JEWELS: CARE Moves D Rating to Not Cooperating Category
PAE LIMITED: CARE Moves D Ratings to Not Cooperating Category

PRANAAV MARATHE: CARE Moves D Rating to Not Cooperating Category
SACHDEV STEEL: CRISIL Lowers Rating on INR6.4MM Cash Loan to D
SAJJALA WOVEN: CARE Moves C Rating to Not Cooperating Category
SAVITRI STEELS: CRISIL Moves B+ Rating to Not Cooperating Cat.
SHREE RENUKA: To Attempt Sale of Brazil Sugar Mills Again

SHRI VISHNU: CRISIL Lowers Rating on INR100MM Loan to D
SHRI VISHNU OVERSEAS: CRISIL Cuts Ratings on INR125MM Loans to D
SHYAM STEELS: CRISIL Withdraws D Rating on INR3.80MM Cash Loan
SIDDHI VINAYAK: CRISIL Moves B+ Rating to Not Cooperating Cat.
SILVER SIGN: CRISIL Moves B Ratings to Not Cooperating Category

SIM AGRO: CRISIL Migrates B Ratings to Not Cooperating Category
SMILAX LABORATORIES: CARE Lowers Rating on INR128.08cr Loan to D
SPICY HUB: CRISIL Assigns B+ Rating to INR5.75MM Term Loan
SRI VYJAYANTHI: CRISIL Moves D Rating to Not Cooperating Category
SUKHMANI HOLIDAYS-INN: CARE Moves D Rating to Not Cooperating

TATA CHEMICALS: Fitch Affirms BB+ Long-Term IDR; Outlook Stable
USHA SPINNERS: CRISIL Moves B+ Rating to Not Cooperating Category
VENKATESWARA ENTERPRISES: CRISIL Reaffirms B+ Cash Credit Rating


P H I L I P P I N E S

SURIGAO CITY EVERGREEN: April 15 Claims Deadline Set


S I N G A P O R E

GLOBAL A&T: FSIC Values $7 Million in Bonds at 93% of Face
PUMA ENERGY: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable


S O U T H  K O R E A

GM KOREA: Threatens Bankruptcy Unless Revival Plan Gets Support


                            - - - - -


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


JIN PLASTERING: First Creditors' Meeting Set for April 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Jin
Plastering Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on April 11, 2018, at 3:30 p.m.

Matthew Kucianski -- Matthew.Kucianski@worrells.net.au -- of
Worrells Solvency was appointed as administrator of Jin Plastering
on March 29, 2018.


LENDEX GROUP: First Creditors' Meeting Set for April 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of LendEx
Group Limited and LendEx Services Pty Ltd will be held at the
offices of Ferrier Hodgson, Level 7, 145 Eagle Street, in
Brisbane, Queensland, on April 12, 2018, at 10:30 a.m.

William Martin Colwell and Timothy James Michael of Ferrier
Hodgson were appointed as administrators of LendEx Group on March
29, 2018.


RUNTONG INVESTMENT: Second Creditors' Meeting Set for April 12
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Runtong
Investment and Development Pty Ltd has been set for April 12,
2018, at 2:30 p.m. at the offices of Worrells Solvency and
Forensic Accountants, Suite 1103, Level 11, 147 Pirie Street, in
Adelaide SA.

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 11, 2018, at 5:00 p.m.

Nick Cooper and Dominic Cantone of Worrells Solvency & Forensic
Accountants were appointed as administrators of Runtong Investment
on March 2, 2018.


SURFSTITCH GROUP: Co-Founder Challenges Second Report Validity
--------------------------------------------------------------
The Australian Financial Review reports that Justin Cameron, the
former chief and co-founder of failed SurfStitch Group, is legally
challenging the validity of a second report to creditors and is
seeking an apology for what he believes is defamatory information
issued by administrator FTI Consulting.

According to the AFR, SurfStitch has been fighting for survival
since falling into administration last August, The AFT notes. It
is facing two shareholder class actions; protracted litigation
with major shareholder, Crown Financial Group; and an ASIC
investigation, all of which have significantly increased costs and
hurt the company's ability to trade.

Administrator FTI Consulting received two separate proposals for
Deeds of Company Arrangement (DOCAs) for SurfStitch -- from EziBuy
Holdings Ltd, which is owned by Alceon Group, and from Abigail
Cheadle, a non-executive director of SurfStitch. FTI Consulting
backed the EziBuy DOCA, the report notes.

Mr. Cameron told The AFR he is challenging the validity of the
creditor's report based on the valuation given to EziBuy by the
administrators.

"They failed to disclose that the EziBuy business was sold for
less than AUD10 million only six months ago by Woolworths, yet
they have put a valuation of more than 20 times between AUD150
million to AUD250 million in the DOCA," the AFR quotes Mr. Cameron
as saying.

"Clearly the sale of the business provides the most reliable
valuation of a business. Woolworths ran a sale process. If
therefore you overlay a AUD10 million valuation, it has the
potential to a change the recommendation in the DOCA.

"At the end of the day, I'm a creditor and a shareholder, and I
want a clear and transparent process to make an informed
decision."

The AFR notes that left the online surfwear business in March 2016
to pursue a private equity takeover of SurfStitch that never
materialized, but remained substantial shareholder, with a 4 per
cent stake in the business he founded with friend Lex Pedersen.

The AFR relates that FTI administrator John Park confirmed he had
received two letters from Mr. Cameron's legal representatives.

Mr. Park said he was very comfortable recommending EziBuy as the
preferred DOCA, The AFR relays. "We stand by those numbers and we
have done our due diligence on EziBuy," the report quotes Mr. Park
as saying.  "I am comfortable with them to act on the turn around.
It is pretty simple, the recommendation is based on the various
stakeholder returns. The EziBuy proposal provides cash returns to
class action claims immediately, and the Cheadle plan does not
provide the cash return to creditors."

Under the EziBuy plan, SurfStitch shareholders and employees would
be paid in full in six to eight weeks, the AFR relays. Class
action creditors would receive a cash dividend between AUD3.4
million and AUD4.3 million and convertible notes which would
convert to shares in EziBuy valued at between AUD6 million and
AUD20 million, while current SurfStitch shareholders would receive
a convertible note that would convert to shares in EziBuy worth
between AUD1.5 million and AUD5 million, the AFR discloses.

The AFR relays that the administrator found that SurfStitch was
solvent at all times prior to their appointment but discovered
that one or more former directors, including Mr. Cameron, may have
contravened the Corporations Act and breached statutory duties at
the time of entering into agreements with Kim Sundell's Three
Crowns Investments (TCI) Group.

The AFR relates that the administrator said the directors may have
failed to take reasonable steps to cause the company to keep
adequate written financial records, breached continuous disclosure
rules, and potentially engaged in insider trading.

SurfStitch took legal action against Mr. Cameron last year as part
of a claim against TCI, alleging Mr. Cameron breached directors'
duties, the AFR notes.

Mr. Cameron, The AFR relays, is threatening legal action against
FTI Consulting and is seeking an apology and retractions to the
report. "The administrators have failed to mention the claims
implied in those accusations were part of the TCI legal
proceedings which the company settled with TCI by paying them over
AUD1.5 million," Mr. Cameron told the AFR.

The AFR relates that Mr. Park said this is the first he has heard
from Mr. Cameron, and that he may be feeling disgruntled given the
report was adversarial to Mr. Cameron, given the ASIC
investigation.

Mr. Park added there are no plans redact any of the report or to
apologise to Mr. Cameron, the AFR relays.

The AFR further relays that when asked if he felt any
responsibility for setting SurfStitch on the path to destruction,
Mr. Cameron replied: "We successfully grew the business for over
10 years . . . the day I left to pursue a private equity
transaction, it had AUD60 million in the bank. It was a business
turning over at the time close to AUD300 million.

"I'm astonished of the by incompetence of the CEO and chairman in
driving this business into the administration. Both Sonand and
Weiss instigated proceedings against Coastal Watch on the basis
they didn't want honor media contracts and focused on a redundant
retail strategy," Mr. Cameron added, the AFR relays.

Mr. Weiss declined to comment, while Mr. Sonand was unavailable
for comment, the AFR notes.

SurfStitch creditors will meet on April 4 to consider whether to
accept the EziBuy proposal or a rival DOCA proposed by Ms. Cheadle
and backed by general manager Justin Hillberg and Mr. Pedersen,
the AFR adds.

                      About SurfStitch Group

Founded in 2007, SurfStitch Group Limited --
https://www.surfstitch.com/ -- is fashion & surf store based in
Australia. It primarily engages in online retail, and online
advertising and publication activities. The Company provides
action sports brands primarily for teens and young adults through
its Websites, SurfStitch.com, Surfdome.com, and SWELL.com. It
also operates Magicseaweed, a user generated surf content network
that provides forecasting and live reporting of approximately
4,000 beaches worldwide; Stab, an online surf publishing network;
and Garage that produces and digitally distributes action and
sports long form files and TV content.

The Company was placed in administration in August 2017, after
being burdened with shareholder class actions, operating losses,
and a collapse of its share price. John Park, Quentin Olde and
Joseph Hansell of FTI Consulting were appointed as administrators
to the Company on August 24.


ZACHARY THE LABEL: Second Creditors' Meeting Set for April 11
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Zachary The
Label Pty Ltd has been set for April 11, 2018, at 10:30 a.m. at
the offices of Bent & Cougle Pty Ltd, Level 5, 332 St Kilda Road,
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 10, 2018, at 4:00 p.m.

Hamish Mackinnon and Michael Quin of Bent & Cougle Pty Ltd were
appointed as administrators of Zachary The Label on Feb. 26, 2018.



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C H I N A
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XIAOMING BIKE: Plans Bankruptcy Amid Failure to Pay Back Deposits
-----------------------------------------------------------------
China Money Network relays that Chinese bike-sharing firm Xiaoming
Bike plans to file for bankruptcy after failing to pay back
customer deposits.

Guangdong Consumer Council sued the start-up company back in
December for delays in paying deposits to consumers and failing to
separate the deposits from the company's own accounts. The council
said it has received more than 2,952 complaints from consumers who
did not get their deposits returned.

According to the report, Guangzhou Intermediate People's Court on
March 22 ordered Guangzhou Qiyue Technology Ltd., the operator of
Xiaoming Bike, to return the deposits to consumers and disclose
the transaction history of its deposits, and apologize to the
public.

China Money Network relates that the firm said it had received
deposits of RMB800 million (US$126 million) from more than 4
million users. It has returned deposits to about 80% of the users,
but still owed deposits to 700,000 more users.

With no money available to pay the remaining deposits, Xiaoming
Bike announced that it will file for bankruptcy, China Money
Network reports.

China Money Network says more than six bike-sharing firms have
collapsed due to fierce competition in the last year. As most did
not set up a separate account for deposits, customers have seen
their money tied up in the bankruptcies. For instance, when
Bluegogo failed last October, it left up to RMB1 billion (US$158
million) worth of user deposits unaccounted for.

In May 2017, the Beijing Municipal Bureau of Financial Work was
considering tighter regulations over the management of deposits
collected by bike sharing companies to protect consumers and
reduce financial risk in the industry, the report adds.



