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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

          Friday, February 9, 2018, Vol. 21, No. 029

                            Headlines


A U S T R A L I A

ALLGOLD HOLDINGS: First Creditors' Meeting Set for Feb. 15
LIMELIGHT: Classical Music & Arts Magazine in Liquidation
P&E SECURITIES: First Creditors' Meeting Slated for Feb. 15
ROCHARDE INDUSTRIES: First Creditors' Meeting Set for Feb. 15
VCS CIVIL: First Creditors' Meeting Set for Feb. 15

VCS HOLDINGS: First Creditors' Meeting Set for Feb. 15
ST AIR: First Creditors' Meeting Scheduled for Feb. 15


C H I N A

CONCORD NEW: Fitch Rates US$200MM Bonds Due 2021 'BB-'


I N D I A

ALAMELUBALAJI SPINNING: CRISIL Moves D Rating to Not Cooperating
ANKITA AGRO: CARE Assigns B- Rating to INR10.56cr LT Loan
ASIAN BEVERAGE: CRISIL Reaffirms D Rating on INR16.9MM Term Loan
BHARAT HATCHERIES: CRISIL Reaffirms B+ Rating on INR7MM Loan
CENTRO PROJECTS: CRISIL Moves D Rating to Not Cooperating Cat.

CRISTOPIA ENERGY: CRISIL Reaffirms B+ Rating on INR8MM Loan
E.S. KNIT: CRISIL Moves B+ Rating to Not Cooperating Category
KAUSIKH THERAPEUTICS: CRISIL Moves B+ Rating to Not Cooperating
KPK OILS: CRISIL Moves B Rating to Not Cooperating Category
MARWA SEAFOODS: CRISIL Assigns B+ Rating to INR2.5MM Loan

MAYURI BROILER: CRISIL Reaffirms B Rating on INR7.4MM LT Loan
MOHANA COTTON: CRISIL Moves D Rating to Not Cooperating Category
PARV TEX: CRISIL Moves B+ Rating to Not Cooperating Category
PAVAN MOTORS: CRISIL Reaffirms B+ Rating on INR17.5MM Loan
RAINBOW ENTERPRISES: CRISIL Moves B Rating to Not Cooperating

RECMET ALLOYS: CARE Moves B+ Rating to Not Cooperating Category
SAHARA GROUP: SC OKs Parcel Sale of Aamby Valley Property
SAHARA HOSPITALITY: CARE Moves D Rating to Not Cooperating Cat.
SGS MARINE: CRISIL Moves B+ Rating to Not Cooperating Category
SHAH AGRI: CRISIL Moves B+ Rating to Not Cooperating Category

SHIVALIK VYAPAAR: CARE Assigns C Rating to INR9cr LT Loan
SMRITI APPARELS: CRISIL Moves D Rating to Not Cooperating Cat.
SMT. MALTI: CARE Assigns B+ Rating to INR4.55cr LT Loan
SPM INDIA: CRISIL Moves B+ Rating to Not Cooperating Category
SREE NARAYAN: CRISIL Moves B+ Rating to Not Cooperating Category

SRI MURARI: CARE Assigns B+ Rating to INR15cr LT Loan
T.R. CHEMICALS: CRISIL Moves D Rating to Not Cooperating Category
VALORA PLYWOOD: CRISIL Moves B+ Rating to Not Cooperating Cat.
WEST QUAY: CARE Moves D Rating to Not Cooperating Category


N E W  Z E A L A N D

BIZDOJO: Failure "Embarrassing for WREDA," Taxpayers' Union Says
FLETCHER BUILDING: Expects to Breach Bank Covenants


P H I L I P P I N E S

COCA-COLA FEMSA: To Lay Off Workers Due to Restructuring


S O U T H  K O R E A

DAEWOO E&C: Preferred Bidder Pulls Out Sale Deal on Hidden Losses


S R I  L A N K A

SRI LANKA: Fitch Affirms B+ Long-Term FC IDR; Outlook Stable
SRILANKAN AIRLINES: Fitch Corrects January 24 Rating Release


X X X X X X X X

* Restructuring Vet Jim McKnight Joins Houlihan Lokey in Sydney


                            - - - - -


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


ALLGOLD HOLDINGS: First Creditors' Meeting Set for Feb. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Allgold
Holdings Pty Ltd will be held at Level 5, 11 Mounts Bay Road, in
Perth, WA, on Feb. 15, 2018, at 10:30 a.m.

Samuel John Freeman and Justin Walsh of Ernst & Young were
appointed as administrators of Allgold Holdings on Feb. 6, 2018.


LIMELIGHT: Classical Music & Arts Magazine in Liquidation
---------------------------------------------------------
Brisbane Times reports that classical music and arts magazine
Limelight is calling in the liquidators after cancelling its
March edition and laying off its six employees.

Shocked staff were told on Feb. 6 of the move by publisher Andrew
Batt-Rawden, who took over the title in 2013, the report says.

"I bought the magazine as a starving composer in my late 20s and
spent four years trying to improve the magazine's position and
build a business and that is a very expensive thing," the report
quotes Mr. Batt-Rawden as saying.  "The magazine has improved a
lot financially, we are reaching a big audience across Australia
and a few internationally, but my personal situation was that I
simply couldn't continue the monthly profit and loss. I got to
the point where I couldn't take another refinancing, so I decided
to take some drastic action."

However, Mr. Batt-Rawden said he was in talks with various
potential purchasers and appeared cautiously optimistic a buyer
could be found, Brisbane Times relates.

"I hesitate to be 100 per cent certain, but I can say I am having
some very positive conversations," he said, notes the report.

According to Brisbane Times, Jo Litson, who took over as editor
late last year, said staff continued to believe passionately in
the magazine.

"Limelight has been occupying an increasingly important niche
given its intelligent, informed, in-depth, entertaining arts
reporting," Brisbane Times quotes Ms. Litson as saying.  "Were it
to be fold, I think a valuable cultural resource will be lost and
arts coverage in Australia would be the poorer for it. So we are
all very much hoping that a new publisher will be found to ensure
Limelight's future."

The magazine, which has a monthly circulation of about 8,000,
began life in 1976 as an ABC publication, 24 Hours. In 2006 it
was taken over by Haymarket Media, until that company exited the
Australian market in 2013 and Mr. Batt-Rawden took over.


P&E SECURITIES: First Creditors' Meeting Slated for Feb. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of P&E
Securities Pty Ltd will be held at Boardroom B, Duxton Hotel, 1
St Georges Terrace, in Perth, WA, on Feb. 15, 2018, at 9:30 a.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of P&E Securities on Feb. 7, 2018.


ROCHARDE INDUSTRIES: First Creditors' Meeting Set for Feb. 15
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Rocharde
Industries Pty Ltd will be held at Boardroom B, Duxton Hotel, 1
St Georges Terrace, in Perth, WA, on Feb. 15, 2018, at 10:30 a.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Rocharde Industries on Feb. 7, 2018.


VCS CIVIL: First Creditors' Meeting Set for Feb. 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of VCS Civil
and Mining Pty Ltd will be held at Boardroom B, Duxton Hotel, 1
St Georges Terrace, in Perth, WA, on Feb. 15, 2018, at 11:30 a.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of VCS Civil on Feb. 5, 2018.


VCS HOLDINGS: First Creditors' Meeting Set for Feb. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of VCS
Holdings (Aust) Pty Ltd will be held at Boardroom B, Duxton
Hotel, 1 St Georges Terrace, in Perth, WA, on Feb. 15, 2018, at
11:00 a.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of VCS Holdings on Feb. 5, 2018.


ST AIR: First Creditors' Meeting Scheduled for Feb. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of ST Air Pty
Ltd will be held at Boardroom B, Duxton Hotel, 1 St Georges
Terrace, in Perth, WA, on Feb. 15, 2018, at 10:00 a.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of VCS Holdings on Feb. 6, 2018.



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


CONCORD NEW: Fitch Rates US$200MM Bonds Due 2021 'BB-'
------------------------------------------------------
Fitch Ratings has assigned Concord New Energy Group Limited's
(CNE, BB-/Stable) US$200 million 7.9% bonds due 2021 final
ratings of 'BB-'.

The final rating follows a review of final documentation
materially conforming to the draft documentation previously
reviewed. The final rating is the same as the expected rating
assigned on 6 November 2017. Proceeds from the bond issue will be
used to repay existing debt and for general corporate purposes.

China-based CNE's 'BB-' rating is supported by its considerable
scale, with 819MW of consolidated wind-powered generation
capacity spread across 20 projects in areas with low curtailment
risk and a stable feed-in-tariff (FiT) regime. The general
operating environment for renewable energy is also improving,
with Chinese authorities addressing grid curtailment, although
tariffs on new projects are on a downward trend.

The rating also incorporates CNE's high financial leverage due to
large debt-funded expansionary capex as it aggressively expands
capacity over the next two to three years, higher structural
subordination relative to renewable transactions by Fitch-rated
peers and the typical time lag in receiving subsidy payments
faced by wind and solar generators in China. However, as CNE is
largely exposed to wind power generation, its subsidy exposure is
lower than for operators more exposed to solar.

CNE has a weak near-term financial profile for its 'BB-' rating,
characterised by its high financial leverage. Fitch expect its
FFO adjusted net leverage to peak at around 6.5x in 2017-2018
(2016: 3.1x), before gradually improving towards 5.0x-6.0x in
2019-2020. However, the company's liquidity is sufficient to meet
short-term debt obligations, partly due to lengthy credit periods
available from equipment suppliers and available undrawn credit
facilities. Fitch expects CNE to be able to upstream excess cash
generation from mature projects post project-level debt-servicing
to the holding company via dividends and shareholder loan
repayments to service liquidity requirements at the CNE level.

KEY RATING DRIVERS

Favourable Project Locations: About 60% of CNE's wind projects,
on an attributable basis, were located in areas with a low
curtailment ratio of less than 10%. In comparison, only 44% of
wind projects nationwide are located in areas with low
curtailment issues. CNE's strategy is to continue developing wind
power projects in China's southern provinces, which have low
curtailment issues. Fitch expects the share of CNE's projects
located in regions with no or low curtailment risk to improve to
76% by end-2018, when projects under construction are completed.

The Chinese government has taken measures to address grid-
curtailment issues since mid-2016, amid a strong push for
renewable energy during the 13th Five-Year Plan for 2016-2020.
The measures improved the overall national wind-power curtailment
rate to 13.6% in 1H17, from 21.0% in 1H16, and include a
guaranteed minimum dispatch volume of wind and solar power in
selected provinces with high curtailment risk, continued power-
grid network investment and upgrades and better planning of
renewable-power capacity additions.

