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       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

          Thursday, December 21, 2017, Vol. 20, No. 253

                            Headlines


A U S T R A L I A

AIMS 2004-1: Fitch Affirms & Withdraws Bsf Rating on Cl. B Notes
FLEXI ABS 2017-1: Moody's Hikes Class E Notes Rating From Ba1
RESIMAC TRIOMPHE 2017-3: S&P Assigns BB Rating to Cl. D Notes


C H I N A

CHINA LOGISTICS: Tap Bond Issuance No Impact on Moody's B2 CFR
HONGHUA GROUP: Fitch Places 'CCC' IDR on Rating Watch Positive


I N D I A

BALAJI ENTERPRISES: CARE Assigns B+ Rating to INR9.50cr LT Loan
ETCO DENIM: CARE Moves D Rating to Not Cooperating Category
ETCO INDUSTRIES: CARE Moves D Rating to Not Cooperating Category
HYDERABAD EDUCATIONAL: Ind-Ra Moves D Rating to Not Cooperating
JYOTSANABEN K.GOSWAMI: CARE Reaffirms B Rating on INR6.96cr Loan

KROFTA PAPERS: CARE Assigns B+ Rating to INR14.50cr LT Loan
RUDRA ALLOYS: CARE Reaffirms B+ Rating on INR8cr LT Loan
SHREE RAJESHWAR: CARE Moves D Rating to Not Cooperating Category
SHRIHARI GINNING: Ind-Ra Moves B+ Rating to Not Cooperating
SUNLITE INDUSTRIES: Ind-Ra Migrates B+ Rating to Not Cooperating

THAKURDAS LOTWALA: CARE Reaffirms B+ Rating on INR7.50cr LT Loan
UNITON INFRA: CARE Assigns B+ Rating to INR15cr LT Loan
VEE KAY: CARE Reaffirms B+ Rating on INR10.55cr LT Loan


I N D O N E S I A

BUMI RESOURCES: S&P Ups CCR to CCC+ on Debt Exchange Completion


J A P A N

MITSUBISHI MOTORS: S&P Ups CCR to BB on Improved Internal Control


S I N G A P O R E

GLOBAL A&T: Case Summary & 30 Largest Unsecured Creditors


                            - - - - -


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


AIMS 2004-1: Fitch Affirms & Withdraws Bsf Rating on Cl. B Notes
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the 'Bsf' ratings with a
Stable Outlook on three AIMS residential mortgage-backed
securities transactions, as they are no longer considered by Fitch
to be relevant to the agency's coverage because of a lack of
investor interest. At the same time, Fitch has affirmed the class
A note for the AIMS 2005-1 Trust. The transactions are
securitisations of first-ranking Australian residential mortgages
originated by AIMS Home Loans Pty Limited and Loancorp Pty
Limited.

The rating actions are as listed below.

AIMS 2004-1 Trust:
AUD12.9 million Class B (ISIN AU300AIM2043) affirmed at 'Bsf';
Outlook Stable; rating withdrawn

AIMS 2005-1 Trust:
AUD2.2 million Class A (ISIN AU300AIM3017) affirmed at 'AAAsf';
Outlook Stable
AUD12.8 million Class B (ISIN AU300AIM3025) affirmed at 'Bsf';
Outlook Stable; rating withdrawn

AIMS 2007-1 Trust:
AUD15.0 million Class B (ISIN AU3FN0002671) affirmed at 'Bsf';
Outlook Stable; rating withdrawn

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes at their current
rating levels, the credit quality and the performance of
underlying assets remain within the agency's expectations and
Fitch's expectations of Australia's economic conditions. The class
B ratings for all three transactions benefit from lenders'
mortgage insurance (LMI) and excess spread.

Arrears for the transactions, as a percentage, tend to be volatile
due to the small size of the pools, but arrears balances have
remained stable over the past year. The AIMS 2004-1 Trust, AIMS
2005-1 Trust and AIMS 2007-1 Trust transactions had 30+ day
arrears at 1.4%, 6.7% and 5.2%, respectively, as at October 2017 -
above Fitch's 30+ days Dinkum Index (3Q17: 1.0%).

Losses on the underlying mortgages in the pool have been low and
have been covered primarily by LMI. All loans contained in the
collateral pools have LMI, with policies provided by QBE Lenders'
Mortgage Insurance Limited (Insurer Financial Strength rating: AA-
/Stable) and Genworth Financial Mortgage Insurance Pty Limited
(Insurer Financial Strength rating: A+/Stable). Any losses not
covered by LMI have been covered by excess spread.

The default model was not re-run for the transactions as the
outstanding ratings are either only 'AAAsf' and/or rated junior
notes are present with no subordination; the transactions do not
have revolving periods; and a review of pre-determined performance
triggers indicates the transactions displays stable asset
performance.

The class B notes were affirmed based on the transactions'
continued performance, low losses and deleveraging, with at least
five years of seasoning. LMI providers continue to pay a
significant portion of submitted claims (over 98%). Default risk
is still present; however, a limited safety margin remains. Fitch
expects net excess spread to be sufficient to cover principal
shortfalls and full repayment of the notes. However, the notes are
exposed to deterioration in the economic environment.

RATING SENSITIVITIES

Fitch does not expect the AIMS 2005-1 Trust class A note rating to
be affected by any foreseeable change in performance. The prospect
of downgrade is remote in light of the subordination level to the
note, pool performance, Fitch's economic outlook and adequate
excess spread. The rating is independent of downgrades in the LMI
providers' ratings.

Rating sensitivities for the class B notes are no longer relevant
as the ratings have been withdrawn.


FLEXI ABS 2017-1: Moody's Hikes Class E Notes Rating From Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three
classes of notes issued by Perpetual Corporate Trust Limited in
its capacity as the trustee of Flexi ABS Trust 2017-1.

The affected ratings are as follows:

Issuer: Flexi ABS Trust 2017-1

-- Class B Notes, Upgraded to Aa1 (sf); previously on Feb. 17,
    2017 Definitive Rating Assigned Aa2 (sf)

-- Class D Notes, Upgraded to Baa1 (sf); previously on Feb. 17,
    2017 Definitive Rating Assigned Baa2 (sf)

-- Class E Notes, Upgraded to Baa3 (sf); previously on Feb. 17,
    2017 Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

The upgrade was prompted by an increase in credit enhancement
available for the affected notes. In addition, the transaction
portfolio has been performing within Moody's expectations.

The notes were repaid sequentially from closing in February 2017
until September 2017. During this period, the credit enhancement
available for the Class B, Class D and Class E Notes increased to
26.7%, 11.5% and 7.7% from 17.4%, 7.5% and 5.0% respectively.

The notes have been repaid on a pro-rata basis since September
2017.

The performance of the transaction has been stable since closing.
Cumulative defaults were at 1.4% of the original pool balance as
at November 2017. This level is in line with Moody's expectation
based on the historical timing of defaults.

Based on the observed performance and outlook, Moody's maintained
its expected default assumption at 2.8% as a percentage of the
original pool balance.

The transaction is a cash securitisation of a portfolio of
unsecured, retail, 'no interest ever' receivables extended to
obligors located in Australia.

The principal methodology used in these ratings was Moody's
Approach to Rating Consumer Loan-Backed ABS published in September
2015.

Factors that would lead to an upgrade or downgrade of the ratings:

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

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


RESIMAC TRIOMPHE 2017-3: S&P Assigns BB Rating to Cl. D Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to five
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2017-3. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2017-3 is a securitization of prime
residential mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including that this is a closed portfolio, which
    means no further loans will be assigned to the trust after
    the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses we apply. This credit support comprises note
    subordination and lenders' mortgage insurance to 11.0% of the
    portfolio, which covers 100% of the face value of these
    loans, accrued interest, and reasonable costs of enforcement.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 0.75% of the outstanding balance of the
    notes, and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded by
    RESIMAC Ltd. before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The management of interest-rate risk. Interest-rate risk
    between any fixed-rate mortgage loans and the floating-rate
    obligations on the notes are appropriately hedged via
    interest-rate swaps to be provided National Australia Bank
    Ltd.