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


CHINA MEDICAL: KPMG Hit by HK High Court in $400MM Fraud Case
-------------------------------------------------------------
Matthew Miller at Reuters reports that KPMG has suffered a major
setback in its battle against liquidators of former U.S.-listed
healthcare firm China Medical Technologies Inc, whose executives
have been charged in the U.S. with defrauding investors out of
over $400 million.

Reuters relates that in a previously unreported ruling made last
month, a Hong Kong High Court rejected a KPMG procedural request
that would limit the time in which China Medical liquidators can
pursue claims against KPMG for losses and damages for its audits
of the now-defunct company.

The ruling paves the way for proceedings on a contempt summons
brought against 91 KPMG partners and former partners issued in
November 2017 for refusal to comply with a High Court order to
produce China Medical's audit work papers, Reuters cites.

A substantive hearing on that action is widely expected later this
year, the report notes.

Reuters points out that KPMG and mainland associate KPMG Huazhen
have refused to comply with a 2016 Hong Kong High Court order to
provide copies of audit work papers to Borrelli Walsh Ltd, China
Medical's liquidator, arguing it would violate China's national
security laws.

Deputy High Court Judge Anthony To, in last month's decision,
wrote that KPMG's refusal to hand over the papers made it
"extremely difficult" for liquidators "to determine whether or not
to commence proceedings against KPMG," Reuters relays.

KPMG in Hong Kong that signed off the audits has claimed it does
not have the papers, Reuters discloses. KPMG Huazhen has allowed
liquidators to examine some of China Medical's papers on site
under the supervision of the auditor's personnel and attorneys, a
situation the judge characterized as "unworkable," Reuters relays.

Reuters says company liquidators have presented evidence showing
the company's former management had stolen at least $355 million
through fake technology acquisitions. Reuters has been unable to
contact the accused or their representatives for comment.

According to Reuters, KPMG was China Medical's auditor between
2005 to 2009 and provided unqualified audit opinions for financial
statements of the firm and its subsidiaries during that period.

KPMG faces a myriad of legal and regulatory problems, said Paul
Gillis, professor of practice at Peking University's Guanghua
School of Management, Reuters adds.

"KPMG used its letterhead on the audit report and they didn't do
the work," Reuters quotes Mr. Gillis as saying, referring to KPMG
signing off audit work by KPMG Huazhen. "By claiming they did the
(sign-off) work, they made it impossible to argue they don't have
access to work papers."

Judge To, in his judgment provided a stinging rebuke of KPMG's
refusal to cooperate with the liquidators, Reuters says.  "It is
disingenuous for KPMG to argue that it cannot comply with the
court orders because its associate KPMG Huazhen will not comply
with KPMG's request," Judge To wrote, Reuters relays.

                       About China Medical

China Medical Technologies, Inc. is a medical device company,
develops, manufactures, and markets immunodiagnostic and molecular
diagnostic products.  The Company is is a Cayman Islands
corporation based in China.

China Medical was placed into liquidation in 2012 by courts in the
Cayman Islands, New York, and Hong Kong, following accusations
that the NASDAQ-listed firm was a fraud.

The Company is undergoing corporate winding-up proceedings before
the Grand Court of the Cayman Islands.

In the U.S., a Chapter 15 petition was filed for the Company on
August 31, 2012 (Bankr. S.D.N.Y., Case No. 12-13736).  As a
result, an order was formally signed finding that the Cayman
Islands is home to the so-called foreign main bankruptcy
proceeding. Curtis C. Mechling, Esq., at Stroock & Stroock &
Lavan, LLP, in New York, serves as counsel to the Debtor in the
U.S. case.

China Medical listed as much as $500 million in assets and debt.

On Nov. 29, 2012, Cosimo Borrelli and Yuen Lai Yee (Liz) were
appointed as liquidators of China Medical Technologies Inc.  They
can be reached at:

          Cosimo Borrelli
          Yuen Lai Yee (Liz)
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong



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ACCURA SPINTEX: CRISIL Assigns B+ Rating to INR16MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank loan facilities of Accura Spintex Private
Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       16         CRISIL B+/Stable (Assigned)
   Bank Guarantee        0.36      CRISIL A4 (Assigned)
   Cash Credit           4         CRISIL B+/Stable (Assigned)

The ratings reflect exposure to risks related to project
implementation and to timely stabilisation and commensurate ramp-
up in revenue during the initial phase of operations. The ratings
also factor in susceptibility to volatility in raw material
prices, exposure to competition in the textile spinning industry,
and expected average financial risk profile because of the partly
debt-funded capital expenditure (capex) for the project. These
weaknesses are partially offset by the extensive industry
experience of the promoters and their funding support, eligibility
for fiscal benefits under the state government's textile policy,
and location in a textile processing hub.

Analytical Approach

For arriving at its ratings, CRISIL has treated unsecured loans
extended by the promoters and their relatives as neither debt nor
equity as the loans are likely to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to timely project implementation and
stabilization: The manufacturing of cotton yarn is expected to
commence in May 2018. Timely implementation, stabilisation, and
commensurate ramp-up in revenue during the initial phase of
operations will remain critical, and hence, be monitored closely.

* Subdued financial risk profile: The financial risk profile will
be constrained because of debt-funded capex (project gearing is
expected at 2 times).

* Exposure to competition in the textile spinning industry, and
susceptibility to volatility in raw material prices: The textile
spinning industry has several unorganised players with small
capacities. The entry barriers to the industry are low due to
limited capital and technology requirements and little
differentiation in end products. These factors will continue to
exert pricing pressure over the medium term. Moreover, revenue and
profitability will remain susceptible to volatility in the price
of raw material, cotton.

Strengths:

* Extensive industry experience of the promoters: The promoters'
experience of a decade in cotton ginning and spinning through
group entities should support the business risk profile in the
initial phase of operations.

* Fund support from the promoters and eligibility for fiscal
benefits under the state government's textile policy: Equity and
unsecured loans from the promoters, and eligibility for fiscal
benefits under the government's textile policy, such as interest
subsidy, power tariff refund, and goods and service tax refund,
will support liquidity in the initial years of operations.

* Location in a textile processing hub: The ginning and spinning
unit will be Gujarat, which has several textile processing units
and is a textile trader market, providing easy access to a large
customer base.

Outlook: Stable

CRISIL believes Accura will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if timely project
implementation and stabilisation of operations lead to anticipated
revenue, profitability, and cash accrual in the initial phase. The
outlook may be revised to 'Negative' if delay in project
implementation or stabilisation of operations leads to lower
revenue and cash accrual, or if a stretch in the working capital
cycle weakens the financial risk profile, especially liquidity.

Accura is promoted by the Bhalodiya and Jalawadia families. The
company is establishing a greenfield project to manufacture cotton
yarn in 8-26 counts. The spinning facility will be located at
Gujarat with an installed capacity of 11.4 tonne per day (for 16
count). Commercial operations are expected to commence from mid-
May 2018.


AIR CARNIVAL: CRISIL Lowers Rating on INR5MM Term Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4' for the bank facility of Air
Carnival Private Limited (ACPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Term Loan         5        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     5.3      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Secured Overdraft      4.7      CRISIL D (Downgraded from
   Facility                        'CRISIL B/Stable')

The ratings downgrade reflects the instances of delay by ACPL in
servicing its debt obligation; the delays have been caused by the
company's weak liquidity.

The ratings also reflect weak business profile on account of
nascent stage of operations. This weakness is partially offset by
its partner's extensive entrepreneur experience.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operation: ACPL business profile is weak due to
nascent stage of operation. ACPL is relatively new player in the
industry with intense competition. Moreover, partners have limited
experience in the Aviation industry and till FY2016, company have
not booked any revenue.

Strength

* Extensive entrepreneur experience of its partners: Partner of
ACPL has an entrepreneur experience of more than a decade, which
is expected to benefit ACPL over the medium term.

ACPL was established as a partnership firm in 2012 and
subsequently reconstituted as a private limited company in June
2013; it is promoted by Mr S I Nathan and his family. ACPL, based
in Coimbatore, Tamil Nadu, operates an airline under the brand Air
Carnival, which covers four sectors in Tamil Nadu and Andhra
Pradesh.


ASSOCIATED COLOURS: CARE Lowers Rating on INR14.05cr Loan to D
--------------------------------------------------------------
CARE Ratings has been seeking information from Associated Colours
Industries Private Limited to monitor the rating(s) vide e-mail
communications/letters dated January 3, 2018, January 23, 2018,
February 5, 2018, February 20, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings.
                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities            0.49      CARE D; ISSUER NOT COOPERATING
                                   Revised from CARE B; Stable

   Short term Bank
   Facilities           14.05      CARE D; ISSUER NOT COOPERATING
                                   Revised from CARE A4

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. Hence, CARE's rating on Associated Colours
Industries Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

Detailed Description of the Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the rating
assigned to the bank facilities of Associated Colours Industries
Private Limited is primarily due to irregularity in servicing its
debt obligations.

Ahmedabad-based ACIPL was formed consequent to de-merger of
Associated Dyestuff Private Ltd (ADPL) during January 2012. ADPL
was promoted by the late Mr Hemendra Shah in 1977 under the name
of Associated Intermediates &Chemicals (AIC) as a partnership firm
by acquiring a reactive dye unit at Vatva, Ahmedabad. AIC was
subsequently converted into a proprietary concern in 1986 and
later on into private limited company as ADPL in 2000. ACIPL and
ADPL had filed petitions for demerger in Hon'ble Gujarat High
Court in March 2013 which got approved in September 2013 with
effect from April 01, 2012. The main products manufactured by
ACIPL are reactive dyes and reactive acid dyes which primarily
finds application in the textile industry.


BEST TANNING: CRISIL Moves D Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Best
Tanning Industries Private Limited (BTIPL) for obtaining
information through letters and emails dated October 16, 2017, and
January 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

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

   Packing Credit        3.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)


   Proposed Long Term    0.5       CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

BTIPL was incorporated in 1993, promoted by Mr Mohsin Sharif and
his family. The capacity at its manufacturing facility in Kanpur,
Uttar Pradesh, is utilised at around 80%. It manufactures chrome
and vegetable-tanned leather, and uppers, among other types of
leather.


BHUSHAN STEEL: Gets INR35,200cr Takeover Offer From Tata Steel
--------------------------------------------------------------
BloombergQuint reports that Tata Steel Ltd. has offered INR35,200
crore in cash, and conversion of the remaining debt of about
INR27,000 crore into equity, to take over Bhushan Steel Ltd., the
counsel for the committee of creditors informed the National
Comoany Law Tribunal (NCLT) on April 3.

Creditors will get 12.27 percent equity in Bhushan Steel subject
to approval from the Securities and Exchange Board of India
(SEBI), Senior Advocate Ravi Kadam told the principal bench of the
NCLT, BloombergQuint relates.

As of Feb. 1 this year, Bhushan Steel had a total debt of
INR57,160 crore, BloombergQuint discloses.  The Company has a
financial debt of INR56,051 crore and operational debt of INR1,050
crore, the report adds. Mr. Kadam further informed that Bhushan
Steel has a liquidation value of INR14,541 crore, BloombergQuint
cites.

