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                      A S I A   P A C I F I C


            Friday, May 4, 2018, Vol. 21, No. 088




                            Headlines





A U S T R A L I A



ESPRIT: To Close All Stores in Australia and New Zealand

FASHIONOID PTY: First Creditors' Meeting Set for May 14

JUMPCLIMB: Fringe World Sue to Claw Back Money Owed to Artists

LOCAL BLUE: First Creditors' Meeting Set for May 11

M K DESIGN: First Creditors' Meeting Set for May 14



MOULE ENTERPRISES: Second Creditors' Meeting Set for May 11

NRA DEVELOPMENTS: Second Creditors' Meeting Set for May 14

PARMAC AIRCONDITIONING: Second Creditors' Meeting Set for May 14





C H I N A



BLUEFOCUS COMM: Moody's Alters Outlook to Neg. & Affirms B1 CFR

CHINA AOYUAN: Fitch Rates Proposed USD Notes 'BB-(EXP)'

CHINA AOYUAN: Moody's Assigns B2 Rating to Proposed USD Notes

CHINA EVERGRANDE: Fitch Alters Outlook to Pos. & Affirms B+ IDR

CONCORD NEW: Fitch Revises Outlook to Neg. & Affirms IDR at BB-



SINGAPORE TECHNOLOGIES: Chinese Unit Files for Bankruptcy

YINGLI GREEN: Supplier Files $897.5M Arbitration Request

YINGLI GREEN: Files Form 20-F Reporting RMB3.3-Bil. 2017 Loss

YUZHOU PROPERTIES: Fitch Rates Proposed USD Notes 'BB-(EXP)'





I N D I A



AGASTHYACODE RUBBER: CRISIL Hikes Rating on INR13MM Loan to B-

AIRCEL LTD: CEO Steps Down; To Assist IRP on Bankruptcy

AUM SHRI HOTELS: CRISIL Moves B+ Rating to Not Cooperating Cat.

B.V.L. EXPORTS: ICRA Keeps B Rating in Not Cooperating Category

BINANI CEMENT: Court Told Lenders to Consider UltraTech Bid



CALIFORNIA AGRI: CRISIL Moves B+ Rating to Not Cooperating

CHINAR SYNTEX: CRISIL Moves B+ Rating to Not Cooperating

DLA INDUSTRIES: CRISIL Migrates B- Rating to Not Cooperating

EPC CONSTRUCTIONS: NCLT Approves IDBI Bank's Insolvency Bid

ESSAR STEEL: Numetal, ArcelorMittal Prove Eligibility to Bid



GOOD LUCK: CRISIL Migrates B- Rating to Not Cooperating Category

INDUS MEGA: ICRA Keeps D Rating in Not Cooperating Category

JAGATJIT INDUSTRIES: ICRA Withdraws B- Rating on INR95.16cr Loan

JAYPEE INFRATECH: Valia Wants JAL to Pay Fine for Delivery Delay

K G N MOTORS: CRISIL Assigns B Rating to INR10MM Cash Loan



K.K. BUILDERS: ICRA Keeps B+ Rating in Not Cooperating Category

K.K. LEISURES: ICRA Maintains B- Rating in Not Cooperating Cat.

KARTHIKAI TEXTILE: CRISIL Cuts Rating on INR13.5MM Loan to D

KAVERI COTEX: ICRA Maintains B Rating in Not Cooperating Category

KBN GOLD: CRISIL Migrates B Rating to Not Cooperating



KISSAN AGRO: CRISIL Withdraws B Rating on INR6MM Cash Loan

KRISHNA COTTON: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan

LANDSCAPE REALITY: CRISIL Moves B+ Rating From Not Cooperating

LASCO LIFESTYLE: ICRA Migrates D Rating to Not Cooperating Cat.

MAGPPIE EXPORTS: ICRA Moves B Rating to Not Cooperating Category



MALWA AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR13.07MM Loan

MANAV AGRI: CRISIL Withdraws B+ Rating on INR17.5MM Cash Loan

MANDOVI MINERALS: CRISIL Reaffirms B Rating on INR12.31MM Loan

P.S. INDUSTRIES: CRISIL Withdraws B- Rating on INR7MM Cash Loan

PAREKH AGENCIES: CRISIL Migrates B+ Rating to Not Cooperating



POWER CABLE: ICRA Withdraws B Rating on INR7.50cr LT Loan

PRAKASAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR10MM Loan

R.A. KNITWEAR: CRISIL Migrates B+ Rating to Not Cooperating

RAGHURAM INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating

RAJHANS IMPEX: CRISIL Lowers Rating on INR17MM Loan to B



RAMCO EXTRUSION: ICRA Keeps B+ Rating in Not Cooperating Category

RATTAN RICE: CRISIL Withdraws B+ Rating on INR5.5MM Loan

RISE ON: ICRA Maintain C Rating in Not Cooperating Category

SAGAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR9MM Loan

SAIWIN CERAMIC: ICRA Keeps B Rating in Not Cooperating Category



SANTOSH ENTERPRISES: ICRA Keeps B Rating in Not Cooperating

SARATHY MOTORS: CRISIL Withdraws B+ Rating on INR9MM Cash Loan

SHALAK EATABLE: CRISIL Moves B- Rating to Not Cooperating Cat.

SHARANAMMA DIGGAVI: ICRA Maintains D Rating in Not Cooperating

SHIVA STRUCTURES: ICRA Keeps B- Rating in Not Cooperating



SHIVHARE ROAD: CRISIL Migrates B+ Rating to Not Cooperating

SHUKLA AGRITECH: CRISIL Cuts Rating on INR5.5MM Term Loan to D

TATA MOTORS: Fitch Affirms BB+ Long-Term IDR, Outlook Stable

TECHNICO STRIPS: CRISIL Withdraws B+ Rating on INR17.75MM Loan

VARDHMAN POLYTEX: ICRA Migrates D Rating to Not Cooperating



WINNING EDGE: ICRA Keeps B+ Rating in Not Cooperating Category





N E W  Z E A L A N D



CBL INSURANCE: Liquidation Hearing Set for June





S I N G A P O R E



AVATION GROUP: Fitch Puts B+ IDR on Rating Watch Positive





X X X X X X X X



MALDIVES: Fitch Assigns Final 'B+' Rating to USD100 Million Bonds





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A U S T R A L I A

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ESPRIT: To Close All Stores in Australia and New Zealand

--------------------------------------------------------

Patrick Hatch at The Sydney Morning Herald reports that global fashion
retailer Esprit is pulling out of Australia and

New Zealand and will close more than 60 outlets in the region, leaving
350 employees without jobs.



SMH relates that the company, which was founded in California in 1968
and has been operating in Australia since the 1980s, said on May 3 it
had been unprofitable in the local market for some time and had now
made the "unfortunate but unavoidable" decision to leave.



According to SMH, Esprit's operations in the region consist of 16
retail stores, 13 factory outlets and 38 concession stores inside Myer
stores, which will all close by the end of the 2018 calendar year. The
67 outlets are split between NSW (25), Victoria (17), Queensland (12),
Western Australia and New Zealand (6), and South Australia (1).



There will be about 100 jobs lost in NSW, 90 in Victoria, and 30 in
New Zealand, SMH discloses.



Thomas Tang, executive director of the Hong Kong Stock Exchange-listed
Esprit group said its Australian operations had been running at a loss
"despite intensive efforts made by the teams in the past years to turn
around the business," the report relays.



"In order to strengthen our foundation, the group intends to withdraw
from these markets and this will allow us to concentrate efforts and
resources to develop other markets in Asia," SMH quotes Mr. Tang as
saying.



SMH adds that the company said it would continue to honor Esprit gift
cards and fulfil all obligations to employees.



Esprit operates in more than 40 countries, and its sales of

AUD50 million in Australia and New Zealand last year made up about 2
per cent of its global revenue, SMH notes.





FASHIONOID PTY: First Creditors' Meeting Set for May 14

-------------------------------------------------------

A first meeting of the creditors in the proceedings of Fashionoid Pty.
Ltd., trading as Metalicus, will be held at the offices of PKF
Melbourne, Level 13, 440 Collins Street, in Melbourne, on

May 14, 2018, at 2:00 p.m.



Petr Vrsecky, Stirling L. Horne and Jason G. Stone of PKF Melbourne
were appointed as administrators of Fashionoid Pty on May 2, 2018.





JUMPCLIMB: Fringe World Sue to Claw Back Money Owed to Artists

--------------------------------------------------------------

Brisbane Times reports that Fringe World organisers have launched
proceedings to place JumpClimb into administration, and vowed to
return booking fees to artists affected by the events company's
collapse.



The move to engage lawyers K&L Gates and repay artists was announced
in a statement released May 3, which said the Fringe board met on May
2 and agreed to place Noodle Palace and JumpClimb into administration.



"The directors of JumpClimb aren't moving on this under their own
volition and it's leaving artists and production companies affected in
a state of limbo," the statement, as cited by Brisbane Times, read.
"It is Fringe World's position that it is in the absolute interests of
all affected that an external controller be appointed over JumpClimb
and Noodle Palace as soon as possible."



According to the report, booking fees gathered through the Fringe
ticketing system will be returned to artists, a move the statement
said would "put up to AUD85,000 to the problem if the liquidators
aren't able to claw back the debts owed by JumpClimb artists".



JumpClimb announced on April 27 it would cease operations, citing a
"downturn in ticket sales on recent projects, debtors going into
receivership and the general economic slow-down" as reasons for going
under, Brisbane Times relays.



The report says the company had overseen the management, marketing and
public relations of a suite of popular Perth events, including the
Aviary Rooftop Sessions, Perth Comedy Festival and the Noodle Palace
Fringe attraction.



"We are currently in conversations with other organisations to
purchase and continue to operate our other flagship events to ensure
the people of Perth can still enjoy these experiences," the company
said this week, the report relays.



Brisbane Times notes that the move left artists out of pocket, with
some claiming they were still owed thousands of dollars for their
performances at this year's festival.



According to Brisbane Times, Fringe World chief executive Marcus
Canning said the "million-dollar question" was still being asked:
"what did JumpClimb do with all the money?"



"Our goal is for a suitably experienced, qualified and independent
person to investigate what has happened and try and claw back funds
for the benefit of affected artists and production companies," the
report quotes Mr. Canning as saying.



Brisbane Times relates that Mr. Canning said organisers felt the
return of booking fees to artists was "our duty" and Fringe World
would do "everything in our power to support (the affected artists) in
whatever ways possible".



"It's the ethical thing to do and it's an expression of our values,"
he said.  "At the heart of all we do are the artists."



It is understood artists who took part in events organised by
JumpClimb had contracts with the company and not with Fringe World.



The arrangement meant box office revenue from the Fringe World
ticketing system went to JumpClimb, and then on to the artists- a
system Fringe organisers used with several other presenters without
issue, the report states.



Brisbane Times adds that Fringe World organisers said they had upheld
their end of the contract and paid JumpClimb everything owed for the
2018 festival in March, however the money did not then go on to the
artists involved.



Artists affected by JumpClimb's financial woes have been urged to
email artists@fringeworld.com.au.





LOCAL BLUE: First Creditors' Meeting Set for May 11

---------------------------------------------------

A first meeting of the creditors in the proceedings of Local Blue
Pages Pty Ltd, trading as Bluey's Pages, will be held at Australian
Institute of Company Directors, Level 26, 367 Collins Street, in
Melbourne, Victoria, on May 11, 2018, at 11:00 a.m.



Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Local Blue on May 1, 2018.





M K DESIGN: First Creditors' Meeting Set for May 14

---------------------------------------------------

A first meeting of the creditors in the proceedings of M K Design and
Construction Pty Ltd will be held at the offices of G S Andrews
Advisory, 22 Drummond Street, in Carlton, Victoria, on May 14, 2018,
at 3:00 p.m.



Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory were
appointed as administrators of M K Design on May 2, 2018.





MOULE ENTERPRISES: Second Creditors' Meeting Set for May 11

-----------------------------------------------------------

A second meeting of creditors in the proceedings of Moule Enterprises
Pty Ltd, Carr Seabreeze Pty Ltd, and Diary Investments Pty Ltd has
been set for May 11, 2018 at 10:00 a.m. at Collins Square, Business
Centre, Level 6, 727 Collins St, in Docklands, VIC.



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 10, 2018, at 4:00 p.m.



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





NRA DEVELOPMENTS: Second Creditors' Meeting Set for May 14

----------------------------------------------------------

A second meeting of creditors in the proceedings of NRA Developments
Pty. Ltd. has been set for May 14, 2018, at 10:30 a.m. at the offices
of PKF Melbourne, Level 13, 440 Collins Street, Melbourne.



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 11, 2018, at 4:00 p.m.



Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of NRA Developments on April 6, 2018.





PARMAC AIRCONDITIONING: Second Creditors' Meeting Set for May 14

---------------------------------------------------------------

A second meeting of creditors in the proceedings of Parmac
Airconditioning & Mechanical Services Pty Ltd has been set for May 14,
2018, at 2:00 p.m. at Business Centre, Collins Square, Tower 2, Level
6, 727 Collins Street, in Docklands, 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 11, 2018, at 4:00 p.m.



Matthew James Byrnes and Said Jahani of Grant Thornton were appointed
as administrators of Parmac Airconditioning on April 6, 2018.







=========

C H I N A

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BLUEFOCUS COMM: Moody's Alters Outlook to Neg. & Affirms B1 CFR

---------------------------------------------------------------

Moody's Investors Service has changed BlueFocus Communication Group
Co., Ltd's rating outlook to negative from stable, and has affirmed
the company's B1 corporate family rating.



Moody's has also changed Blue Skyline Communication Limited's rating
outlook to negative from stable, and has affirmed the company's B1
senior unsecured rating.



RATINGS RATIONALE



"The change in rating outlook to negative reflects BlueFocus' weakened
operating cash flow due to higher working capital needs, coupled with
increased refinancing risks, amid tighter funding conditions," says
Gloria Tsuen, a Moody's Vice President and Senior Analyst.



BlueFocus reported net cash outflow from operations of RMB124 million
in 2017, widening from the RMB90 million outflow in 2016, as a result
of strong growth in its digital advertising business.



As is typical for its digital advertising business, the company has
longer receivables than payable days, because its large China-based
corporate customers have credit periods of around 120 days, but its
own credit periods with media and digital platform partners are around
90 days.



As a result, continuing growth in its digital advertising business
would require investment in working capital.



At the same time, the company's liquidity continues to be modest with
a high reliance on short-term financing. It held RMB1.1 billion in
cash against RMB2.3 billion in short-term debt as of the end of March
2018.



Historically BlueFocus had solid access to the domestic bond and loan
markets, but funding conditions have become more challenging over the
past six months, thus posing higher refinancing risk. As such, the
company is also seeking new funding channels such as receivable-backed
securities.



"At the same time, we are affirming BlueFocus' B1 rating," adds Tsuen.



BlueFocus's debt leverage has improved. The company reduced its
reported debt by RMB1.4 billion in 2017 by selling some of its wealth
management products and available-for-sale securities, and its
adjusted debt/EBITDA improved year-on-year to 5.1x from 6.9x. Such a
leverage level is consistent with the B1 rating level.



BlueFocus' rating is also supported by the company's long track record
and leadership in China's public relations/advertising industry,
capabilities especially in the mobile and digital sectors with high
growth opportunities, growing global footprint, as well as its
diversified blue chip customer base.



The company's revenue grew 24% year-on-year in 2017, but since growth
was driven by the low-margin digital advertising business, its
adjusted EBITDA margin declined 1.1 percentage points to 6.4%.



Moody's expects BlueFocus' margins to stabilize in the 6%-7% range
over the next 12-18 months, as it benefits from its increasing scale,
the integration of previous acquisitions, and expense controls.



The rating continues to reflect the company's acquisitive strategy and
high investment needs in a rapidly changing industry.



There is no upward rating pressure, given the negative outlook.
However, the outlook could return to stable if BlueFocus: (1) improves
its liquidity position and maintains solid access to the funding
markets, and (2) stabilizes its margins and resumes steady operating
cash flow generation.



Downward rating pressure could arise if BlueFocus': (1) liquidity
deteriorates, (2) adjusted EBITDA margins continue to decline, or (3)
adjusted debt/EBITDA is above 6x. Significant debt-funded
acquisitions, investments or dividends could also result in negative
rating actions.



The principal methodology used these ratings was Business and Consumer
Service Industry published in October 2016.



Established in 1996 and headquartered in Beijing, BlueFocus
Communication Group Co., Ltd provides one-stop end-to-end brand
management and marketing services, mainly to large corporations. It
listed on the Shenzhen Stock Exchange in 2010.



BlueFocus has operations in more than 10 countries, with 5,000
employees and 100 offices across China, Hong Kong, Singapore, North
America and Europe.





CHINA AOYUAN: Fitch Rates Proposed USD Notes 'BB-(EXP)'

-------------------------------------------------------

Fitch Ratings has assigned China Aoyuan Property Group Limited's
(BB-/Stable) proposed US dollar senior notes an expected 'BB-(EXP)'
rating.



The notes are rated at the same level as Aoyuan's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Aoyuan intends to use the net proceeds from the proposed
notes to refinance its existing offshore indebtedness. The final
rating is subject to the receipt of final documentation conforming to
information already received.



KEY RATING DRIVERS



Strong Sales Performance: Aoyuan's sales growth remained strong at 78%
in 2017 after an increase of 69% in 2016, as the company stuck to its
fast-churn strategy and demand was strong in its home markets in the
Guangdong-Hong Kong-Macau Greater Bay Area in southern China. Sales
amounted to CNY45.6 billion in 2017, with the home markets accounting
for 53% of total contracted sales value. Fitch expects contracted
sales to continue to rise in 2018, backed by Aoyuan's adequate
sellable resources of above CNY120 billion at end-2017. The company
targets sales to reach CNY73 billion in 2018. Total contracted sales
in January-April 2018 were on track to meet the target, rising 143%
yoy to CNY20.8 billion.



Stable Financial Profile: Aoyuan has been able to keep its leverage
healthy despite rapid expansion. Leverage, measured by net
debt/adjusted inventory, was 30% at end-2017, up from 28.7% at
end-2016. This gives the company headroom below the 40% level where
Fitch would consider negative rating action in the short term. Sales
efficiency, measured by contracted sales/gross debt, was stable at
1.1x at end- 2017. Fitch expects Aoyuan to maintain its fast-churn
model and prudent land acquisition strategy, with annual land premium
budgeted at 40%-50% of contracted sales on cash flow basis. This
should keep its financial profile healthy for the next 12-18 months,
supporting its credit profile.



Quality Land Bank: Aoyuan had 135 projects with 23.9 million square
metres (sq m) of gross floor area at end-2017, sufficient for three to
four years of development; 56% of the land by gross floor area is
located in the Pearl River Delta, of which more than 50% is in the
Greater Bay Area, a cluster of cities including Guangzhou, Shenzhen,
Hong Kong and Macau where urbanisation is likely to pick up due to
geographic integration. Aoyuan's land bank also enjoys a low average
cost of CNY2,131 per sq m, or around 20% of Fitch's estimated average
selling price for 2018, supporting its future profitability.



Healthy Liquidity; Cheaper Funding: Aoyuan has a strong liquidity
position, which supports its planned expansion. It had total cash of
CNY26.5 billion at end-2017 against short-term debt of CNY21.1
billion, and CNY16.9 billion in unutilised committed credit
facilities. Meanwhile, funding initiatives in the last few years,
including issuance of onshore bonds and offshore bank loans, and its
diversified funding channels reduced its weighted-average funding cost
to 7.2% at end-2017 from 8.1% in 2016 and 9.5% in 2015.



DERIVATION SUMMARY



Aoyuan's scale is comparable to those of other 'BB-' rated Chinese
developers that have contracted sales of CNY40 billion-50 billion.
These include Times China Holdings Limited (BB-/Stable), Logan
Property Holdings Company Limited (BB-/Stable) and Yuzhou Properties
Company Limited (BB-/Stable). Its sales efficiency ratio is also
similar to those of fast-churn homebuilders, such as Yuzhou and Times.
Aoyuan's healthy leverage of below 35% in the past several years is in
line with those of Logan and Central China Real Estate Limited
(BB-/Stable), which are in the 30%-40% range.