A copy of S&P Global Ratings' complete report for RESIMAC Triomphe
Trust - RESIMAC Premier Series 2017-3 can be found on
RatingsDirect, S&P Global Ratings' web-based credit analysis
system, at http://www.capitaliq.com.

  PRELIMINARY RATINGS ASSIGNED
  Class      Rating        Amount (A$ mil.)
  A          AAA (sf)      880.0
  AB         AAA (sf)       66.0
  B          AA (sf)        28.0
  C          A (sf)         11.0
  D          BB (sf)        10.5
  E          NR              4.5
  NR--Not rated.



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C H I N A
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CHINA LOGISTICS: Tap Bond Issuance No Impact on Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service says that China Logistics Property
Holdings Co., Ltd's (CNLP) B2 corporate family rating and B3
senior unsecured rating are unaffected by the company's
announcement of a tap bond offering on terms and conditions that
are the same as its existing USD200 million senior notes due 2020.

The outlook on both ratings above remains stable.

The proceeds from the proposed tap issuance will be used to repay
existing offshore indebtedness and for general corporate purposes.

CNLP's B2 corporate family rating reflects the company's
operational experience and strong market position in Grade-A
logistics facilities in China (A1 stable), with nationwide
coverage in major transportation hubs.

Its rental portfolio and revenue growth will be supported by
China's strong demand for Grade-A logistics services from e-
commerce and third-party logistics operators. The company has more
than 15 years of experience in the project development, leasing,
and management of Grade-A facilities.

The B2 rating also reflects CNLP's portfolio of reputable tenants,
including JD.com, Jumei and Benlai from the e-commerce industry,
and SF Express, Sinotrans and Li & Fung Limited among major third-
party logistics providers. CNLP enjoys stable tenancy demand, as
seen by its high occupancy rate of 84.7% for its stabilized
logistics parks at June 30, 2017.

On the other hand, its B2 corporate family rating is constrained
by its relatively short public listing track record and moderate
scale, as measured by its rental revenue of RMB271 million in
2016. Such a concern is mitigated by Moody's expectation that the
company will demonstrate strong revenue growth, driven by the
favorable market environment.

The rating is also constrained by the execution, funding, and
financial risks that CNLP faces. Such risks are mitigated by
Moody's expectation that the company will be prudent in the pace
of its expansion and debt management. It has clear financial
targets, setting minimum cash holdings and interest coverage
metrics, and monitors its cash flow, ensuring that its liquidity
position is adequate. It does this by adjusting its pace of
development of new facilities and/or rationalizing its projects.

CNLP's senior unsecured rating is notched down to B3 from its
corporate family rating of B2, reflecting the material
subordination risk for bondholders arising from the high levels of
priority debt and claims at CNLP's operating subsidiaries.

The stable ratings outlook takes into account Moody's expectation
that CNLP can ramp up its newly developed facilities, maintain its
high occupancy rates, and adopt a prudent approach to expansion
and financial management.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

China Logistics Property Holdings Co., Ltd is a leading operator
of Grade-A logistics facilities in China. At June 30, 2017, it had
116 completed facilities totaling 2.1 million sqm in operation.
The facilities are located in 13 provinces or centrally
administered municipalities. In addition, it had 900,000 sqm of
facilities under development as of the same date, and 900,000 sqm
of land held for future development. Its portfolio registered a
total value of RMB14.3 billion at June 30, 2017.

The company listed on the Hong Kong Stock Exchange on July 15,
2016, with a market capitalization of around $900 million at
December 14, 2017.


HONGHUA GROUP: Fitch Places 'CCC' IDR on Rating Watch Positive
--------------------------------------------------------------
Fitch Ratings has placed the ratings on three issuers in Asia-
Pacific on Rating Watch Positive (RWP) or Rating Watch Negative
(RWN). The respective bond issues and programmes have also been
placed on RWN or RWP. The three issuers are:

- Honghua Group Limited
- Parkson Retail Group Limited
- Sunshine 100 China Holdings Ltd

KEY RATING DRIVERS

The rating actions follow the publication of an exposure draft for
the agency's Corporate Rating Criteria on 14 December 2017. To
provide additional granularity at lower rating levels for both
issuer and issue level ratings, the exposure draft introduces the
use of '+' or '-' modifiers for the 'CCC' rating category.

Fitch is still reviewing the APAC corporates portfolio to assess
the impact of changes detailed in the exposure draft. Fitch expect
to complete the review in the next couple of weeks.

RATING SENSITIVITIES

Fitch expects to resolve the Rating Watches within the next six
months upon the conclusion of the exposure draft period.

If the final criteria are substantially similar to the exposure
draft, then the ratings on the three entities are likely to change
after the final criteria are published.

FULL LIST OF RATING ACTIONS

Honghua Group Limited
- Long-Term Foreign-Currency Issuer Default Rating (IDR) of
   'CCC' placed on RWP
- Senior unsecured rating of 'CCC' with Recovery Rating of 'RR4'
   placed on RWP
- 'CCC' rating on USD200 million 7.45% senior unsecured notes
   due in 2019 placed on RWP

Parkson Retail Group Limited
- Long-Term Foreign-Currency Issuer Default Rating (IDR) of
   'CCC' placed on RWP
- Senior unsecured rating of 'CCC' with Recovery Rating of 'RR4'
   placed on RWP
- 'CCC' rating on USD500 million 4.5% senior unsecured notes due
   2018 placed on RWP

Sunshine 100 China Holdings Ltd
- Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B-'
   placed on RWN
- Senior unsecured rating of 'CCC' with Recovery Rating of 'RR6'
   placed on RWN



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I N D I A
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BALAJI ENTERPRISES: CARE Assigns B+ Rating to INR9.50cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Balaji
Enterprises (BE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            11.25       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BE are primarily
constrained on account of its modest scale of operations with
moderate profitability, inherent risk associated with contractual
business and constitution as a partnership concern. The ratings,
further, constrained on account of project implementation risk
asscoaited with its real estate project and subdued outlook of the
cyclical real estate sector.

The ratings, however, derive strength from experienced promoters
and comfortable solvency and liquidity position.

Ability of GEPL to increase its scale of operations with receipt
of new contracts along with excess royalty and toll collection and
timely completion of the project with achieving envisaged level of
booking would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with moderate profitability: The scale
of operations of BE stood modest with Total Operating Income (TOI)
of INR41.58 crore and moderate profitability with PBILDT margin
and PAT margin of 9.26% and 3.67% respectively in FY17 (refers to
the period April 01 to March 31). The scale of operations
witnessed fluctuating trend owing to contractual nature of the
business.

Inherent risk associated with contractual business: BE operates in
the industry where the income of the entity is primarily dependent
on collection of royalty and toll from the contracts based on the
renewal of old contracts as well as awarding of fresh contracts.
Further, BE has to pay fixed obligation on every contract to
awarding authority irrespective of the lower collection of toll
and royalty charges which exposes the firm to short term liquidity
mismatches.

Project implementation risk: BE undertook residential real-estate
project named 'Landmark' with total saleable area of 123070 Sq.
Feet having 73 flats consisting of 33 flats of 2BHK, 35 flats of
3BHK, 3 flats of 4BHK and 2 penthouse in Lucknow with an average
sale value of Rs 3072 per sq. feet. The firm has envisaged total
project cost of INR31.60 crore to be funded through owned capital
of INR5.00 crore and remaining through customer advances. It
envisaged that project to be completed within one and a half year
i.e. March 31, 2019. BE undertook residential real-estate project
named 'Landmark' with total saleable area of 123070 Sq. Feet
having 73 flats consisting of 33 flats of 2BHK, 35 flats of 3BHK,
3 flats of 4BHK and 2 penthouse in Lucknow with an average sale
value of Rs 3072 per sq. feet. The firm has envisaged total
project cost of INR31.60 crore to be funded through owned capital
of INR5.00 crore and remaining through customer advances. It
envisaged that project to be completed within one and a half year
i.e. March 31, 2019.