Tata has also offered INR1,200 crore to its operational creditors
depending on the criticality to run the Company, BloombergQuint
adds.

                       About Bhushan Steel

India-based Bhushan Steel -- http://www.bhushan-group.org/--
manufactures auto-grade steel.

Bhushan Steel is one of the 12 non-performing assets referred by
the Reserve Bank of India for National Company Law Tribunal
(NCLT) proceedings.

NCLT admitted the bankruptcy plea against the steel company filed
by State Bank of India on July 26, 2017.

Bhushan Steel's total debt stood at around INR42,355 crore as of
March 31, 2017.


BHUVANESWARI SAKTHI: CRISIL Reaffirms B Rating on INR1.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Bhuvaneswari Sakthi Saw Mill &
Timber Depot (BSSMTD).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           1.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      5.5       CRISIL A4 (Reaffirmed)

The ratings reflect the modest scale of operations amidst intense
competition, and the below-average financial risk profile. These
rating weaknesses are partially offset by extensive experience of
the promoters in the timber trading business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in the timber
industry has kept the scale of operations modest, as reflected in
turnover of INR16.3 crore in fiscal 2017, and this reduces the
firm's resilience to external shocks.

* Below-average financial risk profile: Financial risk profile was
marked by a modest networth of INR2.1 crore and a high total
outside liabilities to tangible networth (TOL/TNW) ratio of 5.0
times, as on March 31, 2017. Due to high competition and numerous
players in the local market, the firm is forced to offer high
credit period to its customers leading to a stretch in its
liquidity and working capital management.

Strengths

* Extensive experience of promoters in the timber trading
industry: The three decade-long experience of the promoter in the
timber trading business, and healthy relationships with key
suppliers, will continue to support the business risk profile.

Outlook: Stable

CRISIL believes BSSMTD will continue to benefit from the extensive
experience of its promoters in the timber trading business. The
outlook may be revised to 'Positive' if growth in revenue and
operating profitability, or better working capital management,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if a decline in profitability, or sizeable working
capital requirement, weakens the financial risk profile.

BSSMTD, set up in Chennai in 1980, trades in timber. Operations
are managed by the promoters, Mr Jayanthilal Patel and Mr Dinesh
Patel.


CHERISH AGRO: CRISIL Moves B+ Ratings to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Cherish
Agro Impex Private Limited (Cherish) for obtaining information
through letters and emails dated October 16, 2017, and
January 17, 2018 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 Migrated)

   Packing Credit         5         CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

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

Detailed Rationale

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

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

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

Set up in 2011 in New Delhi as a proprietorship firm (Cherish
Foods Impex) and reconstituted as a private limited company in
2013, Cherish primarily trades and exports basmati rice to the
Middle East and Europe. Operations are managed by Mr. Raj Sareen.


CONSTRO SOLUTIONS: CRISIL Lowers Rating on INR22MM Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities of
Constro Solutions Private Limited (CSPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        1.5        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           6.5        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan            22.0        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The ratings downgrade reflect CSPL's delays in servicing its term
loans repayments on account of its weak liquidity driven by large
working capital requirements, continuous capex and fully utilized
bank lines.

The company also has weak financial risk profile and average scale
of operations. However it benefits from the extensive industry
experience of promoters and assured offtake.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing debt obligations: CSPL has been delaying in
servicing its debt obligations because of weak liquidity. It has
large working capital requirements because of growing scale,
further it has been continuously undertaking debt funded capex.
Resultantly, its bank lines remain fully utilized and there were
few days' delays in servicing term debt obligations.

* Weak financial risk profile: Average capital structure and weak
liquidity leads to constrained financial risk profile for the
company. CSPL's gearing was 2.43 times and total outside
liabilities to tangible networth (TOLTNW) was 3.01 times as on
March 31, 2017 due to debt funded capital expenditure and working
capital requirements.

* Average scale of operations: Average scale of operations,
reflected in revenues of INR37.57 crores in fiscal 2017. The
revenue is estimated to increase gradually over medium term,
nonetheless should continue to remain average at less than INR50
crore.

Strengths

* Extensive industry experience of promoter's in construction
industry: Promoter's extensive industry experience of more than 17
years in construction industry, is expected to continue to benefit
the company. It has helped to increase revenues to expected INR42
crores in fiscal 2018 from INR8.9 crores in fiscal 2015, while
maintaining operating profitability at 23%.

* Assured offtake from customers and healthy demand prospects for
AAC blocks: The company has entered into 5 years agreement with
its key customer to supply ACC blocks, which provides revenue
visibility. Also there is high demand for this product because of
better insulation and heat rejection compared to conventional clay
bricks and these blocks are considered environment friendly in
nature.

CSPL was set up in April 2013 by Mr. Mukund Joshi, Mr. Saji Pillai
and Mr. Satish Chauhan. The company is engaged in manufacturing of
Autoclaved Aerated Concrete (AAC) blocks with its plant in Nasik,
Maharashtra.


DINESH SOAPS: CRISIL Moves D Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dinesh
Soaps and Detergents (DSD) for obtaining information through
letters and emails dated October 23, 2017, and January 17, 2018
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit       60        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term     15        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Dinesh Soaps and Detergents to CRISIL D/CRISIL D
Issuer not cooperating'.

DSD is a partnership firm engaged in high-seas trading of crude
palm oil. The partners have been in this business for the past two
decades.


ELLENABAD STEELS: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from Ellenabad Steels
Private Limited (ESPL) to monitor the rating(s) vide e-mail
communications/letters dated January 5, 2018, February 1, 2018,
February 2, 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 ESPL.'s
bank facilities will now be denoted as "CARE D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      9.50       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.

The ratings assigned to the bank facilities of ESPL take in to
account the delay in servicing of debt obligations by the company.

Detailed description of the key rating drivers

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker, the account has been classified as NPA on account of
overdrawals in cash credit facility.

ESPL, an ISO 9001:2008 certified company, was incorporated on
July 27, 1994 by Mr. ShravanGarg and Mr. LalitJalan. The company
is engaged in manufacturing of Thermo Mechanical Treatment (TMT)
bars, Mild Steel angles, flats, Cold Twisted Bars (CTD) bars,
round bars and such other steel rolled products and markets under
the brand name of 'Om Durga'.


ESSAR STEEL: Numetal, ArcelorMittal & Vedanta Submit Fresh Bids
---------------------------------------------------------------
BloombergQuint reports that three bidders, including two new
players, have submitted resolution plans after lenders called for
fresh bids in Essar Steel Ltd.'s insolvency process.

The bidders include a joint venture between ArcelorMittal India
and Nippon Steel & Sumitomo Metal Corp; Nu Metal & Steel Pvt. Ltd,
in which JSW Steel is an investor; and the Vedanta Group,
according to two people in the know who spoke to BloombergQuint on
the condition of anonymity.

Of the three, the ArcelorMittal-Suitomo JV had participated in the
earlier bidding, the report cites. Numetal, a VTB-led consortium
had participated but in a different avatar - Numetal Mauritius -
that included Rewant Ruia as minority investor. In this rebid,
Numetal has dropped Ruia and acquired a new partner in JSW Steel,
the report adds.

In January, JSW Steel founder Sajjan Jindal had told
BloombergQuint that he was not interested in Essar Steel. Instead,
JSW had its eye on Bhushan Steel and Bhushan Power & Steel, both
of which it lost to Tata Steel Ltd. in the NCLT process,
BloombergQuint relays.

Explaining the change of heart, JSW Steel Joint Managing Director
Seshagiri Rao told BloombergQuint that earlier the company was
focusing only on the East Indian region because of limited
resources. "In that process, we were outbid by competition. Now
Essar Steel has come for rebidding and JSW Steel wants to pursue
this opportunity," Mr. Rao added, according to BloombergQuint.

After winning the bid to acquire insolvent Electrosteel Steels
Ltd., Vedanta is now eyeing Essar Steel for value addition,
Chairman Agarwal told BloombergQuint. "We got Electrosteel and
thought putting this together we could be sizeable, in-line with
other players having similar capacities." The deal could be
complementary as Vedanta needs Essar to convert its iron ore to
steel, Mr. Agarwal told BloombergQuint. At the same time, Essar
can make use of gas produced by Cairn India Ltd., which has a
pipeline near Essar's plant, he added.

BloombergQuint notes that lenders, after rejecting earlier
resolution plans, had invited fresh bids from the six companies
that had originally submitted expressions of interest for Essar
Steel in December. Tata Steel and Steel Authority of India Ltd.,
which participated in the previous round, chose to stay out of
this one, the report points out.

According to BloombergQuint, Numetal Mauritius and ArcelorMittal
had earlier been disqualified by the committee of creditors as the
resolution professional for Essar Steel had found them ineligible
under Section 29(A) of the Insolvency and Bankruptcy Code. Rewant
Ruia, son of Essar Group co-founder Ravi Ruia, had a 25 percent
stake in Numetal Mauritius, while ArcelorMittal was classified as
a promoter for other insolvent companies when it had submitted its
earlier bid on Feb. 12, BloombergQuint recalls.

BloombergQuint says lenders are not permitted to open the fresh
bids till the Ahmedabad bench of the National Company Law Tribunal
decides on the eligibility of bids submitted by Numetal and
ArcelorMittal in the previous round. Both bidders have challenged
the committee of creditors' decision to disqualify them.

The matter is scheduled to be heard on April 4, 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 Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

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 Standard Chartered Bank (SCB) in
debt.


ETHNIC TOBACCO: CRISIL Moves B Ratings to Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ethnic
Tobacco India Limited for obtaining information through letters
and emails dated April 19, 2017 and May 9, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Export Packing        50        CRISIL B/Stable/Issuer Not
   Credit                          Cooperating

   Export Packing        60        CRISIL B Withdrawal/Issuer Not
   Credit                          Cooperating

   Proposed Long Term     4.5      CRISIL B Withdrawal/Issuer Not
   Bank Loan Facility              Cooperating

   Rupee Term Loan       70.83     CRISIL B Withdrawal/Issuer Not
                                   Cooperating

   Standby Line of       12        CRISIL B Withdrawal/Issuer Not
   Credit                           Cooperating

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 Ethnic Tobacco. This restricts
CRISIL's ability to take a forward Ethnic Tobacco 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 Ethnic Tobacco continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the INR12 crore Standby Line
of Credit, INR60 crore Export Packing Credit facilities, INR70.83
crore Rupee Term Loan and INR4.50 crore Proposed Long Term Bank
Loan Facility of Ethnic Tobacco 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.

Ethnic Tobacco India Limited was set up in 2006 by Mr. T Venkata
Rao and Mr. T Murali Mohan. The company processes tobacco leaves,
and sells the same in the domestic and international markets.
Ethnic Agros, set up in 2006, trades in raw tobacco. Ethnic
Spices, set up in 2006, was set up to trade in spices; however, it
currently trades only in raw tobacco. Ind Tob, set up in 2010,
also trades in raw tobacco. The group is based in Guntur (Andhra
Pradesh).