KEY ASSUMPTIONS



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



  - A stable land acquisition pace in 2018 at 40%-50% of contracted sales



  - Increase in contracted sales to CNY65 billio-70 billion in 2018,
which are estimated based on sellable resources



  - Company to maintain its fast-churn and high cash-flow turnover
business model



RATING SENSITIVITIES



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



  - EBITDA margin sustained below 20% (2017: 24.8%)



  - Net debt/adjusted inventory sustained above 40% (end- 2017: 30%)



  - Contracted sales/gross debt sustained below 1.2x (end- 2017: 1.1x)



  - Decrease of total land bank sellable gross floor area to below
3.5x of annual contracted sales gross floor area for a sustained
period



Positive: Positive rating action is not expected unless Aoyuan
substantially increases its scale and establishes core markets in
multi-regions without compromising its financial metrics. This is not
expected over the next 12-18 months.



LIQUIDITY



Healthy Liquidity: Aoyuan has a strong liquidity position, which
supports its planned expansion. It has total cash of CNY26.5 billion
at end-2017 against short-term debt of CNY21.1billion, and CNY16.9
billion in unutilised committed credit facilities.





CHINA AOYUAN: Moody's Assigns B2 Rating to Proposed USD Notes

-------------------------------------------------------------

Moody's Investors Service has assigned a B2 senior unsecured rating to
the USD notes to be issued by China Aoyuan Property Group Limited (B1
stable).



The ratings outlook is stable.



China Aoyuan plans to use the proceeds from the proposed notes mainly
to refinance existing offshore indebtedness.



RATINGS RATIONALE



"The proposed note issuance will not have a material impact on China
Aoyuan's credit metrics, because the proceeds will be mainly used for
debt repayment," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.



In addition, the proposed issuance will lengthen the company's debt
maturity profile.



China Aoyuan's B1 corporate family rating (CFR) reflects its track
record of property development in economically strong Guangdong
Province. It also considers the strength of its management through
previous down cycles, its adequate liquidity and access to offshore
bank funding.



On the other hand, the B1 CFR is constrained by the execution risks
associated with the company's planned expansion.



The B1 CFR also reflects Moody's expectation that the company's
revenue/adjusted debt ratio, which is currently weak for its B1
rating, to gradually improve to around 55% in the next 12-18 months
and to about 65% by the end of 2019, and that its EBIT/interest
coverage will improve to 2.8x-3.0x in the next 12-18 months from 2.5x
in 2017.



These improvements are based on Moody's expectation that China
Aoyuan's revenues will improve to RMB17-23 billion in the next 12-18
months, supported by strong contracted sales growth. The company's
contracted sales grew by 78% for 2017 to RMB45.6 billion, of which
around 85% were attributable to the company.



The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.



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



The stable outlook reflects Moody's expectation that over the next 12
months China Aoyuan will continue to achieve positive growth in
contracted sales, remain prudent in its land acquisitions and maintain
an adequate liquidity position, while posting improved credit metrics.



Upward ratings pressure could emerge if it 1) demonstrates sustained
growth in contracted sales and revenue recognition through cycles
without sacrificing profitability; (2) maintains prudent practices in
its land acquisitions and financial management; (3) further improves
its credit metrics, such that EBIT/interest registers 3.0x or above
and revenue/adjusted debt is 80% or above on a sustained basis; and
(4) maintains good liquidity, such that cash consistently covers
short-term debt and there is sufficient room in its maintenance
covenants for bank loans.



However, the ratings could be downgraded if (1) the company shows more
volatility or slower growth in contracted sales, or (2) the company's
credit metrics weaken, or both. In particular, Moody's would consider
downgrading the rating if China Aoyuan's EBIT/interest falls below
2.0x or revenue/adjusted debt registers less than 65%. A weakening in
the company's liquidity, as reflected by cash/short-term debt below
1.0x, could also lead to a downgrade.



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



Listed on the Hong Kong Stock Exchange in October 2007, China Aoyuan
Property Group Limited was founded in 1996 by Mr. Guo Zi Wen, the
chairman of the company. As of 31 December 2017, the company had 135
projects with a total gross floor area of 24.87 million square meters
in its land bank, which can support its development needs for the next
3 years.





CHINA EVERGRANDE: Fitch Alters Outlook to Pos. & Affirms B+ IDR

----------------------------------------------------------------

Fitch Ratings has revised the Outlook on China Evergrande Group to
Positive from Stable, and affirmed the Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B+'. Evergrande's senior unsecured
rating and the rating on all its outstanding senior notes are affirmed
at 'B-', with a Recovery Rating of 'RR6'.



The Outlook revision reflects Fitch's expectation that Evergrande's
leverage, measured by net debt/adjusted inventory, can be sustained
below 50%, after falling to 49.6% at end-2017 from 63.3% in 2016, if
management follows through with its commitment to lower the company's
gearing. Its leverage headroom is very small and Fitch thinks it is
premature to upgrade Evergrande's ratings until more sustained
deleveraging is seen. The sharp decline in Evergrande's leverage was
mainly due to the one-off CNY130 billion in new equity raised by its
homebuilding subsidiary, Hengda Real Estate Group Co., Ltd. (Hengda),
in 2017, of which CNY117 billion was received in 2017.



Fitch believes Evergrande's improving credit profile is also reflected
in the continued reduction of the payable-to-gross inventory ratio to
0.38x in 2017 from 0.46x in 2016. Evergrande's ratings had been
constrained to the 'B' rating category by its aggressive financial
policy as its business profile is more commensurate with that of 'BB'
rating category peers.



KEY RATING DRIVERS



Financial Profile Improvement: Fitch estimates that Evergrande's 2017
leverage would have been closer to 62% without the CNY130 billion
raised by Hengda. Of more significance is Hengda's sharp increase in
EBITDA margin to 30.4%, helped by higher selling prices from 2016.
Evergrande's improved profitability can be supported until 2020 just
based on its large land bank of almost 156 million sq m at end-2015,
which would fully enjoy the higher selling prices. The company's
sustained significant reduction of its payable ratio since it
plateaued at 0.5x and above between 2012 and 2015 is another credit
improvement.



Fitch thinks the payable-to-inventory ratio can be sustained at 2017's
level of 0.38x while the company is still deleveraging, assuming
Evergrande only replenishes land it sold.



Deleveraging Objective: Evergrande had in its 2017 results
announcement said it will "further reduce its net gearing ratio in
2018" and "will systematically plan its business development for the
year through prudent land acquisitions, emphasis on promoting sales
and controlling costs and expenses". Its stated 2018 contracted sales
target of CNY550 billion can potentially allow it to cut this year's
land acquisition by more than half of the 126 million sq m in gross
floor area (GFA) of new land reserves it acquired in 2017. Fitch will
assess Evergrande's deleveraging plan in conjunction with its trade
payable changes to ensure that the company is not placing more
reliance on its contractors and suppliers to extend more credit to
help it deleverage.



Sizeable Low-Cost Land Bank: Evergrande's land bank is well
diversified and distributed in accordance with economic development
potential. Fitch estimates that its 312 million sq m land bank can
generate a conservative CNY2,925 billion in contracted sales. Its
widespread diversification is shown by 15 of China's faster developing
provinces plus Chongqing municipality (out of 31) accounting for 80%
of its total contracted sales, which we expect to continue.



Evergrande's large proportion of active projects also demonstrates its
land bank robustness. Evergrande had 656 projects for sale, 628 under
construction and 498 projects going through delivery in 2017, out of
its 766 projects at end-2017. Evergrande's average land cost of
CNY1,711 per sq m is low compared with the average selling price (ASP)
of CNY9,960 per sq m it achieved in 2017 and CNY10,233 in 1Q18.



Minorities Leakage Impact Contained: The dilution of Evergrande's
stake in Hengda to 63.5% in 2017 from 100% has resulted in increased
subordination of the parent's creditors. Fitch believes this impact is
not yet significant as Evergrande's leverage, based on proportionately
consolidating Hengda, is only 3% higher than that of the consolidated
leverage. The presence of minorities also means that Evergrande's
attributable scale is reduced. The risk of material subordination at
Evergrande may surface when Hengda has a significantly lower leverage
than that of the consolidated profile. The high level of debt
concentrated at Evergrande ex-Hengda may reflect Evergrande's
inability to strengthen its financial profile through improved
performance at Hengda and this will indicate weak control over Hengda
and therefore show weak parent-subsidiary linkage between the two.



Shareholder Friendly Measures: Evergrande bought back its shares
totalling HKD6.3 billion (CNY5.6 billion) in 2017. It also plans to
declare a high dividend of 50% of distributable profit since 2016
following the completion of the restructuring of Hengda. These
measures will exhaust liquidity at the holding company level and
weaken its debt-servicing capacity.



DERIVATION SUMMARY



Evergrande's business profile is more comparable with 'BB' category
peers as Evergrande has a diversified footprint across the country and
products. This offsets its very aggressive financial profile, which is
in the weak 'B' category.



Its peers like Country Garden Holdings Co. Ltd. (BBB-/Stable),
Greenland Holding Group Company Limited (BB-/Negative) and Sunac China
Holdings Limited (BB-/Negative) are operating with similar
aggressiveness in their scale expansion and are of similar size except
for Sunac, which is growing very rapidly to match these peers.



Country Garden's leverage of around 30% and churn rate of over 1.5x
are commensurate with an investment-grade profile and explains the
multiple-notch rating difference with Evergrande. Greenland's leverage
is higher than Evergrande's but Greenland has a large level of
uncollected sales and a lower payable to offset its high leverage.
Greenland as a state-owned enterprise has a strong position in
acquiring land at low costs especially for new city districts that
local governments are keen to develop. Fitch expects Sunac's leverage
to fall below 50% in 2018 and it does not have high payables risks,
unlike Evergrande.



KEY ASSUMPTIONS



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



  - low single-digit total growth in land bank over the next

    three years



  - ASP to increase in 2018 but moderate to 2017 level by 2020;

    GFA growth to range between 5% and 10% to get single-digit

    contracted sales growth from 2019.



  - land cost to increase by 5% per annum resulting in falling

    EBITDA margin towards 25%



  - dividend payout ratio of 30% following the 50% special

    dividend to be declared after completion of Hengda

    restructuring



Recovery Rating Assumptions:



  - Evergrande will be liquidated in a bankruptcy because it is

    an asset-trading company



  - 10% administrative claims



  - The liquidation estimate reflects Fitch's view of the value

    of inventory and other assets that can be realised and

    distributed to creditors



  - Evergrande's current tax payables net of tax assets will be

    the most senior claim over its lenders



  - Fitch applied a haircut of 30% on its receivables, and 50% on

    its investment properties



  - Fitch applied a higher haircut of 40% on adjusted inventory

    despite Evergrande's high margin, which would otherwise

    support a lower 25% to 30% discount rate, because Fitch

    believes there will be a leakage of its recoverable value to

    its very high level of trade creditors



Fitch estimates the recovery rate of the offshore senior unsecured
debt at 0%, which corresponds to a Recovery Rating of 'RR6'. This is
based on our calculation of the adjusted liquidation value (after
administrative claims) of 10%, and based on the order of repayment
waterfall.



RATING SENSITIVITIES



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



  - Net debt/adjusted inventory sustained below 50% (49.6%

    in 2017)



  - Contracted sales/gross debt sustained above 0.8x (0.7x

    in 2017)



Developments That May, Individually or Collectively, Lead to the
Outlook Reverting to Stable



  - Failure to achieve the above over the next 12 months



  - Change in management strategy to refocus on aggressive

    expansion from stated objective to reduce gearing ratio



  - Failure to reduce short-term debt to below 35% of total debt

    (48% at end-2017)



LIQUIDITY



Liquidity Remains Adequate: Evergrande has maintained a large cash
balance totalling CNY288 billion, including CNY136 billion of
restricted cash. It has CNY356 billion of debt maturing in 2018 that
can be funded by ongoing contracted sales and its existing cash. Fitch
expects Evergrande's working capital investment to fall sufficiently
to generate positive cash flow from operations (CFO) in 2018 to
support debt repayment. The company also issued HKD18 billion in
convertible bonds in 1Q18 to improve its liquidity.



FULL LIST OF RATING ACTIONS



China Evergrande Group



  - Long-Term IDR affirmed at 'B+', Outlook revised to Positive from Stable



  - Senior unsecured debt rating affirmed at 'B-', with Recovery Rating of 'RR6'



  - USD598.18 million 6.25% senior notes due 2021 affirmed at 'B-',
with Recovery Rating of 'RR6'



  - USD1 billion 8.25% senior notes due 2022 affirmed at 'B-', with
Recovery Rating of 'RR6'



  - USD4.68 billion 8.75% senior notes due 2025 affirmed at 'B-', with
Recovery Rating of 'RR6'



  - USD1 billion 9.5% senior notes due 2024 affirmed at 'B-', with
Recovery Rating of 'RR6'



  - USD500 million 7% senior notes due 2020 affirmed at 'B-', with
Recovery Rating of 'RR6'



  - USD1.34 billion 7.5% senior notes due 2023 affirmed at 'B-', with
Recovery Rating of 'RR6'





CONCORD NEW: Fitch Revises Outlook to Neg. & Affirms IDR at BB-

---------------------------------------------------------------

Fitch Ratings has revised the Outlook on China-based Concord New
Energy Group Limited's (CNE) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to Negative from Stable and affirmed the rating at 'BB-'.
Fitch has also affirmed CNE's senior unsecured rating and the rating
on its USD200 million 7.9% bonds due 2021 at 'BB-'.



The Negative Outlook reflects CNE's sharp rise in leverage in 2017,
which exceeded Fitch's expectation primarily due to the time lag
between capacity installation and grid connection and
lower-than-estimated realised average tariffs, resulting in lower
power generation revenue. In addition, profitability of the
engineering, procurement and construction (EPC) segment that was
weaker than Fitch's expectation, coupled with higher-than-expected
selling, general, and administrative (SG&A) expenses, dampened CNE's
EBITDA generation.



Fitch expects CNE to deleverage in 2018, primarily driven by new
capacities installed in 2017. Fitch will re-assess CNE's ratings based
on the company's utilisation hours and realised tariff in 1H18, which
will provide greater visibility on its pace of deleveraging. The
agency expects CNE's utilisation hours to remain stable in 2018
compared with 2017 while the average realised tariff for its wind
farms will decline in the low single digits from the 2017 level. CNE
also has some flexibility in deferring its cash payments for capex.



CNE's liquidity remains comfortable with sufficient end-2017
unrestricted cash balance and unutilised credit facilities to fully
cover short-term debt. The company's liquidity position has been
strengthened by its issuance of the USD200 million bonds and HKD233
million in convertible loans earlier this year.



KEY RATING DRIVERS



Rise in 2017 Leverage: CNE's FFO adjusted net leverage surged to 9.1x
in 2017 from 2.9x a year ago, higher than Fitch's expectation. The
commissioning of new capacity was later than we had expected, its
realised average tariff was dragged down by two wind farms in Yunnan
where tariffs fell under pressure from market-power trading, its EPC
segment profits and SG&A expenses were weaker than Fitch's estimates,
leading to the company's higher leverage.



CNE's attributable power generation rose 17.8% yoy in 2017 to
2,447GWh, of which its consolidated capacity contributed 1,215GWh, up
32.7% yoy. Newly installed capacity in 2017 of up to 384MW did not
contribute much revenue in the year due to the time lag between
installation and grid connection. The utilisation of CNE's
consolidated wind farms improved to 2,072 hours in 2017 from 1,785
hours a year ago, consistent with the industry trend of curtailment
alleviation. In 2017, 41,900GWh of wind power was wasted in China, a
16% improvement from the previous year.



Deleveraging from 2018: Fitch expects CNE's new capacity installed in
2017 to contribute full-year revenue in 2018, allowing the company to
deleverage. The agency expects CNE's 2018 consolidated power
generation volume to nearly double in 2018 and to grow by another 40%
in 2019, assuming stable utilisation hours compared with 2017. CNE's
attributable power generation grew 82% yoy in 1Q18. Upside potential
to Fitch's forecast remains if grid availability of wind power
continues to improve and China's power demand remains reasonably
strong.



Market Trading Reduces ASP: The average realised tariff of CNE's
consolidated wind farms dipped 4.0% in 2017 to CNY0.583/kWh from
CNY0.6074/kWh a year ago. The average selling price (ASP) was mainly
dragged down by two wind farms in Yunnan province that were built in
2016 and contributed meaningful volume in 2017. Yunnan province is a
pioneer in regulating a high proportion of market-traded electricity,
which is usually settled at lower prices than benchmark tariffs. Fitch
thinks the trend of more wind farms participating in power-market
trading is taking off in China, which could put the tariffs of CNE's
wind and solar farms under pressure if more projects are obliged to
accept market prices.



Delay in Renewable Subsidies: CNE's renewable subsidy amounted to
CNY370 million, or 52% of its power revenue of CNY718 million in 2017.
The proportion was lower than 2016's 61% as CNE disposed of some solar
projects, which required a higher subsidy. CNE's renewable subsidy
receivables, from a time lag in payment, increased 156% yoy to CNY448
million at end-2017. Fitch doesn't expect CNE to receive a much higher
subsidy in 2018 as the government has yet to announce the catalogue
for the seventh batch of renewable energy projects that are entitled
to receive subsidies.



The delay in subsidy payments, which occurs because solar and wind
power generators have to wait for projects that start operating to be
included in the next batch of catalogues before the government pays
the subsidies, will keep weighing on renewable operators' cash flow in
the coming years amid the shortage in China's renewable surcharge fund
and the government's reluctance to raise retail power tariffs.



Higher Capex; Longer Terms: CNE's capex nearly doubled yoy to CNY3.5
billion in 2017 including CNY835 million paid with bills instead of
cash. Fitch estimates a large part of 2017 capex was to settle
payables to equipment suppliers from 2016. Payables for
construction-in-progress rose to CNY2.1 billion at end-2017. Fitch
expects cash capex of CNY3.0 billion in 2018, based on the assumption
of 500MW in capacity addition and more preferential credit terms from
equipment suppliers.



VAT Deduction: Wind and solar farms enjoy a 50% VAT rebate as an
incentive for supplying renewable energy. In addition, in the first
five operational years, wind farms usually do not need to pay VAT,
which is deducted from investment in equipment. Their revenue is net
of VAT and therefore deducted VAT is not included in reported EBITDA.
Fitch has adjusted CNE's EBITDA and funds from operations by a 50% VAT
deduction because wind farms receive 100% of the VAT deduction only in
the first five operational years and after that only a 50% rebate is
applicable.



DERIVATION SUMMARY

CNE's credit profile is similar to that of Greenko Dutch B.V (a
special restricted group that issued bonds with a rating of BB-). CNE
has lower counterparty risk as its revenue stream relies mostly on
State Grid Corporation of China (A+/Stable) and China's Renewable
Energy Subsidy Fund, while Greenko Dutch's key customers - non-federal
Indian government-owned utilities - have weaker credit profiles. Both
companies enjoy preferential dispatch priority despite different
regulatory frameworks but face volume volatility risk due to the
nature of renewable energy. Greenko Dutch had lower FFO adjusted net
leverage of 5.4x at end-March 2017 compared with 6.0x-6.5x for CNE
during its investment cycle. However, Greenko Dutch's FFO fixed-charge
coverage ratio was weaker at 1.3x compared with 2.6x-2.7x for CNE.



KEY ASSUMPTIONS



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

  - 500MW of wind power capacity installed in 2018, followed by 300MW
per year in the next few years

  - Utilisation of existing capacity remains stable at 2017 levels;
new capacity contributes 3.6 months in the year of installation

  - Average tariff of existing wind farms to decline 3% yoy in 2018
and 2019 to account for potentially higher market-traded volume. Wind
power's on-grid tariff to decline for new projects in 2018, 2019 and
2021, but remain largely stable thereafter.