Stable FiT Tariffs: Chinese renewable-power projects enjoy a
fixed FiT for the first 20 years of operation, which enhances
revenue visibility. However, cash generation is exposed to
variations in wind patterns and solar irradiation. The government
has lowered FiTs for new projects in the previous three years to
reflect lower investment costs due to better technology and
efficiency. The latest tariff scheme was issued in December 2016.
These changes have not affected projects already in operation,
but could affect yields on new projects, making careful project
selection an important driver of credit quality.

Prolonged Subsidy Receivable Cycle: CNE has to wait for the
projects that commence operation to be included in the next batch
of project catalogues before the government dispatches the
associated subsidies, leading to a build-up of receivables. The
gap between catalogues has varied from two months to two years.
Fitch understand the seventh batch of projects is currently under
review. CNE's uncollected FiT subsidy amounted to CNY308 million
in 2015 and CNY175 million in 2016, accounting for 10.5% and
15.5% of its receivables, respectively. The uncollected FiT
subsidies were for CNE's new projects. The company will continue
to have significant subsidy receivables in 2017-2019 due to large
ongoing and planned capacity additions.

However, pressure on CNE's working capital from the prolonged
subsidy receivable cycle is partly counterbalanced by its lengthy
payable days. The company had bills and trade payables of CNY3.6
billion as of end-2016, which was mainly attributed to payables
to wind-turbine makers, including retention money, as well as to
its engineering, procurement and construction (EPC) suppliers.
Fitch do not expect sudden and large repayment demands from wind-
turbine makers, considering the weak bargaining power of
equipment suppliers along the value chain. However, Fitch have
factored in a gradual decline in payables related to CNE's legacy
EPC business.

Evolving Business Profile: CNE has actively managed its business
strategy in response to changing market conditions and shifted
its focus from EPC services and equipment sales to solar and wind
farm development and operation. Fitch believe CNE's experience in
the upstream EPC segment helps mitigate execution risk to some
extent, despite a short record in wind-power operation and
management.

Large Debt-Funded Capex: CNE aims to add 200MW-550MW of wind
capacity per year from 2017 to 2021, with capex peaking at CNY3.3
billion-3.7 billion in 2017-2018. Wind farm projects are capital
intensive with long payback periods. Fitch expect this, coupled
with the prolonged subsidy-receivable cycle, to push CNE's FFO
adjusted net leverage to around 6.5x in 2018, before improving
towards 5.5x as capex requirements ease and more projects start
generating cash. CNE has conducted a few build-transfer
transactions to strategically dispose of some projects and
recycle capital. However, the transactions are opportunistic and
insignificant in Fitch rating case assumptions.

Interest in Associates and JVs: CNE has minority investments in a
number of renewable power generation-related associates and
joint-ventures (JVs), which are accounted for on an equity basis.
The equity-accounted generation capacity associated with these
investments was 666MWs (attributable) as of end-2016. Taking
minority interests in projects in which CNE provided EPC work was
part of its previous strategy and the investments, which are
largely projects located in China's northern regions, are subject
to higher curtailment rates and provide little cash returns;
dividends from associates and JVs amounted to only CNY22 million
in 2016.

Major sponsors of many of these projects are state-linked power
entities. Fitch have not factored in any debt from these
associates and JVs in Fitch debt ratio calculations or assumed
any meaningful dividends. Fitch also expect the amount of debt at
these entities to gradually fall as projects mature, operating
performance improves with easing curtailment rates and project
debt amortises.

Senior Unsecured Ratings: CNE's senior unsecured rating is at the
same level as its IDR, despite a high level of prior-ranking
debt. Over 85% of CNE's debt was secured at end-2016. The
expected rating of the proposed US dollar notes is also on par
with CNE's IDR due to strong enterprise-valuation multiples for
China's renewable assets, particularly those located in areas
with low curtailment risk; the granularity of CNE's asset base;
and above-average recovery prospects for senior unsecured
creditors based on bespoke recovery analysis.

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
include:
- Revenue declining by around 30% in 2017 due to the phasing-out
   of the EPC business, but then increasing rapidly in 2018-2019
   by around 25% per annum in line with the completion of new
   wind-power projects
- Wind power on-grid tariff to decline for new projects in 2018,
   2019 and 2021, but remain largely stable thereafter
- Utilisation hours of 2,100 for CNE's new projects after ramp-
   up based on average utilisation hours for wind projects
   located in similar regions of 2,000 over the previous four
   years with an added 5% efficiency improvement from using wind
   turbines tailored for low-wind speed application
- Average EBITDA margin of over 65% in 2017-2019 (2016: 33%).
   This is higher than historical levels due to a new business-
   model focused on higher-margin power-projects operation away
   lower-margin EPC
- Capex averaging at CNY3.3 billion-3.7 billion in 2017 and
   2018, mostly for new wind-power projects, to taper afterwards

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
Fitch does not expect positive rating action in the medium-term
given CNE's scale and Fitch forecast financial profile
improvement already incorporated into the assigned ratings.
Positive rating action may result from:
- CNE successfully executing its expansion in line with current
   plans while China's new energy regulatory framework remains
   broadly favourable to industry players
- FFO net leverage lower than 5.0x on a sustained basis
- FFO fixed-charge coverage higher than 3.0x on a sustained
   basis

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Significant regulatory framework changes, with adverse
   implications for CNE's projects
- FFO adjusted net leverage exceeding 6.5x at peak or a failure
   to improve towards 5.0x by 2019-2020
- FFO fixed-charge coverage lower than 2.0x for a sustained
   period

LIQUIDITY

Sufficient Liquidity: CNE has solid banking relationships, with
CNY2 billion in undrawn credit facilities from major Chinese
banks. The company also has a record of accessing debt-capital
markets; it has issued various types of funding instruments,
including dim sum and domestic bonds. Management has indicated
that there are no restrictive covenants in place to prevent
project companies from upstreaming excess cash via dividends or
shareholder loan repayment after satisfying project-level debt-
servicing requirements. CNE had CNY1.8 billion in unrestricted
cash as at end-1H17; Fitch believe some of this is available to
manage liquidity requirements.



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


ALAMELUBALAJI SPINNING: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Alamelubalaji Spinning Mills Private Limited (ABSMPL) for
obtaining information through letters and emails dated October
23, 2017 and January 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           12.45      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan         6.68      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Alamelubalaji Spinning Mills Private Limited to
'CRISIL D Issuer not cooperating'.

ABSMPL was set up in 1993; its operations are managed by Mr. K
Venkataswamy. The company derives its revenue from manufacture of
cotton yarn. It also operates a ginning unit, which caters to
most of its ginning requirement.


ANKITA AGRO: CARE Assigns B- Rating to INR10.56cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ankita
Agro and Food Processing Private Limited (AFPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities          10.56      CARE B-; Stable Assigned

  Short-term Bank
  Facilities           3.75      CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AFPL are primarily
constrained on account of financial risk profile marked by
continuous net loss and weak solvency position in FY17 (FY refers
to the period from April 1 to March 31). The ratings are further
constrained mainly on account of high competition and raw
material prices dependant on agro-climactic conditions. The
ratings, however, derive strength from experienced management and
reputed customer base with healthy demand prospects for processed
oats attributes to increase in scale of operations. The ratings,
further, derives strength from exemption available in indirect
taxes.

The ability of the firm to increase in scale of operations with
improvement in profitability margins and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial risk profile marked by continuous net losses and highly
leveraged solvency position: With increase in TOI, the company
has registered operating profit of INR 3.07 crore in FY17 as
against operating loss of INR 0.98 crore in FY16. Further, in
line with PBILDT margin, net losses of the company has declined
to INR 2.02 crore in FY17 as against net loss of INR5.45 crore in
FY16.

The business of the company is working capital intensive nature
marked by full utilization of its working capital bank
borrowings during last twelve months ended September, 2017. The
company maintains inventory of around 35-40 days and gets the
payment from customers around 20-25 days. It makes the payment to
its suppliers within 40-45 days attributes to moderate operating
cycle at 15 days in FY17. The capital structure of the company
stood highly leveraged marked by overall gearing of 16.11 times
as on March 31, 2017.

High level of competition and raw material prices dependant on
agro-climactic conditions: The breakfast cereals industry is
highly fragmented in nature due to presence of a large number of
unorganized players and few organized players in the industry.
Further, there are large numbers of options available to the
consumers and such options can be differentiated based on
nutrition available in it and taste it adds into the meal. Due to
highly competition and presence of numerous options, the company
has limited flexibility over pricing their products. Moreover,
the business is also susceptible to changing preferences of
consumers towards products, brands etc.

The major raw material of AFPL will be raw oats which are
cultivated mainly in Australia, Canada, Russia, USA and
European countries and prices of it are fluctuating because of
the seasonal availability and irregularity of climatic condition
leading to unpredictable yields etc.

Key Rating Strengths

Experienced management: Mr Rajesh Kumar Jain and Mrs Preeti Jain
having wide experience of more than a decade in the food
processing industry and looks after overall affairs and
administrative functions respectively in the company. They are
assisted by Mr Rajesh Kumar Dugad, brother in law of Mr Rajesh
Kumar Jain, who has vast experience of more than three decades in
food processing industry.

Reputed customer base with growth in Total Operating Income
(TOI): The company has established strong relationship with
reputed customers and sells its products mainly to Patanjali,
Horlicks, Weikfield, Saffola, ITC and Marico all over India. The
company operates in tender driven industry. The main raw material
of the company is raw oats which it imports from Australia.
During FY17, the company has registered TOI of INR 38.38 crore as
against INR 8.69 crore in FY16 mainly on account of increase in
sale of oats.

New Delhi based Ankita Agro and Food Processing Private Limited
(AFPL) was established in 2005 as a private limited company by
Mr. Rajesh Kumar Jain along with his wife Mrs Preeti Jain.
However, the operations have started from 2013. AFPL is engaged
in the business of processing of raw oats into oat flakes. The
manufacturing unit of the company is located at Neemrana,
Rajasthan, with a total installed capacity of 15000 Metric Ton
Per Annum (MTPA) as on March 31, 2017. The company imports its
raw material from Australia. The company markets its product
under the brand name of "Mournvita".

The company has undertaken a new project in August, 2016 for
installation of additional Masala oats plant which will increase
its capacity from 15000 MTPA to 20000 MTPA. The total cost of
project is INR2.73 crore which is to be funded through term loan
of INR2.25 crore and remaining through internal accruals. The
project was completed on April, 2017.


