/raid1/www/Hosts/bankrupt/TCRAP_Public/180316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, March 16, 2018, Vol. 21, No. 054

                            Headlines


A U S T R A L I A

HABASHY HOLDINGS: First Creditors' Meeting Set for March 27
HAWKEYE GISSING: Second Creditors' Meeting Set for March 27
MCDOUGALL HOLDINGS: First Creditors' Meeting Set for March 25
MESOBLAST LIMITED: Enters Into $75MM Loan with Hercules Capital
MIDWEST TRAFFIC: Second Creditors' Meeting Set for March 23

STRICKLY STRAWBS: First Creditors' Meeting Set for March 26
WATERMARK ASIAPACIFIC Ferrier Hodgson Named as Administrators


C H I N A

CHINA HUAYANG: S&P Assigns B+ CCR & Rates New Unsec. Notes B+
LEECO: Sun Hongbin Quits as Leshi Chairman
LEECO: MP & Silva Seeks to Wind Up LeSports HK
SHANDONG SANXING: S&P Affirms 'BB-' CCR, Outlook Stable


H O N G  K O N G

NOBLE GROUP: Paid $20 Million to Retain Oil Traders Last June
NOBLE GROUP: Seeks to Sweeten Disputed Debt Deal


I N D I A

ACE COMMERCIAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
ANANT EDUCATIONAL: CRISIL Withdraws B- Rating on INR7.75MM Loan
APEX BUILDERS: CRISIL Migrates B+ Rating to Not Cooperating
AVERA RESOURCE: ICRA Lowers Rating on INR11cr Loan to D
BHAGIRATH DAIRY: CRISIL Assigns B+ Rating to INR13MM Term Loan

BIMLA MARU: CRISIL Moves D Ratings to Non-Cooperating Category
BUDS TEA: CRISIL Migrates D Ratings to Not Cooperating Category
CENTURY 21: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
COLOSSUS TRADE: ICRA Raises Rating on INR25cr Cash Loan to B+
COMMERCIAL MOTOR: CRISIL Assigns B Rating to INR10.2MM Loan

DHARA PETROCHEMICALS: Ind-Ra Moves B+ Rating to Non-Cooperating
DHARMDEEP COMMODITIES: ICRA Reaffirms B+ Rating on INR3cr Loan
ES KNIT: Ind-Ra Assigns 'D' Long Term Issuer Rating
GAYATRI AGRO: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
G R R INDUSTRIES: CRISIL Moves B Rating to Not Cooperating Cat.

HANDLOOM BHANDAR: ICRA's B Rating in Not Cooperating Category
HEATH VIEW: ICRA Keeps B Rating in Issuer Not Cooperating Cat.
JAGWANI PROJECTS: CRISIL Moves D Rating to Not Cooperating
JEYENKAY PETROGELS: ICRA Hikes Rating on INR3.40cr Loan to C+
KAMARLI STEELS: ICRA Cuts Rating on INR20cr Loan to D

KAPOTEX INDUSTRIES: ICRA Lowers Rating on INR3.68cr LT Loan to B+
KASTURI COMMODITIES: ICRA Lowers Rating on INR75cr Loan to D
KIRLOSKAR INTEGRATED: CRISIL Reaffirms & Then Withdraws B- Rating
LOVELY INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating
MARKS PRYOR: CRISIL Lowers Rating on INR8.5MM Cash Loan to D

MARUTII QUALITY: CRISIL Migrates B Rating to Not Cooperating
MEGHRAJ FOODS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
MOSARAM SHIVRAMDAS: CRISIL Withdraws B+ Rating on INR6MM Loan
NAVDURGA AGRO: CRISIL Moves B Rating to Not Cooperating Category
NAVKAR LIFESCIENCES: CRISIL Withdraws B Rating on INR6MM Loan

PRECISE SEAMLESS: Ind-Ra Withdraws 'D' Long Term Issuer Rating
PRICE& BUCKLAND: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
RAM KRISHNA: CRISIL Migrates C Rating to Not Cooperating Category
RAMVIJAY COTTON: CRISIL Moves B+ Rating to Not Cooperating
RG ROYAL: CRISIL Assigns D Rating to INR10MM Term Loan

S.R. OVERSEAS: CRISIL Withdraws B Rating on INR11MM Packing Loan
SAATVEEKA TRADING: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
SB LIFESPACES: CRISIL Removes B+ Rating From Not Cooperating Cat.
SETHU EDUCATIONAL: Ind-Ra Migrates BB Rating to Non-Cooperating
SHIV SHAKTI: ICRA Cuts Rating on INR10cr Term Loan to D

SHREE SALASAR: CRISIL Moves D Rating to Not Cooperating Category
SMT HI-TECK: CRISIL Assigns D Rating to INR6.75MM Cash Loan
SOLAN SPINNING: CRISIL Moves B Rating to Not Cooperating Category
SREE AKSYA: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
SREE KRISHNA: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating

SUHAS P: CRISIL Assigns B+ Rating to INR4.50MM Cash Loan
SUNTON CERAMIC: CRISIL Moves B Rating to Not Cooperating Category
TIRUPATI CORRUGATORS: CRISIL Withdraws D Rating on INR7.75MM Loan
VORA PACKAGING: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan


N E W  Z E A L A N D

UBNZ ASSETS: Liquidator Notes BMW Secured as 'Criminal Proceeds'


S I N G A P O R E

DMX TECHNOLOGIES: To Delist Once Shareholders Approve Liquidation
EMS ENERGY: Seeks Extension for Filing of FY2017 Results


                            - - - - -


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


HABASHY HOLDINGS: First Creditors' Meeting Set for March 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Habashy
Holdings Pty Limited, trading as Amcal Pharmacy St Clair, will be
held at Ground Floor, 195 Victoria Square, in Adelaide, SA, on
March 27, 2018, at 10:00 a.m.

Hugh Sutcliffe Martin and Michael Dirk Hawker van Dissel of
Bernardi Martin were appointed as administrators of Habashy
Holdings on March 15, 2018.


HAWKEYE GISSING: Second Creditors' Meeting Set for March 27
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Hawkeye
Gissing Bryant Pty Ltd has been set for March 27, 2018, at
12:00 p.m. at Level 7, 114 William Street, in Melbourne, Victoria.

The purpose of the meeting are (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2018, at 4:00 p.m.

Andrew Schwarz and Jon Howarth of A.S. Advisory were appointed as
administrators of Hawkeye Gissing on Feb. 22, 2018.


MCDOUGALL HOLDINGS: First Creditors' Meeting Set for March 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of McDougall
Holdings (QLD) Pty Ltd will be held at Level 51, 111 Eagle Street,
in Brisbane, Queensland, on March 25, 2018, at 2:30 p.m.

Justin Denis Walsh and Duncan Edward Clubb of Ernst & Young were
appointed as administrators of McDougall Holdings on March 15,
2018.


MESOBLAST LIMITED: Enters Into $75MM Loan with Hercules Capital
---------------------------------------------------------------
Mesoblast Limited has entered into a US$75 million non-dilutive,
four-year credit facility with Hercules Capital, Inc., a specialty
finance company.

Proceeds will be primarily used towards funding the
commercialization of MSC-100-IV (remestemcel-L) after this product
candidate successfully met its Phase 3 trial's primary endpoint of
Day 28 overall response in children with steroid refractory acute
Graft versus Host Disease (aGVHD).

The facility will also be used for the Company's additional late
stage product candidates: MPC-150-IM in patients with Class II/III
advanced chronic heart failure, and in end-stage Class III/IV
heart failure patients with left ventricular assist devices
(LVADs), and MPC-06-ID in patients with chronic low back pain due
to degenerative disc disease.

Mesoblast drew the first tranche of US$35 million on closing. An
additional US$15 million may be drawn on or before Q4 CY2018, and
a further US$25 million may be drawn on or before Q3 CY2019, in
each case as certain milestones are met. Interest on the facility
will accrue at a rate of 9.45% per annum with the interest only
period lasting up to 30 months upon the satisfaction of certain
conditions.

Mesoblast Chief Executive Dr Silviu Itescu stated: "This facility
demonstrates the confidence Hercules Capital has in our compelling
investment proposition. This credit facility enables us to
progress our commercial plans for MSC-100-IV as it moves towards
filing for regulatory approval in the United States for acute
graft versus host disease. A stronger balance sheet will allow
Mesoblast to focus on further business opportunities involving all
of its Tier 1 product candidates in order to maximize shareholder
value."

Chief Investment Officer of Hercules Capital, Inc. Scott Bluestein
said: "Hercules is pleased to enter into this financing
partnership with Mesoblast at this important stage as it continues
to advance its lead cell therapies targeting patients with
significant unmet medical needs. This investment in Mesoblast
provides another example of our ability to finance life sciences
companies through multiple stages of development and through
various value inflection points."

Cantor Fitzgerald & Co. acted as exclusive arranger and financial
advisor to Mesoblast in this transaction.

                       About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) --
www.mesoblast.com -- is a global developer of innovative cell-
based medicines. The Company has leveraged its proprietary
technology platform, which is based on specialized cells known as
mesenchymal lineage adult stem cells, to establish a broad
portfolio of late-stage product candidates. Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target
advanced stages of diseases with high, unmet medical needs
including cardiovascular conditions, orthopedic disorders,
immunologic and inflammatory disorders and oncologic/hematologic
conditions. The Company is headquartered in Melbourne, Australia.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for the
year ended June 30, 2015. As of Dec. 31, 2017, Mesoblast had
US$664.81 million in total assets, US$89.20 million in total
liabilities and US$575.60 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended June 30, 2017, noting that Company
has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going
concern.


MIDWEST TRAFFIC: Second Creditors' Meeting Set for March 23
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Midwest
Traffic Controllers Pty Ltd has been set for March 23, 2018, at
11:00 a.m. at the Boardroom, Bhagwan Marine, 154 Connell Road
West End, in Western Australia.

The purpose of the meeting are (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 22, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Midwest Traffic on Nov. 20, 2017.


STRICKLY STRAWBS: First Creditors' Meeting Set for March 26
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Strickly
Strawbs Pty Ltd will be held at Level 27, 44 st George's Terrace,
in Perth, WA, on March 26, 2018, at 10:00 a.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Strickly Strawbs on March 14, 2018.


WATERMARK ASIAPACIFIC Ferrier Hodgson Named as Administrators
-------------------------------------------------------------
Morgan Kelly and Phil Quinlan of Ferrier Hodgson were appointed
administrators for Watermark Asiapacific Pty Ltd on Feb. 27, 2018,
pursuant to Section s436A of the Corporations Act 2001.

The Administrators now control the Company's operations and are
assessing the company's financial position.



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C H I N A
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CHINA HUAYANG: S&P Assigns B+ CCR & Rates New Unsec. Notes B+
-------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to China-based trading and petrochemicals company China
Huayang Economic and Trade Group Co. Ltd. (Huayang). The outlook
is stable. At the same time, S&P assigned its 'B+' long-term issue
rating to the company's proposed issue of U.S. dollar-denominated
senior unsecured notes.

The corporate credit rating on Huayang reflects S&P's expectation
that the company will maintain its market position in its trading
business and further develop its petrochemicals business. S&P
expects Huayang's leverage to remain high and its liquidity to be
less than adequate in the next 12 months.

The rating is one notch higher than Huayang's stand-alone credit
profile of 'b' based on S&P's expectation of a moderate likelihood
of extraordinary government support to the company. The company is
a state-owned enterprise (SOE) that the China Council for the
Promotion of International Trade (CCPIT) controls.

Huayang's small scale and limited pricing power inherent in its
back-to-back distribution business model (where purchase orders
are initiated based on sales orders) constrain its business risk
profile. The company trades and distributes various types of
products, including machinery equipment, healthcare equipment,
auto components, coking coal, metals, and chemicals, mostly in
back-to-back fashion. Despite a satisfactory combined trading
volume, Huayang has a weak competitive position in most segments.

Huayang's ability to leverage on CCPIT's wide connections for
business resources tempers the business risks. CCPIT is a national
foreign trade and investment promotion agency in China. It was
founded in 1952 and has de-facto control over Huayang with 30%
shareholding.

S&P said, "In the trading business, we expect distribution of
healthcare equipment and auto components to remain the two major
profit contributors for Huayang in the next one to two years.
These segments have substantially higher profitability than other
product segments. In our base case, each of these segments could
contribute around 20% to the company's gross profit in 2018 and
2019.

"We expect Huayang to continue to have a gross margin of around
25% in its healthcare equipment distribution business. Huayang
holds healthcare equipment type II and III licenses in China, and
distributes large healthcare equipment and high-end medical
consumables. The company has more than 20 years of operating
history in this segment. It maintains a dedicated sales team that
builds long and stable relationships with major hospitals in
China. That said, Huayang faces higher working capital
requirements in this segment due to a larger credit-term mismatch
between upstream suppliers and downstream customers.