  - Capex reaches CNY3.0 billion in 2018 considering preferential
credit terms provided by wind-power equipment providers; capex
gradually drops to CNY2.2 billion in 2021 due to lower new
installations

  - EPC segment breaks even on gross profit level in 2018-21

  - Fitch adjusts EBITDA and FFO by adding back 50% of CNE's VAT
deductions from equipment



RATING SENSITIVITIES



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

For Fitch to revise Outlook from Negative to Stable:

  - Evidence of FFO adjusted net leverage falling below 6.0x in 2018
and further deleveraging towards 5.0x in 2019 and 2020

  - FFO fixed-charge coverage higher than 3.0x on a sustained basis



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

  - Evidence of failure to reduce FFO adjusted net leverage towards 6.0x in 2018

  - Average realised tariff declines more than 3% from 2017 average in
the first half of 2018

  - Average utilisation of CNE's wind and solar farms deteriorate from
2017 level in the first half of 2018



LIQUIDITY

Sufficient Liquidity: CNE had CNY1.0 billion in unrestricted cash at
end-2017, sufficient to cover CNY558 million in current debt due 2018.
Fitch estimates a negative CNY2.7 billion in free cash flow and CNY3.0
billion in capex in 2018, which should be well-financed by the newly
issued USD200 million bonds and HKD233 million convertible loans as
well as easy access to project loans. CNE has solid banking
relationships, with CNY2.7 billion in undrawn credit facilities from
major Chinese banks as of end-2017. Fitch expects FFO fixed charge
coverage to recover to 3.1x at end-2018 from 2.2x at end-2017.





SINGAPORE TECHNOLOGIES: Chinese Unit Files for Bankruptcy

--------------------------------------------------------

Annabeth Leow at The Business Times reports that a Singapore
Technologies Engineering (ST Engineering) subsidiary has filed a
bankruptcy petition in China, the Temasek-controlled technology,
defence and engineering group said on April 23.



The Business Times relates that JHK - a road construction equipment
joint venture between ST Engineering's land systems unit, ST Kinetics,
and China's state-owned Jiangsu Huatong Machinery - was placed under
members' voluntary liquidation in late 2016.



The bankruptcy petition - filed in Zhenjiang city, in the province of
Jiangsu - was to avoid further cash outlay, the report discloses
citing ST Engineering's announcement on the Singapore Exchange
website.



According to the report, the company, which ended production in 2016
amid operating losses, was unable to dispose of its land and building
assets "despite its best efforts for more than a year to secure
buyers".



The report relates that ST Engineering said that the failure was due
to weak demand for industrial properties in the Zhenjiang area.



ST Kinetics owns 75.3 per cent of JHK, with its Chinese partner
holding the remainder, the report notes.



The Business Times adds that ST Engineering said that it has fully
written down its investments in the joint venture, with a one-off
charge in the three months to Sept. 30, 2016.



That charge - to the tune of SGD61 million - comprised an impairment
of ST Kinetics' net carrying value in JHK, as well as closure costs
such as staff compensation.



ST Engineering added that the bankruptcy petition is not expected to
have any material impact on its consolidated net tangible assets per
share and earnings per share for the current financial year, The
Business Times relays.





YINGLI GREEN: Supplier Files $897.5M Arbitration Request

--------------------------------------------------------

Yingli Green Energy Holding Company Limited said in a press release
that one of its long-term polysilicon suppliers filed a request for
arbitration of its claim against the Company with the London Court of
International Arbitration (LCIA) on April 26, 2018.



The Company has not fully performed some of its long-term

polysilicon supply contracts on their original terms, and suppliers
have sent the Company invoices or demand letters for failing to
perform certain obligations under these contracts.  On Dec. 15, 2017,
one of the Company's subsidiaries received a notice of termination
from the unnamed Supplier notifying the Company of its decision to
terminate its long-term polysilicon supply contract with the Company
with immediate effect and claiming no less than US$897.5 million of
payments due and payable by the Company under the contract.



After receiving the notice of termination, the Company has been

actively communicating with the Supplier to find an amicable

solution but no mutual agreement has been reached yet.  The Company
plans to vigorously defend its rights in the arbitration proceeding
while continuing to seek a mutually beneficial solution with the
Supplier.



                    About Yingli Green Energy



Yingli Green Energy Holding Company Limited (NYSE: YGE), known as

"Yingli Solar" -- http://www.yinglisolar.com/-- is a photovoltaic
(PV) module manufacturer.  Yingli Green Energy's manufacturing covers
the photovoltaic value chain from ingot casting and wafering through
solar cell production and PV module assembly.



Headquartered in Baoding, China, Yingli Green Energy has more than 20
regional subsidiaries and branch offices and has distributed more than
20 GW solar panels to customers worldwide.



Yingli Green reported a net loss attributable to the Company of

RMB3.31 billion on RMB8.36 billion of total net revenues for the

year ended Dec. 31, 2017, compared to a net loss attributable to

the Company of RMB2.09 billion on RMB8.37 billion of total net

revenues for the year ended Dec. 31, 2016.



As of Dec. 31, 2017, Yingli Green had RMB10.34 billion in total

assets, RMB20.83 billion in total liabilities and a total

shareholders' deficit of RMB10.49 billion.



The report from the Company's independent accounting firm

PricewaterhouseCoopers Zhong Tian LLP on the consolidated financial
statements for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that facts and circumstances

including accumulated and recurring losses from operations,

negative working capital, cash outflows from operating activities, and
uncertainties regarding the repayment of financing obligations raise
substantial doubt about the Company's ability to continue as a going
concern.





YINGLI GREEN: Files Form 20-F Reporting RMB3.3-Bil. 2017 Loss

-------------------------------------------------------------

Yingli Green Energy Holding Company Limited filed with the

Securities and Exchange Commission its Annual Report on Form 20-F

reporting a net loss attributable to the Company of RMB3.31 billion on
RMB8.36 billion of total net revenues for the year ended Dec. 31,
2017, compared to a net loss attributable to the Company of RMB2.09
billion on RMB8.37 billion of total net revenues for the year ended
Dec. 31, 2016.



As of Dec. 31, 2017, Yingli Green had RMB10.34 billion in total

assets, RMB20.83 billion in total liabilities and a total

shareholders' deficit of RMB10.49 billion.



The report from the Company's independent accounting firm

PricewaterhouseCoopers Zhong Tian LLP on the consolidated financial
statements for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that facts and circumstances

including accumulated and recurring losses from operations,

negative working capital, cash outflows from operating activities, and
uncertainties regarding the repayment of financing obligations raise
substantial doubt about the Company's ability to continue as a going
concern.



                         Debt Restructuring



In order to properly consider the Company's options with respect to
and ultimately resolve the debt repayment issues, and to improve the
Company's liquidity and debt structure, the board of directors of the
Company formed a special committee comprised solely of independent
directors in March 2017 to assess its operating and financial
situation and evaluate, develop and recommend one or more strategic
alternatives and financing plans potentially workable to the Company
and its creditors.  The Special Committee subsequently engaged an
outside financial advisor and legal advisors to assist it in carrying
out its work.



The Company has been in active discussion with its creditors about
potential debt restructuring plans.  As part of the debt
restructuring, the Company is also in active discussion with a
potential investor who may provide fresh funds in the form of equity
investments in the Company's principal operating subsidiaries in
China.  The Company endeavors to work out a debt restructuring plan
that will significantly reduce the amount of outstanding debts of its
principal subsidiaries and provide it with funding necessary to
maintain and improve its normal operations.



As of April 30, 2018, while alternative debt restructuring plans have
been prepared and discussed among the Company, its major creditors and
the potential new investor, the Company has not received any binding
proposal from any party with respect to the debt restructuring and
neither the Company nor the Special Committee have made any decision
to engage in any particular transaction with respect to the debt
restructuring.  While the Company was aware that its major creditors
are working on a formal proposal to the Company, the Company can give
no assurance as to the timing or content of such proposal.  The
Company can give no assurance that any proposed debt restructuring
plan, if received, will be agreed to by all of its creditors or be
acceptable to the Company as determined by its board of directors and
the Special Committee.  In addition, the Company's board of directors
and the Special Committee may conclude that it will no longer be
possible to work out a debt restructuring plan that preserves some
value for their shareholders without compromising the interests of our
creditors, in which case it may approve a debt restructuring plan that
disposes all of the Company's business and assets to its creditors
without leaving any value for its shareholders.



                Voluntary Forbearance by Creditors



The Company has successfully persuaded many of its creditors to
refrain from enforcing the Company's debt payment obligations or
initiate any bankruptcy, liquidation or similar proceeding against the
Company (including any of its major subsidiaries) in any jurisdiction
before a viable debt restructuring plan is adopted and approved by all
relevant parties.  As a debt restructuring plan may maximize value for
all creditors, the Company will endeavor to persuade its creditors to
continue such voluntary forbearance.



The Company cannot assure, however, that it will always be

successful in persuading all of its creditors to observe such

voluntary forbearance.  One of the holders of the MTNs filed a

lawsuit against Tianwei Yingli in a PRC court to recover the amount
due under such MTNs.  The claimed principal amount of the MTNs held by
the Note Holder is RMB65.7 million, representing approximately 3.7% of
the total amount of the MTNs that are still outstanding.



The Note Holder claimed that Tianwei Yingli should repay principal,
interest and overdue penalty on the MTNs for an aggregate amount of
RMB74.4 million and bear costs relating to the lawsuit.  In addition,
in March 2018, one of financial creditors of Yingli China, filed a
lawsuit against Yingli China, demanding immediate repayment of
outstanding loans from this creditor with a total amount of RMB106.4
million (including RMB98 million of principal and RMB8.4 million of
unpaid interests).  Tianwei Yingli and Yingli China have been
vigorously defending its rights in court while continuing to seek a
mutually beneficial solution out of court.



Considering the amount claimed by the Note Holder, the Company does
not expect this lawsuit to have any direct material impact on the
Companys overall operation or liquidity position. The Company notified
all holders of the MTNs of the lawsuit filed by the Note Holder and
the Company is not aware of any other legal proceedings initiated by
holders of the MTNs against the Company or any of its subsidiaries.
The Company is also still in discussion with all of its other
financial creditors and is not aware of any other legal proceedings
initiated by any of its other financial creditors. However, the
Company's negotiation efforts may not be successful and the Company
cannot assure that its creditors will continue to observe any
voluntary forbearance in the future.



Based on the management's assessment, there can be no assurance,
however, that above measures will be successfully completed on terms
acceptable to the Company, or effectively implemented within one year
after the date that the consolidated financial statements are issued,
or when implemented, it will mitigate the relevant conditions or
events that raise substantial doubt about the Company's ability to
continue as a going concern.  The Company's plans for maintaining its
continuing operations, even if successful, may not result in
sufficient cash flow to finance and maintain its business.



A full-text copy of the Form 20-F is available for free at:



                       https://is.gd/Pq8soE



                     About Yingli Green Energy



Yingli Green Energy Holding Company Limited (NYSE: YGE), known as
"Yingli Solar", -- http://www.yinglisolar.com/-- is a photovoltaic
(PV) module manufacturer.  Yingli Green Energy's manufacturing covers
the photovoltaic value chain from ingot casting and wafering through
solar cell production and PV module assembly. Headquartered in
Baoding, China, Yingli Green Energy has more than 20 regional
subsidiaries and branch offices and has distributed more than 20 GW
solar panels to customers worldwide.





YUZHOU PROPERTIES: Fitch Rates Proposed USD Notes 'BB-(EXP)'

------------------------------------------------------------

Fitch Ratings has assigned Yuzhou Properties Company Limited's
(Yuzhou; BB-/Stable) proposed US dollar senior unsecured notes an
expected 'BB-(EXP)' rating.



The notes are rated at the same level as Yuzhou's senior unsecured
rating because they constitute direct and senior unsecured obligations
of the company. The final rating is subject to the receipt of final
documentation conforming to information already received. The
company's management says it plans to use most of the net proceeds
from the issue to refinance existing indebtedness.



The Chinese homebuilder's ratings are supported by its strong
contracted sales growth, regional diversification and favourable
margin compared with its peers. Yuzhou's active land acquisition
approach will support higher contracted sales in the medium term,
though it drove leverage, defined by net debt to adjusted inventory,
up to 42% by end-2017. Fitch believes leverage of 40%-45% will be
reasonable as the company's operating scale will be larger. Fitch's
assessment of Yuzhou's ratings will depend on whether it can manage
its contracted sales growth without significantly impairing its
leverage and margins.



KEY RATING DRIVERS



Land Purchases Underpin Expansion: Fitch believes Yuzhou's recent land
acquisitions will enhance its geographical diversification as they
include properties in three cities where it does not yet operate,
Beijing, Foshan and Shenyang.



The company, which is strongly positioned in the West Strait Economic
Zone and the Yangtze River Delta, will be able to gradually expand
into northern China as some properties acquired are in Tianjin and
Shenyang. Contracted sales in the West Strait Economic Zone and the
Yangtze River Delta accounted for 35% and 60% of total contracted
sales in 2017, respectively. Fitch expects the company's operating
scale to continue increasing in these two regions. Yuzhou's total
contracted sales increased 73.7% to CNY40.3 billion in 2017.



Higher Leverage: Yuzhou's leverage have increased to 42% by the end of
2017 (end-2016: 37.5%), as Yuzhou used 50%-60% of its annual presales
proceeds to acquire land to maintain growth in contracted sales beyond
2017. Fitch believes a rise in leverage to 42% at end-2017 is still
reasonable because of the good quality of its recent land purchases
and the increase in contracted sales. Yuzhou's attributable land
acquisition cost of CNY15 billion was 37.2% of its total contracted
sales in 2017 and more than 70% of it was paid in 2017.



Margin Remains Robust: Yuzhou's land acquisition prices will be
lowered by the very low average land cost for the recent acquisition
of seven projects in China from Coastal Greenland Limited. Fitch
expects Yuzhou's gross profit margin to remain at 30%-35% and EBITDA
margin at 25%-30% (before capitalised interest), which is high
relative to peers rated in the 'BB' category. Most of the sites
purchased in 2016 and 2017 are in good locations in major cities in
the Yangtze River Delta and the West Strait Economic Zone, where the
company has a record of achieving increases in selling prices.



DERIVATION SUMMARY



Yuzhou's business profile and scale are trending towards those of 'BB'
rated peers. A faster churn rate may be achieved with a slightly lower
margin. Yuzhou's recent expansion into the Yangtze River Delta will
increase its leverage, but Fitch believes higher leverage that remains
below 45% in the next 12 months will be reasonable as it has acquired
good quality sites and achieved a much larger operating scale.



CIFI Holdings (Group) Co. Ltd. (BB/Stable) is the closest peer to
Yuzhou as both of them are focussed on the Yangtze River Delta, while
Yuzhou is also strongly positioned in the West Strait Economic Zone,
and less exposed in the Bohai Rim. CIFI has lower leverage and higher
sales efficiency than Yuzhou, while its EBITDA margin is lower than
Yuzhou. As Yuzhou is striving to balance its margin and sales
efficiency, Fitch expects its margin to trend down but sales
efficiency to improve.



KEY ASSUMPTIONS



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



  - Attributable contracted sales of CNY30 billion-CNY50 billion

    a year in 2018-2020 (CNY30 billion in 2017)



  - Contracted average selling price to rise 10% a year in 2018-

    2020 (33% in 2017)



  - Gross profit margin (before capitalised interest) of 30%-35%

    in 2018-2020 (35% in 2017)



  - Land acquisition costs to account for 50%-60% of total

    contract sales each year in 2018-2020 (37% in 2017)



RATING SENSITIVITIES



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



  - Attributable contracted sales sustained above CNY30 billion

    (2017: CNY30 billion)



  - Net debt/adjusted inventory sustained below 40% (2017: 42%)



  - Attributable contracted sales / gross debt sustained above

    1.2x (2017: 1.1x)



  - EBITDA margin (before capitalised interest) sustained above

    25% (2017: 34%)



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



  - Net debt/adjusted inventory sustained above 45%



  - Attributable contracted sales/gross debt sustained below 1.0x



  - EBITDA margin (before capitalised interest) sustained below

    20%



LIQUIDITY



Liquidity: The company had unrestricted cash of CNY15.6 billion at
end-2017. The company has diversified funding channels to ensure the
sustainability of its liquidity to meet its short-term debt of CNY16.7
billion and support its planned expansion. Besides bank loans, it has
established channels for both onshore and offshore bond issuance, as
well as equity placement.







=========

I N D I A

=========





AGASTHYACODE RUBBER: CRISIL Hikes Rating on INR13MM Loan to B-

--------------------------------------------------------------

CRISIL has revised its rating on the long-term bank facility of
Agasthyacode Rubber Traders (ART) from 'CRISIL B/Stable' to 'CRISIL D'
and simultaneously upgraded to 'CRISIL B-/Stable'.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit          13        CRISIL B-/Stable (Revised from

                                  'CRISIL B/Stable' to 'CRISIL D'

                                  and Simultaneously Upgraded to

                                  'CRISIL B-/Stable')



The rating downgrade takes into account the instance of overdrawals of
more than 30 days in the months of September and December 2017. The
simultaneous rating upgrade reflects sufficient track record of timely
debt servicing maintained by ART since then.



The rating also reflects weak risk management policies and financial
risk profile. These weaknesses are partially offset by the promoter's
extensive experience.



Key Rating Drivers & Detailed Description



Weaknesses



* Weak risk management policies: The firm has suffered inventory
losses owing to weak risk management policies.



* Weak financial risk profile: Financial risk profile is marked by
weak capital structure and subdued debt protection metrics. Liquidity
is under pressure, with fully utilised bank limit and withdrawal of
capital in fiscal 2017, despite the absence of term loans. With
infusion of capital in fiscal 2018 and marginal improvement in
business risk profile, financial metrics are expected to improve,
albeit will remain weak.



Strength



* Extensive experience of the partners: Promoters are in the business
of trading in rubber sheets and scrap for around 2 decades.



Outlook: Stable



CRISIL believes that ART will continue to benefit over the medium term
from the industry experience of its promoter. The outlook may be
revised to 'Positive' if substantial cash accrual leads to a stronger
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low revenue or profitability, or stretch in working
capital cycle results in weakening in liquidity.



Set up in 2000 as a partnership between Mr Biju Lal and Mr Baiju Lal,
Kollam-based ART trades in rubber sheets and scrap rubber.





AIRCEL LTD: CEO Steps Down; To Assist IRP on Bankruptcy

-------------------------------------------------------

The Economics Times reports that Aircel Ltd. chief executive officer
Kaizad Heerjee has resigned from his position, marking the exit of a
man widely credited with turning around the mobile phone operator
before it ran into financial stress as competition intensified with
the entry of Reliance Jio.



Heerjee will, however, continue to work with the insolvency resolution
professional (IRP) to help the telco, which has filed for bankruptcy
protection, sort out its interim funding, ET relates citing people
familiar with the developments. May 1 was his last working day in
Aircel, the report says.



ET notes that Heerjee was nominated as the CEO of Aircel towards the
end of 2013 after that post lay vacant for almost eight months. He was
chief operating officer (COO) under Sandip Das, who left his position
as Aircel CEO to join Mukesh Ambani's Jio.



Heerjee had joined Aircel from Malaysian operator U Mobile a year
before he became CEO, adds ET.



As reported in the Troubled Company Reporter-Asia Pacific on March 2,
2018, Reuters said Aircel Ltd filed for bankruptcy on Feb. 28, 2018,
pressured by a high debt pile and mounting losses following a price
war triggered by a telecom upstart. Talks between Aircel, 74% owned by
Malaysia's Maxis Communications Bhd, and Reliance Communications Ltd
(RCom) to combine their wireless business was called off in late 2017
due to regulatory and legal uncertainties and interventions by various
parties, Reuters said.

Aircel, whose debt amounts to INR155 billion ($2.38 billion), then
tried unsuccessfully to restructure its debt, Reuters related.



Aircel Limited, along with its subsidiaries Aircel Cellular

Limited and Dishnet Wireless Limited, is a telecom service

provider with a pan India presence. Aircel offers GSM-based 2G

services in all the 22 telecom circles and has also introduced 3G

services in select geographies.





AUM SHRI HOTELS: CRISIL Moves B+ Rating to Not Cooperating Cat.

---------------------------------------------------------------

CRISIL has been consistently following up with Aum Shri Hotels and
Resorts Private Limited (Aum) for obtaining information through
letters and emails dated February 20, 2018, March 31, 2018, April 11,
2018 and April 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.



                       Amount

   Facilities         (INR Mln)     Ratings

   ----------         ---------     -------

   Bank Guarantee        17.31      CRISIL A4 (Issuer Not

                                    Cooperating; Rating Migrated)



   Proposed Long Term      .69      CRISIL B+/Stable (Issuer Not

   Bank Loan Facility               Cooperating; Rating Migrated)



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



Detailed Rationale



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



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



Aum is a closely held private limited company, promoted by Mr. Arvind
Preet Singh and Mr. Anil Thakran. The company was incorporated in July
2012 and has entered into a joint development agreement with Three C
Properties Pvt. Ltd. (TCPL) for development of residential township in
Gurgaon. Aum owns the land and is entitled to 44 per cent of the
saleable proceeds from the project, while the joint development
partner - TCPL, who undertake development of the project, is entitled
to remainder of the sale proceeds.