Key Rating Strengths

Experienced Promoters: BE has been promoted by Mr. Navneet Kumar
Pandey, Mr. Nirmal Kumar Pandey and Mr. Vinay Kumar Pandey with
experience of more than a decade in toll collection and civil
construction industry. Further, the partners of the company are
assisted by professionally qualified and experienced team in the
field of manufacturing of transformers and control panels.

Comfortable solvency and liquidity position:The capital structure
of the firm stood comfortable marked by an overall gearing of 0.52
times as on March 31, 2017. Further, total debt to GCA stood at
4.56 times as on March 31, 2017, improved from 15.68 times as on
March 31, 2016 on account of improvement in profitability margins.
Subsequently, interest coverage ratio also improved from 1.49
times during FY16 to 1.78 times during FY17.

The liquidity position of the company stood moderate marked by 85%
utilization of its working capital bank borrowings during last
twelve months ended August 2017 with operating cycle of 45 days in
FY17. Current ratio stood comfortable at 2.39 times as on March
31, 2017, however, quick ratio stood at 1.65 times as on March 31,
2017.

Lucknow, Uttar Pradesh (UP) based BE was established in 2008 as a
partnership concern by Mr Navneet Kumar Pandey, Mr Nirmal Kumar
Pandey and Mr Vinay Kumar Pandey. It is engaged in toll collection
activity at Dakshina Shekhpur, Aadityapur Kandra and Maranga Toll
Plaza in UP.


ETCO DENIM: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE has been seeking information from Etco Denim Private
Ltd.(EDPL) to monitor the rating(s) vide e-mail communications
dated May 12, 2017, June 6, 2017, November 23, 2017, November 24,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, EDPL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on EDPL's bank facilities will
now be denoted as CARE BB/CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-      112.99      CARE D; Issuer not
   term Bank                         cooperating; Based on best
   Facilities                        available information

   Long-term Bank        246.45      CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

   Short-term Bank        29.00      CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

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

Detailed description of the key rating drivers

At the time of last review on December 23, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: The Company faced considerable strain on
liquidity mainly due to delay in completion of project and
commencement of loan repayments before ramp up of commercial
operations.

EDPL was established in the year 2005 by Mr Ramesh D Shah who is
the promoter of the company. The company is in the business of
spinning, yarn dyeing, denim fabric weaving and finishing. During
May 2013, EDPL made a capex for backward integration and
commissioned a plant for manufacturing denim from cotton bales.
The plant is located at Aliabad Industrial Area, Bijapur District,
Karnataka. The plant has a capacity of manufacturing 38.90 Mn
Metres of Denim per year. The company faced considerable strain on
liquidity mainly due to delay in completion of project and
commencement of loan repayments before ramp up of commercial
operations.

The company reported a loss of Rs47.95 crore on a total operating
income of INR361.99 crore in FY17 as against a net loss of
INR12.06 crore on a total operating income of INR302.17 crore in
FY16.


ETCO INDUSTRIES: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE has been seeking information from Etco Industries Private
Ltd.(EIPL) to monitor the rating(s) vide e-mail communications
dated May 12, 2017, June 06, 2017,November 23, 2017, November 24,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. Further, EIPL has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
In line with the extant SEBI guidelines CARE's rating on EIPL's
bank facilities will now be denoted as CARE BB/CARE A4; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        140.56      CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

   Short term Bank        12.00      CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

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

Detailed description of the key rating drivers

At the time of last review on December 23, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: Due to the operational issues and delay
in commissioning of expansion, EIPL was unable to generate
sufficient cash flows required for debt servicing. This led to
delays in debt servicing obligation.

EIPL is engaged in the business of manufacturing cotton yarn. In
2004, EIPL (formerly known as ETCO Spinners Pvt. Ltd.) took over
cotton spinning unit situated at MIDC area Parbhani, Maharashtra,
from the liquidators of Sahakari Soot Girni Ltd at a cost of
INR4.30 crore. EIPL replaced the old equipment and modernised the
set up by importing state of the art Plant and Machinery from
Germany, Italy and China at a cost of INR40 crore (46% funded by
the promoters). The unit commenced its operations from January 1,
2007. Currently, EIPL's installed capacity stands at 41,328
spindles as on March 31, 2016. Sales in the domestic markets
continue to be the primary revenue driver at EIPL.


HYDERABAD EDUCATIONAL: Ind-Ra Moves D Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hyderabad
Educational Institutions Private Limited's (HEIL) bank loan 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 D(ISSUER NOT COOPERATING)' on the agency
website. The instrument-wise rating action is:

-- INR584.88 mil. Bank loans (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

HEIL was formed under the Companies Act, 1956, as a for-profit
organisation for providing quality infrastructure for the
educational sector in India and anywhere in the world. The Indus
International School, Hyderabad, promoted by HEIL, was established
in August 2008. HEIL was acquired by Indus Group, Bangalore, in
March 2012.


JYOTSANABEN K.GOSWAMI: CARE Reaffirms B Rating on INR6.96cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jyotsanaben K.Goswami (JKG), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            6.96        CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of JKG continue to
remain constrained on account of its leveraged capital structure
and weak debt coverage indicators along with a moderate liquidity
position during FY17 (refers to the period April 1 to March 31).
The rating is further constrained on account of proprietorship
nature of its constitution and lack of experience of the
proprietor in the warehousing business and coupled with the
inherent risk associated with renewal and cancellation of lease
contracts.

The rating however derives strength from low saleability risk on
account of warehouses given on outright lease basis to M/s Go
Green Warehouses Private Limited (GGW), its operating model
mechanism which yields healthy profit margins, fiscal benefits
from government and favourable demand outlook for agri-warehousing
capacities in the country.

The ability of JKG to expand its storage capacity base by
establishing new storage facilities, while continuation/renewal of
its existing lease agreement at envisaged terms coupled with
timely receipts from the lessee along with an improvement in its
capital structure and debt coverage indicators are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Leveraged capital structure and weak debt coverage indicators
along with moderate liquidity position: The capital structure as
marked by overall gearing ratio, though improved, continued to
remain leveraged at 2.82 times as on March 31, 2017 as against
5.87 times as on March 31, 2016. The debt coverage indicators also
continued to remain weak as marked interest coverage ratio of
2.00x as on March 31, 2017 (1.54x in as on March 31, 2016) and
total debt to GCA of 15.45x as on March 31, 2017 (19.75x as on
March 31, 2016). During FY17, liquidity position remained moderate
as indicated by current ratio of 0.91 times.

Proprietorship nature of its constitution: The constitution as a
proprietorship firm restricts JKG's overall financial flexibility
as there is inherent risk of possibility of withdrawal of capital
and dissolution of the firm in case of death/insolvency of
proprietor.

Lack of experience of the proprietor in the warehousing business
coupled with the inherent risk associated with renewal and
cancellation of lease contracts.

The proprietor Mrs. Jyotsanaben K. Goswami is a farmer, who has an
experience in the agricultural industry but not in the field of
warehousing.. Furthermore, the lease agreement will be renewed
after the expiry of the agreed period only at the discretion of
all the parties, while the same will be cancelled in case of
breach committed by any party or cancelled by lessee/sub-lessee by
giving prior notice.

Key Rating Strengths

Low saleability risk along with operating model mechanism leading
to healthy profit margins: JKG has entered into a five year
agreement with M/s Go Green Warehouses Private Limited (GGW) on
Leave and License Agreement basis, which in turn has sub-let the
same to National Bulk Handling Corporation Private Limited (NBHC)
for the same period. Hence, the TOI of JKG remains pre-determined
up to a major extent. Further, as majority of the expenses are
borne by GGW and NBHC, operating profits remained healthy at
INR1.34 crore in FY17 (i.e.99.10%), while APAT margin also
remained at 8.14% in FY17 as against 14.03% in FY16.

Fiscal benefits from government: JKG has received full amount of
eligible subsidy which will ease out its term loan obligations and
improve its cash flow position in the short-term.