"We anticipate that increasing competition in the auto industry
will weigh on Huayang's auto components distribution business in
the next few years." The company mainly distributes auto parts
with low technology content, which could add to the profitability
pressure. Gross margin in this segment dropped sharply to 11.5% in
2016, from 16% in 2015, mainly because the company sacrificed
margin for scale expansion. Huayang carries out its auto
components distribution business through a joint venture in which
Huayang owns 50% and China Auto Parts & Accessories Corp. owns
15%."

Huayang's fast expansion into the production of petrochemicals is
likely to be the major driver for growth and business diversity in
the coming two years. S&P said, "We expect the petrochemicals
business to emerge as the largest profit contributor after the
company's petrochemical phase III project goes into operation in
the second half of 2018. The phase III production line would bring
notable capacity and product line expansion, adding more light
products including gasoline and diesel into Huayang's product
portfolio, which currently only has asphalt and light fuel oil.
Our base case assumes that the petrochemical segment, including
production and trading, will account for 35%-45% of the company's
gross profit over the next one to two years."

S&P said, "Nonetheless, we believe that Huayang will remain a
small player in the petrochemicals industry in China, a market
dominated by the three Chinese national oil companies. Huayang's
sales and manufacturing will continue to be concentrated in South
China. In addition, the company sources most of its raw material
for asphalt production from PetroChina Co. Ltd. It relies on a few
suppliers for wax oil, the key raw material for its gasoline and
diesel production. That said, we expect Huayang's customer base to
become more diverse as the company targets private gas stations in
South China for gasoline and diesel distribution.

"We anticipate that Huayang's leverage will remain high over the
next two years due to the company's weak capability to generate
cash flows and its significant capital spending to support
business expansion."

In addition to petrochemical projects, the construction of the
Kunshan Trade Zone is a major cause of Huayang's rising debt
leverage. The trade zone is positioned as a complex that will
accommodate shops along the automobile value chain for a one-stop
experience in automotive aftermarket. Huayang may monetize the
project through sale and lease of the properties, possibly after
2020. S&P estimates that the company will sustain EBITDA interest
coverage at 2.3x-2.8x over the next two years.

S&P's view of a moderate likelihood that China's central
government would extend extraordinary support to Huayang, if
needed, is based on the following company characteristics:

-- Limited importance to the government. In S&P's view,
    Huayang's core trading business is of limited strategic
    importance to the central government and is largely
    replaceable by other SOEs or private companies.

-- Strong link with the government. The central government
    indirectly owns 50% stake in Huayang -- 30% through CCPIT and
    20% through a subsidiary of China National Machinery Industry
    Corp. In S&P's view, the central government, through CCPIT,
    has effective oversight and control over Huayang's strategy
    and financial planning.

S&P said, "The stable outlook reflects our view that Huayang will
maintain its market position in its trading business over the next
12 months and develop its petrochemicals business. We anticipate
that the company will remain highly leveraged in the period due to
its weak cash flows and hefty capital spending. However, we
estimate EBITDA interest coverage will stay above 2x.

"We also expect that the likelihood of sufficient and timely
extraordinary government support to the company in case of
financial distress will remain moderate.

"We could lower the rating if Huayang's EBITDA interest coverage
approaches 2x without signs of improvement. This could happen if:
(a) the company's sales growth or profit margin is materially
below our expectation; (b) the ramp up of the new petrochemical
production line is slower than we expect; or (c) the company makes
more aggressive debt-funded investments than we expect.

"We could also lower the rating if the likelihood of extraordinary
government support weakens. Some indications include dilution of
state ownership or potential reform of central ministries
including CCPIT.

"We could raise the rating if Huayang improves its debt-to-EBITDA
ratio to less than 5x on a sustained basis. This could happen if
the company materially increases its profit margins and operating
cash flows by smoothly upgrading its business mix toward higher
margin segments with disciplined capital spending."


LEECO: Sun Hongbin Quits as Leshi Chairman
------------------------------------------
Patrick Frater at Variety reports that Chinese property tycoon Sun
Hongbin has resigned as chairman of Leshi Internet Information &
Technology. The company is part of the embattled LeEco phones to
cars group, that also includes streaming video and Hollywood
investor LeVision.

Mr. Sun's departure was signaled in a regulatory filing on March
14. It also announced the appointment of Liu Shuqing as interim
chairman, Variety says.

According to Variety, Mr. Sun's exit, after just eight months, is
a further signal that Sun and the Sunac China group he heads have
given up on an attempt to rescue the company. Sunac China was also
the buyer of large parts of Dalian Wanda's leisure and theme park
assets in China.

Sunac injected $2.2 billion into Leshi in January last year and
for months, insisted that the company should not be allowed to
fail. In November, Mr. Sun loaned a further $270 million, but this
year he said he would not provide any more, Variety notes.

Variety notes that in October 2016, LeEco confirmed that the group
had run into debt problems as a result of frenetic expansion
efforts and too little focus on profitability. Since then it has
halted some deals and sought new finance. But it has been
undermined by the exit of several executives and deepening losses.
LeEco founder, Jia Yueting has defied a call by regulators for him
to return to China. He is believed to be in California overseeing
the group's electric car-making efforts.

Leshi shares were suspended from being traded for nine months,
until January this year, the report says. In February, Leshi
revealed losses of $1.84 billion (RMB11.6 billion), where a year
earlier it had achieved net profits of $87 million (RMB555
million).


LEECO: MP & Silva Seeks to Wind Up LeSports HK
----------------------------------------------
South China Morning Post reports that the Hong Kong-based sports
streaming arm of cash-starved mainland Chinese conglomerate LeEco
has been issued with a winding-up petition by an international
sports broadcast rights company.

The Post relates that earlier this week, an application to wind up
another LeEco offshoot, LeSports HK, was made to the High Court in
Hong Kong. According to the report, sports rights owners MP &
Silva and Media partners had been attempting to get payment for
soccer and basketball rights licensed to LeSports HK.

The Post, citing court documents, says the two listed applicants
-- MP & Silva Pte and Media Partners & Silva -- on March 12
applied to the High Court to liquidate the business of Hong Kong
Sports Industrial Development, formerly known as LeTV Sports
Culture Develop (Hong Kong) Company. The papers did not provide
any information beyond the company's name and the identities of
its creditors.

MP & Silva is "a full-service global sports media agency that
connects passionate fans with clubs, broadcasters and brands",
according to its website, the Post relays.

It previously stripped LeSports HK - which also airs NBA
basketball in the city - of its rights to show the English FA Cup
final last May after it defaulted on payments, despite several
reductions and deferrals, according to the Post.

The Post relates that the petition came as customers of LeSports
HK -- which airs English Premier League and NBA matches in the
city -- were still in the dark over why its soccer coverage had
gone off the air, with the consumer watchdog urging the company to
explain its state of business.

Subscribers who emailed complaints to the company since the outage
received an automated reply from customer services, the report
says.

"LeSports HK would like to express our sincere apologies for the
Premier League broadcasting problem," the email, as cited by the
Post, read. "LeSports HK is now investigating the cause of the
problem and waiting for the result."

According to the Post, the private company, run by chief executive
Lei Zhenjian, had been quick to distance itself from LE
Corporation, another Hong Kong arm of LeEco, when that company
last December filed a petition to wind up its own operations in
the city, which was eventually granted by the High Court last
month.

The Post relates that a company statement at the time read: "The
winding-up application for LE Corporation Limited has nothing to
do with LeSports HK. Nor will it have any impact on LeSports HK's
business."

Still, the company is no stranger to court action, the Post says.

Last year, advertising company Innity China Company lodged a civil
suit against LeSports involving overdue advertising fees of up to
HK$3.85 million, the Post recalls. The All England Lawn Tennis
Club, which organises the Wimbledon tennis championships in
Britain, later applied to put an end to LeSports' business
operations last August, claiming it owed three years' worth of
broadcast payments. It withdrew the application two months later.

The first hearing for the present winding-up action has been
scheduled for May 16, the report notes.

By 5:00 p.m. on March 13, Hong Kong Customs had received seven
complaints against LeSports HK, the Post says. The government
department said it had approached company bosses to look into the
matter, adds the Post.


SHANDONG SANXING: S&P Affirms 'BB-' CCR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term corporate credit
rating on Shandong Sanxing Group Co. Ltd. (Sanxing). The outlook
is stable. S&P also affirmed its 'BB-' long-term issue rating on
the U.S. dollar-denominated senior unsecured notes that Knight
Castle Investments Ltd., a wholly owned financing subsidiary of
Sanxing, issued. Sanxing guarantees the notes.

Sanxing is the largest corn oil manufacturer in China. The company
also produces and distributes lightweight aluminum alloy products
in the country.

S&P said, "We revised our assessment of Sanxing's liquidity to
adequate from less than adequate after the company completed its
issuance of US$200 million senior unsecured notes in January 2018.
Sanxing plans to use the majority of the net proceeds to repay
existing short-term debt. Our anticipation that the company's
capacity expansion will moderate over the next 12 months also
underpins our revised liquidity assessment.

"The rating affirmation reflects our expectation that Sanxing will
maintain its leading market position in China's corn oil industry,
good operating efficiency, and business diversity. The company's
less-established market position in the aluminum products industry
and limited pricing power continue to constrain its credit
profile.

"We expect Sanxing to moderate its capacity expansion, repay part
of its short-term debt, and reduce the external guarantee it
provides to third-party companies. Our base case assumes that
Sanxing's debt-to-EBITDA ratio will improve to 4.4x-4.7x in 2018
and 2019, from our estimate of 4.7x-4.9x in 2017.

"The stable outlook on Sanxing reflects our expectation that the
company will maintain its strong market position in China's corn
oil industry and grow the customer base and operating scale of its
aluminum alloy business over the next 12 months. We also expect
Sanxing to moderate capacity expansion, repay short-term debt, and
reduce external guarantees. We estimate that the company's debt-
to-EBITDA ratio will improve to 4.4x-4.7x in 2018, from our
estimate of 4.7x-4.9x in 2017.

"We could lower the rating if Sanxing's debt-to-EBITDA ratio
exceeds 5.0x without signs of improvement. This could happen if:
(1) the company's capital investment is more aggressive than we
anticipated, driven by continuous fast capacity expansion or large
acquisitions; or (2) Sanxing's operating cash flows turn negative
over the next 12 months, possibly due to intense competition,
volatile raw material prices, or weakening working capital
management.

"In a less-likely scenario, we could also lower the rating if
Sanxing's liquidity materially deteriorates, possibly due to a
rising reliance on short-term debt to fund capital investment,
weakening operating cash flows, or eroding banking relationships.

"Ratings upside is limited over the next 12 months. We could raise
the rating if Sanxing: (1) materially enhances its competitive
position in the aluminum products industry and improves
profitability by optimizing its product mix; and (2) lowers its
debt-to-EBITDA ratio below 4.0x on a sustained basis, while
maintaining adequate liquidity."



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H O N G  K O N G
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NOBLE GROUP: Paid $20 Million to Retain Oil Traders Last June
-------------------------------------------------------------
Bloomberg News reports that Noble Group Ltd., the embattled
commodity trader seeking to secure investor support for a major
debt restructuring, paid $20 million in retention payments to
senior staff at its U.S. oil and gas business last June.

Bloomberg relates that the company revealed the payments on March
14 in response to questions from the Singapore Exchange on the
remuneration of its former co-Chief Executive Officer Jeff Frase,
who led the oil business. Mr. Frase received a $20.2 million
package last year, Bloomberg reported previously, even as Noble
slumped to a record loss, with the oil and gas unit contributing a
net loss of $1.05 billion.

Following the exchange's request to clarify Mr. Frase's pay, Noble
said its banks had forced it to make the retention payments to
senior staff. The company didn't say how much of the $20 million
went to Mr. Frase, but it did separately disclose a breakdown of
his remuneration, Bloomberg says.

It included a $3.8 million lump-sum payment, while a $3.82 million
loan was written off. Salary and salary-in-lieu totaled $1.39
million. It also included $7.65 million of his prior year's bonus
-- "released from clawback" -- as a non-cash item.

According to Bloomberg, Mr. Frase resigned as co-CEO and head of
global oil liquids at Noble in November, after the company agreed
to sell its remaining oil-trading business to Vitol Group.

Noble's banks required the distribution of retention payments to
senior staff at Noble Americas Corp. "as part of their support and
forbearance for NAC during the sale process, and in order to keep
the business stable," the company, as cited by Bloomberg, said.

The trading house previously acknowledged that it made retention
payments to staff in the second quarter of last year, without
quantifying them. It agreed to further retention bonuses in
December, Bloomberg has reported.

                         About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2018, Fitch Ratings has downgraded Noble Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) and the
ratings on all its outstanding senior unsecured notes to 'C' from
'CC'. The Recovery Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group to
'CC' from 'CCC-'. The outlook is negative. S&P also lowered the
long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.