B.V.L. EXPORTS: ICRA Keeps B Rating in Not Cooperating Category

---------------------------------------------------------------

ICRA Ratings said the rating for the INR125.00 crore bank facilities
of B.V.L. Exports Private Limited continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA] B
(Negative) ISSUER NOT COOPERATING."



                     Amount

   Facilities      (INR crore)      Ratings

   ----------      -----------      -------

   Packing Credit      75.00        [ICRA]B (Negative) ISSUER NOT

                                    COOPERATING; Rating continues

                                    to remain in the 'Issuer Not

                                    Cooperating' category



   Cash Credit         50.00        [ICRA]B (Negative) ISSUER NOT

                                    COOPERATING; Rating continues

                                    to remain in the 'Issuer Not

                                    Cooperating' category



The rating is based on no updated information on the entity's
performance since the time it was last rated in January 2017. The
lenders, investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity. The
entity's credit profile may have changed since the time it was last
reviewed by ICRA; however, in the absence of requisite information,
ICRA is unable to take a definitive rating action.



As part of its process and in accordance with its rating agreement
with B.V.L. Exports Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information, and
in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.



B.V.L. Exports Private Limited was incorporated in 2000 and is engaged
in the trading of tobacco. The company continued to operate as a
tobacco exporter till 2004 when it transferred its entire tobacco
export business to Indian Tobacco Traders. The company then ventured
into granite mining by buying granite quarry in Ongole District of
Andhra Pradesh.  The company mines black galaxy variety of granite.
From December 2014, the company has restarted trading of tobacco. Mr.
Bellam Jayanth Babu is the Managing Director of BVL and has more than
20 years of experience in tobacco industry.





BINANI CEMENT: Court Told Lenders to Consider UltraTech Bid

-----------------------------------------------------------

LiveMint.com reports that the Kolkata bench of the bankruptcy court on
May 2 ruled that the lenders of debt-ridden Binani Cement Ltd. should
consider the revised offer of UltraTech Cement Ltd. even as it allowed
Dalmia Bharat Ltd., chosen by lenders to take over the indebted
cement-maker, to submit new bids, effectively restarting a contest
between the two suitors.



After being outbid by Dalmia Bharat, UltraTech made a binding offer to
pay INR7,960 crore for the assets of Binani Cement, compared with
Dalmia Bharat's offer of INR6,932.46 crore. However, Binani Cement's
lenders declined to consider UltraTech's higher offer because it came
after Dalmia Bharat was declared the highest bidder, LiveMint.com
says.



According to LiveMint.com, the lenders had decided before bids were
received that they would negotiate only with the highest bidder, their
legal counsel told the tribunal. Though UltraTech offered to pay over
INR1,000 crore more, they were constrained from considering it by
rules they had themselves set.



Appearing for UltraTech, lawyer Mukul Rohatgi told the National
Company Law Tribunal (NCLT) that UltraTech was ready to raise its bid
by INR500 crore more if Dalmia Bharat matched the current offer, the
report relays.



"It is made clear that if both (companies) are willing to participate
in the bidding process, the committee of creditors is expected to
allow both in the bidding process," the tribunal, as cited by
LiveMint.com, said in its order.



With this verdict, the committee of creditors now has the legal
sanction to consider UltraTech's bid, said Ratnanko Banerji, senior
counsel who represented Binani Industries Ltd, the parent of the
beleaguered cement-maker, according to LiveMint.com.



In the same order, the bench has extended the time for finalizing a
resolution plan for Binani Cement till June 24. It will review
progress on June 4, LiveMint.com reports.



"We are surprised by the order passed by the NCLT today," Dalmia
Bharat said in a statement, LiveMint.com relays. The insolvency
resolution professional, or the administrator, and the committee of
creditors had followed "the due process of law" in selecting the
Dalmia Bharat-led consortium as the highest bidder, it said.



"In our view, any revised offer from an unsuccessful resolution
applicant outside the resolution process cannot become a basis for
setting aside the decision of the committee of creditors. We have
strong conviction that we have followed the law as per due process and
believe that we will eventually succeed. We will take all the
appropriate steps required," Dalmia Bharat said.



                       About Binani Cement



Binani Cement is a subsidiary of Binani Industries, a

conglomerate with manufacturing and R&D operations. It has a

manufacturing capacity of 11.25 million tonnes (mt) per annum

with integrated plants in India and China, and grinding units in

Dubai.



On July 25, 207, the Kolkota bench of the National Company Law

Tribunal (NCLT) admitted an insolvency petition against Binani

Cement.



Bank of Baroda (BoB) had referred Binani to the bankruptcy court

after it failed to repay a sum of INR97 crore. BoB has appointed

Vijaykumar V Iyer of Deloitte India as the interim resolution

professional (IRP) to oversee the insolvency process.



The company owes a consortium of lenders close to INR3,042.93

crore. Edelweiss ARC, which has bought over a chunk of the debt

from bankers, is now the leader of the consortium.





CALIFORNIA AGRI: CRISIL Moves B+ Rating to Not Cooperating

----------------------------------------------------------

CRISIL has been consistently following up with California Agri Nuts
Corp. (CANC) for obtaining information through letters and emails
dated March 28, 2018, April 10, 2018 and April 16, 2018 among others,
apart from telephonic communication. However, the issuer has remained
non cooperative.



                     Amount

   Facilities       (INR Mln)    Ratings

   ----------       ---------    -------

   Cash Credit/         10       CRISIL B+/Stable (Issuer Not

   Overdraft                     Cooperating; Rating Migrated)

   facility



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 California Agri Nuts Corp., which restricts
CRISIL's ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on California Agri Nuts
Corp. is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating category
or lower'.



Therefore, on account of inadequate information and lack of management
cooperation, CRISIL has migrated the rating on bank facility of
California Agri Nuts Corp. to CRISIL B+/Stable Issuer not
cooperating'.



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



CANC is a partnership firm established in 2008 by Mr Raju Bhatia and
family. Based in Delhi, the firm trades in dry fruits and spices.





CHINAR SYNTEX: CRISIL Moves B+ Rating to Not Cooperating

--------------------------------------------------------

CRISIL has been consistently following up with Chinar Syntex Limited
(CSL) for obtaining information through letters and emails dated March
28, 2018, April 10, 2018 and April 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit           21       CRISIL B+/Stable (Issuer Not

                                  Cooperating; Rating Migrated)



   Proposed Long Term     2       CRISIL B+/Stable (Issuer Not

   Bank Loan Facility             Cooperating; Rating Migrated)



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



Detailed Rationale



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



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



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



CSL, incorporated in 1992, is promoted by Mr Purushottam Aggarwal, Mr
Naresh Aggarwal, and Mr Nand Kishore Aggarwal. It manufactures suiting
and shirting fabric under the Chinar brand. Its weaving unit is in
Bhiwani, Haryana.





DLA INDUSTRIES: CRISIL Migrates B- Rating to Not Cooperating

------------------------------------------------------------

CRISIL has been consistently following up with DLA Industries Private
Limited (DLA) for obtaining information through letters and emails
dated January 29, 2018, March 5, 2018, April 11, 2018 and April 16,
2018 among others, apart from telephonic communication. However, the
issuer has remained non cooperative.



                       Amount

   Facilities         (INR Mln)     Ratings

   ----------         ---------     -------

   Bank Guarantee        0.15       CRISIL A4 (Issuer Not

                                    Cooperating; Rating Migrated)



   Cash Credit           4.75       CRISIL B-/Stable (Issuer Not

                                    Cooperating; Rating Migrated)



   Proposed Long Term    5.10       CRISIL B-/Stable (Issuer Not

   Bank Loan Facility               Cooperating; Rating Migrated)



   Term Loan            10.00       CRISIL B-/Stable (Issuer Not

                                    Cooperating; Rating Migrated)



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



Detailed Rationale



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



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



Incorporated in 2014 in Karnal, DLA Industries Pvt Ltd is engaged in
manufacture of wooden laminates, pre lamp boards, acrylic hi-glass and
modular kitchen The Company is promoted by Mr.Darshan Lal Arora,
Smt.Promila Arora and Mr. Pankaj Arora.





EPC CONSTRUCTIONS: NCLT Approves IDBI Bank's Insolvency Bid

-----------------------------------------------------------

The Hindu BusinessLine reports that the Mumbai Bench of the NCLT has
directed commencement of corporate insolvency resolution process for
EPC Constructions India Pvt Ltd, formerly known as Essar Projects
(India) Ltd, on a petition filed by IDBI Bank to recover outstanding
loans of INR969 crore.



The report relates that as per the submissions made by IDBI Bank
before the Tribunal, the account of EPC Constructions, which executes
engineering, procurement and construction projects, was declared a
non-performing asset on December 31, 2014 under RBI guidelines.



This is the second Essar Group firm to face insolvency proceedings
after Essar Steel, the report notes. Essar Group was earlier under a
debt pile of nearly INR1.4 lakh crore, of which it has paid INR80,000
crore with the sale of Essar Oil and other assets, including real
estate.



After going through the pleadings on record and submissions made by
the lenders, NCLT Member MK Shrawat noted that the financial creditor
has duly sanctioned and disbursed the various loan facilities.



According to BusinessLine, IDBI Bank said it had issued a demand
letter to the debtor on Nov. 8, 2017 demanding the outstanding amount,
but the debtor still failed to repay it.



Further, IDBI Bank had issued a letter in December 2017 calling upon
the corporate guarantor of the rupee term loan to pay the same, the
report says. Further, another letter was issued by the financial
creditor, calling upon the corporate guarantor of the working capital
loan to pay the amount. But both the guarantors also failed to make
payment to the financial creditor, said the bank, the report relays.





ESSAR STEEL: Numetal, ArcelorMittal Prove Eligibility to Bid

------------------------------------------------------------

The Press Trust of India reports that the committee of creditors of
Essar Steel Ltd. on May 2 discussed eligibility issues with Numetal
and ArcelorMittal for bidding for the 10-million steel mill at Hazira,
people familiar with the development said.



These companies were given time till May 1 by the lenders to give then
in writing that they were fit to bid, the report says.



"The CoC had given them time till Tuesday evening [May 1] to submit in
writing why they are eligible to bid. Today, both the companies gave
presentation to the CoC on their eligibility," the report quotes a
banker as saying.



PTI relates that a Numetal official confirmed that the company was
given the opportunity to discuss its eligibility with the CoC, while
an ArcelorMittal spokesman confirmed being called for the meeting with
the lenders. "We are working with the CoC to address their concerns,
if any," Numetal spokesman told PTI.



Russia's VTB Capital-backed Numetal and ArcelorMittal are the only two
bidders for Essar Steel in the first round of bids as NCLT has stayed
the second round of bids, according to the report.



PTI relates that the first round of bids were rejected by the
resolution professional and the lenders, citing technical reasons or
ownership issues (promoters of these bidders being related to the
original defaulting promoters) leading to the re-bids, which had three
bidders -- Numetal-JSW, ArcelorMittal- Nippon Steel, and Vedanta.



In the April 24 meeting, the CoC had raised certain compliance issues
under Section 29A-c of the IBC, the report notes.



On April 26, Numetal had moved the National Company Law Appellate
Tribunal in new Delhi against an order allowing rival ArcelorMittal to
clear bank dues of associate companies so that it can become eligible
for acquisition of Essar Steel, PTI relays. ArcelorMittal has
challenged its disqualification from bidding.



PTI says the NCLAT will hear the petitions again on May 17 filed by
Numetal and ArcelorMittal India challenging eligibility criteria.



                        About Essar Steel



Incorporated in 1976, Essar Steel India Ltd. is a part of the

Essar Group and is having 10 MTPA integrated steel manufacturing

facilities at Hazira, Gujarat and iron ore beneficiation and

pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,

Andhra Pradesh (8 mtpa). The company also owns and operates two

iron ore slurry pipelines -- one each in Odisha (Dabuna to

Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the

iron ore slurry from the beneficiation plant (located near the

iron ore mines in Dabuna and Kirandul) to the pellet plant

(located near the Paradip and Vizag ports). A large portion of

the iron ore pellets produced are intended for captive

consumption by ESIL's steel plant at Hazira for cost

optimization.



The National Company Law Tribunal (NCLT) - Ahmedabad Bench

admitted Essar Steel's insolvency case on Aug. 2, 2017.



Satish Kumar Gupta of Alvarez and Marsal India has been appointed

as interim resolution professional upon the suggestion of State

Bank of India (SBI).



Essar Steel owes more than INR45,000 crore to lenders, of which

INR31,671 crore had already been declared as non-performing as of

March 31, 2016, The Economic Times disclosed. The SBI-led

consortium of 22 creditors accounts for 93% of this amount. Essar

Steel owes $450.67 million to Standard Chartered Bank (SCB) in

debt.





GOOD LUCK: CRISIL Migrates B- Rating to Not Cooperating Category

----------------------------------------------------------------

CRISIL has been consistently following up with Good Luck Capital
Private Limited (GLC) for obtaining information through letters and
emails dated January 29, 2018, March 5, 2018, April 11, 2018 and April
16, 2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.



                     Amount

   Facilities       (INR Mln)    Ratings

   ----------       ---------    -------

   Cash Credit          18       CRISIL B-/Stable (Issuer Not

                                 Cooperating; Rating Migrated)



   Overdraft            10       CRISIL A4 (Issuer Not

                                 Cooperating; Rating Migrated)



   Proposed Non          2       CRISIL A4 (Issuer Not

   Fund based limits             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 Good Luck Capital Private Limited, which restricts
CRISIL's ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Good Luck Capital
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB'
rating category or lower'.



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



Established in 2004 by the Garg family, GLC, based in Ghaziabad (Uttar
Pradesh) trades in steel products such as ingots, billets, and scrap.
It also trades in coal. The promoters have been in the business since
1972 through Good Luck Traders which was merged with GLC in 2004.





INDUS MEGA: ICRA Keeps D Rating in Not Cooperating Category

-----------------------------------------------------------

ICRA Ratings said the rating for the INR15.00 crore bank facilities of
Indus Mega Food Park Pvt. Ltd. (IMFPPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING". ICRA had earlier moved the rating of IMFPPL
to the 'ISSUER NOT COOPERATING' category as the entity was
non-cooperative.



                    Amount

   Facilities     (INR crore)    Ratings

   ----------     -----------    -------

   Unallocated        15.00      [ICRA]D ISSUER NOT COOPERATING;

                                 Rating continues to remain in

                                 the 'Issuer Not Cooperating'

                                 category



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



Indus Mega Food Park Pvt. Ltd. is a special purpose vehicle,
incorporated in 2011, for setting up a mega food park in Panwa village
of Madhya Pradesh under the mega food park scheme of MoFPI. IMFPl is
being promoted by Ananda Enterprises India Private Limited, Ananda
Aqua Exports Private Limited, Ananda Bhagavathi Foods Pvt. Ltd., ARGM
Agro Foods Pvt. Ltd., Devi Sea Foods Limited, Him Kailash Hydro Power
Private Limited, Vasistha

Holdings Limited, and HES Infra Pvt. Limited.





JAGATJIT INDUSTRIES: ICRA Withdraws B- Rating on INR95.16cr Loan

----------------------------------------------------------------

ICRA Ratings has withdrawn the long-term ratings of [ICRA]B- with a
negative outlook and the short-term rating of [ICRA]A4 outstanding for
the INR226.56 crore bank facilities of Jagatjit Industries Limited.
ICRA continues to have MB- rating outstanding with a negative outlook
for the fixed deposit programme of the company.



                    Amount

   Facilities     (INR crore)      Ratings

   ----------     -----------      -------

   Long-term fund     79.28        [ICRA]B-(Negative) Rating

   based bank                      Withdrawn

   facilities-

   Cash Credit



   Long-term fund     95.16        [ICRA]B-(Negative) Rating

   based bank                      Withdrawn

   facilities-

   Term Loan



   Short-term fund     0.72        [ICRA]A4 Rating Withdrawn

   based bank

   facilities



   Short-term non-    25.00        [ICRA]A4 Rating Withdrawn

   fund based bank

   facilities



   Unallocated        26.40        [ICRA]B-(Negative) Rating

                                    Withdrawn



Rationale



The ratings assigned for bank facilities of the company have been
withdrawn at the request of the company and on the basis of no
objection certificate provided by its bankers.



Incorporated in August 1944 by Late Mr. L P Jaiswal, JIL is primarily
involved in manufacturing and distribution of IMFL

under its flagship brand, Aristocrat, in the domestic market. JIL also
manufactures country liquor in Punjab. Liquor sales account for ~90%
of the company's revenues. In addition to liquor, JIL also
manufactures malt extract and malt milkfood, mainly for GSK Consumer
Healthcare, which accounts for ~9% of JIL's revenues. Moreover, JIL
has leased commercial properties in Gurgaon (Haryana) and New Delhi
which provide rental income of ~Rs. 18 crore annually.



JIL's manufacturing unit for IMFL, country liquor as well as malt
extract and malt milk-food, is located in Kapurthala (Punjab). The
unit also has an in-house distillery. Besides this, JIL also has two
bottling units in Alwar (Rajasthan) and Hyderabad (Telangana).





JAYPEE INFRATECH: Valia Wants JAL to Pay Fine for Delivery Delay

----------------------------------------------------------------

The Economic Times reports that Jaypee Infratech, which is facing
insolvency proceedings, has inched closer towards a resolution with
the Sudhir Valia group signing the outline of the resolution plan with
the company's lenders, where it has suggested that the liability for
delayed delivery of apartments and villas in the mega real estate
project, which starts in Noida and goes up to Agra, should be borne by
Jaiprakash Associates Ltd. (JAL), the original promoters of the
company.



ET relates that while completing the project will cost around INR6,000
crore, Valia group will pump in INR3,510 crore for which it has
already tied up a INR4,000-crore facility from Yes Bank. The remaining
amount is to come through payments from homebuyers, which is linked to
construction, the report says. The new owners have proposed to
maintain an escrow account for each project where money coming from
homebuyers will be deposited.



According to the report, the agreement, which has classified
homebuyers as "operational creditors", a notch below banks, has raised
concerns but sources said that the treatment is in line with the
current provisions of the Insolvency and Bankruptcy Code. While
recognising that homebuyers enjoyed protection under RERA, Valia group
is of the view that the apartments in Jaypee Infratech were booked
before the law kicked in and the money paid by the buyers was used for
building an expressway, paying interest to banks and other purposes,
resulting in a shortfall of funds to complete the project. In
addition, it has argued that once the project is completed, there will
be "good appreciation" in value, making homebuyers "better off",
although they have the option to claim a refund now, the report
states.



Since Jaypee is already short of funds, for the new owner, deploying
funds for completion is seen to be critical instead of paying penalty
to some buyers, sources said, ET relays. As a result, Valia group has
argued that Jaiprakash Associates Ltd (JAL) should bear the penalty
for delayed payment.



Based on the current analysis, the entire project will take 3-5 years
to be completed, says ET. According to the latest plan for the
much-delayed project, construction was to be completed by March 2021
and the new ownership may result in construction work stretching into
2023, the report adds.



                       About Jaypee Infratech



Jaypee Infratech Limited (JIL) is engaged in the real estate

development. The Company's business segments include Yamuna

Expressway Project and Healthcare. The Company's Yamuna

Expressway Project is an integrated project, which inter alia

includes construction of 165 kilometers long six lane access

controlled expressway from Noida to Agra with provision for

expansion to eight lane with service roads and associated

structures on build, own, operate and transfer basis. The Company

provides operation and maintenance of Yamuna Expressway for over

36 years, collection of toll and the rights for development of

approximately 25 million square meters of land for residential,

commercial, institutional, amusement and industrial purposes at

over five land parcels along the expressway. The Healthcare

business segment includes hospitals. The Company has commenced

development of its Land Parcel-1 at Noida, Land Parcel-3 at

Mirzapur and Land Parcel-5 at Agra.



