TCRAP_Public/180416.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

            Monday, April 16, 2018, Vol. 21, No. 074

                            Headlines


A U S T R A L I A

DANCE NATION: Second Creditors' Meeting Set for April 23
FORCE RESOURCES: Second Creditors' Meeting Set for April 24
GLASSHAT PTY: First Creditors' Meeting Set for April 23
JEYGAR INVESTMENTS: First Creditors' Meeting Set for April 20
LA TROBE 2018-1: S&P Assigns 'B' Rating to AUD6.75MM Cl. F Notes

RED LEA: Emotional Scenes as Hundreds Attend Creditors' Meeting
MARK NERADOVIC: First Creditors' Meeting Set for April 23
TOORAK STORE: Second Creditors' Meeting Set for April 23
WELMACORMIC PTY: First Creditors' Meeting Set for April 19


C H I N A

CHINA HONGQIAO: Moody's Assigns B1 CFR; Outlook Stable
CHINA HONGQIAO: S&P Raises ICR to 'B+' on Improving Liquidity
CIFI HOLDINGS: Fitch Assigns BB Rating to USD Senior Notes
CIFI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B+'
FUJIAN YANGO: Fitch Publishes 'B' Issuer Default Rating

FUJIAN YANGO: S&P Assigns B Issuer Credit Rating, Outlook Stable
FUTURE LAND: S&P Ups ICR to BB on Scale Expansion, Outlook Stable
FUTURE LAND: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable
FUTURE LAND HOLDINGS: Moody's Hikes CFR to Ba2; Outlook Stable
GOLDEN EAGLE: S&P Raises ICR to 'BB' on Improving Liquidity

LANDSEA GREEN: Fitch Assigns 'B' Rating to Proposed USD Notes
LANDSEA GREEN: Moody's Gives B3 Sr. Unsec. Rating to New USD Bond
SUNAC CHINA: S&P Alters Outlook to Stable & Affirms 'B+' ICR


I N D I A

2GETHERMENTS INFRA: CRISIL Migrates B Rating to Not Cooperating
ARMANIA AGRO: CRISIL Assigns 'B' Rating to INR7MM Cash Loan
AVONTARA SPA: CRISIL Assigns B Rating to INR13.5MM Term Loan
BELLATRIX INFRA: Ind-Ra Migrates B+ Rating to Non-Cooperating
GHANTA FOODS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating

GOVARDANAGIRI AGRO: Ind-Ra Migrates B+ Rating to Non-Cooperating
HALDIA NIRMAN: CRISIL Moves B Rating to Not Cooperating Category
J.S.M. FORGING: CRISIL Moves B- Rating to Not Cooperating
K.M. KHAN: CRISIL Migrates B- Rating to Not Cooperating Category
LAKSHMI VENKATA: CRISIL Moves B Rating to Not Cooperating Cat.

LEKH RAJ: CRISIL Migrates B+ Rating to Not Cooperating Category
LIFETREE ACADEMICS: CRISIL Moves B+ Rating to Not Cooperating
LYKA BDR: Ind-Ra Assigns 'B' LT Issuer Rating to INR134MM Loan
MANAV AGRI: CRISIL Migrates B+ Rating to Not Cooperating Category
MGI INDIA: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating

OPUS INDUSTRIES: CRISIL Moves B- Rating to Not Cooperating
PATIL BUILDERS: Ind-Ra Withdraws 'BB' LT Issuer Rating
PRABHAT CABLES: CRISIL Moves B+ Rating to Not Cooperating Cat.
PRASHANT INDUSTRIAL: CRISIL Moves B+ Rating to Not Cooperating
RAMADE MEMORIAL: CRISIL Assigns B Rating to INR12MM LT Loan

RAVIS EXPORTS: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
RDC AUTOMOBILE: CRISIL Moves B Rating to Not Cooperating Category
S.B. AGENCIES: CRISIL Lowers Rating on INR7MM Cash Loan to D
SOLVE PLASTIC: Ind-Ra Withdraws 'B' Long Term Issuer Rating
SOUTHERN AUTO PRODUCTS: CRISIL Moves B Rating to Not Cooperating

SOUTH INDIA SPINNING: CRISIL Moves B Rating to Not Cooperating
SRINIDHI ENTERPRISES: CRISIL Assigns B+ Rating to INR6MM Loan
SUMERU PROCESSORS: Ind-Ra Maintains BB Rating in Non-Cooperating
VANTA BIOSCIENCE: Ind-Ra Gives B+ LT Issuer Rating, Outlook Stable
VELAVEN POLYMERS: Ind-Ra Migrates 'D' Rating to Non-Cooperating

VIVAANA DESIGNERS: Ind-Ra Maintains B- Rating in Non-Cooperating
VYANKTESH CORRUGATORS: CRISIL Moves B+ Rating to Not Cooperating


I N D O N E S I A

LIPPO KARAWACI: Moody's Puts B1 Rating on Review for Downgrade


M O N G O L I A

MONGOLIAN MORTGAGE: Moody's Assigns B3 Rating to Sr. Unsec. Bonds


S O U T H  K O R E A

GM KOREA: Parent Hints at Withdrawing Debt-For-Equity Swap Plan


S R I  L A N K A

SRI LANKA: Fitch Gives B+(EXP) Rating to New USD-Denominated Bonds
SRI LANKA: S&P Assigns B+ Rating to New USD Senior Unsec. Notes


V I E T N A M

VINACOMIN HOLDING: Moody's Affirms B3 Corporate Family Rating


                            - - - - -


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


DANCE NATION: Second Creditors' Meeting Set for April 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Dance Nation
Australia Pty Ltd has been set for April 23, 2018 at 11:30 a.m. at
the offices of Mackay Goodwin, Level 2, 10 Bridge Street, in
Sydney, New South Wales.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 20, 2018, at 4:00 p.m.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Dance Nation on March 8, 2018.


FORCE RESOURCES: Second Creditors' Meeting Set for April 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Force
Resources Pty Ltd has been set for April 24, 2018, at 11:00 a.m.
at the offices of Balance Insolvency, 6.05, 50 Clarence Street, in
Sydney, New South Wales.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2018, at 4:00 p.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Force Resources on March 12, 2018.


GLASSHAT PTY: First Creditors' Meeting Set for April 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Glasshat
Pty Ltd will be held at the offices of PPB Advisory, Level 7, 8
Chifley, 8 - 12 Chifley Square, in Sydney, New South Wales, on
April 23, 2018, at 11:00 a.m.

Daniel Austin Walley and Philip Patrick Carter of PPB Advisory
were appointed as administrators of Glasshat Pty on April 12,
2018.


JEYGAR INVESTMENTS: First Creditors' Meeting Set for April 20
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Jeygar
Investments Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Suite 5A, Level 5, 34 East
Street, in Rockhampton City, Queensland, on April 20, 2018, at
10:30 a.m.

Morgan Gerard James Lane of Worrells Solvency was appointed as
administrator of Jeygar Investments on April 11, 2018.


LA TROBE 2018-1: S&P Assigns 'B' Rating to AUD6.75MM Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for La Trobe Financial Capital
Markets Trust 2018-1. La Trobe Financial Capital Markets Trust
2018-1 is a securitization of nonconforming and prime residential
mortgages originated by La Trobe Financial Services Pty Ltd.

The ratings reflect:

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

-- The availability of a retention amount, amortization amount,
    and yield reserve, which will all be funded by excess spread,
    but at various stages of the transaction's term. They will
    have separate functions and timeframes, including reducing
    the balance of senior notes, reducing the balance of the most
    subordinated notes, and subject to conditions, pay senior
    expenses and any interest shortfalls on the class A1S, class
    A1L, and class A2 notes.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 1.5% of the outstanding balance of the
    notes, and principal draws, are sufficient under its stress
    assumptions to ensure timely payment of interest.

-- A condition to maintain a minimum margin on the assets.

The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

  RATINGS ASSIGNED

  Class       Rating        Amount
                          (mil. A$)
  A1S         AAA (sf)      150.00
  A1L         AAA (sf)      375.00
  A2          AAA (sf)      133.50
  B           AA (sf)        30.00
  C           A (sf)         23.25
  D           BBB (sf)       16.50
  E           BB (sf)         9.75
  F           B (sf)          6.75
  Equity      NR              5.25

  NR--Not rated.


RED LEA: Emotional Scenes as Hundreds Attend Creditors' Meeting
---------------------------------------------------------------
SBS reports that hundreds of people have turned out for the first
Red Lea Chickens creditors' meeting, following the company's
decision to enter voluntary administration.

More than 500 workers were informed by email over Easter that they
no longer had jobs, the report says.

It caused emotional scenes outside the company's processing plant
in Blacktown, in Sydney's west earlier this month as staff
expressed their feelings about the decision, according to the
report.

SBS relates that the affected workers -- many of whom have a
migrant background -- were based at the company's processing plant
and six company-owned stores.

"We have no money, no nothing. I have to pay my loan, my mortgage,
my everything, bills," the report quotes Former worker Jirawan
Chaisri as saying.

Another former worker, Kennedy Troe, said: "Red Lea going down is
a really big problem for me. I look after my family, look after
all the people overseas and now there is no income coming in. It's
a very big problem for me," SBS relays.

According to the report, chicken grower Frank Grima said he was
AUD130,000 out of pocket and can't pay his son who works for him,
while former Red Lea employee Tomen Sahn said he is struggling to
support his wife and three children.

SBS relates that Patricia Fernandez from Meat Workers Union NSW
said all the workers will be paid their entitlements.

"They can either get paid their entitlements through a Deed of
Company Arrangement, which we're not confident we're ever going to
get. But eventually it is guaranteed by the Government, but how
wrong is that, that taxpayers are going to be left picking up the
bill," the report quotes Ms. Fernandez as saying.

                     About Red Lea Chickens

Red Lea Chickens distributed chicken products to supermarkets,
speciality butchers, restaurants and hotels, supplied by a network
of farms and growers across NSW.

On March 29, 2018, Barry Frederic Kogan, Jason Preston and
Katherine Sozou of McGrathNicol were appointed as administrators
of these entities:

    - Red Lea Chickens Pty Ltd,
    - Red Lea Leasing Pty Limited,
    - Red Lea Feed Pty Ltd,
    - Red Lea Hatchery Pty Ltd;
    - Red Lea Logistics Pty Ltd;
    - Red Lea Franchising Pty Ltd;
    - Red Lea Franchise Pty Limited;
    - ORLC 92 Pty Ltd;
    - Red Lea Corrugation & Flexo Pty Ltd; and
    - Red Lea Retail Holding Pty Ltd.


MARK NERADOVIC: First Creditors' Meeting Set for April 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Mark
Neradovic Pty Ltd will be held at Suite 601, Level 6,
20 Queen Street, in Melbourne, Victoria, on April 23, 2018, at
11:00 a.m.

Andrew William Poulter of IRT Advisory was appointed as
administrators of Mark Neradovic on April 11, 2018.


TOORAK STORE: Second Creditors' Meeting Set for April 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of Toorak Store
Pty Ltd, trading as Billy's Nook, has been set for April 23, 2018,
at 3:00 p.m. at the offices of Chartered Accountants Australia and
New Zealand, Level 18, 600 Bourke Street, 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 20, 2018, at 4:00 p.m.

Laurence Andrew Fitzgerald and Michael James Humphris of William
Buck were appointed as administrators of Toorak Store on March 19,
2018.


WELMACORMIC PTY: First Creditors' Meeting Set for April 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Welmacormic
Pty Ltd will be held at Level 49, 108 St Georges Terrace, in
Perth, West Australia, on April 19, 2018, at 10:00 a.m.

Jimmy Trpcevski of WA Insolvency was appointed as administrator of
Welmacormic Pty on April 10, 2018.



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


CHINA HONGQIAO: Moody's Assigns B1 CFR; Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) to China Hongqiao Group Limited.

The ratings outlook is stable.

RATINGS RATIONALE

"The B1 rating reflects Hongqiao's long operating history and
leadership position in aluminum production in China," says Franco
Leung, a Moody's Senior Vice President.

"Its production volume of around 7.544 million tons for 2017 -
after a 2.68 million tons capacity cut in mid 2017 - still ranked
the company as the largest aluminum producer in China and
globally," adds Leung who is also Moody's Lead Analyst for
Hongqiao. "This large scale helps Hongqiao achieve economies of
scale."

The rating also reflects Hongqiao's vertically integrated business
model that has resulted in strong profitability and high business
growth when compared to domestic peers.

Hongqiao has a long operating history, with its aluminum
operations dating back to 2006. It benefits from relatively
advanced production facilities and high capacity smelters when
compared to its industry rivals.

In addition, the company has a vertically integrated business
model that provides it with cost advantages. In particular, it has
a captive power supply and alumina production capacity that
furnished about 80% of the company's energy and alumina needs in
2017. Through its joint ventures and associates, Hongqiao enjoys
good access to bauxite and additional sources of alumina, which
are essential raw materials for aluminum production.

Consequently, the company enjoys stronger profitability than its
domestic peers. Moody's expects that Hongqiao will maintain its
cost advantages, with EBITDA margins of around 21% in 2018-2019,
despite the cyclicality of aluminum and raw material prices.

On the other hand, Hongqiao's CFR is constrained by the regulatory
risks prevalent in China's aluminum industry.

Hongqiao shut down projects with total production capacity of
approximately 2.68 million tons of aluminum products in 2017,
following government-imposed capacity cuts. The mandatory
reduction represented approximately 29% of the company's total
production capacity. However, the industry-wide capacity cuts have
also lifted aluminum prices since 2015; thereby partially
mitigating the negative impact.

As a result of the reduced output and consequent drop in EBITDA,
Moody's expects the company's leverage - as measured by
debt/EBITDA - to modestly rise to around 4.1x in 2018-2019 from
3.5x in 2017, under Moody's price assumption of an average of
RMB11,695 per ton of aluminum.

The rating is also constrained by the inherent cyclicality in the
aluminum industry, which in turn leads to volatile credit metrics.
Hongqiao's business model is exposed to a single metal in a
capital and energy-intensive sector. Its generated EBITDA margins
have consequently ranged significantly from 22.0%-37.5% during
2012-2017. These levels, however, are still higher than for most
of its domestic peers.

The rating also factors in the frequent changes in Hongqiao's
auditors in recent years, and the late publication of its 2016
financial statements.

