/raid1/www/Hosts/bankrupt/TCRAP_Public/180319.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, March 19, 2018, Vol. 21, No. 055

                            Headlines


A U S T R A L I A

CADET SHOES: Second Creditors' Meeting Set for March 26
FIRSTMAC MORTGAGE 1-2018: S&P Assigns BB Rating to Cl. E Debt
PEPPER RESIDENTIAL 16: Redemption No Impact on Moody's Ratings
PEPPER RESIDENTIAL 20: S&P Assigns Prelim B Rating to F Notes
SKYEBE PTY: Second Creditors' Meeting Set for March 29


C H I N A

BAOTOU CITY: Still Need to Aid Failing Gov't. Firms, Mayor Says
CHINA PROPERTIES: Fitch Withdraws CCC IDR & Sr. Unsecured Rating
GREENLAND HOLDING: Moody's Assigns Ba2 Unsecured Notes Rating


H O N G  K O N G

BUMPS TO BABES: Winds Up Business Due to Low Revenue


I N D I A

ADHARSHILA SAMAZIK: CRISIL Withdraws B- Rating on INR1MM Loan
ARDEE TECHNOLOGIES: CARE Moves D Rating to Not Cooperating
BINANI CEMENT: Lenders to Support Bain-Backed Bid
CAPITAL CABLES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
DEV BHOOMI: CRISIL Assigns 'B' Rating to INR5.5MM Cash Loan

ELLJAY TEXTILE: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
HANUMAN RICE: CRISIL Moves B+ Rating to Not Cooperating Category
HRA SALES: Ind-Ra Migrates 'B-' Issuer Rating to Non-Cooperating
KENA ALLOYS: CARE Migrates D Rating to Not Cooperating Category
MALNADY TEA: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable

MANIK COMMERCIAL: Ind-Ra Assigns B Issuer Rating, Outlook Stable
MARUTI BARRIER: CRISIL Assigns B Rating to INR9MM LT Loan
NILKANTH COTTON: CARE Lowers Rating on INR7.32cr Loan to B
NSL COTTON: CARE Moves D Rating to Not Cooperating Category
PADMAVATI ASSOCIATES: CARE Moves B+ Rating to Not Cooperating

PRADEEP UDYOG: CARE Moves D Rating to Not Cooperating Category
RAPID PUNCHING: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
ROCKLAND CERAMIC: CARE Lowers Rating on INR16.37cr Loan to D
SHIV SHAKTI: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
SHIVA TRANSPORT: CRISIL Migrates B+ Rating to Not Cooperating

SHREE SANYEEJI: CRISIL Migrates D Rating to Not Cooperating
SMS LABS: CRISIL Withdraws B- Rating on INR6.25MM Term Loan
SRI BALAJI: CARE Migrates B+ Rating to Not Cooperating Category
SRI VASAVI: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
SRI VEDHAA: CRISIL Withdraws D Rating on INR7.5MM LT Loan

T C COMMUNICATION: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
TRANS HIMALAYAN: CRISIL Migrates 'D' Rating to Not Cooperating
U.P ASBESTOS: CRISIL Lowers Rating on INR25MM Cash Loan to C
VIJAYANAG POLYMERS: CARE Moves B Rating to Not Cooperating


I N D O N E S I A

BUMI SERPONG: Fitch Affirms BB- Long-Term IDR; Outlook Stable
BUMI SERPONG: Moody's Rates Proposed Sr. Unsecured Notes Ba3


N E W  Z E A L A N D

ANDREA MOORE: Overstated Value of Inventory, Receivers Say


P H I L I P P I N E S

RURAL BANK OF MALINAO: Deposit Claims Deadline Set for March 23


                            - - - - -


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


CADET SHOES: Second Creditors' Meeting Set for March 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Cadet Shoes
Proprietary Limited has been set for March 26, 2018 at 11:30 a.m.
at the offices of Worrells Solvency & Forensic Accountants,
Level 15, 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 23, 2018, at 5:00 p.m.

Matthew Jess & Ivan Glavas of Worrells Solvency were appointed as
administrators of Skyebe Pty on Jan. 10, 2018.


FIRSTMAC MORTGAGE 1-2018: S&P Assigns BB Rating to Cl. E Debt
-------------------------------------------------------------
S&P Global Ratings assigned ratings to eight of the nine classes
of prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No. 4 Series 1-2018.

The ratings reflect:

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

-- S&P's view of the credit support that is sufficient to
    withstand the stresses it applies. Credit support for the
    rated notes comprises note subordination and excess spread,
    if any.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    reserve equal to 0.8% of the outstanding note balance and the
    principal draw function, are sufficient to ensure timely
    payment of interest.

-- The extraordinary expense reserve of A$250,000, funded from
    day one by Firstmac Ltd., available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The benefit of a cross-currency swap provided by National
    Australia Bank Ltd. (NAB) to hedge the mismatch between the
    Australian dollar receipts from the underlying assets and the
    U.S. dollar payments on the class A1-U notes.

-- The fixed- to floating-rate interest-rate swap provided by
    NAB to hedge the mismatch between receipts from fixed-rate
    mortgage loans and the variable-rate RMBS.

RATINGS ASSIGNED

  Class     Rating       Amount (mil.)
  A1-U      AAA (sf)     US$180.0
  A1-A      AAA (sf)      A$201.6
  A1-B      AAA (sf)       A$78.0
  A2        AAA (sf)       A$60.0
  B         AA (sf)        A$15.0
  C         A (sf)          A$6.0
  D         BBB (sf)        A$2.7
  E         BB (sf)         A$2.7
  F         NR              A$3.6

  NR--Not rated.


PEPPER RESIDENTIAL 16: Redemption No Impact on Moody's Ratings
--------------------------------------------------------------
Moody's Investors Service announced that the redemption of the
Class A1-u2 Notes with the proceeds from the issuance of Class AR-
u Notes on March 13, 2018 (the Refinancing) will not, in and of
itself and at this time, result in the downgrade or withdrawal of
the current ratings of notes issued by Pepper Residential
Securities Trust No. 16.

Moody's has determined that the Refinancing, in and of itself and
at this time, will not result in the downgrade or withdrawal of
the ratings of the notes below.

Class AR-u Notes, currently rated Aaa (sf)

Class A1-a Notes, currently rated Aaa (sf)

Class A2 Notes, currently rated Aaa (sf)

Class B Notes, currently rated Aaa (sf)

Class C Notes, currently rated Aa1 (sf)

Class D Notes, currently rated A1 (sf)

Class E Notes, currently rated Baa2 (sf)

Class F Notes, currently rated Ba2 (sf)

However, Moody's opinion addresses only the credit impact
associated with the Refinancing, and Moody's is not expressing any
opinion as to whether the Refinancing has, or could have, other
non-credit related effects that may have a detrimental impact on
the interests of note holders.

The transaction is supported by a liquidity reserve which is
equivalent to 2.5% of the outstanding principal balance of the
notes, with a floor of AUD1,460,000.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.


PEPPER RESIDENTIAL 20: S&P Assigns Prelim B Rating to F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of nonconforming residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.20. Pepper Residential Securities
Trust No.20 is a securitization of nonconforming and prime
residential mortgages originated by Pepper HomeLoans Pty Ltd.
(Pepper).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses it applies.
-- The credit support for the rated notes comprises note
    subordination.

-- The underwriting standard and centralized approval process of
    the seller, Pepper.

-- The availability of a retention amount, amortization amount,
    and yield-enhancement reserve, which will all be funded by
    excess spread, but at various stages of the transaction's
    term. They will have separate functions and timeframes,
    including reducing the balance of senior notes, reducing the
    balance of the subordinated notes, and paying senior expenses
    and interest shortfalls on the class A notes in addition to
    providing loss coverage to the notes.


-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.5% of the outstanding balance of the
    notes, and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest. In
    addition, there is a condition that a minimum margin will be
    maintained on the assets.

-- The redemption facility providers' unconditional and
    irrevocable commitment to ensure the full repayment of the
    stated amount of the class A1-u1 notes on their legal final
    maturity.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying
    assets and the U.S. dollar payments on the class A1-u1 notes.

  PRELIMINARY RATINGS ASSIGNED

  Class       Rating          Amount (mil.)
  A1-S        AAA (sf)           A$[136.5]
  A1-u1       A-1+ (sf)         US$[113.5]
  A1-a        AAA (sf)            A$210.0
  AR-u        AAA (sf)              A$0.0
  A2          AAA (sf)             A$91.0
  B           AA (sf)              A$59.5
  C           A (sf)               A$21.0
  D           BBB (sf)             A$14.0
  E           BB (sf)              A$10.5
  F           B (sf)                A$7.0
  G           NR                    A$7.0

  NR--Not rated.

The exchange rate applicable to the class A1-u1 notes is US$0.79
per Australian dollar. Class A1-u2, A1-s2, A1-p2, or AR-u notes
may be issued to refinance class A1-u1 notes on the class A1-u1
legal maturity date. Only the terms and conditions of the class
AR-u notes are known at this stage.


SKYEBE PTY: Second Creditors' Meeting Set for March 29
------------------------------------------------------
A second meeting of creditors in the proceedings of Skyebe Pty
Ltd, trading as Bedrock Kidz, has been set for March 29, 2018, at
11:30 a.m. at the offices of Nicols + Brien, Level 2, 350 Kent
Street, in Sydney, NSW.

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 29, 2018, at 11:30 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Skyebe Pty on Nov. 23, 2018.



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


BAOTOU CITY: Still Need to Aid Failing Gov't. Firms, Mayor Says
---------------------------------------------------------------
Reuters reports that the mayor of one of China's most high-profile
debt-strapped cities said it will have to lend assistance to
failing local government firms, even as he tries to bring the
city's finances under control.

Reuters relates that Baotou, a city of almost 3 million in China's
Inner Mongolia Autonomous Region, shot to prominence as an example
of a local government that has overextended in pursuit of rapid
economic growth. In August, it canceled a CNY32 billion (US$5
billion) subway project, saying its finances could not support the
plan and later admitted it had over-reported government revenue,
the report recounts.

"Based on our current fiscal revenues, the burden was too heavy,"
Mayor Zhao Jiangtao said in an interview with Reuters on March 17
on the sidelines of China's parliament session. He added that
Baotou's debt was already too high at more than 100 percent of
GDP.