NOBLE GROUP: Seeks to Sweeten Disputed Debt Deal
------------------------------------------------
Bloomberg News reports that Noble Group moved to sweeten the terms
of a debt restructuring deal for some of the investors that had
threatened to scupper the embattled commodity trader's last-gasp
bid for survival.

As the company races to reach an agreement before a make-or-break
bond maturity on March 20, it said in a statement on March 14 that
it revised the terms for existing shareholders and some junior
creditors whose holdings are being all but wiped out by the
reorganization proposed in January. Some had threatened to vote
against the plan or take legal action against their treatment and
what they said was a too-generous deal for management.

Bloomberg relates that Noble is seeking to mollify opponents to
its survival plan as it teeters on the brink of collapse in a saga
that started three years ago when then-unknown Iceberg Research
began publishing critiques of its accounting. Since then, the
company has been battered by losses and its stock driven to near
two-decade lows.

"Noble has increased the share option given to shareholders, which
will come from management," Bloomberg quotes Brayan Lai, a
Singapore-based analyst at credit research firm Bondcritic Ltd.,
as saying. "This sweetened deal seems to be driven by the pushback
from existing shareholders."

Under the new terms, existing shareholders could get 15 per cent
of equity, up from 10 per cent offered in January, while
management's potential share drops to 15 per cent, from 20 per
cent, according to Bloomberg. Additionally, both shareholders and
management could share a further 5 per cent of new common equity
in the form of an incentive share option. The perpetuals - holders
of bonds with no maturity - could receive as much as US$25 million
in new bonds, compared with the US$15 million cash they were
offered in January's plan.

"For the perpetual bondholders, it's unclear if they are getting a
better deal," Bloomberg quotes Lai as saying. "They are being
given a new perpetual bond where dividends can be deferred and if
it was up to me, I might just elect to take the previous cash
offer."

While it remains to be seen whether the new terms are enough to
appease opponents, Noble is gradually winning more support from
senior creditors, Bloomberg relays. It has signed a binding
restructuring support agreement with creditors holding 46 per cent
of its senior debt. Deutsche Bank has also signed up to the plan,
while ING Bank is in the process of acceding to it. Together the
lenders own 4 per cent of the senior claims, it said.

The ad hoc group is in talks with another batch of creditors
holding about 15 per cent of its senior claims, who have indicated
their broad support for the plan, the filing, as cited by
Bloomberg, said. When the plan is put to vote, it requires support
from 75 per cent of those present.

"This isn't a particularly large increase in participation towards
the RSA given how much time they've spent on it," Bloomberg quotes
Alex Turnbull, Singapore-based managing partner at Keshik Capital
Pte., as saying. "There is still a very good chance for a hard
default when the 2018 bonds come due on March 20. This gap of
required votes is not closing fast enough given coming
maturities."

                        About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2018, Fitch Ratings has downgraded Noble Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) and the
ratings on all its outstanding senior unsecured notes to 'C' from
'CC'. The Recovery Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group to
'CC' from 'CCC-'. The outlook is negative. S&P also lowered the
long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.



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


ACE COMMERCIAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ace Commercial
Co. Pvt Ltd.'s (ACCPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable. The instrument-wise rating actions are given
below:

-- INR90 mil. Fund-based working capital limit affirmed with
    IND BB+/Stable rating;

-- INR302.6 mil. (reduced from INR350 mil.) Term loan due on
    October 2022 affirmed with IND BB+/Stable rating; and

-- INR12 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects ACCPL's continued modest scale of
operations owing to intense competition at the Paradip Port.
Revenue grew to INR751.36 million in FY17 (FY16: INR536.77
million) attributed to an increase in the company's cargo handling
capacity resulting from an addition of a new harbor mobile crane
(HMC) machine, coupled with an increase in cargo traffic at the
Paradip Port. The port registered an all-time high cargo
throughput of 88.95 million tons in FY17.

The ratings continue to factor in the company's modest liquidity
position as reflected by 79.16% average utilization of its fund-
based limits during the 12 months ended February 2018.

However, the ratings remain supported by ACCPL's healthy EBITDA
margins and strong credit metrics. EBITDA margins expanded to
22.15% in FY17 (FY16: 20.36%) on the back of a decrease in
employee and overhead expenses, following the purchase of the HMC
machine. However, interest coverage (operating EBITDA/gross
interest expense) deteriorated to 6.13x in FY17 (FY16: 10.22x) and
net leverage (total adjusted net debt/operating EBITDAR) to 3.4x
(1.61x) due to an increase in debt to INR574.17 million (INR236.5
million) to fund the purchase of the HMC machine.

The ratings continue to draw comfort from the promoters' over two
decades of experience in the stevedoring industry.

RATING SENSITIVITIES

Negative:  Any deterioration in the profitability margin leading
to deterioration in the credit metrics will lead to a negative
rating action.

Positive: A consistent growth in revenue, while maintaining its
profitability margin will lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1991, ACCPL provides stevedoring and intra-port
transportation services for dry, non-mechanized cargo at Paradip
Port, Odisha. Tata Iron and Steel Company Limited, Orissa Mining
Corporation, Visa Industries Limited and Sesa Goa Limited are some
of its key customers. Mr. Dharmaditya Patnaik, Mr. Dibyalok
Patnaik and Mrs. Sanjana Sanghamitra Das are the directors.


ANANT EDUCATIONAL: CRISIL Withdraws B- Rating on INR7.75MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Anant
Educational Trust (AET) for obtaining information through letters
and emails dated September 18, 2017, and October 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Overdraft            .75       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Long Term   .50       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

   Term Loan           7.75       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

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

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

AET was set up in 2011. The trust set up a school under the DPS
brand in Patiala (Punjab) in 2012-13 (refers to financial year,
April 1 to March 31). Mr. Ramesh Talwar is the key promoter-
trustee who looks after AET's operations.


APEX BUILDERS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Apex
Builders (AB) for obtaining information through letters and emails
dated February 16, 2018 and February 21, 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)

   Term Loan             12        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 Apex Builders which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Apex
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 Apex Builders to 'CRISIL B+/Stable Issuer not
cooperating'.

AB was established as a partnership firm in 2013 in Pune by
members of the Kasturi group, to execute a residential project at
Borhadwadi, near Moshi, in Pune.

The Kasturi group, established by Mr Bharat Agarwal, has been
developing real estate in Pune since 1998. So far, the group has
implemented more than ten projects aggregating over 0.15 crs.
square feet of saleable area.


AVERA RESOURCE: ICRA Lowers Rating on INR11cr Loan to D
-------------------------------------------------------
ICRA Ratings has revised the short-term rating assigned to the
bank facilities of Avera Resource Private Limited (ARPL) to
[ICRA]D from [ICRA]A4. The rating continues to remain in 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING". ICRA had earlier moved the rating of ARPL
to the 'ISSUER NOT COOPERATING' category due to non-submission of
monthly 'No Default Statement' ("NDS") by the entity.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-fund based      11.00      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit               Revised from [ICRA]A4 and
                                  rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  Category

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

Rationale

The rating downgrade follows the default in payment of letter of
credit facility by ARPL to the lender, as confirmed by them to
ICRA.

ICRA has limited information on the entity's performance since the
time it was last rated in July 2016, which was based on detailed
information.

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

Incorporated in 2005, ARPL is engaged in trading of steel products
and poultry feed chemicals. ARPL is promoted by Mr. Alok Gupta and
Mrs. Divya Gupta. In FY2016, the company also ventured into roof-
top solar panel installation business. However, the company is yet
to receive any orders in this segment


BHAGIRATH DAIRY: CRISIL Assigns B+ Rating to INR13MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Bhagirath Dairy Private Limited (BDPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          0.5       CRISIL B+/Stable
   Term Loan           13.0       CRISIL B+/Stable

The rating reflects the modest scale of operation because of
initial phase and below-average financial risk profile on account
of a small networth and high gearing. These weaknesses are
partially offset by the extensive experience of promoters in the
dairy industry and manufacturing tie-up with established brand-
Amul.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in intensely competitive industry:
BDPL is in initial phase of its operations and is expected to have
a modest scale with estimated sales of less than INR7 crores in
fiscal 2018. Due to initial phase and limited capacity
utilization, the scale is expected to remain modest over medium
term.

* Below average financial risk profile: The networth is modest at
INR3.25 crores as on March 31st 2017. The capital structure is
leveraged marked by high gearing and total outside liabilities to
tangible networth ratio at 5.89 times and 6.39 times respectively
as on March 31, 2017 primarily on account of debt funded capex.
With gradual build-up in networth, the capital structure is
expected to improve, but will remain average over medium term.

Strength:

* Extensive industry experience of the promoters and association
with established brand-Amul: The promoters have an experience of
more than two decades in the dairy industry. The company should
benefit from extensive experience of promoters and association
with Amul brand for manufacturing dairy products on job work
basis.

Outlook: Stable

CRISIL believes that BDPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if a significant increase in revenue
and profitability leads to higher than expected cash accrual, or
if capital improves because of sizable fresh equity infusion. The
outlook may be revised to 'Negative' if lower than anticipated
revenue/profitability and cash accruals or any unanticipated capex
further weakens financial risk profile and liquidity.

BDPL, incorporated in 2012, is promoted by Mr. Bhagirath
Choudhary, Mr Mohan Choudhary and Mrs Tulchi Devi. The company set
up a milk processing unit with installed capacity of 5 lakhs
litres per day in Jodhpur, Rajasthan which commenced commercial
operations in October 2016. The company manufactures dairy
products for Amul on job work basis.


BIMLA MARU: CRISIL Moves D Ratings to Non-Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bimla Maru
Fashions Private Limited (BMFPL) for obtaining information through
letters and emails dated November 9, 2017, January 17, 2018,
February 14, 2018 and February 19, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            25        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       14        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      1.25     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 Bimla Maru Fashions Private
Limited which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Bimla Maru Fashions 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 Bimla Maru Fashions Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

BMFPL, incorporated in 1999, trades in garments and upholstery
fabric; it imports fabric, primarily from China, and markets the
garments in India. The company also manufactures trousers, and has
an in-house design team, which provides specifications to weavers.
The manufacturing facility is located at Noida. The company has
set up an office in Bangladesh to coordinate imports of fabric
from China, for re-export (in the form of garments) to India.


BUDS TEA: CRISIL Migrates D Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Buds Tea
Industries Limited (BITL) for obtaining information through
letters and emails dated January 19, 2018, February 15, 2018 and
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         2        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           20        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan         8.75     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 Buds Tea Industries Limited,
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Buds Tea Industries 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 Buds Tea Industries Limited to CRISIL D/CRISIL D
Issuer not cooperating'.

BITL, established in 2006, manufactures and trades in the CTC
variety of tea, and has a plant near Jalpaiguri, West Bengal.


CENTURY 21: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Century 21 Town
Planners Private Limited's (CTTPPL) Long-Term Issuer Rating of
'IND BB'. The Outlook was Stable. The instrument-wise rating
action is as follows:

-- IND BB rating on INR1,950 bil. Term loan due on February 2032
    is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no-objection certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
CTTPPL.

COMPANY PROFILE

Incorporated in December 2006, CTTPPL owns and operates a
commercial complex in Indore, the C21 mall, which is fully leased
out and operational. Its main promoters are Mr. Gurjeet Singh
Chhabra and Mrs. Prabjot Kaur Chhabra.


COLOSSUS TRADE: ICRA Raises Rating on INR25cr Cash Loan to B+
-------------------------------------------------------------
ICRA Ratings has revised the long-term rating to [ICRA]B+ from
[ICRA]B for the INR25.00-crore fund-based limits of Colossus Trade
Links Ltd. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit          25.00       [ICRA]B+(Stable); upgraded
                                    from [ICRA]B(Stable)

Rationale

The rating revision factors in CTLL's healthy top-line growth in
FY2017 and the current fiscal and the improvement in operating
margins in FY2017 due to better realisations. This was also
accompanied by improved gearing levels. The rating continues to
factor in the experienced promoters of the company and its
established relationships with major customers and suppliers.
The rating continues to be constrained by the inherent cyclicality
in the steel industry as well as its competitive and fragmented
nature, which limits the company's pricing flexibility and exposes
it to fluctuations in raw material prices. The rating also
continues to be subdued on account of high working capital
intensity of operations as reflected by high inventory and
receivables. ICRA notes the limited flexibility of the company's
working capital limit utilisation during the last one year.
Going forward, CTLL's ability to increase its scale of operations
in a profitable manner while improving the gearing level as well
as maintaining optimal working capital intensity will be the key
rating sensitivities.

Outlook: Stable

ICRA believes that CTLL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to Positive if there is a significant
increase in the company's revenues and profitability margins,
along with sustained improvement in its capital structure.
Conversely, the outlook may be revised to Negative in case of a
steep decline in the company's revenue or profitability margins or
weakening of its financial risk profile.