These concerns are somewhat mitigated by Hongqiao's proven access
to the domestic and offshore capital markets and the arrival of
new equity investors. CITIC Group Corporation (A3 negative) held a
9.19% stake and convertible bonds of US$320m in the company at the
end of February 2018, and recommended one member, who was approved
and appointed to Hongqiao's board of directors in December 2017.
The Capital Group Companies Inc. also acquired a 6.27% stake in
January 2018.

Hongqiao's liquidity is adequate. At December 31, 2017, it had
RMB21.1 billion in short-term debt and Moody's estimates RMB3.3
billion and RMB4.5 billion in capital expenditure and dividend
payments due in the next 12 months. Moody's expects the company
will be able to meet these obligations through its: (1) RMB21.9
billion of cash holdings; (2) operating cash flow of around RMB9.5
billion for the next 12 months, based on Moody's projection; and
(3) RMB5.1 billion share issuance completed in January 2018.

The stable rating outlook reflects Moody's expectation that
Hongqiao's local market position will remain strong, despite the
latest round of capacity cuts. In addition, Moody's expects the
company will generate adequate cash flow from operations to meet
its payment obligations, despite volatile industry conditions, and
that it will adhere to sound corporate governance standards.

Upward rating pressure could arise if Hongqiao: (1) successfully
manages regulatory changes and industry cycles for a sustained
period; (2) meaningfully improves its credit metrics and liquidity
profile, with adjusted debt/EBITDA below 3.0x-3.5x, positive free
cash flow and higher cash coverage of short-term debt on a
sustained basis; (3) establishes a track record of prudent
financial policy and management.

Downward rating pressure could arise if: (1) its operations weaken
as a result of an industry downturn or regulatory change; (2) it
fails to adhere to prudent financial management and sound
corporate governance standards; (3) it pursues aggressive debt-
funded expansion; (4) there is a material weakening in its credit
metrics, with its adjusted debt/EBITDA above 4.5x or EBIT interest
coverage below 2.0x for a prolonged period; or (5) its liquidity
profile deteriorates, thereby raising refinancing risk.

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

Founded in 1994 and headquartered in Zouping, Shandong Province,
Hongqiao is the largest aluminum manufacturer in China as well as
globally, by production volume. The company listed on the Hong
Kong Stock Exchange in March 2011.

At the end of February 2018, China Hongqiao Group Limited was
67.99% owned by Chairman Mr. Zhang Shiping, 9.19% owned by CITIC
Group Corporation, and 6.78% by The Capital Group Companies Inc.
The company posted revenue of RMB93 billion in 2017.


CHINA HONGQIAO: S&P Raises ICR to 'B+' on Improving Liquidity
-------------------------------------------------------------
S&P Global Ratings said it has raised its long-term issuer credit
rating on China Hongqiao Group Ltd. to 'B+' from 'B'. The outlook
is stable. S&P also raised its long-term issue rating on the
company's outstanding senior unsecured notes to 'B' from 'B-'.
China-based Hongqiao is the largest primary aluminum producer
globally.

S&P said, "We raised the ratings on Hongqiao to reflect the
company's improving liquidity. The company's 2017 operating cash
flow exceeded our expectations mainly due to better working
capital management. We expect Hongqiao to have sufficient
financial sources to cover its liquidity requirements in the next
12 months, benefiting from an enriched cash balance as of end
2017, stable funds from operations (FFO), and declining capital
spending. We also expect the company's financial metrics to
improve with the company using excess cash to pay down debt."

Hongqiao has improved its capital structure and maturity profile
through share placements and issuance of convertible bonds,
respectively.

S&P said, "Meanwhile, we believe Hongqiao will continue to have
strong access to credit from banks. Its total credit facilities
increased to Chinese renminbi (RMB) 41.3 billion as of Dec. 31,
2017, from around RMB20.0 billion at the end of 2016. The
company's recent capital market transactions not only boosted its
cash balance, but also demonstrated its satisfactory standing in
the capital market. These transactions include its share placement
to CTI Capital Management Ltd. in December 2017 and to a group of
institutional investors in January 2018, as well as the issuance
of commercial paper and medium term notes by its mainland
subsidiary.

"We expect aluminum prices in 2018 to remain largely stable
compared with 2017, supported by a more balanced supply and demand
equilibrium on the back of China's de-capacity and environmental
protection campaigns. However, aluminum producers' margins may
come under pressure, given increases in the costs of raw materials
and potential increases in power tariffs. Nevertheless, we expect
the company to maintain its cost position enabling the company to
maintain above average profitability versus its peers.

"We continue to assess the company's financial policy as negative
given its appetite for aggressive capacity expansion in the past.
That said, the company appears to have reduced its appetite for
both organic growth and acquisitions. Hongqiao's lowered its
capital expenditure (capex) materially to RMB8.9 billion in 2017
from RMB21.6 billion in 2016, the first meaningful reduction in
the past five years. We expect the company to further cut its
capex in 2018 and 2019 as there will be no major capacity
additions. As a result, we forecast Hongqiao to continue to
generate positive free cash flow in the next two years.

"We also kept our assessment of the company's management and
governance as weak because the company only published its 2016
annual report and clarification report about five months ago. A
key credit issue for the company will be whether it can develop a
track record of timely and transparent financial reporting and
market communication.

"The stable outlook on Hongqiao reflects our view that aluminum
prices will remain stable in the next 12 months, supported by a
benign demand outlook and disciplined supply induced by de-
capacity and environmental protection measures. We expect Hongqiao
to maintain its large operational scale and cost advantage in the
aluminum industry. We forecast the company to improve its leverage
owing to healthy operating cash flow and lower capex.

"We could lower the ratings on Hongqiao if its liquidity
deteriorates due to worsening working capital management or
higher-than-expected capital spending. We could also downgrade the
company if its financial metrics significantly fall below our
expectations, which may result from lower-than-expected aluminum
prices or overruns in production costs. An indication could be its
FFO-to-debt ratio falling below 20% for a sustained period."

S&P may upgrade the company in the next 12 months if:

-- The company adopts a more prudent financial policy and
    demonstrates greater discipline with capital spending and
    expansions;

-- Its financial performance improves materially such that its
    FFO-to-debt ratio exceeds 30% for a sustained period; or

-- Hongqiao develops a track record of transparent and timely
    financial reporting and communication to the market.


CIFI HOLDINGS: Fitch Assigns BB Rating to USD Senior Notes
----------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) proposed US dollar senior
notes an expected rating of 'BB(EXP)'.

The final rating is contingent on the receipt of final documents
conforming to information already received. The notes are rated at
the same level as CIFI's senior unsecured debt rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company. The proceeds of the notes will be used
to refinance debt and for general corporate purposes.

KEY RATING DRIVERS

Strong Performance in 2017: CIFI's attributable contracted sales
in 2017 increased by 88% to CNY55 billion, while land acquisitions
picked up to 82% of contracted sales on attributable basis.
Leverage, as measured by net debt/adjusted inventory with
proportionate consolidation of JVs and associates, was stable at
36% at end-2017. The healthy leverage was due to CIFI's share
placement, more flexible land premium payment and adoption of the
JV model, which improves operational efficiency and lowers land
acquisition and funding costs.

Fitch expects CIFI's leverage to rise slightly but stay well below
45% for the next 12-18 months as CIFI plans to acquire more land
in 2018 to further strengthen its land bank. CIFI had a total land
bank of 31 million sq m with an average cost of CNY6,750/sq m at
end-2017, which is sufficient for more than four years'
development.

Healthy Margin: CIFI's EBITDA margin, excluding the effect of
acquisition revaluation, has been consistently above 25%, and
Fitch estimates it was at 28% in 2017. Fitch expects the margin to
continue widening to 30% by 2018 due to its resilient average
selling price (ASP) and low land cost, which Fitch estimates at
30% of the contracted ASP. CIFI's large portfolio of projects in
Tier 1 and 2 cities and its shift to offer products that appeal to
upgraders rather than the mass market have enhanced its profit
structure.

Focus on Top-Tier Cities: CIFI has a diversified presence in the
Yangtze River Delta, Pan Bohai Rim, Central Western Region and
Guangdong/Fujian provinces, reducing its exposure to uncertainty
in local policies and economies while providing room to expand.
More than 90% of the company's attributable land bank at end-2017
was in Tier 1 and 2 cities, which means CIFI is less exposed to
the oversupply plaguing lower-tier cities. In addition, CIFI
entered 18 new cities in 2017 with its projects spreading over 40
cities now, helping mitigate risks arising from policy
intervention in individual cities. Nevertheless, strong and
widespread implementation of home-purchase restrictions by the
authorities may slow growth.

Lower Funding Costs: CIFI has developed diversified funding
channels, including onshore bonds and offshore bank loans. The
company sold USD300 million in five-year 5.5% bonds in January
2018 and issued USD600 million of senior perpetual debt at 5.375%
in 2017. It also successfully issued HKD2,790 million of zero-
coupon convertible bonds in February 2018. The proceeds will be
used to refinance its existing borrowings. The company reduced its
average funding cost to 5.2% in 2017, from 5.5% in 2016. Fitch
expects CIFI's active management of its capital structure to
maintain its funding cost at a low level, despite the tighter
liquidity and unfavourable funding environment in 2018.

DERIVATION SUMMARY

CIFI's closest peer is Sino-Ocean Group Holding Limited (BBB-
/Stable: standalone credit profile: BB) in terms of contracted
sales, land bank size and geographic focus on Tier 1 and affluent
Tier 2 cities. CIFI's leverage of around 35% is lower than the 40%
leverage Fitch expects for Sino-Ocean in 2018 and significantly
lower than the above 60% leverage of 'BB' peers, such as Guangzhou
R&F Properties Co. Ltd. (BB-/Negative) and Beijing Capital
Development Holding (Group) Co., Ltd. (BBB-/Negative, standalone
credit profile: BB). CIFI's EBITDA margin of consistently above
25% is also slightly higher than Sino-Ocean's 23%-25%, but in line
with that of Guangzhou R&F and Beijing Capital Development.
However, its nil recurring EBITDA interest coverage is inferior to
Sino-Ocean's 0.4x and Guangzhou R&F's 0.2x.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer

- Attributable contracted sales of CNY75 billion in 2018

- Attributable land acquisition at 75% of contracted sales in
   2018 then slowing to 55% in 2019 (2017: 82%)

- Adjusted EBITDA margin improving to around 30% by 2018

- Flattish average land cost in 2018 compared with 2017
   acquisition costs

- 30% dividend payout

RATING SENSITIVITIES

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

- leverage, measured by net debt/adjusted inventory, sustained
   below 30% (2017: 35.9%)

- EBITDA margin, excluding the effect of acquisition
   revaluations, of over 30% for a sustained period (2017E: 28%)

- maintaining high cash flow turnover despite the JV business
   model and consolidated contracted sales/debt at over 1.2x
   (2017E: 1.1x)

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

- substantial decrease in contracted sales

- EBITDA margin, excluding the effect of acquisition
   revaluation, below 25% for a sustained period

- net debt/adjusted inventory above 45% for a sustained period

LIQUIDITY

Ample Liquidity: CIFI had unrestricted cash of CNY29.8 billion at
end -2017, enough to cover short-term debt of CNY11.8 billion. The
company issued several tranches of senior perpetual, senior note
and convertible bonds in the past several months and had approved
but unutilised facilities of CNY4.5 billion at end-2017. This will
be sufficient to fund development costs, land premium payments and
debt obligations for the next 18 months.


CIFI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B+'
---------------------------------------------------------
S&P Global Ratings said it has assigned its 'B+' long-term issue
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by CIFI Holdings (Group) Co. Ltd. (CIFI; BB-
/Positive/--). The issue rating is subject to S&P's review of the
final issuance documentation.

S&P said, "We rate the senior unsecured notes one notch lower than
the issuer credit rating because of subordination risk. The
proposed notes will rank behind a material amount of secured debt
and subsidiary level debt in CIFI's capital structure. As of Dec.
31, 2017, the company had around Chinese renminbi (RMB) 24.5
billion in secured borrowings and RMB 9.6 billion in unsecured
debt at the subsidiary level, which was around 63% of total
reported debt.

"We expect CIFI to use the note proceeds predominantly to
refinance existing debt, including the early redemption of its
outstanding US$400 million senior notes (7.75% coupon and due
2020) after June this year. In our view, this will strengthen the
company's debt maturity profile and help control its average
funding costs.

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


FUJIAN YANGO: Fitch Publishes 'B' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has published Fujian Yango Group Co., Ltd. a Long-
Term Foreign-Currency Issuer Default Rating (IDR) of 'B' with a
Stable Outlook. Fitch has also assigned the company a 'B' senior
unsecured rating and a 'B(EXP)' expected rating to its proposed US
dollar-denominated senior notes, with a Recovery Rating of 'RR4'.

Fujian Yango's ratings are constrained by its weak mid-to-low 'B'
category financial profile at the holding company (holdco) level,
with weak interest cover of 0.9x in 2017, as measured by cash
income/interest paid, which will only improve significantly from
2019. Furthermore, Fitch expects its leverage, as measured by
adjusted total debt/cash income, to exceed 10.0x in 2017 and 2018.
Leverage is even higher when based on total adjusted debt
including guarantees. However, the company is committed to cutting
back on guarantees to third parties in 2018, which should lower
pressure on its financial profile.

The company's ratings are supported by its high 'B' category
aggregate business profile, with high-quality cash flow being
generated by its major businesses and investments. Fujian Yango's
portfolio includes property company Yango Group Co., Ltd.
(B/Positive), in which it owns 33% but controls 43%; counter-
cyclical businesses in education; and investments in banks and
financial institutions. The credit quality of these assets ranges
from the mid 'B' category to 'BB'. A sufficient pool of
unencumbered assets, including its investment in Industrial Bank
Co., Ltd (BB+/Stable) and Fujian Longking Co Ltd (Longking),
provides Fujian Yango flexibility in managing its liquidity.

The proposed notes are rated at the same level as Fujian Yango's
senior unsecured rating, as they represent the company's
unconditional and irrevocable obligations. Fujian Yango intends to
use the net proceeds from the proposed US dollar senior notes to
refinance its existing indebtedness, replenish working capital,
conduct investment activities and for general corporate purposes.
The final rating is subject to the receipt of final documentation
conforming to information already received.

