TCRAP_Public/180521.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, May 21, 2018, Vol. 21, No. 099

                            Headlines


A U S T R A L I A

ALL FILTRATION: Second Creditors' Meeting Set for May 24
AMPHORA INTERMEDIATE: S&P Assigns Prelim 'B' ICR, Outlook Stable
BCI FINANCES: U.S. Ct. Recognizes Australian Foreign Proceedings
BUX GLOBAL: Federal Court Allows Wind Up Bid to Continue
C & J SMITH: First Creditors' Meeting Set for May 28

JATTA HOLDINGS: Second Creditors' Meeting Set for May 25
PALMER ST: Second Creditors' Meeting Scheduled for May 29
REECE LIMITED: Moody's Assigns Ba1 CFR, Outlook Stable
REECE LTD: S&P Assigns 'BB+' Issuer Credit Rating, Outlook Stable
SPEEDCAST INTERNATIONAL: S&P Rates First-Lien Term Loan B 'BB-'

RELIANCE FRANCHISE: First Creditors' Meeting Set for May 24
TOLSTON PTY: First Creditors' Meeting Slated for May 28


C H I N A

EHI CAR: Fitch Lowers Long-Term IDR to 'B+', Off RWN
HOPSON DEVELOPMENT: S&P Alters Outlook to Pos.; Affirms 'B-' ICR
TIANJIN METALLURGY: Tianjin Halts Land Sale Meant to Pay Debts
WUZHOU INTERNATIONAL: Fitch Withdraws 'CCC' Long-Term FC IDR


H O N G  K O N G

CHINA SOUTH: Fitch Rates Proposed USD Notes 'B(EXP)'
CHINA SOUTH: S&P Assigns 'B-' Rating to New USD Unsecured Notes


I N D I A

3B INFRASTRUCTURE: Ind-Ra Maintains BB- Rating in Non-Cooperating
ALEX GREEN: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
ASHA ENTERPRISES: Ind-Ra Maintains BB+ Rating in Non-Cooperating
ASHIANA LANDCRAFT: CARE Cuts Rating on INR175cr LT Loan to B+
B.S.R. BUILDERS: CRISIL Withdraws B- Rating on INR10MM Term Loan

BATHERO SANITARY: CRISIL Reaffirms B- Rating on INR5.45MM Loan
BHUSHAN STEEL: Tata Steel Completes Controlling Stake Purchase
CONTINENTAL EARTH: Ind-Ra Migrates BB Rating to Non-Cooperating
DIAMOND NUTS: CRISIL Reaffirms B+ Rating on INR12MM LT Loan
EXPRESS INFRATECH: CRISIL Lowers Rating on INR14.2MM Loan to B+

FOODLINK RESTAURANT: Ind-Ra Retains BB Rating in Non-Cooperating
GENERAL POLYTEX: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
GREY'S EXIM: Ind-Ra Retains BB- Issuer Rating in Non-Cooperating
GS EXPRESS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
HINDUSTHAN LOHA: Ind-Ra Migrates 'BB' Rating to Non-Cooperating

ION HEALTHCARE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
JAI KEDARNATH: CRISIL Withdraws B Rating on INR7MM Term Loan
JOGINDRA CASTINGS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
KARNATAKA TURNED: CRISIL Raises Rating to B+ on INR5.57MM Loan
KVR AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR3MM Loan

MAGPPIE EXPORTS: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
MAHIMA COLD: CARE Assigns B+ Rating to INR6.22cr LT Loan
MURLI COLD: CARE Assigns B+ Rating to INR9.97cr LT Loan
NILACHAL REFRACTORIES: CRISIL Moves D Rating to Not Cooperating
PARAMESWARA AGENCIES: Ind-Ra Retains B Rating in Non-Cooperating

PARTAP WIRE: CRISIL Hikes Rating on INR8.5MM Cash Loan to B+
PICASSO HOME: CRISIL Reaffirms B Rating on INR3.25MM LT Loan
PRASHANT AUTOMOBILES: Ind-Ra Retains B- Rating in Non-Cooperating
PREMIUM FERRO: CRISIL Migrates B+ Rating to Not Cooperating
S. E. ENTERPRISES: CRISIL Withdraws B Rating on INR5MM Cash Loan

SHREE TIRUPATI: CRISIL Reaffirms B Rating on INR10MM Cash Loan
SHRI RAM: CARE Assigns B+ Rating to INR6.05cr Long Term Loan
SIS HOSPITAL: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
SRI KRISHNA: CRISIL Lowers Rating on INR6.5MM Cash Loan to D
SRISHTI INFRA: CRISIL Withdraws B+ Rating on INR3.5MM Loan

SUKUMARAN G: CRISIL Assigns B- Rating to INR10MM Cash Loan
SUNIL HITECH: CARE Lowers Rating on INR412cr LT Loan to D
TUSAR FABENGINEERS: CRISIL Withdraws B+ Rating on INR5MM Loan
VIBRANT CONSTRUCTIONS: Ind-Ra Assigns BB Rating, Outlook Stable
VIJAY AUTOMOBILES: Ind-Ra Maintains B+ Rating in Non-Cooperating

VINAY WIRES: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
VIPUL OVERSEAS: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
YOGESH TRADING: Ind-Ra Maintains 'BB' Rating in Non-Cooperating


I N D O N E S I A

GARUDA INDONESIA: Enters Code-Share Agreement with Sriwijaya Air


J A P A N

TOSHIBA CORP: S&P Raises Long-Term Corporate Credit Rating to 'B'


M A L A Y S I A

PERISAI PETROLEUM: Plans Rights Issue to Uplift PN17 Status


N E W  Z E A L A N D

CHELSEA VIEW: In Liquidation; Owes Creditors Millions


S O U T H  K O R E A

GM KOREA: KDB, GM Ink Deal to Rescue South Korean Unit


                            - - - - -


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


ALL FILTRATION: Second Creditors' Meeting Set for May 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of All
Filtration Technologies Australia Pty Ltd has been set for
May 24, 2018, at 12:00 p.m. at Ourimbah Lisarow RSL Club,
6/20 Pacific Highway, in Ourimbah, NSW.

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 23, 2018, at 5:00 p.m.

Todd Andrew Gammel and Barry Anthony Taylor of HLB Mann Judd were
appointed as administrators of All Filtration on April 18, 2018.


AMPHORA INTERMEDIATE: S&P Assigns Prelim 'B' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it assigned its preliminary 'B'
long-term issuer credit rating to Amphora Intermediate II
Limited, parent of Accolade Wines group, an Australia-based wine
producer and distributor. The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to the GBP301 million (A$550 million equivalent)
senior secured term loan B due 2025, with a recovery rating of
'3', indicating our expectation of meaningful recovery (50%-70%;
rounded estimate 55%) in the event of default.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary rating should not be construed as evidence of the
final rating. If the terms and conditions of the final
transaction depart from the material we have already reviewed, or
if the transaction does not close within what we consider to be a
reasonable time frame, we reserve the right to withdraw or revise
our ratings."

Accolade Wines is the fifth largest wine company in the world by
volume. By value, the company is the No. 1 player in U.K. and No.
2 in Australia, with a market share of about 8% in both regions.
S&P expects Accolade Wines to report total annual sales of about
A$950 million-A$1,000 million (including non-core activities) and
reported EBITDA of A$85 million-A$90 million for the year-end
2017/2018 (fiscal year ending June 30, 2018).

Accolade Wines outsources nearly all of its wine production, with
about 97% of volume sold coming from purchased grapes and bulk
wine, whereas the remainder (about 3%) is from Accolade Wines-
owned or leased vineyards. About 48% of total wine sourced is
from the Riverland Grape Producers Co-operative (comprising more
than 500 Australian growers). Finally, S&P notes that the company
has several trading arrangements to buy and sell wine in bulk in
order to manage its inventory level.

The company's business risk profile is supported by the good
brand equity power of its main wine brands (such as Hardys, Echo
Falls, Kumala, and Grant Burge). The company has about 50 brands
across multiple varieties and price points, of which three are
within the top 10 brands by volume, both in the U.K. and
Australia.

Accolade Wines is repositioning itself toward a more premium
segment (retail price higher than A$10 per bottle) considering
that the premium segment is outperforming the more
commercial/mainstream categories (retail price below A$10 per
bottle). S&P said, "However, we note that this change will be
gradual considering that the company is still predominately
focused on the mainstream segment (about 65%-70% of total company
sales). We therefore expect Accolade Wines to invest more in
marketing activities compared with the past few years."
Additionally, the company is reducing its exposure to its
residual private label business and other lower margin contracts.

In order to accelerate the premiumization strategy, in January
2017, Accolade Wines acquired Fine Wine Partners, an Australia-
based premium wine producer (including six brands and four
Australian wineries).

S&P said, "Furthermore, we evaluate positively Accolade Wines'
long-term relationships with its main clients such as with Tesco,
Asda (for the U.K. market), and Woolworths and Coles (in
Australia). These relationships span for more than 25 years.

"In our view, Accolade Wines' business risk profile is
constrained by the challenging dynamics in the U.K. wine industry
(core market for the company) due to the relatively strong
bargaining power of major retailers, the changing in consumer
preference (driven by the premiumization trend), and the maturity
of the market with limited potential for volume upside. In
addition, we think that some temporary disruptions could arise
from the recent administration procedures entered by one of
company's U.K. distributors, Conviviality PLC.

"Furthermore, we notice that there is some customer and brand
concentration, which constrains our assessment of the company's
business risk profile, with the top three customers accounting
for about 35% of annual sales, whereas the top five brands
account for about 50%. In terms of geographical diversification,
Accolade Wines' main markets are the U.K. and Australia, which
account for 45%-50% and 30%-35%, respectively, of total sales for
the fiscal year 2017/2018."

Accolade Wines is committed to penetrating the Chinese market
(currently representing less than 5% of company' sales) in order
to benefit from robust growth that the Chinese wine industry is
continuing to experience (+5.3% value compound annual growth rate
in 2011-2016 according to Euromonitor). The growth potential for
international players is also supported by local Chinese wine
producers losing market share to imported wine. However, S&P
recognizes some execution risks in penetrating the Chinese
market, mainly related to the construction of an effective
distribution network.

S&P said, "Looking at the profitability level, under our base
case we assume a reported EBITDA margin in the high single-
digits, below the industry average for the alcoholic beverage
sector. This is explained by company's focus on
commercial/mainstream wine categories, strong price competition
in U.K. (compared with other markets in the world), and by margin
dilutive effects coming from the company's "non-core" business
activities (such as private labels and bulk wine trading).

"Our assessment of the group's financial risk profile reflects
our estimate of its S&P Global Ratings-adjusted debt to EBITDA
staying within 6.0x-5.5x over the next 18-24 months. Under our
base case, we forecast gradual deleveraging, mainly owing to
moderate strengthening in absolute EBITDA value.

"At the same time, we expect Accolade Wines to have a good EBITDA
interest coverage ratio close to 3.0x and we assume the company
will post neutral free operating cash flow (FOCF) in 2019 (to
support the capital investments), and positive FOCF--although
limited--starting from 2019/2020. The company plans to invest
significant capital expenditure (capex) in the fiscal year
2018/2019 in order to bring the Australian bottling operations
in-house (ending the outsourcing deal agreements with Treasury
Wine Estate and other third parties). In this way, Accolade Wines
will deliver cost savings, while taking control of its operation
activities (bottling and warehousing)."

In S&P's base case, it assumes:

-- For the full fiscal year 2017/2018, total revenues of about
    A$950 million-A$1,000 million, including the six-month
    consolidation effect of Fine Wine Partners. For the next
    three years, S&P expects a low-single digit average growth
    rate with more challenging volume growth in the core markets,
    offset by expansion in China and generally higher average
    selling prices.

-- Relatively stable reported EBITDA margin in the high single-
    digits over the next 18-24 months, assuming positive effects
    coming from premiumization strategy and in sourcing of
    bottling operations in Australia.

-- Total annual capex of about A$35 million for the full-year
    2018/2019, and about A$25 million in 2019/2020. In relation
    to the expansionary capex, S&P notices that A$25 million is
    equity pre-funded with the proposed transaction.

-- No dividend payment and acquisitions.

Based on these assumptions, S&P arrives at the following credit
measures for the next two years:

-- S&P Global Ratings-adjusted debt to EBITDA of 6.0x-5.5x; and
-- EBITDA interest coverage close to 3.0x.

S&P said, "The stable outlook reflects our view that Accolade
Wines' operational performance should be resilient and the
company will be able to generate a reported EBITDA margin in the
high single-digits during the next 12 months. In our view, the
company's performance should be mainly supported by a more
favorable product mix and higher penetration in China offsetting
some volume pressures in the U.K. and Australia. Under our base-
case scenario, we assume that Accolade Wines will post S&P Global
Ratings-adjusted debt-to-EBITDA of 5.5x-6.0x over 2018-2019. At
the same time, we expect the company to be able to post positive
cash flow generation and EBITDA interest coverage close to 3.0x.

"We could lower the ratings if Accolade Wines' ability to
generate positive cash flow becomes significantly weaker than we
currently anticipate or if the EBITDA interest coverage ratio
fell below 2.0x. This could result from a worsening operating
environment in the core markets, for example owing to a loss of a
key client, or stronger competition than anticipated.
Furthermore, we could lower the ratings if the company's
liquidity comes under pressure.

"We could consider raising the ratings if the company is able to
significantly increase its profitability and to post a track
record of healthy positive cash flow generation. For an upside
scenario we would also need to see the company maintain an S&P
Global Ratings-adjusted debt to EBITDA sustainably below 5.0x,
with a financial policy commitment to a permanently less leverage
capital structure."


BCI FINANCES: U.S. Ct. Recognizes Australian Foreign Proceedings
----------------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York granted the foreign representatives'
petitions for recognition under Chapter 15 of the Bankruptcy Code
of the Australian liquidation proceedings of debtors B.C.I.
Finances Pty Limited, Binqld Finances Pty Limited, E.G.L.
Development (Canberra) Pty Limited, and Ligon 268 Pty Limited.

Liquidators John Sheahan and Ian Russell Lock sought recognition
of the Debtors' Australian liquidation proceedings as foreign
main proceedings under Chapter 15 of the Bankruptcy Code in order
to facilitate the administration of the Debtors' estates in
Australia. Specifically, the Liquidators seek the assistance of
the Court in gaining access to and/or conducting discovery of
Andrew and Michael Binetter, and any Debtor assets, documents, or
records they may have with them in the United States.

Objecting parties Ligon 158 Pty Limited and Andrew Binetter argue
that the Debtors are not eligible for relief under Chapter 15
because they have not satisfied Section 109(a) of the Bankruptcy
Code, which dictates that "only a person that resides or has a
domicile, a place of business, or property in the United States,
or a municipality, may be a debtor under this title."

The Court holds that the retainer account constitutes property of
the Debtors that satisfies Section 109(a) of the Bankruptcy Code.
It is well established that "[a] debtor's funds held in a
retainer account in the possession of counsel to a foreign
representative constitute property of the debtor in the United
States and satisfy the eligibility requirements of section 109."
As a general matter, courts that have construed the "property"
requirement in Section 109 "with respect to foreign corporations
and individuals have found the eligibility requirement satisfied
by even a minimal amount of property located in the United
States."

The Court also concludes that the Debtors' Fiduciary Duty Claims
against Andrew and Michael Binetter constitute property in the
United States to satisfy Section 109(a). It is undisputed that
these claims are property of the Debtors.

The parties also disagree regarding the sufficiency and propriety
of the record concerning Australian law. The Objecting Parties
specifically request that "[s]hould this Court determine that it
must refer to Australian law, . . . the Court reopen the
evidentiary hearing to allow for cross-examination of [Debtors'
Australian law expert] and rebuttal." But the Court has already
accepted dueling declarations from both sides' experts, and
declines to re-open the record on Australian law. Instead, the
Court has examined the existing record and finds it to be
sufficient for determining applicable Australian law. The record
here is consistent with Federal Rule of Civil Procedure 44.1,
which governs determinations of foreign law.