GANPATI STEELS: CRISIL Reaffirms B Ratings on INR6MM Loans
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Ganpati Steels (GS) at 'CRISIL B/Stable'. The rating
continues to reflect the below-average financial risk profile with
stretched liquidity and modest scale of operation in a competitive
industry. These rating weaknesses are partly offset by extensive
industry experience of the partners.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           4         CRISIL B/Stable (Reaffirmed)
   Term Loan             2         CRISIL B/Stable (Reaffirmed)

Analytical Approach

Team has taken standalone view of the business and financial risk
profiles of GS and Ganpati Allied Works Pvt Ltd (GAPL) as both the
entities are separate cost and profit centers, the purchase and
sale transactions between the entities are at arm's length prices
and both the entities have their own distinct and separate
manufacturing units.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Modest scale of operations (revenue
of INR27.93 crore for fiscal 2017 and Rs.29.6 crore in fiscal
2016) restricts the ability to take advantage of economies of
scale, and limits pricing flexibility.

* Below-average financial risk profile: Networth was INR3.93
crore, and gearing was 2.12 times as on March 31, 2017. Interest
coverage ratio was also subdued at 1.58 times in fiscal 2017. Low
cash accruals and almost full utilisation of bank lines constrain
liquidity.

Strengths

* Extensive experience of the partners: Benefits from the
promoter's decade-long experience in the steel wire segment, and
established relationships with suppliers and customers should
continue to support business risk profile.

Outlook: Stable

CRISIL believes GS will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if sustained increase in revenue, stable margin, and
efficient working capital management improve financial risk
profile and liquidity. The outlook may be revised to 'Negative' if
decline in revenue or profitability, or stretch in working capital
cycle further weakens financial risk profile, particularly
liquidity.

GS is a partnership of Mr Ashish Gupta and Ms Nirupama Gupta. It
manufactures and trades in galvanised iron, barbed, and stay
wires. Manufacturing unit is in Bhilai, Chhattisgarh. Operations
are primarily managed by Mr Ashish Gupta.


KSR COTTON: CRISIL Moves B+ Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with KSR Cotton
Agencies (KSR) for obtaining information through letters and
emails dated November 13, 2017, and January 17, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           4.9        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term    5.1        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in 2007, KSR is engaged in ginning and pressing of raw
cotton and sells cotton lint and cotton seeds. Based out of Guntur
(Andhra Pradesh), the firm is promoted by Mr. Kondaveeti Srinivasa
Rao.


LIZZART GRANITO: CRISIL Moves B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lizzart
Granito LLP (LGL) for obtaining information through letters and
emails dated January 5, 2018, February 15, 2018 and February 21,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Bank
   Guarantee             3.2       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Cash
   Credit Limit          7         CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     .16      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Term Loan   17.64      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

LGL was set up in May 2016 by promoters, Mr Anilkumar Surani, Mr
Ramesh Desai, Mr Chetan Varasada and their family members. The
firm will manufacture vitrified tiles and is likely to commence
operations by December 2016.


MAA GANGA: CRISIL Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maa Ganga
Bhagat Gopal Maya Educational Trust (MGBGM) for obtaining
information through letters and emails dated February 21, 2018 and
February 26, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       3.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Migrated)

   Term Loan                7.5       CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Maa Ganga Bhagat Gopal Maya Educational Trust to
CRISIL B/Stable Issuer not cooperating'.

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

MGBGM is currently running a school offering educational services
from kindergarten to class nine. The school is in a nine-acre
campus in Sonipat, Haryana.


MITHRA COTTON: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mithra
Cotton Enterprises (MCE) for obtaining information through letters
and emails dated November 13, 2017, and January 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           4.9       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Cash         5.1       CRISIL B+/Stable (Issuer Not
   Credit Limit                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in 2008, Guntur-based MCE gins and presses raw cotton
and sells cotton lint and seeds. Ms Kondaveeti Siva Kumari is the
promoter.


MOYALAN AGRO: CRISIL Reaffirms B+ Rating on INR7MM Overdraft
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Moyalan Agro Pipes (Moyalan).

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

   Overdraft              7         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's below-average financial
risk profile, driven by small networth, and its modest scale of
operations. The weaknesses are partially offset by the extensive
experience of the proprietor in the pipes industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth was small at
about INR3.0 crore as on March 31, 2017, due to low accretion to
reserves. Consequently, gearing was high at 4.06 times as on March
31, 2017, mainly due to large working capital debt. Debt
protection metrics were moderate, with interest coverage ratio at
1.89 time during fiscal 2017.

* Modest scale of operations: Small scale, indicated by revenue of
INR45.3 crore in fiscal 2017, limits bargaining power with
supplier as well as customers. Small scale and limited value
addition of operations have resulted in low operating margin of
3.9% in fiscal 2017.

Strength

* Extensive experience of the proprietor in the pipes industry
The experience of 30 years of proprietor Mr Rainy Jose in the pipe
industry has helped the firm establish healthy relationships with
dealers in Kerala, and strengthen its position in the highly
competitive polyvinyl chloride (PVC) pipes market.

Outlook: Stable

CRISIL believes Moyalan will continue to benefit from the
proprietor's extensive industry experience and established
dealership network. The outlook may be revised to 'Positive' if
significant increase in revenue and profitability, or substantial
equity infusion, leads to a better financial risk profile. The
outlook may be revised to 'Negative' if Moyalan undertakes
aggressive, debt-funded expansion, or reports lower-than-expected
revenue and operating profit margin, leading to deterioration in
its financial risk profile.

Moyalan, based in Thrissur (Kerala), manufactures PVC pipes. The
firm is a proprietorship concern of Mr Rainy Jose.


NAYAAB JEWELS: CARE Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Nayaab Jewels to
monitor the rating vide e-mail communications/letters dated
February 28, 2018, February 17, 2018, January 29, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings of Nayaab
Jewels bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      17.50      CARE D; Issuer not Cooperating;
   Facilities                     based on best available
                                  information

   Short-term Bank      0.27      CARE D; Issuer not Cooperating;
   Facilities                     based on best available
                                  information

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

Detailed description of the key rating drivers

At the time of last rating on August 22, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing obligations: As per interaction with the
banker, there are continuous delays in servicing of interest
payments and over drawls in cash credit facility and the account
has been classified as NPA.

Established in the year, 2003, NJ is engaged in the manufacturing
and designing of gems, diamonds, precious and semiprecious stone
studded jewellery in gold, silver and platinum. The firm is
promoted by Mr Upendra Bothra and Mrs Manali Bothra. Mr. Upendra
Bothra is a third generation entrepreneur of the Bothra family
having presence in the gems and jewellery business segment since
1961.


PAE LIMITED: CARE Moves D Ratings to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from PAE Limited to
monitor the ratings vide e-mail communications/ letters dated
September 8, 2017, September 12, 2017, January 3, 2018, January
25, 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. Further, PAE has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on PAE Limited's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.
                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank      15.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Long/Short term      5.00      CARE D; Issuer not cooperating;
   Bank 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 the ongoing delays in debt servicing
and the account has been classified as NPA.

Detailed description of the key rating drivers (updated for FY17)

Key Rating Weaknesses

Ongoing delay in debt servicing: As per interaction with banker
and management there have been ongoing delays in debt servicing
and the account has been classified as NPA.

Weak financial performance: PAE's total operating income has been
declining in past few years and tend continued in FY17, which is
significantly dropped from INR13.43 crore in FY16 to INR1.15 crore
in FY17 and INR0.70 crore in 9MY18 on account of difficult market
conditions, financial crunch and challenging situation worldwide.
PAE has made operating and net losses in FY17 and FY16. On account
of which the tangible net worth has been eroded to negative and
capital structure remained highly leveraged with weak debt
coverage indicators.

Key Rating Strengths

Experienced promoters: The promoters of the company have
experience of more than five decades of operations in automotive
and industrial battery segment and their close association with
the Premier group in the past.

Incorporated in 1950 as a distributor of auto electric components,
PAE Ltd. (PAE) is presently operational in two segments viz. Power
products and Auto components. In its power products segment, PAE
is engaged in marketing and distribution of lead storage batteries
(for automotive and industrial application) and power backup
systems; while in the Auto component segment it operates as a
distributor of automotive parts. Additionally, the company has
forayed into solar energy space through its various subsidiaries
which are engaged in developing, marketing and distribution of
solar panels and operates 2 solar power plants of 1 MW each.


PRANAAV MARATHE: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Pranaav Marathe
Jewellers Private Limited (MJ) to monitor the rating(s) vide email
communications and letters dated October 24, 2017,
November 2, 2017, January 24, 2018, February 1, 2017, March 1,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the institute has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, Pranaav
Marathe Jewellers Private Limited has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The rating on Pranaav Marathe Jewellers Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            32.20      CARE D ISSUER NOT COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating on July 13, 2017, the following were
the rating weaknesses.

Key Rating Weaknesses

Overdrawals in Cash Credit (CC) account in Q1 FY18. There are
continuous overdrawal in the CC account during Q1FY18 (refers to
the period April 1 to June 30), on account of stretched liquidity
position.

Working capital-intensive nature of operations, weak debt
protection metrics: G & J industry is highly labor and working
capital intensive in nature. Furthermore, MJ being into the
retailing of jewelry the company is required to maintain a large
amount of inventory. Working capital cycle elongated to 158 days
during FY16 as compared to 96 days during FY15. The same was on
account of higher inventory period. Furthermore, due to increase
in debt and decline in PAT, Term Debt to Gross Cash Accruals (GCA)
ratio deteriorated to 26.45x during FY16 as compared to 6.87x
during FY15.

Pranaav Marathe Jewellers Private Limited (MJ) incorporated in the
year 2012, is a closely held company led by Mr Balwant Marathe and
his brother Mr Kaustubh Marathe. MJ is engaged in the designing
and retailing of all types of gems, diamonds, precious and semi-
precious stone-studded jewelry in gold, silver and platinum along
with jewelry made of natural and artificial pearls and corals.


SACHDEV STEEL: CRISIL Lowers Rating on INR6.4MM Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sachdev Steel Works Private Limited (Union
Enterprises) [SSWPL] to 'CRISIL D' from 'CRISIL C'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           6.4       CRISIL D (Downgraded from
                                   'CRISIL C')

   Proposed Long Term    2.1       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL C')

   Term Loan             4.25      CRISIL D (Downgraded from
                                   'CRISIL C')

   Working Capital       2.25      CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

The downgrade reflects delays in repayment of term debt. However,
the company benefits from the extensive experience of the
promoters in the steel industry.

Key Rating Drivers & Detailed Description

Weakness:

* Weak liquidity: Liquidity has been weak owing to negative cash
accrual, vis-a-vis term debt repayment obligation, thus leading to
delays in servicing term loan repayment obligation.

Strengths

* Extensive industry experience of the promoters: The promoter
family has been in the steel industry for over four decades.
Presently, the second generation is managing operations. The
extensive experience has helped to establish a healthy
relationship with customers and suppliers, thus ensuring repeat
orders and easy sourcing of materials, respectively. Benefits from
the experience of the promoters should continue.

SSWPL was established as a sole proprietorship firm by Mr Raj
Sachdev in 1975; the firm was reconstituted as a private limited
company with the current name in 1986. Currently, the director, Mr
Bharat Bhushan Sachdev (son of Mr. Raj Sachdev), manages
operations. The company manufactures mild steel bars and rods at
its facility in the Adityapur Industrial Area of Jamshedpur,
Jharkhand.


