TCRAP_Public/180430.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 30, 2018, Vol. 21, No. 084

                            Headlines


A U S T R A L I A

CAPITAL FORM: Second Creditors' Meeting Set for May 7
COOPER & OXLEY: Subcontractors Accept Deed of Company Arrangement
DFO LEDS: First Creditors' Meeting Scheduled for May 7
MATCHBYTE CONSULTANTS: First Creditors' Meeting Set for May 7
MR & SW ENTERPRISES: First Creditors' Meeting Set for May 9

MUROOF 4: First Creditors' Meeting Slated for May 9
RESIMAC BASTILLE 2016-1NC: Moody's Hikes F Notes Rating to 'B1'
SOUTH WESTERN WIRELESS: Funding Woes Led to Company's Downfall
TZUKURI PTY: Second Creditors' Meeting Set for May 4


C H I N A

AMERICAN LORAIN: Receives Audit Opinion with Going Concern
BIOSTAR PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
YANZHOU COAL: S&P Ups Issuer Credit Rating to BB, Outlook Stable
YIDA CHINA: S&P Alters Outlook to Negative & Affirms 'B' ICR
ZOOMLION HEAVY: S&P Affirms 'B' Issuer Credit Rating


H O N G  K O N G

NOBLE GROUP: Singapore Court Halts Today's Shareholder Meeting
NOBLE GROUP: To Shortly Submit Draft for Special Meeting
VISTRA GROUP: S&P Affirms B Issuer Credit Rating, Outlook Stable


I N D I A

AKKAVILA K: CRISIL Migrates B+ Rating From Not Cooperating
AMAR HATCHERIES: CRISIL Reaffirms Then Withdraws D Loan Ratings
AXIS OVERSEAS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
BAHRAICH NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
BHAVANI ENTERPRISES: CRISIL Withdraws B- Rating on INR0.75MM Loan

BHAVANI SAW: CRISIL Withdraws B- Rating on INR.75MM Overdraft
BNT CONNECTIONS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
CLEANTEC INFRA: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
DUTCH GLASS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
GAURAV BHARTI: CRISIL Reaffirms D Rating on INR10MM Term Loan

GR TEXTILE: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
ITFT CONSULTANCY: CRISIL Cuts Rating INR5.5MM Capital Loan to B
KISAN MOULDINGS: CRISIL Moves D Rating to Not Cooperating Cat.
MANGLAM BUILD: CRISIL Moves B Rating to Not Cooperating Category
MODI PROJECTS: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable

NACHIMUTHU INDUSTRIAL: CRISIL Ups Rating on INR23MM Loan to B-
NANO MINPRO: CRISIL Migrates D Rating From Not Cooperating
NATURE NURSERY: CRISIL Assigns B+ Rating to INR12MM Term Loan
NEUMEC AND REODAR: CRISIL Withdraws B Rating on INR100MM Loan
NIRBAN REALTORS: CRISIL Withdraws B+ Rating on INR7.75MM Loan

NORTH COASTAL: CRISIL Assigns B+ Rating to INR20MM Term Loan
OPAL LUXURY: CRISIL Moves D Rating to Not Cooperating Category
PANVELKAR INFRA: CRISIL Reaffirms B+ Rating on INR20MM Term Loan
PK SAXENA: Ind-Ra Corrects April 17 Rating Release
PREMIUM EXPORTS: CRISIL Reaffirms B+ Rating on INR8MM Loan

PROGRESS TRADERS: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
RAJ RAJENDRA: CRISIL Withdraws B- Rating on INR10MM Term Loan
RAJESH SPICES: CRISIL Withdraws B Rating on INR5MM Cash Loan
S. P. GARMENTS: CRISIL Lowers Rating on INR1MM Cash Loan to B
SANGAMESHWAR COFFEE: CRISIL Withdraws B+ Rating on INR7MM Loan

SANGRAM CANE: CRISIL Withdraws B- Rating on INR27MM LT Loan
SHIV SHAKTI: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
SRI LAKSHMI: CRISIL Reaffirms B Rating on INR16MM Cash Loan
SURYA RICE: CRISIL Raises Rating on INR8MM Term Loan to B+
THIRUCHY STEELS: CRISIL Reaffirms B+ Rating on INR8MM Loan

VELVET RESORTS: CRISIL Withdraws B Rating on INR6.7MM Term Loan
VENUS REMEDIES: CRISIL Moves D Rating to Not Cooperating Category
YAZDANI STEEL: CRISIL Raises Rating on INR33.79MM Loan to 'C'


I N D O N E S I A

STAR ENERGY: Moody's Rates US$580MM 6.75% Sr. Secured Notes 'Ba3'


S O U T H  K O R E A

GM KOREA: GM, Korea Government Agree to Invest $7.1BB in Unit


T H A I L A N D

IRPC PUBLIC: S&P Alters Outlook to Positive & Affirms 'BB+' ICR


                            - - - - -


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


CAPITAL FORM: Second Creditors' Meeting Set for May 7
----------------------------------------------------- A second
meeting of creditors in the proceedings of Capital Form
Constructions Pty Ltd has been set for May 7, 2018, at 2:00 p.m.
at the offices of BDO, Level 17, 727 Collins Street, in
Melbourne, Victoria.

The purpose of the meeting is (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 May 7, 2018, at 9:00 a.m.

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


COOPER & OXLEY: Subcontractors Accept Deed of Company Arrangement
-----------------------------------------------------------------
Kim Macdonald at PerthNow reports that subcontractors left
millions of dollars out of pocket by the recent administration of
Cooper & Oxley have agreed to a deal that paves the way for the
builder to get back on its feet.

According to the report, director George Hampel said he was "a
bit relieved" subcontractors on April 24 accepted a Deed of
Company Arrangement, under which they will get 6 cents to
13 cents for each dollar owing to them.

It is understood the deal was endorsed by 170 people at the
creditor's meeting, with 12 votes against the DOCA, PerthNow
relates.

"It is a step in the right direction," PerthNow quotes Mr. Hampel
as saying.  "It's the subbies that I really care about -- really
do."

PerthNow relates that Mr. Hampel's solicitor Ben Morton said the
builder had three weeks to meet certain criteria in the DOCA and,
if successful as expected, it would be taken out of
administration.

"I can't recall another construction company that . . . has been
able to get a Deed of Company Arrangement across the line," he
said.

More than 20 local building companies have gone into
administration in the past two years, the report says citing
Subcontractors WA.

According to PerthNow, Subcontractors WA chairwoman Louise
Stewart said on April 24 decision was a bittersweet result for
the subbies, who are owed AUD9.8 million in wages and AUD6.6
million in retention fees.

PerthNow relates that Ms. Stewart said the deal was better than
liquidation, which would have left subcontractors with no money.
But some of the subbies were likely to go bankrupt.

PerthNow says the subbies may still get some of the money owing
to them, with the builder suing Dradgin -- the client on the 500
Hay Street Project -- for nearly AUD16 million. The builder plans
to use any winnings from the case to repay creditors who lost
money on the Subiaco project, the report states.

Dradgin is seeking AUD9 million from Cooper & Oxley but the
administrator claimed recently that documentation from Dradgin
was "inadequate to support its claim at this point in time,"
PerthNow notes.


DFO LEDS: First Creditors' Meeting Scheduled for May 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of DFO Leds
Pty Ltd will be held at Level 5, 97 Pirie Street, in Adelaide,
SA, on May 7, 2018, at 2:00 p.m.

Clifford Stuart Rocke, Jeremy Joseph Nipps and Sam Kaso of Cor
Cordis were appointed as administrators of DFO Leds on April 24,
2018.


MATCHBYTE CONSULTANTS: First Creditors' Meeting Set for May 7
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Matchbyte
Consultants will be held at the offices of Deloitte Touche
Tomatsu, 550 Bourke Street, in Melbourne, Victoria, on May 7,
2018, at 12:30 p.m.

Robert Woods and Glen Kanevsky of Deloitte Touche were appointed
as administrators of Matchbyte Consultants on April 26, 2018.


MR & SW ENTERPRISES: First Creditors' Meeting Set for May 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of MR & SW
Enterprises Pty Ltd formerly known as MIIResorts Group 1 Pty Ltd
will be held at the offices of RSM Australia Partners, Level 6,
340 Adelaide St, in Brisbane, Queensland, on May 9, 2018, at
11:00 a.m.

Mitchell Herrett and Frank Lo Pilato of RSM Australia Partners
were appointed as administrators of MR & SW Enterprises on April
26, 2018.


MUROOF 4: First Creditors' Meeting Slated for May 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Muroof 4
Pty Limited will be held at the offices of CRS Insolvency
Services, Level 5, 379 Kent Street, in Sydney, NSW, on May 9,
2018, at 11:30 a.m.

Anthony John Warner of CRS Insolvency Services was appointed as
administrator of Muroof 4 on April 27, 2018.


RESIMAC BASTILLE 2016-1NC: Moody's Hikes F Notes Rating to 'B1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five
classes of notes issued by RESIMAC Bastille Trust 2016-1NC.

The affected ratings are as follows:

Issuer: RESIMAC Bastille Trust 2016-1NC

Class B, Upgraded to Aaa (sf); previously on May 11, 2017
Upgraded to Aa1 (sf)

Class C, Upgraded to Aa1 (sf); previously on May 11, 2017
Upgraded to Aa3 (sf)

Class D, Upgraded to A1 (sf); previously on May 11, 2017 Upgraded
to Baa1 (sf)

Class E, Upgraded to Baa2 (sf); previously on May 11, 2017
Upgraded to Baa3 (sf)

Class F, Upgraded to B1 (sf); previously on Aug. 11, 2016
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrade is prompted by (1) the correction of model input
errors mainly affecting the pro-rata principal repayment triggers
in the waterfall; and (2) an increase in credit enhancement
available to the affected notes.

At the time the definitive ratings were assigned on August 11,
2016, Moody's incorrectly modelled several features affecting the
pro-rata principal repayment triggers in the waterfall. There was
also an error related to the retention amount paid to the Class F
notes.

This rating action reflects the correct modelling of the pro-rata
principal repayment triggers and of the retention amount. The
corrections had a positive rating impact on the Class B, C, D and
E notes, mainly due to cash flows being allocated sequentially
for a longer period of time and a slightly negative impact on the
Class F notes, mainly due to the reduced benefit coming from the
retention amount feature.

In addition, the rating action reflects sequential amortization
of the notes that has since closing led to an increase in note
subordination.

Since closing, the note subordination available for the Class B,
Class C, Class D, Class E and Class F notes has increased to
12.2%, 9.8%, 6.5%, 4.9% and 2% from 7.5%, 6%, 4%, 3% and 1%,
respectively.

In addition, the transaction portfolio has been performing within
Moody's expectations. As of February 2018, 2.8% of the
outstanding pool was 30-plus day delinquent, and 0.7% was 90-plus
day delinquent. The portfolio has incurred AUD28,935 of losses to
date.

Furthermore, both scheduled and indexed loan to value ratios have
decreased.

Based on the observed performance and outlook, Moody's maintained
its expected loss assumption at 1.5% as a percentage of the
original pool balance.

Moody's decreased its MILAN CE assumption to 11.2% from 12.7%
since the last rating action, based on the current portfolio
characteristics.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash-flow model.
The transaction is an Australian residential mortgage backed
securities (RMBS) transaction secured by a portfolio of prime and
non-conforming residential mortgage loans, originated by RESIMAC
Limited, a large Australian non-bank mortgage lender. A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories or made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than
Moody's expectations, (2) a decrease in the notes' available
credit enhancement, and (3) a deterioration in the credit quality
of the transaction counterparties.


SOUTH WESTERN WIRELESS: Funding Woes Led to Company's Downfall
--------------------------------------------------------------
Nico Arboleda at CRN reports that the chief executive of South
Western Wireless Communications Company has pinned the downfall
of the Sydney-based telecommunications company on his co-
director's decision to withdraw funding from the business.