Having found that Australian law applies, the Court agrees with
the Debtors' expert that Australian law provides that the
Fiduciary Duty Claims are located in New York where the Binetters
reside. The Liquidators submitted two declarations on the issue
from their expert on Australian law. Mr. Tobin Meagher first
concludes that the Fiduciary Duty Claims against Andrew and
Michael Binetter constitute property of the Debtors. Mr. Meagher
also concludes that Australian courts classify "a claim for
breach of fiduciary duty . . . in terms of property, as a chose
in action . . . ." The Objecting Parties' expert does not dispute
either of these conclusions, both of which the Court finds
persuasive and adopts.

A full-text copy of the Court's Memorandum Decision dated
April 24, 2018 is available at:

            http://bankrupt.com/misc/nysb17-11266-40.pdf


Counsel for John Sheahan and Ian Russell Lock as Liquidators:

     Robert N. H. Christmas, Esq.
     Christopher J. Fong, Esq.
     NIXON PEABODY LLP
     55 West 46th Street
     New York, New York 10036
     rchristmas@nixonpeabody.com
     cfong@nixonpeabody.com

Counsel for Ligon 158 Pty Limited and Andrew Binetter:

     Adam H. Friedman, Esq.
     Jonathan T. Koevary, Esq.
     OLSHAN FROME WOLOSKY LLP
     1325 Avenue of the Americas
     New York, New York 10019
     afriedman@olshanlaw.com
     jkoevary@olshanlaw.com

                        About BCI Finances

B.C.I. Finances PTY Ltd. is an Australian borrowing and lending
entity that operated within a complex group of companies targeted
by Australian authorities for 25 years of tax avoidance.

B.C.I. Finances Pty Limited (in Liquidation) and three
affiliates, Binqld Finances Pty Limited (in Liquidation), E.G.L.
Development (Canberra) Pty Limited (in Liquidation), and Ligon
268 Pty Limited (in Liquidation) filed Chapter 15 petitions
(Bankr. S.D.N.Y. Lead Case No. 17-11266) on May 9, 2017, to seek
recognition of their winding down proceedings in Australia.

John Sheahan and Ian Russell Lock, the foreign representatives,
signed the Chapter 15 petitions.

The Hon. Sean H. Lane presides over the Chapter 15 cases. Robert
N. H. Christmas, Esq., and Christopher J. Fong, Esq., at Nixon
Peabody LLP, in New York, serve as counsel to the petitioners.


BUX GLOBAL: Federal Court Allows Wind Up Bid to Continue
--------------------------------------------------------
Tim Clarke at The West Australian reports that a bid to wind up
Bux Global Limited, a mobile phone-based money transfer business
which has attracted $100 million in investments - along with
allegations of money laundering and extortion - will be allowed
to continue, a Federal Court judge has ruled.

The West Australian says Bux Global sold itself to investors with
promises to "improve the financial wellbeing of the many" but a
few of those investors are now worried the millions of dollars
they pumped into the firm may never be seen again.

The report relates that the investors include former world
champion boxer Danny Green and ex-Test cricketer Greg Matthews
but another - Queensland businessman Peter Hooke - is now trying
to have the company wound up.

According to The West Australian, the application comes after Mr
Hooke made an initial cash investment of more than $1.5 million
to Bux after meeting chief spruiker Michael van Rens, previously
a major figure in the Firepower fuel pill fraud that robbed many
West Australians of their life savings.

The investment led Mr Hooke to have a shareholding in an entity
in Hong Kong, which was then transferred to a shareholding in
Australia - without his agreement or knowledge, the report says.

But despite his not knowing he was a Bux shareholder, he was on
the list - which he is now arguing entitles him to have the
company wound up in a bid to recoup his money.

The West Australian relates that in the Federal Court in Perth on
May 16, lawyers for Bux argued that while Mr Hooke might appear
on a share register, he was not a "contributory" to the company,
and as such had no right to make the wind-up application.

But after hearing more than two hours of argument - including
from the Bux side citing law dating back more than 150 years -
Judge Craig Colvin said Mr Hooke did have an arguable case, and
that it should be argued at a hearing scheduled for later this
year, the report relays.

In his ruling, Judge Colvin also agreed that the circuitous route
which Mr Hooke came to have Bux shares was "unusual," relays The
West Australian.

Darren Jackson, representing Mr. Hooke, said the Bux claim was
not just unusual, it was unlawful.

"They should not be permitted to rely on their own unlawful
conduct to prevent a liquidator from coming in and sorting it
out," the report quotes Mr. Jackson as saying.

The full Federal Court hearing is scheduled for July, the report
discloses.

Bux Global Limited -- https://www.bux.com/ -- is a mobile phone-
based money transfer company.

Peter James Hooke filed an application for the winding up of Bux
Global Limited on Dec. 22, 2017.


C & J SMITH: First Creditors' Meeting Set for May 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of C & J
Smith Pty Ltd as trustee for Smiths by Four Family Trust will be
held at the offices of Charles & Co, Suite 2, Level 1, 190 Queen
Street, in Melbourne, Victoria, on May 28, 2018, at 10:00 a.m.

Claudio Trimboli and Nedin Talic of Charles & Co were appointed
as administrators of C & J Smith on May 16, 2018.


JATTA HOLDINGS: Second Creditors' Meeting Set for May 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of Jatta
Holdings Pty Ltd has been set for May 25, 2018, at 11:00 a.m. at
the offices of HLB Mann Judd (Insolvency WA), Level 3, 35 Outram
Street, in West Perth, WA.

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 24, 2018, at 5:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of Jatta Holdings on April 20, 2018.


PALMER ST: Second Creditors' Meeting Scheduled for May 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Palmer St
Developments Pty Ltd has been set for May 29, 2018, at 11:00 a.m.
at the offices of RSM Australia Partners, Level 6, 340 Adelaide
Street, in Brisbane, Queensland.

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 28, 2018, at 5:00 p.m.

Mitchell Herrett and Frank Lo Pilato of RSM Australia Partners
were appointed as administrators of Palmer St on Feb. 26, 2018.


REECE LIMITED: Moody's Assigns Ba1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to Reece Limited.

At the same time, Moody's has assigned a Ba1 senior secured
rating to its proposed USD1,140 million senior secured Term Loan
Facility entered into by Hamilton Holdco LLC and Reece
International Pty Ltd, both 100%-owned and guaranteed
subsidiaries of Reece.

The proceeds of the issuance will be used towards the acquisition
of MORSCO, Inc.

This is the first time that Moody's has assigned ratings to
Reece.

The outlook on the ratings is stable.

RATINGS RATIONALE

The company's rating benefits from Reece's strong established
market position as the largest supplier of plumbing, bathroom,
waterworks, and heating, ventilation, air-conditioning and
refrigeration (HVAC-R) products across Australia. The rating also
benefits from its strong geographic footprint in Australia,
exceptional distribution and supply chain capabilities and
comprehensive product offering across its product range.

Reece's strong position in the Australian market is evidenced by
high Moody's adjusted EBITDA margins of around 16.5%.

The rating additionally benefits from a track record of
conservative financial management. Reece's adjusted debt/EBITDA
as at December 2017 was 0.3x.

Reece has operated with reported net cash -- on a consolidated
basis -- on a regular basis, but has used debt to fund
acquisitions. In such case, it has then repaid that debt over
time to return to a net cash position. Moody's expects that Reece
will focus on reducing debt materially from free cash flow.

The rating is otherwise constrained by the size of the MORSCO
acquisition, with MORSCO's annual revenue broadly in line with
that of Reece. MORSCO has a weaker credit profile as it operates
in a more fragmented and competitive market and with a less
advanced product offering platform. MORSCO also has materially
lower adjusted EBITDA margins than Reece, at around 6.4% compared
to Reece's 16.5%

Reece's rating is also constrained by the high level of debt
incurred to acquire MORSCO. Moody's anticipates pro forma Moody's
adjusted debt/EBITDA of around 3.5x.

MORSCO's business is very similar to that of Reece, and both
parties will benefit from respective relative strengths in
certain areas. Moody's believes that integration risks are lower
than for most instances where Australian companies acquire
overseas companies, partly because the transaction is not
predicated on extracting synergies.

The transaction risk is somewhat mitigated by Moody's expectation
that around 75% of adjusted EBITDA will derive from Reece's
Australian operations. Moody's considers Australian derived
earnings to be less susceptible to volatility, given Reece's
market strengths.

Moody's expects that Reece will, in line with past experience,
seek to reduce financial leverage. Specifically, Moody's
anticipates that adjusted debt/EBITDA will fall to around 3.0x
within two years from a pro forma 3.5x.

Reece will have a strong liquidity profile, following the
acquisition of MORSCO.

Rating Outlook

The stable outlook reflects Moody's expectation that market
conditions will continue to support Reece's earnings growth
trajectory, combined with capacity to reduce debt gradually.

Factors that Could Lead to an Upgrade

The rating could be upgraded if Reece successfully integrates
MORSCO, with MORSCO's earnings remaining in line with
expectations, consolidated adjusted debt/EBITDA below 3.0x and
adjusted EBITA interest coverage exceeding 5.0x, on a sustained
basis.

Factors that Could Lead to a Downgrade

Metrics that Moody's will consider for a downgrade include
adjusted debt/EBITDA rising above 3.75x and/or EBITA interest
coverage falling below 3.50x. Negative rating pressure could
arise if the acquisition of MORSCO reveals unexpected structural
or operational challenges, or there is an adverse change in the
respective operating environments in Australia and/or the US.

The principal methodology used in these ratings was Distribution
& Supply Chain Services Industry published in December 2015.


REECE LTD: S&P Assigns 'BB+' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB+' long-term
issuer credit rating to Reece Ltd. The outlook is stable.

S&P said, "At the same time, we assigned  a 'BB+' issue rating
and recovery rating of '3' to the proposed senior secured
US$1,140 million term loan B (TLB) issued by Hamilton HoldCo LLC
and Reece International Pty Ltd. The '3' recovery rating
indicates our expectation for meaningful recovery of 55% in the
event of a payment default. The issue rating is based on the
proposed TLB documentation.

"The issuer credit rating reflects our assessment of Reece's
modest scale of operations compared with global peers' and
leading position in the competitive and niche building materials
distribution industry in Australia."

The acquisition of U.S.-based Morsco Inc. (B/Stable) is a
significant event and will present execution risks associated
with operating a business outside of Reece's home market. S&P
views the U.S. marketplace as larger and more competitive and its
scale is more fragmented.

However, Reece has a track record of stable profitability and
free cash flow generation, driven by its leading Australian
market position. Despite Reece's exposure to cyclical end-market
demand over the previous five years, it has benefited from robust
housing market conditions in Australia. The company's plumbing-
related distribution focus generally requires minimal capital,
and coupled with its solid penetration of the Australian plumbing
supplies market, it has generated above-average EBITDA margins.
The company's moderately conservative financial policies are in
line with the 'BB+' rating.

S&P said, "We view favorably Reece's sizable network and long
relationships with the plumbing contractor industry. In
Australia, Reece specializes in the distribution of wholesale
plumbing equipment, HVAC-R (heating, ventilation, air
conditioning, and refrigeration), water infrastructure, onsite
(large-scale projects), and irrigation products. Despite its
modest scale relative to industry peers', Reece has the largest
market share in Australia, capturing about 40% of the
distribution of plumbing and building material products."

Bolstering its market share is its sizable branch network of 601
stores and six distribution centers across Australia, favorable
economic conditions, and a presence in the populous and higher
income housing markets of Victoria and New South Wales. Although
Reece's operating model is capital-light, its operating
expenditure is intensive. However, the low barriers to entry in
the more competitive U.S. market will offset the strength of the
group's domestic market presence.

The growing presence of well-capitalized competitors underpins
the need for Reece to maintain its service quality and wide
product range to maintain its competitive advantage. The company
has grown its product range and its technological capabilities to
enhance user convenience and inventory visibility.

Reece's entry into the U.S. market presents challenges despite
its sound track record of managing its domestic growth strategy.
In the U.S., the building materials industry has undergone a
period of consolidation by financial sponsors. Reece's proposed
acquisition of Morsco is the company's first acquisition in the
U.S building materials market, significantly expanding its
geographic reach.

Morsco has a narrow product range and high geographic
concentration in the southern region of the U.S. The company's
diversified customer and supplier base partially offset these
risks. Morsco generates about 60% of its revenue from plumbing
products to trades in residential and commercial. The remaining
revenue contribution is from water, sewer, and storm products for
utility, general, and municipal contractors; and from HVAC
wholesale distribution. Reece and Morsco operate primarily
through a distribution model that allows for a highly variable
cost structure. Further, Morsco's materially lower S&P Global
Ratings-adjusted margins of about 5% are due to the fragmented
and competitive building materials industry in the U.S.

Reece is proposing to acquire Morsco from financial sponsor
Advent International for US$1,440 million (about A$1,910
million). Reece will finance the acquisition with a seven-year
US$1,140 million senior secured TLB, a five-year US$100 million
revolving credit facility, and an equity raising of about A$600
million. The equity raising includes a A$300 million equity
contribution by the Wilson family, who are the majority owners
with about 76% of shares outstanding. This is a very high
proportion of ownership by one family given that Reece is an
Australian company listed on the Australian Stock Exchange. The
transaction has an implied acquisition multiple of 14.4x pro-
forma adjusted EBITDA before costs, for the 12 months ended
Dec. 31, 2017. The transaction is likely to close in July 2018.

S&P said, "Our assessment of Reece's financial risk is weighted
to the year ending June 30, 2019, onward, assuming completion of
the transaction and inclusion of the majority of revenues and
earnings from Morsco, as well as adjustments for operating
leases. We have not assumed any synergy benefits and do not
adjust for one-off integration or transaction costs.

"Our rating incorporates our expectation that the company will
manage its S&P Global Ratings-adjusted debt to EBITDA below 3.0x.
We also expect Reece to manage its leverage within this range
even with bolt-on acquisitions, as it participates in the broader
industry consolidation.

"Should Reece's debt-to-EBITDA ratio increase above 3.0x, we
expect it to be temporary, with the company likely to promptly
deleverage to levels below 3.0x, based on the company's track
record. For example, the company funded the A$280 million
acquisition of Actrol/Metalflex in 2014 with cash and a senior
debt committed facility of A$250 million, which it paid down to
A$100 million in three years.

"The stable outlook reflects our expectation that Reece will
continue to grow its market share in the plumbing and building
products industry, and manage the integration and execution risks
associated with its acquisition of U.S.-based Morsco.

"We view Reece as a capital-light and cash-generative business.
We expect its debt to EBITDA to remain comfortably below 3.0x and
free operating cash flow to debt in excess of 15%. This provides
the company with financial headroom to pursue strategic
acquisitions and acts as a buffer against variable end-market
demand.

"We could lower the rating if the company's adjusted debt to
EBITDA sustainably exceeds 3.0x as a result of debt-funded
growth, higher-than-expected integration costs from its U.S.
business, and a weaker operating environment following an
industry downturn. We could also lower the rating if more
intensive competition reduces Reece's market position in either
of its plumbing segments of Australia and the U.S.

"We consider an upgrade less likely over the next few years given
the execution and integration challenges associated with Morsco
and Reece's lack of track record operating in the U.S. However,
over time, upward rating action could occur if Reece were to
increase its scale and earnings diversity. We could also consider
upward rating action if the company committed to a more
conservative set of financial policies that enable it to sustain
an S&P Global Ratings-adjusted debt to EBITDA of less than 2.0x."