ASIAN BEVERAGE: CRISIL Reaffirms D Rating on INR16.9MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Asian Beverage Private Limited (ABPL) at 'CRISIL
D'. The rating continues to reflect instances of delay in
servicing term debt; the delays were on account of nascent stage
of operations and low cash accrual.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            4        CRISIL D (Reaffirmed)
   Cash Term Loan        16.9      CRISIL D (Reaffirmed)
   Working Capital
   Facility               0.1      CRISIL D (Reaffirmed)

The rating also reflects a weak financial risk profile and
working capital-intensive operations. These rating strengths are
partially offset by the extensive entrepreneurial experience of
the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The networth was low and the
gearing high at INR2.1 crore and 13.3 times, respectively, as on
March 31, 2017. Debt protection metrics were weak. Net cash
accrual was only INR4 lakh in fiscal 2017 against total debt of
around INR28 crore as on March 31, 2017. The interest coverage
ratio was also low at 1.01 times in fiscal 2017.

* Working capital-intensive operations: Gross current assets were
high at 211 days driven by large inventory of 185 days and
moderate receivables of 26 days, as on March 31, 2017.

Strength

* Extensive experience of the promoters: The promoters have
extensive experience in different fields such as manufacturing of
preforms and retailing. Benefits from the entrepreneurial
experience of the promoters should continue.

ABPL, set up in 2013, is based in Chennai; its operations are
managed by Mr. C Vijaya Kumar and Mr. S Arihanth. The company
manufactures fruit-based and carbonated soft drinks.


BHARAT HATCHERIES: CRISIL Reaffirms B+ Rating on INR7MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term
facilities of Bharat Hatcheries (BH) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             7        CRISIL B+/Stable (Reaffirmed)
   Term Loan               3        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect BH's modest scale of operation in
the highly competitive poultry industry and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the firm's partners.

Analytical Approach

Unsecured loans of INR2.57 crore are from family members,
interest bearing in nature but expected to remain in the
business, hence treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation and exposure to intense competition:
With revenue of INR32.24 crore in fiscal 2017, the firm remains a
small player in an industry that has many organised and
unorganised players catering to regional demand due to
transportation constraints and the perishable nature of the
product.

* Weak financial risk profile: As on March 31, 2017, the networth
was small at INR4.66 crore and gearing high at 2.56 time. Debt
protection metrics were weak, with interest coverage ratio of
around 1.94 times and net cash accrual to total debt ratio of
0.01 time in fiscal 2017. The capital structure is expected to
remain highly leverage with expected high gearing of 2.5 times in
the near-term due to low cash accrual.

Strength

* Extensive experience of the partners: Benefits from the
partners' over 15 years of experience and established
relationship with the suppliers and customers should support the
business over the medium term.

Outlook: Stable

CRISIL believes BH will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if scale of operation increases and profitability and
capital structure improve. The outlook may be revised to
'Negative' if decline in revenue or profitability or large, debt-
funded capital expenditure weakens financial risk profile.

Set up as a partnership firm in 2002 by Haryana-based Mr. Rajvir
Singh Jaglan and his daughter Ms Variappa Jaglan, BH is engaged
in poultry breeding and hatching. It has day-old-chick breeder
farms in Panipat, Haryana.


CENTRO PROJECTS: CRISIL Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Centro
Projects and Marketing (CPM) for obtaining information through
letters and emails dated December 14, 2017 and January 5, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               7        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Centro Projects and Marketing
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Centro Projects and Marketing is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Centro Projects and Marketing to 'CRISIL D Issuer
not cooperating'.

CPM, set up in 2014, operates Centro Mall at Kodungallur in
Kerala. Spread over 100,000 square feet, the mall became
operational in February 2016. The firm is promoted by Mr. Basheer
and his wife Ms Haseena.


CRISTOPIA ENERGY: CRISIL Reaffirms B+ Rating on INR8MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Cristopia Energy Systems
(India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)
   Cash Credit            8.0       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations and
below average financial risk profile. These rating weakness are
partially offset by extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: CESIPL has a modest scale of
operations, as reflected in its operating income of INR26.02 cr.
in fiscal 2017. Though the revenue registered a year-on-year
growth of around 15%, the scale of operations remains modest,
restricting its cost efficiencies. Revenue is expected to
increase over the medium term backed by its order book of INR10
cr. to be executed over the next six months; the revenue flow
will depend on the timely execution of projects. Scale of
operations may remain modest, over the medium term.

* Below-average financial risk profile: Below-average financial
risk profile marked by modest net worth of INR8.4 cr., low
gearing of 0.98 times as on March 31, 2017. The firm has moderate
debt protection metrics with net cash accrual to total debt
(NCATD) and interest coverage ratios of over 0.11 and 2.02 times,
respectively, for 2016-17. Financial risk profile may remain
below average over the medium term.

Strength

* Extensive experience of promoters: CESIPL is a JV between the
Kehems group and CIATS (Compagnie Industrielle d'Applications
Thermiques,). The Kehems group has been engaged in providing
heating, ventilating, and air conditioning (HVAC) services since
1980. Over the years, the group has diversified and established
strong business relationships with its customers, which include
hospitals, hotels, commercial malls, and manufacturing units.
CIATS has been manufacturing chillers and thermal energy storage
systems for many years and has established its brand presence
across the globe, resulting in continued order flow. Furthermore,
association with CIATS has helped CESIPL cater to export markets,
which has helped to not only expand its scale but also ramp up
its manufacturing operations.

Outlook: Stable

CRISIL believes CESIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
anticipated cash generation and a controlled working capital
cycle, leading to improvement in liquidity. The outlook may be
revised to 'Negative' in case of a further stretch in the working
capital cycle or large, debt-funded capital expenditure, leading
to deterioration in the financial risk profile, particularly
liquidity.

Incorporated in 1993, CESIPL is a joint venture between the
Kehems group, India, and CIATS SA, France. The company
manufactures chillers (used for air-conditioners) and thermal
energy storage systems.


E.S. KNIT: CRISIL Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with E.S. Knit
Wear (ESK) for obtaining information through letters and emails
dated December 14, 2017 and January 5, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Bill
   Discounting            1.25     CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)


   Packing Credit         3.25     CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              0.40     CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital
   Facility               1.10     CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

CRISIL A4Despite repeated attempts to engage with the management,
CRISIL failed to receive any information on either the financial
performance or strategic intent of E.S. Knit Wear which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on E.S.
Knit Wear is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of E.S. Knit Wear to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

ESK was set up in 1985 as a proprietorship firm by Mr. Easwaran.
The firm is engaged in manufacturing of readymade garments.


KAUSIKH THERAPEUTICS: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kausikh
Therapeutics Private Limited (KTPL) for obtaining information
through letters and emails dated October 23, 2017 and January 12,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Loan Against           8        CRISIL B+/Stable (Issuer Not
   Property                         Cooperating; Rating Migrated)

   Overdraft               .8      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed                .7      CRISIL B+/Stable (Issuer Not
   Overdraft Facility              Cooperating; Rating Migrated)

   Term Loan             12.0      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

KTPL was founded by Mr. Kausic V Neelakantan in 2000 for
marketing pharmaceutical products. In 2002, it set up a
formulations manufacturing plant. The company manufactures
pharmaceutical formulations in therapeutic segments such as
general multivitamins, cardiovascular, anti-diabetics, and
antibiotics, in the form of tablets, capsules, and dry syrups.


KPK OILS: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with KPK Oils
and Proteins India Private Limited (KPK) for obtaining
information through letters and emails dated October 23, 2017 and
January 12, 2018 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 Migrated)

   Long Term Loan          0.3      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      4.7      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KPK Oils and Proteins India Private Limited to '
CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2007, KPK refines and trades in coconut oil. The
company is promoted by Mr. Kuppuraj Palanisamy.


MARWA SEAFOODS: CRISIL Assigns B+ Rating to INR2.5MM Loan
---------------------------------------------------------
CRISIL Ratings has assigned its rating of 'CRISIL
B+/Stable/CRISIL A4' for the bank facilities of Marwa Seafoods
(MSF). The rating reflects the firm's modest scale and working
capital intensive nature of operations and its below average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of MSF's partners in the
seafood industry.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit     2.5       CRISIL B+/Stable
   Foreign Bill Purchase     5         CRISIL A4

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and working capital intensive nature of
operations: The firm operates at a modest scale, as indicated by
revenue of around INR14.1 crore in fiscal 2017. Modest scale of
operations will continue to restrict the firm's bargaining power
with customers and suppliers. The firm's operations are also
working capital intensive, as indicated by GCA days of 146 as on
March 31 2017. High GCA days is mainly on account of high
inventory (75 days) and other current assets such as loans and
advances to group entities, duty drawback receivable, prepaid
expenses etc.

* Below average financial risk profile: Net worth is modest at
INR2.9 crore as on March 31 2017 owing to modest scale of
operations. Debt protection metrics are below average, marked by
NCATD and interest coverage ratio of 6% and 2 times respectively
in fiscal 2017. Debt protection metrics are expected to remain
under pressure in fiscal 2018 owing to lower sales and low
profitability.

Strengths

* Extensive industry experience of partners: The firm's business
risk profile will continue to benefit over the medium term from
the extensive experience of its partners, who have been engaged
in the seafood industry for more than 15 years. Over the years,
the firm has established strong relationship with its customers
and suppliers.

Outlook: Stable

CRISIL believes that MSF will continue to benefit over the medium
term from its partners' extensive experience in the seafood
industry. The outlook may be revised to 'Positive' in case of a
significant and sustainable growth in revenue, and improvement in
profitability and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if revenue or profitability
declines significantly, or if any debt-funded capital expenditure
leads to deterioration in financial risk profile, particularly
liquidity.

MSF, a partnership firm established in 2010, is engaged in
processing and export of marine products like cuttlefish, squid,
octopus etc.


MAYURI BROILER: CRISIL Reaffirms B Rating on INR7.4MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of Mayuri Broiler Breeding Farms Private
Limited (MBFPL; part of the Mayuri Group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.4      CRISIL B/Stable (Reaffirmed)

   Term Loan               1.5      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect stretched liquidity, as cash
accrual remains tightly matched against the term-debt obligation.
The rating also factors in exposure to volatile raw material
prices, intense competition and inherent risks, and below average
debt protection metrics. These rating weaknesses are partially
offset by a moderate capital structure and extensive experience
of the promoter in the poultry industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Krishika Farms Private limited (KFPL),
Mayuri Broiler Breeding farms Private Limited (MBFPL) and Lakshmi
Venkat Farms Ltd (LVFL). This is because the three companies,
collectively referred to as the Mayuri group, have operational
synergies, being in the same line of business, and have a common
promoter and fungible cash flows

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity: The Mayuri group has stretched liquidity
marked by tightly matched cash accruals with term debt
obligations and low current ratio. Net cash accrual was
insufficient for term debt repayment in 2016-17. However, the
company has paid the obligation timely by efficiently managing
its working capital requirement. Current ratio was low at 0.90
times as on March 31, 2017. Net cash accruals to be tight with
term debt obligation over the medium term.