While Beijing has stressed local authorities cannot serve as a
backstop for borrowing by government firms, Zhao said it would be
impossible for the city government to not step in to help local
government firms facing default, Reuters relays.

The city government should take over the cost of providing social
services such as running schools, he added.

"This would be a huge help to (local government firms)," Reuters
quotes Zhao as saying.

Zhao added he was in the process of verifying the level of
"hidden" debt in Baotou, including debt of local government
financing vehicles.

Corporate and financial institutions' heavy reliance on government
intervention - a legacy of China's planned economy system - will
take years to overcome, he said.

Zhao added, however, that despite a more conservative fiscal
policy, Baotou's efforts to upgrade its industrial base and bring
in more private investors made him optimistic the city could meet
its goal of 7 percent economic growth this year, Reuters relays.


CHINA PROPERTIES: Fitch Withdraws CCC IDR & Sr. Unsecured Rating
----------------------------------------------------------------
Fitch Ratings has withdrawn the 'CCC' Long-Term Foreign- and Local
Currency Issuer Default Ratings for China Properties Group Limited
(CPG) as well as its 'CCC' senior unsecured rating and the 'CCC'
rating on its outstanding USD250 million 13.5% senior notes due in
October 2018 with a Recovery Rating of 'RR4'. The ratings have
been withdrawn due to insufficient information to maintain them.

KEY RATING DRIVERS

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


GREENLAND HOLDING: Moody's Assigns Ba2 Unsecured Notes Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 backed senior
unsecured rating to Greenland Holding Group Company Limited's (Ba1
negative) proposed CNY notes.

The rating outlook is negative.

The proposed notes will be issued by Greenland Global Investment
Limited and unconditionally and irrevocably guaranteed by
Greenland Holding under Greenland Global's USD3 billion medium-
term note program.

The company plans to use the net proceeds to refinance existing
offshore debt and for general corporate purposes.

RATINGS RATIONALE

"The proposed notes will improve Greenland Holding's debt maturity
profile, because Moody's expect a significant amount of the net
proceeds will be used to refinance the company's existing offshore
debt," says Franco Leung, a Moody's Vice President and Senior
Credit Officer.

Moody's expects that the size of the new issuance will not be
material relative to Greenland Holding's total debt and will not
materially affect the company's debt leverage, given its
refinancing plans.

Moody's expects the company will slightly improve its debt
leverage -- as measured by adjusted debt/capitalization -- to 74%-
77% over the next 12-18 months from around 78.2% at the end of
June 2017. Such a high level of debt leverage positions the
company weakly at its Ba1 corporate family rating.

However, Greenland Holding's sales execution improved in 2017. The
company recorded 20.2% year-over-year contracted sales growth to
RMB306.4 billion in 2017, up from a 10.8% increase in 2016.

This strong performance was driven partly by the increased
proportion of residential properties sold relative to commercial
properties, with the latter typically demonstrating longer cash
collection cycles.

The company also announced a preliminary unaudited 17.3% year-
over-year increase in revenue to around RMB290 billion in 2017 and
a 10.4% year-over-year rise in assets to around RMB810 billion in
2017. Moody's believes Greenland's property business continued to
contribute to a significant part of the group's growth in revenue
and assets.

Greenland Holding's Ba1 corporate family rating reflects its: (1)
track record of delivering strong growth in its property
development business and leading market positions in key markets;
(2) highly diversified geographic coverage in China (A1 stable);
and (3) ability to manage market volatility through diversified
property product lines.

Another important rating driver is Greenland Holding's strong
ability to access funding due to its status as a local state-owned
enterprise.

A key constraint on Greenland Holding's rating is its debt-funded
growth strategy, which has resulted in weak credit metrics. The
company's rating is also tempered by its volatile business
performance.

The Ba2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination.

As a result of these factors, the expected recovery rate for
claims at the holding company will be lower.

The negative outlook on Greenland Holding's rating reflects the
uncertainty surrounding its plan to lower its high debt leverage.

An upgrade of Greenland Holding's rating is unlikely in the near
term, given the negative outlook. Nevertheless, the outlook could
return to stable if Greenland Holding lowers its debt leverage,
such that adjusted debt/total capitalization trends below 70.0%-
72.5% and adjusted EBIT/interest is above 2.5x over the next 12-18
months.

Greenland Holding will face downward rating pressure if its
financial profile or liquidity position weakens due to: (1) a weak
sales performance or weakness in the collection of sales proceeds;
(2) a decline in profit margins; (3) a sizable increase in debt,
arising from aggressive expansion or land acquisitions; or (4) an
increase in the risk profile of its non-property businesses.

Moody's would consider downgrading the rating if the company's
credit metrics remain weak, with adjusted debt/total
capitalization above 70.0%-72.5%, and adjusted EBIT/interest below
2.5x over the next 12-18 months.

A material reduction in the Shanghai government's ownership in
Greenland Holding, which negatively affects the company's access
to funding, would also be negative for the rating.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Founded in 1992, Greenland Holding Group Company Limited is a
China-based company. The company was one of the country's largest
property developers by contracted sales in 2017.

The group is headquartered in Shanghai, with a focus on the real
estate sector. The company has other businesses, including
construction, consumer products, energy, finance and auto
dealerships.

The Shanghai State-Owned Assets Supervision and Administration
Commission had an effective shareholding of about 46.37% in
Greenland Holding at the end of September 2017.



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


BUMPS TO BABES: Winds Up Business Due to Low Revenue
----------------------------------------------------
The Standard reports that Bumps to Babes has been wound up because
it is not generating sufficient revenue to cover its operating
expenses.

According to the report, Baioo Family Interactive (2100) said that
on March 2, the board of directors of Bumps to Babes resolved to
wind up operations voluntarily.

All of its stores were shut on March 3, the report notes.

The Standard relates that Baioo Family Interactive said it "does
not foresee any reasonable prospect of the business of Bumps to
Babes."

Richard Ian Walker holds 25.1 percent of Bumps to Babes and 74.9
percent is held by Bababaobei Commerce Limited. Baioo Family
Interactive holds 92.5 percent in Bababaobei Commerce, while
Walker holds 7.5 percent, The Standard discloses.

Hong Kong-based Bumps to Babes retails baby products.



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


ADHARSHILA SAMAZIK: CRISIL Withdraws B- Rating on INR1MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Adharshila
Samazik Evam Sanskritik Vikas Sansthan (ASESVS) for obtaining
information through letters and emails dated July 10, 2017, and
August 9, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Proposed Fund-         1       CRISIL B-/Stable (Issuer Not
   Based Bank Limits              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 ASESVS. This restricts CRISIL's
ability to take a forward ASESVS is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, the rating on bank facilities of
ASESVS continues to be 'CRISIL B/Stable/Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of ASESVS
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.

ASESVS, set up in 1998 as a not-for-profit society, is managed by
Mr. J D Bharti. The Lucknow-based society is engaged in various
schemes operated by the state and central governments in Lucknow
and surrounding areas; these include the Rajiv Gandhi National
Creche Scheme, SHG Formation Programme, Coaching Programme, Short
Stay Home, and other government-mandated schemes.


ARDEE TECHNOLOGIES: CARE Moves D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Ardee Technologies
Private Limited (ATPL) to monitor the rating vide e-mail
communications dated February 1, 2018, February 10, 2018 and
February 13, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE's rating on bank facilities of Ardee Technologies
Private Limited will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       27.10     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank      18.50     CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

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

The ratings have been reaffirmed on account of ongoing delays in
debt servicing by the company.

Detailed description of the key rating drivers

Key rating Weaknesses

Delays in debt servicing: The demand for steel remained subdued
during FY16 (refers to the period April 1 to March 31) on account
of weak domestic and international market scenario, resulting in
higher inventory pile up coupled with delay in realization of
debtors leading to stressed liquidity conditions during FY16. The
above situation led to cash flow mismatches and in turn the
company has been delaying in meeting its debt obligations in time.

Decline in total operating income: The company has been witnessing
decline in its scale of operations year-on-year. The total
operating income of the company declined from INR59.58 crore in
FY15 and to INR45.65 crore in FY16 mainly on account of non-
renewal of a long term purchase contract with a Germany based firm
for supplying of a raw material "inserts" which is required for
the production of final product. However, the company could not
operate efficiently due to non-availability of raw material which
along with general industry slow-down resulted in decline in scale
of operations. The company is now procuring the same raw material
from a firm in Italy.

Deterioration of capital structure and debt coverage indicators:
The capital structure of the company has been deteriorating,
although remained at moderate level during the review period. The
debt to equity has been deteriorated from 0.49x as on March 31,
2015 to 0.67x as on March 31, 2016, on account of increase in bank
term loan (from EXIM and SIDBI) used for financing its
investment/loan to its overseas subsidiary, viz. Keystone Sensors
LLC, USA (KSL) for the purpose of acquisition of some specific
assets. Furthermore, the Overall gearing of the company
deteriorated from 1.20x as on March 31, 2015 to 1.32x as on
March 31, 2016 on account of reason mentioned above coupled with
full working capital utilization.

Elongation of working capital cycle: The company has been facing
tight liquidity position as indicated by its elongated operating
cycle of 262 days in FY16 (FY15: 177 days), low quick ratio of
0.68x in FY16 (FY15:0.82x) and full working capital utilization.
The extended operating cycle was due to high collection and
inventory days.

Key Rating Strengths

Experienced promoters with established track record: ATPL is
promoted by Mr G.S. Narayan who is a chemical engineer with an
experience of around 40 years in the iron and steel industry in
India and abroad specifically in the field of molten metal
measurements and control. Another director, Dr G. Sunanda, is a
PhD qualified in chemical engineering. ATPL has an established
track record of business of over 25 years has its operations
spread over six units across India in Orissa, West Bengal, AP,
Chhattisgarh and Maharashtra.

In-house R&D centre approved by Department of Science and
Technology: The company has in-house R&D centre approved by the
Department of Science and Technology Government of India. The
company has developed many innovative products (Viz. high
dimension cored wire for deoxidation of steel, "Wire-in
Wire" for improved recovery during wire injection and magnesium &
calcium metal powder) and also received patents for some of them.
ATPL has been granted ISO 9001:2008 certificates for its two units
at Rourkele, manufacturing measurement instruments and cored
wires.