KEY RATING DRIVERS

Financial Profile Constrains Ratings: Fujian Yango's financial
profile constrains its ratings, although Fitch expect this to
improve significantly from 2019 due to higher cash dividends from
Yango. The company's financial profile has been weak, with a cash
income/interest coverage ratio below 0.5x. Fitch expect this to
improve to 0.9x in 2017 following an equity injection to fund its
additional long-term investments, which consist of a CNY7.5
billion acquisition of Industrial Bank shares and a CNY3.7 billion
acquisition of a 20% stake in Longking.

Dividend income from these new investments has strengthened Fujian
Yango's interest cover. However, leverage, as measured by adjusted
net debt/cash income, is likely to remain at a weak 22.0x, partly
due to large off-balance-sheet guarantees given to external
parties.

Substantial External Guarantees: Fujian Yango had almost CNY5.8
billion in guaranteed debt - provided as cross-guarantees with
long-standing business partners - at end-1H17, which is added to
its adjusted net debt. The guaranteed debt comprises CNY1.6
billion in direct guarantees and CNY4.1 billion in guarantees
using Yango shares as pledged assets. Fujian Yango stopped
renewing or providing additional third-party guarantees using
pledged shares in 2H17. Fitch expect the effect of external
guarantees on leverage to fall to less than 2.0x in 2018, from
8.0x in 2017, if the company remains committed to lowering
external guarantees.

Improving Property Credit Profile: Fitch expects the business
profile of Yango to improve from 2018 in line with its expanding
scale and better financial profile. Leverage should fall to 65% in
2018, from 69% at end-1H17, and contracted sales/gross debt should
improve to above 1.0x, as Yango replenishes its land bank at a
slower pace. Yango's ratings are supported by a large, quality
land bank that is comparable with that of 'BB' category
homebuilders and its increasing business scale, especially after
1H17 top management changes. Yango's high leverage means slower
dividend payments to Fujian Yango in 2017 and 2018 while it
undergoes rapid expansion.

Cash Generating Long-Term Investments: Fujian Yango's cash income
mainly comes from dividends and its education business. Among its
dividend-generating assets, the credit profile of Yango is the
weakest. Its investments in financial institutions - Industrial
Bank and China Minsheng Investment Group (CMIG) - are of higher
credit quality and generated the largest proportion of cash income
in 2017. Longking, which had CNY1.7 billion in net cash in 2016
and has been generating positive free cash flow since 2014, is
likely to sustain stable and higher dividend payments.

Rapidly Expanding Education Business: Fujian Yango is starting to
capitalise on its education business's brand name and is rapidly
expanding this operation, with the company expecting enrolments to
increase to 62,000 students by 2020, from 17,300 students at end-
2016. Fujian Yango undertakes an asset-light model by cooperating
with property owners and charges tuition fees.

The business, which provides comprehensive private educational
services from preschool to college, complements Yango's housing
projects, as Yango takes advantage of the education business's
strong reputation to improve selling prices. However, the boost
from the education business is limited because of its small scale;
although its gross margin was a healthy 47% in 2016, it only
generated CNY227 million in revenue.

Subordinate to Yango: Fitch sees Fujian Yango as weaker relative
to subsidiary Yango. Fujian Yango's subordination to Yango's cash
flow and Fujian Yango's pledging of almost all of Yango's shares,
means the default likelihood of each entity differs. Fitch also
sees the linkages between parent and subsidiary as weak, in light
of the parent's low shareholding of 33% and the shares being
substantially pledged. This weak legal linkage is compounded when
Fujian Yango's financial profile is deteriorating. Fujian Yango is
operationally involved in Yango, but this is offset by its limited
direct access to Yango's operating cash flow. As a result, Fujian
Yango is rated on a standalone basis, in accordance with Fitch's
Parent and Subsidiary Rating Linkage criteria.

DERIVATION SUMMARY

Fujian Yango's ratings reflects its high 'B' category aggregate
business profile from its property segment through its 33%
ownership of Yango, large investment portfolio of CNY13.5 billion
at cost - including banks and other industries supportive of a
high 'B' category credit profile - and an expanding education
business that has a mid-to-low 'B' category credit profile.
However, its weak financial profile constrains its ratings.

The rating approach is comparable with that of Beijing Capital
Group Company Limited (BBB/Negative), whose standalone rating of
'BB+'/Negative is based on the aggregate credit profile of its
three core business segments; property (BB category),
infrastructure (BBB category) and environment protection (high-B
category).

Fujian Yango is rated on a standalone basis, and its credit
profile is no more than a one-notch different from that of Yango.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:

For Yango

- Replenishing land to maintain a land bank life of around four
   years

- Contracted sales increasing by 90% in 2017 and 75% in 2018

- EBITDA margin after adjusting for capitalised interest
   remaining stable in 2017, but increasing to 25% in 2018 and
   29% in 2019

For Fujian Yango

- Additional investments of CNY300 million per year

- Education business expanding to 50,000 enrolments from 2019
   with an average 35% EBITDA margin between 2017 and 2019

- Dividend income from Industrial Bank and CMIG increasing by
   10% per year

Recovery Analysis

- Based on financials after deconsolidating Yango

- Fujian Yango will be liquidated in a bankruptcy because it is
   an asset trading company

The liquidation estimate reflects Fitch's view of the value of
Fujian Yango's investment portfolios and other assets that can be
realised and distributed to creditors.

- Fitch applied a haircut of 25% to account receivables,
   considering relatively low percentage of non-performing
   receivables of less than 1%

- Fitch applied a haircut of 50% to net property, plant and
   equipment

- Fitch applied a haircut of 60% to Fujian Yango's investment
   portfolio at cost value, including available for sale assets
   and equity investments. The haircut is in line with other
   China-based holding companies like Tunghsu Group Co. Ltd
   (B+/Stable).

Based on Fitch calculation of the adjusted liquidation value,
after administrative claims of 10%, Fitch estimates the recovery
rate of the offshore senior unsecured debt to be 43%, which
corresponds to a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

- Significant improvement in the credit profile of Fujian
   Yango's major businesses

- Holdco cash income/interest paid sustained above 2.0x (2017
   Fitch forecast: 0.9x)

- Holdco adjusted net debt/cash income sustained below 7.0x
   (2017 Fitch forecast 22.0x)

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

- Deterioration in the credit profile of Fujian Yango's major
   businesses

- Holdco cash income/interest paid below 1.2x for a sustained
   period

- Failure to reduce guarantees provided to third-parties by
   pledging Yango shares

LIQUIDITY

Adequate Liquidity: Fujian Yango had CNY34 billion in cash on hand
and CNY29 billion in unused bank facilities as at end-1H17,
sufficient to cover negative free cash flow of around CNY23
billion and short-term debt of CNY38 billion. The company plans to
optimise its debt structure and extend its debt maturity by using
multiple funding channels, including issuance of offshore and
onshore bonds.


FUJIAN YANGO: S&P Assigns B Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Fujian Yango Group Co. Ltd. The outlook is stable.

Fujian Yango engages in property development, education services,
and commodities trading in China. It also has a majority
shareholding in an environmental services company and investments
in some financial services companies.

The rating on Fujian Yango reflects the group's high debt leverage
and the refinancing risk associated with its large short-term
borrowings. The rating also reflects the group's execution risk
and integration risk from the acquisitions of new businesses, and
strong growth aspirations. Nevertheless, these risks are offset by
our expectation that the strong contracted sales growth of the
property development segment will generate significant cash inflow
for debt repayment and future expansion. Also, S&P anticipates
that the company will adopt a more prudent approach toward new
business acquisitions or investment.

S&P said, "In our view, Fujian Yango's property segment, Yango
Group Co. Ltd., is the key rating driver. Yango Group dominates
the group's revenue, profit, assets, and debt. The group's asset-
light and low leverage education services segment, despite being
highly profitable, only makes a small contribution to the group.
We also expect the recently acquired environmental services
business, Fujian Longking Co. Ltd. (Lonking), to be only a
moderate contributor, accounting for less than 20% of the group's
EBITDA.

"We expect Yango Group to continue to spend significantly on land
acquisitions in the coming two to three years. The company will do
this to support its high sales growth and meet its target to be a
top-10 developer in China in terms of sales. We forecast that the
cash outflow for land acquisitions will be equivalent to 85% of
contracted sales in 2017, and gradually reduce to 55% in 2019.
These ratios are higher than many of our rated developers that
usually spend 40%- 50% of their sales on land banking.

"In our view, Yango Group can maintain robust sales growth between
2017 and 2019, generating large cash flows for future development.
Our view is based on the company's increased saleable resources in
the past two years and a likely acceleration in land acquisitions,
partly through mergers and acquisitions, which can shorten the
lead-time for project launches. We project that Yango Group's
contracted sales will increase to about Chinese renminbi (RMB) 100
billion in 2018, from an estimated RMB65 billion-RMB70 billion in
2017. We anticipate that Yango Group will maintain its leading
position in Fuzhou and certain key cities in Fujian province. We
also expect the company to retain good project execution while
enlarging its scale.

"Fujian Yango's aspiration to increase penetration in its existing
business segments and expand into new industries creates
additional execution risk and integration risk, in our opinion.
The group spent RMB3.67 billion in June 2017 to acquire a 17.17%
stake in "A-share" listed Longking, and subsequently increased its
shareholdings to 23.04%. Fujian Yango has no prior experience in
the environmental services industry or any business connection
with the company. The group plans to exercise control on the board
and consolidate Longking's financials. Before this transaction,
Fujian Yango was in the process of acquiring a large insurance
group in Israel for a similar amount. We expect that Fujian Yango
may increase debt to further invest in its existing business
segments, including through acquisitions. It may also reconsider
forays into the financial sector.

"We forecast that our adjusted debt for Fujian Yango will increase
to around RMB155 billion in 2018, from an estimated RMB125
billion-RMB130 billion in 2017 and RMB76 billion in 2016. The debt
is likely to increase because of the rapid expansion of the
property development arm, since Yango Group accounted for over 90%
of the group's debt.

"Yango Group also has a short debt maturity profile, which results
in the same for the group. In the first half of 2017, we estimate
the weighted average debt maturity of Fujian Yango was only
slightly over two years. We project Fujian Yango's debt leverage
will gradually improve in the coming few years, despite remaining
high. That is because the revenue recognition upon project
completion and delivery in Yango Group is likely to outgrow the
increase in debt. In our view, the group's broad funding channels
and high cash balance can somewhat mitigate the large near-term
debt repayment risk.

"We consider the financial position and credit metrics of Fujian
Yango on a consolidated basis. Fujian Yango may incur a large cash
leakage to other shareholders if it needs to distribute the cash
balances of Yango Group and Longking to the parent for debt
repayment or other purposes. This is because the group only holds
about 32.83% of the outstanding shares of Yango Group (43% if we
include the shareholdings in its acting-in-concert party, Fujian
Kangtian Industrial Co. Ltd.) and 23.04% of Longking. As at the
end of June 2017, over 90% of the group's cash is at Yango Group.
We currently determine that the repayment and liquidity risks of
the parent are not materially different from our consolidated
view. Yet, we may reassess the parent's stand-alone financial risk
if it substantially increases its debt and leverage for
acquisitions.

"The stable outlook reflects our expectation that Fujian Yango's
financial leverage will moderately improve in the coming 12
months. We expect Yango Group to remain the main contributor to
the group's earnings and debt, and to achieve high revenue and
contracted sales growth. At the same time, we expect Fujian Yango
to be prudent in acquisitions for its non-property segments.

"We may lower the rating if Fujian Yango becomes more aggressive
toward debt-funded expansions, including any major acquisitions in
its various business segments. In such a scenario, the financial
leverage and stand-alone debt serviceability of Fujian Yango will
further deteriorate from its level at the end of 2016.

"We could also lower the rating if the land acquisition by Fujian
Yango's property business turns out to be more aggressive than we
expect, resulting in significant leverage increase over 2016. We
may lower the rating if the company faces difficulties to
refinance its debt, mainly raised by its property business, thus
leading to an overall weakening of its liquidity and debt maturity
profiles.

"We may raise the rating if the group's financial leverage
improves and the property arm continues to demonstrate strong
sales execution, such that the overall debt-to-EBITDA ratio is
significantly better than our expectation of 13x-15x on a
sustained basis."


FUTURE LAND: S&P Ups ICR to BB on Scale Expansion, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Future Land Development Holdings Ltd. to 'BB' from 'BB-'. The
outlook is stable. At the same time, S&P raised its long-term
issue rating on the China-based developer's outstanding senior
unsecured notes to 'BB-' from 'B+'.

S&P said, "We upgraded Future Land because we expect the company
to continue its current strong expansion momentum and further
improve its end-market diversity in the coming 12 months. We also
anticipate that Future Land will maintain good profitability in
the next two years due to strong growth in average selling price
(ASP) and effective control over construction costs.

"In our opinion, significant scale expansion in 2017, with total
sales reaching RMB126 billion (RMB95 billion attributable sales),
has helped Future Land to transition to a large-scale national
developer. We expect the company's sales to continue to grow
strongly in 2018 as it targets annual sales of RMB180 billion. Its
sales were nearly RMB38 billion in the first three months of the
year. We believe Future Land's annual target is attainable based
on nearly RMB300 billion of sellable resources for the year. Such
scale is likely to put the company among the top 10 developers
nationally for 2018, creating more cost synergies and fundraising
advantages."

Future Land's geographical diversity continues to improve, with 42
cities contributing to sales in 2017 versus 27 in 2016. In 2017,
single-city exposure materially reduced with Suzhou being the
highest contributor at 16% of total contracted sales, while only
two cities accounted for more than 10% of total sales. Although
Yangtze River Delta still accounted for 80% of 2017 sales, S&P
expects this ratio to reduce because the company's land bank in
the region has declined to 56% of the total in 2017, from 66% in
2016, in terms of gross floor area (GFA). Within the Yangtze River
Delta, the company's presence also increased to 25 cities from 19
cities a year ago.

S&P expects Future Land to maintain good profitability with gross
margin at more than 30% in the next two years, similar to that in
2017. The company's gross margin jumped 10%-33% in 2017 as
recognized ASP increased to above RMB10,000/square meter (sqm)
from under RMB9000/sqm one year ago. S&P said, "Based on ASP
exceeding RMB14,000/sqm in 2017, we expect Future Land's
recognized profit margins to remain robust in 2018 and 2019. In
our view, the company is less affected by the nationwide price-
restriction policies across cities that are tier-two and above,
given its product focus on meeting middle-range demand and more
mass-friendly pricing."