SPEEDCAST INTERNATIONAL: S&P Rates First-Lien Term Loan B 'BB-'
---------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB-' issue
rating with a recovery rating of '3' to the secured first-lien
US$425 million term loan B issued by SpeedCast Communications
Inc. (BB-/Stable) and guaranteed by Speedcast International Ltd.
(BB-/Stable). The '3' recovery rating indicates S&P's
expectation for meaningful recovery of 50% in the event of a
payment default. The issue rating on the loan is in line with the
issuer credit rating on Speedcast International.

S&P said, "The rating on Speedcast International reflects our
assessment of the company's leading position in the niche remote
satellite services market, the industry's modest barriers to
entry, and variable end-market demand. Other rating factors
include the company's capital-light operating model, limited
track record in its current business configuration, likelihood of
ongoing corporate activity, and supportive financial policies at
the 'BB-' level."


RELIANCE FRANCHISE: First Creditors' Meeting Set for May 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Reliance
Franchise Partners Pty Ltd will be held at the offices of FTI
Consulting, Level 6, 30 The Esplanade, in Perth, WA, on May 24,
2018, at 11:00 a.m.

Daniel Hillston Woodhouse and Ian Charles Francis of FTI
Consulting were appointed as administrators of Reliance Franchise
on May 14, 2018.


TOLSTON PTY: First Creditors' Meeting Slated for May 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tolston
Pty. Ltd. will be held at Level 11, 127 Creek Street, in
Brisbane, Queensland, on May 28, 2018, at 11:00 a.m.

Christopher John Baskerville of Jirsch Sutherland was appointed
as administrator of Tolston Pty on May 16, 2018.



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


EHI CAR: Fitch Lowers Long-Term IDR to 'B+', Off RWN
----------------------------------------------------
Fitch Ratings has downgraded China-based car-rental and services
operator eHi Car Services Limited's Long-Term Issuer Default
Rating (IDR) to 'B+' from 'BB-' and removed it from Rating Watch
Negative (RWN). The Outlook is Stable.

The downgrade reflects leverage that was higher than Fitch's
expectations at the end of 2017 and Fitch's view that meaningful
deleveraging is unlikely in the next two to three years.

KEY RATING DRIVERS

Capex Drives Leverage: eHi's leverage has risen sharply in the
past two years as a result of ongoing capital expenditure for
vehicle fleet expansion. Its FFO adjusted net leverage rose to
4.3x by end-2017 from 3.4x at end-2016 and 0.8x at end-2015. The
company is exploring options to reduce its cash outlay for
vehicle purchases but Fitch believes deleveraging is unlikely in
the next few years as the company has to balance its financial
metrics against the need to maintain market share in a fast-
growing market.

New Fleet-Purchase Arrangements:  In 2017, eHi started partnering
with suppliers for car-purchase arrangements with lower initial
cash outlays and pre-determined buyback terms. The company
expects such arrangements to make up a growing portion of its
fleet expansion plans in 2018 and 2019, which will help ease
cash-flow pressures from rapid expansion. Fitch has factored in
slightly lower capital expenditure in 2018 and 2019 as a result
of such arrangements but Fitch believes this will result in a
shorter fleet replacement cycle and higher ongoing capex needs to
sustain operations.

National Expansion, Market Leader: eHi's ratings continue to be
supported by its position as the second-largest car-rental
company in China, with a majority market share in Shanghai and
eastern China. eHi's fleet size rose by 14% to almost 65,000
vehicles, and revenue gained 30% yoy to CNY2.7 billion in 2017.
eHi also expanded its geographical footprint to cover over 300
cities, and has narrowed the gap between itself and the market
leader, CAR Inc. (BB-/Stable) over the past few years with its
faster fleet expansion. Fitch expects eHi to continue expanding
and for its fleet to reach 75,000 vehicles by end-2018.

Potential Privatisation: eHi has announced a privatisation plan
led by a consortium formed by the chairman, current shareholder
Crawford/Enterprise Rent-a-Car, and MBK Partners, a private-
equity firm. The plan is still pending shareholder approval,
which may take place around 3Q18. The plan, if it proceeds, is
likely to raise eHi's net leverage, but Fitch expects the measure
to stay within Fitch's negative triggers under its base-case
forecasts.

Competitive Pressure, Regulatory Risk: China's car-rental and
services market continues to change rapidly. eHi faces fierce
competition, particularly from CAR Inc., which has adopted an
aggressive pricing strategy since 2017. This has not directly
affected eHi's pricing so far, but may pressure its profitability
if it continues. China's regulatory framework is also evolving
and some changes may adversely affect eHi's operations.

DERIVATION SUMMARY

eHi has a smaller operating scale and weaker financial profile
compared with other Fitch-rated car-rental operators, including
Car Inc., the largest car-rental operator in China, and Localiza
Rent a Car S.A. (BB/Stable), the leading rental-car operator in
Brazil. However, it has lower concentration risk compared with
CAR Inc., which is exposed to one large customer. No Country
Ceiling, parent/subsidiary or operating environment aspects have
an impact on the rating

KEY ASSUMPTIONS

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

  - Net addition of 10,300 vehicles in 2018 and 2019

  - Stable average daily revenue per available car in 2018-2020

  - EBITDA margin of 46%-48% in 2018-2020

  - Proposed privatisation not yet included in base-case
assumptions

RATING SENSITIVITIES

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

  - FFO adjusted net leverage sustained below 3.0x
Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - FFO adjusted net leverage sustained above 5.0x

  - EBIT margin sustained below 15%

LIQUIDITY

Refinancing Needed in 2018: eHi's USD200 million senior notes
will mature in December 2018. Fitch understands that the company
is currently in discussion with banks on refinancing options.

FULL LIST OF RATING ACTIONS

eHi Car Services Limited

  - Long-Term Foreign-Currency IDR downgraded to 'B+' from 'BB-';
    off RWN; Outlook Stable

  - Senior unsecured rating downgraded to 'B+' from 'BB-' with
    Recovery Rating of 'RR4'; Off RWN

  - USD400 million 5.875% notes due 2022 downgraded to 'B+' from
    'BB-' with Recovery Rating of 'RR4'; Off RWN

  - USD200 million 7.5% notes due 2018 downgraded to 'B+' from
    'BB-' with Recovery Rating of 'RR4'; Off RWN


HOPSON DEVELOPMENT: S&P Alters Outlook to Pos.; Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on China-based property
developer Hopson Development Holdings Ltd. to positive from
stable. At the same time, S&P affirmed its 'B-' long-term issuer
credit rating on the company.

S&P said, "We revised the outlook on Hopson to positive because
we expect the company will continue to ramp up its investment
property portfolio and rental income, thus enhancing its
profitability and income stability for debt servicing. We believe
the company has made significant strides in building up its
property investment portfolio over the past few years, and the
assets are starting to make material contributions to its
earnings and cash flow.

"We believe the company has a reasonable chance of improving its
liquidity and managing its leverage at a stable level.
Nevertheless, Hopson's liquidity is less than adequate with a
large short-term debt, while its leverage, at around 12x debt to
EBITDA, is still high.

"We expect Hopson to increase its rental income by over 50% in
2018 to reach Hong Kong dollar (HK$) 2 billion, increasing from
the over 30% growth it recorded in 2017. The growth is reasonably
visible given that it is mainly attributable to new rental income
from Beijing Hopson One opened at the end of 2017. In addition,
strong positive rental reversion at Shanghai Hopson International
will be realized in 2018 with the majority of tenants' contracts
coming up for renewal. Therefore, we expect rental income to be
sufficient to cover 55%-60% of the company's gross interest
expense in 2018, enhancing its ability to service debt. In
addition, natural rental appreciation across existing projects
that are generally well located will boost its income.

"However, we consider Hopson's execution capability of ramping up
and running a sizable portfolio of investment properties is still
not proven. This is despite the company having some experience in
the property rental business previously. Hopson plans for its
investment property business to produce further steady income
growth over the next two to three years. The company expects to
complete the development of eight new projects, presenting
considerable execution risk. Hopson will have to handle the
significant development pipeline as well as secure good tenants,
occupancy levels, and rental performance.

"We believe Hopson will maintain its gross profit margin above
30% in 2018-2019, due to growing rental income and its lower cost
land bank in higher tier cities. In 2017, its rental income
accounted for 10% of total revenue and its gross margin widened
to 37%, which is higher than most pure-play developers. While
Hopson's asset turnover is slow, its low cost land bank in higher
tier cities (such as Beijing) enhances its profitability.

"However, we view Hopson's liquidity position to be less than
adequate and a key credit constraint. At the end of 2017, the
company's short-term debt was in excess of HK$15 billion, around
3x its unrestricted cash position. We expect Hopson to
successfully obtain refinancing as maturing debts are project
loans provided by banks, which typically can be rolled over. In
addition, Hopson does not have alternative financing such as
asset management plans and trust loans, which are most vulnerable
under the current credit tightening environment in China.

"Furthermore, we consider Hopson has a reasonable chance of
improving its liquidity. This is because the company has large
unencumbered completed inventory and investment property assets
that it can use to obtain financing from secured borrowings or
issue asset-backed securities (ABS) that typically have longer
maturities.

"In our view, Hopson's leverage will remain high with debt-to-
EBITDA ratio staying at 11x-12x in 2018-2019 under its current
operating and financial management model. We expect the company
will continue to adhere to its existing neutral cash flow
strategy by generating cash inflow that largely matches its
outflow, and channel cash flow from property sales into
investment properties and other investments. That is consistent
with the company's track record over the past few years, given
that its land acquisition remains relatively limited. While this
model allows Hopson to meet a significant proportion of its
ongoing capital expenditure and investment needs from operating
cash flow, it also results in more limited sales and EBITDA
generation, and subsequently, a high debt-to-EBITDA ratio."

Hopson's plan to accelerate sales in 2018, however, should enable
the company to moderately improve its EBITDA generation, and may
partly offset its high leverage. The company has aims to generate
Chinese renminbi (RMB) 15 billion (HK$18 billion) of contracted
sales in 2018, consisting largely of completed properties, which
allow for same-year recognition.

S&P said, "However, we believe this projection has downside
risks, given the company's weak track record on sales execution
and lackluster sales data for the first four months of 2018.
Nevertheless, we view the existing HK$28 billion of completed
property inventory to be underutilized, and if indeed sold
quickly, could materially help Hopson to improve its liquidity
and leverage profile.

"We believe the company's management and governance are also
improving. Its development strategy and operational goals have
been clearer and more consistent over the past few years. The
senior management team has remained stable over the past few
years. Moreover, the sound performance of Hopson's investment
property portfolio demonstrates the positive results of its
strategic transformation and points to fair project execution in
previous years.

"The positive outlook reflects our expectation that Hopson will
continue to ramp up its investment property portfolio and grow
its rental income, thus enhancing its income stability for debt
servicing. We also expect the company to maintain its improved
profitability, and moderately deleverage as it accelerates sales
to destock. We believe the company is able to refinance maturing
debt at relatively competitive costs and maintain its liquidity
position at a manageable level.

"We may upgrade the company if (1) Hopson continues to grow its
rental income and increase its property sales and revenue
recognition through good execution, such that its rental income
will be able to cover over two-thirds of gross interest expenses,
while its leverage will remain stable against our expectation of
10x-11x over the next 12 months, and (2) it improves its debt
structure by reducing short-term borrowings and lengthening its
debt maturity profile, such that its liquidity sources will be
able to cover its liquidity uses over the next 12 months.

"We may revise Hopson's outlook back to stable if (1) its
liquidity position does not improve, which could be indicated by
continuing reliance on short-term financing, or (2) the company's
sales and recognition are weaker than our expectation, or its
rental income growth falls short from our expectation, such that
its debt-to-EBITDA ratio increases significantly from the current
level.

"We could also lower the rating if Hopson's liquidity further
deteriorates with problems in rolling over its short-term debt,
or its funding costs materially increase, resulting in EBITDA
interest coverage falling considerably below 1x."


TIANJIN METALLURGY: Tianjin Halts Land Sale Meant to Pay Debts
--------------------------------------------------------------
Reuters reports that the land authority of Tianjin, a port city
in North China, has ordered a court to freeze a land auction
planned by a creditor of a former unit of the debt-stricken Bohai
Steel Group.

Bohai Steel and its units have been undergoing a state-backed
debt restructuring program since 2016 as the conglomerate
struggles with liabilities of around CNY192 billion (US$30.26
billion) in one of the most high-profile failures of a state-
owned enterprise in years, Reuters says.

Reuters, citing three sources with knowledge of the matter,
discloses that the land up for auction, valued at CNY238 million,
had been seized by National Trust, a creditor of the asset's
owner, Tianjin Metallurgy Steel Wire and Cable Group, a unit of
Tianjin Metallurgy Group that defaulted on a trust loan.

Tianjin Metallurgy Group was a subsidiary of Bohai Steel before
it was spun off in 2016 under the Tianjin government-directed
rescue plan of the indebted conglomerate, Reuters notes.

According to Reuters, the land sale suspension would raise
questions over the local government's commitment to disposing of
assets owned by failing state-owned enterprises. Tianjin has also
been under the spotlight for faking economic data and for its
slowing growth and investment rates.

In a letter dated May 10 sent by Tianjin's land resources bureau
to Tianjin No.1 Intermediate Court and viewed by Reuters, the
land authority "demanded" that the court halt the auction, citing
the expiration of a land license.

That immediately forced the legal suspension of the online
auction, which had taken National Trust nearly two years to
secure, said the three sources, who described the halt as "unfair
local government intervention" that harms creditors' legal
rights, Reuters relays.

Tianjin Metallurgy Steel Wire and Cable Group is one of two
subsidiaries of Tianjin Metallurgy Group that defaulted on two
trust loans in 2016, jointly owing nearly CNY700 million in
overdue principal, interest and charges to National Trust so far,
the sources, as cited by Reuters, said.

National Trust represents 200 retail investors who had bought the
debt through trust plans, the sources said.

In an earlier letter dated Dec. 15 that was sent to Tianjin's
Communist Party chief, Li Zhonghong, and viewed by Reuters,
National Trust said it hoped Tianjin's leadership could step in
as soon as possible, adding that the city's legal and credit
environment has been "severely damaged" because of the case.

The 2016 gross domestic product of Tianjin's Binhai New Area - an
economic zone once touted as China's future Manhattan - was
actually about a third smaller than previously announced, Reuters
discloses citing a commentary in the official People's Daily on
Jan. 15.

The land sale suspension "will bring a huge irreparable economic
loss to investors and cause large social instability," National
Trust wrote in a letter to local courts following the suspension
viewed by Reuters.

Retail investors who lost their life savings in the defaulted
products have held several protests at the office of the Tianjin
government, the sources said, adds Reuters.

Tianjin Metallurgy Steel Wire and Cable Group Ltd. manufactures
and distributes steel wire and cable products. The Company
produces pre-stressed steel wire, aluminum-clad steel wire,
strand, and galvanized steel wire.


WUZHOU INTERNATIONAL: Fitch Withdraws 'CCC' Long-Term FC IDR
------------------------------------------------------------
Fitch Ratings has withdrawn the 'CCC' Long-Term Foreign Currency
Issuer Default Rating on Wuzhou International Holdings Limited as
well as the 'CCC' senior unsecured rating and the 'CCC' rating
with Recovery Rating of 'RR4' on its outstanding USD300 million
13.75% senior notes due in September 2018.

KEY RATING DRIVERS

Fitch is withdrawing the ratings without any rating action as
Wuzhou has chosen to stop participating in the rating process.
Therefore, Fitch will no longer have sufficient information to
maintain the ratings. Accordingly, Fitch will no longer provide
analytical coverage for Wuzhou.

DERIVATION SUMMARY

Not applicable.