Ardee Technologies Private Limited (ATPL) incorporated on Oct. 7,
1987 was promoted by Mr. G.S. Narayan who is a chemical engineer
with about 40 years of experience in the iron and steel industry.
The company is engaged in manufacturing of various kinds of
sensors used for measuring temperature and gas content in molten
iron, steel and other metals. Further company also manufactures
cored wires at its China plant.


BINANI CEMENT: Lenders to Support Bain-Backed Bid
-------------------------------------------------
Bloomberg News reports that most creditors of India's Binani
Cement Ltd., which is being sold under the country's insolvency
process, will support the bid by an investor group backed by Bain
Capital, people with knowledge of the matter said.

Bloomberg relates that the consortium led by Dalmia Bharat Ltd.,
which was competing with billionaire Kumar Mangalam Birla's
UltraTech Cement Ltd., was chosen by almost all the lenders as the
preferred bidder, according to the people. The banks will send
their decision to the National Company Law Tribunal for final
approval, the people said, asking not to be identified because the
information is private, Bloomberg relays.

The Dalmia Bharat consortium bid about INR63.5 billion (US$978
million), which included offering a close to 20 percent stake in
Binani Cement to its lenders, Bloomberg News reported last month.
It made a a joint offer with India Resurgence Fund, which is
backed by Bain Capital Credit and local conglomerate Piramal
Enterprises Ltd., people with knowledge of the matter have said. A
spokeswoman for Dalmia declined to comment.

A successful sale may lure buyers for assets in Asia's third-
largest economy as authorities push lenders to clean up $210
billion of stressed debt, Bloomberg says. The central bank has
already asked commercial lenders to resolve bad loans of the 40
biggest defaulters within a year as overdue borrowings hamper
fresh investment and slow economic growth.

According to Bloomberg, the process could be delayed as UltraTech,
India's biggest cement maker, has approached the NCLT with
complaints on how the Binani sale process was run. A hearing will
be held today, March 19, to consider UltraTech's case, Chief
Financial Officer Atul Daga said in an interview on March 14,
Bloomberg says. UltraTech has also written to the resolution
professional overseeing the Binani sale, offering to increase its
bid to about INR69 billion from about INR62 billion earlier, he
said, Bloomberg adds.

                     About Binani Cement

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.

As reported in the Troubled Company Reporter-Asia Pacific on
July 27, 2017, Financial Express said the Kolkata bench of the
National Company Law Tribunal (NCLT) on July 25, 2017, admitted
an insolvency petition against Binani Cement.

Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process. In all, the
company owes a consortium of lenders close to INR3,042.93 crore.
Edelweiss ARC, which has bought over a chunk of the debt from
bankers, is now the leader of the consortium.


CAPITAL CABLES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Capital Cables
India Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using 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 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
February 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Capital Cables India was incorporated in 1981 and is engaged in
the trading of cable wires, switch gears, etc.


DEV BHOOMI: CRISIL Assigns 'B' Rating to INR5.5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating on the
long-term facility of Dev Bhoomi Cars Private Limited (DBPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           5.5        CRISIL B/Stable (Assigned)

The rating reflects the extensive experience of DBPL's promoters
in the auto dealer industry and the benefits derived from long-
term association with Hyundai Motor India Ltd (HMIL). These
strengths are partially offset by the modest scale of operations,
below-average financial risk profile because and low operating
margin.

Key Rating Drivers & Detailed Description

Weakness:
* Low operating profitability: On account of trading nature of
operations, operating margin has remained low and volatile at 3-4%
during the three years through fiscal 2017. This is because of low
value addition, intense competition, and weak bargaining power
against principals.

* Below-average financial risk profile: Networth was small at
INR1.89 crore and total outside liabilities to tangible networth
ratio high at 8.4 times, as on March 31, 2017, due to high
reliance on working capital borrowings. Debt protection metrics
were muted due to low operating margin, with interest coverage and
net cash accrual to total debt ratios of 1.6 times and 0.05 time,
respectively, in fiscal 2017.

* Modest scale of operations: Despite having improved dealership
network, scale of operations remains small with revenues of
INR61.81 crore in fiscal 2017 due to intense competition.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience in the auto dealership industry
should support the business.

* Long-term association with principal: HMIL is the second-largest
passenger car manufacturer in the country, with a market share of
around 15%. Association with HMIL allows the company to ramp up
operations quickly.

Outlook: Stable

CRISIL believes DBPL will continue to benefit from its association
with HMIL. The outlook may be revised to 'Positive' if increase in
revenue and cash accrual strengthen financial risk profile. The
outlook may be revised to 'Negative' if low accruals, large
working capital requirement, or any debt-funded capital
expenditure weakens liquidity.

Incorporated in May 2013, DBPL is promoted by Mr Rajinder Vashita
and Monica Vashita. The company is the sole authorised dealer of
passenger vehicles and spare parts of HMIL for four districts of
Himachal Pradesh.


ELLJAY TEXTILE: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Elljay Textiles
Private Limited (ETPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR14.83 mil.Term loan due on August 2020 assigned with
    IND B+/Stable rating;

-- INR70 mil.Fund-based working capital limit assigned with
    IND B+/Stable/IND A4 rating; and

-- INR40 mil. Non-fund-based working capital limit assigned
    with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect ETPL's small scale of operations, dwindling
EBITDA margin and weak credit metrics attributed to intense
competition in the cotton spinning industry and volatility in raw
material price. Revenue declined to INR270.4 million in FY17
(FY16: INR307.7 million) due to the impact of demonetization. The
EBITDA margin declined to 3.7% in FY17 (FY16: 6.1%, FY15: 11.8%).
Consequently, interest coverage (operating EBITDA/gross interest
expense) deteriorated to 0.8x in FY17 (FY16: 1.4x) and net
leverage (adjusted net debt/operating EBITDAR) to 15.9x (8.4x).
However, Ind-Ra expects revenue and EBITDA margin to improve in
FY18 on the back of improved demand. As of January 2018, the
company achieved revenue of INR237.6 million with an EBITDA margin
of around 11.0%.

The ratings also factor in ETPL's modest liquidity position with
around 86% and 22% average maximum utilization of its fund-based
facilities and non-fund-based facilities, respectively, during the
12 months ended February 2018.

However, the ratings benefit from the promoters' experience of two
decades in the cotton spinning industry.

RATING SENSITIVITIES

Negative: Any deterioration in the revenue and EBITDA margin,
leading to a decline in the credit metrics will be negative for
the ratings.

Positive: A substantial improvement in the revenue and EBITDA
margin, leading to a sustained improvement in the credit metrics
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, ETPL is a Tamil Nadu-based cotton yarn
manufacturer. The company has a total installed capacity of 27,536
spindles.


HANUMAN RICE: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hanuman
Rice and General Mills (HRM) for obtaining information through
letters and emails dated February 8, 2018, and February 15, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           14       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term     1       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HRM. 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 HRM
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 HRM to
'CRISIL B+/Stable' Issuer Not Cooperating' from 'CRISIL
B+/Stable'.

CRISIL has withdrawn its ratings on the INR1 crore Proposed Long
Term Bank Loan Facility of HRM 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.

HRM was established in 1997 as a partnership firm; it is currently
managed by Mr Raj Kumar. The firm mills and shells rice at its
plant in Cheeka, Haryana.


HRA SALES: Ind-Ra Migrates 'B-' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated HRA Sales Private
Limited's (HSPL) 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 as follows:

-- INR20 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B-(ISSUER NOT
    COOPERATING)/IND A4(ISSUER NOT COOPERATING) ratings;

-- INR30 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)
    ratings; and

-- INR25 mil.Proposed non-fund-based working capital limits
    migrated to Non-Cooperating Category with Provisional IND A4
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, HSPL is a registered distributor of Titan
watches, Vivo mobiles, and Apple products and its accessories.
HSPL is promoted by Mr. Kuldeep Agrawal and has its registered
office in Faridabad, Haryana.


KENA ALLOYS: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Kena Alloys Private
Limited (KAPL) to monitor the rating(s) vide e-mail
communications/letters dated October 18, 2017, October 26, 2017,
October 31, 2017, November 7, 2017, November 10, 2017,
December 11, 2018, January 3, 2018, January 5, 2018, January 18,
2018, January 25, 2018, February 6, 2018, February 23, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating of Kena Alloys
Private Limited's bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long- term Bank     4.75      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

   Short- term Bank    0.40      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

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

The rating takes into account delays in debt repayment owing to
weak liquidity position.

Detailed Description of Key Rating Drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: KAPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the company.

Ahmedabad (Gujarat)-based Kena Alloys Private Limited (KAPL)
incorporated in 2011 by Mr. Jignesh Patel and Mr. Rakesh
Patel as a private limited company. The company is engaged into
manufacturing of iron ingots which was started from October, 2013.
The manufacturing plant is located at Kheda (Gujarat) with an
installed capacity of 14,400 metric tons per annum (MTPA) as on
March 31, 2016.


MALNADY TEA: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Malnady Tea
Estate Private Limited's (MTEPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are as follows:

-- INR1.65 mil. (reduced from INR2.51 mil.)Term loan due on
    March 31, 2020 affirmed with IND BB+/Stable rating;

-- INR15 mil. (increased from INR5 mil.)Fund-based working
    capital limits affirmed with IND BB+/Stable rating; and

-- INR90 mil. (reduced from INR100 mil.) Non-fund-based working
    capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects MTPL's continued modest credit profile
due to a high debt level and low revenue base because of a small
scale of operations. In FY17, MTEPL's revenue was INR88 million
(FY16: INR100 million), operating profitability was 11.3% (12.3%),
net financial leverage (adjusted net debt/operating EBITDA) was
4.9x (3.4x) and interest coverage (operating EBITDA/gross interest
expenses) to 2.7x (2.5x).

The revenue declined due to a decline in the receipt of orders;
the operating profitability deteriorated on account of an increase
in the expenses against import of veneers; the net leverage
deteriorated due to a decline in absolute EBITDA; however,
interest coverage improved on account of a decline in interest
cost. As of December 2017, the company achieved revenue of INR74.6
million till December 2018.

The ratings however are supported by the company's comfortable
liquidity profile, as reflected in its 56.3% average utilization
of the fund-based working capital limits for the 12 months ended
February 2018.

The ratings are also supported by MTEPL's promoter's experience of
over four decades in the tea trading business.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations and
credit metrics will be positive for the ratings.