As reported in the Troubled Company Reporter-Asia Pacific on

Aug. 15, 2017, Moneycontrol said the Allahabad bench of the

National Company Law Tribunal on Aug. 9 accepted lender IDBI

Bank's plea and classified Jaypee Infratech as an insolvent

company.  With this, the board of directors of the company

remains suspended. According to the report, the Tribunal will now

appoint an insolvency resolution professional -- an official from

one of the seven accounting firms selected for this purpose. The

professional will sit with Jaypee's creditors to see if a

resolution of the company's debt is possible. The appointed

official will get 270 days to turn around the company's finances.

In case the turnaround doesn't happen, the company's assets will

be liquidated.



The TCR-AP reported on April 23, 2018, that CARE Ratings reaffirmed
ratings on certain bank facilities of Jaypee Infratech Limited (JIL),
as:



                      Amount

   Facilities       (INR crore)     Ratings

   ----------       -----------     -------

   Long-term Bank

   Facilities         6,550.00      CARE D Reaffirmed



   Non-Convertible

   Debentures           211.95      CARE D Reaffirmed



Detailed Rationale & Key Rating Drivers



The rating assigned to the bank facilities and instruments of JIL

continue to factor in delays in debt servicing by the company due

to its weak financial performance and stretched liquidity

position.





K G N MOTORS: CRISIL Assigns B Rating to INR10MM Cash Loan

----------------------------------------------------------

CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of K G N Motors Private Limited (KMPL).



                     Amount

   Facilities       (INR Mln)      Ratings

   ----------       ---------      -------

   Cash Credit          10         CRISIL B/Stable

   Rupee Term Loan       5         CRISIL B/Stable



The rating reflects a weak financial risk profile and exposure to
competitive pressures. These rating weaknesses are partially offset by
an established market position and comfortable risk management
policies with respect to inventory and debtors.



Key Rating Drivers & Detailed Description



Weaknesses



* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high at over 11 times as on March 31,
2017, while the interest coverage ratio was modest at 1.5 times for
fiscal 2017.



* Exposure to competitive pressures: The company is a dealer for
commercial vehicles of Ashok Leyland Ltd (ALL) and operations are
entirely dependent on the principal. In the automobile industry,
principals themselves face competitive pressures in their respective
segments. Hence there is a tendency to squeeze margins of dealers.



Strengths:



* Established market position: The company has been in the automobile
dealership business since 2007. It has thus been able to develop a
healthy relationship with the main principal, ALL, and establish a
strong market position in Pune, Maharashtra. It has also set up good
infrastructure in its area of operations with three showrooms.



* Comfortable risk management policies: The company maintains low
inventory and debtors of 10-15 days and 15-30 days, respectively.



Outlook: Stable



CRISIL believes KMPL will maintain a stable business risk profile over
the medium term backed by its established market position in the
automobile dealership business and longstanding relationship with ALL.
The outlook may be revised to 'Positive' if the financial risk profile
improves on account of better-than-expected cash accrual or infusion
of capital. The outlook may be revised to 'Negative' in case of a
stretch in the working capital cycle or any debt funded capital
expenditure, leading to further deterioration in the financial risk
profile, specially liquidity.



KMPL was incorporated in 2007, promoted by Mr Mubin Riaz Inamdar. The
company is an authorised dealer of ALL for sales and service of its
entire range of commercial vehicles. The company currently has three
3S (sales, service, and spares) showrooms in Pune.





K.K. BUILDERS: ICRA Keeps B+ Rating in Not Cooperating Category

---------------------------------------------------------------

ICRA Ratings said the ratings for the INR66.00 crore bank facilities
of K.K. Builders (KKB) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". ICRA had

earlier moved the ratings of KKB to the 'ISSUER NOT COOPERATING'
category due to non-submission of monthly 'No Default Statement'
("NDS") by the entity.



                     Amount

   Facilities      (INR crore)      Ratings

   ----------      -----------      -------

   Long-Term-          7.35         [ICRA]B+ (Stable); ISSUER NOT

   Term Loans                       COOPERATING; Rating continues

                                    to remain in the 'Issuer Not

                                    Cooperating' category



   Long Term-         23.00         [ICRA]B+ (Stable); ISSUER NOT

   Fund Based                       COOPERATING; Rating continues

   Facility                         to remain in the 'Issuer Not

                                    Cooperating' category



   Short Term-        35.00         [ICRA]A4; ISSUER NOT

   Non-Fund Based                   COOPERATING; Rating continues

   Facility                         to remain in the 'Issuer Not

                                    Cooperating' category



   Long Term/          0.65         [ICRA]B+(Stable)/[ICRA]A4;

   Short Term-                      ISSUER NOT COOPERATING;

   Unallocated                      Rating continues to remain

                                    In the 'Issuer Not

                                    Cooperating' category



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



K.K. Builders, a partnership firm formed in 1994, is a Kerala based
civil construction contractor. The firm is involved in the

execution of road, bridge and building construction projects for
Government agencies. The firm is a contractor registered with the
Kerala Public Works Department (PWD). The firm has obtained ISO
9001:2008 and ISO 14001:2004 certifications and has the requisite
management, manpower and equipment resources to execute road and
bridge projects.





K.K. LEISURES: ICRA Maintains B- Rating in Not Cooperating Cat.

---------------------------------------------------------------

ICRA Ratings said the rating for the INR15.00 crore bank facilities of
K.K. Leisures & Tourism International Private Limited (KKLTIPL)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-; ISSUER NOT COOPERATING". ICRA had
earlier moved the rating of KKLTIPL to the 'ISSUER NOT COOPERATING'
category due to non-submission of monthly 'No Default Statement'
("NDS") by the entity.



                      Amount

   Facilities       (INR crore)     Ratings

   ----------       -----------     -------

   Long-Term-          14.27        [ICRA]B- (Stable); ISSUER NOT

   Term Loans                       COOPERATING; Rating continues

                                    to remain in the 'Issuer Not

                                    Cooperating' category



   Long-Term-           0.73        [ICRA]B- (Stable); ISSUER NOT

   Unallocated                      COOPERATING; Rating continues

                                    to remain in the 'Issuer Not

                                    Cooperating' category



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



K.K. Leisures & Tourism International Private Limited, incorporated in
2007, owns and operates hotels across Kerala. The

Company has three hotels under the name - Broad Bean; of which two
hotels are located in Kannur district and a resort in Munnar district.
During September 2013, the promoters of the company acquired a 3-star
property in Kochi - Broad Bean, Vytilla (erstwhile Nyle Plaza), which
was later upgraded to a 4-star hotel and operates as a subsidiary of
KKLT. The group enjoys moderate brand equity due to its operational
history of over a decade of the 'Broad Bean' chain.







KARTHIKAI TEXTILE: CRISIL Cuts Rating on INR13.5MM Loan to D

------------------------------------------------------------

CRISIL has downgraded its rating on the long term bank facilities of
Karthikai Textile Mills (KTM) to 'CRISIL D' from 'CRISIL BB+/Stable'.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit           3        CRISIL D (Downgraded from

                                  'CRISIL BB+/Stable')



   Foreign Bill

   Discounting           4.5      CRISIL D (Downgraded from

                                  'CRISIL BB+/Stable')



   Term Loan            13.5      CRISIL D (Downgraded from

                                  'CRISIL BB+/Stable')



The downgrade reflects delays in servicing term debt because of weak
liquidity following stretch in receivables.



Ratings also reflect stretch in liquidity and modest scale of
operations in the intensely competitive RMG industry. However, KTM
benefits from its extensive experience of the proprietor.



Key Rating Drivers & Detailed Description



Weaknesses



* Stretch in liquidity: KTM's operations is working capital intensive
owing to delay in export receivables resulting in stretched liquidity



* Modest scale of operations in the intensely competitive RMG
industry: With INR45 crore of revenue during fiscal 2017, scale has
remained small and the company remains exposed to intense competition
in the RMG industry. Further, the export revenue has been declined
which constituted a significant portion of the revenues.



Strength



* Extensive experience of the proprietor: Presence of over three
decades in the RMG segment has enabled the proprietor to establish
strong relationships with customers and suppliers.



Established in 1979 as a proprietorship concern of Mr P Eswara Moorthy
in Tirupur, Tamil Nadu, KTM manufactures and exports hosiery garments
for men, women, and children. It exports to Dubai and Poland. The
production capacity at its unit is 150,000 pieces per month and
processing capacity is 8000 kilograms of fabric per day. The firm also
owns a windmill with 600 kilovolt ampere capacity in Udamalpet, Tamil
Nadu, which meets around 70% of its power requirements.





KAVERI COTEX: ICRA Maintains B Rating in Not Cooperating Category

-----------------------------------------------------------------

ICRA Ratings said the rating for INR14.75-crore bank facilities of
Kaveri Cotex Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING".



                      Amount

   Facilities       (INR crore)     Ratings

   ----------       -----------     -------

   Fund based-          14.00       [ICRA]B(Stable) ISSUER NOT

   Cash Credit                      COOPERATING; Rating continues

                                    to remain under 'Issuer Not

                                    Cooperating' category



   Fund based-           0.28       [ICRA]B(Stable) ISSUER NOT

   Term Loan                        COOPERATING; Rating continues

                                    to remain under 'Issuer Not

                                    Cooperating' category



   Unallocated           0.47       [ICRA]B(Stable) ISSUER NOT

   Limits                           COOPERATING; Rating continues

                                    to remain under 'Issuer Not

                                    Cooperating' category



ICRA had earlier moved the rating of KCPL to the 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No Default
Statement' ("NDS") by the entity.



The rating is based on limited information on the entity's performance
since the time it was last rated in October 2016.

The lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this

rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have

changed since the time it was last reviewed by ICRA; however, in the
absence of requisite information, ICRA is unable to take a definitive
rating action.



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



Incorporated in 2006, Kaveri Cotex Private Limited (KCPL) is engaged
in the cotton ginning and pressing business. The

company is currently managed by the two directors, Mr. Hasmukhbhai
Patel and Mr. Vinodbhai Ranipa. The company's manufacturing facility
is located at Moti Banugar in Jamnagar, Gujarat. It currently has 38
ginning machines and one pressing machine (automatic) with an
installed production capacity of 400 cotton bales per day (24-hour
operations).





KBN GOLD: CRISIL Migrates B Rating to Not Cooperating

-----------------------------------------------------

CRISIL has been consistently following up with KBN Gold and Diamond
Jewellery (KBN) for obtaining information through letters and emails
dated March 28, 2018, April 10, 2018 and April 16, 2018 among others,
apart from telephonic communication. However, the issuer has remained
non cooperative.



                     Amount

   Facilities       (INR Mln)    Ratings

   ----------       ---------    -------

   Cash Credit          9.8      CRISIL B/Stable (Issuer Not

                                 Cooperating; Rating Migrated)



   Proposed Long Term    .2      CRISIL B/Stable (Issuer Not

   Bank Loan Facility            Cooperating; Rating Migrated)



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



Detailed Rationale



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



Therefore, on account of inadequate information and lack of management
cooperation, CRISIL has migrated the rating on bank facilities of KBN
Gold and Diamond Jewellery to CRISIL B/Stable Issuer not cooperating'.



Established in 2013 as a partnership between Mr Deepak Kamboj, his
wife, Ms Pinki Kamboj and his daughter, Ms Malika Kamboj, KBN is
engaged in retail and wholesale of gold and diamond jewellery. It
operates a jewellery showroom in Varanasi, Uttar Pradesh.



KISSAN AGRO: CRISIL Withdraws B Rating on INR6MM Cash Loan

----------------------------------------------------------

CRISIL has been consistently following up with Kissan Agro Industries
(KAI) for obtaining information through letters and emails dated March
28, 2018, April 5, 2018 and April 12, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.



                       Amount

   Facilities         (INR Mln)     Ratings

   ----------         ---------     -------

   Cash Credit             6        CRISIL B/Stable (Issuer Not

                                    Cooperating; Migrated from

                                    'CRISIL B/Stable'; Rating

                                    Withdrawn)



   Proposed Long Term      2.75     CRISIL B/Stable (Issuer Not

   Bank Loan Facility               Cooperating; Migrated from

                                    'CRISIL B/Stable'; Rating

                                    Withdrawn)



   Term Loan               1.00     Cooperating; Migrated from

                                    'CRISIL B/Stable'; 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 KAI. 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 KAI is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Information
Adequacy Risk with CRISIL BB' rating category or lower. Based on the
last available information, CRISIL has migrated the rating on the bank
facilities of KAI to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL B/Stable'.



CRISIL has withdrawn its rating on the bank facilities of KAI at the
company's request and after receiving a no-objection certificate from
Bank. The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank facilities.



KAI was set up as a partnership firm in 2012 by Mr Tarsem Chand, his
son Mr Pawan Kumar, and their relative, Ms Promila. The firm is based
in Mandi Adampur, Haryana. It gins cotton, extracts cotton oil, and
manufactures guar gum splits. It commenced commercial operations in
November 2012.





KRISHNA COTTON: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan

--------------------------------------------------------------

CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Krishna Cotton - Jamnagar (KC).



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit           7        CRISIL B+/Stable (Reaffirmed)



   Proposed Long Term

   Bank Loan Facility    1.64     CRISIL B+/Stable (Reaffirmed)



   Term Loan             1.36     CRISIL B+/Stable (Reaffirmed)



The ratings continue to reflect reflect the firm's modest scale of
operations in a highly-fragmented cotton ginning and pressing
industry, and expected below-average financial risk profile because of
high gearing and weak debt protection metrics. These rating weaknesses
are mitigated by the promoters' extensive industry experience and the
benefits from the proximity of the ginning unit to the cotton-growing
belt in Gujarat.



Key Rating Drivers & Detailed Description



Weakness



* Intense competition in the fragmented industry: The entry barriers
in cotton ginning and pressing industry are low on account of low
capital, technology intensity, and low differentiation in end product.
CRISIL believes that KC will face direct competition from many
unorganised players and thus it will have limited pricing power and
limited scale of operations, over the medium term.



* Below-average financial risk profile: Financial risk profile remains
constrained by modest networth and high gearing (INR2.9 Cr. and 2.3
times, respectively, as on March 31, 2017). Debt protection metrics
are average, with interest coverage of 2 times and net cash accrual to
total debt of 0.05 time in fiscal 2017. The financial risk profile may
continue to be below average over the medium term.



Strengths



* Extensive industry experience of promoters: The promoters of KC have
past experience in the cotton industry. The firm benefits from the
extensive experience of its promoters, their understanding of the
dynamics of the local market, and established relationships with
customers and suppliers. CRISIL believes that KC will continue to
benefit from the strong industry experience of its partners and
achieve sustained revenue growth, over the medium term.



* Proximity to cotton-growing belts: KC's production facility is based
in the cotton-growing belt in Gujarat. This will enable KC to procure
raw cotton directly from local farmers, thus making its operations
more cost-effective.



Outlook: Stable



CRISIL believes KC will continue to benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected revenue or profitability
leads to improvement in debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
weakens due to large, debt-funded capital expenditure or stretched
working capital requirement.



Set up in 2011, KC is a partnership firm in Jamnagar (Gujarat) that
gins and presses cotton. The firm is owned and managed by the Kasundra
family.





LANDSCAPE REALITY: CRISIL Moves B+ Rating From Not Cooperating

--------------------------------------------------------------

Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
long-term bank facility of Landscape Reality (LR) to 'CRISIL B+/Stable
Issuer Not Cooperating'. However, management has started sharing
information necessary for carrying a comprehensive rating review.
Consequently, CRISIL is now migrating the rating from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Long Term Loan        67       CRISIL B+/Stable (Migrated from

                                  'CRISIL B+/Stable' Issuer Not

                                  Cooperating)



The rating continues to reflect LR's exposure to risks related to
timely inflow of customer advances, saleability and completion of
project, and cyclicality inherent in the real estate industry. These
weaknesses are partially offset by promoters' experience, locational
advantage of ongoing project, and strong financial flexibility of
promoters.



Key Rating Drivers & Detailed Description



Weaknesses:



* Susceptibility to risks related to completion and saleability of
ongoing project: The company is currently executing phases II and III
of its residential project, Anant Shrishti, in Kanhe near Pune. Though
phase 1 is about 90% complete, construction of phases II and III is
yet to start. Project progress and sales velocity will remain key
rating sensitivity factors over the medium term.



* Exposure to inherent cyclicality: The real estate sector is affected
by volatile prices, opaque transactions, and a highly fragmented
market. This is compounded by aggressive timelines for completion and
shortage of manpower (project engineers and skilled labour).



Strengths:



* Extensive experience and funding support of promoters: The firm's
promoters have longstanding presence in the gold jewellery and real
estate segments and have extended financial support in the past.
Promoters are likely to continue to extend need-based funding aid over
the medium term.



* Advantageous location: The project is well-connected with various
areas of Pune through national highway and is about 20-25 kilometres
from central areas like Pune City Railway station, Airport etc.



Outlook: Stable



CRISIL believes LR will continue to benefit over the medium term from
the extensive experience of its promoters. The outlook may be revised
to 'Positive' if sizeable customer advances and timely implementation
of ongoing project lead to healthy cash inflow. The outlook may be
revised to 'Negative' if time and cost overruns in ongoing project or
delays in receipt of customer advances lead to low cash inflow and
pressure on liquidity.



Set up in 2010 in Pune as a limited liability partnership firm, LR is
currently executing a residential project in Pune. The firm is
promoted by Dajikaka Gadgil Developers Pvt Ltd, which in turn belongs
to Gadgil family of Pune (promoters of PN Gadgil Jewellers Pvt Ltd).





LASCO LIFESTYLE: ICRA Migrates D Rating to Not Cooperating Cat.

---------------------------------------------------------------

ICRA Ratings has moved the long-term rating for the bank facilities of
Lasco Lifestyle Limited to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING."



                      Amount

   Facilities       (INR crore)     Ratings

   ----------       -----------     -------

   Fund based-Cash      30.00       [ICRA]D; Rating moved to

   Credit                           the 'Issuer Not Cooperating'

                                    category



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



The rating is based on limited information on the entity's performance
since the time it was last rated in October 2016.

The lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity. The
entity's credit profile may have changed since the time it was last
reviewed by ICRA; however, in the absence of requisite information,
ICRA is unable to take a definitive rating action.



Incorporated in 2004, Lasco Lifestyle Ltd. is engaged in the business
of trading silk and art silk fabric, and processed

greige fabric. In the case of the latter, the company procures the
greige fabric, and since it does not have any in-house processing
capacity, it outsources the processing activities such as dyeing,
embroidery, etc. to other job-work units in Surat, and then markets
the processed fabric. The direct trading of silk and art silk fabric
(or ready-made fabric) accounts for ~75% of the total sales and the
remaining from processed greige fabrics. The fabrics traded by the
company find application in the manufacture of sarees, dress materials
and shirting. LLL has a registered office and warehouse located at
Surat, Gujarat.





MAGPPIE EXPORTS: ICRA Moves B Rating to Not Cooperating Category

----------------------------------------------------------------

ICRA Ratings has reassigned its long-term rating to [ICRA]B from
[ICRA]BB(SO) on the INR19.50-crore bank facilities of Magppie Exports
Private Limited. The outlook on the long-term rating is 'Stable'. ICRA
has also moved the rating to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING."



                      Amount

   Facilities       (INR crore)     Ratings

   ----------       -----------     -------

   Cash Credit          19.50       [ICRA]B (Stable) ISSUER NOT

                                    COOPERATING; Reassigned from

                                    [ICRA]BB(SO) (Stable) and

                                    moved to 'Issuer Not

                                    Cooperating' category



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



Rationale



The rating reassignment follows the delays in debt servicing by
Dwarkadhis projects Private Limited (DPPL) to the lender(s). The
rating, now, no longer draw comfort from the corporate guarantee
extended by DPPL for the rated bank facilities of MEPL. Further, the
ratings are constrained due to the opportunity driven operations of
MEPL in steel trading business resulting in the inherently low and
volatile margins in the trading business. The profitability of the
company will remain exposed to fluctuations in market prices of
commodities traded, given that most trading transactions are not on a
back to back basis.



The rating continues to draw comfort from established track record of
the promoters in the stainless-steel industry with established
relationship with suppliers.



Outlook: Stable



ICRA believes MEPL will continue to benefit from the extensive
experience of its promoters and the established presence of the
company in trading business of stainless-steel coils/sheets.



Key rating drivers



Credit strengths



Long track record in stainless-steel business: Established track
record of the company and management in its core trading business of
stainless-steel coils/sheets.