KEY ASSUMPTIONS

Not applicable.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

LIQUIDITY

Weakening liquidity: Wuzhou's cash position (including pledged
deposit) shrank to CNY1.6 billion at end-2017 from CNY3.7 billion
a year ago, after land acquisitions to shift into residential
property development in 2017 (2016 land acquisition: nil). This
is insufficient to cover its short-term debt, which rose to
CNY7.8 billion at end-2017 (2016: CNY4.7 billion) while its
USD300 million offshore bond is due in September 2018 and it has
CNY2 billion of onshore private bonds with put options that the
company may have to buy back in August and September 2018. Wuzhou
had unutilised credit facilities of around CNY4.5 billion at end-
2017.



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


CHINA SOUTH: Fitch Rates Proposed USD Notes 'B(EXP)'
----------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) proposed US dollar senior notes a 'B(EXP)'
expected rating and a Recovery Rating of 'RR4'.

The notes are rated at the same level as CSC's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received. CSC
intends to use the net proceeds from the proposed notes primarily
to refinance its existing debt related to the construction and
development of its projects, and for general corporate purposes.

CSC's ratings are supported by well-located property projects,
growing non-development income, close collaboration with local
governments, a long record in integrated trade centre development
and sufficient liquidity. The ratings are constrained by CSC's
rising leverage and weak industry outlook.

KEY RATING DRIVERS

Rising Non-Development Income: Income from CSC's non-development
business increased by 15% yoy in the last 12 months to September
2017 to HKD1.8 billion, driven mainly by growth in its outlet,
property management service, and logistics and warehousing
businesses. Fitch believes CSC's diversification will enhance
internal cash flow and smooth out sales volatility. Fitch expects
non-development income/interest coverage, which was almost at
1.0x in the 12 months to September 2017, to exceed 1.0x in the
next 12 months.

Higher Leverage: CSC's leverage, measured by net debt/adjusted
inventory, rose to 52.4% at end-September 2017 from 48.1% a year
earlier, which was in line with Fitch's estimate. The increase in
leverage was mainly due to faster acquisitions during the year to
replenish the company's residential land bank, with land premium
making up around 80% of sales value during first half of the
financial year to 31 March 2018 (1HFY18).

Fitch expects leverage to remain between 50% and 60% for the next
two to three years if CSC continues with its estimated capex of
HKD8.5 billion-10 billion a year, which will be used to build up
saleable residential resources, replenish its residential land
bank in Tier 2 cities, and invest in its non-development segment.
Fitch believes the developer's rising leverage is mitigated by
its growing recurring income. However, CSC's ratings will come
under pressure if the non-development segment fails to expand
despite continued investment.

Residential Sales Support Performance: Contracted sales rose 37%
yoy to HKD9.8 billion in the 12 months to September 2017, buoyed
by strong sales in four Tier 2 cities: Hefei, Zhengzhou, Nanchang
and Chongqing. The increase in contracted sales was mainly driven
by a 30% rise in gross floor area sold and a recovery of 5% in
average selling prices to HKD8,130 per sq m during the period.
Residential sales accounted for around 90% of total contracted
value during 1HFY18, of which residential sales in Hefei alone
made up 37% of total sales.

Fitch expects contracted sales to reach HKD10 billion-11 billion
in FY18 as residential markets in the Tier 2 cities where the
company operates remain strong.

Weak Demand for Trade Centres: Demand in the trade and logistics-
centre sector has been weak since late 2014 as small and medium-
sized enterprises have withheld investment amid weaker economic
growth, slower relocation demand, delays in completion of
transportation networks by local governments, and weaker investor
appetite. Fitch does not see any signs of recovery in demand for
trade centre space in the next 12-18 months.

Sustained EBITDA Margin: CSC's EBITDA margin narrowed to 29.0% in
the 12 months to September 2017 from above 30% in past years,
mainly due to shift towards lower-margin residential properties.
However, this is mitigated by the company's low weighted-average
land cost of CNY404 (HKD493) per sq m in 1HFY18, and a cut in
selling and general expenses (12 months to September 2017: -17%
yoy), and larger recurring EBITDA from the non-development
segment. Fitch expects CSC's EBITDA margin to remain at around
30% in the next year or two, providing a buffer to absorb average
selling price volatility.

DERIVATION SUMMARY

CSC's projects are located in Tier 1 and 2 cities in China, which
are better located than two other Fitch-rated trade centre
developers - Hydoo International Holding Limited (B-/Stable) and
Wuzhou International Holdings Limited (CCC), whose projects are
mainly in Tier 3 and 4 cities. This translates into larger scale
and better EBITDA margins for CSC compared with its peers in the
same industry. CSC's leverage is higher than that of Hydoo and
Wuzhou as part of its cash is tied up in the construction of
investment properties. Fitch expects its diversification into the
non-development segment to generate stable operational cash flow
for the company.

KEY ASSUMPTIONS

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

  - Contracted sales at HKD10 billion-11 billion in FY18.

  - Non-development income to increase to HKD1.8 billion-2
billion in FY18.

  - Capital expenditure at HKD8.5 billion-10 billion in FY18.

RATING SENSITIVITIES

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

  - EBITDA margin sustained below 20%

  - Net debt/adjusted inventory sustained above 50% if non-
    development income/interest is below 1.0x (FYE17: 0.9x) and

  - Net debt/adjusted inventory sustained above 60% if non-
    development income/interest is above 1.0x.

No positive rating action is expected in the next 12-18 months
given persistent weak demand for trade and logistic centres.

LIQUIDITY

Adequate Liquidity: CSC had cash and cash equivalents, including
restricted cash, of around HKD9.3 billion and unutilised banking
facilities of HKD5.6 billion at end-September 2017, covering
short-term debt of HKD12.4 billion. CSC's successful issuance in
the offshore bond market has also alleviated refinancing pressure
and lowered its average borrowing cost to 6.2% at end-September
2017, from 6.3% at FYE16 and 6.8% at FYE15.


CHINA SOUTH: S&P Assigns 'B-' Rating to New USD Unsecured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by China South City Holdings Ltd. (CSC; B/Negative/--). The issue
rating is subject to S&P's review of the final issuance
documentation.

S&P said, "We rate the senior unsecured notes one notch lower
than the issuer credit rating because of subordination risk. The
proposed notes will rank behind a material amount of secured debt
and subsidiary-level debt in CSC's capital structure.

"We expect CSC to use the majority of the notes' proceeds for
refinancing existing debt and the rest for general corporate
purposes. CSC has over Hong Kong dollar (HK$) 9 billion of short-
term domestic borrowings due by September 2018, including a RMB2
billion domestic medium-term note (MTN) due in July 2018. In our
view, the new issuance will help the company to meet debt
repayments, lengthen its maturity profile, and manage its average
funding cost.

"In our view, CSC's leverage will remain stable compared with a
year ago, and the new issuance will not have a significant impact
on the leverage level. We view CSC's sales growth of 39% year-on-
year in fiscal 2018 to be satisfactory, slightly exceeding the
high end of its RMB10 billion-RMB12 billion sales target.
At the same time, we estimate the company's recurring income to
have grown about 25%, driven by solid performance in its property
management and outlets' operations as several sites gradually
mature. However, the company's sales of its trade center's
commercial properties remain lackluster, given the lack of
economic growth momentum across its trade center locations.

"The negative rating outlook on CSC reflects our view that the
company's operating environment will remain tough over the next
12 months amid weakness in trade center sales in China. We expect
the company to curb its capital expenditure and maintain stable
leverage in fiscal 2019. Our base case anticipates that CSC's
debt-to-EBITDA ratio will be around 13x-14x for fiscal 2018."



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


3B INFRASTRUCTURE: Ind-Ra Maintains BB- Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained 3B
Infrastructure Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR165 mil. Term loan maintained in non-cooperating category
    with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Fund-based limits maintained in non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

The company was incorporated in 2000, and provides hospitality
services.


ALEX GREEN: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Alex Green
Energy Pvt. Ltd.'s (AGEPL) Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR285.1 mil. Term loan due on December 2027 maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 5, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, AGEPL is a part of the Alex group, which
has an experience in the solar energy sector. AGEPL was
implementing a 28MW green field solar power project in three
locations, Odisha (5.5MW), Tamil Nadu (11MW) and Bihar (11.5MW).
However, its Tamil Nadu and Bihar projects were deferred and
AGEPL proposed to form a separate special purpose vehicle for
each project.


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

The instrument-wise rating actions are:

-- INR15 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund-based working capital limit maintained in
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

AEPL is engaged in contract-based construction works, mainly for
Central Public Works Department, state public works departments,
National Building Construction Corporation, Delhi Metro Rail
Corporation, and various central and state government bodies.


ASHIANA LANDCRAFT: CARE Cuts Rating on INR175cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashiana Landcraft Realty Pvt. Ltd. (ALRPL), as:

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term Bank            175.00      CARE B+; Stable Revised
   Facilities                            from CARE BB-; Negative

   Long Term Instruments-     29.01      CARE B+; Stable Revised
   Non Convertible                       from CARE BB-; Negative
   Debentures-I


   Long Term Instruments-    114.92      CARE D Reaffirmed
   Non Convertible
   Debentures-II

   Long Term Instruments-     10.00      CARE B+; Stable Revised
   Optionally Convertible                from CARE BB-; Negative
   Debentures

   Long Term Instruments-     81.00      CARE B+; Stable Revised
   Non Convertible                       from CARE BB-; Negative
   Debentures-III

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the instruments and bank
facilities of ALRPL is due to the continued tight liquidity
position owing to the overall slowdown in the real estate market.
Further, the ratings are constrained due to the recent delays in
the interest servicing of the Non-Convertible Debenture-I,
project execution risk and subdued industry scenario. However,
the ratings continue to derive strength from the experience of
the promoters, regular lending support from the Piramal group and
full financial closure obtained in FY18.

Going forward, timely execution and sale of the project along
with realization of existing customer advances shall remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Recent delays in debt servicing: There were recent delays in
servicing of interest obligations of the Non-convertible
Debentures-I. The company had made a part payment of interest of
INR10.56 cr in April, 2017, out of the total amount due of
INR21.39 cr on March 31, 2017.

This is on the account of tight liquidity position of the company
due to slower sales momentum for its ongoing projects. However,
during Q1FY19, the investor for NCD-I has approved the interest
deferment due on March 31, 2017, and March 31, 2018, till Feb 28,
2019. Also, the deferment for the interest on OCD due on March
31, 2018, has been deferred till Feb 28, 2019. The deferment of
interest was due to tight liquidity amid slow customer
collections.

Project execution risk:

The company is developing a residential group housing project in
Sector 88-A, Gurgaon. As on March 31, 2018, the company has
incurred INR547 cr out of the total project cost of INR1092 cr
that is, ~50% of the total project cost. However, the spending on
construction remains low with total expenditure of INR208 cr out
of the total INR700 cr on the construction and administration
portion, that is, 30% of the total construction and
administration cost.  As significant portion of the cost is yet
to be incurred; the project is exposed to execution risk.

Off take risk: Out of total saleable area of the project of 17.24
lsf, the company has sold 5.29 lsf till Mar 31, 2018, i.e. ~30%
of total area for sale value of ~INR331 cr. For Phase-1 (saleable
area of 8.42 lsf), 62% of the saleable area has been sold till
March 31, 2018. The decline in the sold area is due to slowdown
in the real estate market as there are more cancellations than
the new bookings. In CY18, the company has been able to sell 0.85
lsf and has collected INR4.73 cr in the same period.  As can be
seen from the customer collection, there has been significant
decline owing to overall slowdown in the real estate market and
slow fresh sales.  Moreover, due to the slowdown in the sales
momentum, the company had to take more debt in order to complete
the project deadlines and meet the other debt obligations which
has severely affected the debt coverage ratios in FY18.  With
significant portion of the project yet to be sold, the company
remains exposed to project off-take risk.

Subdued industry scenario: The real estate sector has been
grappling with issues such as unsold inventory, delayed delivery
and financial stress on the developers for quite some years now
and post demonetisation; due to higher liquidity the buyers have
deferred their purchases as they are expecting the borrowing
rates to come down. However, with the introduction of Real Estate
(regulation and Development) Act (RERA) and GST (Goods and
Services Tax), the residential real estate sector is on the path
of transformation with modified rules and mandatory approvals
which will enhance the transparency and customers' trust in the
sector but also add additional burden on the developers which
might hamper the sentiments of the market.

Key Rating Strengths

Experienced promoters with track record of project execution: The
company derives strength from experience of the promoters-Ashiana
Homes Pvt ltd (AHPL) and Landcraft Projects Private Limited
(LPPL) in the real estate sector. Both the companies have a
established track record of executing several real estate
projects, including development of township, group housing,
commercial complexes, etc. Some of the major completed projects
include Ashiana Upvan (Ghaziabad), Ashiana Greens (Ghaziabad),
Golf Links Flat (Ghaziabad), Ashiana Palm court (Ghaziabad) etc.

Regular lending support from the Piramal Group: Piramal group has
invested in ALRPL through its private equity fund; 'Piramal Fund
Management Private Limited (PFMPL) (earlier named as Indiareit
Fund Advisors') via 'Domestic Scheme V'. PFMPL is a real estate
venture capital fund with the corpus of INR1000 cr. Piramal group
is one of the India's largest diversified groups, with a presence
in healthcare, life sciences, financial services and real estate.
Indiareit has invested INR0.01 cr in the equity of ALR for 0.11%
of stake with 18% of voting rights and no dividend sharing. The
fund has also invested in the secured debentures of the company
(Rs. 124.92 cr as on March 31, 2017).

Full financial closure: The total estimated cost of the project
is INR1092 cr which will be funded through promoter's
contribution of INR52.60 cr (5% of the total cost), debt of
INR389 cr (35% of the total cost) and the rest through customer
advances. As on Dec 31. 2017, the promoters have brought in their
entire contribution, debt of INR285 cr have been availed from
PNBHFL and the Piramal Group. The remaining amount of INR105 cr
has been tied up with INR81.00 cr as NCDs from the Piramal Group
and INR5 cr from PNBHFL which will be availed by the company in
CY18. The company is in process to tie-up the remaining debt of
INR19 cr. As significant portion of the debt has been tied-up;
the company has mitigated the funding risk for its on-going
projects.

Incorporated in 2012, ALR is a joint development between Ashiana
Homes Pvt Ltd (AHPL) and Landcraft Projects Private Limited
(LPPL) formed solely for a premium real estate residential
project development named 'The Center Court' located at Sector
88A, Gurgaon. LPPL was incorporated in 2007, and is the real
estate vertical of Garg group with the presence in Ghaziabad. The
group has developed more than 20.04 lsf of area with residential
and commercial projects in Ghaziabad.

AHPL was incorporated in 1987, with presence mostly in North
India and has developed more than 55 lsf of area with 8 completed
projects.


B.S.R. BUILDERS: CRISIL Withdraws B- Rating on INR10MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with B.S.R. Builders
Engineers and Contractors (BSR) for obtaining information through
letters and emails dated January 16, 2018, and February 12, 2018,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft             4.5       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Term Loan            10.0       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 BSR. This restricts CRISIL's
ability to take a forward BSR is consistent with 'Scenario 4'
outlined in the 'Framework for Assessing Consistency of
Information. Based on the last available information, the rating
on bank facilities of BSR continues to be 'CRISIL B-
/Stable/CRISIL A4 Issuer Not Cooperating'.

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

Set up in 1995 as a partnership firm, BSR constructs residential
and commercial buildings in Chennai. The operations are managed
by Mr. Raghavendra Reddy. BSRD undertakes real estate projects in
Bengaluru.


BATHERO SANITARY: CRISIL Reaffirms B- Rating on INR5.45MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Bathero Sanitary LLP (BS) at 'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.4       CRISIL A4 (Reaffirmed)

   Cash Credit            1.25      CRISIL B-/Stable (Reaffirmed)

   Long Term Loan         2.9       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5.45      CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations in the intensely competitive ceramics industry, large
working capital requirement, and subdued financial risk profile.
These weaknesses are partially offset by the extensive experience
of its promoters.