Established in 2015 as a proprietorship firm, JKG is engaged in
providing storage facilities on leave and license agreement basis
to M/s Go Green Warehouses Private Limited (GGW) who in turn has
sub-let the same to National Bulk Handling Corporation Private
Limited (NBHC; rated CARE A+/ CAREA1+) for a period of 60 months
(validity till December 2020). The firm commenced its commercial
operations from February 2015 from two warehouses, which
thereafter expanded to four warehouses, spread over 180,713 square
feet at Kadi, Mehsana; Gujarat. The warehouses have a storage
capacity of 30,080 Metric Tonnes of products and primarily stores
castor seeds, cotton bales, cumin seeds etc.

While the construction of the warehouses has been done by GGW who
is into the business of constructing commercial properties, NHBC
is one of the leading agri-warehousing and allied services
company, offering various services like supply chain, collateral
management, warehouse management, pest management & commodity
health, quality assaying & certification and audit supervision &
surveillance pan-India.


KROFTA PAPERS: CARE Assigns B+ Rating to INR14.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Krofta
Papers Private Limited (KPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.50       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of KPPL are
constrained by stabilization risk associated with newly setup
manufacturing facilities and working capital intensive nature of
operations. The ratings are further constrained on account of
foreign exchange fluctuation risk, susceptibility to volatility in
prices of raw material along with KPPL's presence in the highly
competitive industry. The ratings, however, draw comfort from
experienced management. Going forward; ability of the company to
profitably increase the scale of operations while improving its
profitability margins and capital structure with effective
management of working capital requirements shall be the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stabilization risk associated with newly set up debt funded
manufacturing facilities:  KPPL started with its commercial
production during May 2017 and has a relatively short track record
of operations as compared with other established players. The
company achieved a turnover of INR10 crore in the first six months
of business operations. Furthermore, post project implementation
risk in the form of stabilization of the manufacturing facilities
to achieve the envisaged scale of business and salability risk
associated with the products in the light of competitive nature of
industry remains crucial for KPPL. Further, during the initial
phases of operations; the capital structure of the company is
expected to remain leveraged characterized by debt funded capex
and low capital base. Further the average working capital remains
95% utilized for the past seven months ended October 31, 2017.

Foreign exchange fluctuation risk: The company procures the raw
material i.e. paper by way of imports from European market. With
initial cash out flow occurring in foreign currency and the
realization taking place in domestic currency, the company is
exposed to the fluctuation in the exchange rates. Moreover, the
company does not plan to hedge its foreign exchange exposure and
any adverse fluctuations in the currency markets may put pressure
on the profitability of the company.

Highly competitive industry along with susceptibility to
volatility in prices of raw material: KPPL operates in competitive
segments of the industry, which is very fragmented due to low
entry barriers. There are numerous players in the organized and
unorganized sector which increases the level of competition.
Moreover, raw material cost constitutes majority of the total cost
of production. Thus, margins are vulnerable to fluctuation in raw
material cost. Hence the profitability of the company is based on
the ability of the company to absorb the increase in raw material
prices which will have an impact on the profitability margins and
sales realization.

Key Rating Strengths

Diversified business experience of management: KPPL is well
supported by experienced management i.e. Mr. Raghvendra Khaitan
and Mr. Dinesh Khaitan. Both of them are graduates by
qualification and look after the overall management of the company
having diversified business experience in other businesses i.e.
manufacturing of water treatment equipment etc.

Uttar Pradesh based KPPL has commenced its commercial operations
in May 2017. The company is currently managed by Mr.Raghvendra
Khaitan and Mr. Dinesh Kumar Khaitan. It is engaged in
manufacturing of tissue papers at its manufacturing facility
located in Firozpur with installed capacity of 50 metric tonnes
per day as on October 31, 2017. The product manufactured by the
company find application in paper and paper products industry.The
raw material used for the manufacturing is waste paper and waste
paper products and the same is mainly procured from European
countries and traders located across India.


RUDRA ALLOYS: CARE Reaffirms B+ Rating on INR8cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rudra Alloys Private Limited (RAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              8         CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              2         CARE A4; Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RAPL continue to
remain constrained its weak financial risk profile characterized
by its small scale of operations, low profitability margins and
weak overall solvency position. The ratings are further
constrained by the high reliance of business on the external
working capital borrowings, susceptibility of margins to
fluctuations in raw material prices & foreign currency
fluctuations, presence in a highly fragmented & competitive
industry and inherent cyclicality in the steel industry. The
ratings, however, derive strength from the experienced promoters
and established business relations with the clientele.

Going forward, the ability of the company to profitably scale-up
its operations, improve the overall solvency position and manage
the the working capital requirements efficiently will remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial risk profile: The operating income of the company
increased by ~8% in FY17 mainly due to higher income from sale of
manufactured steel rounds and trading of scrap. However, the same
continued to remain at a small level. The profitability margins
continued to remain low and almost at the last year level. The
solvency position of the company remained weak owing to high total
debt outstanding as on March 31, 2017.

Susceptibility of margins to fluctuations in raw material prices &
foreign exchange rates: The primary raw material for RAPL's
products is scrap which the company Imports from countries like
U.S.A, U.A.E, South Africa etc. and also from local suppliers like
Tata Steels, etc. The absence of any long-term contracts with the
suppliers coupled with high competition and fragmentation
prevailing in the industry has led to the raw material price
fluctuation being borne by the company itself. Further, with no
exports, the company is also exposed to any adverse fluctuations
in the foreign currency prices.

Cyclicality and fragmented nature of the industry: The steel
industry is sensitive to the shifting business cycles, including
changes in the general economy, interest rates and seasonal
changes in the demand and supply conditions in the market. Apart
from the demand side fluctuations, the highly capital intensive
nature of steel projects along with the inordinate delays in the
completion hinders the responsiveness of supply side to demand
movements. Furthermore, the value addition in the steel
construction materials like steel ingots/ rounds is also low,
resulting into low product differentiation in the market.

Key Rating Strengths

Experienced promoters with established track record of the
company: RAPL has been in the steel industry for more than three
decades. The company is currently being managed by Mr. Naresh
Gupta (Managing Director), who is having around four decades of
experience in the industry. The other director of the company,
Mr. Nitin Gupta, has an experience of ~15 years in the industry.
The directors are assisted by a team of professionals who are
highly experienced in their respective domains.

Established business relationships with clients: Presence of RAPL
in the steel industry for the last three decades and favorable
location of the plant in the close proximity to its major
customers i.e. steel rolling mills in-and-around the Mandi
Gobindgarh Punjab) region has led to the development of long-term
relationships with the customers. Furthermore, long track record
of operations has also led to easy raw material procurement from
the suppliers.

Rudra Alloys Private Limited (RAPL) was originally incorporated as
Datta Multi Metals Pvt Ltd. in 1983 and later rechristened to RAPL
in 2006. The company is currently being managed by Mr Naresh Gupta
(Managing Director) who has an experience of nearly four decades
in the industry. RAPL is engaged in the manufacturing of steel
ingots, steel rounds and trading of scrap at its manufacturing
facility located at Mandi Gobindgarh, Punjab, with an installed
capacity of 30,000 MTPA, as on March 31, 2017. The products are
supplied mainly to rolling mills in-and-around Mandi Gobindgarh
and to clients based in Delhi and Haryana.


SHREE RAJESHWAR: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE has been seeking information from Shree Rajeshwar Weaving
Mills Private Limited (SRWMPL) to monitor the rating(s) vide e-
mail communications dated November 23, 2017, November 24, 2017 and
November 27, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. Further, SRWMPL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. In line with the extant SEBI guidelines
CARE's rating on SRWMPL's bank facilities will now be denoted as
CARE BB/CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-       15         CARE D/CARE D; ISSUER NOT
   term Bank                         COOPERATING; Based on best
   Facilities                        available information

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

Detailed description of the key rating drivers

At the time of last review on February 24, 2017 the following were
the rating strengths and weaknesses:

Shree Rajeshwar Weaving Mills Pvt. Ltd (SRWMPL) is in the business
of manufacturing of grey cloth. SRWMPL was formed in October 2011
by merging two proprietor entities, viz, M/s. Pooja Textiles and
M/s. Shree Rajeshwar Textiles which were in the similar line of
business. As on March 31, 2015, the company had 475 in-house looms
with a capacity of 223.80 Lakh metres pa. The fabrics manufactured
include cotton fabric, blended fabric and viscose fabric.