Credit challenges



Opportunity driven business led to volatile margins: The ratings are
constrained due to the opportunity driven operations of MEPL in steel
trading business resulting in the inherently low and volatile margins
in the trading business.



Exposure of profitability to fluctuations in market prices of raw
material: The profitability of the company will remain exposed to
fluctuations in market prices of commodities traded, given that most
trading transactions are not on a back to back basis.



MEPL, incorporated in 1994, is engaged in the business of trading of
stainless steel coils/sheets. MEPL purchases stainless steel coils /
sheets and sells the same in the domestic market. The company was
initially catering to the requirement of stainless steel coils for the
promoter group company Magppie International Limited (MIL), however
over the years the company has developed a diversified client base.





MALWA AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR13.07MM Loan

----------------------------------------------------------------

CRISIL has reaffirmed its rating on the long term bank facilities of
Malwa Automobiles Private Limited (MAPL) at 'CRISIL B+/Stable'.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit         13.07      CRISIL B+/Stable (Reaffirmed)



CRISIL rating continues to reflect the company's weak financial risk
profile and constrained liquidity. These weaknesses are partially
offset by the promoters' extensive experience and diversified revenue
base.



Key Rating Drivers & Detailed Description



Weaknesses



* Weak financial risk profile: Total outside liabilities to adjusted
networth ratio (TOLANW) is estimated to be at 5.1 times as on March
31, 2018, and should improve in the absence of any debt-funded capital
expenditure. Networth is estimated to be at INR5.75 crore as on March
31, 2018.



* High bank limit utilisation: Utilisation of bank lines remains high
at 95-98% due to working capital intensive operations. However, in the
absence of any major debt obligation, cash accrual and rental income
should provide cushion to liquidity over the medium term.



Strengths:



* Promoters' extensive experience: Promoters' experience of around two
decades has helped build strong relations with suppliers and
customers, and should continue to support business risk profile.



* Diversified revenue base: Over half the revenue is derived from the
petrol pump business. The workshop contributes 3-5% of total revenue,
and the showroom business accounts for the rest. Presence of a
diversified revenue base reduces dependence on one business line.



Outlook: Stable



CRISIL believes MAPL will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be revised
to 'Positive' if higher-than-expected growth in revenue, and efficient
working capital management strengthen financial risk profile. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, stretch in working capital cycle, or a large debt-funded
capital expenditure pressurises liquidity.

Established in 1997, Delhi-based MAPL has a dealership for TATA's
passenger vehicles and workshop, and has a petrol pump business.
Operations are carried out under own name for the vehicle and workshop
businesses. The petrol pump business, however, is operated under the
Hindustan Petroleum Corporation Ltd (HPCL) brand. Day-to-day
operations are managed by Mr Chander Mohan Sharma, Mr Bal Krishan
Sharma, and Ms Kamlesh Sharma.





MANAV AGRI: CRISIL Withdraws B+ Rating on INR17.5MM Cash Loan

-------------------------------------------------------------

CRISIL has been consistently following up with Manav Agri Foods
Private Limited (MAFPL) for obtaining information through letters and
emails dated February 20, 2018, and March 7, 2018, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.



                     Amount

   Facilities       (INR Mln)      Ratings

   ----------       ---------      -------

   Cash Credit          17.5       CRISIL B+/Stable (Issuer Not

                                   Cooperating; Rating Withdrawn)



   Term Loan             5.5       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 they are arrived at without any management interaction
and are based on best available or limited or dated information on the
company.



Detailed Rationale



Despite repeated attempts to engage with the management, CRISIL failed
to receive any information on either the financial performance or
strategic intent of MAFPL. This restricts CRISIL's ability to take a
forward MAFPL is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information, the
rating on bank facilities of MAFPL continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.



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



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





MANDOVI MINERALS: CRISIL Reaffirms B Rating on INR12.31MM Loan

--------------------------------------------------------------

CRISIL has reaffirmed its rating on the long-term bank facilities of
Mandovi Minerals Private Limited at 'CRISIL B/Stable'.



                     Amount

   Facilities       (INR Mln)    Ratings

   ----------       ---------    -------

   Cash Credit           2       CRISIL B/Stable (Reaffirmed)



   Proposed Long Term

   Bank Loan Facility    2.69    CRISIL B/Stable (Reaffirmed)



   Term Loan            12.31    CRISIL B/Stable (Reaffirmed)



The ratings continue to reflect the extensive experience of promoters.
These strengths are partially offset by exposure to risks related to
intense competition in the highly regulated and fragmented industrial
sands market.



Analytical Approach



For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mangalore Minerals Pvt Ltd (MMPL) and
Mandovi Minerals together referred to as the MMPL group. This is
because both these entities are in similar line of business, have a
common management, and fungible cash flows.



Key Rating Drivers & Detailed Description



Weakness



* Exposure to risks related to intense competition in the highly
regulated and fragmented industrial sands market: There have been a
number of restrictions on sand mining, especially in Karnataka and
Maharashtra, in the recent past because of environmental issues
resulting in an increase in unwashed silica prices. Sand miners in
Mangalore have been severely affected after the Government of
Karnataka passed the Uniform Sand Mining Policy in April 2011, which
does not allow sand mining in Coastal Regulation Zones and prohibits
the use of machinery to mine sand from rivers. Consequently, the price
of sand in Mangalore has increased by over four times. However, this
risk is mitigated by the group's presence in different geographies.
Furthermore, the group has passed on increases in raw material costs
to customers, as reflected in healthy operating margin of 30% over the
past three years. Though operating margin has not been affected by
intensifying competition, the working capital cycle remains stretched.
Intensifying competition and the economic slowdown have led to delays
in realisation of payments from customers recently. Thus business risk
profile should remain exposed to political and regulatory risks



Strengths



* Extensive experience of promoters: The group is managed by Mr
Shivaji Mendon, who has over five decades of experience in the silica
industry. This has helped the group to establish relationship with key
customers mostly original equipment manufacturers (OEMs) and set up
facilities in strategic locations with proximity to silica supply -
unwashed silica sand available at low prices.



Outlook: Stable



CRISIL believes MMPL group's business risk profile will continue to be
supported by the extensive experience of its promoters. The outlook
may be revised to 'Positive' if working capital management is
efficient or if increase in scale of operations improves business risk
profile. The outlook may be revised to 'Negative' if stretch in
working capital cycle or large, debt-funded capital expenditure
weakens financial risk profile or if adverse regulatory changes affect
business volumes.



The MMPL group, promoted by Mr Shivaji Mendon and Mrs Rama Mendon, is
headquartered in Mangalore. Incorporated in 1987, MMPL, the flagship
entity of the group, produces industrial sands.



Mandovi Minerals is also promoted by the Mendons. Incorporated in
2004, it manufactures washed and dry silica sand.





P.S. INDUSTRIES: CRISIL Withdraws B- Rating on INR7MM Cash Loan

---------------------------------------------------------------

CRISIL has been consistently following up with P.S. Industries - Baddi
(PSI) for obtaining information through letters and emails dated March
28, 2018, April 5, 2018 and April 12, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit           4        CRISIL B-/Stable (Issuer Not

                                  Cooperating; Migrated from

                                  'CRISIL B-/Stable'; Rating

                                  Withdrawn)



   Long Term Loan        1.3      CRISIL B-/Stable (Issuer Not

                                  Cooperating; Migrated from

                                  'CRISIL B-/Stable'; Rating

                                  Withdrawn)



   Proposed Long Term     .2      CRISIL B-/Stable (Issuer Not

   Bank Loan Facility             Cooperating; Migrated from

                                  'CRISIL B-/Stable'; 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 PSI. 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 PSI is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Information
Adequacy Risk with CRISIL BB' rating category or lower. Based on the
last available information, CRISIL has migrated the rating on the bank
facilities of PSI to 'CRISIL B-/Stable Issuer Not Cooperating' from
'CRISIL B-/Stable'.



CRISIL has withdrawn its rating on the bank facilities of PSI at the
company's request and after receiving a no-objection certificate from
Bank. The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank facilities.

PSI based in Baddi, Himachal Pradesh, was established as a partnership
firm between Ms. Prem Trehan and Mr. Sushil Trehan in 2014. The firm
manufactures polypropylene and high-density polyethylene woven bags
and fabrics.





PAREKH AGENCIES: CRISIL Migrates B+ Rating to Not Cooperating

-------------------------------------------------------------

CRISIL has been consistently following up with Parekh Agencies (PA)
for obtaining information through letters and emails dated February
27, 2018, April 10, 2018 and April 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.



                       Amount

   Facilities         (INR Mln)     Ratings

   ----------         ---------     -------

   Bill Discounting       2.7       CRISIL A4 (Issuer Not

   under Letter of                  Cooperating; Rating Migrated)

   Credit



   Cash Credit            2.0       CRISIL B+/Stable (Issuer Not

                                    Cooperating; Rating Migrated)



   Letter of Credit       4.0       CRISIL A4 (Issuer Not

                                    Cooperating; Rating Migrated)



   Term Loan              1.8       CRISIL B+/Stable (Issuer Not

                                    Cooperating; Rating Migrated)



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



Detailed Rationale



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



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



Established in 1990 and based in Indore, Madhya Pradesh, PA is a
family-managed partnership firm of Mr Vijay Parekh, Mr Aditya Parekh,
and Mrs Rooplata Parekh. The firm trades in starch, pharmaceutical
bulk drugs, and imported plastic granules used for manufacturing
bottles for intravenous glucose.



The partners also own Dhanlaxmi Starch Products, which manufactures
modified starch used as an adhesive in various industries. Its
manufacturing facility is near Indore.





POWER CABLE: ICRA Withdraws B Rating on INR7.50cr LT Loan

---------------------------------------------------------

ICRA Ratings has withdrawn the long-term rating of [ICRA]B (Stable)
for the INR7.50-crore long-term fund-based bank facilities of Power
Cable Industries.



                      Amount

   Facilities       (INR crore)    Ratings

   ----------       -----------    -------

   Long-term Fund-

   based/CC              7.50      [ICRA]B (Stable); withdrawn



Rationale



The ratings assigned to PCI have been withdrawn at the request of the
company, based on the no-objection certificate provided by its banker.



Power Cable Industries (PCI), established in 2005 by Mr. Amit Agarwal
and Mr. Ajay Agarwal as a trader for aluminium

products, mainly deals in aluminium wire, rods and ingots. The trading
unit is in the industrial belt of Bawana, Delhi.





PRAKASAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR10MM Loan

----------------------------------------------------------------

CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-term
bank loan facility of Prakasam Enterprises (PE).



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit          10        CRISIL B+/Stable (Reaffirmed)



The rating continues to reflect the firm's working capital-intensive
operations, and exposure to intense competition in the tobacco
business. The rating also factors in below-average financial risk
profile because of high gearing and modest interest coverage ratio and
net worth. These weaknesses are partially offset by the partners'
extensive experience in the tobacco processing business and
established relationships with key customers and suppliers.



Analytical Approach



Unsecured loans of INR2.37 crore have been treated as debt (treated as
neither debt nor equity earlier) considering regular withdrawals, and
as they are not subordinated to bank and have higher interest than the
market rate.



Key Rating Drivers & Detailed Description



Weaknesses



* Working capital-intensive operations: The firm's large working
capital requirement is indicated by gross current assets of 191 days
as on March 31, 2017, on account of sizeable inventory.



* Below-average financial risk profile: Modest networth of INR3.71
crore and debt of INR14.05 crore resulted in high gearing of 3.78
times as on March 31, 2017. Total outside liabilities to tangible
networth ratio was over 4.4 times as on March 31, 2017, due to large
working capital debt. Interest coverage ratio was 1.21 times and net
cash accrual to adjusted debt ratio was 0.02 time for fiscal 2017.



Strengths



* Partners' extensive experience in the tobacco processing business
and established relationships with key customers and suppliers: The
firm is promoted by Ms Ravuri Suseela and Mr Ravuri Ayyavaraiah, who
have experience of 30 years in various agriculture-based industries
such as cotton, rice, and tobacco. Over the years they have developed
strong relationships with major suppliers and customers.

Outlook: Stable



CRISIL believes PE will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if a sustainable increase in revenue and profitability
results in a better financial risk profile. The outlook may be revised
to 'Negative' if revenue and profitability decline, or if the firm
undertakes large, debt-funded capital expenditure, leading to
deterioration in the financial risk profile.



Set up as a partnership concern by Ms Ravuri Suseela and his family
members in 2005, PE processes and sells flue-cured Virginia tobacco,
which is used mainly in manufacturing cigarettes, and pipe and chewing
tobacco. The firm is based at Tanguturu in Prakasam (Andhra Pradesh).





R.A. KNITWEAR: CRISIL Migrates B+ Rating to Not Cooperating

-----------------------------------------------------------

CRISIL has been consistently following up with R.A. Knitwear Private
Limited (RAW) for obtaining information through letters and emails
dated March 26, 2018, April 12, 2018 and April 18, 2018 among others,
apart from telephonic communication. However, the issuer has remained
non cooperative.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit          7.5       CRISIL B+/Stable (Issuer Not

                                  Cooperating; Rating Migrated)



   Letter of Credit      .4       CRISIL A4 (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 R.A. Knitwear Private Limited, which restricts
CRISIL's ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on R.A. Knitwear
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB'
rating category or lower'.



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



Set up in November 2011 by Mr A Selvaraj, RAW is engaged in the
manufacture of readymade garments at its manufacturing facility at
Tirupur (Tamil Nadu).





RAGHURAM INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating

--------------------------------------------------------------

Due to inadequate information and in line with Securities and Exchange
Board of India guidelines, CRISIL had migrated its rating on the
long-term bank facilities of Raghuram Industries to 'CRISIL B+/Stable
(Issuer not cooperating)'. However, the firm's management has started
sharing the information necessary for a comprehensive review of the
rating. Consequently, CRISIL is migrating the rating from 'CRISIL
B+/Stable (issuer not cooperating)' to 'CRISIL B+/Stable.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit           5        CRISIL B+/Stable (Migrated from

                                  'CRISIL B+/Stable Issuer Not

                                  Cooperating')



   Proposed Long Term    0.6      CRISIL B+/Stable (Migrated from

   Bank Loan Facility             'CRISIL B+/Stable Issuer Not

                                  Cooperating')



The rating continues to reflect the firm's exposure to intense
competition in the rice milling industry resulting in low
profitability, susceptibility of profitability to volatility in paddy
prices, vulnerability of operations to regulatory changes, and
below-average financial risk profile. These weaknesses are partially
offset by the extensive industry experience of the firm's promoters in
the rice milling industry.



Key Rating Drivers & Detailed Description



Weaknesses:



* Exposure to intense competition in the rice milling industry
resulting in low profitability: Raghuram's business risk profile is
constrained by modest scale of operations in the fragmented rice
milling industry, indicated by the firm's milling capacity of 8 tonne
per hour (tph).



* Susceptibility of operating profitability to volatility in raw
material prices and to changes in government regulations: Cost of
paddy accounts for 85-90% of the cost of producing rice. Hence,
operating profitability is highly susceptible to volatility in paddy
prices. Moreover, change in policy pertaining to rice procurement and
in other regulations may affect profitability.



* Below-average financial risk profile: Networth was modest at INR3.16
crore, leading to gearing of 1.01 times, as on March 31, 2017. Debt
protection metrics were average, indicated by net cash accrual to
total debt ratio of 0.13 time and interest coverage of 2.33 times for
fiscal 2017.



Strength:



* Extensive industry experience of the promoters: The promoters'
experience of over 20 years in the rice industry has enabled the firm
to establish healthy linkages with farmers in the region, aiding raw
material (paddy) procurement. Furthermore, established healthy
relationships with Food Corporation of India, traders, and
wholesalers, ensure steady sales.



Outlook: Stable



CRISIL believes Raghuram will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in
profitability, or in networth because of sizeable equity infusion. The
outlook may be revised to 'Negative' if profitability declines
steeply, or if capital structure weakens significantly because of
large, debt-funded capital expenditure or a stretch in working capital
cycle.



Set up in 2009, Raghuram mills and processes paddy into rice, rice
bran, broken rice, and husk, at its mill in Nalgonda (Telangana). The
firm is managed by Mr Sri Emmadi Anjaiah, Mr Sri Emmadi Somanarsaih,
and Mr Sri Emmadi Somaiah.





RAJHANS IMPEX: CRISIL Lowers Rating on INR17MM Loan to B

--------------------------------------------------------

CRISIL has downgraded its ratings on bank loan facilities of Rajhans
Impex Private Limited (RIPL) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Bank Guarantee        1        CRISIL A4 (Downgraded from

                                  'CRISIL A4+)



   Foreign Exchange

   Forward               1.5      CRISIL A4 (Downgraded from

                                  'CRISIL A4+)



   Line of Credit       17.0      CRISIL B/Stable (Downgraded

                                  from 'CRISIL BB-/Stable')



   Proposed Long Term    2.5      CRISIL B/Stable (Downgraded

   Bank Loan Facility             from CRISIL BB-/Stable')



The downgrade reflects weakening of the business and financial risk
profiles. Profitability is expected to remain under pressure, due to
volatile raw material prices and increasing competition. The company
reported losses during fiscal 2017, and is estimated to book net
margin of less than 1.0% in fiscal 2018. Gearing rose to 3.65 times as
on March 31, 2017, from 2.69 times time a year before, and may
continue to be high in the medium term due to modest profitability.
Cash accrual is likely to be in the range of INR0.5-0.75 crore in the
medium term, much lower than what is anticipated and reported in the
past.



The rating continues to reflect the modest scale of operations, large
working capital requirement, and susceptibility to volatile raw
material prices and foreign exchange (forex) rates. These rating
weaknesses are offset by extensive experience of the promoter in the
brass rods and billets industry.



Analytical Approach



Unsecured loans extended by RIPL's promoters, and preference shares as
neither debt nor equity as they are interest-free, and will remain in
the business.



Key Rating Drivers & Detailed Description



Weaknesses



* Modest scale of operations, and susceptibility to fluctuations in
raw material prices and forex rates: RIPL operates on a modest scale
amidst intense competition, as reflected in estimated sales of INR70
crore in fiscal 2018. Imports of copper zinc and brass scrap, the
primary raw materials, expose the company to volatility in raw
material prices and forex rates. This led to losses during fiscal
2017, and kept profitability modest in fiscal 2018. Though the company
hedges its forex exposure, operating margin will remain vulnerable to
volatility in raw material prices and forex rates.



* Moderate working capital requirement: Operations are working capital
intensive, as reflected in estimated gross current assets of 125 days
as on March 31, 2018. The company has significant receivables and
inventory of 60 days each, and does not get credit from suppliers.



* Modest financial risk profile: Gearing rose to 3.65 times as on
March 31, 2017, from 2.69 times a year before, due to net losses, and
is likely to remain weak at over 2.5 times in the medium term. Debt
protection metrics may also remain subdued, due to low profitability.



Strength



* Extensive experience of the promoter in the brass rods and billets
industry: The two decade-long experience of the key promoter, Mr
Jinesh Shah, in the extrusion brass rods industry, and his healthy
relationships with customers and suppliers, will continue to support
the business risk profile.



Outlook: Stable



CRISIL believes RIPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to 'Positive'
if larger-than-expected accrual and stable working capital cycle lead
to an improvement in the financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, weakens because of
lower-than-expected accrual, stretch in working capital cycle, or
large debt-funded capital expenditure.



RIPL was established by Mr Jinesh Shah in 2004. The Jamnagar
(Gujarat)-based company manufactures brass solid rods, hollow rods,
wires and coils, customised profiles, flats and centrifugal castings.
These products are used in industries such as defence, automotive,
ship building, transformers and switchgear, sanitary fittings, and
building hardware.





RAMCO EXTRUSION: ICRA Keeps B+ Rating in Not Cooperating Category

-----------------------------------------------------------------

ICRA Ratings said the rating for INR13.00 crore bank facilities of
Ramco Extrusion Private Limited (REPL) continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING". ICRA had earlier moved the
rating of REPL to the 'ISSUER NOT COOPERATING' category due to
non-submission of monthly 'No Default Statement' ("NDS") by the
entity.