Analytical Approach

Unsecured loans of INR1.17 crore from promoters have been treated
as neither debt nor equity since these are expected to remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With estimated revenue of INR4.0
crore for fiscal 2018, scale remains small. This, along with
start-up phase, restricts ability to negotiate with customers or
suppliers in the highly fragmented ceramics business.

* Large working capital requirement: Gross current assets are
estimated at 138 days as on March 31, 2018, on account of
moderate receivables and inventory of 50 days and 48 days,
respectively.

* Subdued financial risk profile: Networth was small at INR3.99
crore as on March 31, 2017, and total outside liabilities to
adjusted networth ratio moderate at 3.9 times. Debt protection
metrics were weak, with interest coverage ratio of 0.7 time for
fiscal 2017. The short fall in meeting interest obligation was
met through unsecured loans from promoters. Financial risk
profile is estimated to remain weak in fiscal 2018 on account of
muted sales.

Strength

* Extensive experience of promoters: Presence of over a decade in
the sanitary ware segment has enabled the promoters to strengthen
market position and scale up operations.

Outlook: Stable

CRISIL believes BS will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if optimal capacity utilisation leads to significant
improvement in operating margin and hence cash accrual. The
outlook may be revised to 'Negative' if lower-than-expected
revenue, pressure on margin, stretched working capital cycle, or
delay in funding from promoters further weakens financial risk
profile.

Set up in 2015 as a limited liability partnership by Mr. Brijesh
Kasundra and Mr. Ketan Makasana, BS manufactures sanitary ware
such as wash basins, sinks, and other bathroom fittings at its
facility in Morbi. Commercial operations began from September
2016.


BHUSHAN STEEL: Tata Steel Completes Controlling Stake Purchase
--------------------------------------------------------------
The Times of India reports that Bamnipal Steel Ltd (BNPL), a
wholly-owned subsidiary of Tata Steel, has successfully completed
the acquisition of controlling stake of 72.65 per cent in Bhushan
Steel Ltd (BSL).

Tata Steel Ltd had won the bid to acquire debt-laden Bhushan
Steel in an insolvency auction, the report says.

"BNPL has successfully completed the acquisition of controlling
stake of 72.65 per cent in BSL in accordance with the approved
resolution plan under the Corporate Insolvency Resolution Process
(CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC) which has
been managed by Vijaykumar V lyer, Partner, Deloitte Touche
Tohmatsu India LLP, in his capacity as the resolution
professional," Tata Steel said in a statement, TOI relays.

The admitted CIRP cost and employee dues have been paid as
required under IBC, it said.

Further, settlement of the amounts equivalent to INR35,200 crore
towards financial creditors of BSL is being undertaken as per the
terms of the resolution plan and corresponding transaction
documents, Tata Steel, as cited by TOI, said.

TOI relates that Tata Steel said INR1,200 crore will be paid to
operational creditors of BSL over a period of 12 months as per
their admitted claims and as per the terms of the approved
resolution plan.

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

Bhushan Steel is one of the 12 non-performing assets referred by
the Reserve Bank of India for National Company Law Tribunal
(NCLT) proceedings.  NCLT admitted the bankruptcy plea against
the steel company filed by State Bank of India on July 26, 2017.

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


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

CE is an exclusive authorized dealer of JCB India Limited. The
firm is engaged in the trading and servicing of earthmoving
equipment such as backhoe loader and heavy lines (loaders,
excavators and cranes). It has six outlets in Uttarakhand and is
promoted by Mr. Sukhinder Singh and Mr. Harinder Singh.


DIAMOND NUTS: CRISIL Reaffirms B+ Rating on INR12MM LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Diamond Nuts at 'CRISIL B+/Stable/CRISIL A4' while withdrawing
its rating on the proposed long term bank loan facility. The
withdrawal is in line with CRISIL's policy on withdrawal of bank
loan ratings.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             7       CRISIL B+/Stable (Reaffirmed)
   Foreign Bill
   Discounting             3       CRISIL A4 (Reaffirmed)

   Packing Credit          8       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     12      CRISIL B+/Stable (Withdrawn)

The ratings continue to reflect the company's below-average
financial risk profile and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of the promoter, and an established market position, in
processing and exporting cashew kernels.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The networth was modest
and the total outside liabilities to tangible networth (TOLTNW)
moderate at INR9.6 crore and 4.2 times, respectively, as on
March 31, 2017. Debt protection metrics were below average, with
net cash accrual to total debt and interest coverage ratios at 2%
and 1.5 times, respectively, in fiscal 2017.

* Working capital-intensive operations: Gross current assets
(GCAs) were high at 250 days as on March 31, 2017, driven by
large inventory and receivables of 106 days and 146 days
respectively.

Strength

* Extensive experience of the promoter: The business will
continue to benefit over the medium term from the extensive
experience of its promoter, who has been engaged in the cashew
industry for more than 3 decades.

Outlook: Stable

CRISIL believes Diamond Nuts will continue to benefit from the
industry experience of its promoter. The outlook may be revised
to 'Positive' if the financial risk profile improves, most likely
because of a significant increase in cash accrual and better
working capital management. The outlook may be revised to
'Negative' in case of deterioration in working capital
management, or a considerable decline in cash accrual because of
lower revenue or operating profitability, thus weakening
liquidity.

Diamond Nuts was set up in 2016 as a partnership concern by Mr. B
Mohanchandran Nair and Ms Abhaya Mohan. The firm processes raw
cashew nuts and exports cashew kernels. It is based in the Kollam
district of Kerala.


EXPRESS INFRATECH: CRISIL Lowers Rating on INR14.2MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Express Infratech Private Limited (EIPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Negative'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            14.2      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Negative')

The downgrade reflects decline in revenue to INR7.07 crore in
fiscal 2017 from INR10.59 crore in fiscal 2016, due to delay in
stabilisation of operations at Galagi mines. Although revenue
improved to INR9.50 crore in fiscal 2018, the delay in
stabilisation of operations of mines resulted in inventory build-
up, thereby impacting working capital management. Gross current
assets rose to 1398 days as on March 31, 2017, from 955 days a
year earlier, and are estimated at 1120 days as on March 31,
2018. Also y-o-y Stretch in receivables (220 days as on March 31,
2018 as against 154 days in fiscal 2017) contributed to the long
working capital cycle. Liquidity remained subdued on account of
fully utilized bank lines

The rating continues to reflect the company's average financial
risk profile on account of small networth and high gearing, large
working capital requirement, and exposure to risks related to
regulatory changes. These weaknesses are partially offset by
benefits derived from long-term lease contract for stone chip
mines and the promoters' extensive experience in the mining
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile because of small networth, high
gearing, and below-average debt protection metrics: Networth
remained small at INR9.66 crore as on March 31, 2017, due to low
initial paid-up capital and limited accretion to reserves.
Gearing was high at 2.54 times as on March 31, 2017, partly due
to high bank limit utilisation and unsecured loans of INR4.86
crore. Debt protection metrics were below average, with interest
coverage and net cash accrual to total debt ratios at 1.26 times
and 0.03 time, respectively, in fiscal 2017.

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 1398
days as on March 31, 2017, mainly due to large inventory. The
company has sizeable inventory as it has to excavate low-quality
stone chips found in the upper belt of mines to access the better
quality of stone chips below. The low-quality stone chips are
sold to local constructors, or are blended with high quality
stone chips and sold to other customers. However, availability of
high-grade stone chips has lowered the need for inventory. The
process of excavating low-quality stone chips has been initiated
for the new mine before operations commence, so that the low-
quality variant could be mixed and sold off.

Strength

* Benefits from the long-term lease contract on stone chips
mines: The company has taken two mines in Jharkhand on lease,
with the contract renewable every 10 years. These are aggregate
mines, rich in granite, quartz, or feldspar. One mine, at Jamata
district, became operational from September 2011, and the second
in January 2017. The company has also won a tender floated by the
National Highways Authority of India (NHAI) for selling stone
chips, ballast, and dust particles to the government agency. It
also caters to the Indian Railways, and traders and civil
contractors in and around Jharkhand. CRISIL expects a substantial
increase in the scale of operations and cash accrual over the
medium term.

Outlook: Stable

CRISIL believes EIPL's business risk profile will remain
constrained by large working capital requirement and regulatory
risk. The outlook may be revised to 'Positive' if revenue and
profitability increase significantly or if liquidity improves
because of shorter operating cycle. The outlook may be revised to
'Negative' if there is a stretch in working capital cycle and
decline in cash accrual, weakening liquidity.

EIPL is engaged in mining activities in the iron ore belt of
Odisha and stone belt of Jharkhand.


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

The instrument-wise rating action is:

-- INR100 mil. Long-term loan maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR25 mil. Fund-based limit maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR205 mil. Proposed long-term loan maintained in non-
    cooperating category with Provisional IND BB (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2012, Foodlink Restaurants (India) operates three
restaurants, China Bistro, India Bistro and Glocal Junction in
Mumbai. The company is in the initial planning stage of opening
restaurants in Bengaluru and Hyderabad.


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

The instrument-wise rating actions are:

-- INR561.7 mil. Term loan due on March 2023 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR180 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR23 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, GPPL manufactures polyester greige fabric.
It has a total annual installed capacity of 26.5 million meters.


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

The instrument-wise rating actions are:

-- INR4.5 mil. Long-term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR242.5 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating;

-- INR55 mil. Non-fund-based limit maintained in Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR48 mil. Proposed fund-based limit maintained in Non-
    Cooperating Category with Provisional IND BB- (ISSUER NOT
    COOPERATING) /Provisional IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in Mumbai in 1985, GEPL is promoted by Mr. Mehul
Sedani. The company manufactures woven, knit and cotton garments,
and trades fashion fabrics.


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

The instrument-wise rating actions are:

-- INR400 mil. Fund-based limit migrated to non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
    (ISSUER NOT COOPERATING) rating;
-- INR580 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Proposed fund-based limit migrated to non-
    cooperating category with Provisional IND BB- (ISSUER NOT
    COOPERATING) / Provisional IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR420 mil. Proposed non-fund-based limit migrated to non-
    cooperating category with Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

G.S. Express is primarily engaged in the contract-based
construction and renovation of roads and highways, irrigation
work etc. for government bodies.


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

The instrument-wise rating action is:

-- INR230 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 4, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in July 2013, HLL is engaged in the trading of iron
and steel products in Raipur, Chhattisgarh. The company is
managed by three promoters namely Vipin Kumar Aggarwal, Ganga
Dhar Aggarwal and Ritu Agrawal.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

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

-- INR32 mil. Term loan due on March 2022 maintained in Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

IHPL manufactures tablets, capsules and liquid syrups. The
company's manufacturing units are located in Solan (Himachal
Pradesh).


JAI KEDARNATH: CRISIL Withdraws B Rating on INR7MM Term Loan
------------------------------------------------------------
CRISIL has been consistently following up with Jai Kedarnath
Buildcon Private Limited (JKBPL) for obtaining information
through letters and emails dated January 15, 2018, and February
21, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.3       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Term Loan             7.0       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 JKBPL. This restricts CRISIL's
ability to take a forward JKBPL 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
JKBPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of JKBPL
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.

JKBPL was established in 2012, promoted by Mr. Satish Maheshwari
and Mr. Ganpati Morge. The company is currently constructing a
shopping complex at Nanded.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 13, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1992, JCPL is engaged in the manufacturing of
hot-rolled coils at its plant in Gobindgarh, Punjab. The site has
a total capacity of 45,000 metric tons per annum.


KARNATAKA TURNED: CRISIL Raises Rating to B+ on INR5.57MM Loan
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Karnataka Turned Components Private Limited (KTC) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft               4        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      3.43     CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan               5.57     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating reflects CRISIL's belief that KTC will be able to
maintain its improved business risk profile in the medium term,
marked by healthy revenue growth and improved operating
profitability, backed by reducing dependence on legacy customers.

The rating factors in the modest scale of operations of the
company and its exposure to intense competition from bigger
players in the industry. These weaknesses are partially offset by
the extensive experience of the company's promoter.

Analytical Approach

CRISIL has treated unsecured loans in the books of KTC, from the
promoter, estimated to be around INR1 crore as at March 31, 2018
as neither debt nor equity as the same is interest-free, is
subordinated to all external debt and is expected to remain in
the business for atleast next three years.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: KTC's scale of operations is
modest, as indicated by revenue of just under INR30 crore in
fiscal 2018. This limits the bargaining power of the company will
all counterparties.

* Exposure to intense competition: The auto industry is
characterized by multiple participants, of varying sizes, across
the value chain, with the bigger players dominating the market.
KTC shall continue to remain exposed to pricing pressure,
attributable to bigger players.

Strength:

* Extensive experience of promoter: The Kumar family has been
part of the industry for almost six decades through KTC. This has
enabled the company to develop long-standing relationships with
key industry stakeholders, which shall continue to serve the
company well going forward.

Outlook: Stable

CRISIL believes KTC will continue to benefit from the extensive
experience of its promoters and established customer
relationships. The outlook may be revised to 'Positive' if
larger-than-expected increase in scale of operations and
profitability, improves business risk profile. The outlook may be
revised to 'Negative' if low cash accrual or stretch in working
capital cycle weakens liquidity.

KTC, incorporated in 1960 in Bengaluru and promoted by Mr. Raj
Kumar and family, manufactures precision engineering components.


KVR AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR3MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
KVR Automobiles Private Limited (KVRA) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.5      CRISIL A4 (Reaffirmed)

   Cash Credit            2.5      CRISIL B+/Stable (Reaffirmed)

   Overdraft              5.0      CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility       3.0      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect its average financial risk
profile and its modest scale of operations in automobile
dealership business. These weaknesses are partially offset by
promoter's longstanding presence in the automobile industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Total outside liabilities to
tangible networth (TOL/TNW)  ratio was weak at 3.6 times as on
March 31, 2017 and is expected to remain in a range of 2.9-3.3
times in fiscal 2018. Also, debt protection metrics were subdued,
with interest coverage and net cash accrual to total debt ratios
of around 1.5 times and 0.05 time, respectively, for fiscal 2017.

* Modest scale of operations: With turnover of INR54 crore for
fiscal 2017, scale remains small due to intense competition in
two wheeler automobile dealership business. In fiscal 2018,
revenue is expected to remain at similar due to absence of any
expansion in showrooms.

Strength:

* Promoters' extensive experience has enabled them to establish
healthy relationship with key suppliers and customers.
Outlook: Stable

CRISIL believes KVRA will continue to benefit from its promoters'
extensive experience and financial flexibility. The outlook may
be revised to 'Positive' if the company's reports better revenue
and sustains its profitability, leading to a better financial
risk profile. The outlook may be revised to 'Negative' if
financial risk profile weakens further because of considerable
decline in cash accrual, large debt-funded capital expenditure,
or inefficient working capital management.

Set up in 2000 as a proprietorship concern by Mr. Balan Nair, and
reconstituted as a private limited company in 2014, KVRA is an
authorised dealer for Bajaj Auto Ltd's vehicles in North Kerala.
Operations are managed by Mr. Subash Balan.


MAGPPIE EXPORTS: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Magppie Exports
Private Limited (MEPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR195 mil. Fund-based working capital limits assigned with
    IND B/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect MEPL's small scale of operations. In FY17,
its revenue declined 52.00% yoy to INR498.73 million due to
demonetization and a slowdown in the steel industry.

The ratings also reflect MEPL's weak credit metrics due to a high
debt and a low operating profit. In FY17, its net leverage (total
adjusted net debt/operating EBITDA) was 10.64x (FY16: 8.26x) and
net interest coverage (operating EBITDA/net interest expense) was
1.03x (1.32x).

The ratings further reflect MEPL's tight liquidity, indicated by
an almost full utilization of the fund-based working capital
limits during the 12 months ended February 2018, owing to an
elongated net working capital cycle (FY17: 243 days; FY16: 105
days).