Negative: Further deterioration in the operating margins and
overall credit metrics would be negative for the ratings.

COMPANY PROFILE

MTEPL was incorporated in 1973 under the flagship of Mr. Ashok
Garg. MTEPL has its registered office in Kolkata and a tea garden
in Malbazar, Jalpaiguri. The total area under cultivation of
Malnady Tea Estate is around 98ha. MTEPL manufactures green tea
and trades veneer.


MANIK COMMERCIAL: Ind-Ra Assigns B Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manik Commercial
Pvt. Ltd (MCPL) a Long-Term Issuer Rating of 'IND B'. The Outlook
is Stable. The instrument-wise rating actions are given below:

-- INR30 mil.Fund-based limits assigned with IND B/Stable
    rating;

-- INR49 mil.Term loans due on September 2023 assigned with
    IND B/Stable rating; and

-- INR2.46 mil.Non-fund-based limits assigned with IND A4
    rating.

KEY RATING DRIVERS

The ratings reflect MCPL's small scale of operations, and modest
operating profitability and credit metrics owing to the highly
fragmented and competitive rice industry, and the trading nature
of business. Revenue declined to INR17 million in FY17 (FY16:
INR28 million) on account of lower trading volumes.

However, EBITDA margins increased to 7.1% in FY17 (FY16: 6.8%) due
to a decline in raw material cost. Interest coverage (operating
EBITDA/gross interest expense) improved to 3.7x in FY17 (FY16:
2.8x) due to a decrease in interest expenses, arising from lower
utilization of short-term limits. However, net leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 12.9x in FY17
(FY16: 2.4x) owing to an increase in debt to fund capex (new
plant).

The ratings are, however, supported by Ind-Ra's expectation of an
increase in MCPL's scale of operations as the company is changing
its business to manufacturing of parboiled rice from trading. The
new parboiled rice plant, situated in Raiganj, West Bengal, is
fully automatic with a capacity of 7 metric tons per hour. The
company has incurred a total cost of INR76.75 million, which is
being funded through term loan and promoters' contributions.

RATING SENSITIVITIES

Negative:  Inability to stabilize operations at the new plant will
lead to a negative rating action.

Positive:  Stabilization of operations at the new plant, leading
to generation of cash flows as expected by management will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1996, West Bengal-based MCPL is a trader of agro
products. The company's day-to-day operations are managed by
Mithun Bose and Manik Chandra Bose.


MARUTI BARRIER: CRISIL Assigns B Rating to INR9MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Maruti Barrier Films (MBF).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            3         CRISIL B/Stable (Assigned)
   Long Term Loan         9         CRISIL B/Stable (Assigned)

The rating reflects MBF's exposure to risk related to
stabilisation of operations and constrained financial risk
profile. These weaknesses are mitigated by the extensive
experience of the promoters in the plastic packaging material
industry and their funding support.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to project stabilization: As the
project is still in the initial stage, the firm's ability to
stabilise operations and generate anticipated revenue will be a
key monitorable.

* Constrained financial risk profile: Networth is small and
capital structure leveraged. Gearing is expected to remain high,
but should improve with a build-up in networth and gradual
repayment of term loans. Debt protection metrics are expected to
remain average.

Strengths

* Extensive experience of promoters and funding support: Benefits
from the promoters' decade-long experience in the industry and
healthy relationships with customers and suppliers, should support
business. The promoters have also infused about INR4 crore in the
firm till January 31, 2018.

Outlook: Stable

CRISIL believes MBF will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if the
firm generates anticipated revenue, profitability, cash accrual
and thus able to repay debt in a timely manner during initial
phase of operation. Conversely, the outlook may be revised to
'Negative' if lower-than-expected revenue, profitability and cash
accruals, or a stretch in the working capital cycle weakens the
financial risk profile and liquidity.

MBF, based in Rajkot (Gujarat), was set up in June, 2017; it
manufactures flexible packaging material such as low density and
nylon multi-layer plastic films, plastic bags and plastic sheets
which finds application mainly in packaging of food items and
consumer goods. The firm is promoted by Mr Jayesh Sorathiya and
family. The firm has a plant based in Veraval, Rajkot, Gujarat.
Commercial operations commenced from September 2017.


NILKANTH COTTON: CARE Lowers Rating on INR7.32cr Loan to B
----------------------------------------------------------
CARE Ratings has been seeking information from Nilkanth Cotton
Industries to monitor the rating(s) vide e-mail communications/
letters dated February 22, 2018, February 12, 2018, January 18,
2018, January 3, 2018, November 10, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Nilkanth Cotton
Industries's bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       7.32       CARE B; Stable; Issuer Not
   Facilities                      Cooperating, Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

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

Detailed description of the key rating drivers

At the time of last rating on January 31, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Thin profitability margins: The profitability margins of the firm
remains thin marked by PBILDT margin of 3.32% during FY16 as
against 4.21% during FY15. Consequently, the PAT margin of the
firm remained thin and continued to remain below unity during
FY16.

Moderate capital structure and debt coverage indicators: As on
March 31, 2016, the capital structure of the firm although
improved but remained moderate marked by debt to equity ratio of
0.38 times and overall gearing ratio of 1.57 times as compared
with 0.49 times and 1.81 times, respectively, as on March 31,
2015. The debt coverage indicators of the firm improved and
remained moderate marked by total debt to GCA of 13.20 years for
FY16 as compared with 25.95 years for FY15. However, an interest
coverage of the firm deteriorated marked by 1.59 times for FY16 as
compared with 2.38 times during FY15.

Moderate liquidity position: The liquidity position of the firm
remained moderate marked by current ratio of 1.40 times and quick
ratio of 0.15 times as on March 31, 2016, as against 1.31 times
and 0.37 times, respectively as on March 31, 2015 due to high
working capital borrowings as on balance sheet date. The operating
cycle of the firm remained moderate at 71 days for FY16.

Seasonality associated with cotton availability and susceptibility
of margins to cotton price fluctuations and prices and supply for
cotton are highly regulated by government.

Prices of raw material i.e. raw cotton are highly volatile in
nature and depend upon factors like, area under production, yield
for the year. Furthermore, cotton being a seasonal crop as it is
available mainly from November to February results into a higher
inventory holding period. Thus, aggregate effect of both the above
factors results in exposure of ginners to price volatility risk.
Furthermore, the cotton prices in India are highly regulated by
government through MSP (Minimum Support Price). Hence, any adverse
change in government policy may negatively impact the prices of
raw cotton.

Key Rating Strengths

Experienced partners: NCI was incorporated by six partners in
2014. The partners of NCI includes Mr Hareshbhai Hansrajbhai
Tadhani and Mr. Chandubhai Hansrajbhai Tadhani both are holding
healthy experience of more than a decade individually in the same
line of industry.

Stabilization of operations during FY16: The firm started
commercial production in January, 2015 and achieved the total
operating income (TOI) of INR39.61 crore for FY16. The sales mix
of the firm comprises mainly of cotton bales, cotton seeds, cotton
wash oil and cotton cake.

Proximity to cotton-growing area of Gujarat: The manufacturing
facilities of NCI are located at Jasdan in Gujarat. Gujarat
produces around 30% of the total national production of cotton;
hence, NCI's presence in the cotton producing region results in
benefit derived from a lower logistic expenditure.

Jangvad, Jasdan-based (Rajkot) NCI was incorporated as a
partnership firm in 2014 by six partners. The partners of NCI
include mainly Mr Hareshbhai H Tadhani and Mr Chandubhai H
Tadhani. The firm is engaged into the activity of cotton ginning,
bailing and cleaning of cotton. The main products of NCI includes
cotton seeds, cotton bales, cotton cake and cotton wash oil. The
firm has an installed capacity of 18144 Metric Ton per annum for
raw cotton processing and 2160 Metric Ton per annum for cotton
seeds processing as on March 31, 2016. The firm's manufacturing
facilities are equipped with 24 ginning machine, 1 pressing
machine and 5 expellers for crushing of cotton seeds. The firm
operated at 90% capacity utilization for the year ending on March
31, 2016. The firm has an established selling network for selling
the products outside Gujarat i.e. Tamil Nadu and Rajasthan.


NSL COTTON: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has been seeking information from NSL Cotton
Corporation Private Limited (NCCL) to monitor the ratings vide
letters/e-mail communications from June 14, 2017 to January 23,
2018 and numerous phone calls. However, despite CARE's repeated
requests; the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on NSL
Cotton Corporation Private Limited bank facilities will now be
denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      25.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  information

   Short term           0.16      CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  information

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

The ratings take into account delays in debt servicing owing to
stretched liquidity position of the company and continued losses.

Detailed description of the key rating drivers
At the time of last rating in last Press Release dated January 9,
2017, the following were the rating strengths and weakness
(updated for the information available from Registrar of
Companies).

Key Rating weakness

Delays in debt servicing: There are continued delays in debt
servicing on account of stretched liquidity position of the
company at the back of inadequate accruals and elongated
collection period.

Leveraged capital structure: Capital structure of the company
further deteriorated and continued to remain highly leveraged with
overall gearing of -2.75x as on March 31, 2017 vis-Ö-vis 6.55x as
on March 31, 2016. Overall gearing turned negative on account of
erosion in net worth due to continued losses.

Key Rating Strengths

Experienced promoters; part of NSL group: NSL group, belonging to
Mr M. Prabhakar Rao and his wife Mrs M. Asha Priya, is an
established South India-based industrial house. The NSL group has
diversified business portfolio with presence in hybrid/open
pollinated seeds, cotton ginning and pressing, textiles, sugar,
real estate, infrastructure and power (wind, hydel and biomass).

Incorporated in 2007, NSL Cotton Corporation Pvt Ltd (NCCL) is in
the trading of cotton bales, business of cotton ginning and
pressing, and trading of cotton seeds & cotton bales. Earlier,
NCCL was a wholly owned subsidiary of Nuziveedu Seeds Ltd, the
flagship company of NSL Group. Post demerger of the NSL Group
(from April 1, 2010), the shares of NCCL has been transferred to
Mandava Holding Private Ltd., which is the holding company of NSL
Group. NCCL has 11 subsidiary units with an aggregate capacity of
370 gins of the 11 subsidiary companies, nine are 100% subsidiary
of NCCL and remaining two have 60% equity contribution from NCCL
and the balance 40% is contributed by the local promoters. NCCL is
primarily into trading of cotton bales.