SAJJALA WOVEN: CARE Moves C Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Sajjala Woven Sacks
Private Limited to monitor the rating vide e-mail communications
dated October 4, 2017, October 25, 2017,  December 8, 2017,
January 19, 2018 and February 5, 2018, March 05, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the rating. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Sajjala Woven Sacks Private Limitedbank facilities will now be
denoted as CARE C; ISSUER NOT COOPERATING and CARE A4; ISSUER NOT
COOPERATING.
                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities           7.17      CARE C; Issuer not cooperating

   Short term Bank
   Facilities           1.00      CARE A4; Issuer not Cooperating

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

Detailed description of the key rating drivers

At the time of last rating in March 30, 2017, the following were
the rating strengths and weaknesses:

Key Rating weakness

Delays in debt servicing due to stressed liquidity condition of
the company: The banker has expressed satisfaction on the overall
conduct of account. There were no instances of delays or defaults
for last three months ended March 25, 2017 and no overdrawals in
CC facility. Further there are no devolvement's in LC. The
promoters have brought in compulsory convertible preference shares
(CCPS) of INR0.86 crore in FY15 and unsecured loans of INR1.97
crore in FY16 to support debt repayment and manage business
operations. The liquidity position of the company continues to
remain stressed with elongated operating cycle of 891 days in FY16
compared to 135 days in FY15. Furthermore, the total operating
income declined significantly by around 85% to INR3.36 crore in
FY16 compared to INR22.94 crore in FY15. The company incurred
operational loss in FY16 and net loss has also increased from
INR0.01 crore in FY15 to INR2.25 crore in FY16.

The company derives majority of its revenue from the agreement
signed with Dalmia Cement (Bharat) Ltd. along with other players
based out Andhra Pradesh region. Moreover, due to the
concentration, the company has been impacted to due to the unrest
in the region and thereby decline demand in real estate
construction activities, which has subsequently lead to decline in
demand in its primary client base viz. cement industry.

Inherent industry risk due to competition and raw material price
volatility: The primary raw material required is high density
polyethylene (HDPE) / polypropylene (PP), which is a crude oil
derivative and depends on the international crude oil prices which
have been very volatile in the last three years. However, instead
of procuring the raw material from the market, STBPL directly
procures the fabric from its group concern STB which is also
engaged in the same line of business. The company procures raw
material only against the orders so as to reduce the risk
pertaining to volatility in the prices of raw material. However,
due to stiff competition any inability to pass on the volatility
may put pressure on the profit margins.

Highly fragmented and competitive industry: The company operates
in the packaging industry which is highly fragmented in nature due
to the low entry barrier on account of low initial capital
investment and ease of accessibility to technology. In addition,
during the past few years, there has been substantial capacity
addition to cater the domestic and export demand. This results in
the increase in the competition especially in the domestic market.
Due to high degree of fragmentation, players like STBPL hold very
limited pricing flexibility against its customers amidst little
product differentiation.

Key Rating Strengths

Experienced promoters for more than a decade in the industry: SWS
have experienced management and have been operating the business
since last decade. Moreover, the promoters are also supporting the
business through regular infusion in form of share application
money and unsecured loans in the past.

Incorporated in 2007, Sajjala Woven Sacks Private Limited (SWS) is
engaged in manufacturing of High Density Polyethylene (HDPE) based
woven sack, bags and fabric. SWS has manufacturing facility at
Kadapa with installed capacity of 40 lakhs bags per month and 70
MT of fabric per month. The company has signed a ten year
renewable agreement (six years completed in FY15, FY refers to
April 1 to March 31) with Dalmia Cement (Bharat) Limited to supply
woven sacks from SWS.The promoters of SWS are also promoters of R.
R. Stones Private Limited [RSPL].


SAVITRI STEELS: CRISIL Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Savitri
Steels and Rerollings Private Limited (SRPL) for obtaining
information through letters and emails dated November 14, 2017,
and January 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            18       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan         12       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SRPL was incorporated in 2008, promoted by Mr. Anunay Agarawal.
The company has a manufacturing facility in Hyderabad for thermo-
mechanically-treated (TMT) bars.


SHREE RENUKA: To Attempt Sale of Brazil Sugar Mills Again
---------------------------------------------------------
Reuters reports that Shree Renuka Sugars Ltd will try for a third
time to sell sugar mills it owns in Brazil at an auction as part
of a recovery plan in its in-court debt restructuring, according
to court documents seen by Reuters.

Renuka, which entered Brazil in 2010 and owns four sugar and
ethanol plants in the country, presented a new plan to the court
overseeing its bankruptcy protection case that proposed to sell
the Revati or Madhu mills located in Sao Paulo state, or possibly
both, Reuters says.

Two sources told Reuters in February that U.S.-based private
equity firm Castlelake LP is a leading candidate to bid for the
mills, having already held talks with suppliers. Castlelake
declined to comment.

Shree Renuka's Brazilian unit filed for bankruptcy protection in
2015, Reuters recounts. It tried to sell two of its plants in
judicial auctions, but in both cases, Brazil's development bank
BNDES, who is a large creditor, obtained injunctions blocking the
auctions.

Reuters says the Revati mill is a relatively new, large
installation with capacity to process four million tonnes of cane
per year. While no minimum price was set, the buyer is required to
invest BRL170 million in the next three years to revamp the plant
and the cane fields, the report states.

According to the documents seen by Reuters, dated March 28, a
bidder would have the option to also buy a 50 percent stake in the
Madhu mill for BRL15 million (US$4.52 million), or the whole mill
if it pays the market value of the installation, to be determined
for an independent consultancy, on top of that BRL15 million.

The Indian company holds around BRL3 billion in debt related to
the two mills alone, Reuters notes.

Shree Renuka Sugars Limited -- http://www.renukasugars.com/en/--
operates as an agribusiness and bio-energy company in India and
Brazil. The company operates through Sugar, Trading, Co-
generation, and Ethanol segments. It provides white/refined sugar
and very high polarized sugar; and ethyl alcohol from molasses and
fuel grade ethanol from sugarcane juice. The company also produces
power from bagasse, a sugarcane byproduct for industrial consumers
or state grids; and provides organic manure.


SHRI VISHNU: CRISIL Lowers Rating on INR100MM Loan to D
-------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri Vishnu
Eatables India Ltd (SVEL; a part of the Shri Vishnu group) for
obtaining information through letters dated December 6, 2017, and
March 7, 2018, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            80        CRISIL D (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/ Stable')

   Export Packing         20        CRISIL D (Issuer Not
   Credit                           Cooperating; Downgraded from
                                    'CRISIL BB+/ Stable')

   Foreign Bill           30        CRISIL D (Issuer Not
   Purchase                         Cooperating; Downgraded from
                                    'CRISIL BB+/ Stable')

   Packing Credit in     100        CRISIL D (Issuer Not
   Foreign Currency                 Cooperating; Downgraded from
                                    'CRISIL BB+/ 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 entity.

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 SVEL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
SVEL 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 and
banker feedback, CRISIL has downgraded its ratings on the bank
facilities of SVEL to 'CRISIL D/CRISIL D/Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+.' The downgrade reflects delays
by SVEL in servicing debt. CRISIL held discussions with the
bankers, who have confirmed the ongoing delay.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVEL and Shri Vishnu Overseas Pvt Ltd
(SVOL), herein referred to as the Shri Vishnu group. This is
primarily because both entities are controlled by the same
management and are engaged in the same business - processing of
rice. The entities also derive considerable operational and
business synergies from each other.

SVOL was set up in 1995 by the same promoters. The group is in the
business of milling rice as well as wheat. The processing unit of
the group is located in Kaithal, Haryana.

SVEL was set up as a partnership firm in 1993 and was incorporated
in 1996 by Mr. Banarasi Lal Mittal and his five sons. The group
mills paddy and trades rice and related items. SVEL's processing
unit is in Kaithal (Haryana).


SHRI VISHNU OVERSEAS: CRISIL Cuts Ratings on INR125MM Loans to D
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri Vishnu
Overseas Pvt Ltd (SVOL; a part of the Shri Vishnu group) for
obtaining information through letters dated December 6, 2017, and
March 7, 2018, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            55        CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Export Packing
   Credit                 20        CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Foreign Bill
   Purchase               20        CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Packing Credit         30        CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/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 entity

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 SVOL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
SVOL 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 and
banker feedback, CRISIL has downgraded its ratings on the bank
facilities of SVOL to 'CRISIL D/CRISIL D/Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+.' The downgrade reflects delays
by SVEL in servicing debt. CRISIL held discussions with the
bankers, who have confirmed the ongoing delay.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shri Vishnu Eatables (India) Ltd (SVEL)
and Shri Vishnu Overseas Pvt Ltd (SVOL), herein referred to as the
Shri Vishnu group. This is primarily because both entities are
controlled by the same management and are engaged in the same
business - processing of rice. The entities also derive
considerable operational and business synergies from each other.

SVOL was set up in 1995 by the same promoters. The group is in the
business of milling rice as well as wheat. The processing unit of
the group is located in Kaithal, Haryana.

SVEL was set up as a partnership firm in 1993 and was incorporated
in 1996 by Mr. Banarasi Lal Mittal and his five sons. The group
mills paddy and trades rice and related items. SVEL's processing
unit is in Kaithal (Haryana).


SHYAM STEELS: CRISIL Withdraws D Rating on INR3.80MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shyam
Steels Private Limited (Shyam Steels) for obtaining information
through letters and emails dated August 21, 2017 and September 08,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          3.8       CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Letter of Credit     3.45      CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Term Loan            2.00      CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shyam Steels. This restricts
CRISIL's ability to take a forward Shyam Steels 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
Shyam Steels continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of Shyam
Steels 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.

Set up as a partnership firm named Shyam Steels in 1984 and
reconstituted as a private limited company with the currentname in
1987, SSPL fabricates and sells temporary power supply solutions
for industrial use. The company is based in Bhavnagar (Gujarat)
and promoted by Mr. Shyam Bhushan Khillan and Ms. Shashi
Shyambhushan Khillan.


SIDDHI VINAYAK: CRISIL Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Rating has been consistently following up with Siddhi
Vinayak Cotton Industries (Bhavnagar) (SVCI) for obtaining
information through letters and emails dated November 14, 2017,
and January 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           5.5       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    0.18      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Siddhi Vinayak Cotton Industries (Bhavnagar) to
CRISIL B+/Stable Issuer not cooperating'.

SVCI, established in 2007, is owned and managed by Mr Bharatbhai
Kukadiya. The firm operates a cotton ginning and pressing unit in
Palitana, Gujarat.


SILVER SIGN: CRISIL Moves B Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Silver Sign
Private Limited (SSPL) for obtaining information through letters
and emails dated November 14, 2017, and January 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Buyer`s Credit         5        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Foreign Letter        10        CRISIL A4 (Issuer Not
   of Credit                       Cooperating; Rating Migrated)

   Overdraft              2        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     3        CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Silver Sign Private Limited to CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

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

Set up in 2009 by Mr. Arun Kumar Bhaiya, SSPL trades in PVC
products such as PVC flexible plastic sheets (flex), PVC
lamination films, and PVC vinyl. It recently diversified into
importing LED modules. The company has branch offices in Delhi,
Mumbai, Chennai, and Kolkata.