Key rating drivers

Credit strengths

Experienced management lends competitive edge: CTLL's management
has experience of more than a decade in the trading of scrap
metals procured from the domestic automobile industry. Over the
years, the promoters have gained a thorough knowledge of the
markets. A long-term presence in the industry has helped the
company establish relationships with several suppliers and
customers.

Established relationships with key customers ensure repeat orders:
CTLL's customers include foundries and steel plants and electronic
original equipment manufacturers (OEMs). The company has well-
established relationships with several customers as is
demonstrated by repeat orders from the same.

Credit challenges

Exposure to price risk as inventory procurement is not backed by
customer orders: The volatility in scrap prices and the trading
nature of operations keep the company's margins stressed in case
of price variations contrary to management expectations, which can
lead to execution of trade at a loss. In some cases, the company
procured raw materials only after order confirmation. This helped
CTLL stabilise its margins to some extent.

Low profitability due to trading nature of operations and low
entry barriers: The trading business is marked by a large number
of organised and unorganised participants. CTLL is a small-sized
player in the industry. Furthermore, the company is involved in
trading activity, which has relatively low margins. The trading
business is highly fragmented as well owing to the low entry
barriers, which limits the pricing flexibility of the participants
including CTLL.

CTLL was incorporated in 2004 by Mr. Namit Gulati and his family.
The company is engaged in trading of scrap metal procured from the
domestic automobile sector. It derives its revenues from supplying
scrap metal to foundries, steel plants, traders and electronic
original equipment manufacturers (OEMs). CTLL, which is
headquartered in Delhi, has seven warehouses (three owned and four
rented) across northern India, with a combined area of over 15,000
square yards and combined storage capacity of over 8,000 tonnes.
CTLL reported a net profit of INR0.56 crore on OI of INR108.60
crore in FY2017 compared with a net profit of INR0.28 crore on OI
of INR99.59 crore in the previous year.


COMMERCIAL MOTOR: CRISIL Assigns B Rating to INR10.2MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Commercial Motor Sales Private
Limited (CMSPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Overdraft             4.8        CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits    10.2        CRISIL B/Stable (Assigned)

The rating reflects CMSPL's modest scale of operations in the
intensely competitive automobile industry, weak financial risk
profile, and liquidity pressure. These weaknesses are partially
offset by the promoters' experience in the automobile industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in an intensely competitive industry: The
automotive dealership industry in India is highly fragmented and
competitive, driven by the presence of many small regional
players. The company also faces competition from other automobile
majors such as Maruti Suzuki India Ltd, Ford India Pvt Ltd,
Hindustan Motors Ltd, and Hyundai Motor India Ltd. CMSPL's scale
of operations remains modest, with revenue of INR178 crore in
fiscal 2017, limiting cost efficiencies.

* Barely sufficient cash accrual to service debt: Liquidity may
remain under pressure with cash accrual, expected at INR3.4 crore
and INR4.0 crore in fiscals 2018 and 2019, respectively, against
maturing debt of INR2.8 crore each. Further, the company has
advanced around INR18 crore to group companies, leading to further
stress on the liquidity of the company.

* Weak financial risk profile: Total outside liabilities to
adjusted networth (TOLANW) ratio was high at 12 times and networth
low at INR4.7 crore as on March 31, 2017, resulting in a weak
financial risk profile.

Strengths:

* Promoters' extensive experience and established market position
in automobile dealership industry:  CMSPL's management has healthy
relationships with its principal Toyota Kirloskar Motor Pvt. Ltd
(TKMPL) and close to 2 decades' industry experience. The
management also has dealership of Tata Motors Ltd and Ford Motor
Company through other ventures, and therefore, have a keen grasp
of industry trends. They have helped the company expand operations
from one showroom and service station in 2001 to 4 showrooms and
service stations currently.

Outlook: Stable

CRISIL expects CMSPL to maintain a stable business risk profile
over the medium term, backed by its promoter's extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if significant ramp-up in scale of operations,
profitability and cash accrual, efficient working capital
management, or sizeable equity infusion strengthens key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
lower revenue and cash accrual, large working capital requirement,
or a sizeable, debt-funded capital expenditure weakens financial
risk profile.

CMSPL, incorporated in 2001 is a private limited entity engaged in
the dealership of passenger vehicles for TKMPL, and operates 4
showrooms at Bareilly, Jabalpur, Haldwani and Moradabad. The
company also manages 4 service stations for TKMPL.


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

The instrument-wise rating actions are:

-- INR50 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    /IND A4(ISSUER NOT COOPERATING) ratings; and

-- INR65 mil.Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, Mumbai-based DPPL is engaged in the trading
of plastic granules. Since FY13, the company has also been engaged
in toll compounding and manufacturing of plastic engineering
compound. These granules are engineering polymers used in the
automotive, electrical, and pump industries. The company is
promoted by Mr. Gaurav Thanky.


DHARMDEEP COMMODITIES: ICRA Reaffirms B+ Rating on INR3cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR3.00-crore overdraft facility of Dharmdeep Commodities Pvt.
Ltd. ICRA has also reaffirmed the short-term rating of [ICRA]A4 to
the INR10.00-crore non-fund based facility. ICRA has also
reaffirmed the long-term rating of [ICRA]B+ and the short-term
rating of [ICRA]A4 to the INR80-crore fund-based facilities of
export packing credit and line of credit bill discounting of DCPL.
The outlook on the long-term rating is Stable. Also, the ratings
are removed from 'Issuer not cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-       3.00      [ICRA]B+(Stable); Reaffirmed,
   Based-Overdraft                 removed from Issuer Not
                                   Cooperating category

   Long-term/Short-     80.00      [ICRA]B+(Stable)/A4;
   term Fund-based                 Reaffirmed, removed from
   Limits EPC and                  Issuer Not Cooperating
   LCBD                            category

   Short-term Non-      10.00      [ICRA]A4; Reaffirmed, removed
   fund Based-VaR                  from Issuer Not Cooperating
   Limits                          category

Rationale

The ratings reaffirmation takes into account DCPL's weak financial
profile characterised by thin profitability margins on account of
the low value additive nature of trading business, its small net
worth base and weak debt coverage indicators. The ratings are also
constrained by the intense competition in the business and the
vulnerability of operations to price volatility governed by
international factors as well as domestic agro-climatic
conditions.

The ratings, however, positively consider the vast experience of
the promoters in the agro-commodity trading business, their
association with Group concerns involved in a similar line of
business and efficient inventory management.

Outlook: Stable

ICRA believes DCPL will continue to benefit from the extensive
experience of its promoters and the stable outlook on cotton
output. The outlook may be revised to 'Positive' if substantial
growth in revenue and profitability, reduction in debt levels,
infusion of equity, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if cash accrual is lower than
expected, or if any major debt-funded capital expenditure, or
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters in trading agro commodities:
The key promoters, Mr. Dharmendra Pukhraj Jain (Director) and Mr.
Sandip Pukhraj Jain (Director) have an extensive experience of
around 20 years in cotton trading business. The promoters are also
associated with entities viz. M/s Dharmendra Pukhraj and M/s
Sandipkumar Dharmendrakumar, which are involved in similar line of
business.

Healthy scale of operations: The company's revenues continue to
remain healthy though it reported stagnant growth in its revenues
in FY2017 on account of lower output of quality cotton in the
country and the supply remaining constrained due to
demonetisation. The OI witnessed a dip of 3% for FY2017 and stood
at INR595.37 crore in FY2017 compared to INR616.44 crore in
FY2016.

Moderate working capital intensity due to efficient inventory
management: The company generally does not maintain inventory in
its trading operations and the goods are directly dispatched from
the supplier to customer within one or two days of entering into
the contract, resulting in zero inventory on its books as on
March 31, 2017. DCPL's entire sales in the export market are
backed by 90/180-days LC or advance payment. It offers a credit
period of ~25-30 days to the domestic customers, with whom it has
established relationship while other sales are done on an advance
payment terms. Due to such nature of the business, the NWC/OI of
the company remained moderate at 9% for FY2017. Moreover, the
order-backed purchases and hedging in both commodity and currency
exchange mitigates the price risks to a large extent.

Credit challenges

Margins remain thin due to trading nature of operations: The
company's operating margins continue to remain low owing to the
inherently low-margin nature of the trading business. Its
operating profitability has declined marginally from 0.17% in
FY2016 to 0.13% in FY2017. In line with the operating margins, the
net margins also remained thin and stood at 0.11% for FY2017,
almost similar to the previous fiscal. The RoCE has further
reduced to 6.96% for FY2017 due to higher debt levels following an
increase in the overall working capital intensity.

Weak financial risk profile: DCPL's financial risk profile
remained weak, with a small net-worth base of INR4.27 crore as on
March 31, 2017 and leveraged capital structure, as reflected in
its gearing levels of 15.07 times as on March 31, 2107. Due to its
high debt levels and low profitability, the coverage indicators
also stood weak, with an interest coverage of 0.33 times, Total
debt/OPBDITA of 81.23 times and DSCR of 1.32 times in FY2017.
However, the coverage indicators considering the non-operating
income (including net forex gains on account of hedging of
currency and commodities) remained below average, with a Total
debt/PBDITA3 (PBDITA includes the sum of OPBDITA and the net non-
operating income) of 18.82 times and a PBDITA/interest charges of
1.43 times for FY2017.

Intense competition and fragmented industry structure: The trading
of agro commodities being a low value-added business restricts the
company's profitability. Further, the agro-commodities trading
industry is highly fragmented with presence of a large number of
organised as well as unorganised players due to low entry
barriers. DCPL is a relatively smaller player and does not reap
the advantages of economies of scale enjoyed by larger traders who
benefit from a broader basket of products.

Seasonality associated with an agro-based commodity exposes
operating profit to commodity price fluctuation: The cotton prices
vary with seasonality, which is based on crop harvest and the
demand and supply scenario. The prices of agricultural commodities
are volatile in nature and are linked to the production in the
domestic market and the global demand-supply situation. The prices
of agro commodities are also affected by the changes in Government
regulations, crop and weather conditions. The same exposes DCPL's
operating profits to a risk of contraction in case of any
significant change in prices.

Incorporated in 2011, DCPL is involved in trading of cotton bales
and yarns in the domestic as well as international market. DCPL
was incorporated by Mr. Pukhraj Jain and his family members. The
Jain family has more than two decades of experience in the cotton
trading business. The company operates from Ahmedabad in Gujarat.


ES KNIT: Ind-Ra Assigns 'D' Long Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned E.S. Knit Wear
(ESKW) a Long-Term Issuer Rating of 'IND D'. The instrument-wise
rating actions are as follows:

-- INR7.83 mil.Long-term loan (Long-term) due on March 2020
     assigned with IND D rating;

-- INR41.5 mil.Fund-based facility (Long-term) assigned with
    IND D rating; and

-- INR1.5 mil. Non-fund-based facility (Short-term) assigned
    with IND D rating.

KEY RATING DRIVERS

The ratings reflect delays in debt servicing by ESKW over the
three months ended January 2018, owing to a weak liquidity
position, resulting from delays in receivables from customers.

RATING SENSITIVITIES

Positive: Timely debt servicing for a period of at least three
consecutive months could result in a positive rating action.

COMPANY PROFILE

Incorporated in 1985 as a proprietorship firm, ESKW manufactures
and exports knitted garments. The firm has an installed capacity
of 3,00,000 pieces per month.


GAYATRI AGRO: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gayatri Agro Oil
& Food Products' (GAOFP) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR75.09 mil.Term loan due on March 2022 migrated to
    Non-Cooperating Category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- INR70.00 mil.Fund-based-working capital limits migrated to
    Non-Cooperating Category with IND BB(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

GAOFP was incorporated in August 2004 as a partnership firm. The
company is primarily engaged in the solvent extraction and edible
oil refinery business. The manufacturing unit is located at
Kalahandi in Odisha. The refinery unit had commercialized during
October 2016.


G R R INDUSTRIES: CRISIL Moves B Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with G R R
Industries Private Limited (GIPL) for obtaining information
through letters and emails dated November 9, 2017, January 17,
2018, February 14, 2018 and February 19, 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)

   Proposed Fund-        1        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 G R R Industries Private
Limited which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on G R R Industries Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

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

GIPL, incorporated in 2008 by Mr Nageswara Rao, gins and presses
raw cotton. Its ginning unit is in Khammam, Telangana.


HANDLOOM BHANDAR: ICRA's B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings said the rating for the INR10.00-crore bank
facilities of Handloom Bhandar continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        3.20       [ICRA]B (Stable) ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Fund based-        5.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

   Long-term-         1.80       [ICRA]B (Stable) ISSUER NOT
   Unallocated                   COOPERATING; Rating continues
   Limits                        to remain in the 'Issuer Not
                                 Cooperating' category

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

Established in 1983 by Mr. Iqbal Ahmed, HBD is a partnership firm
which processes textiles by way dyeing, printing, waterproofing
etc. The products have application in manufacturing of bags, rug
sacks, defence clothes etc. The firm's manufacturing unit is based
out of Shekhpur in Unnao district of UP.