PADMAVATI ASSOCIATES: CARE Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has been seeking information from Padmavati
Associates to monitor the ratings vide e-mail communications dated
November 16, 2017, November 30, 2017, January 3, 2018, February 2,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the rating. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Padmavati Associates bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        7.00       CARE B+; Stable; Issuer not
   Facilities                       cooperating

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

Detailed description of the key rating drivers
At the time of last rating in December 30, 2016 the following were
the rating strengths and weaknessess:

Key Rating weakness

Constitution of the entity as a partnership firm and short track
record of operations: Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which will affect its
capital structure. Moreover, partnership firms have restricted
access to external borrowing which limits their growth
opportunities to some extent.

The firm was started in the year 2013 and due to its short track
record, the firm operates on a small scale. Due to ongoing
projects, the firm has incurred operational cost with nil revenue
recognition for ongoing years (refers to the period FY17, FY18 and
FY19) and a low net worth base of INR2.53 crore as on
March 31, 2016, restricting the financial flexibility of the firm
at the times of stress.

Geographical Concentration risk: PA is primarily located in the
Telangana State and executing projects in and around Hyderabad
which reflects geographical concentration risk. In case the real
estate market of Hyderabad slows down or there happen to be any
political uncertainties, the same will impact the PA operations.

Industry risk associated with slowdown in demand and high
competition: Globally the real estate markets react negatively to
the rising interest rates as it impacts the customer cash flows to
finance the home purchases. The recent series of the interest rate
hikes as a part of the monetary tightening indicates that the cost
of construction has gone up for the developers. Real estate market
in Hyderabad has been in demand with real estate development
activities for both independent houses and residential flats on
account of good deal of infrastructure projects, commercial
establishments, expressways, popular malls, multiplexes and is
also surrounded by tourist spots, historical places & industries.
In recent times new residential and commercial projects have been
launched in and around Hyderabad cities promoted by other players
in the city. Despite high competition in the market, the firm is
able withstand in the competitive markets through promoter vast
experience and group image.

Saleability risk with on-going project: The said project likely to
achieve COD in 2020, which exposes the project to substantial
saleability risk. While the firm has received expression of
interest from several individual customers; any delay in attaining
envisaged sales and realizing potential revenue may stretch the
firm's cash flow.

Key rating strengths

Experience of the promoters in the real estate industry: PA was
promoted by Mr. Y Suresh have been engaged in the business of real
estate for more than one decade and rest of the partner Ms. Y
Kavitha having around five years of experience respectively.

Favourable location of the project: The current project is located
at one of the developing residential and commercial areas of
Hyderabad i.e, Miyapur which is connected to the Bombay Highway on
one side and Miyapur metro Station on the other side, and many
important places were accessible from the project location. The
location finds its proximity to various major landmarks i.e.,
BHEL, Patancheruvu Industrial Corridor and Hyderabad Pharma City.
The complex is near industrial and commercial location.

The Firm proposes to price the unit competitively as per the
market demand and other players in the locality. Since the
location is surrounded by Information Technology and other
industrial zones, the marketing of the project will not pose
any problem.

Financials closure achieved for the project: The firm has achieved
financial closure in June 2016. The firm has availed INR7.0 crore
project term loan from Central Bank of India INR 4.68 crore as
advance from customers and rest INR4.0 core as promoter's equity.

Padmavati Associates (PA) was established in the year 2013 as a
partnership firm and is promoted by Mr. Y Suresh, Ms. Y Kavitha
and Ms. Y D Prasunamba. The firm is engaged in construction of
residential apartments and PA is currently implementing its first
project; Aakasha Lake View, located at Survey No.225/A, Opp.
Mythri Nagar, Beside Kalki Chambers, Allwin Signal, Madinaguda,
Miyapur, Hyderabad. The project is expected to be completed and
flats transferred to the respective owners by March 2020. Aakasha
Lake View, is a residential apartment project undertaken as a
joint development agreement between PA and the land lord (Mr. R
Indira Krishna ,Mr. G Sandhya Rani, Ms. B Lakshmi, Mr. M V Chalama
Reddy, Ms. K Hemalatha, Master Kosal Sai Reddy, Master Ganesh
Reddy and Ms. Swarna)with a sharing ratio of 71.11%(PA) (64 flats)
and 28.89%(26 flats) respectively. The firm is constructing 90
residential flats comprising Basement, Ground + four floors with
total four blocks on a land area of 5962.47 sq. yards at
SurveyNo.225, Madinaguda, Allwyn Colony X Roads, Sherilingampally
Municipality, Hyderabad. The firm has obtained permission from
Greater Hyderabad Municipal Corporation (GHMC) for construction of
the said apartment. PA is currently constructing 90 flats of 2 BHK
/ 3 BHK of various proportions i.e., 1200 sq.ft to 1600 sq.ft with
a total built-up area of 5962.47 sq. yards. The sale price ranging
from INR0.19 crore to INR 0.26 crore with an average selling price
ranging between INR1600 /- per sq.ft to INR1700/- per sq.ft.


PRADEEP UDYOG: CARE Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Pradeep Udyog (PU)
to monitor the rating vide e-mail communications/letters dated
February 1,2018, January 9, 2018, January 5, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the entity
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating of Pradeep Udyog bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.00      CARE D; Issuer not cooperating,
   Facilities                     Based on best available
                                  information

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

The rating assigned to the bank facilities of Pradeep Udyog take
in to account the delay in servicing of debt obligations by the
firm.

Detailed description of the key rating drivers
At the time of last rating on July 14, 2017 the following were the
rating weaknesses

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker, the account has been classified as NPA on account of
overdrawals in cash credit facility and delay in repayment of
interest obligation.

PU, based in Nagpur (Maharashtra), is promoted by Mr. Pradeep
Agarwal and commenced operation in January 2016. PU is
engaged in trading of iron & steel products such as Thermo
Mechanically Treated (TMT) bars, round bars, angles, channels,
beams, flats, etc, which find application in various industries
like construction, infrastructure and engineering, amongst others.
The entity has its registered office and servicing facility based
in Nagpur. The servicing facility is owned
by the entity and has an area of 6,000 square feet (sq. ft.). The
entity procures materials from local and domestic suppliers based
in Nagpur and Raipur and sells its products in the state of
Maharashtra.


RAPID PUNCHING: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rapid Punching
Solutions Private Limited's (RPSPL) Long-Term Issuer Rating of IND
BB+. The Outlook was Stable. The instrument-wise rating actions
are as follows:

-- INR30.00 mil.Fund-based working capital limits withdrawn and
    the rating is withdrawn;

-- INR2.90 mil.Proposed fund-based working capital limits
    withdrawn and the rating is withdrawn; and

-- INR32.10 mil. Term loan due on January 29, 2018 withdrawn and
    the rating is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the bank
loans based on the receipt of a no objection certificate from the
lender. 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 RPSPL.

COMPANY PROFILE

Incorporated in 2006 and promoted by Mr. Anurag Rishi, Mr. Mukesh
Aswal and Mr. O. P. Kamboj, RPSPL manufactures and processes sheet
metal components and supplies them mainly to telecom and power
sectors. Its manufacturing facility at Faridabad (Haryana) has an
annual installed capacity of 3,000MT.


ROCKLAND CERAMIC: CARE Lowers Rating on INR16.37cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rockland Ceramic LLP, as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       16.37       CARE D Revised from CARE B+;
   Facilities                       Stable

   Short-term Bank
   Facilities            1.52       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the rating
assigned to the bank facilities of Rockland Ceramic LLP is
primarily due to irregularity in servicing its debt obligations.

Morbi (Gujarat)-based RCL, was established in January 2016 as a
partnership firm by total fifteen partners. Overall management of
RCL is looked after by four key partners named Mr. Divyesh
Laljibhai Gami, Mr. Nitin Nandlal Dalsaniya, Mr. Ashokbhai
Nanjibhai Dalsania and Mr. Manish Bhudarbhai Mordiya. The firm is
engaged in manufacturing of vitrified tiles. RCL is operating from
its sole manufacturing plant located in Morbi (Gujarat) with
installed capacity of 26 lakh square meter per Annum of vitrified
tiles as on March 31, 2017. RCL commenced its commercial
operations from February 2017 onwards.


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

-- INR101.7 mil.Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING) rating; and

-- INR15.5 mil. Long-term loan due on August 2019 migrated to
    Non-Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in August 2006, Shiv Sakti Industries started its
operations in January 2014. It manufactures poultry feed product
and renders services to farmers and other users.


SHIVA TRANSPORT: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shiva
Transport Company (STC) 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          7        CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shiva Transport Company, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Shiva Transport Company 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 Shiva Transport Companyto CRISIL B+/Stable Issuer
not cooperating'.

STC, established as a proprietorship firm by Jamshedpur-based Mr
Rajendra Prasad, is a third-party logistics and road
transportation services provider. The proprietor has experience of
two decades in the transport business.


SHREE SANYEEJI: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Sanyeeji Rolling Mills (SSRM) for obtaining information through
letters and emails dated January 19, 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          19.48      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Funded Interest       6.11      CRISIL D (Issuer Not
   Term Loan                       Cooperating; Rating Migrated)

   Long Term Loan       13.89      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital      21.52      CRISIL D (Issuer Not
   Term Loan                       Cooperating; Rating Migrated)

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

Detailed Rationale

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

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures thermo-
mechanically treated (TMT) bars at its unit in Guwahati (Assam).


SMS LABS: CRISIL Withdraws B- Rating on INR6.25MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with SMS Labs
Services Private limited (SMS) for obtaining information through
letters and emails dated July 17, 2017, and August 14, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           .75      CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Cash Term Loan       6.25      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 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 SMS. This restricts CRISIL's
ability to take a forward SMS is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, the rating on bank facilities of SMS
continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SMS 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.

SMS was established in January 2011 in Thiruvallur (Tamil Nadu)
and started operations in 2013. The company is involved in
chemical and biological testing of environmental (air and stack,
all types of water, effluents/waste water, soil, sludge and solid
waste, VOC analysis, PAH, PCB analysis), food and agriculture
products, pesticides and antibiotic residues, salt spray, oils,
container testing, and trace metal analysis. Mrs. Sharadha Murali
manages the daily operations.