The ratings factor in the company's modest EBITDA margin of 6.40%
in FY17 (FY16: 3.84%). The rise in the margin was driven by an
increase in the proportion of high-margin products in the overall
sales.

The ratings, however, are supported by the promoter's experience
of over four decades in steel utensil manufacturing and trading.

RATING SENSITIVITIES

Negative: Any decline in the operating profit leading to any
deterioration in the overall credit metrics could lead to a
negative rating action.

Positive: Any substantial revenue growth, along with any rise in
the operating profit leading to any improvement in the overall
credit metrics, could lead to positive rating action.

COMPANY PROFILE

Incorporated in 1994, MEPL is engaged in the trading of metal and
other articles.


MAHIMA COLD: CARE Assigns B+ Rating to INR6.22cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mahima
Cold Storage Private Limited (MCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.22       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of MCSPL is
constrained by its small scale of operation, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers and
working capital nature of operations. The ratings, however,
derive comfort
from extensive experience of the promoters with long track record
of operations, proximity to potato growing area and comfortable
capital structure with satisfactory debt coverage indicators.

The ability of the company to increase its scale of operations
with improvement in profitability margins and its ability to
manage its working capital effectively will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: MCSPL is a small player in the cold
storage industry marked by total operating income of Rs.1.96
crore with a PAT of INR0.08 crore in FY17. Further, the net worth
base and total capital employed was low at Rs.8.00 crore and
INR8.68 crore, respectively, as on March 31, 2017. During
11MFY18, the company has booked turnover of INR2.00 crore as
maintained by the management. Regulated nature of business: In
West Bengal, the basic rental rate for cold storage operations is
regulated by the state government through West Bengal State
Marketing Board. The rent of these cold storages is decided by
taking into account political considerations, not economic
viability. Due to severe government intervention, the cold
storage facility providers cannot enhance rental charge
commensurate with increased power tariff and labour charge.

Seasonality of business with susceptibility to vagaries of
nature: MCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, MCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Working capital intensive nature of business: MCSPL is engaged in
the cold storage services; accordingly its operation is working
capital intensive. The average utilization of fund based limit
remained at about 90% during the last 12 months ended February
28, 2018.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Key Rating Strengths

Experienced promoter with long track record of operation: The
company is into cold storage business since 2003 and thus has a
long track record of operations of around 15 years. Mr.
Radheyshyam Agarwal has around five decades of experience in cold
storage industry, looks after the overall management of the
company. He is supported by other director Mr. Neeraj Agarwal who
has around a decade of experience in this line of business. The
promoters are supported by a team of experienced professionals.

Proximity to potato growing area: MCSPL's storing facility is
situated at Cooch Bihar, West Bengal which is one of the major
potato growing regions of the state. The favorable location of
the storage unit, in close proximity to the leading potato
growing areas provides it with a wide catchment and making it
suitable for the farmers in terms of transportation and
connectivity.

Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure of the company remained
comfortable marked by both debt equity ratio and overall gearing
ratio remaining below unity as on March 31, 2017. The debt
coverage indicators also remained satisfactory in last three
years (FY15-FY17) and the same remained at 4.58x in FY17.
Further, the total debt to GCA remained at 2.30x as on March 31,
2017.

MCSPL was incorporated in July 2003 and presently managed by Mr.
Radheyshyam Agarwal and Mr. Neeraj Agarwal. The cold storage
facility of MCSPL is located at Cooch Bihar, West Bengal with
aggregated storage capacity of 149664 quintal.


MURLI COLD: CARE Assigns B+ Rating to INR9.97cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Murli
Cold Storage Private Limited (MCSPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.97       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of MCSPL is
constrained by its small scale of operation, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
working capital nature of operations, high leverage ratios and
competition from other players. The ratings, however, derive
comfort from extensive experience of the promoters in cold
storage industry with long track record of operations and
proximity to potato growing area. The ability of the company to
increase its scale of operations with improvement in
profitability margins and its ability to manage its working
capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: MCSPL is a small player in the cold
storage industry marked by total operating income of Rs.3.15
crore with a net loss of INR0.06 crore in FY17. Further, the net
worth base and total capital employed was low at Rs.1.33 crore
and INR5.45 crore, respectively, as on March 31, 2017. During
11MFY18, the company has booked turnover of INR3.00 crore as
maintained by the management.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: MCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, MCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Working capital intensive nature of business: MCSPL is engaged in
the cold storage services; accordingly its operation is working
capital intensive. The average utilization of fund based limit
remained at about 90% during the last 12 months ended
February 28, 2018.

High leverage ratios with moderate debt coverage indicators: The
capital structure of the company remained leveraged marked by
overall gearing ratio of 3.07x as on March 31, 2017. The debt
coverage indicators also remained moderate in last three years
(FY15-FY17) and the same remained moderate at 2.70x in FY17.
Further, the total debt to GCA remained high at 20.53x as on
March 31, 2017.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Key Rating Strengths

Experienced promoter with long track record of operations: The
company is into cold storage business since 1976 and thus has a
long track record of operations of around four decades. Mr.
Radheyshyam Agarwal has around five decades of experience in cold
storage industry, looks after the overall management of the
company. He is supported by other director Mr. Neeraj Agarwal who
has around seven years of experience in this line of business.
The promoters are supported by a team of experienced
professionals.

Proximity to potato growing area: MCSPL's storing facility is
situated at Boinchi, Hooghly which is one of the major potato
growing regions of the state. The favourable location of the
storage unit, in close proximity to the leading potato growing
areas provides it with a wide catchment and making it suitable
for the farmers in terms of transportation and connectivity.

MCSPL was incorporated in September 1976 and presently managed by
Mr. Radheyshyam Agarwal and Mr. Neeraj Agarwal. The cold storage
facility of MCSPL is located at Boinchi, Hooghly with aggregated
storage capacity of 241836 quintal.


NILACHAL REFRACTORIES: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------------
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nilachal Refractories Limited
(NRL). This restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available for NRL is consistent with Scenario 2 outlined in the
'Framework for Assessing Consistency of Information',
corresponding to CRISIL BBB category or lower.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term    46.25      CRISIL D/Issuer Not
   Bank Loan Facility               Cooperating (Issuer Not
                                    Cooperating; Rating Migrated)

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of NRL to 'CRISIL D; Issuer not cooperating'.

Incorporated in 1977, NRL manufactures refractory bricks and
monolithic such as castables, plastic-based ramming mass, and
gunning materials that are used in linings for furnaces, kilns,
and reactors. In 2002, the company was referred to the Board for
Industrial and Financial Reconstruction (BIFR); it came out of
BIFR's purview in November 2010. Manufacturing unit was closed
for nearly three years until December 2005. Current management
comprising Mr. Bhagwati Prasad Jalan, Mr. Vimal Prakash, and Mr.
Vijay Kumar Agarwal took over the company in December 2005 and
operations restarted in April 2006. Facilities in Dhenkanal,
Orissa, have combined installed production capacity of 28,000
tonne per annum.


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

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1988 by Sri Kambhampati Nageswara Rao, Parameswara
Agencies is a proprietary concern engaged in waste paper
processing and cotton trading.


PARTAP WIRE: CRISIL Hikes Rating on INR8.5MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Partap Wire India Private Limited (PWIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and has reaffirmed its short-
term rating at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        0.2      CRISIL A4 (Reaffirmed)

   Cash Credit           8.5      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan             0.3      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects improvement in the financial risk profile
aided by sustenance of the operating margin, which has remained
above 5% over the three fiscals through 2018 (estimated at 5.1%
for fiscal 2018). The total outside liabilities to adjusted
networth (TOLANW) ratio is estimated to have improved to 3.39
times as on March 31, 2018, from 5.14 times as on March 31, 2016,
driven by steady accretion to reserves and reducing long-term
debt. The debt protection metrics are moderate, with interest
coverage and net cash accrual to adjusted debt ratios estimated
at 2.2 times and 0.1 time, respectively, for fiscal 2018.

The ratings continue to reflect working capital-intensive
operations, susceptibility of profitability to fluctuations in
raw material prices, and exposure to intense competition in the
fragmented wires industry. These weaknesses are partially offset
by the extensive industry experience of the promoters.

Analytical Approach

Unsecured loans, INR2.41 crore as on March 31, 2017, extended by
the promoters, have been treated as neither debt nor equity as
they do not carry any interest, are subordinated to bank debt,
and will remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry:
Revenue was modest, estimated at INR37.60 crore for fiscal 2018.
The steel wires industry is highly fragmented due to low capital
requirement and limited value addition. The low entry barrier has
led to many players catering to regional demand. This, along with
high transportation costs, restricts the company from expanding
operations to markets outside North India.

* Working capital-intensive operations: Gross current assets were
high at 119 days, mainly due to considerable inventory, estimated
at 60 days, and moderate receivables, estimated at 46 days, as on
March 31, 2018. Against this, purchases are fully against advance
payment, which results in negative cash flow from operations and
hence, the need to resort to short-term debt. This is reflected
in the average bank limit utilisation of 75% during the 12 months
through March 2018. Operations are likely to remain working
capital intensive over the medium term.

* Susceptibility to volatility in raw material prices: As raw
material (steel wire rods) accounts for 85% of production cost,
the operating margin will remain exposed to sharp volatility in
raw material prices. Operations are non-integrated and restricted
to the downstream stage of the steel value chain. Wire rods are
procured and converted into wire products that cater to the
electrical, automotive, and electrical component manufacturing
segments. The margin is also susceptible to changes in market
prices according to demand-supply situations.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 20 years in the wires industry. This
has helped them establish a strong customer base and
relationships with local suppliers, and to gain a sound
understanding of market dynamics.

Outlook: Stable

CRISIL believes PWIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial increase in sales, and
improvement in profitability and the capital structure, resulting
in a better financial risk profile. The outlook may be revised to
'Negative' if significantly low profitability, or sizeable
working capital requirement or debt-funded capital expenditure
weakens the financial risk profile.

Incorporated in 1991, PWIPL manufactures galvanised iron wires,
wire mesh, and barbed wires at its facility at Kangra, Himachal
Pradesh. Operations are managed by Mr. Surjit Mahajan and his
sister-in-law, Ms Aruna Mahajan.


PICASSO HOME: CRISIL Reaffirms B Rating on INR3.25MM LT Loan
------------------------------------------------------------
CRISIL has reaffirmed 'CRISIL B/Stable/CRISIL A4' ratings on the
bank facilities of Picasso Home Products Private Limited (PHPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             3        CRISIL B/Stable (Reaffirmed)

   Foreign Letter
   of Credit               2        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.25     CRISIL B/Stable (Reaffirmed)

The ratings reflect PHPPL's small scale of operations, large
working capital requirement, and subdued financial risk profile.
These weaknesses are partially offset by its promoters' extensive
experience in the home appliance industry.

Analytical Approach

CRISIL has treated unsecured loans of INR1.8 crore estimated as
on March 2018, as debt, on account of the uncertainty that these
will remain in the business, going forward.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the intensely competitive kitchen
appliances industry: The company's small scale, reflected in net
sales of INR14.88 crore in fiscal 2017, coupled with intense
competition in the fragmented kitchen appliances industry
restricts bargaining power with customers and suppliers. While
the industry has a few national brands, more than half the market
has been captured by regional brands and the un-organised
segment. The revenues is estimated to remain muted in fiscal
2018.

* Large working capital requirement: PHPPL had gross current
assets (GCA) of 277 days as on March 31, 2017, on account of
large receivables of 100 days and inventory of 165 days. The GCA
is estimated to remain at similar level as on March 2018.

* Subdued financial risk profile: Networth was small at INR2.59
crore, and TOLANW ratio was high at 3.9 times, as on March 31,
2017, on account of large working capital debt. Debt protection
metrics were weak, indicated by interest coverage ratio of 0.9
times for fiscal 2017. The shortfall was met through infusion of
unsecured loans by promoters. The financial risk profile is
estimated to remain subdued in fiscal 2018, on account of its
muted revenue.

Strength

* Promoters' extensive experience in home appliance industry
The company's promoters, Mr. Bhavesh Patel and Mr. Jayantilal
Jain, have experience of over two decades in the kitchen
appliances industry. The company is expected to benefit from the
experience of the promoter and their established relationship
with major suppliers and customers.

Outlook: Stable

CRISIL believes PHPPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
significantly, or if working capital cycle improves, leading to
better liquidity. The outlook may be revised to 'Negative' if
profitability declines significantly or if capital structure
deteriorates on account of larger-than-expected working capital
requirement or sizeable, debt-funded capital expenditure.

PHPL was incorporated in 2003 by Mr. Bhavesh Patel and Mr.
Jayantilal Jain. The company took over the business of
partnership firm Picasso Home Products which was operational
since 1996. The company manufactures home cookware products. Its
manufacturing facility is in Daman.


PRASHANT AUTOMOBILES: Ind-Ra Retains B- Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Prashant
Automobiles Pvt. Ltd.'s (PAPL) Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR57.5 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B- (ISSUER NOT
    COOPERATING) rating;

-- INR17.4 mil. Long-term loans maintained in Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR8.6 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in September 2013, PAPL is a dealer of cars
manufactured by Honda Cars India Limited. It has a showroom in
Muzaffarpur, Bihar. PAPL is promoted by Mr. Shashank Shekhar, Ms.
Nibha Kumari and Dr. Moti Sinha.


PREMIUM FERRO: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Premium Ferro Alloys
Limited (PFAL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of PFAL from 'CRISIL
B+/Stable/CRISIL A4; Issuer not cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

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

   Cash Credit           2        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable Issuer Not
                                  Cooperating)

   Letter of Credit      2        CRISIL A4 (Migrated from
                                  'CRISIL A4 Issuer Not
                                  Cooperating)

   Proposed Cash         1.5      CRISIL B+/Stable (Migrated from
   Credit Limit                   'CRISIL B+/Stable Issuer Not
                                  Cooperating)

The ratings continue to reflect the PFAL's modest scale of
operations in the highly fragmented steel industry and
susceptibility of profitability to volatility in input prices.
These weaknesses are partially offset by promoter's extensive
experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense competition
Revenue is estimated at Rs.17 crore for fiscal 2018. Turnover has
remained stagnant in the three fiscals through 2017 due to
downturn in the steel industry and falling prices.

* Susceptibility of profitability to volatile input prices
In the steel segment, cost of production and profit margins
depend on raw material prices, which constitute around 70% of the
company's net sales.

Strength

* Extensive experience of promoters: The company's promoter has
industry presence of over a decade. He also has other business
interests (flour milling, textiles, and manufacturing of
hydraulics) through group entities. Over the years, company has
established its brand name in the market with support of its
promoter. It has strengthened relations with its customers who
are mostly wholesalers.

Outlook: Stable

CRISIL believes PFAL will continue to benefit from promoter's
extensive experience. The outlook may be revised to 'Positive' in
case of a substantial increase in revenue and profitability,
while maintaining capital structure. The outlook may be revised
to 'Negative' if sharp decline in revenue and profitability or
sizeable, debt-funded capital expenditure weakens financial risk
profile.

Incorporated in 1992 and promoted by Mr. Shyam Sunder Agarwal,
PFAL commenced operations from 1995 and manufactures steel ingots
and thermo-mechanically treated bars.


S. E. ENTERPRISES: CRISIL Withdraws B Rating on INR5MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with S. E. Enterprises
Private Limited (SEPL) for obtaining information through letters
and emails dated March 06, 2017, and March 22, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Proposed Long Term      1       CRISIL B/Stable (Issuer Not
   Bank Loan Facility              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 SEPL. This restricts CRISIL's
ability to take a forward SEPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, the rating on bank facilities of SEPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of SEPL
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.