SIM AGRO: CRISIL Migrates B Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sim Agro
Chain (SAC) for obtaining information through letters and emails
dated November 14, 2017, and January 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

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

   Term Loan            12.5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Set up in 2015, SAC is promoted by the Parsana family of Rajkot
(Gujarat). The firm started its operations in March 2016. Its
business activity comprises controlled environment and cold
storage and rental of the same and further sale of agricultural
products like fruits and vegetables.


SMILAX LABORATORIES: CARE Lowers Rating on INR128.08cr Loan to D
----------------------------------------------------------------
CARE Ratings has been seeking information from Smilax Laboratories
Ltd (SLL) to monitor the ratings vide letters/email communications
from November 10, 2017 to March 05, 2018 and numerous phone calls.
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. In line with
the extant SEBI guidelines, the rating on SLL's bank facilities
will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.
                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank     128.08      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE BBB- on the
                                  basis of best available
                                  information

   Short-term Bank     18.79      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE A3 on basis
                                  of best available information

   Long term/Short      5.00      CARE D/CARE D; Issuer Not
   Term facilities                Cooperating; Revised from
                                  CARE BBB-/CARE A3 on basis of
                                  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).

Ratings have been revised on account of delays in debt servicing
owing to stretched liquidity.

Detailed description of the key rating drivers

Key Rating weakness

Delays in debt servicing: There are delays in debt servicing of
the company due to stretched liquidity position on account of fire
accident at the manufacturing plant.

Key Rating Strengths

Experienced promoters and management team: SLL was incorporated in
December 2004 and belongs to the Ramky group of companies based in
Hyderabad.

The main promoter of the group; Mr. Alla Ayodhya Rami Reddy
(84.89% shareholding in SLL) has over a decade of experience in
the construction industry and infrastructure development space;
though the association with the pharma industry is relatively new.
However, the group has set up a huge infrastructure space at Ramky
Pharma City, Vizag and thus has association with large number of
pharma companies. The promoters are assisted by team of
experienced and qualified professionals.

SLL, incorporated in December 2004, is a pharmaceutical company
engaged in the manufacturing of advanced intermediates, active
pharmaceutical ingredients (APIs) and pellets at its manufacturing
facilities located at Jeedimetla in Telangana and Vishakhapatnam
in Andhra Pradesh. The company also undertakes contract
manufacturing and contract research activities, besides sale of
own API/Intermediates. The facilities and products of SLL are
approved by World Health Organization's Good Manufacturing
Practices (WHO GMP), Slovenian Regulatory agency-JAZMP, European
approval CEP (Certificate European Pharmacopoeia), PMDA
(Pharmaceuticals and Medical Devices Agency) approval for Japanese
market.


SPICY HUB: CRISIL Assigns B+ Rating to INR5.75MM Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Spicy Hub (SH).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             5.75      CRISIL B+/Stable (Assigned)

   Cash Credit            .18      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     .07      CRISIL B+/Stable (Assigned)

The rating reflects SH's initial stage of operations with a modest
scale, high geographical concentration in the revenue profile, and
an exposure to intense competition in the restaurant business.
These weaknesses are partially offset by the experience of the
proprietor, the advantageous location of the hotel project, and an
adequate liquidity.

Analytical Approach

Unsecured loans (outstanding at INR0.94 crore on March 31, 2017)
extended to SH by the proprietor and family were treated as
neither debt nor equity. That's because these loans do not bear
any interest and may be retained in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and initial stage of operations: Initially, the
proprietor was operating a restaurant, Spicy Hub; in fiscal 2018,
he added a three-star luxury hotel, two banquet halls and a food
court (including a sweet shop and an ice-cream parlour) within the
same property. This new business commenced operations from January
2018; hence, scale may remain small, with operating income
projected below INR7 crore in fiscal 2018.

* High geographical concentration in revenue profile and exposure
to intense competition: The hotel industry is intensely
competitive; additionally, the firm derives its entire revenue
from this single property in Hyderabad. Thus, the business is
likely to remain exposed to risks related to geographical
concentration and intense competition.

Strengths

* Experience of proprietor and advantageous location of project:
Benefits derived from the proprietor's experience of around 16
years, his strong understanding of the local market dynamics, and
healthy relations with customers and suppliers should continue to
support the business. The strategic location of the hotel is an
added advantage.

* Adequate liquidity: The firm maintains a debt service reserve
account of INR36 lakh (adequate to cover three months of principal
and interest), thus supporting the liquidity.

Outlook: Stable

CRISIL believes SH will continue to benefit over the medium term
from the advantageous project location and the experience of the
proprietor. The outlook may be revised to 'Positive' if revenue,
profitability, and cash accrual increase substantially.
Conversely, the outlook may be revised to 'Negative' if any large,
debt-funded capital expenditure, or lower-than-expected revenue
and profitability weakens the financial risk profile and
liquidity.

SH was set up in 2002 as an ethnic garden-cum-multi cuisine
restaurant in Dilsukhnagar (Hyderabad) by the proprietor, Mr Vijay
Kumar. The firm now has a restaurant, a food court, an ice cream
parlour, a sweet shop, a three-star hotel and banquet halls in its
property.


SRI VYJAYANTHI: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Vyjayanthi Labs Private Limited (SVLPL) for obtaining information
through letters and emails dated November 14, 2017, and
January 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

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

   Long Term Loan         1        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)
   Proposed Long Term
   Bank Loan Facility     4        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SVLPL is promoted by Mr. V Satyanarayana Raju and Mrs. M. Sridevi.
The company has its manufacturing facility at Parvada (Andhra
Pradesh). It manufactures mineral and drugs, which are supplied to
various pharmaceutical companies.


SUKHMANI HOLIDAYS-INN: CARE Moves D Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has been seeking information from Sukhmani Holidays-
Inn Private Limited to monitor the rating(s) vide e-mail
communications/letters dated 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 rating on Sukhmani Holidays-Inn Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       13.31     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 rating takes into account delays in debt servicing of the
company due to its weak liquidity position as the company is
unable to generate sufficient funds in a timely manner.

Detailed Description of the Key Rating Drivers

At the time of last rating on March 8, 2017, the following were
the rating strengths and weaknesses (updated for the information
available from Ministry of Corporate Affairs website).

Key Rating Weaknesses

On-going delays in debt servicing: There are on-going delays in
servicing the principal amount and interest for term loan account.
The delays are on account of weak liquidity as the company is
unable to generate sufficient funds on timely manner.

Small scale of operations coupled with cash losses: The total
operating income remained small at INR1.76 crore in FY17.The small
scale of operations limits the company's financial flexibility in
times of stress and deprives it of scale benefits. Furthermore,
the company incurred losses at the cash level of INR1.21 crore in
FY17.

Leveraged capital structure: The capital structure of the company
is leveraged with overall gearing ratio of 7.90x as on March 31,
2017 owing to high dependence on external borrowings. Furthermore,
net worth base stood low which also resulted in leveraged capital
structure. Losses incurred by the company led to erosion of net-
worth base.

Stressed debt coverage indicators: The debt coverage indicators of
the company were stressed marked by interest coverage ratio of
0.30x in FY17 and Total debt to Gross Cash Accruals (GCA) ratio of
(-17.12)x for FY17. Interest coverage ratio stood weak due to high
interest expenses and low operating income.

Key Rating Strengths

Experienced promoters: Both the directors have work experience
ranging from 27-41 years in hospitality industry and have gained
this experience through their association with another group
concerns in Holland. The directors have adequate acumen about
various aspect of business which is likely to benefit SHI in the
long term.

Sukhmani Holidays Inn Private Limited Private Limited (SHI) was
incorporated in June 2014 to acquire a running Chandigarh based,
Hotel Pearl, which was established in 2006 by Mr. Yash Pal
Mahajan. Currently, the hotel is managed by the promoters of SHI
which include Mr. Jagjeet Singh and Mrs. Harbhajan Kaur, as its
directors. SHI is engaged in running the hotel under the name
"Pearl" in Chandigarh having 34 rooms (Studio-3, Deluxe- 19 and
Executive-11), 3 banquet halls and restaurant facilities.


TATA CHEMICALS: Fitch Affirms BB+ Long-Term IDR; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Tata Chemicals Limited's (TCL) Long-
Term Issuer Default Rating (IDR) at 'BB+'. The Outlook is Stable.

TCL, in which Tata Sons Limited (TSOL) and other companies in the
Tata Group hold a total stake of 30.8%, is the world's third-
largest manufacturer of soda ash and a leading manufacturer of
branded salt in India. TCL's rating reflects its leadership and
cost competitiveness in the global soda ash market and good
geographic diversification. TCL has made significant progress in
exiting its highly regulated and working-capital intensive
fertiliser business in India. Fitch estimates that this will help
the company reduce its leverage (measured as adjusted debt to
EBITDAR) to 3.2x in financial year ending 31 March 2018 (FY18) - a
level commensurate with the current rating.

The Stable Outlook reflects Fitch's expectations of a largely
balanced global soda ash market, as the recent capacity additions
in Turkey have been counterbalanced by shutdowns due to stricter
environmental standards in China. TCL's financial flexibility has
improved as it has received proceeds of INR26.8 billion from the
sale of its urea business in January 2018. TCL's broad strategic
focus is to use the proceeds to invest in new speciality chemicals
and consumer-focused opportunities. Fitch has accordingly not
factored in any debt reduction, pending clarity on the exact
nature, quantum and the funding mix of potential investments.

KEY RATING DRIVERS

Strong Position in Soda Ash: TCL's leading soda ash operations
span India, USA, the UK and Kenya. About two-thirds of TCL's 4.4
million tonnes of soda ash capacity is based in Wyoming, USA and
Lake Magadi, Kenya, two major regions with natural trona deposits
that require low conversion costs. This underpins the company's
cost competitiveness relative to producers in other geographies
and helps to mitigate industry risks associated with the commodity
nature of its products.

Exit from Fertilisers; Improved Leverage: TCL completed its
earlier announced disposal of its urea business to Yara
International ASA (Yara) in January 2018 for cash proceeds of
INR26.8 billion. In addition, TCL has signed an agreement to sell
its complex fertiliser and agri-trading business to an entity
controlled by Indorama Corporation for INR3.8 billion. The
transaction supports TCL's credit profile because it will exit a
business that is dependent on government subsidies, has low margin
and is working-capital intensive.

TCL's leverage improved to 3.6x in FY17 (FY16: 4.8x) as TCL freed
up INR12.1 billion of cash by reducing working capital intensity
in its complex fertiliser business and used the funds to reduce
debt. Fitch estimate TCL's working capital will fall by another
INR5.5 billion over FY19 due to the sale of the complex fertiliser
business.

Strong Financial Flexibility; Growth Focus: TCL's financial
flexibility has strengthened with aggregate proceeds of more than
INR35 billion from the disposal of the urea business and a
minority stake in a group company, Tata Global Beverages Limited,
after March 2017. This will lead to a sharp drop in TCL's net
leverage (net adjusted debt to EBITDAR) to 1.3x in FY18, but this
does not reflect the underlying investment and capital structure
strategy of TCL.