SRI BALAJI: CARE Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Sri Balaji Steel
Tube Industries (SBSTI) to monitor the rating vide e-mail
communications dated October 4, 2017, October 25, 2017, December
8, 2017 and February 9, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on Sri Balaji Steel Tube Industries
bank facilities will now be denoted as CARE B+;Stable, ISSUER NOT
COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        4.00       CARE B+; Stable; Issuer not
   Facilities                       cooperating; Based on best
                                    available Information

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

Detailed description of the key rating drivers

At the time of last rating in January 25, 2017, the following were
the rating strengths and weaknesses:

Key Rating weakness

Implementation risk associated with its current ongoing project:
SBSTI has proposed to set-up a manufacturing unit of Steel tubes.
The project was started in September 2016 and likely to start the
commercial operations by April 2017. The total proposed cost of
project is INR880 lakh which is proposed to be funded through bank
term loan of INR350 lakh, Partners' capital of INR520 lakh and
remaining through unsecured loan of INR 10 lakh. As on December
31, 2016, the firm has incurred expenses of INR360 lakh (around
40.90% of total project cost) towards the civil works and purchase
of Plant & Machinery, the same is funded by the partners' capital.
Once the commercial operation starts, the firm is planning to
avail the cash credit of INR 50 lakh to meet the working capital
requirement. The financial closure of the project has not been
achieved yet.  Low entry barriers and presence in the highly
fragmented industry resulting into stiff competition from other
established players.

The increase in cost of raw material would only be a near term
concern for Indian steel companies: It said the sharp increase in
coking coal costs will hurt near term margins of Indian steel
companies due to the lag effect in transition of increased cost to
higher steel prices. Companies have a hard time correctly judging
the risk of strongly fluctuating raw material costs. If they pass
on increasing costs only minimally, delayed or too conservatively,
or if increasing raw material costs coincide with decreasing sales
prices, a margin squeeze is inevitable. Highly fluctuating raw
material costs and ineffective price management can greatly
endanger a company's success.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital and limited access to funding:
Constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure.

Key rating strengths

Experience of the partners for three decades in steel industry:
SBSTI is promoted by Mr Rama Chandra Mouli (Managing Partner). He
is qualified graduate and has an overall experience of 45 years.
He was the President of Warangal District Rice Millers Welfare
Association. Apart, he was also Vice President of Warangal Urban
Co-operative Bank Limited. He is also running one rice mill under
the name OM Industries. Mrs Rama Latha (Spouse of Mr Rama Chandra
Mouli) is also a graduate and she has an overall experience of 15
years. She looks after the operations of M/s.OM Industries. Mr
Rama Gopi Krishna is also a graduate and he has seven years' of
experience in working with HSBC bank. Due to long term presence in
the market, the partner has established relation with customer and
suppliers.

Government initiative to improve infrastructure: India became the
third largest producer of steel in the world. Bucking the global
trend of a consistent decline in steel production, India is the
only country among major steel producing countries.

In order to increase the domestic capacity of steel production, a
concept of Special Purpose Vehicle (SPV) has been introduced. Two
MOUs have already been signed by the states of Chhattisgarh and
Jharkhand for setting up Greenfield steel plants with initial
capacity of 3 million tonnes per annum (MTPA) each, to be later
enhanced to 6 MTPA. More than INR 70000 crore will be invested for
setting up of these steel plants. And Ministry of Steel has
entered into a strategic partnership through a MoU with Ministry
of Skill Development and Entrepreneurship for facilitating skill
development through CPSEs of the Ministry. SAIL, RINL & MOIL each
signed MoUs with National Skill Development Corporation for skill
Development Stable outlook of steel industry Indian steel industry
plays crucial role in development of nation and is considered as
the backbone of civilization.

Currently, India is the world's third-largest producer of crude
steel and is expected to become the second-largest producer soon.
The sector is poised to perform well in coming time on the back of
several government initiatives. To provide temporary respite from
imports, the Government has increased Minimum Import Price (MIP)
on steel. MIP is imposed on 173 steel products, ranging from $341-
$752 per ton. New MIP rates would be applicable for a period of 6
months from the date of notification (February 5, 2016). On the
concern side, India's steel sector grew modestly in FY15 as
compared to the robust growth in the last decade, impacted by both
external and internal influences. The growth has been on back-foot
due to factors like overcapacity of steel, cheap import of steel,
falling crude oil prices and diminished demand. The heavy imports,
a resultant of the availability of cheap steel products from the
international market, led to a drop in demand and subsequently in
sales. Moreover, the increased cost of imported raw materials like
coking and thermal coal or natural gas, the price fluctuations,
put an extra burden on the industry.

Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm
formed on December 09, 2015 with the main object of carrying out
business of manufacturing steel tubes from Hot rolled (HR), Cold
rolled (CR) and Galvanised products (GP) coils. The proposed
manufacturing unit is located at Adilabad, Hyderabad (Telangana).
SBSTI is promoted by Mr Rama Chandra Mouli (Managing Partner),
Mrs. Rama Latha (Partner) and Mr Rama Gopi Krishna (Partner).
After the commencement of business operations, the firm is
planning to purchase the raw materials like HR, CR and GP coils
from the dealers located in and around Adilabad. The firm is
planning to sell the steel tubes of various dimensions in Andhra
Pradesh. The project was started in September 2016 and likely to
start the commercial operations by April 2017. The total proposed
cost of project is INR8.80 crore which is proposed to be funded
through bank term loan of INR3.50 crore, Partners' capital of
INR5.20 crore and remaining through unsecured loan of INR 0.10
crore. As on December 31, 2016, the firm has incurred expenses of
INR3.60 crore (around 40.90% of total project cost) towards the
civil works and purchase of Plant & Machinery and the same was
funded by the partners' capital. Once the commercial operation
starts, the firm is planning to avail the cash credit of INR0.50
crore to meet the working capital requirement.


SRI VASAVI: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Vasavi
Educational Society's bank loan ratings 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:

-- INR32.09 mil.Term loan due on June 30, 2018 - July 31, 2021
    migrated to Non-Cooperating Category with IND BB(ISSUER NOT
    COOPERATING) rating; and

-- INR25.00 mil.Fund-based working capital migrated to Non-
    Cooperating Category with IND BB(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Sri Vasavi Educational Society was established in 2007 under
Andhra Pradesh Societies Registration Act of 2001. The society is
running an engineering college under the name of Sri Vasavi
Institute of Engineering & Technology in Nandamuru, Krishna
district, Andhra Pradesh.


SRI VEDHAA: CRISIL Withdraws D Rating on INR7.5MM LT Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri Vedhaa
Creations Private Limited (VCPL) for obtaining information through
letters and emails dated January 24, 2017, and February 14, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         7.5      CRISIL D (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 VCPL. This restricts CRISIL's
ability to take a forward VCPL 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 VCPL
continues to be 'CRISIL D/Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of VCPL 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.

Incorporated in 2003 by Mr. G Ravichandran, VCPL undertakes real
estate development in Tamil Nadu. Prior to 2003, Mr. Ravichandran
developed plots in and around Puducherry under a proprietorship
concern, the business of which was taken over by VCPL during 2003.


T C COMMUNICATION: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated T C Communication
Private Limited's (TCCPL) 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 as follows:

-- INR120 mil.Fund-based limit migrated to Non-Cooperating
    Category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER
    NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 28, 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 2000, TCCPL manufactures a wide range of wires and
cables. It provides power, control, instrumentation, compensating
and extension, telephone and elastomer cables. TCCPL is an ISO
9001: 2008 certified company. Its manufacturing plant is in
Ghaziabad. The plant has a production capacity of 7.5 million
meters per annum and an utilization level of 58.66%.


TRANS HIMALAYAN: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Trans
Himalayan Logistics Private Limited (THLPL) for obtaining
information through letters and emails dated November 14, 2017,
January 17, 2018 and February 14, 2018, February 19, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Proposed Cash        7       CRISIL D (Issuer Not Cooperating;
   Credit Limit                 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 Trans Himalayan Logistics
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Trans Himalayan Logistics
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 Trans Himalayan Logistics Private Limited  to CRISIL
D Issuer not cooperating'.

Incorporated in 2007, THLPL is engaged in the road transportation
business. The company was not operational until fiscal 2013, and
was taken over by the Kolkata-based Jagwani group in fiscal 2014.
THLPL also trades in iron ore fines.


U.P ASBESTOS: CRISIL Lowers Rating on INR25MM Cash Loan to C
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on long term bank
facility of U.P Asbestos Limited. (UPAL) 'CRISIL C' from 'CRISIL
B/Stable' while reaffirming the short term rating at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        2.58       CRISIL A4 (Reaffirmed)

   Buyer's Credit       10.00       CRISIL C (Downgraded from
                                    'CRISIL B/Stable')

   Cash Credit          25.00       CRISIL C (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term   24.42       CRISIL C (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan             6.00       CRISIL C (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects a recent instance of delay in debt
servicing on term loan from Uttar Pradesh Financial Corporation
(UPFC) loan (not rated by CRISIL). The same was caused by
stretched liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt repayment obligation on unrated facility: Recent
instance of delay in debt servicing on term loan from Uttar
Pradesh Financial Corporation (UPFC) loan (not rated by CRISIL)
caused by stretched liquidity.

* Modest operating margins due to intense competition in the AC
sheets industry: The company has a marginal market share in the
highly competitive domestic AC sheet industry. Prominent players
in the segment are Hyderabad Industries Ltd, Everest Industries
Ltd, and Visaka Industries Ltd. High competition in the market
along with the presence of many small players exerts downward
pricing pressure on the products of UPAL.

* Modest debt protection metrics: The debt protection metrics are
modest marked by interest converge of 1.8 times and NCAAD of 0.16
times in fiscal 2017 (these figures were negative in fiscal 2016
due to operating losses and negative cash accrual, respectively)
due modest operating margins along with the large debt contracted
to fund the working capital intensive operations.

Strengths

* Extensive industry experience of the company's promoters: UPAL's
promoters have been active in the AC sheet manufacturing business
for more than 25 years and have an established track record. Mr.
Amitabh Tayal, the managing director, has been associated with the
company since 1983. Despite rising competitive pressures in the
industry, UPAL has maintained its market presence, supported by
established marketing network and the promoters' extensive
experience in the industry.