                   Amount

   Facilities    (INR crore)      Ratings

   ----------    -----------      -------

   Fund-based-       11.00        [ICRA]B+ (Stable) ISSUER NOT

   Overdraft                      COOPERATING; Rating continues

   Facility                       to remain in 'Issuer Not

                                  Cooperating' category



   Term Loan          2.00        [ICRA]B+ (Stable) ISSUER NOT

                                  COOPERATING; Rating continues

                                  to remain in 'Issuer Not

                                  Cooperating' category



The rating is based on limited information on the entity's performance
since the time it was last rated in October 2016.

The lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this

rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have

changed since the time it was last reviewed by ICRA; however, in the
absence of requisite information, ICRA is unable to

take a definitive rating action.



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



REPL was established as a limited company in 2004 by Mr. Vinod M. Jain
and Mr. Suresh M. Jain and is engaged in the manufacture of aluminium
extrusion products like slidings, ladder sections, heat sinks,
round/square/rectangle tubes, miscellaneous sections which find use in
construction, automotive, medical and transportation. The company has
its registered office at Mumbra, Panvel and manufacturing facility at
Murbad, Kalyan.





RATTAN RICE: CRISIL Withdraws B+ Rating on INR5.5MM Loan

--------------------------------------------------------

CRISIL has been consistently following up with Rattan Rice Mills (RRM)
for obtaining information through letters and emails dated December 6,
2017, and March 8, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.



                     Amount

   Facilities       (INR Mln)      Ratings

   ----------       ---------      -------

   Cash Credit          5.5        CRISIL B+/Stable (Issuer Not

                                   Cooperating; Rating Withdrawn)



   Proposed Long Term

   Bank Loan Facility   1.45       CRISIL B+/Stable (Issuer Not

                                   Cooperating; Rating Withdrawn)



   Term Loan            2.05       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 they are arrived at without any management interaction
and are based on best available or limited or dated information on the
company.



Detailed Rationale



Despite repeated attempts to engage with the management, CRISIL failed
to receive any information on either the financial performance or
strategic intent of RRM. This restricts CRISIL's ability to take a
forward RRM is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB rating
category or lower. Based on the last available information, the rating
on bank facilities of RRM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.



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



Incorporated in 1988 as a partnership firm, RRM is engaged in milling,
sorting, grading and selling of basmati and nonbasmati rice in
domestic and international market. The firm has its rice processing
unit at Sirsa (Haryana). The operations are managed by Mr. Rattan Pal
and family.





RISE ON: ICRA Maintain C Rating in Not Cooperating Category

-----------------------------------------------------------

ICRA Ratings said the rating for INR27.60-crore bank facilities of
Rise On Group (RG) continues to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]C ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of RG to the 'ISSUER
NOT COOPERATING' category due to non-submission of monthly 'No Default
Statement' ("NDS") by the entity.



                  Amount

   Facilities   (INR crore)     Ratings

   ----------   -----------     -------

   Fund based-      27.60       [ICRA]C ISSUER NOT COOPERATING;

   Term Loan                    Rating continues to remain under

                                'Issuer Not Cooperating' category



The rating is based on limited information on the entity's performance
since the time it was last rated in October 2016.

The lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity. The
entity's credit profile may have changed since the time it was last
reviewed by ICRA; however, in the absence of requisite information,
ICRA is unable to take a definitive rating action.



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



Established in February 2013, Rise on Group is a Surat-based real
estate firm. The firm has been established for the construction of a
residential project, 'Melaanio Residency', and a commercial complex,
'Leonard Square'. RG is promoted by the Maniya and Kheni families, who
have been engaged in real estate development for more than three
decades through the Rise On Group and M. K. Group, respectively. The
construction work of both the projects commenced from April 2014.
Project completion was scheduled for December 2015 for Leonard Square,
and August 2016 for Melaanio Residency. The firm is a part of the Rise
On Group, which has been engaged in the real estate business for over
three decades in Surat and Ahmadabad. The firm also has two group
concerns, Vama Infra {rated [ICRA]BB(Stable) 'Issuer Not Cooperating'
in November 2017} and Hindva Builders {rated [ICRA]BB-(Stable) in
December 2016}.





SAGAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR9MM Loan

------------------------------------------------------------

CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-term
bank facility of Sagar Enterprises (SE).



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit          9         CRISIL B+/Stable (Reaffirmed)



The rating continues to reflect the below-average financial risk
profile, modest scale of operations and large working capital
requirement. These weaknesses are partially offset by extensive
experience of the proprietor in the readymade garments (RMG) business
and his established relationships with key customers.



Key Rating Drivers & Detailed Description



Weaknesses



* Below-average financial risk profile: Networth is estimated to
improve marginally to INR13.7 crore as on March 31, 2018, from INR13.4
crore a year before. Consistent capital withdrawals, for the past four
fiscals, have kept networth low at INR13-14 crore. The total outside
liabilities to tangible networth ratio (TOL/ANW) was moderate at 1.71
times as on March 31, 2017, and may improve to 1.4-1.6 times over the
medium term. Debt protection metrics will remain average, as reflected
in interest coverage ratio of 1.6 times for fiscal 2017, and may be in
the range of 1.5-1.8 times in the medium term.



* Modest scale of operations: Intense competition in the readymade
garments industry has kept the scale of operations modest, with
revenue of around INR33 crore estimated for fiscal 2018, and
constrains the bargaining power with customers and suppliers.



* Large working capital requirement: Operations are working
capital-intensive in nature, as reflected in estimated gross current
assets of 215 days as on March 31, 2018, mainly led by sizeable
inventory of 140 days, projected to remain in the range of 130-135
days over the medium term.



Strength



* Extensive experience of promoters and established relationships with
principal customer: SE, set up in 1995, is owned and managed by Mr
Sunil Khanna, who has nearly 15 years of experience in the RMG
business. The firm also has a diverse portfolio of over 90 products,
including linen, hosiery, menswear and women's wear. Sales are
entirely towards the canteen store department (CSD; a solely-owned
Government of India Enterprise under the Ministry of Defence) and the
central police canteen stores, backed by a longstanding association of
over two decades. The firm has also started selling through online
channels under the Sagar Brand; however, revenue contribution remains
negligible in fiscal 2018.



Outlook: Stable



CRISIL believes SE will continue to benefit from its established
relationship with CSD. The outlook may be revised to 'Positive' if
sustained growth in revenue and profitability, backed by
diversification in clientele, leads to higher cash accrual and
stronger debt protection metrics. The outlook may be revised to
'Negative' if a stretch in working capital cycle, lower profitability,
or any further cash withdrawals, weaken the capital structure and debt
protection metrics.



SE was setup as a proprietorship concern of Mr Sunil Khanna. The firm
sells RMG and home furnishings, and has a diversified range of
products, including shirts, T-shirts, hosiery, track suits, blankets,
bedsheets, and towels). Manufacturing is entirely outsourced to local
players.





SAIWIN CERAMIC: ICRA Keeps B Rating in Not Cooperating Category

---------------------------------------------------------------

ICRA Ratings said the ratings of INR12.27 crore bank facilities of
Saiwin Ceramic Private Limited (SCPL) continue to remain under 'Issuer
Not Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)/A4; ISSUER NOT COOPERATING."



                      Amount

   Facilities       (INR crore)    Ratings

   ----------       -----------    -------

   Term-Loan            7.27       [ICRA]B(Stable); ISSUER NOT

                                   COOPERATING; Rating

                                   continues to remain under

                                   'Issuer Not Cooperating'

                                   Category



   Cash Credit         4.00        [ICRA]B(Stable); ISSUER NOT

                                   COOPERATING; Rating

                                   continues to remain under

                                   'Issuer Not Cooperating'

                                   Category



   Bank Guarantee      1.00        [ICRA]A4; ISSUER NOT

                                   COOPERATING; Rating

                                   continues to remain under

                                   'Issuer Not Cooperating'

                                   Category



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



Incorporated in February 2016, SCPL is engaged in manufacturing of
digital ceramic wall tiles in sizes 300x600mm and 300x900mm. The
manufacturing facility is located at Morbi with an installed capacity
to manufacture 30,000 Metric Tonnes (10,000 boxes per day) of wall
tiles per annum. The commercial operations have been commenced from
September 21, 2016.





SANTOSH ENTERPRISES: ICRA Keeps B Rating in Not Cooperating

-----------------------------------------------------------

ICRA Ratings said the rating for the INR6.95-crore bank facilities of
Santosh Enterprises continues to remain in the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".



                   Amount

   Facilities    (INR crore)    Ratings

   ----------    -----------    -------

   Fund based        2.75       [ICRA]B (Stable) ISSUER NOT

   Cash credit                  COOPERATING; Rating continues

   Limits                       to remain in the 'Issuer Not

                                Cooperating' category



   Fund based        4.00       [ICRA]A4 ISSUER NOT COOPERATING;

   Bills                        Rating continues to remain in

   Discounting                  the 'Issuer Not Cooperating'

   Limits                       category



   Unallocated       0.20       [ICRA]B (Stable) ISSUER NOT

   limits                       COOPERATING; Rating continues

                                to remain in the 'Issuer Not

                                Cooperating' category



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



Established in 1990, Santosh Enterprises (SE) is a proprietorship
concern and is engaged in fabrication of steel structural

installation components like angle, channel, plates, railings and
gallery mainly used in wind mills supplied by Wind World

India Limited (WWIL) erstwhile Enercon India Limited. The firm
operates through its fabrication and galvanization units at

Ambad and Gonde, Nashik.





SARATHY MOTORS: CRISIL Withdraws B+ Rating on INR9MM Cash Loan

--------------------------------------------------------------

CRISIL has been consistently following up with Sarathy Motors (Kollam)
(SMK) for obtaining information through letters and emails dated April
5, 2018 and April 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit           9        CRISIL B+/Stable (Issuer Not

                                  Cooperating; Migrated from

                                  'CRISIL B+/Stable'; 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 SMK. 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 SMK is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Information
Adequacy Risk with CRISIL BB' rating category or lower. Based on the
last available information, CRISIL has migrated the rating on the bank
facilities of SMK to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL B+/Stable'.



CRISIL has withdrawn its rating on the bank facility of SMK at the
company's request and after receiving a no-objection certificate from
Bank. The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank facilities.



Established in 1987, SMK is a partnership firm and is the only
authorised dealer of BAL's two-wheelers in Kollam, Kerala. About 60%
of its revenue comes from two-wheeler sales, and the rest from sale of
spare parts and vehicle servicing. Its daily operations are managed by
Mr Rajesh Somanathan.





SHALAK EATABLE: CRISIL Moves B- Rating to Not Cooperating Cat.

--------------------------------------------------------------

CRISIL has been consistently following up with Shalak Eatable Products
Pvt. Ltd. (SEPL) for obtaining information through letters and emails
dated January 29, 2018, March 5, 2018,

April 11, 2018 and April 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.



                       Amount

   Facilities         (INR Mln)     Ratings

   ----------         ---------     -------

   Standby Overdraft     1.50       CRISIL A4 (Issuer Not

   Facility                         Cooperating; Rating Migrated)



   Term Loan            14.66       CRISIL B-/Stable (Issuer Not

                                    Cooperating; Rating Migrated)



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



Detailed Rationale



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



Therefore, on account of inadequate information and lack of management
cooperation, CRISIL has migrated the ratings on bank facilities of
Shalak Eatable Products Pvt. Ltd. to CRISIL B-/Stable/CRISIL A4 Issuer
not cooperating'.



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



SEPL, incorporated in 2008, is setting up a manufacturing unit for
production of 2D and 3D pellet snacks in Mohammadpur, Lucknow. The
company is being managed by Mr Rajesh Bansal and Mr Yogesh Bansal, and
is expected to start commercial operations from June 2017.





SHARANAMMA DIGGAVI: ICRA Maintains D Rating in Not Cooperating

--------------------------------------------------------------

ICRA Ratings said the rating for the INR8.00 crore bank facilities of
Sharanamma Diggavi Memorial Educational Trust (SDMET) continues to
remain in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING". ICRA had earlier moved the
rating of SDMET to the 'ISSUER NOT COOPERATING' category due to non
cooperation by the entity in providing required information for
carrying out the surveillance of the rating.



                    Amount

   Facilities     (INR crore)    Ratings

   ----------     -----------    -------

   Long Term-Fund      6.29      [ICRA]D; ISSUER NOT COOPERATING;

   Based Term Loan               Rating continues to remain in

                                 the 'Issuer Not Cooperating'

                                 category





   Long Term-          1.71      [ICRA]D; ISSUER NOT COOPERATING;

   Unallocated                   Rating continues to remain in

                                 the 'Issuer Not Cooperating'

                                 category



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



Sharanamma Diggavi Memorial Education Trust (SDME) was formed and
registered as a Trust in the year October, 2006. SDME was established
by the educationist Mr. Basawaraj Diggavi, the Chairman of SDME. SDME
operates three educational institutions comprising of one primary
school, one high school and one pre-university college.





SHIVA STRUCTURES: ICRA Keeps B- Rating in Not Cooperating

---------------------------------------------------------

ICRA Ratings said the rating for the INR22.50-crore bank facilities of
Shiva Structures Pvt Ltd continues to remain in the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".



                      Amount

   Facilities       (INR crore)    Ratings

   ----------       -----------    -------

   Fund Based-          6.00       [ICRA]B- (Stable) ISSUER NOT

   Term Loan                       COOPERATING; Rating continues

                                   to remain in the 'Issuer Not

                                   Cooperating' category



   Fund Based-          7.50       [ICRA]B- (Stable) ISSUER NOT

   Cash Credit                     COOPERATING; Rating continues

                                   to remain in the 'Issuer Not

                                   Cooperating' category



   Non Fund Based-      9.00       [ICRA]A4 ISSUER NOT

   Bank Guarantee                  COOPERATING; Rating continues

                                   to remain in the 'Issuer Not

                                   Cooperating' category



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



Shiva Structures Pvt Ltd (SSPL) was initially set up as a
proprietorship firm under the name Shiva Construction by Mr.

Madhukar Deshmukh in the year 1996 and was later converted into a
private limited company in October 2008. The company is involved in
executing contracts of irrigation work and road construction for state
government and civil bodies. The company is registered as a Class 1A
contractor with the state's Public Work Department (PWD) and an
approved contractor for various government and civil bodies.





SHIVHARE ROAD: CRISIL Migrates B+ Rating to Not Cooperating

-----------------------------------------------------------

CRISIL has been consistently following up with Shivhare Road lines
(SRL) for obtaining information through letters and emails dated March
22, 2018, April 12, 2018 and April 18, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.



                     Amount

   Facilities       (INR Mln)    Ratings

   ----------       ---------    -------

   Bank Guarantee       3.5      CRISIL A4 (Issuer Not

                                 Cooperating; Rating Migrated)



   Cash Credit          1.0      CRISIL B+/Stable (Issuer Not

                                 Cooperating; Rating Migrated)



   Letter of Credit     1.5      CRISIL A4 (Issuer Not

                                 Cooperating; Rating Migrated)



   Term Loan            8.8      CRISIL B+/Stable (Issuer Not

                                 Cooperating; Rating Migrated)



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



Detailed Rationale



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



Therefore, on account of inadequate information and lack of management
cooperation, CRISIL has migrated the ratings on bank facilities of
Shivhare Road lines to CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.



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



SRL was incorporated in 1983 by Mr Suresh Chand Shivhare and is
engaged in material handling and transportation. Based in Gwalior
(Madhya Pradesh), the firm primarily works for oil refineries in
government and private sector.





SHUKLA AGRITECH: CRISIL Cuts Rating on INR5.5MM Term Loan to D

--------------------------------------------------------------

CRISIL has downgraded its rating on the long-term bank loan facilities
of Shukla Agritech Flour Industries Private Limited (SAFIPL) to
'CRISIL D' from 'CRISIL B/Stable'. The downgrade reflects continuous
delay in interest payment on the term loan. This was due to weakening
of liquidity, driven by delay in starting of operations by 8- 9
months.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit          5.25      CRISIL D (Downgraded from

                                  'CRISIL B/Stable')



   Term Loan            5.55      CRISIL D (Downgraded from

                                  'CRISIL B/Stable')



The rating also reflects exposure to high offtake risk and to intense
competition in the flour industry. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of the
promoters.



Key Rating Drivers & Detailed Description



Weaknesses:



* Exposure to high offtake risk and to intense industry competition:
The flour business is highly fragmented, with numerous small,
unorganized players catering to local demands. This has led to a
modest scale of operations and has limited the ability to bargain with
suppliers and customers.



* Vulnerability to fluctuations in raw material prices and to vagaries
of the monsoon: Vulnerability of the wheat crop to the vagaries of the
monsoon can lead to fluctuations in the availability and prices of
wheat, thus impacting the business risk profile.



Strength:



* Extensive entrepreneurial experience of the promoters: The promoters
have an experience of more than 25 years in construction and in rice
milling. This has helped them in understanding the dynamics of the
local market, anticipating price trends, and calibrating purchasing
and stocking decisions.



SAFIPL, incorporated in 2016, has set up a unit for manufacturing atta
and maida in Rewa, Madhya Pradesh. The company is promoted by Mr
Mahendra Prasad Shukla, Mrs Shushila Shukla, and Mr Shivam Shukla.
Operations commenced in December 2017.





TATA MOTORS: Fitch Affirms BB+ Long-Term IDR, Outlook Stable

------------------------------------------------------------

Fitch Ratings has affirmed India-based Tata Motors Limited's (TML)
Long-Term Issuer Default Rating at 'BB+'. The Outlook is Stable.



TML's rating, which includes a one-notch uplift from its standalone
rating of 'BB' on its linkage with Tata Sons Limited (TSOL), reflects
its leading position in India's commercial-vehicle market and the
passenger-vehicle business, which is recovering after the success of
new product launches in recent years. TML's rating also reflects its
100%-owned subsidiary Jaguar Land Rover Automotive plc's (JLR,
BB+/Stable) strong positioning in the premium segment and a financial
profile that will remain solid even after considering substantial
investments for capacity expansion and new technologies over the next
few years. JLR's EBITDA accounted for more than 85% of TML's
consolidated EBITDA in the fiscal year ended 31 March 2017 (FY17).



The Stable Outlook reflects Fitch's expectations of gradually
improving profitability and strong financial flexibility, which will
help to meet significant investment requirements, especially in the
JLR business, without any liquidity concerns and support TML's
leverage at a level commensurate with the current rating.



KEY RATING DRIVERS



Improving Indian Business: TML has strengthened its leading position
in the Indian commercial-vehicle segment after product launches that
addressed portfolio gaps and helped improve customer engagement. TML's
sales volume grew by 9% yoy in medium and heavy commercial vehicles
and 23% in light commercial vehicles in FY18. Its overall market share
rose to 47.5% as of December 2017 from 44.4% as of March 2017,
according to Society of Indian Automobile Manufacturers data. We
expect demand for commercial vehicles to remain healthy in the next
12-18 months, supported by India's improving economy and the
government's plans to ramp up infrastructure outlays.



TML's strategy to increase its presence in different sub-segments has
helped it regain some of its lost market share in India's
passenger-vehicle market despite intense competition. TML's
passenger-vehicle market share rose to 6.2% as of December 2017 from
5.2% as of March 2017 as the company's volume gained 21% yoy in FY18.
TML's sales volume in the growing SUV market surged more than 150% in
FY18 on good market reception of its new models, such as Nexon and
Hexa. Fitch expects continued growth in TML's passenger-vehicle
business as the company is aiming to increase its product range to
cover nearly 95% of the market by 2020 from about two-thirds
currently.



Gradually Improving Profitability: Fitch expects TML's margins to
improve gradually over the medium term as the company benefits from
increasing scale as well as steps to achieve cost savings. TML's India
business will benefit from healthy volume growth and its strategy to
reduce the number of passenger-vehicle platforms, which will help to
streamline costs and maintain profitability despite intense
competition. JLR's profitability will be supported by model updates
and new launches that will enable greater coverage across various
market segments. JLR will also benefit from an increase in lower-cost
production locations as its Slovakian plant ramps up after it is
commissioned in 2018.



In Fitch's view, these factors will help to counter the impact of
higher costs arising from rising metal prices and tightening emission
requirements globally.



Robust JLR Business: JLR continues to benefit from its strong brand
positioning in the premium segment and solid financial metrics. JLR is
relatively small compared with other premium carmakers but its growth
strategy has focused on improving portfolio breadth, especially in the
high-growth SUV segment, and improving geographic diversification
outside of the UK. JLR is also investing significantly to expand its
offerings in non-conventional drivetrains. This will help mitigate
risks associated with more challenging emission regulations. Robust
growth in China and the new facility in Slovakia will help to
counterbalance risks from Brexit.