TCL's strategic focus is now on seeking investment opportunities
in speciality chemicals and consumer focused businesses to recover
revenues lost from disposals. As a result, Fitch has not factored
in any reduction in net debt in its analysis at this time.

Diversified Business Profile: TCL's product portfolio comprises
soda ash and related products, branded consumer salt as well as
various farm inputs. Following the sale of the fertilizer
businesses, soda ash will account for the majority of consolidated
revenue. Nonetheless, geographic and end-market diversification
within soda ash helps to reduce the impact of cyclicality. TCL
derives around 50% of its revenue from the growing market in India
and about 43% from developed markets in US and Europe. Soda ash
has good mix of discretionary (flat glass) and non-discretionary
end-markets (detergents and glassware, among others), which limits
the cyclical variation in volumes.

Stable Conditions in Soda Ash:  Fitch expects TCL's profitability
to remain stable over the next two years, reflecting the broadly
balanced demand-supply conditions in the global soda ash industry.
Nearly 2.5 million tonnes of low-cost soda ash capacities in
Turkey were added towards the end of 2017. Nonetheless, industry-
wide profitability remained stable as shutdowns in China due to
stricter environmental standards helped to offset the impact from
the new supply. Fitch expects no major capacity additions over the
next two years, which will support soda ash producers' ability to
pass on energy price volatility to buyers to an extent.

Linkages to Tata Group: Fitch believes parental support will be
available in time of crisis. However, Fitch view TCL's linkages
with the Tata Group as weak to moderate and therefore do not apply
any uplift to TCL's IDR.

DERIVATION SUMMARY

TCL's competitive and geographically diversified presence in soda
ash supports its credit profile relative to much larger commodity
chemicals focused peers such as The Mosaic Company (Mosaic, BBB-
/Stable), CF Industries, Inc. (CF, BB+/Negative) and Ineos Group
Holdings S.A. (BB+/Stable).

TCL is rated two notches below Solvay SA (BBB/Positive), which has
a stronger business profile with its much larger scale and
business diversification. Solvay derives a high proportion of
earnings from speciality chemicals and enjoys cost advantage in
its soda ash business; combined with its stronger credit metrics
this justifies a rating two notches higher than TCL's.

CF has a larger scale and stronger profitability due to its access
to low-cost feedstock, but it is counterbalanced by TCL's better
end-market diversification and lower leverage, which results in a
rating at the same level as TCL. TCL is rated a notch higher than
SKI Carbon Black (Mauritius) Limited (Birla Carbon, BB/Positive),
reflecting a more favourable cost positioning, greater end-market
diversification and lower leverage.

KEY ASSUMPTIONS

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

- Revenue from continuing operations to increase in low single
   digits in FY19, reflecting stable growth in the soda ash
   business. Moderately higher revenue growth thereafter,
   supported by sales from new investments in speciality
   chemicals and nutraceuticals.

- Stable EBITDA margins in soda ash, reflecting largely balanced
   industry conditions as shutdowns in China have helped to
   counterbalance recent capacity additions in Turkey.

- Disposal of phosphoric fertiliser business to be completed in
   FY19. No prepayment of debt.

- Working capital to reduce by INR5.5 billion in FY19 following
   sale of phosphoric fertiliser business.

- Capex intensity, measured by capex/revenues, of around 9% in
   FY18 and FY19 and then about 5% in FY20, based on TCL's
   announced investment plans.

- Annual dividend payout of around INR3 billion -4 billion
   during FY18 to FY20.

RATING SENSITIVITIES

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

- Gross leverage (adjusted debt / operating EBITDAR) sustained
   below 2.5x
- TCL generating positive free cash flows on a sustained basis

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

- Gross leverage exceeding 3.5x on a sustained basis
- EBITDA margin deteriorating to below 15% for a sustained
   period
- TCL trending towards negative free cash flows for a sustained
   period

LIQUIDITY

Strong Liquidity: TCL's liquidity is supported by its large cash
balance of INR18.7 billion and undrawn committed credit facilities
of about INR10.3 billion as of 31 March 2017. Near-term debt
maturities included INR12.9 billion of term loans due in December
2017 at Tata Chemicals International Pte Limited, which were
refinanced after March 2017. TCL's financial flexibility remains
strong with Fitch's expectations of positive free cash generation
in FY18 and proceeds of more than INR35 billion from asset
disposals.


USHA SPINNERS: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Usha
Spinners for obtaining information through letters and emails
dated February 21, 2018 and February 26, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            12        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facility of Maa Ganga Usha Spinners to CRISIL B+/Stable Issuer not
cooperating'.

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

Usha, set up in 1998, is a Ludhiana-based proprietorship concern
that trades in cotton, polyester yarn, and cloth. Its operations
are managed by Mr Gautam Thapar.


VENKATESWARA ENTERPRISES: CRISIL Reaffirms B+ Cash Credit Rating
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Venkateswara Enterprises (VE) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            10       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       10       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.5     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect its modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of its proprietor in the
veneers and plywood trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in fragmented segment: With a topline
of INR28 crore in fiscal 2017 (down from INR36 crore in the
previous fiscal due to low supply of veneers in the overseas
market), scale remains modest. This is because of intense
competition in the veeners and plywood trading industry.

* Large working capital requirement: Gross current assets were 208
days as on March 31, 2017, due to stretched receivables of 150-200
days. Against this, the firm gets limited credit from suppliers.

Strength

* Extensive experience of proprietor: Industry presence of over a
decade has enabled the proprietor to establish strong relationship
with customers and suppliers benefitting VE.

Outlook: Stable

CRISIL believes VE will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be revised
to 'Positive' in case increase in scale of operations and
profitability leads to higher-than-expected net cash accrual and
adequate liquidity. The outlook may be revised to 'Negative' if
significantly low cash accrual or sizeable working capital
requirement puts pressure on liquidity.

Set up as a proprietorship firm in 2006 in Chennai by Mr Devender
Goel, VE trades in veneer and plywood.



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


SURIGAO CITY EVERGREEN: April 15 Claims Deadline Set
----------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Surigao City Evergreen Rural Bank, Inc.
to file their deposit insurance claims on or before the last day
of filing claims for insured deposits on April 15, 2018 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City, or personally during business hours at the PDIC
Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Surigao
City Evergreen Rural Bank was ordered closed by the Monetary Board
of the Bangko Sentral ng Pilipinas on April 14, 2016.

According to PDIC, deposit insurance claims for 151 deposit
accounts with aggregate insured deposits amounting to
PHP107,008.88 have yet to be filed by depositors. Data showed that
as of January 31, 2018, PDIC had paid depositors of the closed
Surigao City Evergreen Rural Bank the total amount of PHP10.2
million, corresponding to 98.7% of the bank's total insured
deposits amounting to PHP10.4 million.

After April 15, 2018, PDIC shall no longer accept any deposit
insurance claims from depositors of Surigao City Evergreen Rural
Bank. Their recourse is to file claims against the assets of the
closed bank through PDIC as liquidator. Payment of claims shall
depend on available assets of the bank for distribution to
creditors and the approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of deposit
and photocopy of one (1) valid photo-bearing ID with signature
together with a duly accomplished Claim Form which can be
downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney may
also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements indicated
in the letter.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.

PDIC, as Deposit Insurer, requires personal data from depositors
to be able to process their claims and protects these data in
compliance with the Data Privacy Act of 2012.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630 to
31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila may
call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-7342.
Inquiries may also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC.



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


GLOBAL A&T: FSIC Values $7 Million in Bonds at 93% of Face
----------------------------------------------------------
FS Investment Corporation has marked its $7,000,000 in debt
obligations extended to privately held Global A&T Electronics Ltd.
to market at $6,490,000 or 93% of the outstanding amount, as of
Dec. 31, 2017, according to a disclosure contained in a Form 10-K
filing with the Securities and Exchange Commission for the fiscal
year ended Dec. 31, 2017.

FSIC holds senior secured bonds issued by Global A&T Electronics
that is scheduled to mature Feb. 1, 2019.  The bonds charge
interest at 10.0%.

FSIC said the bonds are on non-accrual status.

                   About Global A&T Electronics

Global A&T Electronics Ltd. is a subsidiary of UTAC Holdings Ltd.
that provides semiconductor assembly and test services for
integrated circuits for use in analog, mixed-signal and logic, and
memory products in the United States, Japan, rest of Asia, Europe,
and internationally.

UTAC is headquartered in Singapore, with production facilities
located in Singapore, Thailand, Taiwan, China, Indonesia and
Malaysia.  The company's global sales network is broadly focused
on five regions: the United States, Europe, China and Taiwan,
Japan, and the rest of Asia.

Global A&T and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 17-23931 to
17-23943) on Dec. 17, 2017.  In the petition signed by general
counsel Michael E. Foreman, Global A&T estimated assets of $500
million to $1 billion and liabilities of $1 billion to $10
billion.

Judge Robert D. Drain presides over the cases.

The Debtors hired Kirkland & Ellis LLP as their bankruptcy
counsel; Moelis & Company Asia Limited and Moelis & Company LLC as
financial advisors; Alvarez & Marsal North America, LLC and
Alvarez & Marsal (SE Asia) Pte. Ltd. as restructuring advisors;
and Prime Clerk LLC as notice, claims and balloting agent.

                            *     *     *

On December 21, 2017, the United States Bankruptcy Court for the
Southern District of New York approved the disclosure statement
disclosure statement explaining Global A&T Electronics, Ltd.'s
Chapter 11 Plan of Reorganization and confirmed the Joint Plan.

Before filing for bankruptcy, Global A&T announced on November 2,
2017, a Global Settlement, Forbearance, and Restructuring Support
Agreement with key stakeholders.

On the Plan effective date:

   * the Debtors will issue $665 million in 8.5% New Secured Notes
due 2022, and the Debtors will distribute approximately $517.64
million of the New Secured Notes to the Initial Noteholders and
approximately $84.9 million of the New Secured Notes to the
Additional Noteholders;

   * the Debtors will also distribute $8.89 million of Cash to the
Initial Noteholders;

   * the Debtors will distribute an additional $11.11 million of
the New Secured Notes and $1.11 million of
Cash to the 2014 Plaintiff Initial Noteholders;

   * included in the $517.64 million of New Secured Notes that the
Debtors will distribute to Initial Noteholders are $5 million of
New Secured Notes that would otherwise be distributed to the
Holder of the Affiliate Noteholder Notes;

   * UTAC, the Debtors' ultimate equity owner, will issue common
equity to the Additional Noteholders in such amount as to
constitute 31% of the outstanding common equity of UTAC on a
post-emergence basis, subject to dilution by any post-emergence
management incentive plan adopted by UTAC, with the Affinity
Entities (other than the Affiliate Noteholder) and TPG
Collectively holding, directly or indirectly, the other 69% of the
outstanding common equity of UTAC on a post-emergence basis;

   * all outstanding and undisputed General Unsecured Claims
against the Debtors will be Unimpaired and unaffected by the
Chapter 11 Cases, and will be paid in full in Cash;

   * all Priority Tax Claims, Other Priority Claims, and Other
Secured Claims will be paid in full in Cash, or receive such other
customary treatment that renders such Claims Unimpaired under the
Bankruptcy Code;

   * all Administrative Claims shall be paid in full in Cash, or
receive such other customary treatment that renders such Claims
Unimpaired under the Bankruptcy Code; provided that the Debtors
will distribute $31.25 million in New Secured Notes to the Initial
Noteholders that are Consenting Noteholders under the
Restructuring Support Agreement and $25.1 million in New Secured
Notes to the Additional Noteholders that are Consenting
Noteholders under the Restructuring Support Agreement in full
satisfaction of all Claims arising on account of the Forbearance
Fee; and

   * UTAC will cause UMS -- which provides semiconductor testing
and assembly services similar to GATE to its sole customer,
Panasonic -- to guarantee the New Secured Notes, and UMS and GATE
will be operated by a single management team, owned by UTAC.