Around a dozen employees lost their jobs through the closure of
SWWCC, whose core business was selling internet and telephony
services, as well as building portable modular data centres to
power wireless internet services in regional and remote
communities, CRN says.

CRN relates that Geoffrey Peach, the company's director and
former chief executive, told administrator Farnsworth Shepard
that a cessation of funding from other director and chairman
Peter Bartter was key to the company's financial difficulties.

"One day the chairman decided to stop providing funding without
notice," Mr. Peach told the administrators, notes the report.

According to CRN, Farnsworth Shepard reported that SWWCC "heavily
relied" on funding from Mr. Bartter and his trust, Peter Bartter
Track Ptd Ltd, which is also a secured creditor of the company.

Mr. Bartter attributed the financial issues of SWWCC to an
"operating cashflow shortfall" from his related entities. The
administrator's report indicated that Peter Bartter Track loaned
SWWCC AUD1.5 million on April 27, 2016, CRN relays.

The company called in administrators in early March, CRN notes.

CRN, citing a list of unsecured creditors in the administrator's
report, discloses that SWWCC owed AUD71,000 to Vocus and more
than AUD53,000 to TPG subsidiary AAPT. Other creditors include IT
services firm Correct Solutions and electrical wholesaler Haymans
Electrical.

The company's assets have since been sold to Sydney-based cloud
solutions provider Field Solutions Group (FSG) for AUD493,915 in
cash on March 26, CRN says. The company also took on 12 out of 23
SWWCC's employees.

It has been recommended that the company be wound up due to its
insolvency. A deed of company arrangement was not proposed, CRN
says.

According to the administrator's report, the company was
restructured in July and August 2017 through debt forgiveness
transactions, resulting in related party loans of AUD9 million
being converted to shares in associated holding company South
Western Wireless Holdings, CRN adds.


TZUKURI PTY: Second Creditors' Meeting Set for May 4
----------------------------------------------------
A second meeting of creditors in the proceedings of Tzukuri Pty
Ltd has been set for May 4, 2018, at 3:00 p.m. at the offices of
PPB Advisory, Level 7, 8-12 Chifley Square, in Sydney, NSW, on
May 4, 2018, at 3:00 p.m.

The purpose of the meeting is (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 May 3, 2018, at 5:00 p.m.

Andrew Scott and Christopher Hill of PPB Advisory were appointed
as administrators of Tzukuri Pty on Dec. 20, 2017.



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


AMERICAN LORAIN: Receives Audit Opinion with Going Concern
----------------------------------------------------------
As previously disclosed in its Annual Report on Form 10-K for the
fiscal year ended December 31, 2017, which was filed with the
Securities and Exchange Commission on April 17, 2018, American
Lorain Corporation's audited financial statements contained a
going concern explanatory paragraph in the audit opinion from its
independent registered public accounting firm. This announcement
does not represent any change or amendment to the Company's
consolidated financial statements or to its Annual Report on Form
10-K for the fiscal year ended December 31, 2017. The Company is
taking steps to improve its current financial position, although
there can be no guarantee that such measures will be successful.

Headquartered in Shandong Province, China, American Lorain
Corporation (NYSEAMERICAN: ALN) is a food manufacturing company.
The Company develops, manufactures and sells a range of food
products, including Chestnut products, Convenience foods and
Frozen food products.


BIOSTAR PHARMACEUTICALS: Gets Noncompliance Notice from Nasdaq
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc., has received a notification letter
from Nasdaq Listing Qualifications advising the Company that,
since it had not filed its Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2017, the Company was not in
compliance with Nasdaq Listing Rule 5250(c)(1) for continued
listing. The Company is required within 60 calendar days of the
Nasdaq notification to submit a plan of compliance with the
foregoing continued listing deficiency. If the Company's plan is
approved by the Nasdaq staff, the Company may be eligible for a
listing exception of up to 180 calendar days (or until Oct. 15,
2018) to regain compliance. If the Nasdaq staff concludes that
the Company will not be able to cure the deficiency, or if the
Company determines not to submit the required materials or make
the required representations, the Company's common stock will be
subject to delisting by Nasdaq.

                   About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China --
http://www.biostarpharmaceuticals.com/-- develops, manufactures,
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.

Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015. As of Sept. 30, 2017, the Company
had $41.42 million in total assets, $5.27 million in total
liabilities, all current, and $36.14 million in total
stockholders' equity.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, stating
that the Company had experienced a substantial decrease in sales
volume which resulting a net loss for the year ended Dec. 31,
2016. Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts
so that the Company cannot be sold without the Court's
permission. In addition, the Company already violated its
financial covenants included in its short-term bank loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


YANZHOU COAL: S&P Ups Issuer Credit Rating to BB, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Yanzhou Coal Mining Co. Ltd. to 'BB' from 'BB-'. The outlook is
stable. S&P said, "At the same time, we raised our long-term
issue rating on the US$550 million senior unsecured notes the
company guarantees to 'BB' from 'BB-'. We also raised the rating
on the China-based coal producer's guaranteed US$500 million
senior unsecured perpetual securities to 'BB-' from 'B+'."

S&P said, "We upgraded Yanzhou Coal after the company reported
financial results for 2017 that beat our expectations, mainly
because of higher-than-expected coal prices. We expect the
company's financial metrics to remain largely steady in the next
two to three years on increasing sales volume and declining
capital expenditure due to its reduced appetite for expansion."

China's coal prices recovered significantly in 2017 amid
tightening supply resulting from state-guided efforts to reduce
industry capacity. S&P said, "We believe this "supply-side"
reform will continue in 2018, with the Chinese government
targeting to close another 150 million tons of coal-mine capacity
or around 3% of China's total capacity. We expect new capacity
from coal mines classified as "advanced" by the government (on
safety and efficiency measures) to be gradually launched from
2018 onwards.
At the same time, China's energy mix will likely continue to
shift toward non-fossil fuel sources. Therefore, we think coal
prices are likely to moderately decline in the next one to two
years."

S&P said, "We estimate Yanzhou Coal will see significant volume
growth in 2018, with its latest Australian acquisition, Coal &
Allied Industries Ltd., being consolidated for the full year and
the ramp-ups of its Inner Mongolia mines and Moolarben
(Australia). We also expect Yanzhou Coal to be less acquisitive
and its capital expenditure to trend down. The company's planned
share placement in China's domestic market should also help to
strengthen its balance sheet, though we have not factored this
into our base case since the transaction has not yet received
regulatory approval."

Meanwhile, the parent company's credit profile has improved.
Yankuang Group Co. Ltd.'s financial leverage materially
contracted during the past year on improving profit. The company
also made good progress in selling off loss-making chemicals
subsidiaries.

Yankuang Group is the controlling shareholder of Yanzhou Coal
with a shareholding of 50.4%. S&P said, "We continue to view
Yanzhou Coal as a core subsidiary of Yankuang Group, with the
former accounting for a significant portion of the latter's
profit and assets. We believe Yanzhou Coal will receive strong
and long-term commitments of support from Yankuang Group."

S&P said, "The stable outlook reflects our view that industry
reforms will continue to support a more balanced demand and
supply dynamic in the Chinese coal market. Though new capacity
additions and a shifting energy-consumption mix may lead to
moderate coal price declines in the next 12 months, we still
expect Yanzhou Coal's financial performance to remain steady. The
potential price decline will be partially offset by increasing
sales volume. We believe Yanzhou Coal's likelihood of receiving
extraordinary government support will remain unchanged in the
next 12-24 months. At the same time, we continue to view Yanzhou
Coal as a core subsidiary of Yankuang Group and the company's
rating will be highly dependent on the credit profile of Yankuang
Group.

"We could lower the ratings on Yanzhou Coal if Yankuang Group's
financial leverage is much higher than our expectation for a
sustained period. This could happen due to significant coal price
declines and hence lower-than-expected cash flows at both Yanzhou
Coal and Yankuang Group. This may also happen due to capital
spending overruns on increasing appetite for organic expansion or
acquisitions. We could also lower the ratings if there is
weakened likelihood of extraordinary government support for
Yankuang Group, which we view unlikely in near term.

"We may upgrade Yanzhou Coal if both the company and Yankuang
Group's financial metrics improve materially due to stronger than
expected coal prices or lower capital spending. An indication of
such improvement is that Yankuang Group's debt-to-EBITDA ratio
approaches 5.0x for an extended period."


YIDA CHINA: S&P Alters Outlook to Negative & Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings revised the outlook on China-based property
developer Yida China Holdings Ltd. to negative from stable.

S&P said, "We affirmed our 'B' long-term issuer credit rating on
Yida and the 'B-' long-term issue rating on the developer's
senior unsecured notes.

"We revised Yida's outlook to negative due to the company's very
tight liquidity and deteriorating leverage. Yida may also
encounter project-execution risk as it expands into new regions
outside of its home market of Dalian.

"In our view, Yida faces high refinancing risk, given its
sizeable short-term debt of Chinese renminbi (RMB) 4.9 billion
maturing in 2018, compared with only RMB1.5 billion of
unrestricted cash at the end of 2017. At the same time, the
company's cash generation is weak due to poor sales execution and
significant exposure in commercial properties. In addition, the
company has committed to pay RMB2.2 billion payable in 2018 for
its acquisition of mixed-use Dalian Tiandi project. Including
this capital commitment, we project that the company's free cash
flow will be negative, further straining its liquidity position."

That said, the company's significant investment properties (about
33% of total assets) may provide some relief. About 39% of its
short-term debt is pledged against its investment properties,
including business parks, which should provide some support for
refinancing. A further quarter of short-term debt is
construction-related bank loans, which are secured by development
projects. In our view, Yida may face greater difficulties
refinancing its corporate bond and entrusted loans, which
together make up 37% of its short-term debt (or RMB1.8 billion),
especially under the current tightening conditions for
alternative financing and corporate bonds in China.

In addition, Yida acquired a mixed-use project in Dalian for
RMB4.5 billion, of which RMB2.2 billion is payable in 2018. The
funding plan for this acquisition is unclear at this stage.
However, S&P expects that the company will exercise some degree
of prudence on its expansion and focus on refinancing short-term
debt in its capital plans.

S&P affirmed the ratings, because it believes Yida still has some
property projects whose sales could be accelerated if needed,
including its Wuhan project with over RMB2 billion in immediate
salable resources. Some land parcels could also readily be sold.
Yida has also managed to refinance some of its loans so far this
year on terms similar to current market practice. Our affirmation
also reflects Yida's operating history with a leading market
position in business park development. Yida's land bank of 8.4
million square meters (sqm) of gross floor area (GFA) is
sufficient for its development plans over next three years.
Nonetheless, the company's leverage is likely to increase in the
next two years, given its poor sales execution and expansion
risks. Yida's sales slipped by 12% in 2017 due to a delayed
launch of its projects in Wuhan. In 2018, its sales have
continued to slow, dropping 50% to RMB578 million year on year in
the first quarter.

S&P's base case forecasts Yida's sales will only mildly recover
to RMB7.3 billion-RMB7.8 billion in 2018 from RMB7.3 billion in
2017, but still be less than the RMB8.3 billion in 2016. While
Dalian's residential market has gradually recovered, Yida's sales
growth will likely remain slow. This is partly because of its
sizable exposure in commercial buildings with slower sales
momentum than residential projects. Office and commercial shops
accounted for 61% of its land banks in 2017.

S&P said, "Finally, we reassessed China Minsheng Investment Corp.
Ltd. (CMI) as Yida's financial sponsor. Since the acquisition in
December 2016, Yida has not demonstrated any strategic
integration with CMI and is operationally and financially
independent. In our view, there is risk that CMI's financial
strategy may be aggressive and slow Yida's deleveraging, given
CMI's primary focus is on maximizing shareholder's returns in
Yida. The negative outlook on Yida reflects our expectation that
the company's liquidity will face significant pressure and
heavily rely on refinancing of its existing debts over the next
12 months. We also expect Yida's leverage will remain high due to
its weak sales and sizable acquisition payment.