Increasing participation in joint venture (JV) projects should
help Future Land expand rapidly and enter into new markets.
However, this would be at the expense of high execution risk,
which could slow down the company's fast-churn model to an extent.
JV projects contributed to 25% of Future Land's total sales in
2017, and S&P expects this proportion to increase to around 30% in
2018. As of Dec. 30, 2017, Future Land has provided guarantees on
JV debt of RMB24.6 billion, covering nearly the entirety of the JV
projects' total debt. That's because local banks usually require
the company's guarantee documents to cover the full sum of
project-level borrowings. In attributable terms, Future Land's
proportion of JV debt is materially smaller than the guaranteed
amount.

S&P said, "In our opinion, Future Land's leverage will remain
under control in the next two years despite continuing debt growth
and large land acquisition spending. We believe the company can
meet most of its active land acquisition needs from equally fast-
increasing operating cash flows supported by strong sales
performance and efficient cash collection, controlling incremental
debt. We also expect Future Land's revenue and EBITDA recognition
to closely track the strong sales growth and reach around RMB65
billion and RMB18 billion, respectively. Based on our calculation,
the ratio of adjusted debt to EBITDA (including the reported
guarantee amount) in 2017 was 6.5x, in line with our previous
base-case projection. The see-through debt-to-EBITDA ratio, which
proportionally consolidates both JV level debt and EBITDA, was
lower at 5.3x, after eliminating the guaranteed debt portion
attributable JV partners. We expect this see-through ratio to
further fall to below 5x in 2018 and 2019. In addition, we believe
the company's EBITDA interest coverage will increase to above 5x
as it maintains its borrowing cost at 5.5%-6%.

"The stable outlook reflects our expectation that Future Land will
continue to expand its sales scale and geographical diversity,
while maintaining an improved level of profitability and leverage.
We believe the company will see significant revenue and EBITDA
growth in the next 12-18 months leading to the see-through debt-
to-EBITDA ratio improving to around 5x in 2018.

"We may lower the rating if Future Land's sales and delivery
execution is weaker than we expect or debt-funded expansion is
more aggressive than we anticipate, such that the company's see-
through debt-to-EBITDA ratio rises above 5.5x for an extended
period.

"We could raise the rating if Future Land continues its strong
sales growth momentum, further improves geographical diversity,
and maintains its robust profitability with prudent leverage
management such that the see-through debt-to-EBITDA ratio falls
toward 4x."


FUTURE LAND: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded Future Land Development
Holdings Limited's corporate family rating to Ba2 from Ba3.

At the same time, Moody's has changed the rating outlook to stable
from positive.

RATINGS RATIONALE

"The upgrade of Future Land Development's rating reflects the
upgrade of Future Land Holdings Co., Ltd (Future Land Holdings,
Ba2 stable), its 67.1%-owned Mainland subsidiary who accounts for
most of its operations and financial profile," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

Future Land Development's consolidated financials reflect the fact
that Future Land Holdings generates 99% of the group's
consolidated revenue and held around 97% of the group's assets as
of year-end 2017. It also held 80% of the group's reported debt in
the same period.

There is close linkage between the two entities, also reflected by
an intercompany loan agreement as well as the high level of
ownership in Future Land Development by the group's founder and
chairman, Mr. Wang Zhenhua who is also the chairman of Future Land
Holdings.

Future Land Development's Ba2 corporate family rating reflects its
strong sales execution and growing scale, which will result in
improved credit metrics. The rating also considers its further
improved geographical diversification into other Yangtze River
Delta cities over the last few years.

Future Land Development's rating also accounts for the company's
growing stream of non-development revenue, which will add
stability to its earnings and debt service ability. In addition,
the Ba2 rating is supported by its adequate liquidity position,
with its cash balance of RMB21.9 billion at year-end 2017 covering
156% of its short-term debt.

However, the rating also factors in its exposure to the regional
economy of the Yangtze River Delta, and its sizeable joint venture
business exposures.

The stable outlook reflects Moody's expectation that Future Land
Development will maintain a disciplined approach to its land
acquisitions, stable financial metrics and a strong liquidity
position over the next 12-18 months.

Future Land Development's rating could be upgraded if the company
sustains resilient sales through the cycles, strong liquidity and
prudent financial management.

Specifically, upward rating pressure could emerge if the
company's: (1) adjusted revenue/debt - including its share in
joint ventures - exceeds 100%-105%; or (2) EBIT interest coverage
stays above 4.5x-5.0x on a sustained basis.

On the other hand, downward rating pressure could emerge if the
company's contracted sales growth slows and its credit metrics
weaken, with EBIT/interest coverage falling below 3.0x, or
adjusted revenue/debt falling below 80%-85%.

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

Founded in 1996, Future Land Development Holdings Limited engages
primarily in residential development. At year-end 2017, Future
Land maintained a presence in 62 cities in China, with a land bank
of approximately 67.4 million square meters of gross floor area.


FUTURE LAND HOLDINGS: Moody's Hikes CFR to Ba2; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded Future Land Holdings Co.,
Ltd's corporate family rating to Ba2 from Ba3.

At the same time, Moody's has upgraded New Metro Global Limited's
senior unsecured rating to Ba2 from Ba3.

Moody's has changed the ratings outlook to stable from positive.

RATINGS RATIONALE

"The ratings upgrade reflects Moody's expectation that Future Land
Holdings' operating scale will grow and that its credit metrics
will improve over the next 12-18 months," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

Moody's expects that the company will grow its contracted sales --
including its share in joint ventures -- by around 40% year-on-
year to RMB170-180 billion in 2018 from RMB126 billion in 2017.
Such a large scale supports its competitive position amid
consolidation in China's residential development market.

Its sales growth will be supported by the company's (1) growing
portfolio of saleable resources to RMB400 billion in 2018 from
around RMB200-220 billion in 2017; and (2) solid economic growth
and housing demand in the Yangtze River Delta area, where Future
Land Holdings derives most of its sales.

Moody's expects Future Land Holdings' revenue scale to further
improve in the next 1-2 years, on the back of stronger sales
achieved in the last two years. In particular, Moody's projects
revenue - excluding its share in joint ventures - to grow around
55%-60% year-on-year to around RMB60-65 billion in 2018. The
company has indicated that the majority of its outstanding
unbooked sales -- including its share in joint ventures -- of
RMB129 billion at year-end-2017 will be recognised as revenue over
the next 12 months.

Moody's projects the company will maintain its gross margin at
around 32%-34%, and for land acquisition spending to not exceed
50% of its annual contracted sales in the next 12-18 months. Its
joint venture exposures should also not materially increase from
the current level.

Consequently, Future Land Holdings' adjusted revenue/debt and
adjusted EBIT/interest coverage -- including its share in joint
ventures - will register around 95%-100% and 4.0x-4.5x over the
next 12-18 months.

"The company's cash flow diversity has also improved, with
increased geographical coverage and a higher stream of non-
development revenue," adds Tsang, also Moody's Lead Analyst for
Future land Holdings.

The company has a long and solid track record of property
development in its home market of Changzhou, Jiangsu Province. It
has further improved its geographical diversification by expanding
into other Yangtze River Delta cities.

Its sales presence has so far in 2018 grown to 50 cities, from 42
in 2017 and 27 in 2016.

In addition, Moody's expects Future Land Holdings' growing stream
of non-development revenue will add some stability to its earnings
and debt service ability. Moody's estimates its non-development
recurring revenue -- including rental and other revenue -- will
grow further to around RMB1.5-2.0 billion in 2018 from RMB1.0
billion in 2017, which will cover around 50%-55% of its
consolidated adjusted interest expense in the next 12-18 months.

The company's growing non-development revenue will be supported by
an increase in its operating malls to around 41 by year-end 2018
from 23 in 2017.

Future Land Holdings' Ba2 corporate family rating reflects its
strong sales execution and growing scale, and its improved credit
metrics. The rating also considers its improved geographical
diversification into other Yangtze River Delta cities over the
last few years.

Its rating also accounts for the company's growing stream of non-
development revenue, which will add stability to its earnings and
debt service ability. In addition, the Ba2 rating is supported by
its adequate liquidity position with its cash balance of RMB21.9
billion at year-end 2017 covering 156% of its short-term debt.

However, the rating also factors in its exposure to the regional
economy of the Yangtze River Delta, and its sizeable joint venture
business exposures.

Moody's has not notched down the Ba2 senior unsecured bond rating.
Although the majority of the company's claims are at the operating
subsidiary level, its diversified business profile - with cash
flow generation across a large number of operating subsidiaries
and different business segments covering property development and
property investment - mitigates structural subordination risks.

The stable outlook reflects Moody's expectation that Future Land
Holdings will maintain its disciplined approach to land
acquisitions, stable financial metrics and strong liquidity
position over the next 12-18 months.

Future Land Holdings' ratings could be upgraded if the company
sustains resilient sales through cycles, strong liquidity and
prudent financial management.

Specifically, upward rating pressure could emerge if the
company's: (1) adjusted revenue/debt - including its share in
joint ventures - exceeds 100%-105%; (2) EBIT interest coverage
stays above 4.5x-5.0x on a sustained basis.

On the other hand, downward rating pressure could emerge if the
company's contracted sales growth slows and its credit metrics
weaken, with EBIT/interest coverage falling below 3.0x or adjusted
revenue/debt falling below 80%-85%.

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

Future Land Holdings Co., Ltd engages primarily in residential
development and was founded in 1993 by Wang Zhenhua, who is also
the chairman of the company.

Future Land Holdings is a 67.1%-owned subsidiary of Future Land
Development Holdings Limited (Ba2 stable), and the mainland-listed
holding company of Future Land Group. The company has direct
control over the group's assets, cash flow and operations.

As of year-end 2017, Future Land Holdings has a land bank spread
across in 62 cities in China, with a total land bank of around
67.4 million square meters (sqm) of gross floor area (GFA).


GOLDEN EAGLE: S&P Raises ICR to 'BB' on Improving Liquidity
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Golden Eagle Retail Group Ltd. to 'BB' from 'BB-'. The outlook is
stable. At the same time, S&P raised its long-term issue rating on
the company's senior unsecured notes to 'BB-' from 'B+'.

S&P said, "We raised the ratings because we expect Golden Eagle's
liquidity to improve over the next 12 months following the
company's refinancing of its syndicated loan due in April 2018. We
also expect Golden Eagle to maintain stable operating performance
over the period despite tough retail conditions in China."

Golden Eagle has minimal short-term debt and a better extended
maturity profile after the refinancing. The company raised Chinese
renminbi (RMB) 4.1 billion equivalent of three-year bank loans to
refinance the syndicated loan of RMB4.8 billion due on April 16,
2018, with the remaining paid with cash. Meanwhile, the company
had cash of RMB5.6 billion (after excluding trade payables of
RMB1.3 billion that were cleared in early 2018) at the end of
2017.

S&P said, "In addition, we expect Golden Eagle to maintain
sufficient headroom under its new bank loan covenants to withstand
a decline in earnings or an increase in debt by at least 15%. We
have therefore revised our liquidity assessment to adequate from
less than adequate.

"We anticipate that Golden Eagle's debt-to-EBITDA ratio will
increase to 2.8x-3.3x in the next 12-24 months, from about 2.5x in
2017. We expect the company's capital expenditure to remain high
at RMB1.0 billion-RMB1.2 billion annually over the next 12-24
months to support store upgrades and new store development (it
plans to open four stores in 2019) to maintain competitiveness in
the highly fragmented sector. We also anticipate some volatility
in working capital stemming from its property development
business.

"We expect Golden Eagle's strategy of transforming its department
stores to lifestyle centers while upgrading its merchandise mix
and services (particularly from new stores) to support its revenue
growth. The company's increase in same-store sales and margins was
more than its peers', reflecting its ability to manage changes in
the retail landscape and evolving consumer preferences, in our
view. Lifestyle centers represented 74.2% of Golden Eagle's gross
floor area at the end of 2017."

Golden Eagle's control over costs through centralized marketing
and streamlined operations should help it to maintain its
profitability. S&P anticipates that Golden Eagle's EBITDA margin
will remain stable at 38.0%-42.0% in the next 12 months, compared
with around 41.8% in 2017. This is despite the company's
operations in China's highly fragmented and competitive retail
industry.

S&P said, "The stable outlook on Golden Eagle reflects our
expectation that the company will mainly use internal funds for
growth and abstain from substantial debt-funded expansion over the
next 12-24 months. We anticipate that the company will maintain a
debt-to-EBITDA ratio of 2.8x-3.3x over the period.

"We also believe that Golden Eagle will continue to withstand
changing dynamics in China's retail industry and difficult
operating conditions.

"We may downgrade Golden Eagle if the company's debt-to-EBITDA
ratio rises above 4.0x without signs of improvement.
This could happen if: (1) the company's growth or margins decline
due to a weakening of its competitive position or tougher
operating conditions than we expect; or (2) the company undertakes
substantial debt-funded expansion, acquisitions, and aggressive
dividend payments.

"We may upgrade Golden Eagle if the company can maintain a longer
track record of the debt-to-EBITDA ratio below 3.0x.
This can happen if: (1) the company can continue to grow and
improve profitability through execution of its transformation
strategy while maintaining prudent cost controls; and (2)
operating conditions in the retail industry in China stabilize
with a recovery in consumer sentiment; and (3) the company limits
debt-funded expansion, property acquisitions, or dividend payments
over the next 12 months."


LANDSEA GREEN: Fitch Assigns 'B' Rating to Proposed USD Notes
-------------------------------------------------------------
Fitch Ratings has assigned China-based residential property
developer Landsea Green Group Co., Ltd.'s (Landsea; B/Positive)
proposed US dollar senior notes a 'B(EXP)' expected rating and a
Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Landsea's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.
Landsea intends to use the net proceeds from the proposed US
dollar senior notes for financing of property development
projects, repayment of indebtedness, working capital and general
corporate purposes.

KEY RATING DRIVERS

Deleveraging in 2018: Fitch expects the company's leverage,
measured by net debt to adjusted inventory, to fall below 50% in
2018 when the majority of its US projects acquired in 2013-2016
are due to be delivered. This is underpinned by the company's sold
but yet-to-be delivered projects of about CNY1.3 billion and
CNY8.3 billion in attributable saleable resources as of end-2017.
In addition, operating cash flows from the growing project-
management business should rise and contribute to deleveraging.
Landsea's leverage improved slightly to 67.2% in 2017, compared
with around 70% during 2014-2016, due to disciplined land
acquisition during the year.