Status of non-cooperation with previous CRA: ICRA vide its press
release dated July 10, 2015 had suspended the ratings assigned to
the bank facilities of Shree Rajeshwar Weaving Mills Private
Limited (SRWMPL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SHRIHARI GINNING: Ind-Ra Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shrihari Ginning
and Oil Industries (SHGOI) 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 ratings will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR69.9 mil. Proposed long-term loans migrated to non-
    cooperating category with Provisional IND B+(ISSUER NOT
    COOPERATING) rating; and

-- INR30 mil. Proposed fund-based limits migrated to non-
    cooperating category with Provisional IND B+(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Nagpur-based SHGOI was established in July 2016 for setting up raw
cotton ginning, pressing and oil extraction unit.


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

-- INR40 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR13.07 mil. Long-term loans migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Started in 2012 by Mr Prahladray Ramprasad Heda in Gujarat, SI
manufactures copper rods, wires, strips, flats and other related
products.


THAKURDAS LOTWALA: CARE Reaffirms B+ Rating on INR7.50cr LT Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Thakurdas Lotwala, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.50       CARE B+ Reaffirmed

The rating assigned to Thakurdas Lotwala continues to remain
constrained by small scale of operations coupled with elongated
operating cycle and weak debt service coverage indicators. The
ratings are further constrained by constitution of the entity
being a proprietorship firm and competitive nature of the
industry. The ratings, however, draws comfort from the experienced
proprietor, moderate profitability margins comfortable capital
structure and long standing relations with the suppliers and
customers through group associates.

Going forward, the ability of the company to profitably increase
its scale of operations with effective management of working
capital requirements shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: Despite being operational for nearly
four decades, the scale of operations has remained small with
total operating income and gross cash accruals of INR28.41 crore
and INR0.26 crore in FY17. The small scale limits the firm's
financial flexibility in times of stress and deprives it of scale
benefits. Further, the firm has achieved the total operating
income of INR28 crore in 7MFY18 (FY refers to April 1 to
October 31, based on provisional results).

Elongated operating cycle: The operations of the firm are working
capital intensive marked by an average operating cycle of 182 days
in FY17. The firm primarily sells to retailers and realizes the
payment from its customers once the inventory is sold. This
resulted into high average collection period for the firm which
stood at more than 90 days in the last 3 financials years (FY15-
FY17).Further, the firm deals in high end shirting and suiting
materials and the firm has to maintain a high inventory.

TDLW maintains adequate inventory of finished goods with varied
brand labels to cater to the demand of the customers resulting
into high average inventory holding period of 175 days in FY17.
The same has elongated from147 days for FY16 owing to higher
finished goods holding attributable to increase in number of
company outlets. The high working capital requirements were met
largely through bank borrowings which resulted in almost full
utilization of working capital limits for the past 12 months
period ended October 31, 2017.

Weak debt service coverage indicators: The debt coverage
indicators as marked by interest coverage and total debt GCA of
the firm stood weak at around 1.30x and 25x for the past three
financial years i.e. FY15-FY17 mainly on account of high debt
levels against the profitability levels.

Industry risk and intense competition: The domestic retail textile
industry is expected to grow at a healthy rate in the medium to
long term driven primarily by the growth in the Indian economy
leading to a rise in disposable income, rising urbanization as
well as increasing retail penetration. The sector is highly
dependent on fashion trends, consumer spending habits as well as
economic cycles. Therefore, the companies need to manage their
inventories according to fashion and changing trends. At times, a
fashion is short-lived, thus there is a risk of inventory getting
obsolete and does not meet the taste and preferences of the
customers leading to losses.

The trading industry is a competitive industry wherein there is a
presence of a large number of players in the unorganized and
organized sector. There are a number of small and regional players
catering to the same market which limits the bargaining power that
the company exerts pressure on its margins. Smaller companies in
general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.

Key Rating Strengths

Experienced proprietor with long track record of operations: TDLW
incorporated in 1972 has a long track record of operations of
around four and half decades in the textile industry. The firm is
being managed by Mr Kishan Chand Jhamtani; who has overall
experience of nearly four decades in the textile industry through
his association with this entity. The demonstrated ability of
TDLW's has enabled it to establish relationship with its suppliers
and customers.

Long standing relations with the suppliers and customers through
group associates: The company procures the goods from big and
reputed manufacturers and sells it to different customers in
different states. The proprietor of the firm has long standing
experience with the suppliers through this entity and its group
associates. Furthermore, the proprietor also maintains good
relationship with dealers in the textile industry and currently
has more than 700 retail outlets who are its customers through its
group companies. The established relationship with its reputed
suppliers and customers demonstrates to deliver quality products
and ensures product off take for the firm.

Moderate profitability margins with comfortable capital structure:
The firm's profitability margins have historically been on the
lower side owing to the trading nature of business and the intense
market completion in the industry. PBILDT margin stood at 4.12% in
FY17 as against 3.49% in FY16. The improvement was mainly on
account of change in product mix. Further, the PAT margin stood at
0.80% in FY17.

The debt structure of the firm primarily comprises of working
capital borrowings to finance the day to day operations against
proprietor's capital base of INR8.67 crore as on March 31, 2017.
The overall gearing ratio stood moderate at 0.83x as on March 31,
2017as against 0.73x as on March 31, 2016 manly on account of
higher utilization of working capital limits as on balance sheet
date.

Kanpur-based, Thakurdas Lotwala (TDLW) is a proprietorship concern
established in 1972 by Mr Kishan Chand Jhamtani.

The firm is engaged in trading of branded garments for men and
women. The firm is a wholesale supplier of suiting brands such as
Raymond, Linen Club, Digjam, Reid & Taylor, etc. Furthermore, the
firm is an institutional supplier of police uniform and other big
institutions. TDLW mainly sells its products to retail outlets
around the country in the state of Uttar Pradesh, Bihar, Madhya
Pradesh, Assam, Sikkim Delhi etc. The firm has associate concerns
i.e. T.L. Fashions, Dakshinam Sarees and Linen Club EBO engaged in
trading of fabric.


UNITON INFRA: CARE Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Uniton
Infra Private Limited (UIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           15.00        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of UIPL is tempered by
the short track record of the company, project execution risk and
stabilization of operations and tender based nature of operations.
However, the rating is underpinned by the experience of the
promoters for more than two decades in construction industry,
stable outlook of construction industry and healthy order book
position. Going forward, ability of the company to complete the
project without any cost and time overrun and stabilize the
operations and generate the revenue and profit levels as envisaged
are key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weakness

Short track record of the company: The company was incorporated in
the year 2017. The company is expected to start commercial
operations from December 2018. The level of project execution and
operations by the management of the company is yet to be seen.

Tender based nature of operations: The company has received its
current work orders from GHMC. The revenues of the firm are
dependent on the ability of the promoters to bid successfully for
the tenders and execute the same effectively. However the
promoter's long experience in the industry for more than two
decades mitigates the risk to an extent. Nevertheless, there are
numerous fragmented & unorganized players operating in the segment
which makes the civil construction space highly competitive.

Project execution risk and stabilization of operations: The
directors of the company are going to execute the order book with
a total estimated cost of the project is INR50.00 crore. For
executing the project, the company has availed the fund based
facility bank overdraft of INR15 crore. Till date, the company has
not incurred any expenses. The commercial operations of the
company are expected to start from December 2018.

Key Rating Strengths

Experience of the promoters for more than two decades in
construction industry: UIPL is promoted by Mr. Mahesh Bigala
(Managing Director) and Mrs. Shalini Bigala (Director). The
directors are well qualified wherein Mr. Mahesh Bigala, aged 45,
is a post graduate, having experience of 20 years in construction
business.

The company is likely to get benefited by its qualified and
experienced promoters.