SEPL was established in 1992 by the Kapoor family. The company is
into the trading and wholesaling of Raymond Suitings through its
showroom in Bareilly (Uttar Pradesh). The company is managed by
Mr. Suresh Kapoor and his family.


SHREE TIRUPATI: CRISIL Reaffirms B Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Shree Tirupati Jee Filling Station (STJFS).

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

The rating continues to reflect the firm's vulnerability to
regulatory changes and modest financial risk profile driven by
high total outside liabilities to adjusted networth (TOLANW)
ratio and average debt protection metrics. These weaknesses are
partially offset by prudent working capital management and the
extensive experience of the proprietor in the petrol pump
business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Vulnerability to regulatory changes: The firm is vulnerable to
regulatory changes. Deregulation of petrol and diesel prices in
2002 led to entry of private players such as Reliance Industries,
Essar Oil, and Shell. However, most players were hit after crude
prices started rising rapidly and the government had to retreat
to a regulated environment. As the firm operates a petrol pump
for Indian Oil Corporation Ltd (IOCL; 'CRISIL AAA/Stable/CRISIL
A1+'), STJFS will remain vulnerable to changes in government
regulations.

* Modest financial risk profile: The financial risk profile is
constrained by modest accretion to reserve due to low operating
margin, substantial working capital debt, and regular capital
withdrawal. The TOLANW ratio is estimated at 6.06 times as on
March 31, 2018, against 6.31 times as on March 31, 2017, with
small networth of INR3.03 crore as on March 31, 2017. The debt
protection metrics are average, with interest coverage and net
cash accrual to adjusted debt ratio estimated at 2.0 times and
0.05 time, respectively, for fiscal 2018.

Strengths

* Efficient working capital management: STJFS manages working
capital requirement efficiently, reflected in estimated gross
current assets of 28 days as on March 31, 2018, primarily because
of low inventory and receivables. The firm extends credit of 20-
25 days to customers and maintains inventory of 2-4 days. It has
to pay IOCL in advance.

* Extensive experience of the proprietor and strong relationship
with principal supplier: The proprietor Mr. Ram Kishan Gupta is a
first-generation entrepreneur and has been trading in oil through
a petrol pump since 1999. With over 18 years of operations, the
firm has established a strong relationship with IOCL. Also, the
petrol pump is on National Highway (NH)-8 (connecting Delhi and
Mumbai), 82.5 miles from Delhi, which is one of the busiest
highways in India, and the firm caters to reputed logistic
companies with which it has developed healthy relationships.

Outlook: Stable

CRISIL believes STJFS will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if there is a sustainable increase in cash
accrual, backed by healthy growth in volume or profitability, or
if a sizeable equity infusion leads to improvement in the capital
structure. The outlook may be revised to 'Negative' if pressure
on liquidity on account of low cash accrual or increase in
working capital requirement, or any significant capital
withdrawal, results in deterioration in the financial risk
profile.

STJFS, a Haryana-based firm established in 1999, operates an IOCL
fuel-filling station on NH-8 in Rewari (Haryana). The firm is
promoted by Mr. Ram Kishan Gupta.


SHRI RAM: CARE Assigns B+ Rating to INR6.05cr Long Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Ram Cold Storage And Chilling Centre (SRC), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.05       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SRC is primarily
constrained by stabilization risk associated with new setup unit,
business susceptible to the vagaries of nature and constitution
of the entity being a proprietorship firm. Further, the rating is
constrained by SRC's presence in the competitive industry. The
rating, however, draws comfort from experienced partners in agro
business and positive outlook for the Indian cold chain industry.

Going forward; ability of SRC to achieve the envisaged revenue
and profitability while improving its capital structure shall be
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stabilization risk associated with debt funded newly setup unit
The firm has incurred an expenditure of INR7.12 crore for setting
up of cold storage unit and the same has been funded through term
loan of INR4.50 crore and balance from the partner's contribution
in the form of capital and unsecured loans. The commercial
operations of SRC has started in April 2018. Furthermore, post
project implementation in the form of stabilization of the
facilities to achieve the envisaged scale of business in the
light of competitive nature of industry remains crucial for SRC.
During the initial phases of operations, the capital structure of
the firm is expected to remain leveraged characterized by debt
funded capex coupled with low capital base.

Dependence on vagaries of nature and seasonality of business:
Agro-based industry is characterized by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. Potato is mainly a
winter season crop and the production highly depends on vagaries
of nature. Lower output of potato will have an adverse impact on
the rental collections as the cold storage units collects rent on
the basis of quantity stored.

Constitution of the entity being a proprietorship firm: SRC's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover, Partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Competitive nature of the industry: SRC's business risk profile
is constrained on account of exposed to competition from other
regional players operating in warehousing industry. Firm is
operating in such an industry which is fragmented in nature and
has limited entry and exit barrier. This leads to limited
bargaining power with customers and restrict to charge additional
rent, which constraints its scale of operations.

Key Rating Strengths

Experienced Partners in Agro Business: SRC's operations are
currently being managed by Mr. Pramod Kumar, Mr. Udai Veer Singh
and Mr. Virendra Kumar. All the partners have been associated
with in the trading of agro products in the vicinity of Karawli,
Agra for more than a decade. The partners have ventured into cold
storage industry due to the increasing demand for storage
facilities and favorable government policies to support the same.

Positive outlook for the Indian cold chain industry: The
warehousing and cold chain industry is emerging as a fast-growing
business sector in India, with developments in the food
processing sector, organized retail and government initiatives
driving growth. Furthermore, with rapid growth of organized
retail and manufacturing sector, the need for warehousing is
increasing.

The government is taking steps to set up cold chain
infrastructure and has introduced schemes such as capital
investment subsidy from the National Horticulture Board (NHB),
the National Horticulture Mission (NHM) and the Ministry of Food
Processing Industries (MoFPI). Apart from subsides, like credit-
linked capital subsidy scheme for construction of cold storages
and go-downs, the government is also providing consultancy
services to help connecting farmers to market & to avoid heavy
losses & wastes of food products.

Kirawali (Agra, Uttar Pradesh) based Shri Ram Cold Storage and
Chilling Centre (SRC) is a partnership firm and was established
in May, 2017. The firm was set up with an objective to set up a
cold storage unit in Agra. The firm is currently being managed by
the partners Mr. Pramod Kumar, Mr. Udai Veer Singh and Mr.
Virendra Kumar sharing profit and losses in the ratio equally.
SRC is engaged in the business of renting of its cold storage
facility for potatoes to the local farmers in Agra, Uttar Pradesh
from its cold storage unit with multi chambers having storage
capacity of 2,00,000 quintals as on February 28, 2018.


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

The instrument-wise rating action is:

-- INR62.38 mil. Term loans due on December 2024 migrated to
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 2, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on January 28, 2016, SISHRC is managed by Mr.
Harinandan Singh, Mr. Sunil Singh and Dr. Aditya Tripathi. SISHRC
is setting up a 100-bed multi-specialty hospital in Kanpur, Uttar
Pradesh.


SRI KRISHNA: CRISIL Lowers Rating on INR6.5MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Sri Krishna Nutritions India Private Limited (SKNIPL) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility     1.69      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan              1.81      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating continues to reflect the weak liquidity profile. This
rating weakness is partially offset by extensive experience of
the promoters in the animal feed industry.

Key Rating Drivers & Detailed Description

Weakness:

* Weak liquidity: Liquidity has been weak due to low cash accrual
against the maturing term debt, which has led to delay in debt
servicing.

Strengths:

* Extensive experience of promoters: Presence of over six years
in the feed manufacturing business has enabled the promoters to
establish a well spread out dealer network and efficiently market
the produce.

SKNIPL was set up in October 2010, by the promoters, Mr. Vijay
Kumar Mittal and Mr. Satendra Kumar Jalan. The company, which
manufactures cattle and poultry feeds, commenced commercial
operations from June 2012. It sells cattle feed under the brands,
Doodh Sagar and Doodh Dhara, and poultry feed under the brands,
Baba, Ultima and Prima.


SRISHTI INFRA: CRISIL Withdraws B+ Rating on INR3.5MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Srishti
Infrastructures Limited (SIL) for obtaining information through
letters and emails dated November 23, 2017, and February 12,
2018, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        7.3       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Cash Credit           3.5       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Proposed Short Term    .75      CRISIL A4 (Issuer Not
   Bank Loan Facility              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 SIL. This restricts CRISIL's
ability to take a forward SIL 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 SIL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of SIL 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.
SIL, incorporated in 2009 and based in Jalandhar, Punjab,
undertakes government construction projects, such as construction
of roads, bridges, and buildings. The company is promoted by Mr.
Rajesh Gupta and Mr. Ravi Goel.


SUKUMARAN G: CRISIL Assigns B- Rating to INR10MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank facility of Sukumaran G (GS).

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

The rating reflects modest scale, intense competition and working
capital intensive operations. These rating weaknesses are
partially offset by promoters' extensive experience in the civil
construction industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations and exposure to risk related to
tender-based business: With revenue of about INR12.6 crore, for
fiscal 2017, scale remains small. This restricts ability to bid
for large projects. Turnover is also susceptible to the quantum
of tenders floated and the firm's ability to bid successfully.

* Susceptibility to intense competition in civil construction
segment: Because of low entry barriers to the civil construction
industry, the firm faces competition from many local and small
unorganised players.

* Working capital intensive operations: GS's business is working
capital intensive, as reflected in gross current asset (GCA) days
of 1388 days as on March 31, 2017. The high GCA days emanates
from the company's inventory levels of around 1832 days.

Strengths:

* Extensive experience of the proprietor in the civil
construction industry: The proprietor, has been in the
construction industry for over 2 decades and has gradually built
a strong network with several government departments in Kerala.
Outlook: Stable

CRISIL believes GS will continue to benefit from its proprietor's
extensive experience in the civil construction segment. The
outlook may be revised to 'Positive' if a significant increase in
revenue and profitability leads to a better financial risk
profile. The outlook may be revised to 'Negative' if working
capital management weakens, constraining liquidity, or if the
firm undertakes large, debt-funded capital expenditure, impacting
its capital structure.

GS was established by Mr. G Sukumar as a proprietorship firm. It
undertakes civil construction for roads and bridges in
Trivandrum.


SUNIL HITECH: CARE Lowers Rating on INR412cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunil Hitech Engineers Ltd., as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       412.00      CARE D Revised from CARE BB;
   Facilities                       Negative

   Short Term Bank      421.00      CARE D Revised from CARE A4
   Facilities

   Long/Short Term     1138.00      CARE D/CARE D Revised from
   Bank Facilities                  CARE BB; Negative/CARE A4


Detailed Rationale & Key Rating Drivers

The revision in the ratings take into account the ongoing delays
in debt servicing resulting from the continued stress in
liquidity position.

Detailed description of the key rating drivers

Ongoing delays in debt servicing (including LC devolvements and
overdrawals in cash credit account) As per the banker
interaction, there have been continuous LC devolvements as well
as overdrawals in the cash credit account for around 30 to 35
days. This is mainly on account of the continued stress in the
liquidity position. A combination of increasing working capitals
requirements to support increasing turnover and order-book,
inability of the company to secure additional bank lines (to fund
the same) and slowdown in receipts from clients has resulted in
increasing liquidity tightness for the company.

SHEL was incorporated as a proprietorship concern under the name
of Sunil Engineering Works in 1984 and was reconstituted as a
private limited company in 1998. The company changed its name to
the current one in August 2005. SHEL commenced operations in 1984
as a contractor securing and executing small works of
fabrication, erection and other commissioning related works of
thermal power plants. Over a period of time, the company has
grown as a medium sized player in the infrastructure space and
undertakes works related to civil and structural work,
transmission and distribution, balance of power plants and
operations and maintenance, installation of boilers and
auxiliaries, civil and institutional buildings and roads. Since
FY15, company selected to focus on road building and civil
construction projects while moderating exposure to Balance of
Plant power projects.


TUSAR FABENGINEERS: CRISIL Withdraws B+ Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on bank facility of Tusar
Fabengineers Private Limited (TFPL) following a request from the
company and on receipt of a 'no dues certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          4        CRISIL A4 (Withdrawn)
   Cash Credit             1        CRISIL B+/Stable (Withdrawn)
   Rupee Term Loan         5        CRISIL B+/Stable (Withdrawn)

TFPL was incorporated in June 2014 and has been operational since
2016. TE was set up in 1992 by Mr. Pahuja. The group undertakes
fabrication of heavy industrial equipment such as pressure
vessels, heat exchangers, distillation columns, and other allied
equipment. It has manufacturing units in Bhosari MIDC and Chakan
MIDC near Pune, Maharashtra.

Net profit was INR3.10 crore on net sales of INR16.25 crore in
fiscal 2016, vis-a-vis INR3.50 crore and INR16.29 crore,
respectively, in fiscal 2015. Sales are estimated at INR5.5 crore
for fiscal 2017.


VIBRANT CONSTRUCTIONS: Ind-Ra Assigns BB Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vibrant
Constructions Private Limited (VCPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR160 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect VCPL's modest scale of operations as
indicated by revenue of INR727.5 million in FY18 (unaudited)
(FY17: INR273.9 million, FY16: INR137.5 million). The substantial
revenue growth was on account of execution of large-sized
projects. As of end-April 2018, the company had an order book of
INR2,235.3 million, to be executed over the next two years.

The ratings are constrained by the company's volatile EBITDA
margins, which declined to 8.5% in FY18P (FY17: 9.4%, FY16: 7.7%)
on account of higher variable cost. Almost all of the company's
contracts have a price escalation clause, thus safeguarding its
margins from input price volatility.

However, the ratings are supported by VCPL's comfortable credit
metrics owing to lower debt levels and an increase in absolute
EBITDA (FY18P: INR62.1 million, FY17: INR25.8 million, FY16:
INR10.6 million). Net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) was 0.9x in FY18P (FY17: 0.4x, FY16:
0.2x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 4.1x (2.7x, 5.3x). The company's debt
levels are likely to rise to meet its increasing working capital
requirement with growing scale of operations. Despite the rise in
debt levels, Ind-Ra expects the credit metrics to remain
comfortable on account of the rising EBITDA.

The ratings also benefit from the company's comfortable liquidity
position as indicated by around 91% and 87% average peak
utilization of the fund-based and non-fund based limits,
respectively, during the 12 months ended April 2018. Net working
capital cycle was 7 days in FY18P (FY17: negative 23 days, FY16:
negative 19 days). Ind-Ra expects the net working capital cycle
to elongate to around 60 days on account of longer collection
period from government bodies, inherent to the industry.

The ratings also draw support from VCPL's low customer
concentration risk as it undertakes projects for government,
semi-government, private and co-operative companies in Gujarat,
Uttar Pradesh and Chhattisgarh as a Class - I unlimited
contractor.

The ratings are also supported by VCPL's promoters' more than two
decades of experience in the civil construction industry.

RATING SENSITIVITIES

Negative: Deterioration in the liquidity position on account of
elongation of working capital cycle and/or a further decline in
the EBITDA margins, leading to an overall decline in the
operating performance and credit metrics on a sustained basis
would be negative for the ratings.

Positive: A sustained growth in revenue and EBITDA margins
leading to a sustained improvement in the overall credit metrics
will be positive for the ratings.

COMPANY PROFILE

Established in 2003, VCPL is promoted by Mr. Ajay Agarwal and
family. The company undertakes civil contract works mainly
construction of reinforced concrete cement roads, water supply
and drainage systems, and road-side pavements.


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

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Vijay Automobiles is an authorized distributor of spare parts for
Tata Motors Ltd.'s commercial vehicles in Alwar, Rajasthan.


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

The instrument-wise rating actions are:

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

-- INR140 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1999, VWPPPL manufactures cast polypropylene
film, blister film, opaque film, blister pack film, metalized
cast polypropylene film (an intermediate product used as
packaging material for FMCG products), blister packaging film,
electric resistance welded steel pipes, black electric resistance
welded pipes, pipe fittings, steel scraps and billets.