Meanwhile, the company's asset-light strategy of holding minority
equity interests for the majority of its projects allows it to
increase its total contracted sales without carrying higher
leverage. Landsea recorded attributable sales of CNY9.1 billion in
2017, which represented 47% of its total sales of CNY19.5 billion.
Fitch expects the percentage of attributable sales to total sales
value to drop further to 25%-30% in the next two to three years
under the strategy.

Small, Diversified Operation: Fitch believes the company's quality
land bank and diversified operations will support its expansion to
more than CNY10 billion in attributable contracted sales from
2018. Landsea's attributable land bank was 2.3 million sq m at
end-2017, smaller than that of peers in the 'B' rating category,
but it can still support the company's development for around
three years. The company targets core Tier 2 cities in China like
Hangzhou, Nanjing and Suzhou, and around 64% of its land bank is
in the Yangtze River Delta. Landsea's 10 US projects are in
coastal areas and together represent 11% of its land bank.

Growing Project-Management Business: Landsea's project-management
business posted a high EBITDA margin of 55% in 2017, although it
was lower than the 60%-70% reported in 2015-2016, as the company
was providing services mainly to third parties instead of related
ones. Fitch expects EBITDA from this segment to cover gross
interest expense by more than 1x from 2018 and rise towards 2x,
underpinned by solid new orders in the past three years, and
Landsea's ability to obtain new orders following better brand
recognition. EBITDA coverage already reached 1x in 2017, meeting
Fitch estimate (2016: 0.8x).

Landsea's property project-management business has expanded
rapidly and the company was adding CNY1 billion-2 billion in new
orders each year during 2015-2017. It had an order book of CNY3.9
billion at end-2017, which will support its business in the next
two-three years. Fitch expect revenue from this segment to
increase by 50% in 2018.

Improved Margin: Landsea's EBITDA margin before capitalised
interest rose to 23.1% in 2017 from 10.4% in 2016, mainly because
more products with higher profitability were delivered in China
during the year. Fitch also expects the overall margin to improve
towards 25%, driven by the delivery of profitable projects sold in
past two to three years in China, sustained improvement in the US
business, and contribution from the higher-margin project-service
business.

DERIVATION SUMMARY

Landsea's leverage is higher than that of most of its 'B' rated
peers, such as Hong Yang Group Company Limited (B/Stable) and
Xinyuan Real Estate Co., Ltd. (B/Stable), which generally have
leverage of below 60%. Its scale is also smaller than its peers,
averaging at CNY10 billion in attributable contracted sales a
year.

The adoption of an asset-light strategy and the monetising of its
experience in green-technology homes differentiate Landsea from
traditional homebuilders, and support its deleveraging. Its
quality land bank in China and diversification into the US will
help the company expand its contracted sales to above CNY10
billion in the next year. Non-development EBITDAR from the
project-management service and apartment subleasing businesses,
and investment properties is about 1x its cash interest and rental
expenses, exceeding that of all its 'B' rated peers.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Landsea
include:

- Attributable contracted sales value at CNY10 billion-13 billion
   a year during 2018-2019;

- US business matures and starts to book annual revenue of above
   CNY2 billion from 2018;

- Land replenishing at 1.8x of gross floor area sold of the same
   year during 2018-2019;

- Construction expenses accounting for 30%-40% of attributable
   sales value during 2018-2019;

- New orders for the project-management business sustained above
   CNY2 billion per year from 2018, with EBITDA margin of the
   business staying at 55%.

Recovery analysis assumptions:

- Landsea will be liquidated in a bankruptcy because it is an
   asset-trading company

- 10% administrative claims

- Onshore and offshore inventories are separated to better match
   assets and debts

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets, and estimated value of the project-
management service business that can be realised and distributed
to creditors

- Fitch applied a haircut of 30% on its receivables, 30% on
   onshore adjusted inventory, and 40% on offshore inventory,
   which is lower than in Fitch previous assumption given its
   improved profitability

- Fitch applied a multiple of 4x on the forecast EBITDA of the
   project-management business, and then a haircut of 40% of the
   estimated value of the project-management service

- Repayment waterfall: onshore assets to repay tax claims and
   onshore borrowing; offshore assets to repay the rest of
   uncovered onshore borrowing (assuming these rank pari passu
   with offshore borrowing), and offshore borrowing

Based on Fitch calculation of the adjusted liquidation value,
after administrative claims of 10%, and based on the order of the
repayment waterfall, Fitch estimate the recovery rate of the
offshore senior unsecured debt at 51%, which corresponds to a
Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

- Net debt/adjusted inventory sustained below 50%

- EBITDA margin sustained above 15%

- Non-development EBITDAR / (cash interest + rental expenses)
   sustained above 1.5x. Non-development segment includes
   project-management services, subleasing and investment
   property businesses (2017: 0.91x)

Developments that may, individually or collectively, lead to the
Outlook reverting to Stable:

- Failure to maintain the above positive rating sensitivities,
   and a shift away from the company's current asset-light
   strategy

LIQUIDITY

Adequate Liquidity: Landsea had CNY3.3 billion in available cash
on hand at end-2017, which exceeded its short-term debt of CNY2.2
billion. Landsea has generated positive free cash flow in the past
two years, and Fitch expect the trend to continue in the next two
years, supported by the company's healthy sales and highly
profitable project-management business.


LANDSEA GREEN: Moody's Gives B3 Sr. Unsec. Rating to New USD Bond
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to the proposed USD bond to be issued by Landsea Green
Group Co., Ltd.

The rating outlook is positive.

The bond proceeds will be used for refinancing existing debt,
funding new development projects, working capital and other
general corporate purposes.

RATINGS RATIONALE

"Landsea's proposed bond issuance will improve its debt maturity
profile," says Cedric Lai, a Moody's Assistant Vice President and
Analyst.

Moody's expects that the new bond will take out some of the debt
that will be due for repayment within the next 12 months, and
therefore improve the company's debt maturity profile and
liquidity position.

Moreover, the new bond issuance will not change substantially the
company's credit metrics over the next 12--18 months; thereby
supporting its B2 corporate family rating and the positive outlook
on the rating. The total bond issuance will likely be within
Moody's forecasted new debt raised for Landsea in 2018 for
refinancing and capital expenditures.

Moody's expects that the company's adjusted EBIT/interest will
improve to around 3.0x-3.5x over the next 12-18 months from 2.2x
in 2017, and debt/EBITDA will register 4.4x-5.0x over the same
period from 5.2x in 2017.

Landsea's B2 corporate family rating is supported by its
recognized brand in the niche green property market. The company
has attracted investors to its new projects, as seen by the fact
that its green products demonstrate sustained demand and higher
selling prices versus traditional property offerings.

On the other hand, the B2 corporate family rating is constrained
by the company's developing track record in terms of its asset-
light model and the broadening of its funding channels.

Landsea's B3 senior unsecured rating is one notch lower than its
corporate family rating, because of the subordination risk for
senior unsecured bondholders.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries. These claims have priority over Landsea's
senior unsecured claims in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for
structural subordination. As a result, the likely recovery rate
for claims at the holding company will be lower.

The company's liquidity position is adequate. At December 31,
2017, Landsea's cash balance totaled RMB3.4 billion, which was
sufficient to cover its short-term debt of RMB2.2 billion.

The positive ratings outlook reflects Moody's expectation that
Landsea will make progress developing its asset-light business
model and achieve credit metrics that will be stronger versus
traditional B2-rated Chinese property developers.

Ratings upgrade pressure could emerge, if Landsea successfully
executes its asset-light model and demonstrates the ability to
secure new projects and grow in scale.

Credit metrics indicative of a possible upgrade include: (1)
EBIT/interest coverage above 3.5x; and (2) debt/EBITDA below 4.0x
on a sustained basis.

On the other hand, Moody's could revise the ratings outlook to
stable if Landsea is unlikely to grow in scale or achieve an
improvement in its credit metrics over the next 12-18 months.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Landsea Green Group Co., Ltd. is a developer, as well as a
development and management services provider in China and the US,
specializing in green property projects.

It listed in Hong Kong through a reverse IPO in 2013, after
acquiring Shenzhen High-Tech Holding Limited. The company was
founded by its chairman, Mr. Tian Ming, who owned 29% of Landsea
at December 31, 2017.


SUNAC CHINA: S&P Alters Outlook to Stable & Affirms 'B+' ICR
------------------------------------------------------------
S&P Global Ratings revised its rating outlook on China-based
property developer Sunac China Holdings Ltd. to stable from
negative. S&P also affirmed its 'B+' long-term issuer credit
rating on Sunac and the 'B' long-term issue rating on the
company's outstanding senior unsecured notes.

S&P said, "We revised the outlook because we expect Sunac's
leverage to improve in 2018 on the back of strong contracted
sales, stable margins, and a reduced appetite for debt-funded
acquisitions.

"We estimate that Sunac's see-through debt-to-EBITDA ratio,
including the attributable non-consolidated financials of joint
ventures (JVs) and associates, improved to 15x in 2017, from about
19x in 2016. We anticipate that the ratio will improve further to
about 10x in 2018 based on our expectation of strong earnings
growth and more controlled expansion. However, the company's
still-high leverage and uncertainty over its acquisitions continue
to constrain the rating.

"We believe that Sunac's land acquisition spending will stabilize
at about Chinese renminbi (RMB) 100 billion each year in 2018 and
2019, compared with RMB116.2 billion in 2017. The company's land
acquisitions fell to RMB7.9 billion in the first quarter of 2018,
from a pro rata amount of around RMB30 billion in the previous
year. This is possible because Sunac has large land reserves of
147 million square meters and an additional 71 million square
meters in urban redevelopment projects that the company hasn't
acquired the land use rights. We estimate this is sufficient to
support sales growth over the next five years."

Sunac's earnings are likely to increase significantly in 2018
following the company's rapid growth in sales over the past two
years. The company's sizable sold-but-not-yet-recognized sales of
about RMB170 billion (excluding the amount from unconsolidated JVs
and associates) and increased project completion should support
topline expansion.

S&P said, "We also expect Sunac's EBITDA margin to stabilize at
20%-22% in 2018. Our estimate considers robust demand for Sunac's
properties, the company's large land reserves acquired at a
reasonable cost, and the Chinese government's measures to cool
property prices in higher-tier cities where Sunac operates.
However, the company may face higher operating expenses to support
satisfactory sales execution.

"We continue to view Sunac's opportunistic investments as an event
risk and a key rating constraint. The company's investment in non-
related businesses, such as in Leshi in 2017, demonstrates its
aggressive and unpredictable nature. Sunac's acquisition of the 13
cultural and tourism projects from Dalian Wanda Commercial
Properties Ltd. in 2017 for RMB44 billion also led to a
significant increase in debt. Our negative assessment of Sunac's
financial policy reflects uncertainties over potential
acquisitions beyond our base case. In our base case, we assume a
spending of RMB20 billion for potential non-core acquisitions.

"The stable outlook reflects our view that Sunac's debt-funded
acquisitions will moderate over the next 12 months, but its
leverage will continue to remain high. We expect Sunac to maintain
its strong sales execution and current margins over the period.

"We could lower the rating if Sunac pursues debt-funded
acquisitions beyond our expectation such that its see-through
debt-to-EBITDA ratio does not improve to about 10x in 2018.

"We could also lower the rating if Sunac's liquidity weakens
significantly. This could happen if its sales performance and cash
collection from sales are materially lower than our expectation.

"We see limited rating upside in the coming 12 months due to
Sunac's high leverage.

"However, we could raise the rating if: (1) Sunac demonstrates
good financial discipline and develops a solid record of prudent
financial management; or (2) the company's leverage improves
substantially because of strong business fundamentals. The debt-
to-EBITDA ratio strengthening toward 5x would indicate such
improvement."



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


2GETHERMENTS INFRA: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with 2Getherments Infra
Private Limited (TIPL) for obtaining information through letters
and emails dated January 16, 2018, March 9, 2018 and March 13,2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term      25      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 2Getherments Infra Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on 2Getherments Infra 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
facility of 2Getherments Infra Private Limited to 'CRISIL B/Stable
Issuer not cooperating'.

Established in May, 2015, 2Getherments Infra Pvt Ltd (TIPL), is
engaged in residential real estate construction business in
Hyderabad, Telangana. The company has one on-going projects under
the name '2Getherments'. The company is promoted and managed by
Mr.Harinath Rao.


ARMANIA AGRO: CRISIL Assigns 'B' Rating to INR7MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Armania Agro Industries (AAI).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit         7.00        CRISIL B/Stable
   Term Loan           1.78        CRISIL B/Stable

The rating continues to reflect the modest scale and working
capital-intensive nature of operations, and the average financial
risk profile.  Being a partnership firm, any substantial capital
withdrawals can adversely impact networth and gearing. These
rating weaknesses are mitigated by the extensive experience of
partners in the agro-commodities industry, and their established
relationships with customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition: Intense
competition in the agro-products industry and limited value
addition have kept the scale of operations modest, with revenue
and operating margin INR65 crore and 1.6-2%, respectively, in
fiscal 2017.

* Working capital-intensive operations: Operations are working
capital intensive, as reflected in gross current assets of 60-70
days, driven by moderate receivables and inventory.

* Weak financial risk profile: Networth was small at INR2.7 crore,
while gearing and total outside liabilities to tangible networth
ratios, were high at 3.54 times and 4.7 times, respectively, as on
March 31, 2017, due to high dependence on working capital debt.
Interest coverage ratio improved marginally to 1.95 times in
fiscal 2017, from 1.66 times in the previous fiscal, but remains
constrained by low operating margin.

Strengths

* Extensive experience of the promoters and funding support: The
one decades-long of experience of partners in the agro based
businesses, has enabled them to establish a healthy relationship
with customers and scale up the operations. The partners have also
extended interest-free unsecured loans to meet the working capital
requirement, and maintain adequate liquidity.

* Established relationship with customers: Being a decade old in
agro commodities industry, AAI benefitted from the long standing
relationship with its customer like supermarket chain, D-Mart and
other regional customers in Maharashtra, Gujarat and other
southern states.

Outlook: Stable

CRISIL believes AAI will continue to benefit from the extensive
experience of its partners and their funding support. The outlook
may be revised to 'Positive' if significant and sustained growth
in revenue and profitability leads to larger-than-expected cash
accrual. The outlook may be revised to 'Negative' in case of lower
cash accrual, or if a stretch in working capital cycle or any
large capital expenditure, weakens financial risk profile and
liquidity.