HEATH VIEW: ICRA Keeps B Rating in Issuer Not Cooperating Cat.
--------------------------------------------------------------
CARE Ratings said the long-term and short-term ratings for the
overdraft and bank guarantee facilities of Heath View Holiday
Resorts Limited continues to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B(Stable)/[ICRA]A4
ISSUER NOT COOPERATING". ICRA had earlier moved the ratings of
HVHRL to the 'ISSUER NOT COOPERATING' category due to non-
submission of monthly 'No Default Statement' ("NDS") by the
entity. ICRA has also withdrawn the rating of [ICRA]B(Stable)
assigned to the INR12.00 crore long term loan facility of the
company.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         3.00        [ICRA]B(Stable) ISSUER NOT
   Overdraft                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based      0.50        [ICRA]A4 ISSUER NOT
   Limits-Bank                     COOPERATING; Rating continues
   Guarantee                       to remain under 'Issuer Not
                                   Cooperating' category

The rating is based on limited information on the entity's
performance since the time it was last rated in June 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

The long term rating assigned to the term loans is withdrawn at
the request of the company, based on the no due certificate
provided by its banker.

Incorporated in 1993, Heath View Holiday Resorts Limited (HVHRL)
was established with the purpose of construction and operation of
a hotel at Mahabaleshwar. The company was established by the Patel
Group and was taken over by Evershine Builders in 2004. Evershine
Group then commenced construction of the hotel property, which was
completed by May 2010. Meanwhile, a hotel operating agreement was
signed between HVHRL and Berggruen Hotels Private Limited (BHPL)
assigning the rights of management and operations of hotel to BHPL
under the Keys brand name. The hotel commenced operations in
October 2010.


JAGWANI PROJECTS: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Jagwani
Projects Private Limited (JPPL) for obtaining information through
letters and emails dated January 19, 2018, February 15, 2018 and
February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            11       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     14       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 Jagwani Projects Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jagwani Projects 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 Jagwani Projects Private Limited to CRISIL D Issuer
not cooperating'.

JPPL, incorporated in 1988, is promoted by the Kolkata (West
Bengal)-based Jagwani family. It currently exports iron ore fines.
The company has also diversified in the manufacture of light
emitting diode (LED) lighting systems. The company manufactures
bulbs, tube lights, panel lights etc. under its LED lighting
division.


JEYENKAY PETROGELS: ICRA Hikes Rating on INR3.40cr Loan to C+
-------------------------------------------------------------
ICRA Ratings has upgraded the long-term rating and short-term
rating assigned to the INR18.00 crore1 bank limits of Jeyenkay
Petrogels Private Limited from [ICRA]D to [ICRA]C+ and [ICRA]A4
respectively.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based limit      3.40      [ICRA]C+; Revised from [ICRA]D

   Non-Fund based
   limit                11.00      [ICRA]A4; Revised from [ICRA]D

   Unallocated limit     3.60      [ICRA]C+/[ICRA]A4; Revised
                                   from [ICRA]D

Rationale

The upgrade of ratings takes into consideration the regularisation
of debt servicing in the past six months due to improved liquidity
position, as confirmed by the bank and the company's management.
The ratings also draw comfort from the established experience of
the promoter in the petrogel and speciality oil industry.
However, the ratings continue to factor in the stretched financial
profile of the company characterised by thin profitability, weak
debt protection metrics and leveraged capital structure. The
ratings are further constrained by the company's presence in the
highly fragmented petrogel and speciality oil industry,
characterised by intense competition, which limits its pricing
flexibility. The prices of the company's key raw materials are
derived from the highly volatile crude prices, which expose JPPL's
margins to raw material price volatility. Furthermore, with more
than 30% of the raw material requirement met through imports in
FY2017, the company's profit margins remain vulnerable to
volatility in foreign currency exchange rates.

Outlook: Not Applicable

Key rating drivers

Credit strengths

* Regularisation of debt servicing in the last six months: The
debt servicing has been regular since July 2017, backed by
improvement in the company's liquidity position, because of timely
receipt of receivables as well as infusion of funds (in the form
of unsecured loans of INR1.12 crore) into the business by the
directors/shareholders and other related parties in FY2017.

* Extensive experience of the promoter in the manufacture of
petrogels and speciality products: JPPL's promoter, Mr. Nilesh
Patel has been associated with the petrogel and speciality oil
industry for over two decades. Over the years, the company has
established strong ties with its customers, entailing repeat
orders.

Credit challenges

* Stretched financial risk profile characterised by thin
profitability, weak debt protection metrics and leveraged capital
structure: Owing to a low net-worth base, the company funds its
working capital requirements largely by availing external
borrowings and through its creditors, resulting in a TOL/TNW of
14.68 times as on March 31, 2017. Consequently, JPPL's capital
structure remained highly leveraged with the gearing at 10.33
times as on March 31, 2017. Furthermore, the company's
profitability remained thin, leading to weak debt protection
metrics as indicated by NCA/Total Debt of 1% and Total
Debt/OPBDITA of 12.69 times as on March 31, 2017.

* Intensely competitive nature of the industry and limited value-
addition in the nature of the business, result in thin
profitability: The company's presence in the highly fragmented
petrogel and speciality oil industry, which is characterised by
intense competition, limits its pricing flexibility and thereby
its ability to effectively pass on any increase in raw material
prices to its customers.

* Profitability susceptible to movements in the prices of raw
materials, which are crude oil derivatives: The prices of the
company's key raw materials comprising base oils, crystal wax,
slack wax and paraffin wax are derived from the highly volatile
crude prices. Since the company procures inventory in anticipation
of demand, its margins remain vulnerable to raw material price
volatility.

* Modest scale of operations: The operating scale of the company
stood modest with the company registering an operating income of
INR59.33 crore in FY2017, which increased by 2% from INR57.91
crore in the previous year due to an increase in its sales volume.

* Exposure to currency fluctuation risks, given its dependence on
imports: Even though the dependence on imports reduced year-on-
year from 54% in FY2016 to 37% in FY2017, its profits remain
susceptible to any adverse fluctuations in foreign exchange rates,
in the absence of any hedging mechanism. The company recorded a
net forex loss of INR0.20 crore in FY2016 and a net forex gain of
INR0.05 crore in FY2017.

Established in 1996, JPPL manufactures petrogels and speciality
grade oils. The partnership firm was converted into a private
limited company in August 2011. JPPL's products are used as
lubricating oils, rust preventive oils, industrial oils, shock
absorbers in pharmaceuticals, cosmetics, automotives, telecom,
defence, perfumery, plastics, refrigeration, foundry, switch
gears, turbines, etc. The principal raw materials consist of base
oils, crystal wax, slack wax, paraffin wax, etc., which are
majorly imported from Singapore, Netherlands, and the UAE. JPPL's
corporate office is in Mumbai and its manufacturing facility in
Silvassa (Union Territory of Dadra and Nagar Haveli).
JPPL recorded a profit after tax of INR0.02 crore on an operating
income of INR59.33 crore for the year ending March 31, 2017.


KAMARLI STEELS: ICRA Cuts Rating on INR20cr Loan to D
-----------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to the bank
facility of Kamarli Steels Private Limited (KSPL) to [ICRA]D from
[ICRA]B+. ICRA has also revised the short-term rating to [ICRA]D
from [ICRA]A4 for the bank facilities of KSPL. The rating
continues to remain in 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA
had earlier moved the rating of KSPL to the 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No Default
Statement' ("NDS") by the entity.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-Cash    (10.00)     [ICRA]D ISSUER NOT COOPERATING;
   Credit                        Revised from [ICRA]B+/[ICRA]A4
                                 and rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Short-term-       (10.00)     [ICRA]D ISSUER NOT COOPERATING;
   Buyer's Credit                Revised from [ICRA]B+/[ICRA]A4
                                 and rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Short-term-        20.00     [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit             Revised from [ICRA]B+/[ICRA]A4
                                 and rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

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

Rationale

The rating downgrade follows the devolvement of letter of credit
facility for more than 90 days by KSPL, as confirmed by the lender
to ICRA.

ICRA has limited information on the entity's performance since the
time it was last rated in September 2016, which was based on
detailed information.

As part of its process and in accordance with its rating agreement
with KSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information

KSPL commenced operations from June 2015. The company is managed
by Mr. Shreenath Das Agarwal and Mr. Amit Agarwal. KSPL trades in
various types of steel items like MS Scrap, MS Structure, TOR
(Cold treated bars) Steel, CR Sheet, MS Plate and other scrap
items. The company has its registered office in Darukhana, Mumbai
and rented warehouses at Kalamboli (Navi Mumbai) and Bhavnagar
(Gujarat).

The company's associate concern, Kasturi Commodities Private
Limited is involved in the business of ship breaking and trading
in various types of steel and scrap items. It has an outstanding
rating of [ICRA]D ISSUER NOT COOPERATING.


KAPOTEX INDUSTRIES: ICRA Lowers Rating on INR3.68cr LT Loan to B+
-----------------------------------------------------------------
ICRA has revised the long-term rating of [ICRA]BB to [ICRA]B+ to
the INR3.68-crore (earlier INR4.80 crore) term loan facility of
Kapotex Industries Private Limited. The outlook on the long-term
rating is Stable. ICRA has re-affirmed the [ICRA]A4 rating to the
INR5.00-crore short-term fund-based facility and the INR5.60-crore
(earlier INR7.85 crore) short-term non-fund based facility of
KIPL. The cash credit facility of INR1.50 crore, which is a sub-
limit within the fund-based facility of INR5.00 crore and the
Capex Letter of Credit of INR2.00 crore, which is a sub-limit of
the term loan, have been rated at [ICRA]B+.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term loans       3.68       [ICRA]B+(Stable); downgraded
                                    from [ICRA]BB(Stable)

   Long-term Fund-      (3.50)      [ICRA]B+(Stable); downgraded
   based and Non-                   from [ICRA]BB(Stable)
   fund based
   facilities

   Short-term Fund-      5.00       [ICRA]A4; reaffirmed
   based facilities

   Short-term Non-
   fund based
   facilities            5.60       [ICRA]A4; reaffirmed

Rationale

The revision in the long-term rating takes into account the sharp
deterioration in the financial profile of KIPL as indicated by a
decline in revenues and profitability on account of a change in
the product mix of the company as well as a slowdown in demand,
which in turn has led to the weakening of coverage indicators. The
operating income declined from INR22.30 crore in FY2016 to
INR14.76 crore in FY2017, with erosion in margin to 8.88% in
FY2017 from 11.94% in FY2016 following inventory losses. The
gearing also deteriorated to 1.12 times as on March 31, 2017
compared to 0.49 times as on March 31, 2016 following debt-funded
capex incurred by the company. Increase in debt levels has also
led to weaker coverage indicators as reflected by the Total
Debt/OPBDITA of 7.69 times as on March 31, 2017 over 1.57 times as
on March 31, 2016. The ratings also take into account, the
stretched liquidity position of the company with working capital
intensity of 47% as on March 31, 2017 and the susceptibility of
the margins to the competitive pressure from international
players.

The ratings, however, continue to favorably incorporate the
established experience of the directors of KIPL in the wool yarn
business, and the operational efficiencies likely to arise from
its forward integration initiative and its present diversified
customer base.

Outlook: Stable

ICRA believes KIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
Positive if KIPL is able to operate the newly set up plant at
healthy utilisation levels, post commissioning, report healthy
growth in revenue and profitability, as well as efficiently manage
its working capital requirement. The outlook may be revised to
Negative if the company is not able to ramp up the operations post
commissioning of the new unit, and also if its inflow of orders
remains low, or the stretch in the working capital cycle weakens
liquidity further.

Key rating drivers

Credit strengths

* Long experience and technical qualification of the promoters in
the wool/textile industry: KIPL was established in 2008 by Mr.
Rajiv Kapur and Mr. Varun Kapur who are technically qualified and
have a wide experience in the field of manufacturing and marketing
of woolen yarns for the carpet industry. Mr. Rajiv Kapur has an
experience of more than three decades in this industry, which has
helped the company to establish its relationship with a few big
players in the rugs and carpets industry in the international
market.

* Diversified customer base: With an increase in the share of low
grade wool yarn, there have been additions to the existing client
base of the company, resulting in a diversified client profile as
indicated by the top three customers, accounting for ~30% of the
total sales in FY2017 compared to ~46% of the total sales in
FY2016. The company has also established relationship with some of
its customers which has led to repeat business.