Healthy order book position: The company has satisfactory order
book of INR50 crore as on November 24, 2017 and the same is likely
to be completed by December 2019. The said order book is related
to construction of 2BHK houses plus 9 upper floors
Stable outlook of construction industry The construction industry
contributes around 8% to India's Gross domestic product (GDP).
Growth in infrastructure is critical for the development of the
economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revive the investment cycle. The same has
gradually resulted in increased order inflow and movement of
passive orders in existing order book.

The focus of the government on infrastructure development is
expected to translate into huge business potential for the
construction industry in the long-run. In the short to medium term
(1-3 years), projects from transportation and urban development
sector are expected to dominate the overall business for
construction companies. The implementation of Goods and Service
Tax might result in short run operational issues and pressure on
working capital until the process is

Uniton Infra Private Limited (UIPL) was incorporated in the year
2017 with its registered office at Banjara Hills, Hyderabad. The
promoters of the company are Mr. Mahesh Bigala (Managing Director)
and Mrs. Shalini Bigala (Director). They have experience of more
than two decades in Construction Industry. The company is
primarily engaged in construction of buildings, apartments and
other infrastructure works. The company procures its work orders
through online tenders from Greater Hyderabad Municipal
Corporation (GHMC), Telangana.

In November 2017, the firm entered in to Joint Venture agreement
with RKI Builders Private Limited for executing the project of
GHMC with sharing ratio of 51% to RKI Builders Pvt Ltd and the
remaining 49% to UIPL. At present, the company has the project of
construction of 324 2BHK houses plus nine upper floors at Jawahar
Nagar Village in Medchal with the estimated total project cost of
INR50 crore. Till date, the company has not yet started the work
and hasn't incurred any expenses. Expected date to start the
operations of the project is December 15, 2017. In 2018, the
company is expecting the orders from Fortune Builders Private
Limited, the agreement is under process. The expected order from
Fortune Builders Pvt Ltd pertains to construction of building
flats at Munganoor, Thatti Annaram Villages and villas at Sanga
Reddy District.


VEE KAY: CARE Reaffirms B+ Rating on INR10.55cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vee Kay Enterprises (VKE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.55       CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of VKE continue to be
constrained by its small scale of operations with low net-worth
base, low profitability margins, weak solvency position and
working capital intensive nature of operations. The rating is
further constrained by the susceptibility of the firm's margins to
fluctuations in the raw material prices, VKE's presence in a
highly fragmented industry characterized by intense competition
and partnership nature of constitution. The rating, however,
derives strength from the experienced promoters along with
established track record of the entity and favourable location of
the plant.

Going forward, the ability of the firm to profitably scale-up its
operations and improve its overall solvency position would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Weaknesses

Small scale of operations along with low net worth base: Despite
being in operations for around three decades, the firm's scale of
operations has remained small marked by Total Operating Income
(TOI) of INR52.68 crore in FY17 (refers to the period April 01 to
March 31) and net-worth base of INR4.48 crore as on March 31,
2017. However, the total operating income of VKE increased from
INR41.84 crore in FY16 to INR52.68 crore in FY17 on account of
higher orders received. The scale of operations, however,
continues to remain small.

Low profitability margins: The profitability margins of the firm
stood low marked by PBILDT margin of 4.26% and PAT margin of 0.21%
in FY17. The PBILDT margins moderated from 5.46% in FY16 to 4.26%
in FY17 due to increase in cost of raw material which could not be
passed on to customers completely. Consequently, PAT margins also
moderated from 0.30% in FY16 to 0.21% in FY17.

Leveraged capital structure: The capital structure of the firm is
leveraged as reflected by overall gearing ratio of 2.77x as on
March 31, 2017. The same, however, improved from 3.10x as on March
31, 2016 on account of infusion of additional funds of INR0.66
crore in FY17 in the form of capital and accretion of profits into
it.

Weak debt coverage indicators: The debt coverage indicators
continues to remain weak marked by interest coverage ratio of
1.48x and total debt to GCA of 17.15x as on March 31, 2017
respectively in comparison to interest coverage ratio of 1.49x and
total debt to GCA of 15.20x as on March 31, 2016 respectively. The
interest coverage ratio stood in line with previous year. However,
the total debt to GCA deteriorated from 15.20x as on March 31,
2016 owing to increase in debt levels and decline in gross cash
accruals in FY17.

Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature as reflected by
average operating cycle of 79 days for FY17 (PY: 87 days).VKE is
required to maintain adequate inventory of raw materials for
smooth production process and also maintains inventory of finished
goods to meet the demand of the customers. Furthermore, the firm
has to offer reasonable credit period of 30-40 days to its
customers. The working capital limits stood fully utilized for
last 12 months period ended October, 2017.

Susceptibility of margins to fluctuation in raw material prices:
Raw material constituted around 90% of the total cost of
production for the last 2 years(FY16-FY17).The entities in textile
industry are susceptible to fluctuations in raw material prices.
The price of raw material, i.e. acrylic fibre is linked to that of
crude oil. The general volatility in the crude oil prices also has
an impact on the prices of this product.

Fragmented and competitive nature of industry: Organized sector is
responsible for nearly 75% of installed capacity of the yarn
production and unorganized sector account for rest of the
capacity. This leads to highly fragmented industry structure
having high level of competition and intense pricing pressures.
Further, MMF (Man made fibre) industry has been going through a
lean phase for the last 5 fiscals.

However, the domestic economy is on a revival path and is expected
to improve going forward. Therefore, in the short to medium term,
CARE Ratings expects MMF consumption to remain relatively stable.

Partnership nature of constitution: VKE's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and the firm being dissolved upon the
death/retirement/insolvency of partners.

Strengths

Experienced partners with long track record of the entity: VKE is
engaged in the business of manufacturing of yarn for around three
decades and is currently being managed by Mr Vikas Behal and his
brother Mr Vishal Behal. Mr Vikas Behl has an industry experience
of around three decades while Mr Vishal Behal has an industry
experience of two and a half decades. Both the partners have
gained this experience through their association with VKE only.

Favorable location of plant: VKE is engaged in manufacturing of
acrylic yarn at its manufacturing facility located in Ludhiana,
Punjab which is a major garment manufacturing hub of India. Hence,
VKE's presence in this region results in benefit being derived
from easy availability of raw material with lower transportation
cost.

Vee Kay Enterprises (VKE) was established in 1985 as a partnership
firm and is currently being managed by Mr Vikas Behal and his
brother Mr Vishal Behal sharing profit and loss equally. The
entity is engaged in the manufacturing of acrylic yarn at its
manufacturing facility located in Ludhiana, Punjab. The firm has
an installed capacity of 50.4 tonnes per annum as on March 31,
2017. The product line of the firm comprises of acrylic hosiery
yarn. The firm supplies its products to various dealers in Punjab,
under the brand name "Vee Kay".



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


BUMI RESOURCES: S&P Ups CCR to CCC+ on Debt Exchange Completion
---------------------------------------------------------------
S&P Global Ratings said it has raised its long-term corporate
credit rating on Indonesian mining company PT Bumi Resources Tbk.
(Bumi) to 'CCC+' from 'D'. The outlook is stable. S&P said, "At
the same time, we assigned our 'CCC+p' issue rating to Bumi's
newly issued notes under tranche A and tranche B. Eterna Capital
Pte. Ltd., the issuer of the notes, is a fully owned subsidiary of
Bumi and Bumi guarantees the notes. We are also withdrawing our
ratings on Bumi's earlier guaranteed notes; these notes were rated
'D' and were in general payment default."

S&P said, "Our upgrade of Bumi follows the company's completion of
a debt exchange and reflects our view of the creditworthiness of
Bumi's new capital structure. Under the debt restructuring Bumi
completed on Dec. 12, 2017, it reduced its overall debt by 45%,
lowered interest costs, and lengthened its debt maturities.
The new capital structure for Bumi comprises about US$2.3 billion
of debt, which is a substantial reduction from US$4.2 billion debt
reported as of December 2016. Existing debt comprises new notes (a
combination of three tranches, together US$1.6 billion) due in
December 2022; contingent value rights (US$100 million) payable
depending on coal prices; and mandatory convertible bonds (US$631
million) maturing or convertible in December 2024."