AAI was registered as a partnership firm of Mr. Vasantkumar
Amichand Patel, Mr. Mitesh Vasantlal Patel, Mr. Bhavikkumar
Prakash Patel and Mr. Girishkumar Ramabhai Patel, on February 1,
2008. The firm sorts, cleans and packages agro-based products such
as wheat, chana, bajri, and chawli. Products are sold under the
brands, Blue Bell, Top Grain, Best Grain, Chatko and Champion. The
firm has a cleaning, processing and sorting plant at Himatnagar
(Sabarkantha, Gujarat) with an installed capacity of 51,000 MT per
annum.

The firm has been promoted by members of the Patel family, which
has extensive experience in the agro commodities trading business,
through erstwhile entity, Prakash Trading Company. Key partner, Mr
Vasantkumar Patel has been engaged in the agro products business
for over a decade.

For the nine months ending December 31, 2017, operating income and
net profit of AAI stood at INR63.89 crore and INR0.93 crore
respectively.


AVONTARA SPA: CRISIL Assigns B Rating to INR13.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Avontara Spa (AS).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      13.5      CRISIL B/Stable (Assigned)

The rating reflects the firm's small scale of operations, average
financial risk profile, and exposure to intense competition in the
fragmented leisure and hospitality industry. These weaknesses are
partially offset by the extensive experience of the proprietor in
the leisure and hospitality industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Turnover remained small at INR1.28
crore in fiscal 2017. The firm derives revenue primarily from five
spa outlets in Pune, Maharashtra.

* Average financial risk profile: Networth was small at INR0.4
crore as on March 31, 2017, because of modest scale of operations
leading to average capital structure.

Strength

* Extensive industry experience of the proprietor: The proprietor
has experience of more than a decade and has developed strong
understanding of market dynamics and technologies. His extensive
experience and financial flexibility will support the firm's
business and financial risk profile.

Outlook: Stable

CRISIL believes AS will continue to benefit from the proprietor's
experience. The outlook may be revised to 'Positive' if revenue is
higher than expected, while profitability remains stable. The
outlook may be revised to 'Negative' if profitability or revenue
declines sharply, or financial risk profile deteriorates because
of debt-funded capital expenditure or capital withdrawal.

Established in 2012, AS is a Pune-based proprietorship firm of Mr
Vivek Jagtap. The firm operates a chain of spas under the Avontara
and Adeva brands. The firm has diversified into the restaurant
business and has applied for becoming a franchisee of Bar Stock
Exchange.


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

The instrument-wise rating actions are:

-- INR35.5 mil. Term loans due on December 2023 migrated to Non-
    Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating; and

-- INR25 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING)/IND A4 (ISSUER
    NOT COOPERATING) rating.

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

COMPANY PROFILE

BIPL is engaged into crushing of different sizes of blue metals.
The company's total annual installed capacity is 4,50,000 tones.
Sri M. Ramesh, Sri Ch. Satyanarayana, Sri M. Sri Harsha and Sri
Ch. Rohith are the promoters.


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

-- INR77 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR18 mil. Term loan due on October 2017 migrated to Non-
    Cooperating CategoryIND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1981 by M Kishan Rao, Ghanta manufactures spices
and ready-to-eat products ranging from spaghetti, macaroni to
instant pasta besides spices, masalas, food mix, ready-to-eat
sweets, snacks, soup powders, and compounded asafoetida.


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

-- INR140 mil. Proposed term loans migrated to Non-Cooperating
    Category with Provisional IND B+(ISSUER NOT COOPERATING)
    rating; and

-- INR100 mil. Proposed fund-based facilities migrated to Non-
    Cooperating Category with Provisional IND B+ (ISSUER NOT
    COOPERATING) /Provisional IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

GAIPL was established in February 2015 to set up a cotton oil
extraction unit in Telangana. The site will engage in cottonseed
delinting, dehulling and oil extraction processes to provide oiled
cake, hulls, oil and lint. The promoters of the company are Mr. D
Raghavaiah and Mr. Ronda Suresh.


HALDIA NIRMAN: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the ratings of Haldia Nirman Projects
Private Limited (HNPPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, management has subsequently started sharing
requisite information necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL is migrating the
ratings on the company's bank facilities from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        3.85      CRISIL A4 (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Cash Credit           5.65      CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Proposed Short Term    0.50     CRISIL A4 (Migrated from
   Bank Loan Facility              'CRISIL B/Stable' Issuer Not
                                   Cooperating)

The ratings continue to reflect working capital-intensive
operations and exposure to risks inherent in tender-based business
and to intense competition. These weaknesses are partially offset
by the extensive experience of HNPPL's promoter and moderate order
book providing medium-term revenue visibility.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks inherent in tender-based business and to
intense competition: HNPPL primarily works for public sector units
and acquires orders through tenders. Hence, growth depends on
ability to bid successfully. Substantial increase in scale along
with sustained profitability will remain a key rating driver.

* Large working capital requirement: Gross current assets have
remained in the 289-751 days in the three fiscals through 2017
because of stretched receivables and need to maintain significant
margin money for bank guarantee limit.

Strengths:

* Extensive experience of promoter: With experience of more than a
decade in the civil construction industry, the company's promoter
has developed strong order execution capability, which is a pre-
requisite for participation in tenders. The firm also has healthy
relationship with suppliers of reinforcement steel, cement, and
other components. Revenue grew to INR15.99 crore in fiscal 2017
from INR5.63 crore in fiscal 2015.

* Moderate order book providing revenue visibility: Order book of
around INR55 crore as on March 31, 2018, is to be executed in the
next 12-15 months. The company has already registered operating
profitability of INR23 crore during April-February 2018.

Outlook: Stable

CRISIL believes HNPPL will continue to benefit over the medium
term from promoter's extensive experience and moderate order book.
The outlook may be revised to 'Positive' if ramp up of operations
or greater customer diversity strengthens business risk profile,
or if liquidity improves through better-than-expected accrual,
efficient working capital management, or capital infusion by
promoter. Lower-than-expected accrual, stretch in working capital
cycle, or any large debt-funded capital expenditure leading to
deterioration in liquidity may lead to a revision in the outlook
to 'Negative'.

Incorporated in 2004 and promoted by Kolkata-based Mr Sourav Kumar
Bera, HNPPL is engaged in the civil construction and structural
fabrication business. The company has undertaken projects such as
reservoir construction, civil foundation, housing, and land
development. HNPPL also does fabrication and erection of structure
and equipment, piling, and piping. It undertakes work for
government and private companies.


J.S.M. FORGING: CRISIL Moves B- Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with J.S.M.
Forging and Allied Industries (JSMI) for obtaining information
through letters and emails dated November 7, 2017, March 7, 2018
and March 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       0.8      CRISIL A4 (Issuer Not
                                 Cooperating; Rating Migrated)

   Bill Discounting     1.3      CRISIL B-/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Cash Credit          1.0      CRISIL B-/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Funded Interest
   Term Loan            0.6      CRISIL B-/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Proposed Long Term   1.14     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility            Cooperating; Rating Migrated)

   Term Loan            1.16     CRISIL B-/Stable (Issuer Not
                                 Cooperating; Rating Migrated)


   Working Capital      1.00     CRISIL B-/Stable (Issuer Not
   Term Loan                     Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of J.S.M. Forging and Allied
Industries. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on J.S.M. Forging and Allied Industries 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 J.S.M. Forging and Allied Industries to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

JSMI was established in 2006 as a partnership firm by Mr Sarbjit
Singh, Mr Sant Singh, and Ms Amarjit Kaur. The firm manufactures
and trades in cold-drawn pipes and various re-rolled products such
as angles, flats, and squares of various grades and sizes. It has
a total installed capacity is 20,000 tonne per annum at Mandi
Gobindgarh, Punjab.


K.M. KHAN: CRISIL Migrates B- Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with K.M. Khan
And Sons (KMK) for obtaining information through letters and
emails dated January 31, 2018, March 8, 2018 and March 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         3.75       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan      1.50       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 K.M.Khan And Sons. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
K.M.Khan And Sons 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 K.M.Khan And Sons to 'CRISIL B-/Stable Issuer not
cooperating'.

KMK was established in the year 2000. It trades in steel products
such as angles, channels, bars, beams, and columns. It is based in
Tuticorin (Tamil Nadu).


LAKSHMI VENKATA: CRISIL Moves B Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lakshmi
Venkata Ramana Publishers (LVRP) for obtaining information through
letters and emails dated February 9, 2018, March 8, 2018 and March
12, 2018 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1         CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       7.4       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term   1.6       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 Lakshmi Venkata Ramana
Publishers. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Lakshmi Venkata Ramana Publishers 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 Lakshmi Venkata Ramana Publishers to 'CRISIL
B/Stable Issuer not cooperating'.

Established in 2015 as a partnership firm, Lakshmi Venkata Ramana
Publishers (LVRP) is engaged in offset printing and book
manufacturing business. Based in Vijaywada, Andhra Pradesh, the
firm is promoted by Mr. P Srinivasa Rao.


LEKH RAJ: CRISIL Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lekh Raj
and Sons (LRS) for obtaining information through letters and
emails dated December 6, 2017, March 8, 2018 and March 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit          45      CRISIL B+/Stable (Issuer Not
                                Cooperating; Rating Migrated)

   Proposed Cash         5      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 Lekh Raj and Sons. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Lekh Raj and Sons 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
facilities of Lekh Raj and Sons to 'CRISIL B+/Stable Issuer not
cooperating'.

LRS was set up in 1984 as a partnership firm by the members of the
Miglani family of Kaithal (Haryana). The firm is engaged in
milling, sorting, grading, export and selling of basmati and
non-basmati rice in the domestic market.


LIFETREE ACADEMICS: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lifetree
Academics and Projects Private Limited (LTAP) for obtaining
information through letters and emails dated February 21, 2018,
March 8, 2018 and March 12, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     9.5      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 Lifetree Academics and Projects
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Lifetree Academics and Projects
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
facility of Lifetree Academics and Projects Private Limited to
'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2012, LTAP has leased its property near
Thiruvananthapuram to Charter School for Education and Research.
It is promoted by Moat Project Management Pvt Ltd (rated 'CRISIL
B/Stable') represented by Mr. Binoy J Kattadiyil and Mr. Rakkinth
Subramanian, and Mr Romald Francis.


LYKA BDR: Ind-Ra Assigns 'B' LT Issuer Rating to INR134MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lyka BDR
International Limited (Lyka) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR134 mil. Fund-based facilities assigned with
    IND B/Stable/IND A4 ratings.

KEY RATING DRIVERS

The ratings reflect Lyka's small scale of operations, volatile
margins and weak credit metrics owing to the trading nature of
business. Revenue fell to INR531 million in FY17 (FY16: INR668
million) on the back of a decline in export orders. As of 9MFY18,
the company achieved revenue of INR149 million. The EBITDA margins
plunged to 5.7% in FY17 (FY16: 20.9%) on account of fluctuations
in raw material prices, which could not be passed on to the end
customers.

Interest coverage ratio (operating EBITDA/gross interest expense)
deteriorated to 1.5x in FY17 (FY16: 5.1x) and net leverage (total
adjusted net debt/operating EBITDAR) to 3.9x (1.0x) because of a
decrease in absolute EBITDA to INR30 million (INR140 million). The
decline in the absolute EBITDA was driven by fluctuations in raw
material prices, which the company was unable to pass on to the
end customers. Ind-Ra expects the credit metrics to have
deteriorated further in FY18 as the company reported an EBITDA
loss of INR17.2 million in 9MFY18. However, the company has raised
a debit note to the pharmaceutical manufacturing company, Lyka
Labs Limited, for the losses incurred during the period and would
make adjustments to the margins in FY19.

The ratings, however, benefit from Lyka's comfortable liquidity
position as indicated by 68.1% average utilization of its fund-
based facilities over the 12 months ended March 2018.

The ratings also benefit from the company's promoters' more than
two decades of experience in the pharmaceutical industry.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 1993, Lyka is primarily involved in the trading of
pharmaceutical products manufactured by Lyka Labs in its factory,
located at Ankleshwar, Gujarat.


MANAV AGRI: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Manav Agri
Foods Private Limited (MAFPL) for obtaining information through
letters and emails dated February 20, 2018, March 7, 2018 and
March 12, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          17.5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan             5.5      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 Manav Agri Foods Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Manav Agri Foods 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 Manav Agri Foods Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.

MAFPL was established in 2007, promoted by Mr Ashok Gheek to
process rice. The company started commercial production in April
2012. It has a paddy processing plant at Holambi, Delhi.


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

The instrument-wise rating actions are:

-- INR3.54 mil. Long-term loan due on September 2017 migrated to
    Non-Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating;

-- INR40 mil. Fund-based working capital limits migrated to Non-
    Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001, MGIIPL manufactures and installs operation
theatres, medical gas pipeline systems and other equipment used in
hospitals. It has two manufacturing facilities one each in Baddi
(Himachal Pradesh) and Faridabad (Haryana).

The company is promoted by Shri Ashok Chandra, Shri Vidur Chandra,
Smt. Meena Chandra and Shri Vishal Kumar Gulati.


OPUS INDUSTRIES: CRISIL Moves B- Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Opus
Industries Private Limited (OIPL) for obtaining information
through letters and emails dated December 18, 2017 and
January 17, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Term Loan       27        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 Opus 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 Opus Industries Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

OIPL was incorporated in 2012 in Hyderabad, to manufacture AAC
blocks and market them under its own brand - 'Aerobild'. The
manufacturing facility is located at Kodad in Nalgonda district of
Telangana.  Operations are managed by Mr V Raghuram and his wife,
Mrs V Amulya.


PATIL BUILDERS: Ind-Ra Withdraws 'BB' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M.T. Patil
Builders and Contractors Private Limited's (Patil) Long-Term
Issuer rating of 'IND BB'. The Outlook was Stable.

The instrument-wise rating actions are:

  -- INR45.00 mil. Fund-based facilities withdrawn and the rating
     is withdrawn; and

  -- INR67.50 mil. Non-fund-based facilities withdrawn and the
     rating is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no objection certificate from the lender.
This is consistent with the Securities and Exchange Board of
India's circular dated 31 March 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
Patil.

COMPANY PROFILE

Incorporated in 1997, Patil is engaged in civil construction, such
as roads and bridges, in and around Nashik.