Credit challenges

* Decline in sales volumes following change in product mix,
coupled with a global slowdown in the market leads to de-growth in
revenues: In FY2016, the company had reported a year-on-year
decline in revenue on account of a change in the product mix.
Coupled with this, the marginal decline in sales volume following
slow demand conditions, had also contributed to the decline in
revenues in FY2016. Demand continued to remain slow in FY2017 also
and post the Brexit vote in June 2016, demand slowed down further
in the U.K. and the European markets where most of its exports are
made. Low valued export orders following the weakening of the
British pound after the Brexit vote also dented the realisations
in FY2017. The operating income (OI) has declined to INR14.76
crore in FY2017 compared to INR22.30 crore in FY2016. In the
current fiscal also the company has reported lower sales.

* Drop in profitability levels in FY2017 primarily on account of
inventory losses incurred: Operating Profit Margin (OPM) in FY2016
has marginally declined to 11.94% compared with 12.59% in FY2015
on account of the decline in average sales realizations as a
result of the change in product mix. OPM in FY2017 declined
further to 8.88% from 11.94% in FY2016 because of- inventory
losses incurred coupled with high valued imports against low
valued export orders post the Brexit vote.

* Stretched liquidity profile because of high debtor and inventory
levels and faster payment to creditors: KIPL's working capital
intensity has increased to ~47% in FY2017 over ~13% in FY2016.
This is driven by the need to stock various types of wool
following the seasonal availability of the same. In March 2017,
some bulk purchases of raw material were also made as the prices
were low, which has led to an increase in inventory levels as
indicated by inventory days of 135 days as on March 31, 2017
compared to 129 days as on March 31, 2016. The extended credit
period provided to the customers because of the slowdown in the
market has led to an increase in debtor days from 31 days as on
March 31, 2016 to 84 days as on March 31, 2017. Cash payment made
to the suppliers of non-New Zealand wool has led to a significant
decline in 3 payable days to 58 days as on March 31, 2017 from 135
days as on March 31, 2016.

* Debt funded capex has led to a moderately leveraged capital
structure and moderate debt coverage indicators as on March 31,
2017: Total borrowings have increased to INR10.08 crore as on
March 31, 2017, from INR4.18 crore as on March 31, 2016, following
the additional term loan availed for funding the capex, coupled
with an increase in unsecured loans and working capital
borrowings. The capital structure of the firm remained moderately
leveraged with a gearing of 1.12 time as on March 31, 2017 over
0.49 time as on March 31, 2016. With increase in debt levels, the
coverage indicators have declined and remained moderate, as
reflected by OPBDITA/ Interest of 3.15 times (4.97 times as on
March 31, 2016) and Total Debt/OPBDITA of 7.69 times (1.57 times
as on March 31, 2016) as on March 31, 2017.

* Margins remain exposed to forex rate fluctuation risks, raw
material price fluctuations and the stiff competition - As the
company earns its revenue primarily from exports, its margins are
susceptible to foreign exchange rates fluctuations in the absence
of any hedging policy. However, the risk is partly mitigated due
to ~70% of the procurement being import dominated. Raw material
cost constitutes a significant percentage of total expenses
incurred, therefore, any increase in wool prices and inability to
pass on the increase in raw material price could affect KIPL's
profitability. However, with ~60% of the procurement being order-
backed, this mitigates the raw material price fluctuation risk to
an extent. KIPL faces stiff competition from overseas players in
this sector from other international spinners. However, the
company has an edge over international players in terms of lower
labor costs.

Kapotex Industries Pvt. Ltd. had been incorporated on May 29,
2008, by Mr. Rajiv Kapur and Mr. Varun Kapur. The company
manufactures and exports woollen yarn in the form of worsted spun
yarn and carded yarn. The wool yarn manufactured by the company
finds application in the manufacturing of rugs, floor coverings
and carpets. KIPL's registered office is at Kurla, Mumbai, and its
manufacturing unit is at the Gujarat Industrial Development
Corporation (GIDC) area of Valsad, with an installed production
capacity of 1,000 metric tonnes per annum. The company has set up
another unit at GIDC, adjacent to the prevailing unit where dyeing
operations will be carried out and two additional lines for
carding has been installed.

In FY2017, KIPL reported a net profit of INR0.48 crore on an
operating income of INR14.76 crore, as compared to a net profit of
INR1.24 crore on an operating income of INR22.30 crore during the
previous year.


KASTURI COMMODITIES: ICRA Lowers Rating on INR75cr Loan to D
------------------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to the bank
facility of Kasturi Commodities Private Limited (KCPL) to [ICRA]D
from [ICRA]BB. ICRA has also revised the short-term rating to
[ICRA]D from [ICRA]A4+ for the bank facilities of KCPL. The rating
continues to remain in 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA
had earlier moved the rating of KCPL to the 'ISSUER NOT
COOPERATING' category due to non-submission of monthly 'No Default
Statement' ("NDS") by the entity.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-Cash     (16.00)     [ICRA]D ISSUER NOT COOPERATING;
   Credit                         Revised from [ICRA]BB
                                  (Stable)/[ICRA]A4+ and rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Short-term-Letter   (10.50)    [ICRA]D ISSUER NOT COOPERATING;
   of Credit                      Revised from [ICRA]BB(Stable)/
   (steel trading)                [ICRA]A4+ and rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

   Short-term-Letter    75.00     [ICRA]D ISSUER NOT COOPERATING;
   of Credit                      Revised from [ICRA]BB(Stable)/
                                  [ICRA]A4+ and rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' Category

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

Rationale

The rating downgrade follows the devolvement of letter of credit
facility for more than 90 days by KCPL, as confirmed by the lender
to ICRA.

ICRA has limited information on the entity's performance since the
time it was last rated in July 2016, which was based on detailed
information.

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

KCPL, incorporated in 1993, was acquired by its present promoters,
Mr. Shreenath Das Agarwal and Mrs. Pooja Agarwal in 2003. The
company is engaged in the business of ship breaking and trading of
various types of steel and scarp items. The company operates its
ship-breaking business from Alang (Gujarat) and Darukhana, Mumbai
(Maharashtra).

The company's associate concern, Kamarli Steels Private Limited is
involved in trading of various types of steel and scrap items. It
has an outstanding rating of [ICRA]D ISSUER NOT COOPERATING


KIRLOSKAR INTEGRATED: CRISIL Reaffirms & Then Withdraws B- Rating
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Kirloskar Integrated Technologies Pvt Ltd (KITPL) and
subsequently withdrawn the ratings at the company's request and
receipt of no objection certificate from the bank. The rating
action is in line with CRISIL's policy on withdrawal of ratings on
the bank loan facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Working Capital        1         CRISIL B-/Stable (Rating
   Demand Loan                      reaffirmed and Withdrawal)


KITPL, previously known as Kirloskar Kisan Equipments Limited
(KKEL), was incorporated in 1970 but has been a defunct company
since 2005. The company, in order to widen the scope of its
activities altered the main object clause of its Memorandum of
Association in August 2008. The name of the company was changed to
Kirloskar Integrated Technologies Ltd (KITL) in October 2008 to
make it consonant with the objective of the new company. KITL
earlier used to trade in oil engines of the promoter group
company, Kirloskar Oil Engines Ltd; this has been discontinued
since April 2011. After taking necessary approvals, the status of
the company was changed to private limited with effect from
December 17, 2014. Currently, it is engaged in designing,
developing, providing, and executing sustainable green energy
solutions derived from biomass or biogas and solar energy.


LOVELY INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lovely
International Private Limited (LIPL; part of the Lovely group) for
obtaining information through letters and emails dated
November 13, 2017, January 17, 2018, February 14, 2018 and
February 19, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Purchase-        7.5       CRISIL D (Issuer Not
   Discounting                     Cooperating; Rating Migrated)
   Facility

   Cash Credit          40.0       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit     28         CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    2.5       CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Lovely International Private
Limited which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Lovely International 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 Lovely International Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

The Kolkata-based Lovely group was promoted by Mr Kishan Gopal
Biyani and his son, Mr Samir Biyani. LIPL, incorporated in 1999,
trades in sawn timber and timber logs. Lovely Enterprises Pvt Ltd
(LEPL), which was set up in 2003, also trades in other commodities
such as marble, and iron and steel products; however, timber
remains the group's main product.


MARKS PRYOR: CRISIL Lowers Rating on INR8.5MM Cash Loan to D
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India (SEBI) guidelines, had
downgraded the ratings on the bank facilities of Marks Pryor
Marking Technology Private Limited (Marks Pryor) to 'CRISIL BB-
/Stable/CRISIL A4+; Issuer Not Cooperating'. However, the
management has subsequently started sharing the requisite
information for carrying out a comprehensive review of the
ratings. Consequently, CRISIL is downgrading the ratings on the
bank facilities of Marks Pryor from 'CRISIL BB-/Stable/CRISIL A4+
Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        2.5        CRISIL D (Downgraded from
                                    'CRISIL A4+/Issuer Not
                                    Cooperating')

   Cash Credit           8.5        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable/Issuer Not
                                    Cooperating')

   Letter of Credit      1.0        CRISIL D (Downgraded from
                                    'CRISIL A4+/Issuer Not
                                    Cooperating')

The downgrade reflects the company's continuous overdrawals in the
cash credit limit for more than 30 days due to weak liquidity. The
liquidity is weak on account of stretched working capital cycle
due to stretched receivables.

Marks Pryor's financial risk profile is below-average marked by
modest capital structure and moderate debt protection metrics. The
rating also reflects large working capital requirements marked by
high receivables and inventory. However, it benefits from the
extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Marks Pryor has below-
average financial risk profile marked by modest capital structure
(gearing of 1.16 times as on March, 2017) and moderate debt
protection metrics (interest coverage ratio and NCATD of 3.2 times
and 0.15 times respectively in fiscal 2017).

* Large working capital requirements: Marks Pryor has large
working capital requirements as indicated by high gross current
asset of 423 days as on March, 2017. This is on account of high
receivables and inventory.

Strength

* Extensive experience of promoters: The company benefits from
extensive experience of promoters of over 2 decades in marking
equipment segment.

Marks Pryor, established in 2005, is a JV between Mr. Dhiren Gupte
and Edward Pryor & Son Ltd, UK, a leading manufacturer of metal
indentation marking technology. The company provides customised
marking solutions to companies across industries, including
automobile, automobile ancillaries, oil and gas, engineering, and
capital goods. Its manufacturing facility is at Pune.


MARUTII QUALITY: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Marutii
Quality Products Private Limited (MQPPL) for obtaining information
through letters and emails dated November 13, 2017, January 17,
2018, February 14, 2018 and February 19, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            3       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term     6.6     CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan              6.97    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 Marutii Quality Products
Private Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Marutii Quality Products 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 Marutii Quality Products Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.

MQPPL was established by Mr Deepak Agarwal and his father Mr Shyam
Sunder Agarwal in 2009. The company manufactures noodles and wheat
flour in Guwahati. It also has capacity to manufacture ready-to-
eat food and polyvinyl chloride (PVC) pipes.


MEGHRAJ FOODS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Meghraj Foods (MF).

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

The rating reflects the modest scale of operations with low
profitability, and below-average financial risk profile because of
leveraged capital structure and subdued debt protection metrics.
These weaknesses are partially offset by extensive experience of
its promoters in the agricultural commodities industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations with low profitability: With revenue
of INR53.72 crore in fiscal 2017, scale remains modest in the
competitive guar gum industry. Further the profitability has
remained low with operating margin of less than 0.4% in last two
fiscals through 2017.  Further the scale of operation and
profitability remains susceptible to any sharp volatility in
prices of guar gum.

* Below-average financial risk profile: Gearing and total outside
liabilities to tangible networth ratio were high at 2.84 times and
3.50 times, respectively, as on March 31, 2017. Also, networth was
small at INR2.77 crore. Debt protection metrics were subdued, with
interest coverage ratio of 1.10 times for fiscal 2017. Sustained
improvement in operating profitability is critical for improvement
in financial risk profile and hence will be closely monitored.

Strength:

* Extensive experience of promoters: Experience of about four
decades in the guar gum industry has enabled the promoters to
understand local market dynamics and establish strong relationship
with clients and suppliers. The firm should continue to benefit
from its experienced promoters.

Outlook: Stable

CRISIL believes MF will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if sizable scale up in operation and
improved profitability leads to higher than expected cash accrual.
The outlook may be revised to 'Negative' if lower accrual, stretch
in working capital cycle, or any unexpectedly large capital
expenditure further weakens financial risk profile, especially
liquidity.

Set up in September 2014 in Bhiwani, Haryana, as a partnership
firm by Mr Babulal Jindal and his wife, Ms Lalitadevi Jindal, MF
processes guar seeds into refined guar gum splits and powder,
polymers, and its by-products.