* Exposure to volatile raw material prices, intense competition
and inherent risks the poultry industry: The group's business
risk profile is susceptible to the risk inherent in the poultry
industry and to intense competition. Also, the industry is highly
fragmented with large number of unorganized players on account of
low entry barriers due to low capital intensity. Raw materials
account for about 75 per cent of group's cost of production. As
the prices of these raw materials have been highly volatile in
past and are expected to remain so, the company's margins are
highly susceptible to fluctuations in the prices of raw
materials.

* Below average debt protection metrics: The interest coverage
and net cash accruals to total debt were at 1.73 times and 12
percent respectively in 2016-17.

Strengths

* Extensive experience of the promoter in the poultry industry.
The group is promoted by Mr. V Harshvardhan Reddy and his family
who have been associated with the poultry industry for close to
two decades. The extensive industry experience of the promoters
and their established linkages with various traders has enabled
the healthy offtake of eggs and DOCs.

* Moderate capital structure: The net worth stood at Rs.16.5
crore and TOLTNW ratio was 2.1 times as on March 31, 2017. The
ratio has improved from 3.1 times as on March 31, 2016.

Outlook: Stable

CRISIL believes that the Mayuri group will continue to benefit
from the extensive experience of, and need-based funding support
extended by, the promoter. The outlook may be revised to
'Positive' in case of substantial and sustained improvement in
revenue and profitability margin resulting in larger cash
accruals and hence improvement in liquidity. The outlook may be
revised to 'Negative' in case of a steep decline in cash
accruals, or significant deterioration in capital structure,
caused most likely by large debt-funded capital expenditure or
stretch in working capital cycle.

LVFL and MBFPL were incorporated in 1995 and 2006, respectively,
by promoter, Mr. V Harshvardhan Reddy. LVFL produces hatching
eggs and day-old chicks, while MBFPL, produces hatching eggs and
broiler birds. KFPL, incorporated in 2010, produces table eggs.
The group is based in Hyderabad


MOHANA COTTON: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mohana
Cotton Ginning Private Limited (MCG) for obtaining information
through letters and emails dated November 17, 2017 and
January 9, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit           15        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              6.5      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Mohana Cotton Ginning Private Limited to 'CRISIL D
Issuer not cooperating'.


PARV TEX: CRISIL Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Parv Tex
India (PTI) for obtaining information through letters and emails
dated November 6, 2017 and January 5, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.25      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit            3         CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan              8.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Set up in February, 2016 as a partnership firm, PTI manufactures
bedsheets at its unit in Barhampur, which is 10 kilometres away
from Panipat, Haryana. Operations began in October 2016.


PAVAN MOTORS: CRISIL Reaffirms B+ Rating on INR17.5MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facility of Pavan Motors Private Limited
(PMPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility               17.5     CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          3.8     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .7     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect PMPL's weak financial risk
profile because of small net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak debt
protection metrics. The rating also factors in the company's
exposure to intense competition in the automobile dealership
business, resulting in low profitability. These weaknesses are
partially offset by the extensive experience of the promoters,
efficient working capital management, and limited exposure to
inventory and debtor risks.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: PMPL had high total outside
liabilities to tangible net worth (TOLTNW) of 8 times and low net
worth and INR5.08 Cr respectively as on March 31, 2017. The
interest coverage and net cash accruals to total debt were at
1.98 times and 7 percent respectively in 2016-17.

* Exposure to intense competition in the automobile dealership
business resulting in low profitability: The passenger cars
automotive sector is intensely competitive with a large number of
players present in the mini, compact, mid-size, executive,
premium, and luxury passenger car segments. Though PMPL does not
face competition from other Maruti Suzuki India Limited (MSIL;
rated 'CRISIL AAA/Stable/CRISIL A1+') dealers, it faces intense
competition from the dealers of other leading and established
players in the segment. PMPL reported operating margin of 3.9% in
2016-17.

Strengths

* Extensive experience of the promoters: PMPL is promoted by Mr.
Chandra Pavan Reddy and his family members. The promoters have
over 10 years of experience in automotive dealership industry.
The company benefits from the promoters' industry experience.

* Efficient working capital management, and limited exposure to
inventory and debtor risks: PMPL's moderately working capital
intensive nature of operations is reflected in gross current
assets (GCA) of around 72 days as on March 31, 2017 owing to
inventory of 45 days and debtors of 18 days. Moreover, the
company has limited exposure to inventory and debtor risk
supported by its cash and carry model.

Outlook: Stable

CRISIL believes PMPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the capital structure improves substantially either
through healthy accretions or through equity infusion coupled
with sustained operating performance. The outlook may be revised
to 'Negative' in case of a steep decline in profitability, or
stretch in working capital cycle, or large debt funded capex
further weakens the financial risk profile.

PMPL was set up in 2011 by Mr. Chandra Pavan Reddy and his
family. The company is the only authorised dealer for Maruti
Suzuki India Ltd's cars in Nalgonda (Telangana), where it has six
showrooms. PMPL has one showroom in Hyderabad and currently
setting up another NEXA showroom in the region.


RAINBOW ENTERPRISES: CRISIL Moves B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rainbow
Enterprises (RE) for obtaining information through letters and
emails dated October 23, 2017 and January 12, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Rainbow Enterprises (RE), set up in 2007, trades in tiles and
sanitary ware. The Chennai-based firm is promoted by Mrs U.
Thiruselvi.


RECMET ALLOYS: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Recmet Alloys
Private Limited to monitor the ratings vide e-mail
communications/letters dated August 17, 2017, November 8, 2017
December 9, 2017, January 2, 2018, January 3, 2018, January 5,
2018 and numerous phone calls. However, despite our 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. The ratings on
Recmet Alloys Private Limited's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.


                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Long term Bank
  Facilities           9.95      CARE B+; Issuer not 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 ratings.

The rating assigned to the bank facilities of Recmet Alloys
Private Limited (RAPL) is constrained primarily on account of its
presence in fragmented lead recycling and smelting industry with
limited pricing flexibility and inherent cyclicality associated
with the end-user industry. The rating is also constrained by
regulatory risk pertaining to duty structure and compliance with
environmental norms.

The rating, however, derives comfort from experience of its
qualified promoters and key management personnel having vast
experience in non-ferrous metal industry and locational advantage
of its manufacturing facility.

The ability of RAPL to increase its scale of operations and
improve its profitability and solvency position via efficient
working capital management would be the key rating sensitivities.

Detailed description of the key rating drivers
At the time of last rating in September 28, 2016, the following
were the rating strengths and weaknesses (updated for details
available from Registrar of Company).

Key Rating Weaknesses

Presence in highly fragmented lead recycling and smelting
industry with limited pricing flexibility: Lead smelting and
recycling industry is characterized by low value addition and
weak entry barriers due to low capital expenditure required for
establishing the plant. This has increased competition from the
unorganized segment making the industry fragmented. Being a
commodity, lead prices in India are governed by its price
movements on the London Metal Exchange, albeit with some time
lag, leading to limited pricing flexibility.

Inherent cyclicality associated with end-user industry: Lead
alloys find its primary application in the manufacturing of lead
acid batteries for its use in automobiles, invertors, solar power
systems, etc, with automobile industry being the major end-user
industry for lead acid batteries. Hence, RAPL is exposed to
inherent cyclicality associated with automobile industry.
However, the growth in power back-up industry will have a
favorable impact on the lead industry which augurs well for the
companies like RAPL.

Regulatory risk pertaining to duty structure and compliance with
environmental norms: Lead is hazardous in nature and can cause
serious damage to the environment, owing which it is under strict
vigilance of mainly the Ministry of Environment and Forests
(MoEF) and Central Pollution Control Board (CPCB) Any violations
of stringent pollution control norms can adversely affect the
operations of the company. Moreover, any change in duty structure
on lead products including battery scrap can impact the viability
of its operations.

Modest scale of operations with net losses, moderate capital
structure and debt coverage indicators: During FY17, RAPL has
registered TOI of INR24.82 and booked net loss of INR0.13 core.
Capital structure of RAPL marked by overall gearing stood
moderate at 1.51 times as on March 31, 2017. Debt coverage
indicators of
RAPL marked by total debt to gross cash accruals and interest
coverage stood moderate at 12.57 times and 1.91 times
respectively during FY17.

Key Rating Strengths

Qualified promoters and key management personnel having vast
experience in non-ferrous metal industry: The key management
personnel of RAPL namely Mr Sanjay Saini, Mr Rabindra Agarwal, Mr
Kunj Behari Sarraf, Mr Anup Agrawal and Mr N K Saxena are well-
qualified and possess on an average more than a decade of
experience in non-ferrous metal industry.

Locational Advantage: RAPL's plant is well connected by road,
rail, air and sea Routes to three of the India's best known ports
i.e. Kandla, Mundra as well as Jawaharlal Nehru Port, Mumbai,
while it also has easy access to use in this industry, i.e.
Furnace oil/ Diesel/ Natural Gas.

New Delhi based Recmet Alloys Private Limited (RAPL) was
incorporated during October 2010 with objective of setting up a
Lead refining and smelting unit at Jambusar, Bharuch district
(Gujarat) with a proposed refining capacity of 24,000 MT per
annum. RAPL's registered office is in New Delhi but all its
operations are carried out from its Vadodara (Gujarat) office as
this is near to its plant in Jambusar, Bharuch district
(Gujarat). RAPL is promoted by Mr. Rabindra Agarwal, Mr. Sanjay
Saini, Mr. Kunj Behari Sarraf and Mr. Anup Agarwal with the first
three directors having experience of more than a decade into Non-
ferrous metal industry. RAPL has completed its project of setting
up Lead refining and smelting unit in April, 2016 the total cost
of the project was INR12.85 core which was funded through debt to
equity of 0.45 times. The plant has been set up on a land plot
purchased by the company at Jambusar having area of 34,095 sq.
meters.


SAHARA GROUP: SC OKs Parcel Sale of Aamby Valley Property
---------------------------------------------------------
Business Standard reports that the Supreme Court on Feb. 7
allowed the Bombay High Court's official liquidator to sell the
Aamby Valley property of the Sahara group by splitting it into
saleable parcels of land, as there were no takers for the
purchase of the entire Valley.