PRABHAT CABLES: CRISIL Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in-line with the
Securities Exchange Board of India guidelines, had migrated the
long-term rating of Prabhat Cables Private Limited (PCPL) to
'CRISIL B+/Stable Issuer Not Cooperating. However, the management
has subsequently started sharing information necessary for
carrying out a comprehensive review of the rating. Consequently,
CRISIL is migrating the rating on the long-term facilities of PCPL
from 'CRISIL B+/Stable Issuer Not Cooperating to 'CRISIL
B+/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          20       CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable' Issuer Not
                                 Cooperating)

The ratings continue to reflect PCPL's average financial risk
profile and working-capital-intensive operations. These weaknesses
are partially offset by the extensive experience of PCPL's
promoters in the cable distribution industry and its established
relationship with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: Financial risk profile is weak
as reflected in moderate networth of INR9 crore and high total
outside liabilities to tangible networth of 3.33 times as on March
31, 2017. The debt protection metrics are average with interest
coverage and net cash accrual to total debt ratios of 1.53 times
and 0.03 time, respectively, for fiscal 2017.

* Working capital-intensive operations: Gross current assets were
133 days as on March 31, 2017, due to stretched receivables and
sizeable inventory. Although, supplier credit helps meet working
capital requirement partially, the company has to rely on external
borrowings.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' experience of six decades and established customer base
should support the business. Revenue increased to INR107.3 crore
in fiscal 2017 from INR77 crore in fiscal 2014.

* Established relationship with customers and suppliers
The company has a diverse clientele of over 8000 customers (retail
and institutional) across industries. Also, it has been associated
with principal, Polycab Cables Pvt Ltd (Polycab), since 1987 and
can avail of loyalty discount on any sale made beyond the year's
targets. Strong relationship with customers and supplier will help
maintain business risk profile over the medium term.

Outlook: Stable

CRISIL believes PCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if high cash accrual or controlled working capital
cycle strengthens financial risk profile. The outlook may be
revised to 'Negative' if low cash accrual, stretch in working
capital cycle or any large debt-funded capital expansion weakens
liquidity.

PCPL was set up as a partnership firm in 1958 by Mr Praveen
Kacharia and his friend Mr N. H. Desai; it was reconstituted as a
private limited company in 2010. PCPL distributes products of
Polycab such as coaxial cables, polyvinyl chloride heavy cables,
and submersible cables. Mr Amrish Kacharia, Mr Manoj Kacharia and
Mr Rickin Kacharia look after the operations. PCPL has its
registered office at Lohar Chawl in Mumbai, and a warehouse in
Bhiwandi (both in Maharashtra).


PRASHANT INDUSTRIAL: CRISIL Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Prashant Industrial
Corporation (PIC; a part of Prashant Group) for obtaining
information through letters and emails dated January 24, 2018,
March 7, 2018 and March 12, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     30       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 Prashant Industrial
Corporation. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Prashant Industrial Corporation 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
facility of Prashant Industrial Corporation to 'CRISIL B+/Stable
Issuer not cooperating'.

For arriving at ratings, CRISIL has combined the business and
financial risk profiles of PIC and Khwahish Marketing Private
Limited (KMPL). This is because these entities have a common
management and are engaged in similar line of business. These two
entities have been together named as Prashant Group.

Incorporated in 1999 as a proprietorship firm, PIC is a trader of
iron and steel products. Based in Ghaziabad, Uttar Pradesh, the
firm is managed and promoted by Mr. Prashant Sharma.

Incorporated in 2005 as private limited company, Khwahish
Marketing Pvt Ltd (KMPL) is a trader of iron and steel products.
Based in Ghaziabad, Uttar Pradesh, the firm is managed and
promoted by Mr. Prashant Sharma.


RAMADE MEMORIAL: CRISIL Assigns B Rating to INR12MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Ramade Memorial Medicare And Research
Institute LLP (RMMRI). The rating reflects exposure to risks
related to on-going project and to intense competition in the
industry. These weaknesses are partially offset by promoters'
entrepreneurial experience in industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      12        CRISIL B/Stable (Assigned)

   Proposed Working
   Capital Facility         1        CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Significant risks related to ongoing project: With nascent stage
of project, the firm remains exposed to risks related to time and
cost overruns. Moreover, the firm is yet to achieve financial
closure.  Timely completion of project and commensurate ramp-up in
operations will remain key rating sensitivity factor.

* Intense competition in the industry: RMMRI is expected to face
competition from other hospitals in the nearby areas which along
with geographical concentration with restricts the hospital's
customer base, and renders it vulnerable to the dynamics of a
single market.

Strength

* Entrepreneurial experience of promoters: Mr. Jayesh Chandra
Ramade is a civil engineer by profession and also operates two
schools in Gondia. The promoters' entrepreneurial experience will
benefit RMMRI over the medium term.

Outlook: Stable

CRISIL believes RMMRI will benefit over the medium term from the
extensive experience of its management. The outlook may be revised
to 'Positive' if timely completion and stabilization of operations
leads to higher than expected cash accruals and better financial
risk profile. The outlook may be revised to 'Negative' if
significant cost or time overrun in the project, leads to low cash
accruals and impacts its debt servicing ability.

RMMRI, set up in 2017 by Mr. Jayesh Chandra Ramade, is setting up
a 100 bed multi-specialty hospital in Gondia, Maahrashtra. The
hospital is expected to commence operations from June 2018.


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

The instrument-wise rating actions are:

-- INR40.63 mil. Term loan due on May 2022 migrated to Non-
    Cooperating Category with IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR100 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B (ISSUER NOT
    COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 30, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in March 2015, RE has set up a fully mechanized unit in
Pavithreswaram Village, Kottarakara Taluka, Kollam District,
Kerala, to process only imported raw cashew nuts for exporting.
The total cost of the project is INR111.55 million (funded through
bank loan (40.34%) and promoter equity (59.66%).


RDC AUTOMOBILE: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with RDC
Automobile Private Limited (RDC) for obtaining information through
letters and emails dated December 18, 2017, January 17, 2018 and
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                   Amount
   Facilities     (INR Mln)     Ratings
   ----------     ---------     -------
   Drop Line          3.6       CRISIL B/Stable (Issuer Not
   Overdraft                    Cooperating; Rating Migrated)
   Facility

   Electronic        15.0       CRISIL B/Stable (Issuer Not
   Dealer Financing             Cooperating; Rating Migrated)
   Scheme(e-DFS)

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 RDC Automobile Private Limited.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on RDC Automobile 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 RDC Automobile Private Limited to 'CRISIL B/Stable
Issuer not cooperating'.

Set up in 2015, RDC is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also
promoted RDC Motors Private Limited (RDCMPL), an authorised dealer
for cars of Fiat India Automobiles Limited (FIAL) in Chennai and
Vellore.


S.B. AGENCIES: CRISIL Lowers Rating on INR7MM Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has been consistently following up for information
with S.B. Agencies (SBA) for obtaining information through letters
and emails dated January 15, 2018 and February 21, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           7        CRISIL D (Issuer Not
                                  Cooperating; Downgraded
                                  from 'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SBA. 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 SBA
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

CRISIL has downgraded its rating on the bank facilities of SBA to
'CRISIL D/Issuer Not Cooperating' from 'CRISIL B+/Stable'.

The downgrade reflects delays by the firm in servicing debt. The
same was on account of weak operating performance.

Rating also reflects its modest scale of operations. This weakness
is partially off-set by its promoter's extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest Scale of operation in the competitive industry: Scale of
operation remains modest with revenue of INR41.4 crore in fiscal
2016. The industry has intense competition marked by presence of
large number of unorganized players.

Strengths

* Extensive experience of promoters: Benefits from the partners'
experience of more than two decades in the tiles trading industry
should continue to support business risk profile.

SBA was set up in 1989 by Mr Nazar Mohamed Ellias and his wife,
Mrs Raheena Jalaudeen. The firm trades in tiles, sanitary items
and granites, and is based in Attingal (Kerala).


SOLVE PLASTIC: Ind-Ra Withdraws 'B' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Solve Plastic
Products Private Limited's (Solve) Long-Term Issuer Rating of
'IND B'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND B rating on INR86-mil. fund-based facilities is
    withdrawn;

-- The IND B rating on INR7.5 mil. non-fund-based facilities
    is withdrawn; and

-- The IND B rating on INR21.993 mil. term loans due on March
    2017 to December 2021 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no objection certificate from the lender.
This is consistent with The Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
Solve.

COMPANY PROFILE

Incorporated in 1991, Solve manufactures water pipes and electric
conduits, pipe fittings and plastic pipes in Punalur, Kerala.


SOUTHERN AUTO PRODUCTS: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Southern
Auto Products Co. (SAPC) for obtaining information through letters
and emails dated February 21, 2018, March 8, 2018 and March 12,
2018 among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       1        CRISIL A4 (Issuer Not
                                 Cooperating; Rating Migrated)

   Cash Credit          6.5      CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Long Term Loan       2.5      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 Southern Auto Products Co.,
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Southern Auto Products Co. 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 Southern Auto Products Co. to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Established in 2000 and promoted by Mr. James Emmanuel, Kerala-
based SAPC manufactures automobile spring leaf.


SOUTH INDIA SPINNING: CRISIL Moves B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with South India
Spinning Mills Private Limited (SIS) for obtaining information
through letters and emails dated January 31, 2018, March 8, 2018
and March 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Buyer's Credit       5.2       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit          6.0       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan      11.3       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 South India Spinning Mills
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on South India Spinning Mills
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 South India Spinning Mills Private Limited to
'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2015, South India Spinning Mills Pvt Ltd (SIS) is
engaged in manufacturing of cotton yarn of counts 30s to 40s with
an installed capacity if 23860 spindles. The company is promoted
and managed by two directors, namely Mr. C. Duraiswamy and Mr. D.
Senthil Kumar. The company started its commercial operations in
September 2016.


SRINIDHI ENTERPRISES: CRISIL Assigns B+ Rating to INR6MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
bank facilities of Srinidhi Enterprises - Chennai (SE). The
ratings reflect SE's modest scale and moderate working capital
intensity in operations, and below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of the partners in the chemical trading business.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Proposed Cash
   Credit Limit          6        CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in the chemical
trading business continues to constrain scale of operations.
Revenue was modest at INR30.8 crore in fiscal 2017.

* Moderate working capital intensity in operations: Working
capital requirement is moderate, with gross current assets (GCAs)
of 60 days as on March 31, 2017, driven by receivables. Since
sales are only to wholesalers, there have been no instances of bad
debt thus far, though payments are often delayed. Also, since
procurements are order-backed, and are directly sent to customers,
inventory is low.  Open credit of around 30 days availed of from
the supplier also eases pressure on working capital. GCAs are
expected to remain stable in the medium term, but may increase
thereafter as scale of operations increases.

* Below-average financial risk profile: Networth is modest, and
total outside liabilities to tangible networth is high, at INR1.22
crore and 3.61 times, respectively, as on March 31, 2017. Debt
protection metrics may remain subdued: interest coverage and net
cash accrual to total debt ratios were 1.83 times and 0.1 time,
respectively, for fiscal 2017 due to low profitability.

Strengths

* Extensive experience of the partners: The two-decade-long
experience of the promoters in the trading of chemicals, their
keen grasp of local market dynamics, the diverse products and
applications, and strong relationships with key supplier, Andhra
Sugars Ltd, and customers, will continue to support the business.

Outlook: Stable

CRISIL believes SE will continue to benefit from the extensive
experience of the partners. The outlook may be revised to
'Positive' if significant and sustained increase in revenue,
profitability and cash accrual, and improved management of working
capital cycle strengthen financial metrics. Conversely, the
outlook may be revised to 'Negative' if decline in revenue and
profitability, or large working capital requirement weakens the
financial risk profile, especially liquidity.

Incorporated in 2014, SE trades in chemicals such as caustic soda
flakes, and sodium hypo chloride in South India for wholesalers.
Mr Thiyagarajan and his friend Mr Balaji are the promoters.
Operations are managed by Mr Prakash, brother of Mr Thiyagarajan.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Proposed fund-based limit maintained in Non-
    Cooperating Category with Provisional IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR50 mil. Proposed non-fund-based limit maintained in Non-
    Cooperating Category with Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

SPPL was incorporated in 1986 by Mr. Dhiren Navlakha and Mr.
Farhad Suri and their families. The company commenced operations
as a trader for lime and other mineral products, but is now
engaged in product distribution for Nestle India Ltd. and ITC
Limited. In addition, it manages Nestle India's vending work in
Delhi NCR.


VANTA BIOSCIENCE: Ind-Ra Gives B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vanta Bioscience
Limited (VBL) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR140 mil. Term loan due on FY24-FY25 assigned with
    IND B+/Stable rating;

-- INR20 mil. Fund-based working capital limits assigned with
    IND B+/Stable rating;

-- INR90 mil. Proposed fund based facilities* assigned with
    Provisional IND B+/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect VBL's start-up nature of operations under the
current management. In its first year of operations in FY18,
revenue was around INR40 million, EBITDA margins were around 30%,
EBITDA interest cover was around 3x and net debt/EBITDA was about
5x, as per Ind-Ra's estimates. The company expects to earn INR100
million-120 million in revenue over FY19-FY20 and EBITDA margins
in excess of 30%. The credit metrics are likely to improve if the
company's revenue and margins improve in line with Ind-Ra's
expectations.

The ratings are supported by more than two decades of experience
of VBL's promoters in the pharmaceutical sector and VBL's adequate
liquidity. The term loan repayment obligations commenced from
March 2018. The company has timely repaid the debt due and expects
to do so over FY19-FY20 on the back of likely healthy
profitability.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
and sustained improvement in the revenue and credit metrics from
the agency's expectations.

Negative: A negative rating action could result from a sustained
fall in the overall credit metrics than the agency's expectations
due to a decline in operating profitability and/or higher-than-
expected debt funded capex.

COMPANY PROFILE

Promoted by Mr. Mohan Krishna and Mr. Dopesh Raja, VBL was
incorporated in 2010 by Kemin Industries South Asia Private
Limited and taken over by the current promoters in April 2016 for
a consideration of INR120 million. VBL undertakes research and
development, clinical and pre-clinical studies in the field of
genetic toxicology, animal toxicology, inhalation toxicology and
eco toxicology.


VELAVEN POLYMERS: Ind-Ra Migrates 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Velaven
Polymers Private Limited's (VPPL) Long-Term Issuer Rating to 'IND
D' from 'IND B+' while simultaneously migrating the rating to the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR144.0 mil. Long-term loans (long-term) due on May 2026
    downgraded and migrated to Non-Cooperating Category with
    IND D (ISSUER NOT COOPERATING) rating;

-- INR50.0 mil. Fund-based working capital facilities (long- and
    short-term) downgraded and migrated to Non-Cooperating
    Category with IND D (ISSUER NOT COOPERATING)/IND D (ISSUER
    NOT COOPERATING) rating; and

-- INR5.0 mil. Non-fund-based working capital facilities (short-
    term) downgraded and migrated to Non-Cooperating Category
    with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by VPPL, the
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in an upgrade.