"We may lower the rating if Yida's liquidity shows no sign of
improvement in the next several months. An indication of this
could be lack of clarity of the company's refinancing plans or
weaker sales performance than we expect. We could also downgrade
the company if earning slips due to poor execution or higher
debt-funded expansion than we expect such that its debt-to-EBITDA
ratio is not better than our base case of 10x-11x.

"We could revise the outlook to stable if the company
successfully refinances and repays its short-term debt with
liquidity sources over uses improving materially towards 1x. At
the same time the company's financial leverage improves such that
its debt-to-EBITDA ratio is materially better than our base case
of about 10x-11x over next 12 months."


ZOOMLION HEAVY: S&P Affirms 'B' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on Zoomlion Heavy Industry Science and Technology Co.
Ltd., a China-based machinery manufacturer. The outlook is
stable. S&P also affirmed its 'B' long-term issue ratings on the
senior unsecured notes that the company guarantees.

S&P said, "We affirmed our ratings because we expect Zoomlion's
cash flows and debt leverage to improve over the next 12-18
months amid the ongoing recovery in the construction machinery
industry in China. We anticipate that the demand for construction
machinery in China will recover and increase in the next 12-18
months, continuing apace with the machinery replacement cycle and
healthy growth in property development and infrastructure
projects in the country.

"We expect Zoomlion's credit metrics to improve but still remain
highly leveraged over the next 12-18 months based on its high
level of debt with near-term maturities. We estimate the
company's ratio of operating cash flows to debt will improve to
5%-10% during this time from 4.8% in 2017 and the ratio of debt
to EBITDA will strengthen to 7x-11x from a negative level due to
the negative EBITDA recorded in 2017.

"We believe Zoomlion has started selling on credit, given
increasing demand. We anticipate that such credit sales will be
on a more rational basis compared with that in the last cycle due
to cautious credit risk management. In contrast to the last
cycle, the company has adopted tighter credit sales policies this
time around, such as higher down payment and ongoing credit
checks on customers. We view the company's credit sales policies
as an important measure of its prospective creditworthiness,
given that they were one of the reasons for the deterioration in
its credit quality in the last cycle.

"Zoomlion's liquidity has improved, partly due to the Chinese
renminbi (RMB) 11.6 billion received from the disposal of its
environmental sanitation machinery business in 2017. We expect
the cash proceeds from the sales to boost the company's cash
balance. We also expect Zoomlion to better manage its working
capital, given the higher down payment on credit sales. We have
therefore revised the company's liquidity to adequate from less
than adequate.

"The stable outlook reflects our expectation that Zoomlion's debt
and interest-serving capacity will improve in the coming 12
months given the recovery in the construction machinery business.
Nevertheless, the company's leverage will remain high at 7x-11x.
We anticipate that Zoomlion will reduce its on- and off-balance-
sheet debt-like obligations owing to its positive operating cash
flows and adequate cash balance on hand. The deleveraging will be
gradual.

"We may downgrade Zoomlion if the company's ratio of operating
cash flows to debt is lower than 5% for a sustained period. This
could happen if Zoomlion's working capital management or
profitability is worse than we expect.

"We may also lower the ratings if Zoomlion's funding and
liquidity pressure escalates and its debt maturity profile
deteriorates. This could happen if the company's banking
relationships weaken, reflected in higher borrowing costs and a
lower share of bank facilities from major lenders.

"We see limited potential for an upgrade in the next 12 months.
Nevertheless, we may raise the rating if Zoomlion's debt-to-
EBITDA ratio improves to less than 5.0x for a sustained period.
This could happen if the company generates positive operating
cash flows for early debt prepayment and continues to reduce its
on- and off-balance-sheet debt."



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


NOBLE GROUP: Singapore Court Halts Today's Shareholder Meeting
--------------------------------------------------------------
Reuters reports that a Singapore court blocked Noble Group from
holding its annual meeting of shareholders today, April 30, in
response to legal action taken by dissident shareholder
Goldilocks Investment Co Ltd.

The move is a blow to Singapore-listed Noble, which is in the
midst of a crucial debt restructuring process and has said it
plans to hold a special meeting of its shareholders' after its
annual general meeting, Reuters says.

"The judge decided that Noble be restrained from proceeding with
the AGM currently fixed for April 30," Suresh Nair, Singapore
counsel representing Goldilocks, told Reuters on April 27.

Reuters relates that Abu Dhabi-based Goldilocks, which has an 8.1
per cent stake in Noble, filed lawsuits in Singapore last week,
saying Noble is not recognising its "legitimate legal rights" as
a shareholder and asked the Singapore High Court to block April
30's meeting.

Noble last week rejected Goldilocks' nomination of five directors
to be proposed at the AGM, saying the paperwork was not valid,
says Reuters.

Goldilocks is also seeking to prevent Noble, the company's board
and supporting creditors from proceeding with its debt
restructuring proposal, according to Reuters.

According to Reuters, Noble is pursuing a US$3.4 billion debt
rescue plan -- crucial for the survival of the company -- which
has sold billions of dollars of assets, taken hefty writedowns
and cut hundreds of jobs over the past three years to slash debt.

Once Asia's largest commodity trader, Noble is seeking to halve
its debt and in return hand over a 70 per cent equity stake in
the restructured business to senior creditors, while existing
shareholders will get a 15 per cent equity stake in the new
company, Reuters discloses.

Goldilocks, which last month sued Noble and its management,
alleging they had inflated its assets, opposes the restructuring
plan as protecting creditors over shareholders, Reuters relates.

Reuters adds that Noble said Goldilocks' claims are without
merit.

                        About Noble Group

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

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

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

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


NOBLE GROUP: To Shortly Submit Draft for Special Meeting
--------------------------------------------------------
Ann Koh at Bloomberg News reports that Noble Group Ltd. said it
plans to set the date for a special general meeting shortly that
will decide the commodity trader's controversial restructuring
after the Singapore High Court blocked it from holding an annual
meeting at the behest of dissident shareholder Goldilocks
Investment Co.

The court, however, hasn't restrained Noble from holding future
special general meetings, Bloomberg News relates citing the
company in a stock exchange filing on April 29. It plans to go
ahead with such a meeting to approve the disposal of a ship
today, April 30, and looks forward to being in a position to
publish the notice of a restructuring special general meeting and
final shareholder circular in the near future, Bloomberg relays.

If the AGM was held as originally scheduled, all resolutions
proposed by Noble would have been approved by shareholders, based
on proxy forms submitted in advance of the canceled meeting, the
filing, as cited by Bloomberg, showed.

Dissident shareholder Goldilocks hasn't met all legal
requirements in terms of its shareholdings and was not found by
the High Court to be a member of the company under Bermuda law,
Noble said, Bloomberg relays. Goldilocks is also required to
start registering as a depositor in respect of its shares in the
Central Depository Ltd.'s register by May 3, Bloomberg says.

According to Bloomberg, Noble Group's survival is hanging in the
balance after a drawn-out crisis marked by billions in losses, a
default on its debt, and an increasingly heated battle with
Goldilocks. Under the plan championed by Chairman Paul Brough,
control of the company would be handed to senior creditors in
exchange for about half of the debt burden being written off.
Noble Group and its creditors have both warned that should the
proposal flounder, the company may be forced to enter
administration in the U.K.

Notwithstanding current litigation with Goldilocks, Noble will
try to reach an agreement with Goldilocks and its other creditors
which will benefit all stakeholders, it said, Bloomberg adds.

                        About Noble Group

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

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

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

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


VISTRA GROUP: S&P Affirms B Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B' long-term
issuer credit rating on Vistra Group Holdings (BVI) I Ltd., a
Hong Kong-based business services provider. The outlook is
stable.

S&P said, "We also affirmed our 'B' long-term issue rating and
'3' recovery rating on the company's senior secured first-lien
credit facilities, indicating our expectation of a meaningful
recovery (50%-70%; rounded estimate: 50%). The facilities consist
of a US$75 million equivalent revolving credit facility due 2020
and a US$1,086 million equivalent term loan due 2022, after
upsizing.

"At the same time, we affirmed our 'CCC+' long-term issue rating
and '6' recovery rating on the company's US$70 million equivalent
second-lien term loan due 2023, indicating our expectation for a
negligible recovery (0%-10%; rounded estimate: 0%).

"We affirmed our rating because we do not expect the proposed
acquisition of Radius to significantly alter Vistra's credit
risks.

"While the acquisition will slightly increase Vistra's leverage,
we expect the company to maintain adequate liquidity and interest
coverage. Furthermore, we do not think the transaction materially
changes Vistra's underlying business risks. We expect the
acquisition to add approximately US$85 million in revenue and
US$20 million in EBITDA in 2018."

Vistra is proposing to issue US$289 million through an add-on
transaction to its U.S. dollar-denominated first-lien term loan.
The proceeds will be used to purchase Radius, cover fees and
expenses, pay down existing borrowings under the revolving credit
facility, and add a small amount to the existing cash balance.
Radius operates in the international expansion segment, which
should complement Vistra's existing operations in that business.
Vistra's revenues from international expansion services will
increase to 27% of total revenues after the transaction, from 15%
before. Radius' strong presence in the Americas complements
Vistra's existing business in Europe and Asia and will improve
geographic diversity.

S&P said, "We expect Vistra to shift its focus over the next 12
months toward organic growth, efficiency initiatives, and
integrating Radius and other recent bolt-on businesses. The
company has identified a number of initiatives, which it expects
will improve revenue growth and margins. We forecast these
will begin to impact margins in 2019 after some implementation
costs offset improvements this year. We also expect that
following the transaction, Vistra will be able to execute on
synergies with Radius, Deutsche Bank Corporate Services, and
Canyon. Vistra will likely continue to pursue opportunistic
acquisitions going forward, but we expect them to be smaller than
recent transactions as management focuses on internal
initiatives.

"The stable outlook reflects our view that Vistra will execute on
its organic growth and operational improvement initiatives, while
integrating Radius and other recent acquisitions over the next 12
months. We expect Vistra's EBITDA interest coverage to be close
to 2.8x in 2018.

"We could lower the rating if Vistra is not able to successfully
integrate recent acquisitions or achieve its own internal
objectives, such that leverage is higher than we expect with
lower interest coverage. These could result in weaker-than-
expected cash flows due to a decline in margins or lower cash
conversion.
We could also lower the rating if Vistra adopts a more aggressive
financial policy including debt-financed shareholder
distributions. The EBITDA cash interest coverage falling below
2.0x without potential for recovery could trigger a downgrade.

"We could upgrade Vistra if the company steadily reduces debt,
such that the ratio of funds from operations to debt is
sustainably at 13%-17% and EBITDA cash interest coverage is more
than 3.0x. This would necessitate a shift to a less growth-
oriented financial policy."



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


AKKAVILA K: CRISIL Migrates B+ Rating From Not Cooperating
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating on the long-term bank
facility of Akkavila K Lekshmanan and Company (AKLC) to 'CRISIL
B+/Stable' Issuer not cooperating'. However, the management has
started sharing information, necessary for a comprehensive rating
review. Consequently, CRISIL is migrating the rating to 'CRISIL
B+/Stable' from 'CRISIL B+/Stable Issuer not cooperating'.

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

   Term Loan            4.5       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable Issuer Not
                                  Cooperating')

The rating reflects the modest scale of operations and large
working capital requirement. These weaknesses are partially
offset by extensive experience of AKLC's proprietor in the M-sand
manufacturing industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Operations are working
capital-intensive, as reflected in gross current assets of 141
days as on March 31, 2017, led by large inventory of over 140
days. Customers are offered minimal credit and payments in 2-3
days.