MOSARAM SHIVRAMDAS: CRISIL Withdraws B+ Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mosaram
Shivramdas (MS) for obtaining information through letters and
emails dated July 10, 2017, and August 7, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            6        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Withdrawal)

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

Detailed Rationale

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

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

MS is a partnership firm set up by Mr. Sanjay Agarwal and his son,
Mr. Naman Agarwal. It trades in fertilisers and pesticides. The
firm is also an authorised dealer for Bharat Petroleum Corporation
Ltd. MS currently owns a petrol pump in Maholi (Uttar Pradesh).


NAVDURGA AGRO: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Navdurga
Agro Industries (NAI) for obtaining information through letters
and emails dated November 13, 2017, January 17, 2018,
February 15, 2018 and February 21, 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 Navdurga Agro Industries which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Navdurga Agro Industries 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 Navdurga Agro Industries to 'CRISIL B/Stable Issuer
not cooperating'.

Set up in 2009, NAI is a proprietorship firm promoted by Unjha
(Gujarat)-based Ms. Dakshaben Patel. The firm processes melon seed
kernels and trades in cattle feed.


NAVKAR LIFESCIENCES: CRISIL Withdraws B Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Navkar
Lifesciences (Navkar) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            6       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Long Term     0.5     CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

   Term Loan              6       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

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

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

Navkar, set up as a partnership between Mr. Ravi Jain and Mr.
Abhay Jain in August 2015, is currently setting up its facility in
Baddi (Himachal Pradesh) to manufacture pharmaceutical
formulation.


PRECISE SEAMLESS: Ind-Ra Withdraws 'D' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Precise Seamless
Apparels Private Limited's (PSAPL) Long-Term Issuer Rating of 'IND
D'. The instrument-wise rating actions are as follows:

-- INR150 mil.Fund-based working capital limits withdrawn and
     the rating is withdrawn;

-- INR80 mil.Non-fund-based working capital limitswithdrawn and
     the rating is withdrawn; and

-- INR170.19 mil. Term loan due on December 2020withdrawn and
     the rating is withdrawn;

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no-dues certificate from the lender,
mentioning that the bank loans have been repaid in full. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage for PSAPL.

COMPANY PROFILE

PSAPL was incorporated in 2005 and manufactures and exports
garments. Its 500,000 pieces per month manufacturing facility is
located in Gurugram.


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

The instrument-wise rating actions are:

-- INR48 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    /IND A4(ISSUER NOT COOPERATING) rating;

-- INR15 mil. Term loans due on March 2023 migrated to Non-
    Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating; and

-- INR7 mil.Proposed fund-based working capital limits migrated
    to Non-Cooperating Category with Provisional IND B+(ISSUER
    NOT COOPERATING)/Provisional IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

PBIPL was established in 2010 as a private company, with Naveen
Thapliyal, Nick Buckland and Ant Buckland as the promoters. The
company is a subsidiary of Price & Buckland Ltd - a famous British
brand for premium school wear. PBIPL undertakes manufacturing of
premium school wear and sportswear, with a production capacity of
100,000 pieces per month.


RAM KRISHNA: CRISIL Migrates C Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ram Krishna
Tea Factory - Uttar Dinajpur (RKTF) for obtaining information
through letters and emails dated November 14, 2017, January 17,
2018, February 14, 2018 and February 19, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        .18       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit          2.30       CRISIL C (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    .32       CRISIL C (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan            2.25       CRISIL C (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 Ram Krishna Tea Factory - Uttar
Dinajpur which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Ram Krishna Tea Factory - Uttar Dinajpur
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 Ram Krishna Tea Factory - Uttar Dinajpur to 'CRISIL
C/CRISIL A4 Issuer not cooperating'.

Incorporated in September, 2014 in Sonarpur Hat, RKTF is engaged
in manufacturing of CTC tea. The firm has its own processing unit
with total manufacturing capacity of 8.5 lakh kg per annum. It is
promoted by Srimati Krishna Bhagat, Mr. Sushil Bhagat, Mr.
Babanlal Bhagat, Mr. Lalan Bhagat, Mr. Panchami Bhagat and Mr.
Manoj Bhagat.


RAMVIJAY COTTON: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Ramvijay
Cotton Mills Private Limited (RCMPL) for obtaining information
through letters and emails dated November 14, 2017, January 17,
2018, February 15, 2018 and February 21, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            9        CRISIL B+/Stable (Issuer Not
                                   Cooperating; 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 Ramvijay Cotton 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 Ramvijay Cotton 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 Ramvijay Cotton Mills Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.

Incorporated in fiscal 2007 and promoted by Mr. Shaileshkumar
Sangani, RCMPL commenced production in 2008. The company gins and
presses raw cotton (kapas) to make cotton bales. In addition,
RCMPL has a seed-crushing unit where it extracts oil from cotton
seeds. It sells cotton bales to spinning mill owners and traders,
and cotton oil to dealers in its vicinity.


RG ROYAL: CRISIL Assigns D Rating to INR10MM Term Loan
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-term
bank facility of RG Royal Hotel & Convention (RGHC).

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

The rating reflects delay in servicing term debt obligation due to
weak liquidity marked by low cash accruals vis-a-vis repayments.

The firm also has a weak financial risk profile nascent stage of
operations and cyclicality in the hospitality sector. However,
RGHC benefits from the extensive experience of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing term loan instalments: There are delays in
repayment of term loans due to weak liquidity. The firm generated
cash losses in fiscal 2017, which was its first year of
operations.

* Modest scale of operations: With topline of INR7.28 crore in
fiscal 2017, scale remains small in the intensely competitive
hospitality industry. This is on account of nascent stage of
operations as firm started operation in fiscal 2017. Future
occupancy and revenue growth will be contingent to competition
from nearby hotels.

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio and gearing were high at 5.23 times and
2.06 times, respectively, as on March 31, 2017. Interest coverage
ratio was low at 0.3 time for fiscal 2017. Financial risk profile
is likely to improve over the medium term with ramp up in
operations and moderate profitability.

* Vulnerability to cyclical trends in hospitality industry: The
hotel industry is vulnerable to changes in the domestic and
international economies. On the other hand, costs remain high for
premium properties even during downward shifts in demand; cash
flow from these properties are, therefore, more susceptible to
downturns.

Strengths:

* Extensive experience of proprietor: Presence of over a decade in
the hotel industry has enabled the proprietor to ramp up
operations and will benefit the firm to generate healthy occupancy
levels.

Set up in 2013 in Bengaluru as a proprietorship firm by Mr Ravish
Gowda, RGHC operates a hotel with 65 rooms, 3 banquet halls, and 3
restaurants-cum-bar. The hotel, which became operational from
April 2016, operates under the RG Royal brand.


S.R. OVERSEAS: CRISIL Withdraws B Rating on INR11MM Packing Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with S.R.
Overseas (SRO) for obtaining information through letters and
emails dated January 31, 2018, February 16, 2018, and February 21,
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; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawal)

   Export Packing        11        CRISIL B/Stable (Issuer Not
   Credit                          Cooperating; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawal)

   Term Loan              3        CRISIL B/Stable (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawal)

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 SRO. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for SRO
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of SRO to
'CRISIL B/Stable' Issuer not cooperating' from 'CRISIL B/Stable'.

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

Set up in 2013 as a partnership firm by Mr Rakesh Kumar and his
family, SRO is headquartered in Karnal, Haryana. The firm
processes and exports rice; it commenced operations in January
2014.


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

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

- INR20 mil.Non-fund-based limits migrated to Non-Cooperating
Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SATC was set up in 1999 by Bella Matha Sivarraj, and has its
registered office in Thane. The company is engaged in trading of
high speed steel and alloy steel. SATC is an authorized
distributor of Graphite India Ltd.


SB LIFESPACES: CRISIL Removes B+ Rating From Not Cooperating Cat.
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of SB Lifespaces Private
Limited (SBLPL) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on bank
facilities of SBLPL from 'CRISIL B+/Stable Issuer Not Cooperating'
to 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Term Loan             30        CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable' Issuer
                                   Not Cooperating*)

The rating continues to reflect SBLPL's susceptibility to the
risks inherent in the real estate industry. This weakness is
partially offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to risks inherent in industry: SBLPL is exposed
to risks pertaining to the real estate sector, such as long
gestation period of projects. Any time or cost overrun or delay in
obtaining necessary approvals could affect the realisation and
profitability of projects.

The dynamics of the residential and commercial segments are
different. The residential segment demand is driven by demographic
trends, level of interest rates and employment levels, whereas the
commercial segment demand is led by the level of economic activity
in the region; the business is also driven by the level of
economic activity and the outlook for the real estate sector.
Adverse changes in the overall economic environment are likely to
impact the real estate market.

Strength

* Experience of promoters: Mr Kirit Wadhwana has over a decade of
experience in the real estate industry, through a partnership
firm, Wadhwana Housing Development and Infrastructure Co (Ms
Ramila Wadhwana and Mr Sandeep Wadhwana are the other partners).
Benefits derived from the promoters' experience and a healthy
track record in real estate development help attract the initial
demand for ongoing projects.

Outlook: Stable

CRISIL believes SBLPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if a substantial cash flow is generated by
accelerated bookings and a corresponding increase in customer
advances. Conversely, the outlook may be revised to 'Negative' if
a subdued demand for the real estate translates into slow bookings
for projects, resulting in low customer advances.

SBLPL, incorporated in August 2011 by Mumbai-based Mr Kirit
Wadhwana and family, is developing a residential-cum-commercial
real estate project, Sandeep Heights, at Nallasopara in Thane
(Maharashtra).


SETHU EDUCATIONAL: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sethu Educational
Trust's (SET) bank loans' rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
BB(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR270.06 mil.Term loan due on December 31, 2022 migrated
    to Non-Cooperating Category with IND BB(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

SET was started with three disciplines in 1995. It now offers
courses in 11 disciplines of B.E/ B. Tech and five disciplines of
M.E programs with an annual intake of 1,590 students. All courses
are affiliated to Anna University, Chennai. SET is situated in
Kariapatti in Virudhunagar district, Tamil Nadu.


SHIV SHAKTI: ICRA Cuts Rating on INR10cr Term Loan to D
-------------------------------------------------------
ICRA has revised the long-term rating assigned to the bank
facility of Shiv Shakti Enterprise (SSE) to [ICRA]D from [ICRA]B.
The rating continues to remain in 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of SSE to the
'ISSUER NOT COOPERATING' category due to non-submission of monthly
'No Default Statement' ("NDS") by the entity.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan          10.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Revised from [ICRA]B and rating
                                 continues to remain under
                                 'Issuer Not Cooperating' category

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

Rationale

The rating downgrade follows the delay in term loan repayment by
SSE to the lender, as confirmed by them to ICRA.

ICRA has limited information on the entity's performance since the
time it was last rated in June 2016, which was based on detailed
information.

As part of its process and in accordance with its rating agreement
with SSE, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Established as a partnership firm in February 2014, SSE commenced
the development of its first residential real estate project viz.
Siddhi Vinayak Heights in April 2014. The project comprises 152
two BHK flats, with saleable area in the range of 1138sq.ft to
1186sq.ft. Located in the Pal-Adajan area of Surat, the management
was targeting the people employed in companies located in the
Hazira industrial belt as prospective buyers.


SHREE SALASAR: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Salasar Industries Private Limited (SSIPL) for obtaining
information through letters and emails dated November 14, 2017,
January 17, 2018, February 14, 2018 and February 19, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5       CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Short Term    0.17    CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan             12.60    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 Shree Salasar Industries
Private Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shree Salasar Industries Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' Rating
category or lower'.

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

SSIPL, incorporated in September 2013, manufactures ferrosilicon.
The manufacturing facility at Naharlagun, Arunachal Pradesh, has a
capacity of 8800 tonne per annum. The company took over the
operations of Shree Salasar Industries (a partnership firm set up
in 2008) with effect from September 10, 2013.


SMT HI-TECK: CRISIL Assigns D Rating to INR6.75MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-term
bank facility of S. M. T. Hi-Teck Polymer (SMT).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           6.75       CRISIL D (Assigned)

The rating reflects delay in servicing debt, caused by weak
liquidity, and instances of delays in receivables from the firm's
customers. The rating also reflects the geographical concentration
in revenue profile. These rating weaknesses are partially offset
by the experience of the proprietor in the packaging industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity profile: Instances of delays in receivables from
customers has led to weak liquidity which has caused a delay in
servicing debt.

* Geographical concentration in revenue profile: The firm caters
to customers only in the Tamil Nadu region, which deems the firm's
revenues susceptible to the economic state of affairs of one
state.

Strengths

* Experience of the proprietor in packaging industry: The
proprietor, Mrs. Tulasi Rani has an experience of over 10 years in
the packaging industry. CRISIL believes that SMT will benefit from
the proprietor's experience in the industry over the medium term.

SMT was established as a proprietorship firm by Mrs.Tulasi Rani in
2012 in Muthukrishnaperi, Tamil Nadu. The firm is engaged in the
manufacturing of poly-phenylene oxide (PPO) bags for the sugar,
rice, cement and flour industries.