According to the report, the bench of Chief Justice Dipak Misra,
Justice Ranjan Gogoi and Justice A K Sikri allowed the sale of
the township in saleable parcels of land after the counsel
appearing for the official liquidator and receiver said that
despite advertising twice, it could not get buyers.

Business Standard relates that two companies -- Mahindra and
Piramal Group -- had expressed interest in buying the Valley
property and were currently carrying out due diligence for the
same, the counsel informed the court.

It is, however, not known if the companies want to buy the whole
project or a part of it, according to the counsel, Business
Standard relays.

Selling the entire Aamby Valley, spread over 8,900 acres, would
be difficult as the project was not attracting buyers for the
whole property and the second bidding to sell it had failed, he
added.

"Its a huge property . . . The court may consider to permit us to
sell it in parcels. It would be much easier," the official
liquidator told the court, the report relays.

The international school, golf course, convention centre and
hotel could be sold separately to attract more buyers for the
project -- located in Pune, Maharashtra, the counsel suggested to
the court, according to the report.

Allowing the sale of the property in parcels, which would take
two months, the court posted the matter for April 19, Business
Standard says.

Earlier, the top court had directed the auction of Aamby Valley
to recover money that the Sahara group has to pay to the market
regulator Securities and Exchange Board of India (SEBI) for
returning investors' money that its two companies SIRECL and
SHICL had raised from investors in 2007 and 2008, Business
Standard recalls.

Business Standard says the Sahara India Real Estate Corporation
Ltd (SIRECL) and the Sahara Housing Investment Corporation Ltd
(SHICL) had raised Rs 240 billion through optionally fully
convertible debentures in 2007 and 2008. The top court by its
August 31, 2012 order had directed Sahara to refund this amount
with 15 per cent interest.

The Sahara group has already given a part of the money to the
SEBI that is parked in the SEBI-Sahara Refund Account.

On August 10, the apex court had declined the plea of Sahara
chief Subrata Roy to put on hold the auction of Aamby Valley and
allowed the liquidator to go ahead with the auction, the report
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter,
Subrata Roy.  The move comes following the group's failure to
refund INR24,000 crore to investors as directed by the Supreme
Court.

Sahara founder Subrata Roy was arrested in March 2014 after the
company failed to comply with a court order to refund money
raised from millions of small investors by selling them bonds
later ruled to be illegal, TCR-AP reported citing Reuters.


SAHARA HOSPITALITY: CARE Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CARE Ratings has been seeking information from Sahara Hospitality
Limited to monitor the rating(s) vide e-mail
communications/letters dated November 30, 2017, December 1, 2017
and December 4, 2017 and numerous phone calls. However, despite
our 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, Sahara
Hospitality Limited has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating
on Sahara Hospitality Limited's bank facilities will now be
denoted as CARE BB/CARE A4; ISSUER NOT COOPERATING.

                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Long Term Bank      20.67      CARE D; Issuer not cooperating;
  Facilities-                    Based on best available
  Cash Credit                    information

  Long Term Bank     486.07      CARE D; Issuer not cooperating;
  Facilities-                    Based on best available
  Term Loan                      information

  Short Term Bank     20.00      CARE D; Issuer not cooperating;
  Facilities-Non                 Based on best available
  Fund Based                     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).

The ratings take into account the ongoing delays in servicing of
debt by Sahara Hospitality Ltd.

Detailed description of the key rating drivers

At the time of last rating on March 27, 2017 the following were
the rating strengths and weaknesses:

Delays in debt servicing: The ratings take into account the delay
in debt servicing obligation by the company due to its weak
liquidity position.

SHL operates Sahara Star Hotel in Mumbai, the construction of
which was planned in three phases. Phase-I of the project was
completed in October 2007 wherein 223 rooms and 9 specialty
restaurants outlets where constructed. Phase II and III includes
construction of 209 rooms (186 rooms in phase-II and remaining in
phase-III), new restaurants, banquets and conference facilities,
meeting rooms, swimming pool (4100 sq ft), internationally
branded salon, preview theatre, gymnasium, health clubs, squash
and badminton courts, a 5 floor tower with banquet hall, business
centres, night clubs, event hall (25 ft height), entertainment
zone and pent house etc. The Phase II of the project has been
completed and is operational since April 2015 and Phase III of
the project achieved its commercial operational date on March 31,
2016. The company has leased out some portion on rental basis.
The Phase III of the project has also been completed.


SGS MARINE: CRISIL Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with SGS Marine
Habitability Private Limited (SGS) for obtaining information
through letters and emails dated December 18, 2017 and
January 9, 2018 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 Migrated)

   Letter of Credit        2.5      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan           .16     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Fund-          2.34     CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SGS Marine Habitability Private Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

SGS, incorporated in 2012 and based in Visakhapatnam, Andhra
Pradesh, assembles marine accommodation products, including
gallery, scullery, living space, cabinets, and furniture, on
turnkey basis. The company is promoted by Mr. Ghanshyam Sharma,
Mr. Shyam Sundar Sharma, and Mr. Jagdish Prasad Tamadiyat.


SHAH AGRI: CRISIL Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shah Agri
Impex Private Limited (SAIPL) for obtaining information through
letters and emails dated October 23, 2017 and January 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .17      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan              3.33      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Incorporated in 2012, SAIPL trades in pulses such as toor, moong,
peas apart from agro commodities like maize and soya deoiled
cakes, and also provides warehousing services for their storage.
Promoted by Mr. Dilip Shah and family, the company's operations
are based out of Nagpur. It is setting up a dal mill to process
pigeon pea (toor) and other pulses, which is expected to commence
operations from November 2016.


SHIVALIK VYAPAAR: CARE Assigns C Rating to INR9cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shivalik Vyapaar Private Limited (SVPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities            9.00     CARE C; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SVPL is primarily
constrained on account of its financial risk marked by
fluctuating Total Operating Income (TOI) along with continuous
net and cash losses, weak solvency and liquidity position and its
presence in competitive and fragmented nature of industry along
with vulnerability to fluctuation in raw material prices. The
rating, however, derives strength from experienced management.

The ability of the firm to increase in the scale of operations
with improvement in profitability and efficient management of
working capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Fluctuating Total Operating Income (TOI) along with continuous
net and cash losses, weak solvency position and stressed
liquidity position: TOI of SVPL has shown fluctuating trend over
the past three financial years ended FY17 owing to its presence
in a competitive industry. The company has registered continuous
net loss and cash loss in last three financial years ended
FY17 mainly on account of higher depreciation and interest and
finance cost. The capital structure of the company stood
leveraged marked by overall gearing at 2.34 times as on March 31,
2017.
Further, the debt coverage indicators stood weak with negative
total debt to GCA owing to cash loss and below unity interest
coverage ratio. The liquidity position of the company stood
stressed with overdrawing in its cash credit account for around
10 to 15 days in last three month ended December 2017 and
elongated operating cycle marked by high collection period.

Competitive and fragmented nature of industry along with
vulnerability to fluctuation in raw material prices: The firm is
engaged in the trading of steel and aluminium scrap where many
players are operating in the same business with many unorganized
players and few organized players. Further, the profitability
margins of the company remain lower due to trading nature of
operations and its inability to pass on rise in prices to its
customers due to highly fragmented and competitive nature of the
industry. The prices of scrape have exhibited volatile trend in
the past and same volatility is expected to continue in future on
account of domestic and international demand scenario.

Key Rating Strengths

Experienced management: Mr. Rajendra Agrawal, director has wide
experience of more than two decade in the auto component industry
and looks after overall affairs of the company. He is assisted by
his son, Mr. Goldi Agrawal who has experience of 7 years in the
auto component industry. Due to longstanding presence in the
industry, the promoters of the company have established better
relations with customers and suppliers.

Indore (Madhya Pradesh) based Shivalik Vyapaar Private Limited
(SVPL) was incorporated in 2006 by Mr. Rajendra Agrawal along
with his family members. SVPL is engaged in the business of
manufacturing of batteries and lead. The manufacturing unit of
the company is located around Indore with total installed
capacity of 45 lakh batteries and 3250 Metric Ton Per Annum
(MTPA) of lead as on March 31, 2017. The company procure raw
material from local market. The company markets its product under
the brand name of "Copro". SVPL sells its products in
Maharashtra, Gujarat, Hyderabad, Delhi, Kolkata and Uttar
Pradesh. The company is also engaged in the business of trading
of batteries which it procures from local markets.


SMRITI APPARELS: CRISIL Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Smriti
Apparels Private Limited (SAPL) for obtaining information through
letters and emails dated November 23, 2017 and January 8, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit        3        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan          .24      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Packing Credit         9.50      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Smriti Apparels Private Limited to 'CRISIL D/CRISIL
D Issuer not cooperating'.

SAPL was incorporated in 2003 and is promoted by the Gurgaon,
Haryana-based Arora family. The company manufactures leather
jackets and accessories. Mr. Inder Arora and Ms Meenu Arora, the
company's directors, manage its operations.


SMT. MALTI: CARE Assigns B+ Rating to INR4.55cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Smt. Malti Devi Memorial Trust (SMDMT), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities            4.55     CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SMDMT is primarily
constrained on account of its project implementation and
stabilization risk associated with on-going debt-funded capex,
small scale and short track record of operations and moderate
capital structure. Further, the rating remains constrained on
account of its presence in highly regulated and competitive
education industry. The rating, however, derives comfort from
experienced trustees in various industries, comfortable SBID and
surplus margins, moderate debt coverage indicators and moderate
liquidity position marked by negative operating cycle during FY17
(refers to the period April 1 to March 31).

The ability of SMDMT to successfully complete its debt-funded
capex for its new campus within envisaged time and cost
parameters along with achieving envisaged enrolment ratio is the
key rating sensitivity. Further, its ability to increase the
scale of operations by increasing enrolment ratio along with
generation of higher surplus and an improvement in capital
structure would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation and stabilization risk associated with on-
going debt-funded capex: SMDMT has implemented a project for
construction of school to impart primary education in Bisalpur,
Uttar Pradesh, the cost of which is estimated at INR6.29 crore.
While around 53% of the project is complete, the project is
estimated to be complete in April, 2017. While the balance cost
yet to incur, the project implementation and stabilization risk
with respect to timely completion of the project and achieving
envisaged level of enrolment ratio persists.

Small scale and short track record of operations: SMDMT commenced
its operations from academic year 2015-16 onwards; hence FY16 was
the first full year of operations. In its short track record of
operations, it registered a total operating income (TOI) of
INR1.77 crore in FY17 as compared to TOI of INR0.87 crore during
FY16.

Moderate capital structure: As on March 31, 2017, capital
structure remained moderate marked by overall gearing ratio at
2.13 times (3.79 times as on March 31, 2016), on account of an
increase in the tangible net worth base on account of accretion
of surplus to reserves.