UPAL, incorporated in 1973, manufactures AC sheets. Its management
team is headed by Mr Amitabh Tayal, who has been associated with
the company since 1983; Mr Tayal gained management control over
UPAL in 1994 after buying it out from the Times of India group.
The company has four manufacturing facilities in Lucknow and
Dadri, both in Uttar Pradesh. It has capacity to manufacture
180,000 ton of AC sheets per annum.


VIJAYANAG POLYMERS: CARE Moves B Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Vijayanag Polymers
Private Limited (VPPL) to monitor the rating via e-mail
communications dated Oct. 9, 2017, Jan. 31, 2018, February 9,
2018, February 13, 2018 and various telephonic interactions.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of publicly available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on Vijayanag Polymers Private Limited bank facilities will
now be denoted as CARE B; Stable, ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities            7.30      CARE B; Issuer not cooperating

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Vijayanag Polymers
Private Limited (VPPL) continue to remain constrained by short
track record and small scale of operations, leverage capital
structure and weak debt coverage indicators, net losses during
review period albeit decreasing y-o-y resulted in erosion of net
worth and susceptibility of margins to volatile raw material
prices. The rating also takes into account marginal decline in
total operating income and improved operating cycle.

The rating, however, continues to derive strength from moderate
experience of promoters and stable outlook for packaging industry.

Going forward, the company's ability to improve its scale of
operations, turnaround from loss to profit and improve its
capital structure and debt coverage indicators remains the key
rating sensitivities

Key Rating weakness

Short track record and small scale of operations: The company
though incorporated in July 2011, started commercial operations
from October 2012. The company has only completed 3.5 years of
operations and has short track record of operations. Further, its
scale of operations remained small as compared to other industry
peers marked by total operating income of INR11.16 crore during
FY17 and low negative net worth on account of net losses. However
the company has substantial order book in hand to offset the risk
of discontinued operations due to non-availability of the
business.

Leveraged capital structure and weak debt coverage indicators: The
overall gearing ratio of the company remained leveraged on account
of erosion of net worth due to carry forward of accumulated losses
The total debt/GCA remained weak at 160x in FY17 on account of low
cash accruals and high debt levels. The PBILDT/Interest coverage
ratio deteriorated from 0.50x in FY16 to 1.61x in FY17.

Net losses during the review period albeit decreasing y-o-y:
The company continues to incur net cash losses. However it was
decreased and stood at INR-0.52 crore in FY17 as compared to INR-
1.20 crore in FY16.

Susceptibility of margins to volatile raw material prices: The
primary raw material required by VPPL is LDPE, polymers, polyester
etc, which constituted around 80% of total raw material
requirement from various domestic suppliers. The price of LDPE,
polymers, polyester is linked to crude oil prices which are
volatile in nature thus affecting the raw material prices.

Key rating strengths

Moderate experience of promoter in packaging industry: The company
was incorporated in 2011 and currently promoted by Dr. V V Nagi
Reddy and his wife Mrs. M Vijaya Lakshmi. Dr. V V Nagi Reddy is a
retired Physics professor and has an experience of four years in
packaging industry.

Growth in total operating income during the review period: The
total operating income of the company marginally decreased from
INR11.54 crore in FY16 to INR11.16 crore in FY17 Comfortable
working capital cycle. The operating cycle of the company improved
from 49 days in FY16 to 11 days in FY17.

Stable demand outlook for packaging industry: The Indian packaging
industry constitutes about 4 percent of the global packaging
industry. The per capita packaging consumption in India is quite
low at 4.3 kgs, compared to countries like Germany and Taiwan
where it is 42 kgs and 19 kgs respectively. However, organised
retail and boom in e-commerce, which offer huge potential for
future growth of retailing, is giving a boost to the packaging
sector. Packaging Industry is an important sector driving
technology and innovation growth in the country and adding value
to the various manufacturing sectors including agriculture and
FMCG segments.

Vijayanag Polymers Private Limited (VPPL), an ISO 9001:2008 and
AGMARK certified company, was incorporated in the July 2011 and
commenced commercial operation in the second half of FY13. VPPL is
currently promoted by Dr. V V Nagi Reddy and his wife Mrs. M
Vijaya Lakshmi. Dr. Nagi Reddy is a retired Physics professor,
according to the management; Mr Nagi Reddy is having 10%
shareholding in Midwest Granite Pvt. Ltd, which has been in the
mining business since 1981.

VPPL is engaged in production of plain and printed packaging
laminated materials like Laminated films, Pouches, Poly bags and
others, which are used across a wide range of industries like
consumer food, fertilizers and others. VPPL is having total
installed capacity of 200 tonne per month at the manufacturing
facility in Bapulapadu, near Vijawada of Andhra Pradesh, however
currently the company is only producing 70 tonne per month which
in future going to rise as number of orders are in pipeline.

In FY17, VNPPL had a Profit after Tax (PAT) of INR-0.52 crore on a
total operating income of INR11.16 crore, as against PAT and TOI
of INR-1.20 crore and INR11.54 crore, respectively, in FY16.



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


BUMI SERPONG: Fitch Affirms BB- Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-'. The Outlook is Stable.

At the same time, the agency has assigned BSD's proposed US dollar
notes due 2025 an expected rating of 'BB-(EXP)'. The US dollar
notes will be issued by BSD's subsidiary, Global Prime Capital
Pte. Ltd, and guaranteed by BSD and certain subsidiaries. The
proposed notes are rated at the same level as BSD's senior
unsecured rating as they represent the company's unconditional,
unsecured and unsubordinated obligations. The final rating on the
notes is contingent upon the receipt of final documents conforming
to information already received. BSD plans to use the majority of
the proceeds from the proposed notes to refinance maturing debt
and to pay for part of its capital expenditure.

KEY RATING DRIVERS

Large, Low-cost Land Bank: BSD's rating is supported by its strong
brand, project execution track record and large, low-cost land
bank. This provides BSD with the flexibility to adjust product mix
and maintain relatively high presales, in contrast with its lower-
rated peers' volatility. Fitch believes BSD's large low-cost land
bank leads to stronger profit margins, which support future cash
flows.

BSD's reported ready-for-sale land bank inventory had a historical
cost of around IDR1 million/sq m versus the average selling price
(ASP) of around IDR16 million/sq m at BSD City, the company's key
development project located 25 km from Jakarta's central business
district. BSD reported total land bank booked as inventory and
land for future development of over 4,000 hectares as of December
2017, which is sufficient for at least another 20 years of
development.

Land Sales Drive Presales: Land plot sales contributed 55% to
BSD's total presales in 2017, compensating for a shortfall in
residential sales. BSD's total presales rose 16% yoy to IDR7.2
trillion in 2017, 20% higher than Fitch's expectation. BSD expects
land plot sales to continue as a significant contributor to its
2018 presales target at around 26%. Fitch sees demand for
commercial products, such as land plots and shop houses, as more
cyclical and volatile than residential; therefore, Fitch expect
more variation in BSD's presales and cash flows. Nevertheless,
Fitch view land plot sales as an integral part of BSD's business
model, especially considering BSD City's scale and matured
development.

Lower Development Concentration: BSD City historically contributed
more than 70% of total presales. Fitch expects development
concentration to drop in the next two-three years, in line with
growing contribution from projects other than BSD City. BSD
recently launched its first high-rise project in Surabaya, with a
decent take-up rate of around 60%. Over the medium term, the
company plans to launch another high-rise project in Surabaya and
new townships in other major cities such as Samarinda and Manado.

The company also expects to book more presales in existing high-
rise developments in Jakarta - Southgate in south Jakarta and
Element Rasuna in Jakarta's central business district (CBD).
Management believes Element's prime location within the CBD and
Southgate's strategic location with key amenities such as a
commuter line and an Aeon mall are the properties' key selling
points.

High Capex, Conservative Balance Sheet: BSD plans to incur total
capex of IDR5.5 trillion until 2020 to expand its investment
property portfolio through construction or acquisition. The
company completed the acquisition of Sinarmas MSIG tower in
September 2017 from Golden Agri Resources, a related party, for
IDR2.4 trillion (USD178 million), with the final IDR1 trillion
payment to be made in 1H18 using part of the proceeds from the
proposed bonds. The company increased its stake in PT Plaza
Indonesia Realty Tbk to 44.72% (2016: 37.99%) with a reported
investment value of IDR5 trillion (USD373mn) as of end-September
2017, and will buy more shares when the opportunity arises.

Comfortable Leverage: Fitch expects BSD's leverage to remain
comfortably low in the next 12-18 months even with the adjustment
and incremental debt from the proposed bonds. Fitch expects BSD to
return to a net cash position by 2020 and achieve IDR10 trillion
in presales if the company continues its strong presales momentum
and successfully executes its future projects outside BSD City.

Relationship with Major Shareholder: The recent related-party
transaction ratifies Fitch's view of the weak linkage with BSD's
major shareholder, Sinarmas Land, and therefore Fitch rate BSD on
a standalone basis. Fitch also notes that company founders hold
the land titles to 1,439.5 hectares out of 4,740.6 hectares in
total land bank inventory as of 31 December 2017. Fitch have
excluded this part of the inventory when computing BSD's leverage
using net debt to net inventory. Fitch believes the bond
documentation, together with local regulations, where minority
shareholder approval is required for "conflict of interest"
transactions in conjunction with the record of transactions
between BSD and Sinarmas Land, point towards an independent
relationship and therefore, Fitch have assessed the linkage as
weak.

High Supply, Muted Property Market: Fitch believes the overall
property market will remain muted due to the abundant supply of
residential properties marketed at the upper middle class, which
has been the focus of major Indonesian developers. Demand in the
segment, which Fitch has classified as apartments or housing units
priced between IDR500 million and IDR2 billion, was primarily
driven by speculative investment, which caused a surge in ASPs.
Fitch believes demand for speculative investments has since
moderated, with investors trying to realise profits, constraining
ASP growth. Fitch think it will take some time for end-users to
digest the supply. Fitch, however, notes that there are projects
that continue to sell well despite the slowdown, benefiting from
strategic locations and niche buyers.