* Modest scale of operations: Demand for AKLC's products is
closely related to level of commercial and residential real
estate and infrastructure activity, and hence, susceptible to
economic activity, and cyclical in nature. AKLC operates on a
modest scale, as reflected in operating income of INR27.6 crore
in fiscal 2017. The modest scale restricts benefits from
economies of scale, which larger players are able to leverage.

Strength

* Extensive experience of the proprietor: The decade-long
experience of the proprietor, Mr Syju Lekshman, in the
construction material industry, and healthy relationships with
customers, ensuring repeated orders, will continue to support the
business risk profile.

Outlook: Stable

CRISIL believes AKLC will continue to benefit from the extensive
experience of its proprietor and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if substantial increase in cash accrual, led by significant ramp-
up in operations, leads to a sizeable improvement in networth.
The outlook may be revised to 'Negative' if the firm reports
lower-than-expected revenue and operating margin, or if a
significant stretch in the working capital cycle, weakens
liquidity.

AKLC was set up as a proprietorship firm of Mr Syju Lekshman in
2012. The Kollam (Kerala)-based firm manufactures M Sand.


AMAR HATCHERIES: CRISIL Reaffirms Then Withdraws D Loan Ratings
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Amar Hatcheries - Jind (Amar) and subsequently withdrawn the
ratings at the company's request and on receipt of a no-objection
certificate from the bankers. The withdrawal is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           2        CRISIL D (Rating reaffirmed
                                  and Withdrawn)

   Long Term Loan       4.5       CRISIL D (Rating reaffirmed
                                  and Withdrawn)

Set up in 2009 as a partnership firm by Mr. Paleram Dhanda and
his son, Mr. Amarjeet Dhanda, Amar is engaged in the poultry
business. The firm has breeder farms and hatcheries unit with
capacity of 85,000 females and 2.5 lakh eggs per week,
respectively.


AXIS OVERSEAS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Axis Overseas
Limited's (AOL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR220 mil.Fund-based working capital limits affirmed with
    IND BB-/Stable rating; and

-- INR30 mil.Non-fund-based working capital limits affirmed with
    IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects continued medium scale of operations and
weak credit metrics owing to its presence in a highly competitive
jute trading industry. Revenue declined to INR1,801.5 million in
FY17 from INR1,929.3 million in FY16 owing to a fall in the
prices of the products it trades. In FY17, gross interest
coverage (operating EBITDA/net interest expenses) was 1.1x (1.1x)
and net financial leverage (total adjusted net debt/EBITDA) was
11.4x (12.2x). The improvement in net financial leverage was
primarily driven by a rise in operating margin to 2.4% in FY17
from 2.0% in FY16, mainly due to a fall in material costs. AOL
booked INR1,512.5 million in revenue for 10MFY18.

The ratings reflect AOL's tight liquidity, indicated by an
average utilization of the fund-based limits of about 98.6% for
the 12 months ended March 2018. Net working capital cycle was
elongated at 101 days in FY17 (FY16: 90 days). The deterioration
in the cycle was owing to an increase in receivable days.

The ratings, however, continue to benefit from the promoters'
three decades of experience in the jute trading business.

RATING SENSITIVITIES

Negative: Any deterioration in the credit metrics and the
liquidity will be negative for ratings.

Positive: Any substantial improvement in operating margin and the
credit metrics will be positive for ratings.

COMPANY PROFILE

Kolkata-based AOL was incorporated in December 2005 by Mr. Aditya
Sarda and his family. The company is primarily engaged in the
trading of raw jutes and finished jute products. It mainly
purchases raw jute from local brokers and sells it to jute mills
in West Bengal that manufacture jute bags.


BAHRAICH NAGAR: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bahraich Nagar
Palika Parishad's (BNPP) Long-Term Issuer Rating of 'BB' with a
Stable Outlook.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the
issuer rating was assigned under Atal Mission for Rejuvenation
and Urban Transformation programme and no specific debt was
issued against the rating.

COMPANY PROFILE

Bahraich is located on the Saryu River, a tributary of river
Ghaghra, and is 125km north-east of Lucknow. The town shares
international border shared with Nepal. The main occupation of
the residents of Bahraich is agriculture and is known for
agricultural products such as pulses, wheat, rice, corn, sugar
and mustard. Bahraich is administered by BNPP.


BHAVANI ENTERPRISES: CRISIL Withdraws B- Rating on INR0.75MM Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on Bhavani Enterprises
(BE) following a request from the company and on receipt of a 'no
dues certificate' from the banker. The rating action is in line
with CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Letter of Credit    19.25      CRISIL A4 (Withdrawn)

   Overdraft             .75      CRISIL B-/Stable (Withdrawn)

BSM, the flagship firm of the Bhavani group, was set up by Mr
Bhanji Patel and his sons as a partnership firm in 1977. It
trades in timber, and sells to wholesalers and saw mills in Tamil
Nadu and Karnataka.BE, established by Mr Vasant Patel (son of Mr
Bhanji Patel) and his family as a partnership firm in 1982, also
trades in timber.


BHAVANI SAW: CRISIL Withdraws B- Rating on INR.75MM Overdraft
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Bhavani Saw Mill (BSM) following a request from the
company and on receipt of a 'no dues certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit     19.25      CRISIL A4 (Withdrawn)
   Overdraft              .75      CRISIL B-/Stable (Withdrawn)

BSM, the flagship firm of the Bhavani group, was set up by Mr
Bhanji Patel and his sons as a partnership firm in 1977. It
trades in timber, and sells to wholesalers and saw mills in Tamil
Nadu and Karnataka.

BE, established by Mr Vasant Patel (son of Mr Bhanji Patel) and
his family as a partnership firm in 1982, also trades in timber.


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

The instrument-wise rating actions are:

-- INR120 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR120 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR65.68 mil. Term loans due on July 2024 migrated to Non-
    Cooperating Category with IND BB(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 1986, the company is a Chennai-based manufacturer
and exporter of readymade garments.


CLEANTEC INFRA: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Cleantec Infra
Private Limited's 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:

-- INR20 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4+(ISSUER NOT
    COOPERATING) rating;

-- INR20 mil. Proposed fund-based working capital limits
    maintained in Non-Cooperating Category with Provisional
    IND BB+(ISSUER NOT COOPERATING)/Provisional IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR120 mil. Proposed non-fund based working capital limits
    maintained in Non-Cooperating Category with Provisional
    IND A4+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2010, Cleantec Infra is involved in the trading
of mechanized cleaning machines and spare parts.


DUTCH GLASS: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dutch Glass's
(DG) 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 B+(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR56.12 mil. Long-term loan maintained in Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING) rating;

-- INR11.6 mil. Fund-based limit 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 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2014, DG is engaged in the glass processing
business.


GAURAV BHARTI: CRISIL Reaffirms D Rating on INR10MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Gaurav Bharti Shiksha Sansthan (GBSS) at 'CRISIL
D'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             10       CRISIL D (Reaffirmed)

CRISIL rating reflects recent delays by GBSS in servicing its
term debt obligations. The interest payment due for March 2018
has not been paid yet. Further, principal payment due for
February 2018, too, has not been paid as on date.

The rating reflects modest scale of operations and exposure to
regulatory risks associated with educational institutions and
modest interest coverage ratio. These weaknesses are partially
offset by healthy demand prospects for education industry.

Analytical Approach

CRISIL has treated the unsecured loan from trust (outstanding at
INR1.08 crores as on March 31, 2017) as debt.

Key Rating Drivers & Detailed Description

* Recent instance of delay in repayment obligation of term loan

Other Credit Weaknesses and Strengths

Weaknesses

* Modest scale of operations and exposure to regulatory risks
associated with educational institutions: GBSS has modest scale
of operations as reflected in the operating revenues of INR10.42
crore in fiscal 2017. The trust's revenue has remained stagnant
over the past few due to its limited intake capacity and cap on
the fee charged by the governing authorities in most of the
courses offered by it.

* Modest interest coverage ratio: Interest coverage ratio was
modest at 1.6 times in fiscal 2017, constraining financial risk
profile.

Strengths

* Healthy demand prospects for education industry: Over the
years, there has been thrust on education by the governments at
both the central and state levels. To facilitate the doubling of
student intake into the system, the National Knowledge Commission
has recommended setting up 1500 universities. The private sector
is playing a significant role in education sector, especially
professional education, in the country.
GBSS was established in 1994 by Mr. S Gurcharan Singh. The trust
runs the Sardar Bhagwan Singh (PG) Institute of Biomedical
Sciences & Research. The institute, recognized by the All India
Council of Technical Education, is located at Balawala, Dehradun
(Uttarakhand). The trust has also opened an engineering college
in FY16.


GR TEXTILE: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained G.R. Textile
Mills' (GRTM) 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 D(ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR13.58 mil. Term loan (long-term) maintained in Non-
    Cooperating Category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR47.50 mil. Fund-based working capital limit (long-term)
    maintained in Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GRTM was incorporated in 2003 as a proprietorship concern under
the leadership of Mr. P Govindaraj. The entity manufactures
cotton fabrics at own production facilities in Tirupur (Tamil
Nadu). It outsources some portion of fabric production to job
workers.


ITFT CONSULTANCY: CRISIL Cuts Rating INR5.5MM Capital Loan to B
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of ITFT Consultancy Private Limited (ITFT) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable,' and reaffirmed its short-term
rating at 'CRISIL A4.'

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Overdraft            11.5      CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility    3.0      CRISIL A4 (Reaffirmed)

   Proposed Working      5.5      CRISIL B/Stable (Downgraded
   Capital Facility               from 'CRISIL B+/Stable')


The downgrade reflects weakening of the business risk profile,
due to a decline in revenue and stretch in receivables. With
lower-than-expected admissions, revenue dropped to INR14.30 crore
in fiscal 2017, from INR21.49 crore in the previous fiscal.
Following an increase in receivables to 124 days as on March 31,
2017, from 101 days a year before, gross current assets too rose
to 189 days, from 182 days. Higher dependence on bank debt has
adversely impacted financial flexibility.

The ratings also reflect vulnerability to risks related to strict
regulations on educational institutions. These rating weaknesses
are partially offset by extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average scale of operations amidst intense competition: Intense
competition from other major educational institutions in and
around Chandigarh, will continue to constrain the scale of
operations. Revenue, at INR14.3 crore in fiscal 2017, is expected
to be in the range of INR10-12 crore in fiscal 2018.

* Exposure to regulatory risks associated with educational
institutes: Courses offered by ITFT are affiliated to the Punjab
Technical University, and have to comply with specific
operational and infrastructure norms, as laid down by regulatory
bodies such as University Grants Commission (UGC) and other
governmental and quasi-governmental agencies.

Strength:

* Extensive experience of promoters in the education sector: The
two decade-long experience of the promoters, in the education
sector, should continue to support business risk profile.

Outlook: Stable

CRISIL believes ITFT will continue to benefit from the extensive
experience of its promoters and healthy demand prospects for the
education sector. The outlook may be revised to 'Positive' in
case of a substantial increase in cash accrual, backed by ramp-up
in fee collection and students intake. The outlook may be revised
to 'Negative' if a decline in student intake, delay in
receivables from the government, or any large capital
expenditure, weakens the financial risk profile, particularly
liquidity.

IIFT, which was set up as a society by Mr. Gulshan Sharma and his
son, Mr Aman Sharma in 1994, became a private limited company in
2006. The company offers graduation and post-graduation courses
approved by the Punjab Technical University. It has a campus at
Chandigarh, and also provides skill-based, short-term courses
such as Deen Dayal Upadhay Grameen Kaushalya Yojana (DDUGKY) and
Rashtriya Uchchatar Shiksha Abhiyan (RUSA) for the central and
state governments.