A full-text copy of the Disclosure Statement is available at:

      http://bankrupt.com/misc/nysb17-23931-11.pdf

An ad hoc group of consenting initial noteholders is represented
by Milbank, Tweed, Hadley & McCloy, LLP as legal counsel and PJT
Partners as investment banker.

A second ad hoc group of consenting initial noteholders is
represented by Dechert LLP as legal counsel.

An ad hoc group of additional noteholders is represented by Ropes
& Gray LLP as legal counsel and Houlihan Lokey as financial
adviser.


PUMA ENERGY: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Singapore-based oil distributor Puma
Energy Holdings Pte Ltd's (Puma Energy) Long-Term Issuer Default
Ratings (IDR) and Puma International Financing S.A's senior
unsecured notes at 'BB'. The Outlook on the IDR is Stable.

The ratings continue to reflect Puma Energy's high leverage as
well as its diversified, vertically integrated midstream and
downstream oil distribution model, with leading market shares in a
number of countries and a focus on high-growth markets.

While the group's business profile remains supportive of the
current ratings, Puma Energy's funds from operations (FFO) readily
marketable inventories (RMI) lease-adjusted net leverage was
weaker than expected in 2017 at 4.2x, driven primarily by material
working capital outflows in 2017 that was only partly offset by an
expected reduction in capex. The Stable Outlook reflects our
assumption that the group will gradually deleverage to 3.5x on the
back of moderate EBITDA growth, reduced expansionary capex and
fewer acquisitions.

KEY RATING DRIVERS

Working Capital Outlays Delay Deleveraging: Puma Energy reported
working capital outflows of USD215 million in 2017 (versus USD89
million inflow in 2016), driven by inventory build-up for new
activities in Myanmar and Ghana, higher oil prices, reduced
payables in some markets and one-off outlays such as those related
to the acquisition of BP's terminal in Belfast. Cash from
operations (CFO) was down 60% yoy as a result and came below our
2017 base case, which had projected a normalisation in 2H17. FFO
RMI lease-adjusted net leverage was 4.2x at end-2017 versus our
4.0x forecast and 3.8x in 2016. Fitch assumes that some of these
effects will remain in 2018 with negative, albeit smaller, working
capital outflows.

Deleveraging Expected: Under Fitch's base case, FFO RMI lease-
adjusted net leverage will gradually decline to around 3.5x in
2020. This is driven by stronger free cash flow (FCF) generation
as capex remains below the expansionary levels of the past few
years, the historically high investments start to contribute to
EBITDA and the one-off working capital effects of 2017 are not
repeated. Failure to maintain FFO RMI adjusted leverage below 4x
will put pressure on the ratings.

Lower Investments Support Outlook: Fitch forecasts positive FCF
generation and deleveraging from 2019 onwards as Puma Energy
focuses on optimising its past investments. This assumes no
material debt-funded acquisitions in 2018-2021, and reduced annual
capex of around USD400 million, of which USD100 million are for
maintenance and the remainder primarily dedicated to greenfield
projects. We view this shift in strategy as positive as the USD5.7
billion spent on capex and acquisitions in 2012-2016 has only
translated into a USD200 million increase in EBITDA since 2012.
This is partly explained by longer lead times than expected for
some projects and by sizeable investments in the midstream
activities in support of the downstream business.

Moderate Improvement in EBITDA: Fitch's base case forecasts a 5%
annual growth in EBITDA in 2018-2021, reflecting positive regional
growth trends and stable margins. This is underpinned by our
expectations that oil products will remain in demand in developing
markets due to their essential nature, therefore enjoying limited
price elasticity. We assume solid downstream volume growth in Asia
Pacific, driven by the recent investments in Pakistan and Myanmar,
positive trends in Europe on the back of expansion in midstream
activities and a mild recovery in the B2B segment in South Africa
(BB+/Stable) in 2018. We also assume that the unit margin dilution
associated with the growing midstream activities will partly be
offset by Puma Energy's strategic focus on the higher-margin non-
fuel retail business.

Diversification Mitigates EM Risks: The diversified footprint and
customer base of Puma Energy, its integrated model and its
operations in semi- or fully-regulated markets continue to
mitigate the potential volatility and risks associated with its
exposure to emerging economies. Puma Energy's unit margins and
EBITDA are not directly affected by oil prices, as evidenced in
2015 when oil prices dropped significantly. However, it is not
immune to other factors such as FX and end-market risk. A steep
devaluation in currency against the dollar takes around three to
six months to pass on to consumers, as seen in 2015 and 2016 and
pricing pressure affects some of its end-markets, such as B2B and
mining in South Africa in 2017.

Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Therefore, in evaluating leverage and
interest coverage ratios, Fitch excludes debt associated with
financing RMI (such as refined oil products) and reclassifies the
related interest costs as cost of goods sold. The difference
between RMI-adjusted and RMI-unadjusted FFO net leverage is around
0.5x-1.0x, and Puma Energy's RMI-adjusted ratio is commensurate
with the IDR at 'BB'.

DERIVATION SUMMARY

Puma Energy operates a unique integrated midstream and downstream
business model with storage, distribution, fuel-retailing and B2B
activities. Competitors include oil majors and commodity traders
with downstream assets, with typically lower margins than Puma
Energy's.

Its retail operations can be compared to some extent with those of
UK-based independent petrol operator EG Group Limited (EG,
B/Stable). EG is however significantly less geographically
diversified than Puma Energy with a sole focus on mature European
markets, although it is acquiring US assets that are expected to
improve its overall scale and diversification outside Europe. EG
benefits from a higher exposure than Puma Energy to more
profitable convenience and food-to-go retail.

EG's rating reflects its weak financial profile, with pro-forma
FFO adjusted gross leverage expected to increase to slightly above
7.0x following announced debt-funded acquisitions, as well as the
associated execution risks.

KEY ASSUMPTIONS

Fitch's Key Assumptions within our Rating Case for the Issuer

- Volume growth of around 5% p.a. for 2018-2021

- Unit margin (including midstream) decreasing to around
   USD62/cubic metre by 2019

- Downstream contribution decreasing to around 80% of total
   gross profit by 2019

- Around USD350 million to USD450 million p.a. outlay for
   acquisitions and capex from 2018 onwards

RATING SENSITIVITIES

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

- Improved business risk profile reflecting successful
   implementation of growth plans through acquisitions and
   greenfield projects, while maintaining sufficient geographic
   diversification

- Steady profitability and internal cash-flow growth with
   EBITDAR surpassing USD1 billion

- FCF/EBITDAR excluding expansionary capex (cash conversion) at
   or above 35% on a sustained basis

- FFO RMI-adjusted net leverage below 3.0x with evidence of
   deleveraging on a sustained basis

- Maintaining FFO fixed charge coverage above 4.5x

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

- Sharp deterioration in sales volume due to a competitive or
   regulatory environment or reflecting difficulties in
   integrating acquisitions with EBITDAR falling below USD500
   million

- FCF/EBITDAR excluding expansionary capex (cash conversion)
   decreasing to 15% or below on a sustained basis

- Continued debt-funded acquisitions/investments leading to FFO
   RMI-adjusted net leverage remaining above 4.0x on a sustained
   basis

LIQUIDITY

Adequate Liquidity: As at end-2017, Puma Energy held unrestricted
cash and cash equivalent balances of USD491 million and undrawn
committed long-term credit lines of USD393 million. The group also
has USD1.5 billion shareholder revolving credit facilities (RCFs)
from Trafigura maturing in September 2018 that remain undrawn
since 2014. This compares with reported maturing debt of USD754
million at end-2017 and negative FCF of USD73 million under our
rating case in 2018.

The base case assumes that refinancing risk is low and that Puma
Energy will maintain its access to the bank and debt capital
markets as demonstrated over the last six months. In September
2017, the group raised a USD350 million five-year amortising
unsecured facility and a USD75 million six-year unsecured bullet
term loan. In October 2017, it issued USD600 million senior notes
due 2024 at a coupon of 5.125% to fund a USD590 million tender
offer for its 6.75% USD1 billion notes maturing in 2021. In
January 2018, the group issued USD750 million senior notes due
2026 at a coupon of 5% to redeem its USD410 million 2021
outstanding notes and refinance amounts drawn under RCFs.



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


GM KOREA: Threatens Bankruptcy Unless Revival Plan Gets Support
---------------------------------------------------------------
Sohee Kim at Bloomberg News reports that General Motors Co. said
it intends to file its South Korean unit for bankruptcy if its
labor union fails to agree on a restructuring plan that needs to
be outlined within the next four weeks, putting pressure on
employees and the government to help it stay afloat in the
country.

Barry Engle, GM's international chief, told union leaders on March
26 that the company needs employees' support by the end of March,
a spokesman for GM in Seoul said, Bloomberg relays.

April 20 is the deadline for GM to submit its turnaround proposal
to the government, and the company is seeking a tentative
agreement with unions well before that, the spokesman said.

According to Bloomberg, GM is seeking concessions from the union
to revive its South Korean business that has been hurt by mounting
losses. In February, GM offered a $2.8 billion new investment plan
to turn around the unit over the next 10 years following a threat
to exit the country entirely.

Bloomberg relates that Mr. Engle told union leaders that GM Korea
faces making $600 million in payments by the end of April to
vendors and employees who applied for voluntary resignations. He
said GM won't inject that sum if its plan doesn't get the support
from the union, and the company will choose to file for bankruptcy
instead, the report says.

He also said the company will submit requests for financial
support from the South Korean government on March 27. Engle also
said the company intends to manufacture two models targeted for
the U.S. market -- one SUV and one crossover vehicle --- in its
South Korean plants.

As part of its turnaround plan, GM said in February it's closing a
facility in the town of Gunsan. The union said it asked Mr. Engle
on March 26 about the company's plan to assist the 680 workers at
the Gunsan plant as a precondition for wage negotiations. Mr.
Engle responded that there was no separate rescue plan for the
Gunsan workers since the plant was already being shuttered,
Bloomberg relays.

Bloomberg adds that the union has pledged to go on full strike if
the company fires even one worker, Lim Han-taek, chief of GM
Korea's union, said in an interview in February, also urging the
company to include electric vehicle models for its production
plans in South Korea that would guarantee a longer stay.

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



                             *********

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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