In S&P's view, Bumi's interest payments and debt repayments are
more flexible than before. Its highest priority debt, tranche A,
is the only debt that has compulsory cash interest liability that
varies in tandem with benchmark coal prices. Part of the tranche A
interest and fixed interest on other debt components is accrued
and payable only if the cash is available; otherwise it is
capitalized and added to debt, thus becoming a payment liability
at maturity. As such, Bumi's cash interest liability is a maximum
US$45 million a year and no debt amortizes until the end of five
years. This compares with an annual cash interest servicing
requirement of more than US$450 million for fiscal years 2015 and
2016 under the previous capital structure.

Less than full ownership of coal mines means Bumi receives cash in
the form of proportionate dividends--after the coal companies pay
their own taxes and capital expenditure (capex). Bumi's cash flows
are thus substantially lower than the coal companies' cash
generation levels. Despite the improved capital structure, Bumi's
ability to service debt remains highly sensitive to volatile coal
prices. In the first half of 2017, it received an average US$55 a
ton for its coal sales. If the average selling price per ton of
its coal falls to US$50 or below, S&P believes the cash flow
generation at the coal companies will be constrained to such a
level that dividends received by Bumi will likely fall short of
the cash interest liabilities of the company.

After tax and capex at coal companies, dividends received by Bumi
will be US$250 million-US$300 million a year. S&P said, "This
follows our expectation of near US$60 a ton average realization
for Bumi. This, in our view, should help repay the tranche A
principal up to US$300 million over the next two years. However,
we do not expect any repayment of other tranches during this
period, and interest on them will continue to add to their
principal liability." Moreover, Bumi is required to use all its
cash flows for interest servicing or principal repayment. This
means Bumi will not be able to maintain any cash buffer to service
compulsory cash interest in any quarter in which the cash flows
from coal mines fall short. This puts Bumi at a reasonable risk of
missed payments if the coal prices were to see a sharp drop or
production was lower than expected.

Mandatory convertible debentures in Bumi's capital structure have
features of hybrid securities--however, the necessity of cash
payment of the accrued interest on these debentures, and the
freedom for Bumi to settle these debentures in cash leads us to
assess them as debt.

S&P said, "Despite the weakness in operating and cash flow
profile, we assess Bumi's capital structure as sustainable at the
current coal prices. This is because of low cash interest
liabilities, lack of scheduled debt repayments, and overall much
lower debt. We believe US$90-US$80 a ton coal price expectations
for benchmark Newcastle 6,300 kilo calories (kcal) will mean the
coal companies' cash flows will stay steady at about US$1.4
billion-US$1.5 billion.

"Our assessment of Bumi's operating profile takes into
consideration its 51% and 70% ownerships in underlying coal mines:
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, respectively.
We expect these coal companies to produce 85 million-90 million
tons of thermal coal a year of high- to medium-quality coal. Their
cost position remains good and under our expectation of coal
prices, cash flows are likely to be steady. The coal companies'
mining licenses are coming up for renewal over 2020-2021. Timely
renewal of the licenses with similar tax and production permit
structure remains a risk to their operating profile, in our view.
Bumi's ability to maintain steady production levels also depends
on the coal companies maintaining good relationships with mining
contractors, and their ability to contain costs as average coal
quality deteriorates. In the past, disputes with mining
contractors have limited production growth, accumulated payables,
and affected cash flows. The cash cost of production has been
susceptible to inflation, especially in the current inflationary
oil price environment. We assess Bumi's business risk profile as
weak.

"The stable outlook reflects our view that Bumi's coal mines will
generate positive free operating cash flows and that Bumi will
receive sufficient dividends from coal mines to service its cash
interest liabilities. This will mean gross production at the
coalmines will exceed 80 million tons a year, that average
realization will remain above US$55 a ton, and that costs will
stay stable.

"We may lower the rating on Bumi if the coal companies face cost
inflation or production, or realization drops such that free
operating cash flows fall materially. Cumulative dividends from
the coal companies falling below US$100 million would indicate
such a stress in cash flows--which could jeopardize Bumi's ability
to service its cash interest liabilities. Bumi's average
realization falling below US$50 could also show such stress.

"We could upgrade Bumi if we see a sustainable record of the
company receiving healthy dividends from the coal companies, and
using such dividends to pay cash interest on debt and repay debt
using surplus cash. An upgrade is contingent upon us retaining
healthy price expectations on thermal coal, on debt under tranche
A falling, and on Bumi's improving its standing in credit markets
such that the company could raise new funding, if needed."




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


MITSUBISHI MOTORS: S&P Ups CCR to BB on Improved Internal Control
-----------------------------------------------------------------
S&P Global Ratings said it has raised its long-term corporate
credit rating on Japan-based automaker Mitsubishi Motors Corp. one
notch to 'BB' from 'BB-'. The outlook is positive.

S&P said, "We base the upgrade on our view that Mitsubishi Motors
has progressed improvement in its internal controls over the past
year as part of ongoing restructuring of its organization and
business operations since Nissan Motor Co. Ltd. became its largest
shareholder in October 2016. From May 2016, our rating on the
company incorporated a two-notch downward adjustment to reflect
our view that its internal controls had serious flaws in light of
its April 2016 admission that it falsified fuel-economy data."

Mitsubishi Motors has improved its organizational structure and
business operations since October 2016 when Nissan Motor took a
34% stake and became its largest shareholder. It is refining
internal processes and management of its profitability by
reviewing its development processes; clarifying the scope of
authority of each business division; reviewing its appraisal
system; and establishing a system of monthly checks on the
progress of the company's earnings plan. S&P said, "Exchanges of
personnel with Nissan Motor have also encouraged a revamp of
Mitsubishi Motors' business operations, in our view. We believe
its internal controls have improved somewhat over the past year
given that its operating profit has recovered steadily--to JPY36.7
billion in the second half of fiscal 2016 (ended March 31, 2017)
and JPY44.2 billion in the first half of fiscal 2017--following a
JPY31.6 billion operating loss in the first half of fiscal 2016."

S&P said, "We believe Mitsubishi Motors' internal controls will
continue to function in a stable manner, making it likely its
strategic initiatives -- including the development and rollout of
new models and full-model changes -- and production costs will
remain generally on track. Management's strong commitment to
enhance business operations, combined with the continuing exchange
of personnel and sharing of technological knowhow with Nissan
Motor, will continue to help strengthen its internal controls, in
our view. In addition, Mitsubishi Motors has the wherewithal to
take necessary steps, having over JPY520 billion on hand as of
Sept. 30, 2017.

"The auto industry faces high risk of cyclicality and intense
competition, in our view. We also believe Mitsubishi Motors has
limited marketing presence and competitiveness in key global
vehicle markets, and we expect full benefits from its alliance
with Nissan Motor to take time to materialize. But it also has
relatively strong positions in Southeast Asian markets with good
growth prospects. Accordingly, we assess its business risk profile
as weak. We assess its financial risk profile as modest because of
its small debt burden, our expectation that key cash flow
indicators for Mitsubishi Motors will remain at favorable levels
relative to our rating on the company, and our view the company
will maintain its conservative financial management.

"We assess Mitsubishi Motors' liquidity as strong. We estimate
that its sources of liquidity are likely to exceed 1.5x uses over
the next year and to exceed 1.0x uses in the following year, based
on its ample cash and deposits, small debt burden, and our
expectation that it will continue to manage its investments
appropriately. We expect its very close relationships with its key
domestic creditor banks to continue to underpin the company's
financing capabilities.

"The positive outlook on the long-term rating reflects our view of
at least a one-in-three chance that continued effectiveness of the
company's business operations will eliminate negative effects that
weaknesses in the company's internal controls have on the rating
in the coming year or so. We also expect the company to secure
stable earnings even under harsh business conditions as it refines
its internal processes and management of profitability and further
reduces costs.

"We will consider upgrading Mitsubishi Motors if, in the coming
year or so, it makes steady progress in its strategic initiatives,
including new model rollouts, as well as management of production
costs and we determine that its internal controls are functioning
effectively under the management regime in place since Nissan
Motor became its top shareholder. Important factors to realize
this scenario are a steady increase in unit sales based on
stronger product competitiveness and continued improvement in
profitability, in our view.