KISAN MOULDINGS: CRISIL Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kisan
Mouldings Limited (KML) for obtaining information through letters
and emails dated February 19, 2018 and April 05 2018, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         107        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Funded Interest      15.15     CRISIL D (Issuer Not
   Term Loan                      Cooperating; Rating Migrated)

   Letter Of Guarantee   6.25     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of Credit     49.75     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan       61.80     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term     .05     CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Working Capital      47.00     CRISIL D (Issuer Not
   Term Loan                      Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KML. 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
KML is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with 'CRISIL BBB' rating
category or lower. Based on the last available information,
CRISIL has migrated its ratings on the bank facilities of KML to
'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1989 as a private-limited company, Sanwaria
Synthetics Pvt Ltd, KML was converted into a publiclimited
company under the current name in 1993. It manufactures a variety
of moulded and plastic pipes and fittings, irrigation systems,
moulded furniture, solvent cement, and rubber lubricants. The
company has manufacturing facilities in Silvassa (Dadra and Nagar
Haveli), Tarapur (Maharashtra), Baddi (Himachal Pradesh), Dewas
(Madhya Pradesh), Raipur (Chhattisgarh) and Tumkur (Karanataka).
The company is currently listed on Bombay Stock Exchange.


MANGLAM BUILD: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been following up with Manglam Build
Developers Ltd (Manglam) for getting information through letters
and emails, dated December 31, 2017 and March 29, 2018, apart
from various telephonic communication. However, the issuer has
continued to be non-cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan         173.51     CRISIL B/Stable (Issuer
                                     Not Cooperating)

   Proposed Long Term      57.24     CRISIL B/Stable (Issuer
   Bank Loan Facility                Not Cooperating)

   Term Loan               19.25     CRISIL B/Stable (Issuer
                                     Not Cooperating)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as 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 Manglam. 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 Manglam 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 continues the ratings on long term bank facilities and Fixed
deposits of Manglam at 'CRISIL B/Stable/FB/Stable/Issuer Not
Cooperating.

Analytical Approach

Manglam, based in Jaipur, develops residential, commercial,
industrial, and township real estate projects. Promoted by Mr. N
K Gupta and his family, Manglam was originally set up as a
partnership firm in 2006 by merging various group entities
through which the promoters executed real estate projects. The
firm was reconstituted as a private limited company in 2008 and
as a public limited company with the current name in 2011.

Manglam, based in Jaipur, develops residential, commercial,
industrial, and township real estate projects. Promoted by Mr. N
K Gupta and his family, Manglam was originally set up as a
partnership firm in 2006 by merging various group entities
through which the promoters executed real estate projects. The
firm was reconstituted as a private limited company in 2008 and
as a public limited company with the current name in 2011.


MODI PROJECTS: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Modi Projects
Limited (MPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits assigned with
    IND BB/Stable rating; and

-- INR238 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect MPL's small scale of operations. MPL's
revenue was INR457.6 million in 10MFY18 (FY17: INR545.52 million;
FY16: INR465.89 million). Revenue growth in FY17 was driven by
healthy order execution.

The ratings, however, are supported by a comfortable EBITDA
margin and credit metrics. In FY17, EBITDA margin was 7.60%
(FY16: 8.70%), gross interest coverage was 3.81x (FY16: 3.37x)
and net financial leverage was 1.07x (1.35x). The deterioration
in EBITDA margin in FY17 was due to an increase in employee
benefit expenses and other costs. Meanwhile, the improvement in
the credit metrics was primarily due to a rise in operating
EBITDA and a lower utilization of the short-term debt.

The ratings are also supported by the promoters' over three
decades of experience in the construction industry and a
comfortable liquidity. MPL's average utilization of the working
capital limits was 76.0% for the seven months ended March 2018.

RATING SENSITIVITIES

Negative: Any fall in the EBITDA margin leading to any
deterioration in the credit metrics may lead to a negative rating
action.

Positive: Any improvement in the liquidity position, along with
the maintenance of the credit metrics, would lead to a positive
rating action.

COMPANY PROFILE

Incorporated in 1960 as Modi Construction Company by Mr. Narayan
Prasad Modi, MPL was reconstituted as a limited company in 1983.
It undertakes projects on a turnkey basis. It has completed
several government and private projects in and around Jharkhand,
Bihar and Odisha in areas such as railway network, highways, mass
earthwork, dams, water supply scheme and bridge work.

Its directors are Mr. Navin Modi, Mr. Pradeep Modi and Mr. Nitesh
Modi.


NACHIMUTHU INDUSTRIAL: CRISIL Ups Rating on INR23MM Loan to B-
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Nachimuthu Industrial Association (NIA) to 'CRISIL
B-/Stable' from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     12       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan              23       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects improvement in liquidity, as reflected in
timely interest payment for February 2018, and prepayment for
March and April 2018.

The rating factors in NIA's modest return on capital employed
(RoCE) and weak debt service coverage. These weaknesses are
partially offset by the association's long track record.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest RoCE: RoCE is estimated to be modest at 9-10% in fiscal
2018, and should remain at 8-9% over the medium term.

* Modest debt service coverage: Cash accrual is estimated at
around INR15-20 crore in fiscal 2018, as against capital
expenditure of INR5-10 crore and debt repayment obligations of
INR7 crore.

Strength

* Long track record: Established in 1956, the association set up
its first institute, Nachimuthu Polytechnic College, in 1957.
Current aggregate student strength is over 13,000.

Outlook: Stable

CRISIL expects NIA's business risk profile to remain stable over
the medium term. The outlook may be revised to 'Positive' if debt
is serviced on time, steadily. The outlook may be revised to
'Negative' if a large debt-funded capex, low profitability, or
stretch in working capital cycle weakens key credit metrics.

NIA was founded by Dr N Mahalingam in 1956 in Pollachi to
facilitate technical education. It operates 10 institutes (3
colleges, 6 schools, and 1 vocational training centre), and has
undertaken a social development initiative.


NANO MINPRO: CRISIL Migrates D Rating From Not Cooperating
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings in line with SEBI
guidelines, had migrated the rating of Nano Minpro Private
Limited (NMPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
However, the management has subsequently started sharing
requisite information, necessary for carrying out comprehensive
review of rating. Consequently, CRISIL is migrating the rating on
bank facilities of NMPL from 'CRISIL D/CRISIL D Issuer Not
Cooperating' to 'CRISIL D/CRISIL D'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           9        CRISIL D (Migrated from
                                  'CRISIL D' Issuer Not
                                  Cooperating)

   Letter of Credit      1        CRISIL D (Migrated from
                                  'CRISIL D' Issuer Not
                                  Cooperating)

CRISIL rating continues to reflect delays in servicing of working
capital debt in excess of 30 days on account of stretched
liquidity.

The rating also reflects NMPL's weak financial risk profile
marked by modest networth and high total outstanding liabilities
to adjusted networth (TOLANW). Rating also factors in modest
operating profitability. These weaknesses are partially offset by
benefits from the extensive experience of promoters in textile
industry.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity: Stretched liquidity has resulted in over
utilization of its working capital limits for more than 30 days.

* Weak financial risk profile: The financial risk profile is
weak, as reflected in a modest networth of INR2.62 crore and high
total outstanding liabilities to adjusted networth of 6.19 times
as on March 31, 2017. Interest coverage was subdued at 1.09 times
for fiscal 2017.

* Modest operating profitability: Company has modest operating
profitability of 1.4% for fiscal 2017 on account of trading
nature of business.

Strengths

* Extensive experience of promoters: NMPL promoters have
extensive experience, reflected in their established customer and
supplier relations.

Incorporated in 2006, NMPL trades in grey fabric. The company is
promoted by Mr. Pranay Nerurkar and Mr. Shivam Tandan.


NATURE NURSERY: CRISIL Assigns B+ Rating to INR12MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its rating on the bank facilities of
Nature Nursery at 'CRISIL B+/Stable.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            12        CRISIL B+/Stable

The rating is constrained by Nature Nursery's small scale of
operations along with susceptibility to intense competition,
working capital intensive nature of operations and exposure to
receivables risk. These weakness are partially offset by
satisfactory financial risk profile of the firm.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: The scale of operations of the firm
remains small as is reflected in the revenue of INR8.3 crore in
fiscal 2017. The firm faces intense competition from various
other small players which could constrain the pricing and
operating margin though the same is partially offset by strong
operating profit margin. CRISIL believes the scale of operations
will remain small over the medium term.

* Working capital intensive nature of operations and exposure to
receivables risk: The operations of the firm are working capital
intensive as reflected in GCA days of 753 days during fiscal
2017. Working capital cycle has deteriorated significantly over
the years in view of accumulation of debtors and inventory. The
firm continues to remain exposed to delay in clearances from the
customers which may further impact the working capital cycle. Any
loss in realisation of its receivables or further build of
receivables could constrain the liquidity and financial risk
profile.

Strengths

* Satisfactory Financial Risk Profile: Nature Nursery's financial
risk profile is marked by satisfactory capital structure and debt
protection metrics. The firm had a nil gearing as on March 31,
2017. The firm has taken a debt of Rs.12 crore for expansion of
business in Nature Nursery and its group entity. CRISIL believes
the financial risk profile of the firm is expected to remain
satisfactory over the medium term.

Outlook: Stable

CRISIL believes that Nature Nursery's scale of operations to
remain small while working capital intensity to remain higher
over the medium term.

Upside Scenario:

* Greater-than-expected improvement in its scale of operations,
resulting in higher profitability and consequently cash accruals.
* Improvement in the working capital cycle.

Downside Scenario:

* Decline in operating performance thereby impacting operating
profitability or continued stretch in working capital cycle
leading to deterioration in liquidity profile
* Higher than expected debt funded capital expenditure or working
capital requirements, leading to weakening in key credit metrics.

Established in 2011, Nature Nursery is a partnership firm is one
of the largest nursery in Central India spread in about 17 acres
of land offering wide range of plants and flowers. The firm
offers total gardening solutions with the wide range of plants
and flowers. The firm is based out of Indore, Madhya Pradesh.


NEUMEC AND REODAR: CRISIL Withdraws B Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Neumec and
Reodar Builders JV (NRDJ) for obtaining information through
letters and emails dated April 12, 2017, and May 4, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     100      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating withdrawn)

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 NRDJ. 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
NRDJ is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has continues the rating at 'CRISIL B/Stable/Issuer Not
Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of NRDJ at
the company's request. The rating action is in line with CRISIL's
policy on withdrawal of its bank loan ratings.

NRDJ is a 30-70 JV between Neumec Builders and Developers (NBD)
and Reodar Builders Pvt Ltd (RBPL), set up for a slum
rehabilitation project, Neumec-Reodar Terraces, at Wadala in
Mumbai.


NIRBAN REALTORS: CRISIL Withdraws B+ Rating on INR7.75MM Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Nirban Realtors and Developer (NRD) following a
request from the company and on receipt of a 'no dues
certificate' from the banker. The rating action is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     4.75      CRISIL B+/Stable (Withdrawn)

   Term Loan              7.75      CRISIL B+/Stable (Withdrawn)

Established in 2008, NRD is a proprietorship firm of Mr Mohammed
Husain Jalaluddin Nirban. The firm undertakes residential real
estate development and is implementing a redevelopment project at
Byculla, Mumbai.


NORTH COASTAL: CRISIL Assigns B+ Rating to INR20MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of North Coastal Integrated Food Park
Private Limited (NCIFP).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Term Loan            20         CRISIL B+/Stable

The rating reflects NCIFP's exposure to risks related to
implementation of project and expected subdued financial risk
profile. These weaknesses are partially offset by the experience
of the promoters and, funding support extended by the government.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risks: Timely implementation
of the company's mega food park and stabilisation of operations
are key rating sensitivity factors. Future bookings and timely
commencement of operations are critical to meet maturing debt.

* Subdued financial risk profile: Financial risk profile should
remain weak owing to high gearing as a loan worth INR20 crore has
been availed of, against total project cost of INR48 crore.