VIPUL OVERSEAS: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Vipul
Overseas Private Limited (VOPL; part of the Vipul Overseas group)
at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      17.0       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the group's weak financial risk
profile and working capital-intensive operations. These
weaknesses are partially offset by promoters' extensive
experience in paper trading.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Bangalore Paper Store (BPS) and VOPL.
This is because both the entities, together referred to as the
Vipul Overseas group, have common infrastructure and procurement
process, and are in the same business. Furthermore, the entities
are expected to extend financial support during exigencies.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio is estimated to be high at 4.30 times as
on March 31, 2018, due to higher dependence on working capital
debt. Also, debt protection metrics were muted, with estimated
interest coverage and net cash accrual to adjusted debt ratios of
1.4 times and 0.05 time, respectively, for fiscal 2018. Financial
risk profile is expected to remain subdued over the medium term.

* Working capital-intensive operations: Gross current assets are
estimated at 162 days as on March 31, 2018, due to stretched
receivables of 140 days. This is partly supported by payables of
100 days. However, working capital requirement will remain large
over the medium term.

Strength

* Extensive experience of promoters: Presence of more than two
decades in the paper industry has enabled the promoters to
establish strong relationship with customers and suppliers and
understand market dynamics.

Outlook: Stable

CRISIL believes the Vipul Overseas group will continue to benefit
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if higher-than-expected topline or
profitability or improvement in working capital cycle leads to a
better financial risk profile. The outlook may be revised to
'Negative' if steep decline in profitability margins or a
significant deterioration in the capital structure on account of
larger-than-expected working capital requirement, leads to
deterioration in financial risk profile.

BPS was set up as a proprietorship concern in 1991 by New Delhi-
based Mr. Surinder Garg. It trades in coated and uncoated paper,
newsprint, and waste paper.

Set up in 1992 by Mr. Surinder Garg, his father, Mr. Jai Dev Ram
Garg, and his wife, Ms Archana Garg; VOPL also trades in coated
and uncoated paper, newsprint, and waste paper.


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

The instrument-wise rating action is:

-- INR350 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

New Delhi-based YTC is engaged in the wholesale trading of denim
and non-denim fabrics. The firm is managed by Mr. Deepak Gambhir.




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


GARUDA INDONESIA: Enters Code-Share Agreement with Sriwijaya Air
----------------------------------------------------------------
Nikkei Asian Review reports that Garuda Indonesia has entered
into a code-share agreement with local airline Sriwijaya Air, as
the loss-making flagship carrier struggles to return to
profitability while facing the threat of a pilots' strike.

According to the Nikkei, state-owned Garuda signed the code-share
deal with privately owned Sriwijaya, which calls itself a "medium
service" airline, on May 16, the first such deal with a local
carrier. Garuda has code-share agreements with foreign airlines
under the SkyTeam alliance, the report says.

"This partnership will strengthen networks of both airlines and
also will increase our market shares -- given that many cities
with potential passenger growth have not yet been reached by
Garuda Indonesia flights," the report quotes company President
Pahala Mansury as saying in a statement. "We hope that the
partnership with Sriwijaya Group will increase our
profitabilities."

Garuda made the announcement after disclosing in April it had
terminated 30 unprofitable routes, most of them domestic, in the
first quarter of the year as part of measures to increase
efficiency that also included renegotiations of aircraft leasing
costs, the Nikkei notes.

The Nikkei discloses that the company, which is publicly listed,
posted a $216.5 million net loss last year, and a $65.3 million
loss in the first three months of this year, as fuel prices have
risen and competition has stiffened in the regional airline
industry.

The cost-cutting measures spearheaded by Mansury, who joined the
management team last year after serving as finance director at
state lender Bank Mandiri, seem quite unpopular among Garuda
pilots, who have protested the reduced facilities and employee
benefits, among other things.

According to the Nikkei, the airline's pilot association, which
claims membership of approximately 90% of Garuda's 1,500 pilots,
has threatened to strike unless their demands are met, including
the sacking of the human resources director. The new partnership
with Sriwijaya Air is seen as part of Garuda's management plans
to anticipate the strike, the report states.

Vice president for investor relations, Hengki Heriandono, said in
the early phase of implementation around 10-20 flights by both
airlines can be operated under the code-share agreement. But
talks are ongoing on the possibility of including as many as 100
Garuda flights in the partnership, the Nikkei relays.

Sriwijaya Air Group, which also operates the full-service airline
Nam Air, operates a total of 64 routes, mostly domestic.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.



=========
J A P A N
=========


TOSHIBA CORP: S&P Raises Long-Term Corporate Credit Rating to 'B'
-----------------------------------------------------------------
S&P Global Ratings said it has raised two notches to 'B' from
'CCC+' its long-term corporate credit rating and senior unsecured
debt rating on Japan-based capital goods and diversified
electronics company Toshiba Corp. S&P said, "We also continue to
place the ratings on CreditWatch with positive implications. In
addition, we have raised to 'B' from 'C' our short-term corporate
credit and commercial paper program ratings on Toshiba and at the
same time have removed the ratings from CreditWatch with positive
implications."

S&P said, "The upgrades reflect our view that Toshiba's operating
performance results announced on Tuesday show a substantial
improvement in its financial standing, with the company having
slashed debt and increased shareholders' equity. We also believe
its financial standing will stabilize because both volatility in
its earnings and the capital intensity of its main businesses,
excluding Toshiba Memory Corp., are relatively low. We continued
to place the ratings on CreditWatch with positive implications
because we think the company's financial standing is likely to
improve significantly if it sells Toshiba Memory.

"We placed our long- and short-term corporate credit ratings,
senior unsecured debt rating, and commercial paper program rating
on Toshiba on CreditWatch with positive implications on Nov. 21,
2017. This reflected our view that the company's decision to
conduct a large capital raising heightened its likelihood of
avoiding negative net worth as of the end of fiscal 2017 (ended
March 31, 2018) and substantially improved its financial health.
We continued to place the long- and short-term ratings on
CreditWatch positive even after raising the ratings in January
2018."

In the past few months, Toshiba substantially accumulated
shareholders' equity through the capital infusion and the sale of
assets related to its U.S. nuclear power business. At the same
time, it slashed debt through enhanced working capital
management. S&P said, "As a result, we estimate that its debt to
EBITDA (as of March 31, 2018) was below 5x. We believe its
financial standing is unlikely to deteriorate significantly again
in the next year or so because its main businesses, such as
infrastructure and energy, have shown stable performance
recently. EBITDA and cash flows from its main businesses,
centered on infrastructure generate, are substantially lower than
those that include Toshiba Memory in the company's overall
financial performance. Therefore, Toshiba's cash flow-related
ratios are likely to remain weak. But because of the relatively
low capital intensity of its main businesses, the ratios are
likely to stabilize. As a result, we assess Toshiba's financial
risk profile as aggressive."

Toshiba will center its main businesses, excluding Toshiba
Memory, in the relatively stable fields of infrastructure and
energy. S&P said, "However, the competitiveness and profitability
of each business compares very unfavorably to those of its large
peers in the capital goods industry, in our view. Toshiba's
elevator and escalator business and its public infrastructure
business enjoy a constant level of market share and
competitiveness but are likely to continue to face a fierce
struggle for customers globally, in our view. Its energy
businesses also face worsening market conditions amid a global
shift away from carbon-emitting activities. We also expect a drop
in overall demand for hard disk drives to weigh on the earnings
of its storage business, excluding its memory business. As a
result, each business' potential to generate earnings is unlikely
to improve materially in the coming year or two, in our view. We
expect Toshiba's EBITDA margin excluding Toshiba Memory to
stabilize because it has sold many businesses, including
unprofitable ones, and has restructured itself following
revelations of accounting irregularities a few years ago.
Nevertheless, its absolute EBITDA margin of about 5%-6% in these
businesses falls short of the industry average, reflecting its
weak competitiveness. Accordingly, we assess Toshiba's business
risk profile as weak.

"We continue to regard Toshiba's management and governance as
weak. Toshiba has drastically improved its financial standing in
recent months. But we need more time to determine whether its
risk management regime will function sufficiently and it will
practice good governance, resulting in smooth operations.

"We base our 'B' short-term corporate credit rating on Toshiba on
the 'B' long-term corporate credit rating and our assessment of
the company's liquidity as less than adequate. Our assessment
reflects our view that the company's liquidity has improved since
the capital infusion amplified its cash and deposits. The company
is likely to maintain liquidity sources of around 1.1x its
liquidity uses over the next year, in our estimate. The company's
liquidity sources over the next 12 months will include JPY500
billion in cash and deposits and about JPY30 billion in cash
flow. We incorporate about JPY300 billion in debt repayments and
about JPY100 billion in capital expenditures in major uses of
liquidity. In resolving the CreditWatch placements, we will
assess Toshiba's progress in selling its memory business. If it
completes the sale, we will examine its financial policy and the
degree of improvement in its financial standing, given that
Toshiba has stated it will enhance returns to shareholders and
investment for growth with the proceeds of the Toshiba Memory
sale, which is priced at JPY1.45 trillion. Even so, we believe
Toshiba's financial standing will likely improve significantly if
it receives the large cash sum from the sale. In addition, we may
need to revisit the strategic direction and prospects for
competitiveness and profitability of each of its businesses after
the sale of Toshiba Memory. If Toshiba reviews the planned sale
of Toshiba Memory, we would examine the impact Toshiba Memory
might have on Toshiba and incorporate our views into our ratings.
Currently, though, we do not expect Toshiba Memory to weigh on
Toshiba's credit quality. This is because we view Toshiba Memory
as a positive factor in our analysis of Toshiba's business risk
profile, despite the business' volatile earnings, because it is
more competitive than Toshiba's other businesses. We believe
Toshiba could afford the massive capital expenditures that
Toshiba Memory requires without substantially hurting its
financial standing, because Toshiba Memory currently generates
strong cash flows and its financial standing has improved
materially.

"We rate Toshiba's senior unsecured debt equivalent to our long-
term corporate credit rating on the company and we place the
rating on this debt on CreditWatch with positive implications. We
estimate the company's secured debt, which has higher priority
than the senior unsecured debt, accounts for slightly more than
50% of Toshiba's total debt on a consolidated basis. Accordingly,
we notch down the senior unsecured debt rating from the long-term
corporate credit rating one notch because of Toshiba's high ratio
of priority debt. Meanwhile, the company's operational
circumstances remain difficult, and we believe the company is
likely to receive a waiver for borrowings from major creditor
banks while continuing to pay other debt in a timely manner.
Consequently, we incorporate one notch of uplift in the issuer
rating on the senior unsecured debt."



===============
M A L A Y S I A
===============


PERISAI PETROLEUM: Plans Rights Issue to Uplift PN17 Status
-----------------------------------------------------------
theedgemarkets.com reports that Perisai Petroleum Teknologi Bhd
plans to undertake a share capital reduction and a rights issue
to raise up to MYR22.34 million to regularize its Practice Note
17 (PN17) status.

The proposed capital reduction will shrink its share capital to
MYR40 million from MYR770.89 million and give rise to a credit of
MYR730.89 million, which it will use to offset its accumulated
losses, theedgemarkets.com relates citing Perisai Petroleum's
Bursa Malaysia filing on May 18.

Perisai has accumulated losses of MYR962.83 million as at
June 30, 2017, the report discloses.

theedgemarkets.com relates that as for its planned cash call,
Perisai said it will involve the issuance of 223.39 million
rights shares at an issue price of 10 sen per rights share on the
basis of one rights share for every 2.94 existing Perisai shares
held on an entitlement date to be determined later.

In the event of undersubscription of the proposed rights issue,
up to 85.88 million placement shares at an issue price of 10 sen
per placement share will be offered to be placed out to Sage 3
Capital Sdn Bhd and third party investors to be identified so as
to ensure that at least MYR8.59 million will be raised, the
report relays.

According to theedgemarkets.com, the proposed regularisation plan
also includes a scheme of arrangement with its creditors to
settle outstanding liabilities amounting to MYR1.67 billion as at
June 30, 2017.

It also involves a proposed bilateral settlement to settle the
outstanding liabilities owed by Perisai to the inter-company
creditors namely Perisai Capital (L) Ltd, Garuda Energy (L) Ltd
and Intan Offshore (L) Ltd. As at June 30, 2017, the total
amounts owed by Perisai to the inter-company creditors stood at
MYR627.8 million, the report says.

"Barring any unforeseen circumstances, the proposed
regularisation plan is expected to be completed by the fourth
quarter of 2018," Perisai, as cited by theedgemarkets.com, said.

                       About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

Perisai Petroleum has been classified as a Practice Note 17
(PN17) company after its unit Perisai Capital (L) Inc defaulted
on SGD125 million debt notes due on Oct. 3, 2016.



====================
N E W  Z E A L A N D
====================


CHELSEA VIEW: In Liquidation; Owes Creditors Millions
-----------------------------------------------------
New Zealand Herald reports that a housing development on
Auckland's North Shore has left creditors millions of dollars out
of pocket.

Chelsea View Estate Trust initially planned to build a series of
terraced houses on the site, but the project has fallen into
financial trouble, the report says.

According to the Companies Office, liquidators Rodgers Reidy were
appointed to the company on May 3, the Herald discloses.

The report notes that Stephen Robert Kelly, the sole director
listed with Chelsea View Trust, was declared bankrupt late last
year.

Liquidator Paul Vlasic told the Herald this was not the first
time Mr. Kelly had been declared bankrupt.

The Herald relates that Mr. Vlasic said it was still too early to
go into specifics but that the financial trouble stemmed from a
dispute with a builder.

Mr. Vlasic confirmed that primary lender Natwest Finance was owed
millions of dollars and that one contractor was owed NZ$800,000.

Mr. Vlasic's attention is now focused on the mortgagee sale of
the 8 Huka Rd property, which is currently listed on Trade Me.

Viewings of the property started May 17 and will run through to
May 22, the Herald notes.

While the properties should recover some of the money owed, Mr.
Vlasic said creditors would still be left out of pocket after the
sale.

This latest financial trouble follows on from Mr. Kelly's prior
business venture, Volcanic Investments, which went into
liquidation, following a string of failed property developments
in upmarket Auckland suburbs, according to the Herald.

His personal debts at the time amounted to more than NZ$28
million, the Herald discloses.

Thereafter, Mr. Kelly went on to start the Chelsea View Estate
Trust, which has now gone into liquidation, the Herald says.



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


GM KOREA: KDB, GM Ink Deal to Rescue South Korean Unit
------------------------------------------------------
Yonhap News Agency reports that state-run Korea Development Bank
(KDB) and General Motors Co. on May 18 signed a binding agreement
on the rescue package for the U.S. carmaker's local unit, GM
Korea Co., an industry source said.

Details of the agreement were not disclosed due to
confidentiality obligations, but the signing ended months of
uncertainty surrounding GM Korea, Yonhap says.

According to Yonhap, the Detroit-based company announced a
restructuring plan for GM Korea in February, including a shutdown
of one of its four plants in Asia's fourth largest economy.

After wage concessions with GM Korea's labor union and intense
negotiations with the Korean government, GM and KDB agreed
earlier this month to take steps to keep the carmaker afloat, the
report says.

Yonhap says the rescue package calls for GM to convert $2.8
billion worth of debt owed by GM Korea into shares and extend
fresh loans worth $3.6 billion to the local unit for facility
investment.

KDB, the second-largest shareholder of GM Korea, will inject $750
million in cash into GM Korea, the report discloses.

As part of the broad agreement, GM agreed to give the KDB veto
power in key management decisions, KDB officials said, Yonhap
relays.

Under the deal, GM is banned from selling any of its stake in GM
Korea before 2023 and is required to keep its holding in the
local unit above 35 percent up till 2028, adds Yonhap.

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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