"Conversely, we would revise downward the outlook to stable if we
determine that Mitsubishi Motors needs more time to improve its
internal controls. This might be the case if further improper
misconduct becomes known, it faces major delays rolling out new
models, or it slashes its earnings plan. We might revise the
outlook downward also if its operating performance substantially
worsens again because of a material decline in overseas unit
sales, particularly in key Southeast Asian markets, or a steep
climb in the yen against major currencies."



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


GLOBAL A&T: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Lead Debtor: Global A&T Electronics Ltd.
             11 Martine Avenue, 12th Floor
             White Plains, NY 10606

Type of Business: UTAC Holdings Ltd and its subsidiaries are
                  independent providers of assembly and test
                  services for a broad range of semiconductor
                  chips with diversified end uses, including in-
                  communications devices (such as smartphones,
                  Bluetooth and WiFi), consumer devices,
                  computing devices, automotive devices, security
                  devices, and devices for industrial and medical
                  applications.  The company offers its customers
                  a full range of semiconductor assembly and test
                  services in these key product categories:
                  analog, mixed-signal and logic, and memory.
                  UTAC's customers are primarily fabless
                  companies, integrated device manufacturers and
                  wafer foundries.  UTAC is headquartered in

                  Singapore, with production facilities located
                  in Singapore, Thailand, Taiwan, China,
                  Indonesia and Malaysia.  The company's global
                  sales network is broadly focused on five
                  regions: the United States, Europe, China and
                  Taiwan, Japan, and the rest of Asia.  The
                  Debtors have 10,402 full-time employees.

                  https://www.utacgroup.com/

Chapter 11
Petition Date:    December 17, 2017

Affiliates that simultaneously filed Chapter 11 petitions:

     Debtor                                          Case No.
     ------                                          --------
     Global A&T Electronics Ltd.                     17-23931
     Global A&T Finco Ltd.                           17-23932
     UGS America Sales Inc.                          17-23933
     United Test and Assembly Center Ltd.            17-23934
     UTAC (Shanghai) Co., Ltd.                       17-23935
     UTAC (Taiwan) Corporation                       17-23936
     UTAC Cayman Ltd.                                17-23937
     UTAC Dongguan Ltd.                              17-23938
     UTAC Group Global Sales Ltd.                    17-23939
     UTAC Headquarters Pte. Ltd.                     17-23940
     UTAC Hong Kong Limited                          17-23941
     UTAC Thai Holdings Limited                      17-23942
     UTAC Thai Limited                               17-23943

Court:            United States Bankruptcy Court
                  Southern District of New York (White Plains)

Judge:            Hon. Robert D. Drain

Debtors' Counsel: Marc Kieselstein, P.C.
                  KIRKLAND & ELLIS LLP
                  601 Lexington Avenue
                  New York, New York 10022
                  Tel: (212) 446-4800
                  Fax: (212) 446-4900
                  E-mail: marc.kieselstein@kirkland.com

                        - and -

                  Patrick J. Nash, Jr., P.C.
                  Gregory F. Pesce, Esq.
                  KIRKLAND & ELLIS LLP
                  300 North LaSalle Street
                  Chicago, Illinois 60654
                  Tel: (312) 862-2000
                  Fax: (312) 862-2200
                  E-mail: patrick.nash@kirkland.com
                          gregory.pesce@kirkland.com

Debtors'
Financial
Advisor:          MOELIS & COMPANY ASIA LIMITED
                  AND MOELIS & COMPANY LLC

Debtors'
Restructuring
Advisors:         ALVAREZ & MARSAL NORTH AMERICA, LLC AND
                  ALVAREZ & MARSAL (SE ASIA) PTE. LTD.

Debtors'
Notice,
Claims &
Balloting
Agent:            PRIME CLERK LLC
                  https://cases.primeclerk.com/gate/Home-Index

Estimated Assets: $500 million to $1 billion

Estimated Debt: $1 billion to $10 billion

Michael E. Foreman, general counsel and authorized officer, signed
the petitions.

A full-text copy of Global A&T Electronics' petition is available
for free at http://bankrupt.com/misc/nysb17-23931.pdf

Debtors' List of 30 Largest Unsecured Creditors:

  Entity                          Nature of Claim    Claim Amount
  ------                          ---------------    ------------
Affiliates of Brigade Capital         Litigation      Unliquidated
Management L.P.                         Claim
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Tasman Fund LP                          Litigation    Unliquidated
c/o Lowenstein Sandler LLP               Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

AB SICAV II - Multi Strategy            Litigation    Unliquidated
Alpha Portfolio                           Claim
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Delta Master Trust                      Litigation    Unliquidated
c/o Lowenstein Sandler LLP                Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

SC Credit Opportunities                 Litigation    Unliquidated
Mandate, LLC                              Claim
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Texas Absolute Credit                   Litigation    Unliquidated
Opportunities Strategy LP                 Claim
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

U.S. High Yield Bond Fund               Litigation    Unliquidated
c/o Lowenstein Sandler LLP                Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Affiliates of SEI                       Litigation    Unliquidated
Institutional Group                        Claim
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

The Coca-Cola Company                   Litigation    Unliquidated
Master Retirement Trust                   Claim
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

AllianceBernstein Cap Fund,             Litigation    Unliquidated
Inc. - Alliance Bernstein Multi-          Claim
Manager Alternative Strategies Fund
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

FS Investment Corporation               Litigation    Unliquidated
c/o Lowenstein Sandler LLP                Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Cobbs Creek LLC                          Litigation   Unliquidated
c/o Lowenstein Sandler LLP                 Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Burholme Funding LLC                     Litigation   Unliquidated
c/o Lowenstein Sandler LLP                 Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Green Creek LLC                          Litigation   Unliquidated
c/o Lowenstein Sandler LLP                  Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Blackstone / GSO Strategic               Litigation   Unliquidated
Credit Fund                                Claim
Blackstone / GSO Long-Short
Credit Income Fund
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

IP All Seasons Asian Credit Fund         Litigation  Unliquidated
c/o Lowenstein Sandler LLP                 Claim
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Southpaw Credit Opportunity              Litigation   Unliquidated
Master Fund LP                             Claim
c/o Lowenstein Sandler LLP
One Lowenstein Drive
Roseland, NJ 07068
Thomas Redburn
Tel: 973-597-2456
Email: tredburn@lowenstein.com

Affiliates of Marble Ridge               Litigation   Unliquidated
Capital L.P.                               Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Affiliates of KLS Diversified            Litigation   Unliquidated
Asset Management L.P.                      Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Affiliates of Taconic Capital            Litigation   Unliquidated
Advisors L.P.                              Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Alden Global Opportunities               Litigation   Unliquidated
Master Fund, L.P.                          Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Millstreet Credit Fund L.P.              Litigation   Unliquidated
c/o Brown Rudnick LLP                      Claim
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Ronin Trading Europe LLP                 Litigation   Unliquidated
c/o Brown Rudnick LLP                      Claim
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Mercer QIF Fund plc-Mercer               Litigation   Unliquidated
Investments Fund 1                         Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Autonomy Special Situations              Litigation   Unliquidated
Trading Fund Limited                       Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Affiliates of Halcyon Capital            Litigation   Unliquidated
Management L.P.                             Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

HNC L.P.                                 Litigation   Unliquidated
c/o Brown Rudnick LLP                      Claim
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

HDML Fund II LLC                         Litigation   Undetermined
c/o Brown Rudnick LLP                      Claim
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: (p) 212-209-4930
Email: swissner-gross@brownrudnick.com

EG Fixed Income Fund I                   Litigation   Undetermined
c/o Brown Rudnick LLP                      Claim
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com

Wazee Street Opportunities              Litigation    Undetermined
Fund IV L.P.                              Claim
c/o Brown Rudnick LLP
Seven Times Square
New York, NY 10036
Sigmund S. Wissner-Gross
Tel: 212-209-4930
Email: swissner-gross@brownrudnick.com




                             *********

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
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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.

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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 2017.  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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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