Strengths

* Experience of promoters: Benefits from the promoters'
experience of over three decades, their strong understanding of
the local market dynamics, and healthy relations with customers
and suppliers should continue to support the business. They are
also likely to continue supporting the company with timely, need-
based equity infusions.

* Funding support extended by government: Funding risk is partly
mitigated as 40% of the project cost will be funded through
grants from the central government's Ministry of Food Processing
Industries and the Gujarat government. Timely realisations of
these grants are key monitorables.

Outlook: Stable

CRISIL believes NCIFP will continue to benefit over the medium
term from the experience of the promoters and government's
funding support. The outlook may be revised to 'Positive' if
timely completion, implementation and stabilisation of project
lead to higher-than-anticipated revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if delay in
implementation or stabilisation of project, leading to low
revenue or profitability, or stretch in working capital cycle
weakens financial risk profile and liquidity.

NCIFP, incorporated in 2006, is establishing a mega food park at
BP Varakkattu Village, Cheepurupalli Mandal in Vizianagaram,
Andhra Pradesh. This food park will include warehouse facility,
cold storage, boiler, cashew nut de-shelling unit, tamarind
processing unit and sorting/grading line. Operations are expected
to commence from June 2018. Mr N V Ramaraju and his wife, Ms N
Indira are the promoters.


OPAL LUXURY: CRISIL Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Opal
Luxury Time Products Limited (OLTPL) 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
   ----------      ---------    -------
   Bank Guarantee       1       CRISIL D (Issuer Not Cooperating;
                                Rating Migrated)

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

   Letter of Credit     5       CRISIL D (Issuer Not Cooperating;
                                Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of OLTPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on OLTPL 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 the
bank facilities of OLTPL to 'CRISIL D/CRISIL D; Issuer not
cooperating'.

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

Based in Pune (Maharashtra), OLTPL was incorporated in 2007. The
company was listed on the National Stock Exchange's SME (small
and medium enterprise) platform in fiscal 2013. The business was
earlier carried out under a partnership firm, Opal Industries,
established in 1996. OLTPL manufactures a variety of premium wall
clocks under its registered brands, Opal and Caliber.


PANVELKAR INFRA: CRISIL Reaffirms B+ Rating on INR20MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating to
the long-term bank facility of Panvelkar Infrastructures Private
Limited (PIPL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            20        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the extensive experience of
PIPL's promoters in the real estate industry and the advantageous
location of its projects, resulting in healthy saleability. The
rating also factors in the steady flow of customer advances from
the company's projects. These rating strengths are partially
offset by PIPL's susceptibility to risks related to funding of
its ongoing project and to cyclicality in the domestic real
estate industry.

Key Rating Drivers & Detailed Description

Weakness

* Risks associated with upcoming projects: The upcoming projects
of the company are at a very nascent stage. Thus, future bookings
are yet to be seen, also any delays in expected advances from
customers may impact the impact credit profile of the company.

* Susceptibility to cyclicality in the real estate sector: The
real estate sector in India is cyclical and is marked by sharp
movements in prices and a highly fragmented market structure. The
overall uncertain economic climate, and, higher caution by banks
towards exposure to the sector, can also impact company's credit
profile.

Strengths:
* Extensive experience of the promoters and strong regional
presence in the real estate business: The expertise of the
promoter and the management team in real estate development has
helped the company successfully execute projects and create a
strong brand 'Panvelkar' in Thane and Badlapur.

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the
medium term from long-standing experience of the promoters. The
outlook may be revised to 'Positive' if higher than expected
customer advances and timely implementation of its on-going
projects leads to healthy cash inflows. The outlook may be
revised to 'Negative' if time and cost over-runs or delays in
receiving customer advances, leads to pressure on liquidity.

PIPL, incorporated in 2010 by Mr. Rahul Panvelkar and Mr. Vijay
Panvelkar, develops residential projects in Belapur and Ambernath
(Thane). Currently, the company has 3 ongoing and planned
projects.


PK SAXENA: Ind-Ra Corrects April 17 Rating Release
--------------------------------------------------
India Ratings and Research (Ind-Ra) issued a correction on the
ratings release on P K Saxena Contractor (PKSC) published on
April 17, 2018 to 'IND BB' with Outlook Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR100 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings are constrained by PKSC's modest scale of operations
and margins due to the tender-driven nature of business and the
long tenor of contracts. Revenue was INR445 million in FY17
(FY16: INR322 million), EBITDA margins were 5.42% in FY17 (FY16:
4.09%). Medium-term revenue visibility stems from PKSC's order
book position of INR2,240 million, which is to be completed by
FY20; out of which, orders worth INR454 million have been
executed in FY18.

The ratings are further constrained by the partnership nature of
the firm.

The ratings are supported by PKSC's comfortable credit metrics.
Interest coverage (operating EBITDA/gross interest expense)
increased to 4.40x in FY17 (FY16: 2.37x) and financial leverage
(adjusted debt/operating EBITDAR) fell to 2.67x (5.01x) because
of the increase in the EBITDA margin. Also, the net working
capital cycle is short, at 38 days in FY17. Additionally,
liquidity is comfortable, as evident from around 66% use of the
bank guarantee and 45% use of the cash credit facility during the
12 months ended March 2018.

The ratings are also supported by the firm's established track
record of more than three decades in the civil construction
business.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations along
with a significant improvement in revenue visibility while
maintaining the credit metrics on a sustained basis will be
positive for the ratings.

Negative: A decline in the revenue leading to deterioration in
the credit metrics on a sustained basis will be negative for the
ratings.

COMPANY PROFILE

The firm established in 1998, is a Moradabad-based company
promoted by Mr. P.K. Saxena and undertakes civil construction
projects. The company is registered with various state government
and central government departments as an 'A' class contractor.
The company mainly takes up sub-contracting.


PREMIUM EXPORTS: CRISIL Reaffirms B+ Rating on INR8MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating to the bank facilities
of Premium Exports (PE) at 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Working Capital
   Facility              8        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's below average
financial risk profile marked by a small net worth, high total
outside liabilities to adjusted net worth (TOL/ANW) ratio,
average debt protection metrics, and low profitability. The
rating also factors in PE's modest scale of operations and
susceptibility to volatility in commodity prices. These rating
weaknesses are partially offset by the benefits that PE derives
from its promoters' extensive experience in the agro commodity
trading industry and its established relationships with its
customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: The scale of operations has remained
modest despite PE's presence in the trading segment for more than
3 decades. The agro commodity trading industry in India is
dominated by a large number of unorganised players catering to
local demand. The modest scale of operations in the highly
fragmented trading business also renders it susceptible to price
competition

* Below average financial risk profile: PE's financial risk
profile is below average marked by a high TOL/ANW ratio (6.55
times as on March 31, 2017). However, the debt protection metrics
are average with interest cover at 1.3 times in fiscal 2017.

* Susceptibility of operating margins to volatility in commodity
prices: PE's operating profitability was modest at 1.5% during
fiscal 2017. The low profitability of the firm can be attributed
to its trading nature of business and highly price sensitive
market.

Strengths

* Partner's extensive experience in the agro commodity trading
industry and its established relationships with its customers and
suppliers: Partner of PE, Mr. Janish Murgai has more than 20
years of experience in trading of food and agro commodities. The
partners have been engaged in the same business for last 60
years. This long experience in the industry has helped the firm
to establish relations with its suppliers and customers.

Outlook: Stable

CRISIL believes that PE will benefit from the extensive
experience of its partners in the food and agro commodity trading
business. The outlook may be revised to 'Positive' in case of
more-than-expected increase in scale of operation and
profitability resulting in higher than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected profitability and cash accruals or in the
event of stress on liquidity due to larger than expected working
capital requirements or debt funded capital expenditure.

PE is a Government Recognized Star Export House dealing in the
export of all kinds of Food and Agricultural Commodities. The
firm was established in the year, 1988. It offers a wide range of
foods and commodities like Sugar, Rice, Wheat and Allied
Products, Oilseeds, Spices, Pulses, Cattle/ Bird Feeds, Cotton,
Frozen/ Fresh Foods and Ready to Eat Foods.


PROGRESS TRADERS: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Progress Traders (PT) at 'CRISIL B+/Sable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        5        CRISIL A4 (Reaffirmed)

The ratings continue to reflect its weak financial risk profile
because of leveraged capital structure and modest scale of
operations in a highly fragmented industry. These weaknesses are
partially offset by the experience of its proprietor and healthy
client relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Total outside liabilities to
tangible net worth ratio was high at 12.7 times as on March 31,
2017. Debt protection metrics were average due to low operating
profitability, with interest coverage and net cash accrual to
adjusted debt ratios of 1.27 times and 0.02 time, respectively,
for fiscal 2017.

* Modest scale of operations: With an estimated operating income
of about INR65 crore for fiscal 2018, scale remains modest in the
highly fragmented steel trading industry, which will continue to
constrain business risk profile.

Strengths:

* Proprietor's experience and relationship with clients: Presence
of more than a decade has enabled the proprietor to establish
healthy relationship with suppliers and customers in the steel
industry. Proprietor has also reduced customer concentration by
adding new clients.

Outlook: Stable

CRISIL believes PT will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if higher-than-expected revenue and
profits lead to better business risk profile. The outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, weakens further due to decline in cash accrual, poor
working capital management, or large, debt-funded capital
expenditure.

Set up in Cuddalore, Tamil Nadu, as a proprietorship concern by
Mr Habibur Rahman, PT trades in steel scrap, steel billets, and
thermo-mechanically treated bars.


RAJ RAJENDRA: CRISIL Withdraws B- Rating on INR10MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Raj Rajendra Realtors following a request from the
company and on receipt of a 'no dues certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            10        CRISIL B-/Stable (Withdrawn)

Raj Rajendra Realtors (Raj Rajendra), a partnership firm
incorporated on June 8, 2012, is engaged in construction and real
estate development. The firm was promoted by Mr.Narpat Mehta (Mr.
Mehta) and his family members. All the partners of the firm are
the relatives of Mr. Mehta. The firm is currently redeveloping a
residential building named 'Vinayak' in Goregaon, Mumbai. From
1979 to 2012, the firm has completed more than 24 projects in
Mumbai of varied sizes and types.


RAJESH SPICES: CRISIL Withdraws B Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Rajesh Spices (RS) following a request from the
company and on receipt of a 'no dues certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           5        CRISIL B/Stable (Withdrawn)

Established in 1982 as a partnership firm by the Wadhwani family
of Nagpur (Maharashtra), INRprocesses and trades in spices. It
sells under its own brands Kasturi and Gulab.


S. P. GARMENTS: CRISIL Lowers Rating on INR1MM Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities S.
P. Garments (SP) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             1        CRISIL B/Stable (Downgraded
                                    from 'CRISIL A4+')

   Export Packing Credit   5        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects deterioration in financial risk
profile on account of high dependence on external borrowings and
capital withdrawals. The firm's promoters have withdrawn around
INR1.28 crore over the last 2 years ending fiscal 2017.
Consequently gearing deteriorated to around 3.41 times in fiscal
2017 as against 2.67 times in fiscal 2016.

The ratings reflect the modest scale and, working capital
intensive nature of operations and moderate financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of SPG's promoters in readymade garments
(RMG) industry and established relationship with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: SPG recorded revenues of Rs.14.1
Crores during fiscal 2017, indicating its modest scale of
operations in a highly fragmented RMG industry. RMG manufacturing
is a highly fragmented industry on account of low entry barriers.

* Working capital intensive operations: SPG's operations are
working-capital-intensive, as reflected in its large gross
current assets of around 234 days as on March 31, 2017, driven by
inventory of around 177 days.