Presence in a highly regulated and competitive education
industry:
SMDMT is operating in a highly regulated industry which is
regulated by respective State Governments with respect to number
of enrolment seats, amount of tuition fee charged giving limited
flexibility to the institutions. Further, schools run by non-
Government organizations are termed self-financed, where fees are
governed by a statutory body. These factors have significant
impact on the revenue and profitability of the institutions.
Also, educational sector in India exhibits intense competition on
account of an increase in number of educational institutions
having their own brand image and with respect to spacious
infrastructural as well as other allied facilities provided by
various industries.

Key Rating Strengths

Experienced trustees in various industries: SMDMT was established
during May, 2010 by two trustees namely Mr. Rajesh Singh Yadav
and Ms. Kusum Yadav. The said trust is operational for more than
five years and started imparting education in FY16 under the name
of 'Mothers Public School' in Bareilly, Uttar Pradesh.
Furthermore, Mr. Rajesh Singh Yadav has an experience of more
than two decades in various industries.

Comfortable SBID and surplus margins: The profitability of SMDMT
remained comfortable as marked by SBID margin which stood
comfortable at 47.28% during FY17 as against 58.22% during FY16.
Consequently, surplus margin also stood comfortable at 22.26%
during FY17 as against 24.06% during FY16. However, in absolute
terms the SBID and surplus stood modest.

Moderate debt coverage indicators and moderate liquidity position
marked by negative operating cycle in FY17: The debt coverage
indicators remained moderate marked by total debt to GCA which
stood at 3.20 times as on March 31, 2017 as against 6.87 times as
on March 31, 2016. The interest coverage ratio stood comfortable
at 3.44 times during FY17 from 2.18 times in FY16. The liquidity
position also remained moderate as indicated by negative working
capital cycle and below unity current ratio in FY17, owing to
advance receipt of fees.

Bareilly-based (Uttar Pradesh), SMDMT was established in May 2010
as an education trust by Mr. Rajesh Singh Yadav and Ms. Kusum
Yadav, primarily with an objective to impart education. SMDMT
runs school in the name of 'Mothers Public School' affiliated by
The Central Board of Secondary Education (CBSE) Board, imparting
education from pre-school till high School i.e. till 9th
Standard, from the academic year 2015-2016 onwards. SMDMT is
currently undertaking project with an envisaged cost of INR6.29
crore for constructing 'Mothers Public School' in Bisalpur, Uttar
Pradesh with a proposed debtequity mix of 2.01 times. Total
student strength of Mothers Public School, Bareilly under SMDMT
stood at 560 students for the academic year 2016-2017 as against
total intake capacity of 900 students for the year.


SPM INDIA: CRISIL Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with SPM India
Limited (SPM) for obtaining information through letters and
emails dated October 23, 2017 and January 8, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        6.07       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit-
   Book Debt             7          CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit-Stock     6          CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit      0.5        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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


Set up as a partnership firm in 1990 in Bengaluru by Mr. G D
Venkatesh and Mr. G D R Krishna and reconstituted as a deemed
public limited company in 1997, SPM manufactures special-purpose
machines for assembling various sub-assemblies in the automotive
industry; special-purpose leak test machines for automotive
components; and special-purpose machines used in process
verification and industrial washing machines.


SREE NARAYAN: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sree
Narayan Builders (SNB) for obtaining information through letters
and emails dated November 14, 2017 and January 8, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             13       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility       2       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SNB, established in 1989 by Kolkata-based Mr. Shayam Krishna
Paul, is an exclusive super distributor of Jindal Steel Power Ltd
for TMT bars and other long products in Kolkata and other parts
of West Bengal. It is also a distributor for SPS Steels Rolling
Mills Ltd (SPS Group) for TMT bars.


SRI MURARI: CARE Assigns B+ Rating to INR15cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Murari Pavan Agrotech (SMPA), 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 SMPA are tempered
by short track record with low networth base, thin profitability
margins, financial risk profile marked by leveraged capital
structure and weak debt coverage indicators, working capital
intensive nature of operations, highly fragmented industry with
intense competition from large number of players and constitution
of entity as partnership firm. However, the ratings are
underpinned by experienced promoters of the firm with location
advantage, increase in total operating income during review
period and satisfactory operating cycle. Going forward, ability
of the company to increase scale of operations, improve capital
structure, efficiently manage working capital requirements and
increase its profitability margins amidst competition are key
rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Short track record with low net worth base: SMPA started its
commercial operations from 2016. Hence, it has a short track
record of operations. Furthermore, the net worth of the firm
stood low at INR2.99 crore as on March 31, 2017 as compared to
other peers in the industry.

Thin and declining profitability margins: The profitability
margins of the firm have been declining during review period. The
PBILDT margin declined from 2.03% in FY16 to 1.95% in FY16 due to
thin margin associated with sales of cotton lint and seeds along
with under absorption of overheads on account of initial years of
operations. Furthermore, PAT margin of the firm remained thin and
stood at 0.14% in FY17 due to increased finance charges.

Leveraged capital structure and weak debt coverage indicators
during review period: The capital structure of the firm though
improved still remained leveraged during the review period. The
debt equity ratio of the firm improved from 3.09x as on March 31,
2016 to 0.10x as on March 31, 2017 on account of repayment of
term
loan obligations and remained comfortable. The firm primarily
depends on working capital borrowings for its day to day
operations. The average utilization of the cash credit facility
remained 60% during the review period to support the increasing
scale of operations. The overall gearing ratio of the firm,
though marginally improved from 5.34x as on March 31, 2016 to
4.21x as on March 31, 2017, remained leveraged.

The debt coverage indicators of the firm remained weak marked by
total debt/GCA of the firm which deteriorated from 13.00x in FY16
to 17.91x in FY17 due to low cash accruals and higher outstanding
balance of working capital facility as on account closing date.
The PBILDT interest coverage ratio stood at 1.63x in FY17
compared to 1.75x in FY16 on account of increase in the interest
costs.

Highly fragmented industry with intense competition from large
number of player: The cotton industry is highly fragmented in
nature with several organized and unorganized players. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand supply scenario, export quota decided by the government
and inventory carry forward of the previous year. The cotton
processing operators procure raw materials in bulk quantities to
avail discount from suppliers to mitigate the seasonality
associated with availability of cotton resulting in higher
inventory holding period. Further, the profitability margins of
the firm are susceptible to fluctuation in raw material prices.

Constitution as partnership firm: Constitution as a partnership
firm has the inherent risk of possibility of withdrawal of the
partner's capital at the time of personal contingency which can
adversely affect its capital structure. Furthermore, partnership
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders.

Key Rating Strengths

Experienced partners of the firm for more than two decades in
cotton ginning industry: SMPA is promoted by Mr. Srihari and his
family members. Mr. Srihari has more than two decades of
experience in cotton industry. The other partners Mr.
Chakravarthi, Mr. Srinath and Mr. Shrikanth are also actively
involved in the day to day operations of the firm. Due to
experience of the partners, the firm has good relation with
customer and supplier.

Location advantage: SMPA is located in one the major cotton
growing areas in Andhra Pradesh. Availability of raw material is
not expected to be an issue as the firm procures raw material
(raw cotton) from the farmers located in and around Nandyal. SMPA
enjoys proximity to the cotton producing belt of Andhra Pradesh
and Telangana which results in ease of access to raw material
with low transportation cost.

Increasing total operating income: The total operating income of
the firm increased from INR88.38 crore in FY16 to INR98.99 crore
in FY17 due to high demand of cotton lint by its existing
customers along with addition of new customers. The firm
generates its 80% of income from the sales of cotton lint and the
remaining 20% from the sales of cotton seed. During 9MFY18, the
firm has achieved total operating income of INR 67 crore.

Satisfactory operating cycle: The operating cycle of the firm
stood satisfactory at 34 days in FY17. The firm receives its
payments from its customers within 15-20 days and makes the
payment to its suppliers within 15 days. Furthermore, the firm
maintains the average inventory of 20-30 days to meet the
customer requirement on time. Cash credit facility utilization of
the firm was 60% in the last 12 months ended December 31, 2017.

Sri Murari Pavan Agrotech (SMPA) was established in 2015 as a
partnership firm and promoted by Mr. Srihari and his family
members. The firm is engaged in manufacturing of cotton lint and
seeds. The partners of the firm are engaged in same line of
business since 1990 as they were operating cotton ginning
business under sole proprietorship as "Murari Agro Industries"
and "Krishna Traders". Subsequently, these proprietor firms were
merged and started the partnership firm with the name of "Sri
Murari Pavan Agrotech". The commercial operations started from
April 2016. The manufacturing unit is spread across 2.52 acres
located at Nandayal, Andhra Pradesh. SMPA purchases raw material
from local farmers located in and around Nandayal. The firm sells
the cotton lint and seeds to the customers with Andhra Pradesh
and Telangana.


T.R. CHEMICALS: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with T.R.
Chemicals Limited (TRCL) for obtaining information through
letters and emails dated October 30, 2017 and January 8, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Cash Credit             9       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Funded Interest         0.86    CRISIL D (Issuer Not
   Term Loan                       Cooperating; Rating Migrated)

   Proposed Long Term      2.88    CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              1.91     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital        1.35     CRISIL D (Issuer Not
   Term Loan                       Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of T.R.Chemicals Limited which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
T.R.Chemicals Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of T.R.Chemicals Limited to 'CRISIL D/CRISIL D Issuer
not cooperating'.


TRCL was established as a private limited company in 1997,
promoted by Mr. Sanjeev Kapoor and Mr. Mukesh Kumar Agarwal. It
was subsequently reconstituted as a closely held limited company.
TRCL manufactures sponge iron and phenolic resins at its
facilities in Barpali (Orissa).


VALORA PLYWOOD: CRISIL Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Valora
Plywood Private Limited (VPPL) for obtaining information through
letters and emails dated December 12, 2017 and January 8, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            1.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       3.90      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .21      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Standby Line of
   Credit                  .25      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan               .39      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Incorporated in 2007, VPPL is owned and managed by the Vidhani
family. The company manufactures plywood and trades in timber.
Its manufacturing facility is in Gandhidham, Gujarat.


WEST QUAY: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------
CARE Ratings has been seeking information from West Quay
Multiport Private Limited (WQMPL) to monitor the rating(s) vide
e-mail communications/letters December 14, 2017, December 4,
2017, November 30, 2017 and numerous phone calls. However,
despite our 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, West Quay Multiport Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating West Quay Multiport Private Limited
will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Long term Bank     116.50      CARE D; Issuer Not cooperating;
  Facilities                     Based on best available
  (Fund based)                   Information

  Short Term Bank     25.00      CARE D; Issuer Not cooperating;
  Facilities                     Based on best available
  (Non Fund Based)               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).