DERIVATION SUMMARY

BSD's rating is comparable with PT Ciputra Development Tbk (CTRA,
BB-/Stable) and PT Pakuwon Jati Tbk (PWON, BB-/Positive). BSD has
a larger development scale than CTRA, which is offset by its more
concentrated development in BSD City, relative to CTRA's better
geographic diversification. Both BSD and CTRA also generate
sufficient recurring revenue, with recurring revenue to gross
interest at more than 2x. They are therefore rated at the same
level. PWON is rated at the same level as BSD despite its smaller
development profile because Fitch believe PWON has a stronger
recurring profile than BSD, stemming from its higher quality
investment property assets. Fitch expects PWON's recurring cover
to be far superior to its 'BB-' peers, which underpins the
Positive Outlook.

KEY ASSUMPTIONS

- Lower presales in 2018-2019 of around IDR5 trillion, driven by
   Fitch expectation of lower land bank sales and flat
   residential demand towards Indonesian elections in 2019
- US dollar bonds proceeds for refinancing and capex
- IDR2 trillion in annual capex in 2018-2019

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to positive rating action:

- Recurring EBITDA/net interest expense at more than 2.5x
   (2018F: 2.5x)
- Recurring EBITDA of more than USD120 million with top five
   assets contributing less than 50% to recurring revenue (2018F:
   USD76 million; 54% contribution)
- Annual attributable presales of more than IDR10 trillion with
   BSD City contributing less than 50% (2018F: IDR5.1 trillion)
- Leverage, measured as net debt/net inventory, at less than 30%
   (2018F: 26%)

Future developments that may, individually or collectively, lead
to negative rating action:

- Recurring EBITDA/net interest expense at less than 1.75x
- Leverage, measured as net debt/net inventory, at more than 40%

LIQUIDITY

High Liquidity Buffer: As of 31 December 2017, BSD had total
unrestricted cash of over IDR5 trillion (USD370 million) against
debt maturing in 12 months of IDR1.8 trillion (USD133 million).
Fitch expects BSD will continue generating positive free cash flow
from operations, driven by strong cash flows from high-margin
township presales and a growing recurring portfolio. BSD has
historically maintained a high cash balance to fund opportunistic
land acquisitions or investment properties.

FULL LIST OF RATING ACTIONS

PT Bumi Serpong Damai Tbk
-- Long-Term Foreign-Currency Issuer Default Rating affirmed at
    'BB-'; Outlook Stable
-- Senior unsecured rating affirmed at 'BB-'

Global Prime Capital Pte. Ltd
-- Proposed US dollar notes due 2025 rated 'BB-(EXP)'
-- Rating on outstanding USD270 million 5.5% senior unsecured
    bond due 2023 affirmed at 'BB-'
-- Rating on outstanding USD78 million 6.75% senior unsecured
    bond due 2020 affirmed at 'BB-'


BUMI SERPONG: Moody's Rates Proposed Sr. Unsecured Notes Ba3
------------------------------------------------------------
Moody's Investors Service has assigned a backed senior unsecured
rating of Ba3 to the proposed senior unsecured notes to be issued
by Global Prime Capital Pte. Ltd. The proposed notes are
guaranteed by Bumi Serpong Damai TBK (P.T.) (BSD, Ba3 positive)
and some of its subsidiaries and rank pari passu with the 2020
notes and 2023 notes.

The rating outlook is positive.

BSD will use the net proceeds from the proposed issuance for the
repayment of outstanding borrowings, capital spending and other
working capital purposes.

RATINGS RATIONALE

"The proposed notes are not exposed to either legal or structural
subordination risk. Hence the rating is in line with BSD's Ba3
corporate family rating," says Jacintha Poh, a Moody's Vice
President and Senior Analyst.

At December 31, 2017, 84% of BSD's total debt was unsecured. Also,
majority of BSD's earnings and borrowings are at the holding
company, which is a guarantor to the notes.

"The increase in borrowings from the proposed notes can be
accommodated in BSD's Ba3 corporate family rating and positive
outlook," adds Poh, who is also Lead Analyst for BSD.

Moody's expects BSD's credit metrics will stay strong over the
next 12-18 months with adjusted debt/homebuilding EBITDA at around
2.5x and homebuilding EBIT/interest expense at around 5.0x. These
credit metrics will be supportive of a ratings upgrade.

BSD's Ba3 rating reflects its established position as one of the
largest property developers in Indonesia, with diversification
across multiple property segments -- residential, office, retail,
industrial and hospitality.

The company's focus on selling land lots and low-rise commercial
and residential properties entails relatively low development
risks and provides it with the flexibility to scale operations in
line with demand.

Nonetheless, BSD remains exposed to: (1) concentration risk as it
derives the majority of its revenue from BSD City; (2) the
volatile property sector in Indonesia; and (3) the evolving
regulatory environment in Indonesia.

The outlook on BSD's rating is positive reflecting Moody's
expectation that the company will retain its strong financial
metrics over the next 12-18 months, which could support an upgrade
of its ratings.

BSD's rating could be upgraded over the next 12-18 months if the
company successfully executes its business plans and grows revenue
towards IDR10 trillion while maintaining healthy financial metrics
and strong liquidity.

Credit metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 2.5x, and adjusted homebuilding
EBIT/interest coverage above 5.0x. An upgrade will also require
that the recurring EBIT to cover at least 1.0x of interest
expense.

Given the positive outlook, BSD's rating is unlikely to be
downgraded over the next 12-18 months. However, the outlook could
return to stable if: (1) the company fails to implement its
business plans; (2) there is a deterioration in the property
market, leading to weakness in its operations such that adjusted
debt/homebuilding EBITDA stays above 2.5x and adjusted
homebuilding EBIT/interest coverage falls below 5.0x.

The rating will face downward pressure if there are signs of cash
leaking from BSD to fund affiliated companies, for example,
through intercompany loans, aggressive cash dividends, or
investments in affiliates.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Established in 1984, Bumi Serpong Damai TBK (P.T.) (BSD) is the
largest developer listed on the Indonesia Stock Exchange by market
capitalization. The company and its subsidiaries are engaged in
the development, management and operation of residential
townships, condominium towers, office buildings, retail malls and
hotel properties. The company is sponsored by Sinarmas Land
Limited, which held a 58% interest in BSD at December 31, 2017.



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


ANDREA MOORE: Overstated Value of Inventory, Receivers Say
----------------------------------------------------------
BusinessDesk reports that Andrea Moore & Co, the clothing chain
that failed in January, "significantly overstated" the value of
inventory on its balance sheet and in its stock system, according
to receivers McGrathNicol.

Directors Andrea Moore and partner Brian Molloy had attributed the
demise of the women's fashion retailer to large-scale construction
and traffic roadworks outside five of its seven stores and the
late delivery of a significant amount of stock, BusinessDesk says.

BusinessDesk relates that the company was incorporated in 2004 and
in 2016, raised NZ$750,000 in equity capital through crowdfunding
platform Snowball Effect. At the time, it said 2016 revenue was
NZ$4 million and pre-tax earnings were NZ$300,000, while for 2017,
revenue was forecast to grow to NZ$4.8 million and ebitda to
NZ$600,000. The funds raised were to be used for working capital
and fund its expansion, including selling its I AM range in 30
Farmers stores.

According to BusinessDesk, the report from McGrathNicol's Andrew
Grenfell and Conor McElhinney said the receivers had kept the
stores open while advertising Andrea Moore for sale but failed to
elicit any offers. As a result, they had focused on selling stock
and rationalising trading operations. Six of the seven stores have
been closed by the receivers and the remaining store and online
platform will close by March 31, they said.

Moore and Molloy appointed liquidators on Jan. 8 and the same day
Bank of New Zealand, owed NZ$601,336, appointed receivers under
the terms of a general security agreement, BusinessDesk recalls. A
search of the Personal Property Securities Register at the date of
receivership showed eight parties, other than BNZ had a registered
financing statement against the company, the receivers said.
Preferential creditors - employees and Inland Revenue - were owed
NZ$186,688, BusinessDesk discloses.

The company had won an "Excellent Customer Service" award in 2013
at the BNZ Business Awards, BusinessDesk notes.

According to BusinessDesk, the receivers said they undertook a
count of stock units in the stores and uplifted stock at third-
party locations.

"On appointment, it was identified that the book value of
inventory provided for in the company's accounts and stock system
was, and had been for a period of time, significantly overstated,"
the receivers, as cited by BusinessDesk, said. As per the balance
sheet at Dec. 31, stock was valued at NZ$3.8 million and valued at
NZ$2.7 million in the company's stock system on Jan. 9, which
showed 31,373 stock units. The receivers' stock take on
appointment found 7,900 units valued at NZ$538,000, or a NZ$3.26
million overstatement compared to the Dec. 31 accounts, they said.

The directors had cooperated fully with the receivers, they said,
BusinessDesk relays.

Last week, Andrea Moore, who was the designer for the company,
thanked all those who had supported her brand, saying on her
Instagram account that "it's been very inspiring for me to work
through this process with grace, energy and attention to detail,"
according to BusinessDesk. She also thanked online customers for
their patience.

Online orders were taking longer than usual "due to an
overwhelming response to the receivership," the company says on
its website, adds BusinessDesk.



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


RURAL BANK OF MALINAO: Deposit Claims Deadline Set for March 23
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Rural Bank of Malinao (Aklan), Inc. to
file their deposit insurance claims on or before the last day of
filing claims for insured deposits on March 23, 2018 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City, or personally during business hours at the PDIC
Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Rural
Bank of Malinao was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on March 22, 2016.

According to PDIC, deposit insurance claims for 1,356 deposit
accounts with aggregate insured deposits amounting to PHP1.7
million have yet to be filed by depositors. Data showed that as of
January 31, 2018, PDIC had paid depositors of the closed Rural
Bank of Malinao the total amount of PHP150.6 million,
corresponding to 98.2% of the bank's total insured deposits
amounting to PHP153.3 million.

After March 23, 2018, PDIC shall no longer accept any deposit
insurance claims from depositors of Rural Bank of Malinao. Their
recourse is to file claims against the assets of the closed bank
through PDIC as liquidator. Payment of claims shall depend on
available assets of the bank for distribution to creditors and the
approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of deposit
and photocopy of one (1) valid photo-bearing ID with signature
together with a duly accomplished Claim Form which can be
downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney may
also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements indicated
in the letter.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.

PDIC, as Deposit Insurer, requires personal data from depositors
to be able to process their claims and protects these data in
compliance with the Data Privacy Act of 2012.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630 to
31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila may
call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-7342.
Inquiries may also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC.



                             *********

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.


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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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