* Average financial risk profile: The financial risk profile of
the firm is below average marked by modest networth, gearing and
debt protection metrics. Net worth and gearing was at INR2.9
Crores and 3.41 times respectively as on March 31, 2017. The debt
protection metrics are average with interest coverage and net
cash accrual to total debt ratio of 1.63 times and 0.0 times
respectively for fiscal 2017.

Strengths

* Extensive experience of promoters in RMG industry and
established relationship with customers: SPGL benefits from the
industry experience of its promoters, who have been in the
industry for over three decades. The promoters have established
relations with key customers, with whom they have been associated
for over ten years. The firm's ability to maintain healthy
product quality while meeting its customers' stringent delivery
deadlines enabled it to obtain repeat orders over the past few
years.

Outlook: Stable

CRISIL believes SPG will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with major customers. The outlook may be revised to
'Positive' if the firm significantly scales up its operations
while it improves its profitability, thereby improving the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly its
liquidity, deteriorates, most likely because of a substantial
increase in its working capital requirements, or debt-funded
capital expenditure (capex), or low cash accrual.

SPG, was set up in 1978 as a proprietorship concern is engaged in
manufacturing and export of readymade garments, primarily ladies
wear. The company is based of Chennai and is promoted by Mr. T
Palani his family members.


SANGAMESHWAR COFFEE: CRISIL Withdraws B+ Rating on INR7MM Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Sangameshwar Coffee Estates Limited (SCEL) following
a request from the company and on receipt of a 'no dues
certificate' from the banker. The rating action is in line with
CRISIL's policy on withdrawal of bank loan ratings.

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

Incorporated in 1957 SCEL is engaged in plantation of coffee,
pepper, areca nut, cardamom, and oranges. Around 95% of revenue
comes from coffee. The company was started by Mr. K S
Vaidyanathan and is currently managed by his grandson Mr.
Appadurai.


SANGRAM CANE: CRISIL Withdraws B- Rating on INR27MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Sangram Cane Agro Limited (SCAL) following a request
from the company and on receipt of a 'no dues certificate' from
the banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     27        CRISIL B-/Stable (Withdrawn)

SCAL, incorporated in 2016 by Mr Vitthalrao Yesugde and Mr. Nitin
Yesugde, is installing a sugar and jaggery unit at
Sangli, Maharashtra


SHIV SHAKTI: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiv Shakti Cold
Storage'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 action is:

-- INR52 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND B(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 15, 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 1997, Shiv Shakti Cold Storage is a Gujarat-based
partnership firm engaged in maintaining cold storage for potatoes
and trading of potatoes. The firm has a cold storage with a total
storage capacity of 6,250 metric tons, with almost 100% of the
total area contracted.


SRI LAKSHMI: CRISIL Reaffirms B Rating on INR16MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Sri Lakshmi Venkata Maruthi Raw and Boiled Rice
Trading Company (LVMT) at 'CRISIL B/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           16       CRISIL B/Stable (Reaffirmed)

The rating reflects LVMT's modest scale of operations in a
highly-fragmented rice milling industry, its weak financial risk
profile and susceptibility to adverse government regulations and
raw material price volatility. These weaknesses are partially
offset by the extensive experience of promoters in the rice
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The capital structure and debt
protection metrics are weak. Gearing was 3.8 times as on
March 31, 2017, and is likely to remain high due to low accretion
to reserves. Interest coverage ratio has been below 1.1 times
over the past four years, through Fiscal 2017.

* Modest scale of operations in the highly fragmented and
competitive rice milling industry: Revenue was INR50 crore in
fiscal 2017 and are estimated at Rs.52 crore for the Fiscal 2018.
Though revenues are expected to increase the same should remain
modest over the medium term.

* Susceptibility of operating margin to government regulations
and raw material price volatility: The domestic rice industry is
highly regulated in terms of paddy prices, export/import policy
for rice, and rice release mechanism, which affect the credit
quality of players in the industry.

Strength

* Extensive industry experience of the promoter: The promoter, Mr
B Goutham Reddy, has more than 25 years of experience in the rice
industry. LVMT has established strong relationships with its
customers and the farmers, supporting the business profile of the
company.

Outlook: Stable

CRISIL believes LVMT will continue to benefit from the extensive
industry experience and reputation of its promoter. The outlook
may be revised to 'Positive' if there is an increase in revenue
and profitability, leading to higher cash accrual and hence
improved financial risk profile. The outlook may be revised to
'Negative' if the financial risk profile deteriorates because of
a decline in profitability or increase in debt.

Established in 2005, LVMT is a proprietorship firm of Mr B
Goutham Reddy. The firm mills and processes paddy into rice, rice
bran, broken rice, and husk. Its rice mills are in Nellore,
Andhra Pradesh.


SURYA RICE: CRISIL Raises Rating on INR8MM Term Loan to B+
----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facilities of Surya Rice Industries (SRI) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           8        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan             8        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects improvement in business risk profile in
terms of revenues owing to full year of operations performed and
moderate operating margins in fiscal 2017. It also reflects
moderate working capital management as indicated in its GCA days
of around 113 days as on March 2017.

The rating continues to reflect the modest scale of operations,
below average financial risk profile marked by high gearing,
moderate debt protection metrics and small net worth. It also
reflects susceptibility of its profitability margins to changes
in government regulations and paddy prices. However, these
weaknesses are partially offset by the extensive experience of
the partners in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Modest scale is reflected in
revenue of about INR42.3 crore for fiscal 2017. The firm has an
installed milling capacity of 8 tonnes per hour (tph), which is
modest given the presence of players with capacities of 50 to 70
tph in Telangana. While large players have better efficiencies
and pricing power because of their scale of operations, small
players are exposed to intense competition.

* Susceptibility of its profitability margins to changes in
government regulations and paddy prices: Cost of paddy accounts
for about 85 of the cost of producing rice. Availability of paddy
being an agriculture product is seasonal, and is dependent on the
monsoons/irrigation. This exposes the company to the risk of
limited availability of paddy in case of unfavourable climatic
conditions. Rice prices also depend on supply, which in turn
depends on the buffer stock position of rice and availability of
paddy, both of which are regulated by GoI.

* Below average financial risk profile: The firm has low networth
of around Rs.5.11 crores as on March 31, 2017. Consequently, the
gearing stood at around 3.53 times as on the same date. The firm
has moderate debt protection metrics as indicated by its NCATD of
around 11 percent and interest coverage ratio of around 2.35
times for fiscal 2017.

Strengths:

* Extensive experience of partners: Business risk profile will
continue to benefit from the partners' experience of over two
decades and their established presence in the local market.

Outlook: Stable

CRISIL believes SRI will benefit over the medium term from the
partners' experience. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability or significant
capital infusion strengthens financial risk profile and capital
structure. Conversely, the outlook may be revised to 'Negative'
if an aggressive, debt-funded expansions, or decline in revenue
and profitability weakens financial risk profile.

Incorporated in 2014 as a partnership concern by Mr Rayini
Srinivas and Mr Vemula Nagesh, engaged in processing of paddy
rice into rice, broken rice and rice bran.


THIRUCHY STEELS: CRISIL Reaffirms B+ Rating on INR8MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Thiruchy Steels (TS) at 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          8         CRISIL B+/Stable (Reaffirmed)

The rating reflects modest scale of operations in an intensely
competitive industry and the below average financial risk
profile. These weaknesses are partly mitigated by the extensive
experience of the promoter in the industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in fragmented industry: Revenue,
estimated at INR65 crores in fiscal 2018, reflects modest scale
in the steel products trading industry, which is marked by the
presence of numerous mid-sized traders due to low entry barriers
resulting in intense competition.

* Below-average financial risk profile: The financial risk
profile has been below average owing to high total outside
liabilities to tangible networth ratio, estimated at 4.22 times
as on March 31, 2018 and weak debt protection metrics marked by
estimated net cash accrual to total debt and estimated interest
cover ratios were 0.06 time and 1.76 times, respectively, in
fiscal 2017.

Strengths:

* Promoters' experience and strong customer base: The promoters
have been operating in the steel products trading business for
over 25 years. Over the years, they established a strong
clientele, comprising both dealers and local ingot manufacturers.

Outlook: Stable

CRISIL believes TS will benefit over the medium term from the
promoter's extensive experience. The outlook may be revised to
'Positive' if high profitability leads to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if the firm
report lower thn expected cash accrual or undertakes larger than
expected capital expenditure programme or liquidity weakens
substantially because of large working capital requirement.

Chennai-based TS, set up in 1989 by the proprietor Mr B
Rajagopal, trades in iron and steel products like coils, sheets,
structural items etc.


VELVET RESORTS: CRISIL Withdraws B Rating on INR6.7MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating of Velvet Resorts Private
Limited (VRPL) following a request from the company and on
receipt of a 'no dues certificate' from the banker. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Overdraft             2        CRISIL A4 (Withdrawn)

   Term Loan             6.7      CRISIL B/Stable (Withdrawn)

Incorporated in 2009 by Mr Bhagwant Singh and his son, Mr Dilraj
Singh, VRPL started Hotel Clark in August 2015. The hotel is in
Jakirpur (Delhi-Chandigarh Highway)


VENUS REMEDIES: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Venus
Remedies Limited (VRL) for obtaining information through a letter
dated 15, Jan 2018, 26 Feb 2018, 13 Mar 2018 and 19 Mar 2018.
However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        2.5      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit         105.0      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Funded Interest
   Term Loan             9.57     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of Credit     25.50     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of credit &
   Bank Guarantee        9.00     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan           146.77     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. . CRISIL believes information available on VRL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information', Based on the last
available information, CRISIL has migrated the ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

Established in 1991 by Mr. Pawan Chaudhary, VRL has presence in
both branded and generic products. The company is mainly present
in Critical care segment manufacturing parenterals like
cephalosporins, carbapenems and oncology drugs in lyophilized
form, infusions and small volume parenterals used for treating
varied ailments like bacterial infections and Cancer. Currently
75 products of the company are in market out of which more than
20 products are related to Oncology and 15 are research-based
products with patent approvals from emerging and regulated
markets. The company filed 360 global patents, of which 85+ were
granted and about 275 are at advanced approval stages. The
patents cover 51 countries across Europe, North America, the Far
East, Australia, South America, Africa and the ASEAN.


YAZDANI STEEL: CRISIL Raises Rating on INR33.79MM Loan to 'C'
-------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank loan
facilities of Yazdani Steel and Power Limited (YSPL) to 'CRISIL
C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit          18.0       CRISIL C (Upgraded from
                                   'CRISIL D')

   Funded Interest       1.13      CRISIL C (Upgraded from
   Term Loan                       'CRISIL D')

   Letter of Credit      7.0       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Long Term Loan       33.79      CRISIL C (Upgraded from
                                   'CRISIL D')

   Proposed Long Term   24.41      CRISIL C (Upgraded from
   Bank Loan Facility              'CRISIL D')

   Working Capital      12.91      CRISIL C (Upgraded from
   Term Loan                       'CRISIL D')

The upgrade reflects timely servicing of debt by the company and
improvement in its business risk profile on account of increase
in revenue and operating margin. Revenue is estimated to have
increased to INR110 crore in fiscal 2018 from INR60.13 crore in
fiscal 2017 driven by improved market scenario leading to better
realisation. Operating margin is estimated at 10% in fiscal 2018
against 8% in fiscal 2017. Liquidity is supported by constant
funding from the promoters in the form of unsecured loans.

Analytical Approach

CRISIL has treated unsecured loan of INR100 crore as neither debt
nor equity based on the undertaking from the company's management
that the loan will remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital-intensive operations: The large working capital
requirement is reflected in gross current assets of 188 days as
on March 31, 2017, primarily on account of large inventory.

* Modest financial risk profile: The financial risk profile is
constrained by depleting networth primarily due to net losses.
Networth was at a negative INR24.58 crore as on March 31, 2017.
Although the networth is expected to increase over the medium
term on account of revenue growth and improving operating margin,
but the same will continue to remain small.