COMPANY PROFILE

VPPL was established in August 2015 to manufacture flexible
intermediate bulk container bags, polypropylene bags, woven sacks
and jumbo Bags. Mrs. A Amudha, Mr. T Ashok Kumar, Mr. P Thangavelu
and Mr. P Chandrasekar are the promoters of the company.


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

-- INR84 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B- (ISSUER NOT COOPERATING)/
    IND A4( ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, VDPL manufactures textile products such as
embroidery works on sarees and suits. It also stitches suits and
other textile products. The company books a majority of sales by
selling through Home Shop Network.


VYANKTESH CORRUGATORS: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India (SEBI) guidelines, had
migrated the rating on the bank facilities of Vyanktesh
Corrugators Private Limited (VCPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing the requisite information for carrying out a comprehensive
review of the rating. Consequently, CRISIL is migrating the rating
from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         11.25      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

The rating reflects the modest operating efficiencies and below-
average debt protection metrics of the company. These weaknesses
are partially offset by the stable market position of VCPL backed
by the long-standing presence of the 'Packing People group' and a
strong clientele.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest operating efficiencies: VCPL's operating margin has
remained below 7% in the four fiscals ended March 2017, which is
noticeably lower than companies of comparable scale and profile.
The margin has been range-bound owing to high transportation costs
incurred by the company in order to cater to a relatively wide
geographical network. Likewise, VCPL had inventory of almost six
months and gross current assets of 285 days as at March 31, 2017.

* Below-average debt protection metrics: VCPL had below-average
debt protection metrics, with interest coverage ratio of 1.57
times and net cash accrual to total debt ratio of 6% in fiscal
2017. The same is on account of range-bound operating margin and
heavy reliance of fund-based limits to finance working capital.

Strengths:

* Stable market position: VCPL enjoys a stable market presence in
Central India owing to the long-standing presence of the Bangur
family in paper and packaging industry and synergies accruing to
VCPL from 'Packing People group', which has entities engaged in
packaging, logistics and real estate businesses.

* Strong clientele: VCPL has a strong clientele consisting of
Mondelez India Foods Limited and Eicher Motors Limited among
others. A continuous flow of orders has enabled VCPL to scale up
its operations sustainably over the years.

Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the medium
term from its settled market position and group synergies. The
outlook may be revised to 'Positive' in case of a considerable
increase in the company's scale of operations and profitability
while it tightens its working capital cycle, leading to
significant improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if there is a decline in VCPL's
margins or a further stretch in its working capital requirements,
resulting in deterioration in its financial risk profile,
particularly its liquidity.

Incorporated in 1996 as a part of the Packing People group, VCPL
manufactures corrugated boxes using kraft paper; it is based in
Ujjain (Madhya Pradesh). The company is promoted by Bangur family.



=================
I N D O N E S I A
=================


LIPPO KARAWACI: Moody's Puts B1 Rating on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B1 corporate family rating of Lippo Karawaci Tbk (P.T.).

At the same time, Moody's has placed on review for downgrade the
B1 backed senior unsecured rating of the bonds issued by Theta
Capital Pte. Ltd., a wholly-owned subsidiary of Lippo Karawaci.
The bonds are guaranteed by Lippo Karawaci and some of its
subsidiaries.

RATINGS RATIONALE

"The review for downgrade reflects Moody's concern over Lippo
Karawaci's weakening corporate governance, as the company has
again delayed financial reporting and has not fulfilled certain
reporting obligations under the indentures of its US dollar
notes," says Jacintha Poh, a Moody's Vice President and Senior
Analyst.

As of April 11, 2018, the company has not filed its 2017
consolidated financial results with the Indonesian stock exchange.
Moody's points out that this is the third time over the last year
that Lippo Karawaci has delayed its financial reporting.

The first delay was on its first-half results to June 30, 2017 due
to a IDR3 trillion rights issue by its 51%-owned PT Siloam
International Hospitals Tbk. The rights issue was completed in the
last quarter of 2017.

The second delay was on its third-quarter results to September 30,
2017 due to its proposed rights issue of IDR600 billion and a
proposed IDR850 billion rights issue by PT Lippo Cikarang Tbk,
which were supposed to be completed in the first quarter of 2018.
However, there has been no announcement on progress of the rights
issues, which were underwritten by PT Ciptadana Securities.

Lippo Karawaci has shared that the delay was due to Lippo
Cikarang's rights issue but has not announced a date by which it
will file its results with the exchange.

Moody's also understands from the company that it has not
submitted the certificate, as required under the indenture of its
US dollar bonds, stating details and the computation of its fixed
charge coverage ratio with respect to the four most recent
quarters within 90 days after the close of its fiscal year-end.
While Lippo Karawaci can remedy the non-compliance by filing the
certificate within the applicable cure period, Moody's views this
to limit the company's financial flexibility. Lippo Karawaci's US
dollar bonds accounts for 79% of its total debt as of
September 30, 2017.

"The review for downgrade also reflects Moody's expectation of
weaker liquidity at the holding company should the proposed rights
issue is delayed or cancelled as Lippo Karawaci's ability to sell
projects at the holding company remains weak," says Poh.

Moody's expects holding company liquidity -- namely consolidated
cash flow excluding cash flow of listed companies (Siloam
International Hospitals and Lippo Cikarang) but including
intercompany cash flow such as dividends and asset-sale proceeds
-- to be weak over the next 12 months, owing to short-term debt
of IDR1,336 billion.

Moody's expects refinancing risk in 2018 to be mitigated by
availability of its undrawn committed facilities. Furthermore,
around half of its short-term debt is a $50 million syndicated
loan that has an extendable maturity up to September 2019.

Assuming an extension of its $50 million loan, Lippo Karawaci will
have $115 million of syndicated loan maturing in September 2019.
Other than that, the company has a relatively long-dated debt
maturity profile because $410 million of its US dollar bonds will
come due only in April 2022.

Moody's review will focus on (1) the timing at which Lippo
Karawaci files its 2017 audited financial statements, the
resultant auditor opinion, and the operating and financial
performance of the company; (2) the company's ability to remedy
the failure to fulfill its financial reporting obligation under
the indentures of its US dollar bond; (3) its strategy to improve
its operating and financial performance, particularly at the
holding company level; and (4) final proceeds and timing of the
rights issues and its implication for the liquidity at the holding
company level.

If Moody's assesses that Lippo Karawaci is unable to improve
operating performance and liquidity at the holding company level,
its rating could be downgrade by at least one notch.

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

Lippo Karawaci Tbk (P.T.) is one of the largest property
developers in Indonesia, with a sizable land bank of around 1,364
hectares as of September 30, 2017. It owns and/or manages - either
directly or via its real estate investment trusts - 47 malls, 31
hospitals and nine hotels. Lippo Karawaci owns a 31% stake in
First REIT and a 30% stake in Lippo Malls Indonesia Retail Trust.



===============
M O N G O L I A
===============


MONGOLIAN MORTGAGE: Moody's Assigns B3 Rating to Sr. Unsec. Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Mongolian
Mortgage Corporation HFC LLC's (MIK, B3 stable) proposed USD-
denominated senior unsecured bonds.

The rating on the securities is subject to the receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents that
Moody's has reviewed.

The proposed senior unsecured bond is guaranteed by the parent
company, MIK Holding JSC.

RATINGS RATIONALE

The B3 rating is in line with MIK's long-term foreign currency
issuer rating, as the senior unsecured bonds will constitute a
direct, general, unsubordinated, unconditional, and unsecured
obligation of the issuer. The bonds will be redeemable at
principal on maturity.

What Could Change the Rating Up/Down

MIK's ratings could be upgraded if the Mongolian government's B3
rating is upgraded and MIK's standalone credit metrics remain
robust.

On the other hand, MIK's ratings could be downgraded if (1)
Mongolia's sovereign rating is downgraded; or (2) the company
expands into new businesses that will increase liquidity risk or
credit risk.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance
Companies published in December 2016.

Mongolian Mortgage Corporation HFC LLC is a wholly owned
subsidiary of MIK Holding JSC and is headquartered in Ulaanbaatar,
Mongolia. Its consolidated assets totaled MNT2.3 trillion ($933
million) as of the end of 2016.



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


GM KOREA: Parent Hints at Withdrawing Debt-For-Equity Swap Plan
---------------------------------------------------------------
Yonhap News Agency reports that General Motors Co. hinted at
possible willingness to withdraw the planned debt-for-equity swap
for GM Korea Co., in an apparent bid to induce the state creditor
to pump more cash into the financially-troubled South Korean unit,
industry sources said April 15.

According to the report, sources said GM Executive Vice President
Barry Engle met officials from the Korea Development Bank (KDB),
the second-biggest shareholder, on Friday, and suggested a plan
for the US headquarters to give loans to GM Korea, while the bank
makes an investment.

Yonhap relates that the suggestion runs counter to GM's previous
proposal. The company suggested a $2.7 billion debt-for-equity
swap and $2.8 billion in investment over the next 10 years in
return for financial aid through the KDB.

GM also claimed that GM Korea may file for court receivership on
Friday this week if it fails to reach an agreement with the labor
union, the report says.

The US automobile giant said earlier it wishes to continue
business in South Korean when closing down the Gunsan factory in
February, revealing the debt-for-equity swap and investment plans,
Yonhap recalls.

Yonhap relates that industry watchers, however, said GM is
presumed to have shifted its stance recently to seek court
receivership amid prolonged negotiations with the labor union and
the KDB's investigation of GM Korea.

Accordingly, sources said GM may eventually shut down all
production facilities in South Korea and relocate that production
to China, leaving only research, design, and sales divisions in
South Korea, Yonhap relays.

The potential exit of GM from the South Korean market is expected
to adversely affect the country's automobile industry, as nearly
half of GM Korea's 301 tier-one suppliers here depend on the
company for more than 50 percent of their earnings, Yonhap states.
Up to 500,000 jobs are could be affected by the exit of GM Korea
from the country, when considering other smaller subcontractors.

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



================
S R I  L A N K A
================


SRI LANKA: Fitch Gives B+(EXP) Rating to New USD-Denominated Bonds
------------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka's upcoming US dollar-
denominated bonds an expected rating of 'B+(EXP)'.

KEY RATING DRIVERS

The expected rating is in line with Sri Lanka's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Sri Lanka's Long-
Term Foreign-Currency IDR. In February 2018, Fitch affirmed Sri
Lanka's Long-Term Foreign-Currency IDR at 'B+' with a Stable
Outlook. The Long-Term Local-Currency IDR is also 'B+' with a
Stable Outlook.


SRI LANKA: S&P Assigns B+ Rating to New USD Senior Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term foreign currency
rating to the proposed benchmark sized U.S. dollar-denominated
senior unsecured notes issued by Sri Lanka (B+/Stable/B).

The notes represent direct, general, unconditional, unsecured, and
unsubordinated obligations of the sovereign, and rank equally with
the sovereign's other unsecured and unsubordinated debt
obligations.



=============
V I E T N A M
=============


VINACOMIN HOLDING: Moody's Affirms B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating for Vinacomin Holding Corporation Limited. The outlook
remains stable.

RATINGS RATIONALE

"Vinacomin's B3 rating is primarily driven by its standalone
credit quality as captured by its b3 baseline credit assessment,
which in turn continues to reflect its strategic importance in
managing Vietnam's coal and mineral reserves, and its demonstrated
access to low-cost credit from the local banking sector to support
its expansion projects," says Maisam Hasnain, a Moody's Analyst.

The company has a long-dated reserve life with substantial
reported coal reserves of over two billion tons. This translates
into a reserve life of over 50 years based on its 2018 expected
production of 36 million tons. Accounting for about 70% of
revenue, coal sales will remain the primary contributor to
Vinacomin's operations.

The B3 rating also recognizes key challenges such as (1)
Vinacomin's large debt-funded capex program; (2) the standard,
quality and timeliness of its consolidated financial reporting;
(3) its dependence on short-term bank funding; and (4) the limited
degree of clarity regarding long-term shareholder intentions and
strategic direction.

"The rating is constrained by Vinacomin's large capex plans which
will keep its adjusted leverage -- as measured by adjusted debt to
EBITDA -- elevated at around 5.5x - 6.0x, and its high dependence
on short-term debt to fund its operations," adds Hasnain, also
Moody's Lead Analyst for Vinacomin.

"However, based on its status as a state-owned enterprise,
Vinacomin has built long-standing relationships with banks and
financial institutions in Vietnam and has a track record of
successfully rolling over its short-term bank loans," adds
Hasnain.

While Vinacomin is 100%-owned by the government of Vietnam (B1
positive), Moody's believes that the government is unlikely to
provide more than selective and partial support in a distressed
situation, and Vinacomin's rating therefore does not include any
uplift for expected government support.

The stable outlook reflects Moody's expectation that the company's
leverage will remain elevated but within its rating parameters
while it works to improve its cost competitiveness amid increasing
coal imports in Vietnam. The outlook also takes into account
Vinacomin's proven access to state-owned banks and the domestic
bond market as it carries out its capital investment plans.

Upward ratings pressure could arise if Moody's concerns over the
quality of the company's consolidated financial reporting ease,
and clarity increases around long-term shareholder intentions and
strategic direction. Leverage maintained below 4.5x would also be
supportive of upward ratings pressure.

Downward pressure on the rating could emerge if (1) the quality
and timeliness of Vinacomin's financial reporting deteriorate; or
(2) Vinacomin takes on further projects, or expands existing
development projects, such that adjusted debt/EBITDA approaches
6.0x, or adjusted EBIT/interest expenses remains below 1.0x for an
extended period; or (3) there is evidence that Vinacomin is facing
difficulties in raising the funds required to sustain its current
business plan.

The methodologies used in this rating were Mining Industry
published in April 2018, and Government-Related Issuers published
in August 2017.

Vinacomin Holding Corporation Limited, 100% owned by the
Government of Vietnam, is the largest coal producer in Vietnam
with planned production of 36 million tons of coal in 2018. The
company is also engaged in power generation, mineral exploration
and smelting, and other operations related to its core coal and
minerals business.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***