High Capex; Stable Leverage: Fitch expects TML's sizeable investments
in capacity expansion, vehicle architecture and new technologies to
lead to negative free cash flow (FCF) over FY18 and FY19 despite
robust cash flows from operations. This includes capex of GBP1.0
billion for JLR's new facility in Slovakia with an initial capacity of
150,000 units and about INR40 billion-45 billion of annual capex for
its Indian business, mainly for new launches of passenger vehicles.
The increase in TML's leverage (net adjusted debt/EBITDAR) to 1.5x in
FY18 is consistent with the current rating and we expect it to decline
to around 1.2x over the next two years as new investments lead to
higher earnings.



Strategic Importance to TSOL: TML's rating benefits from a one-notch
uplift due to its moderate linkages with its stronger shareholder,
TSOL, as defined in Fitch's Parent and Subsidiary Rating Linkage
criteria. Fitch believes TSOL is likely to continue to extend support
to TML, if required, due to the latter's strategic importance to the
group, and the reputational risk arising from the shared Tata brand.
TSOL subscribed in full to its share of TML's INR74.3 billion rights
issue in FY16 and has provided financial support to TML in the past.
Any weakening of the linkages between the group and TML, or a
deterioration in TSOL's ability to provide support, is likely to
affect the ratings negatively.



DERIVATION SUMMARY



TML's standalone rating of 'BB' is well-positioned relative to peers
in each major metric. TML's standalone rating is one notch lower than
that of Peugeot S.A. (PSA, BB+/Positive). TML has more premium product
offerings, through JLR, for which demand has generally been less
cyclical than for the mass-market products of competitors, such as
PSA. This is outweighed by PSA's considerably larger operating scale
and its stronger financial profile. TML's premium product offerings
counterbalance its small operating scale when compared with Fiat
Chrysler Automobiles N.V. (FCA, BB/Positive). This, and a similar
leverage profile, supports TML's standalone rating at the same level
as FCA's.



KEY ASSUMPTIONS



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

  - JLR volume growth of about 5%-6% over FY19-FY20 and EBITDA margin
improving to around 12%-13% due to increasing scale and higher
production in low-cost countries as Slovakian operations ramp up.

  - India operations to see sustained volume growth; EBITDA margin to
improve to around 8%.

  - Capex/revenue of around 14% in FY18 and around 11% thereafter.

  - Resumption of dividend payment, gradually increasing to INR7.0
billion by FY20.



RATING SENSITIVITIES



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

  - Fitch does not expect any positive rating action in the medium
term as it takes time for the group to increase scale to a level that
is similar with its global peers. Positive rating action may result if
the TML group materially increases the volume and breadth of its
products, while maintaining profitability and a strong financial
profile.



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

  - A weakening of linkages between the Tata group and TML.

  - Consolidated net adjusted debt /EBITDAR (excluding TML's

auto-financing subsidiary Tata Motors Finance Limited) exceeding 1.5x
on a long-term basis due to weaker sales or profitability (either at
TML or JLR ) or due to debt-funded investments that are higher than
Fitch's expectations.



LIQUIDITY



Strong Liquidity: TML's readily available cash balance of more than
INR400 billion at 31 March 2017 was adequate to meet INR135.4 billion
of debt (both excluding the financial-services business) maturing in
FY18. The liquidity profile is further supported by a balanced debt
maturity profile and undrawn committed credit facilities - including
GBP1.9 billion available to JLR and INR5 billion to TML at the end of
December 2017. We expect TML's financial flexibility to remain robust
as the available liquidity would have comfortably covered projected
negative FCF of more than INR100 billion in FY18.





TECHNICO STRIPS: CRISIL Withdraws B+ Rating on INR17.75MM Loan

--------------------------------------------------------------

CRISIL has been consistently following up with Technico Strips and
Tubes Private Limited (TSTPL) for obtaining information through
letters and emails dated November 14, 2017, and

January 17, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.



                     Amount

   Facilities       (INR Mln)     Ratings

   ----------       ---------     -------

   Cash Credit         17.75      CRISIL B+/Stable (Issuer Not

                                  Cooperating; Rating Withdrawn)



   Letter of Credit    11.25      CRISIL A4 (Issuer Not

                                  Cooperating; Rating Withdrawn)



   Term Loan            9.00      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 they are arrived at without any management interaction
and are based on best available or limited or dated information on the
company.



Detailed Rationale



Despite repeated attempts to engage with the management, CRISIL failed
to receive any information on either the financial performance or
strategic intent of TSTPL. This restricts CRISIL's ability to take a
forward TSTPL is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information, the
rating on bank facilities of TSTPL continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.



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



TSTPL, promoted by Mr Ajay Gupta, commenced commercial production of
electric-resistance welded steel tubes in September 2008 and of
cold-drawn welded steel tubes in the third quarter of fiscal 2010.





VARDHMAN POLYTEX: ICRA Migrates D Rating to Not Cooperating

-----------------------------------------------------------

ICRA Ratings has moved the ratings for the INR514.00-crore bank
facilities of Vardhman Polytex Limited (VPL) to the 'Issuer Not

Cooperating' category. The rating is now denoted as "[ICRA]D / [ICRA]D
ISSUER NOT COOPERATING."



                     Amount

   Facilities      (INR crore)    Ratings

   ----------      -----------    -------

   Long-term fund     159.31      [ICRA]D ISSUER NOT COOPERATING;

   Based facilities               Rating moved to the 'Issuer Not

   Cash Credit                    Cooperating' category





   Long-term fund     232.31      [ICRA]D ISSUER NOT COOPERATING;

   Based facilities               Rating moved to the 'Issuer Not

   Term Loan                      Cooperating' category



   Short-term non-     50.00      [ICRA]D ISSUER NOT COOPERATING;

   Fund based                     Rating moved to the 'Issuer Not

   Facilities                     Cooperating' category



   Long-term fund      72.38      [ICRA]D ISSUER NOT COOPERATING;

   Based facilities-              Rating moved to the 'Issuer Not

   Unallocated                    Cooperating' category



Rationale



As part of its process and in accordance with its rating agreement
with VPL, ICRA has been trying to seek information from the entity so
as to monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile of
the entity.



Incorporated in 1981, Vardhman Polytex Limited (VPL) primarily
manufactures cotton and cotton-polyester blended spun yarn with an
installed capacity of 1.95 lakh spindles across its manufacturing
facilities in Ludhiana, Bathinda (both in Punjab) and Nalagarh
(Himachal Pradesh). VPL also has a yarn dyeing unit in Ludhiana with
an installed capacity of 15.0 tons per day (tpd), and has limited
presence in garmenting with an installed capacity of manufacturing 7
lakh pieces per annum. VPL also has presence in manufacturing of
yarn-dyed shirting fabric though its subsidiary, F.M. Hammerle
Textiles Ltd, which has a manufacturing facility in Kohlapur
(Maharashtra). F.M. Hämmerle Textiles Ltd. was referred to the
Corporate Insolvency Resolution Process in June 2017.



VPL had investments and loans and advances towards its subsidiaries
(F.M. Hämmerle Textiles Ltd. and F.M. Hammerle

Verwaltungs GmbH, Austria) worth ~Rs. 122 crore that were provisioned
for in the first and second quarter of FY2018.





WINNING EDGE: ICRA Keeps B+ Rating in Not Cooperating Category

--------------------------------------------------------------

ICRA Ratings has moved the ratings for the INR9.75 crore bank
facilities of The Winning Edge Agro Products to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING."



                      Amount

   Facilities       (INR crore)     Ratings

   ----------       -----------     -------

   Fund based-          6.00        [ICRA]B+ (Stable); ISSUER NOT

   Cash Credit                      COOPERATING; Rating moved to

                                    'Issuer Not Cooperating'

                                    Category



   Fund based-          3.55        [ICRA]B+ (Stable); ISSUER NOT

   Term Loan                        COOPERATING; Rating moved to

                                    'Issuer Not Cooperating'

                                    Category



   Unallocated Limits   0.20        [ICRA]B+ (Stable); ISSUER NOT

                                    COOPERATING; Rating moved to

                                    'Issuer Not Cooperating'

                                    Category



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



Established in 2011 by the Vidhani family, as a partnership firm, The
Winning Edge Agro Products (WEAP) manufactures flattened rice (poha)
from paddy at its manufacturing facility located at Navsari, Gujarat,
with a production capacity of 9200 MTPA per annum. WEAP sells its
product in a packing of 500gm/1000gm under "Vishalta" brand and in
loose form to bulk dealers. The firm currently caters to Maharashtra
and Gujarat Region through appointed dealers' network. WEAP also
provides warehousing facility to store farm produce like paddy, wheat,
pulses, and agro inputs like fertilizers and pesticides.







====================

N E W  Z E A L A N D

====================





CBL INSURANCE: Liquidation Hearing Set for June

-----------------------------------------------

Hamish Fletcher at The New Zealand Herald reports that a small army of
lawyers descended on the High Court on April 27 over whether or not
liquidators should stay in charge of the embattled builders risk
insurer CBL Insurance.



The main skirmish, however, won't happen until June.



According to the report, CBL Corp appointed voluntary administrators
in February after the Reserve Bank - which regulates the insurance
industry - went to court to appoint an interim liquidator to its
subsidiary CBL Insurance over concerns about its solvency and
transferring NZ$50 million offshore.



The moves came after CBL revealed that it had been under instruction
by the central bank as far back as July but was subject to a
confidentiality order which meant it had not told shareholders, the
report says.



Trading in CBL Corporation shares has been suspended for months, the
Herald notes.



The Herald says a fight over whether liquidators should stay in charge
of CBL Insurance is expected and some three Queen's Counsel were among
the lawyers who appeared in the High Court at Auckland on April 27
before Associate Judge Warwick Smith.



Seb Bisley appeared for the Reserve Bank while Davey Salmon was there
for CBL managing director Peter Harris and deputy chairman Alistair
Hutchinson, the Herald says.



Queen's Counsels Adam Ross (for CBL's main creditor) Nathan Gedye (for
the interim liquidators) and Bruce Stewart (for shareholder LBC) were
also in court.



Associate Judge Smith set a two day hearing in June, the Herald discloses.



The Herald relates that while there is anticipated to be some argument
about whether Harris and Hutchinson have standing to oppose the
liquidation application, the judge said that can be contested at the
June hearing.



The court also heard that there may be debate over whether the two
directors can get access to information held by the interim
liquidators or access to employees of the company, adds the Herald.



As reported in the Troubled Company Reporter-Asia Pacific on

Feb. 26, 2018, The New Zealand Herald said the High Court has

ordered CBL Insurance be placed into interim liquidation on an

application by the Reserve Bank as the insurer's prudential

supervisor.



In the High Court in Auckland on Feb. 23, Justice Patricia

Courtney ordered the appointment of McGrathNicol's Kare Johnstone

and Andrew Grenfell as interim liquidators of CBL Insurance, the

Herald discloses. The application was made without notice and

determined on Feb. 23, the judgment said.



CBL Insurance Limited provided building and construction related

credit and financial surety insurance, bonding, and reinsurance

products.  CBL Insurance is a subsidiary of NZX-listed CBL

Corporation.







=================

S I N G A P O R E

=================





AVATION GROUP: Fitch Puts B+ IDR on Rating Watch Positive

---------------------------------------------------------

Fitch Ratings has placed the 'B+' Long-Term Issuer Default Ratings
(IDRs) of Avation PLC, and its subsidiaries, Avation Capital S.A. and
Avation Group (S) Pte. Ltd., on Rating Watch Positive.



Concurrently, Fitch has assigned an expected 'BB-(EXP)' rating to
Avation Capital S.A.'s offering of $300 million of senior unsecured
notes due 2021.



Avation intends to use the net proceeds of the offering to refinance
the company's existing 7.50% senior unsecured notes due 2020, to repay
certain existing junior and senior secured loans, and to pay
transaction related fees and expenses.



KEY RATING DRIVERS - IDRs and Senior Debt



The Positive Watch reflects Avation's increased financial flexibility
resulting from the expected unsecured notes offering, given the
increase in the proportion of unsecured debt in its capital structure
and an increase in unencumbered assets. Once the notes are issued,
Fitch would expect to upgrade the Long-Term IDR of Avation and its
subsidiaries to 'BB-' from 'B+'.



The notes offering is not expected to result in a change in leverage,
as the company will use proceeds received from the unsecured bond
offering to repay existing debt, including secured debt. Avation's
leverage, as measured by gross debt to tangible common equity, was
4.2x at Dec. 31, 2017 and is expected to be reduced in a range of 3.5x
to 4.0x in the near term due to equity built from capital retention.



The expected secured debt paydown will enable Avation to unencumber a
pool of narrow body and regional aircraft (A321-200 and ATR 72-600)
and increase unsecured debt to 34.1% of total debt, on a pro forma
basis, from 17.2% of total debt as of

Dec. 31, 2017. The pro forma unsecured debt level is within Fitch's
'bb' quantitative benchmark range for balance sheet-intensive finance
and leasing companies. The company's unencumbered pool is expected to
grow to approximately $150 million as a portion of the debt proceeds
will be used to repay secured debt. Fitch believes this issuance will
improve the firm's funding flexibility and will expand its investor
base.



Avation's credit ratings are supported by its young average fleet age
of 2.9 years (excluding finance leases) as of Dec. 31, 2017, currently
supportive demand dynamics for the majority of Avation's fleet, solid
profitability, reduced lessee concentration, which Fitch views as
adequate; and measured fleet growth, which is expected to persist over
the outlook horizon.



These strengths are counterbalanced by Avation's limited economies of
scale and high aircraft concentration when compared to larger lessors;
the presence of turboprops in the portfolio, which Fitch views as
niche aircraft; exposure to certain lower credit quality lessees,
which is outsized relative to peers; elevated balance sheet leverage,
as measured by gross debt to tangible common equity; a primarily
secured funding profile, and potential limitations relating to
management depth.



Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business, vulnerability to
exogenous shocks, potential exposure to residual value risk,
sensitivity to oil prices, reliance on wholesale funding sources and
increased competition.



Avation continues to reduce its fleet age and customer concentration
primarily through acquisitions of new aircraft, which most recently
included two ATR 72-600s, an A330-300 and a B777-300ER. As of Dec. 31,
2017, top lessees were Virgin Australia Holdings Limited (26% of lease
revenue), VietJet Aviation Joint Stock Company (21%), Philippine
Airlines (13%), EVA Air Corporation (10%), and Thomas Cook Airlines
Limited (8%). The company has meaningfully reduced exposure to Virgin
Australia in recent years, from 66% of lease revenue for the fiscal
year ended June 30, 2015 to 26% for the six months ended Dec. 31,
2017. Avation's average fleet age has also improved, declining from
5.3 years to 2.9 years over the same period.



Despite recent growth, the portfolio remains concentrated, with just
37 aircraft as of Dec. 31, 2017. As a result, the portfolio is more
exposed to individual lessee credit events, when compared to larger
peers. For example, during the first half of fiscal 2018, Avation
incurred an $8 million impairment charge related to the transition of
an Airbus A320-200 from Air Berlin PLC & Co. Luftverkehrs KG (Air
Berlin) to EasyJet Airline Company Limited after Air Berlin's
bankruptcy filing. Still, the charge was more than offset by the
release of $10.5 million of maintenance reserves.



Fitch anticipates that Avation will maintain adequate liquidity in the
near term. As of Dec. 31, 2017, the company had $82.8 million in cash,
a $30 million warehouse credit facility and a $20 million revolving
credit facility. Pro forma for the offering, liquidity sources are
expected to exceed uses by 1.4x over the next 12 months. While Avation
has limited near term debt maturities, it has three ATR 72 turboprop
aircraft on order for placement during calendar year 2018 and three
aircraft to be delivered in calendar year 2019.



Fitch expects that Avation's lease revenue yields will remain around
11%-12% over the next several years, indicating strong profitability
prospects from contractual leases. Overall, the company's average
remaining lease term was 7.9 years as of

Dec. 31, 2017, supporting cash flow predictability for some time,
absent material lessee bankruptcies.



The expected unsecured debt rating of 'BB-(EXP)' reflects the
expectation that Avation's Long-term IDR will be upgraded by one notch
following the closing of the issuance. The rating also reflects
modest, though improved, unsecured debt as a portion of total debt as
of Dec. 31, 2017 pro forma for the notes offering, as well as an
available pool of unencumbered assets, which suggest average recovery
prospects for unsecured debtholders.



RATING SENSITIVITIES - IDRs and Senior Debt



If the company completes the notes offering, the IDRs are expected to
be upgraded by one notch and the existing unsecured debt ratings,
'B+'/'RR4', are expected to be withdrawn as these obligations will be
paid in full. If the company does not complete the notes offering,
Fitch will remove the ratings from Rating Watch Positive, affirm the
ratings with a Stable Outlook, and withdraw the expected rating on the
notes offering.



Upon completion of the notes offering, Fitch would not expect upward
rating momentum to emerge over the near term. However, over the long
term, Avation's ratings could be positively influenced by improved
scale efficiencies, leverage approaching 3.0x, increased utilization
of unsecured funding sources, and continued demonstration of
residual-value risk management. Improved fleet, geographic and/or
lessee diversification, provided such actions are undertaken at a
moderate pace and do not adversely affect underwriting or pricing
terms, would also be viewed positively.



The ratings could be adversely affected by the credit deterioration of
underlying lessees, particularly those that represent a meaningful
portion of Avation's portfolio, which could result in lower revenue
yields and the need to redeploy aircraft. Factors that could also lead
to negative rating momentum include maintenance of leverage above
4.0x, rapid expansion that is not accompanied by consistent
underwriting standards and commensurate growth in capital levels and
staffing, deterioration in residual value realizations, or an
inability to successfully navigate market downturns.



The expected rating assigned to the senior unsecured debt is expected
to be equalized with the company's Long-Term IDR upon resolution of
the Positive Watch and would be expected to move in tandem. However,
the unsecured debt rating could be notched below Avation's IDR should
secured debt increase as a percentage of total debt, adversely
affecting the unencumbered pool contracts and expected recoveries on
the senior unsecured debt.



Fitch has placed the following Ratings on Rating Watch Positive:



Avation PLC



  -- Long-Term IDR 'B+';



Avation Capital S.A.



  -- Long-Term IDR 'B+';



  -- Senior unsecured debt 'B+'/'RR4'.



Avation Group (S) Pte. Ltd.



  -- Long-Term IDR 'B+'.



Fitch has assigned the following expected rating:



Avation Capital S.A.



  -- Senior unsecured debt 'BB-(EXP)'.



According to Fitch's "Non-Bank Financial Institutions Rating
Criteria", the agency typically assigns recovery ratings to issues of
non-bank financial institutions with a Long-Term IDR of 'B+' or lower.
Since Avation's Long-term IDRs are expected to be to upgraded to 'BB-'
from 'B+' upon the resolution of the Positive Watch, Avation's
expected issue level rating does not correspond with a recovery
rating.



Avation is a Singapore-headquartered commercial passenger aircraft
leasing company focused on turboprop and jet aircraft in the
Asia-Pacific and European regions. As of Dec. 31, 2017, its fleet
contained 19 ATR72 500-600s, 16 narrowbody regional jets (A320-321s
and F100s) and 2 widebody aircraft (A300-300 and B777-300ER). The
company was incorporated in England and Wales in 2006 and is listed on
the London Stock Exchange under the ticker AVAP.







===============

X X X X X X X X

===============





MALDIVES: Fitch Assigns Final 'B+' Rating to USD100 Million Bonds

-----------------------------------------------------------------

Fitch Ratings has assigned the Maldives' USD100 million 5.5% bonds due
April 26, 2023 a final rating of 'B+'. This replaces the expected
rating of 'B+(EXP)' that Fitch assigned on April 25, 2018. The bond
was privately placed with the Abu Dhabi Fund for Development and is
listed on the Abu Dhabi Stock Exchange.



KEY RATING DRIVERS

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



RATING SENSITIVITIES

The rating would be sensitive to any changes in the Maldives'
Long-Term Foreign-Currency IDR.



Fitch assigned the Maldives a Long-Term Foreign-Currency IDR of 'B+'
with a Stable Outlook in May 2017. The Long-Term Local-Currency IDR is
also 'B+'/Stable.







                             *********



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 ***