The reaffirmation of rating assigned to the bank facilities of
WQMPL takes into account the delay in debt servicing obligation
by the company.

Detailed description of the key rating drivers
At the time of last rating on January 31, 2017 the following
factors were considered:

Delays in debt servicing: The revision in the rating assigned to
the bank facilities West Quay Multiport Private Limited considers
the delay in debt servicing obligation by the company due to its
weak liquidity position.

West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for
development of West Quay Berth-VI (WQ6) for handling bulk cargo
up to 4.5 million tonnes per annum at Visakhapatnam Port on
Design, Build, Finance, Operate and Transfer (DBFOT) basis. The
port would
exclusively handle Pet Coke, CP Coke, LAM Coke, steel and Granite
for the first five years.

WQMPL has been promoted by Alba Asia Private Limited (AAPL,
erstwhile ABG-LDA Bulk Handling Pvt. Ltd) (AAPL holds 49%) and
ABG Infra-logistics Ltd. (ABG Infra, holds 51%). AAPL is a Joint
Venture (JV) in which ABG Infra through its majority owned
subsidiary, ABG Ports Pvt. Ltd. - holds 51% equity stake and LDA
holds balance 49% of the equity.



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


BIZDOJO: Failure "Embarrassing for WREDA," Taxpayers' Union Says
----------------------------------------------------------------
Scoop reports that the New Zealand Taxpayers' Union said the
liquidation and failure of BizDojo reflects badly on the agencies
who gave ratepayer money to the business.

Scoop quotes Taxpayers' Union Executive Director Jordan Williams
as saying: "BizDojo has received ratepayer money from both WREDA
and ATEED. Now these ratepayer funds are flowing straight out of
the country to BizDojo's next owner, a London-based
multinational."

"Meanwhile, BizDojo owes Auckland ratepayers $340,000 in rent
granted by ATEED, and according to liquidators they have no means
of paying this back.

"This is a classic example of foolish corporate welfare.
Unaccountable bureaucrats gave a trendy-sounding business large
amounts of ratepayer cash.

"If BizDojo had succeeded, ratepayers would have received no
dividend. And now that they've failed, it's ratepayers who are
left with a bill.

"This is particularly embarrassing for WREDA, who are already
dealing with the failure of Singapore Airlines' Wellington-
Canberra route, another ratepayer-subsidised venture."

BizDojo Auckland was placed into voluntary administration on
Dec. 6, 2017, and Auckland Tourism, Events & Economic Development
(Ateed) took over BizDojo's contracts.  Ateed voted to have
BizDojo Auckland liquidated on January 19. Bizdojo changed its
name to BDG Group that same day, Stuff said.

Global flexible workspace provider IWG has bought BizDojo, Stuff
added.


FLETCHER BUILDING: Expects to Breach Bank Covenants
---------------------------------------------------
BusinessDesk reports that Fletcher Building said it expects
further "material losses" at its building and interiors (B+I)
business and expects to be in breach of its banking covenants
once the losses are quantified.

Its stock and capital notes were halted pending a review of B+I
projects, BusinessDesk says.

According to BusinessDesk, Shane Solly, portfolio manager and
analyst at Harbour Asset Management, said investors would be
disappointed and would want a lot more detail from the company.

"Whenever a company breaches its banking covenants, it's an
important event," the report quotes Mr. Solly as saying.

"Although the project reviews are not yet complete, the current
expectation of the board is that there will be further material
losses in the B+I business beyond what was provided for in
October 2017," the Auckland-based company said in a statement,
BusinessDesk relays.  "Once the extent of those further losses is
determined and provided for, it is expected that this would
result in a breach of one or more of the covenants in the group's
financing arrangements."

According to BusinessDesk, Fletcher said it is in the process of
reviewing key projects at B+I as it prepares its first-half
account. The trading halt will be lifted at the start of trading
on February 12, by which time it will have made the results of
the review public, the report states.

In October, Fletcher chair Ralph Norris apologised to
shareholders for the company's mistakes as the company took a
further $125 million provision against problematic construction
contracts including the Convention Centre and the Justice
Precinct in Christchurch and said its B&I unit would report a
full-year loss of $160 million, BusinessDesk recalls.

Losses on the Convention Centre and the Justice Precinct
accounted for about two-thirds of the $292m loss recorded for B&I
in 2017, BusinessDesk notes.

Its 2018 full-year earnings guidance, excluding B+I loss, is $680
million to $720 million, suggesting full-year earnings including
B+I could be as low as $520 million, according to BusinessDesk.

BusinessDesk says Fletcher dumped chief executive Mark Adamson
amid the problems at B+I. His replacement, Ross Taylor, started
in November.

Fletcher shares last traded at $7.77 and have tumbled 23 per cent
in the past 12 months, BusinessDesk adds.

Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- http://www.fletcherbuilding.com/-- is the holding
company of the Fletcher Building group.  The company's segments
include Building Products, Steel, Distribution, Infrastructure,
and Laminates & Panels.  On July 2, 2007, the company acquired
Formica Corporation.  On August 3, 2007, the company acquired
Fair Dinkum Homes and Sheds.  On October 5, 2007, the company
acquired Cameron Quarries.  On February 1, 2008, the company
acquired DVS Limited.  On May 1, 2008, the company acquired
Morinda Australia Pty Limited (trading as Garage World and Shed
Boss).

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.



=====================
P H I L I P P I N E S
=====================


COCA-COLA FEMSA: To Lay Off Workers Due to Restructuring
--------------------------------------------------------
Roy Stephen C. Canivel at Inquirer.net reports that Coca-Cola
Femsa Philippines Inc. said that it had decided to cut down on
workers amid changes in the beverage industry and the business
environment, calling it a "very difficult decision."

In a statement to the Inquirer, the company behind the popular
carbonated soft drink said that the decision to restructure was
carried out after a careful assessment of various factors, such
as operational efficiency, and the evolving regulatory
environment.

The Inquirer relates that the firm deferred from disclosing the
number of workers affected. However, according to a report from
the labor sector-oriented Center for People's Media, around 600
workers across the country would lose their jobs, the Inquirer
says.

A representative of Coca-Cola deferred from expounding beyond
what the statement said, the Inquirer relates.

"In light of recent developments within the beverage industry and
in the business landscape as a whole, the Coca-Cola System is
undergoing an organizational structure assessment. This involved
a comprehensive review of the roles and responsibilities within
Coca-Cola FEMSA," the company, as cite by the Inquirer, said.

"This restructuring has been a very difficult decision. It was
carried out only after an exhaustive and conscientious assessment
of the evolving regulatory environment, our operational
efficiency, and consequent performance in the market," it added.

This comes shortly after the passage of the Train law in December
last year, the first among a series of tax packages. It lowered
the personal income tax while increasing consumption taxes,
including sugar sweetened beverages, the Inquirer says.

According to the Inquirer, the Train law imposes a PHP6/liter tax
on beverages using caloric and noncaloric sweeteners and
P12/liter on beverages using high fructose corn syrup (HFCS).

Industry sources previously said that this would hamper demand,
especially since consumers would be shouldering the added cost.

The Inquirer relates that Juan Lorenzo Tanada, company director
for legal and corporate affairs, told reporters in an interview
last year that a decrease in consumption rates would push the
company to reevaluate its plan to have an additional investment
in the country, warning that this was what any other business
would do.

The company previously announced its plan to invest around close
to $1 billion in the country up to 2022, the Inquirer relates.

Back when Mr. Tanada made this comment, the tax on sweetened
beverages had been proposed under a different rate, particularly
a levy of PHP10 a liter for beverages using local sugar and P20
for those using imported sugar, the Inquirer notes.

"We are grateful for the valuable contributions of those who were
affected and thank them for being part of the company. Rest
assured that we will treat the people who will be affected with
dignity, fairness, and respect throughout this process," the
company added in its statement, the Inquirer relays.

"Everyone will be given career transition support, as well as
separation packages that go beyond what is mandated by law," it
concluded.



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


DAEWOO E&C: Preferred Bidder Pulls Out Sale Deal on Hidden Losses
-----------------------------------------------------------------
Yonhap News Agency reports that Hoban Construction Co., the sole
preferred bidder for Daewoo Engineering & Construction Co., has
decided not to acquire the builder on worries of potential losses
in its overseas construction projects, the company said Feb. 8.

Last week, creditors of Daewoo E&C selected Hoban Construction as
the preferred bidder for a controlling stake in Daewoo E&C,
citing a possible synergy between Hoban's healthy financial
status and Daewoo's advanced construction capability and skilled
personnel, Yonhap relates.

"In the past three months, we have pushed forward the process to
acquire Daewoo E&C and put the debt-ridden builder back on track
despite a strong protest from Daewoo E&C's union and other
difficulties," Hoban said in a statement, Yonhap relays.

But possible losses from Daewoo's overseas projects could have an
impact on Hoban's overall financial status. As a result, the
company has decided to discontinue the acquisition process, it
said, according to Yonhap.

Yonhap notes that the decision comes after Hoban found that
Daewoo E&C reflected a whopping KRW700 billion (US$644 million)
worth of operation-related losses in the fourth quarter of 2016,
that weighed on its bottom line for the whole of that year.

For the whole of 2017, Daewoo E&C swung to a net profit of
KRW264.44 billion from a net loss of KRW754.93 billion a year
earlier, Yonhap discloses. In the fourth quarter, net losses
narrowed to KRW147.4 billion from KRW869.2 billion a year ago.

Last week, Hoban offered to immediately purchase a 40 percent
stake, or 166 million shares, in Daewoo E&C and the remaining
10.75 percent stake two years later, Yonhap notes.

Daewoo E&C's controlling stake up for sale was valued at
KRW1.31 trillion based on Feb. 7's closing price of KRW6,200,
adds Yonhap.

KDB, a key creditor of Kumho Asiana Group, purchased the stake in
Daewoo Engineering in 2010 to help the debt-ridden conglomerate
restructure its finances.

Kumho Asiana's two subsidiaries -- Kumho Tire and Kumho
Industrial -- have been under a debt restructuring program since
early 2010 due to a severe cash crunch sparked by the group's
purchase of Daewoo Engineering in 2006, Yonhap News disclosed.



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


SRI LANKA: Fitch Affirms B+ Long-Term FC IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook.