Strengths

* Promoters' extensive industry experience and established
relationships with customers and suppliers: Presence of over two
decades in the iron and steel segment has enabled the promoters
to establish healthy relationships with suppliers and customers.

YSPL was incorporated in October 2003 as Dinabandhu Steel & Power
Ltd (DSPL) by the Sahoo family. The company got its present name
after it was acquired by the Odisha-based Yazdani group in May
2011. It manufactures thermo-mechanically treated (TMT) steel
bars, mild steel ingots, and sponge iron.



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


STAR ENERGY: Moody's Rates US$580MM 6.75% Sr. Secured Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service assigned a definitive Ba3 rating to
Star Energy Geothermal (Wayang Windu) Limited's USD580 million
6.75% senior secured notes due 2033. The rating outlook is
stable.

RATINGS RATIONALE

"The Ba3 rating reflects Star Energy's predictable revenue
profile, underpinned by a solid operating track record and the
strong take-or-pay features of its energy sales contract with
Perusahaan Listrik Negara (P.T.) (PLN, Baa2 stable), its sole
customer," says Spencer Ng, a Moody's Vice President and Senior
Analyst.

At the same time, Star Energy's credit profile is constrained by
its dependence on a continuous supply of steam resources and by
its high financial leverage.

The Ba3 rating reflects Moody's expectation of a strong
operational performance during the term of the notes, supported
by Star Energy's experienced work force and robust track record
since the start of operations, with the exception of a 4-month
delay in 2015 caused by a landslide.

Star Energy's credit profile also benefits from the robust tariff
structure under its contract with PLN, according to which PLN is
required to pay for at least 95% of the nameplate generation
capacity available, regardless of whether PLN actually dispatches
the electricity.

The rating incorporates the possible need for Star Energy to
renew the supply arrangement with PLN for Unit 1 -- one of two
units -- in December 2030.

At the same time, the company faces a degree of resource risk
because steam production from geothermal wells will naturally
decline over time, resulting in a need to periodically drill new
make-up wells and to undertake well-maintenance measures to
maintain steam supply.

Notwithstanding Star Energy's sizable capital spending program
over the term of the notes and its extensive experience in the
Wayang Windu area, the company is exposed to residual resource
risk given the potential variability over how quickly production
from existing wells will decline and how much steam can be gained
from the make-up well drilling.

Star Energy's rating considers its high financial leverage and
sizeable drilling program, which reduce its financial
flexibility. Over the term of the notes, Moody's expects Star
Energy to achieve an average debt service coverage ratio (DSCR)
of 1.28x under Moody's base case assumptions.

Moody's said, "We consider the changes made to the bond as credit
neutral," Ng says, adding "The reduced issuance size and
tightening of metric-based thresholds for equity distribution is
outweighed by the negative impact arising from an increased
coupon rate and slight delay in the funding of its debt service
reserve and major maintenance reserve."

Moody's expects the shortfall in the company's reserve accounts
to be temporary, with restrictions on equity distributions being
in place until all reserve accounts are fully funded, expected to
be around June-2018. Nevertheless, Star Energy's liquidity
position will be weak in the meantime, absent any management
countermeasures.

Cash reserving requirements under the notes will lessen the
impact from an increase in capital spending requirements, but
Star Energy's capacity to manage an unexpected shift in the
timings of the drilling program -- in response to actual well
performance -- will remain constrained.

The Ba3 rating has not factored in the potential credit impact of
an expansion at Unit 3, given uncertainty over its timing and
funding structure. Moody's will consider the financial impact and
execution risk relating to such an expansion when Star Energy
proceeds with its expansion plans.

The stable rating outlook reflects Moody's expectation that Star
Energy's performance is unlikely to experience a material change
over the next 12-18 months relative to Moody's base case
expectations.

Upward momentum for the rating is not expected in the near term,
given the project's fixed revenue profile. Over time, the rating
could face upward rating pressure if there is a sustained
improvement in the company's DSCR levels to above 1.35x.

On the other hand, the rating could come under downward pressure
if the projected financial metrics drop to levels below Moody's
base case expectations, including average DSCR falling
consistently below 1.15x during the amortization period. This
development could be due to a faster-than-expected decline in
steam production which could lead to increases in drilling costs.
The principal methodology used in this rating was Power
Generation Projects published in May 2017.

Star Energy Geothermal (Wayang Windu) Limited operates one of the
largest geothermal power stations in Indonesia by capacity. Its
plant on Java Island has an operational capacity of 227MW.
Commercial operations for the 110MW Unit 1 began in June 2000,
followed by the 117MW Unit 2 in March 2009. All of the
electricity produced is sold to PLN under an energy sales
contract.
Star Energy Geothermal (Wayang Windu) Limited is 100% owned by
Star Energy Geothermal Pte Ltd (SEG), which is in turn 60% owned
by Star Energy Group Holdings Pte Ltd (SEGH). SEGH and SEG own a
further 648MW of geothermal generation capacity in West Java
(Darajat and Salak) after acquiring these facilities from Chevron
Corporation (Aa2 stable) in March 2017.



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


GM KOREA: GM, Korea Government Agree to Invest $7.1BB in Unit
-------------------------------------------------------------
Kim Bo-gyung at The Korea Herald reports that General Motors and
the Seoul government agreed to inject a combined $7.1 billion to
save the ailing local unit, the company said on April 26.

GM has also agreed to sustain operations in Korea for over 10
years, and grant the state-run Korea Development Bank veto
rights, the report says.

The Korea Herald relates that GM will conduct a $2.7 billion
debt-equity swap on GM Korea on top of $4.4 billion investments,
while KDB will take part by investing KRW800 billion, according
to the share ratio.

According to the report, visiting General Motors President Dan
Ammann had said that the carmaker was close to completing an
agreement with KDB regarding the funds to help save the ailing
Korean unit.

"Over the last few months, over the last few weeks, a lot of very
good progress has been made. We stand here today very close to a
resolution on most of the important issues," the report quotes
Mr. Ammann as saying during a 15-minute meeting with the ruling
party's GM task force committee at the National Assembly.

This was Mr. Ammann's first visit to Korea since GM's decision to
shut down Gunsan factory in February.

His trip is widely seen as part of the GM headquarters' attempts
to finalize preliminary signings with the KDB, GM Korea's second-
biggest shareholder, for KRW700 billion ($648 million) in funds,
the report states.

As the GM crisis showed signs of abating upon the Monday
[April 23] agreement reached between the management and the labor
union, there have also been calls for GM to allocate electric
vehicles or self-driving cars, the report says.

The Korea Herald notes that Trade Minister Paik Un-gyu was quoted
as saying that such vehicles should be produced in Korea for GM
Korea's remaining factories to be designated as foreign
investment zones, alongside other support measures as demanded by
the automaker.

Regarding the notion, Hong said, "The government suggested
manufacturing (electric vehicles) at Gunsan," the report relays.
But GM said it can't promise production in Korea, as the total
volume of its EVs produced worldwide this year is expected to
remain at 35,000 units."

The Korea Herald meanwhile reports that 30 workers out of 680 had
signed up for the second round of voluntary resignations as of
April 25. The GM headquarters and the labor union had agreed to
receive additional voluntary resignations as part of their
compromise.

"(Ammann) did not specify how GM plans to manage some 650 workers
who chose to remain at the Gunsan plant, nor did he provide an
alternative for EVs and autonomous cars," Rep. Kim Kwan-young of
the Bareunmirae Party, who attended the meeting, told The Korea
Herald over the phone.

A bumpy road is anticipated for the union and the carmaker, as
the two factories in Bupyeong, Incheon, and one in Changwon,
South Gyeongsang Province, have slots for 100 workers, The Korea
Herald says.

GM Korea's unionized labor passed the temporary deal with 67.3
percent approval from 10,223 workers, adds The Korea Herald.

GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent, according to Reuters.



===============
T H A I L A N D
===============


IRPC PUBLIC: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook on IRPC Public Co. Ltd. to
positive from stable. At the same time, we affirmed the 'BB+'
issuer credit rating on the refinery and petrochemical producer
in Thailand.

The outlook revision follows IRPC's good performance and improved
credit metrics in 2017, driven by higher utilization rate, and
full-year contributions from all of the efficiency programs. S&P
expects this positive earnings trajectory to continue, and that
the company will cut spending as it completes its efficiency
programs, thus stabilizing debt levels.

IRPC will likely maintain its record of improving operations and
efficiency, with at least 90%-95% utilization rate on a
sustainable basis. The major turnaround in the first quarter of
2017 lifted the utilization rate from a historical record of
below 90%. The upstream project for hygiene and value-add
products (often referred to as the UHV project) has reduced low-
margin fuel oil output while increasing propylene and light and
middle distillates output for the past two years. The
polypropylene (PP) expansion and PP compounding projects
(PPE/PPC) and gasoline maximization projects, commissioned in
late 2017, will further extend the company's value chain by
processing the incremental propylene into higher-value
polypropylene as well as increasing the gasoline yields. The
Catalyst Cooler project, which will start commercial runs in
2019, will enable IRPC to process heavier crude, consequently
enhancing cost efficiency.

These earning qualities compensate the company's small scale,
high asset concentration risk, and high operating leverage
reflected in the company's refinery complexity of 8.6 (based on
the Nelson complexity index), which is lower than most regional
peers.
IRPC is now more resilient to industry volatility and in a better
position to benefit from the favorable market conditions. S&P
expects the International Maritime Organization's (IMO) 0.5%
sulfur cap, to be implemented by 2020, will support gross
refining margins. That should mitigate risks from higher crude
oil prices and feedstock costs at least in the next two years.

Despite the operating benefits, IRPC's sustained capital outlays
will continue to weigh on its balance sheet and absorb operating
cash flows. S&P expects IRPC will remain prudent with its
investment decisions. After the completion of all the projects,
S&P believes the company will moderate its capital spending,
consequently stabilizing its debt level.

S&P said, "We expect IRPC will operate sustainably with its debt-
to-EBITDA ratio below 3.5x. We also expect the company to become
more financially independent. IRPC currently receives short-term
funding and working capital support from the parent company, PTT
Public Co. Ltd."

IRPC remains strategically important to PTT, which is likely to
provide extraordinary support to IRPC in case of financial
distress. PTT increased its ownership in IRPC to 48.05% from
38.51% through a share acquisition from Thailand's Government
Savings Bank in February 2018. S&P said, "We view this as a move
to secure PTT's majority ownership in one of the key operating
subsidiaries.

"The positive outlook on IRPC reflects that there is a one-in-
three chance we may raise our ratings on the company in the next
12-18 months. This would be provided that IRPC continues to
improve its operations' resilience and scale, demonstrating its
ability to operate with a stable leverage over the next 12-18
months.

"We may raise the rating on IRPC over the next 12-24 months if
the company extends its record of operating with a debt-to-EBITDA
ratio below 3.5x. This would happen if the company's efficiency
investments fully contribute to earnings, demonstrating the
company's ability to generate EBITDA of about THB20 billion on a
consistent basis, while its spending appetite moderates. We would
be looking at the company's ability and willingness to stabilize
debt and to rely less on short-term indebtedness and financial
support from parent.

"In a more distant scenario, we may upgrade IRPC if we assess its
relationship with its parent to have strengthened. This could
happen if the company's strategic positioning in the group looks
better established, and its financial policy become more
consistent with the group standards.

"We will revise the outlook to stable if IRPC's debt-to-EBITDA
ratio exceeds 3.5x sustainably. This would likely reflect: (1)
IRPC's inability to fully leverage on its past efficiency
investments; (2) elevated capital expenditures; or (3) a marked
deterioration in market conditions, with lower chemicals spreads
and gross refining margins.

"In an unlikely scenario, we would also revise the outlook to
stable (at least) if the company's business integration with PTT
shifts considerably."



                             *********

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 ***