SOLAN SPINNING: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Solan
Spinning Mills Private Limited (SSMPL) for obtaining information
through letters and emails dated December 20, 2017, February 15,
2018 and February 21, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5.6     CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     1.9     CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan              7.5     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 Solan 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 Solan 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 Solan Spinning Mills Private Limited to CRISIL
B/Stable Issuer not cooperating'.

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

SSMPL, established in 2003, manufactures cotton yarn of counts 20s
to 30s. The company has been promoted by Mr Arvind Kumar Arora, Mr
Sansar Singh Sirohi, Mr Shitanshu Sirohi, and Mr Aseem Gupta, who
manage the daily operations. The manufacturing unit is at Baddi in
Solan (Himachal Pradesh).


SREE AKSYA: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sree Aksya
Trading Company's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is given below:

-- INR49 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) ratings.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 22, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, Aksya Trading Company is engaged in the
trading of coconut copra, Neem oil and coconut shell.


SREE KRISHNA: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sree Krishna
Automotives Hyderabad Private Limited's (SKAH) Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are given
below:

-- INR850 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB-(ISSUER NOT COOPERATING)
   /IND A4+(ISSUER NOT COOPERATING) ratings.

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

COMPANY PROFILE

SKAH is a dealer for M/s. Honda Cars India Ltd., in Hyderabad,
Telangana. The promoters are M.Suresh Reddy, M.Rajitha Reddy and
M.Sudarshan Reddy. SKAH started commercial operations in October
2007 in Hyderabad. Apart from Hyderabad, the company has been
appointed as the New Honda car dealer for Nizamabad, Madinaguda
and Nalgonda districts. It is also a dealer for M/s.Jaguar and
Land Rover India.


SUHAS P: CRISIL Assigns B+ Rating to INR4.50MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Suhas P. Bhave - Nagpur (SPB).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Working
   Capital Facility      .45        CRISIL B+/Stable (Assigned)

   Bank Guarantee       1.05        CRISIL A4 (Assigned)

   Cash Credit          4.50        CRISIL B+/Stable (Assigned)

The ratings reflect the firm's modest scale of operations in the
intensely competitive civil construction industry, large working
capital requirement, and exposure to risks related to tender-based
business. These weaknesses are partially offset by the extensive
experience of its proprietor Mr. Suhas Bhave in the civil
construction industry and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive segment:
Business risk profile is constrained by small scale of operations,
reflected in revenue of INR11.6 crore for fiscal 2017.

* Working capital-intensive operations: Gross current assets were
371 days as on March 31, 2017, due to high year end inventory.

* Exposure to risks related to tender-based business: As entire
business is tender-driven, income depends on ability to bid
successfully. This is compounded by intense competition in the
civil construction industry.

Strengths:

* Extensive experience of proprietor: Presence of about two
decades in the civil construction segment has enabled the
proprietor to develop healthy relationship with customers and
suppliers.

* Moderate financial risk profile: Gearing was moderate at 1.08
times as on March 31, 2017. Debt protection metrics were average
with interest coverage ratio of 1.7 times during fiscal 2017.

Outlook: Stable

CRISIL believes SPB will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be revised
to 'Positive' if a significant and substantial improvement in
revenue and profitability leads to large cash accrual. The outlook
may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens because of low cash accrual,
stretched working capital cycle, or large, debt-funded capital
expenditure.

Established in 1999 as a proprietorship firm by Mr. Suhas P.
Bhave. SPB constructs and maintains bridges, roads, and buildings
for Public Works Department, National Highways Authority of India,
and nagar parishad in Maharashtra and Madhya Pradesh. The firm has
'Class A' registration.


SUNTON CERAMIC: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sunton
Ceramic Private Limited (SCPL) for obtaining information through
letters and emails dated November 14, 2017, January 17, 2018,
February 15, 2018 and February 21, 2018 among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     0.96     CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              6.04     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 Sunton Ceramic Private Limited
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Sunton Ceramic 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 Sunton Ceramic Private Limited to 'CRISIL B/Stable
Issuer not cooperating'.

SCPL, based in Morbi, Gujarat, was incorporated in 2013. The
company manufactures ceramic wall tiles (largely of sizes 12 x 18
and 12 x 12 inches) under the brand, Sunton, and has capacity of
30,000 tonne per annum.


TIRUPATI CORRUGATORS: CRISIL Withdraws D Rating on INR7.75MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tirupati
Corrugators (TC) for obtaining information through letters and
emails dated February 16, 2018, and February 21, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.4       CRISIL D (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL D'; Rating Withdrawal)

   Cash Credit           7.75      CRISIL D (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL D'; Rating Withdrawal)

   Proposed Long Term    5.74      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Migrated from
                                   'CRISIL D'; Rating Withdrawal)

   Term Loan               .18     CRISIL D (Issuer Not
                                   Cooperating; Migrated from
                                   'CRISIL D'; Rating Withdrawal)

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 TC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for TC
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of TC to
'CRISIL D/CRISIL D' Issuer not cooperating' from 'CRISIL D/CRISIL
D'.

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

TC was set up as a proprietorship concern in 2009 by Mrs Mangla
Bangur, and commenced commercial operations from October 2010. The
firm manufactures corrugated boxes using kraft paper. Operations
are looked after by Mr Anand Bangur.


VORA PACKAGING: CRISIL Reaffirms B+ Rating on INR11MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Vora Packaging Private Limited
(VPPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            11       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable (Reaffirmed)

   Term Loan               8       CRISIL B+/Stable (Reaffirmed)

The rating reflects VPPL's modest scale of operations and large
working capital cycle. The rating also factors in exposure to
risks related to timely completion and stabilisation of the
ongoing capital expenditure (capex) plans. These weaknesses are
partially offset by the extensive experience of the promoter.

Analytical Approach

Unsecured loans extended by the promoter (outstanding at INR8.86
crore as on March 31, 2017) have been treated as neither debt nor
equity, since they are expected to be in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale is modest (sales of INR25.5
crore in fiscal 2017) and pricing power constrained due to intense
competition in the packaging industry.

* Working-capital-intensive operations: Gross current assets were
287 days as on March 31, 2017, due to stretched receivables and
large inventory of 98 and 172 days, respectively.

* Exposure to risks related to timely completion and stabilisation
of ongoing capex plans: Capex of INR10.0 crore undertaken is being
funded by term debt of INR8.0 crore, spread over a period of four
years. Stabilisation of operations and ramp-up in scale will be
key rating sensitivity factors over the medium term.

Strength

* Extensive experience of the promoter: Promoter's experience of
three decades and established relationships with major customers
and suppliers should support the business risk profile.

Outlook: Stable

CRISIL believes VPPL will continue to benefit from its promoter's
extensive experience and continued funding support. The outlook
may be revised to 'Positive' if significant ramp-up in scale,
healthy margin, and improving working capital cycle strengthen
credit metrics. The outlook may be revised to 'Negative' if lower-
than-expected demand or cash accrual, most likely on account of
delays in completion of the ongoing capex, constrains financial
risk profile, especially liquidity.

Incorporated in 1999, VPPL manufactures expanded polyethylene cap
seals and aluminium foil induction heat seal liners. Manufacturing
unit is in MIDC Tarapur. Day-to-day operations are managed by Mr
Pankaj Vora.



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


UBNZ ASSETS: Liquidator Notes BMW Secured as 'Criminal Proceeds'
----------------------------------------------------------------
BusinessDesk reports that UBNZ Assets Holdings, the dairy
investment company set up for an unsuccessful attempt to acquire
the Crafar farms in 2010, has a BMW vehicle that is still subject
to a restraining order under the Criminal Proceeds (Recovery) Act,
according to the liquidator's first report.

BusinessDesk relates that UBNZ was put into liquidation by its
owner, Cayman Islands-based Natural Dairy (NZ) Holdings, this
month. The report from PwC's Marcus McMillan and John Fisk said
Natural Dairy appointed liquidators "primarily to investigate how
funds contributed by the shareholder have been applied, and
whether these funds are recoverable," BusinessDesk relays.

UBNZ was incorporated in May 2009, initially to act as a vehicle
for its former shareholders to invest in New Zealand's dairy
sector, the report said. May Wang was the original owner although
by 2010, Natural Dairy held 20 percent and by 2016 it held 100
percent. It completed the purchase of the farms in February 2010
but the deal was subsequently overturned by the Overseas
Investment Office, which said its Hong Kong backers failed the
'good character' test, BusinessDesk relates. The Serious Fraud
Office launched an investigation into the farm purchase and the
role of Natural Dairy and UBNZ. Wang was bankrupted in December
2010 and both her and her backer Jack Chen were subsequently
jailed in Hong Kong.

According to the PwC report, in September 2013 the High Court
issued restraining orders over the remaining assets of UBNZ Assets
and appointed the Official Assignee to dispose of any residual
assets, BusinessDesk relays. The liquidators said they've
contacted the Official Assignee for an update on any remaining
assets in its custody. A search of the Personal Property
Securities Register shows the Ministry of Business, Innovation &
Employment's Criminal Proceeds Management Unit has held a security
interest over a BMW X5 since June 2013.

A spokeswoman for MBIE confirmed that a security interest had been
registered "because the vehicle is subject to a restraining order
under the Criminal Proceeds (Recovery) Act 2009" which is still
current, BusinessDesk says.

BusinessDesk relates that the liquidators said that given
restraining orders were issued over the company's assets more than
three years ago "we do not anticipate any insolvent transactions
have occurred, however, an investigation will still be completed
during the course of the liquidation."

There were no known creditors of UBNZ Assets and the liquidators
hadn't received any preferential claims. They were yet to receive
any financial records of the company, BusinessDesk adds.



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


DMX TECHNOLOGIES: To Delist Once Shareholders Approve Liquidation
-----------------------------------------------------------------
Marissa Lee at The Strait Times reports that DMX Technologies has
received approval in-principle to delist from the Singapore
Exchange (SGX).

According to the report, DMX said on March 6 that the SGX has no
objections to its application to delist, once shareholder approval
for a voluntary liquidation is obtained at a special general
meeting to be convened in due course.

A circular to shareholders containing full details of the proposed
creditors' voluntary liquidation will be dispatched to
shareholders in due course, the Strait Times relates.

DMX Technologies Group Limited is a computer systems integrator
that provides networking, security and software solutions, and e-
business transactions platform services. The Company also trades
security software.


EMS ENERGY: Seeks Extension for Filing of FY2017 Results
--------------------------------------------------------
The Business Times reports that EMS Energy is seeking two more
months to announce its results for the financial year of 2017
after the Singapore High Court held back from sanctioning its
subsidiary's scheme of arrangement following a contest from its
creditor.

According to the report, EMS Energy has applied to the Singapore
Exchange (SGX) for two more months until April 30 to announce its
unaudited financial statements for FY2017. It has also asked for
two more months' extension until June 30 to hold its annual
general meeting for FY2017.

Separately, it has applied to the Accounting Corporate Regulatory
Authority (Acra) for two more months until June 30 to hold its AGM
and present its FY2017 statements at the AGM, the report says.

The Business Times relates that the company said that a scheme
creditor has indicated its wish to contest the scheme of
arrangement filed by its subsidiary, EMS Energy Solutions Pte Ltd
(EES).

The report says the court hearing and delivery of judgement for
the scheme were subsequently adjourned. On Feb. 27, the High Court
requested for more disclosure on the inter-company position
between EES and a related company, Koastal Industries Pte Ltd, and
that the creditors should have a chance to reconsider their votes
in light of the clarified position, the Business Times relays.

EMS pointed out that in the event that the EES scheme is not
approved, it would need to consolidate the financial statements of
this subsidiary on a liquidation basis, according to the report.

The Business Times says the parent group cited this and high
turnover in its finance team as the basis for the two-month
extensions sought from SGX and Acra. Additionally, its external
auditors, BDO LLP, will require more time to perform and complete
the audit for the FY2017 financial results.

The report adds that he existing moratorium on creditor claims
against EES has been correspondingly extended to March 16 or other
order of court.

The Business Times reports that EMS on March 1 also announced the
appointment of Derick Lim Chien Joo, 47, as its chief financial
officer.

EMS Energy Limited is a Singapore-based provider of engineering
solutions. The Company's principal activity is that of investment
holding. The Company operates through three segments: Marine and
Offshore, Water treatment and Others. The Engineering, Procurement
and Construction Management (EPCM) Marine and Offshore and trading
segment are involved in providing engineering, procurement,
construction and management, custom fabrication, maintenance and
repair, trading of marine and offshore equipment to the marine and
offshore oil and gas companies. The EPCM water treatment segment
is involved in environmental-related technical services for
pollution management, water and waste. It offers its customers a
range of offshore and marine (O&M) solutions ranging from the
design, manufacturing and installation of engineering solutions
and products, such as drilling and well intervention systems, deck
machineries, offshore cranes and other mechanical load handling
systems.



                             *********

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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