KEY RATING DRIVERS

The affirmation of Sri Lanka's sovereign ratings reflects the
following factors:

Sri Lanka's revised policy framework supports macroeconomic
stability. In Fitch's view, policies aimed at fiscal
consolidation and maintenance of a disciplined monetary stance
under the framework of the three-year IMF-supported programme
have improved Sri Lanka's policy coherence and credibility.
Although GDP growth of an estimated 3.9% in 2017 fell short of
forecasts due to weather-related supply disruptions, Fitch expect
growth to recover and stabilise at around 5% in 2018 and 2019.

The shift towards greater exchange-rate flexibility since 2H15
has strengthened the external position, and the planned shift
towards flexible inflation targeting should further enhance
monetary policy credibility. Credit growth has declined to a more
sustainable level of around 15% in 2017 from a high of 20% in
2016.

Fiscal performance has improved following the approval and
implementation of tax reforms. Fitch expects Sri Lanka's ratio of
general government revenue to GDP to improve to 15.5% in 2018 and
16.2% by 2019, from a low of 11.6% in 2014, reflecting the
passage of revenue-enhancing measures under the IMF programme.
These include an increase in the VAT rate to 15% in 2016 from
11%, and implementation of a new Inland Revenue Act from 1 April
2018 that aims to simplify tax laws, reduce exemptions and
improve the efficiency of the tax system.

Fitch think the increase in general government revenues will
support a further narrowing of the budget deficit to 4.8% of GDP
in 2018 and 4% in 2019 from an estimated 5.2% in 2017. While
these revenue reforms should be positive for a more credible
fiscal framework over time, ineffective implementation and/or
weaker-than-expected GDP growth remain downside risks to Fitch
fiscal projections.

Sri Lanka's interest payments as a share of revenues remain
exceptionally high at an estimated 38% at end-2017, far above the
medians of 9.4% for 'B' and 9.6% for 'BB' rated sovereigns. The
expected pick-up in general government revenues should lead to
lower ratios over time, but Fitch expect this ratio to remain
above the 'B' and 'BB' medians for the foreseeable future.
Further, despite the expected improvement in gross general
government debt (GGGD) dynamics, GGGD will likely remain above
the 'B' median over 2018-2019.

GGGD is forecast to decline to 77.2% of GDP in 2018 and 75.8% in
2019, from an estimated 79.5% at end-2017 under Fitch baseline
assumptions, mainly on account of sustained primary surpluses and
stable GDP growth rates. However, even after the forecast
reduction, government debt would still remain above the 'B' and
'BB' medians at end-2019. Further, nearly half of Sri Lanka's
government debt is denominated in foreign currency, which
increases the risk to debt dynamics in the event of a further
depreciation of the Sri Lankan rupee.

Sri Lanka's external balance sheet remains a weakness for the
rating, with high net external debt, weak sovereign net foreign
assets and a low international liquidity ratio compared with
rating peers. Foreign-exchange reserves rose to around US$8
billion at end-2017, representing 3.3 months of current external
payments (CXP), from US$6.0 billion (2.7 months) at end-2016, but
reserves remain below the rating category median of 3.9 months.
The improvement in reserves reflects the allowance of greater
exchange-rate flexibility, as well as a combination of FX
purchases from the market, inflows from the Hambantota Port lease
and new external borrowings.

Sri Lanka's external debt service outlook remains challenging
over 2019-2022. The sovereign's external debt service payments
over this period are around US$15 billion against current reserve
levels of about US$7.7 billion. The authorities expect to pass a
liability management bill in 2018, which would allow them to
smooth debt payments by potentially extending maturities over
this period. However, the scale of external refinancing over the
next few years creates a potential vulnerability for the
sovereign, particularly against a backdrop of expected monetary
tightening in developed markets. However, Sri Lanka's track
record of accessing international capital markets remains a
mitigating factor.

Fitch's outlook for the banking sector is negative, based on
Fitch assessment of a difficult operating environment. This is
reflected in an increase in NPLs following a period of rapid
credit growth and some capitalisation pressures.

Structural factors, such as governance standards, GDP per capita
and levels of human development, are high compared with the 'B'
and 'BB' medians and continue to provide support to the rating.
In the United Nation's Human Development Index, Sri Lanka ranks
in the 61st percentile compared with the 'B' median of the 36th
percentile. On the World Bank's composite governance indicator
score, Sri Lanka ranks at a favorable 48th percentile against the
'B' median of the 31st percentile.

SOVEREIGN RATING MODEL and QUALITATIVE OVERLAY

Fitch's proprietary sovereign rating model (SRM) assigns Sri
Lanka a score equivalent to a rating of 'BB-' on the Long-Term
Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its qualitative overlay (QO), relative to rated peers,:

External Finances: -1 notch to reflect high refinancing needs and
high non-resident holdings of government debt as a percentage of
FX reserves which leave external finances vulnerable to any
adverse shift in investor sentiment.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO
is a forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within Fitch criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are balanced.

The main factors that, individually or collectively, might lead
to positive rating action are:

- A further improvement in external finances supported by higher
   non-debt creating inflows or a reduction in external sovereign
   refinancing risks from improved liability management.
- Continued improvement in public finances underpinned by a
   credible medium-term fiscal strategy, including a further
   broadening of the government revenue base.
- Continued implementation of economic policies that support
   underlying macrostability

The main factors that could lead to negative rating action,
individually or collectively, are:
- Deterioration in policy coherence and credibility, leading
   to a loss of investor confidence, or a derailment of the IMF
   supported programme that leads to external funding stress.
- Reversal of fiscal improvements that leads to a failure to
   stabilise government debt ratios.

KEY ASSUMPTIONS
- Global economic out-turns are consistent with Fitch's latest
   Global Economic Outlook.

The full list of rating actions is:

Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'B+'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Short-Term Local-Currency IDR affirmed at 'B'
Country Ceiling affirmed at 'B+'
Issue ratings on long-term foreign-currency senior unsecured
bonds affirmed at 'B+'
Issue ratings on long-term local-currency senior unsecured bonds
affirmed at 'B+'
Issue ratings on short-term local-currency senior unsecured debt
affirmed at 'B'


SRILANKAN AIRLINES: Fitch Corrects January 24 Rating Release
------------------------------------------------------------
Fitch Ratings has issued a correction to the ratings release on
SriLankan Airlines published on Jan. 24, 2018, which include the
reference to Fitch's Corporate Rating Criteria and Parent and
Subsidiary Rating Linkage criteria, which were used by the rating
committee. The remaining contents of this announcement remain
unchanged.

Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA) US
dollar-denominated government guaranteed bonds at 'B+'.

KEY RATING DRIVERS

The national carrier's bonds are rated at the same level as its
parent, the Sri Lankan state (B+/Stable), due to the
unconditional and irrevocable guarantee provided by the state.
The state held 99.5% of SLA at end-2017 through direct and
indirect holdings.

DERIVATION SUMMARY

Fitch has rated SLA's US dollar-denominated bonds at the same
level as the sovereign due to the unconditional and irrevocable
guarantee provided by the government. The rating is not derived
from its issuer's standalone credit profile and thus is not
comparable to its industry peers.

KEY ASSUMPTIONS

Not applicable.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- An upgrade of the sovereign rating

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- A downgrade of the sovereign rating

For the sovereign rating of Sri Lanka, the following
sensitivities were outlined by Fitch in its Rating Action
Commentary of 9 February 2017.

The main factors that, individually or collectively, could
trigger positive rating action are:
- Continued improvement in public finances underpinned by a
   credible medium-term fiscal strategy, including a broadening
   of the government revenue base.
- Increase in foreign-exchange reserves supported by smaller
   current-account deficits and higher non-debt capital inflows.

The main factors that, individually or collectively, could
trigger negative rating action are:
- Deterioration in policy coherence and credibility, leading to
   a loss of investor confidence, or a derailment of the
   International Monetary Fund supported programme that leads to
   external funding stress.
- Reversal of fiscal improvements that leads to a failure to
   stabilise government debt ratios.



===============
X X X X X X X X
===============


* Restructuring Vet Jim McKnight Joins Houlihan Lokey in Sydney
---------------------------------------------------------------
Houlihan Lokey, Inc., the global investment bank, on Jan. 31.
2018, disclosed that Jim McKnight has joined the firm as a
Managing Director. He is based in Sydney and will lead the firm's
Financial Restructuring efforts in Australia.

Mr. McKnight joins from Fort Street Advisers, where he was a
Principal and Head of Restructuring since 2013. Prior to Fort
Street Advisers, he spent more than a decade at UBS, where he was
Head of Asia Pacific Restructuring and Head of Debt Advisory for
Australia. Mr. McKnight has advised corporates, lenders,
governments, and shareholders across a wide range of sectors,
including energy, real estate, transportation, retail,
infrastructure, and public-private partnerships, among others.
Noteworthy restructuring engagements include the Wiggins Island
Coal Export Terminal, BrisConnections, Griffin Coal, Asciano,
Centro Retail Trust, GPT, Hong Kong Disneyland, SK Global, Seiyu,
Network Ten, and Reliance Rail.

"With eighteen years of experience in investment banking, and
having advised on many of the most high-profile and complex
restructurings in the Asia-Pacific region, Jim is a perfect
candidate to join our restructuring team in Australia," said Eric
Siegert, Co-Head of Financial Restructuring at Houlihan Lokey.
"Our clients in Australia are already deriving substantial value
from his expertise, and I'm confident that he will continue to be
of tremendous benefit to them and to Houlihan Lokey's continued
growth as we add talented, experienced bankers around the world,"
he continued.

"Houlihan Lokey's reputation as a stellar restructuring advisor
for both companies and creditors is well-known, and joining a
firm that consistently leads the bankruptcy and restructuring
league tables around the world was a very easy decision. The
firm's growth and momentum in Australia represent an exciting
opportunity for me, and I look forward to further enhancing
client service and growing the firm's client base in the region,"
said Mr. McKnight.

Mr. McKnight holds a B.Acc. from the University of Glasgow and an
MBA from Strathclyde Graduate Business School. He is also a
Chartered Accountant with the Institute of Chartered Accountants
of Scotland.

Houlihan Lokey (NYSE:HLI) is a global investment bank with
expertise in mergers and acquisitions, capital markets, financial
restructuring, valuation, and strategic consulting. The firm
serves corporations, institutions, and governments worldwide with
offices
in the United States, Europe, the Middle East, and the Asia-
Pacific region. Independent advice and intellectual rigor are
hallmarks of the firm's commitment to client success across its
advisory services. Houlihan Lokey is ranked as the No. 1 M&A
advisor for all U.S. transactions, the No. 1 global restructuring
advisor, and the No. 1 global M&A fairness opinion advisor over
the past 20 years, according to Thomson Reuters.




                             *********

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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