/raid1/www/Hosts/bankrupt/TCRAP_Public/180326.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 26, 2018, Vol. 21, No. 060

                            Headlines


A U S T R A L I A

FAIRCHILD PROPERTY: First Creditors' Meeting Set for April 5
LATITUDE AUSTRALIA 2018-1: DBRS Assigns Prov. 'BB' to Cl. E Notes
MCDOUGALL HOLDINGS: First Creditors' Meeting Set for March 26
ORIGIN ENERGY: Moody's Alters Outlook to Pos., Affirms Ba2 Rating
PUBLIC ENTERPRISE: Second Creditors' Meeting Set for April 4

SHOES IN THE ATTIC: First Creditors' Meeting Set for April 3
TRAK WORKFORCE: Second Creditors' Meeting Set for April 6


C H I N A

CAR INC: S&P Rates New RMB-Denominated Unsec. Notes 'BB'
FANTASIA HOLDINGS: S&P Puts 'B+' ICR on CreditWatch Negative


H O N G  K O N G

NOBLE GROUP: Faces US$260MM Lawsuit by Indonesian Coal Miner


I N D I A

A.B.V. GOVINDU: CRISIL Hikes Rating on INR8.5MM Loan to B+
AGGARWAL ASSOCIATES: CRISIL Lowers Rating on INR6MM Loan to D
B.D. AGRICARE: CRISIL Assigns B+ Rating to INR6MM Cash Loan
BHARAT CONSTRUCTIONS: CRISIL Cuts Rating on INR6.5MM Loan to D
BHUSHAN STEEL: Selected as Successful Resolution Applicant

CAPITAL POWER: CRISIL Withdraws B Rating on INR15MM Cash Loan
CDE ASIA: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
COMMANDER CERAMIC: CRISIL Assigns B Rating to INR5MM Term Loan
EZRA SBL IFMR: Ind-Ra Affirms BB+ Rating on INR3.26MM Loan
GONDWANA ENGINEERS: CRISIL Migrates D Rating to Not Cooperating

HIMACHAL COLD: CRISIL Assigns B- Rating to INR2.7MM Term Loan
KAIZEN INDUSTRIES: Ind-Ra Migrates B+ Rating to Non-Cooperating
LENZ CERAMIC: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
MANGLAM AGRO: CRISIL Assigns B+ Rating to INR10MM Loan
OMKAR SPECIALITY: CRISIL Moves D Rating to Not Cooperating Cat.

R B TECHNOCRATS: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
RAJHANS COLD: CRISIL Assigns B+ Rating to INR4.51MM LT Loan
RK INDUSTRIES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
RL CONSTRUCTION: Ind-Ra Corrects March 19 Rating Release
SHANKAR ENTERPRISES: Ind-Ra Keeps BB Rating in Non-Cooperating

SHIVEN YARN: CRISIL Reaffirms B Rating on INR19.45MM Term Loan
SRI JAYAMALAR: CRISIL Lowers Rating on INR8MM Cash Loan to D
SUPREME COLOUR: CRISIL Withdraws B+ Rating on INR8MM Cash Loan
SYNKROMAX BIOTECH: CRISIL Withdraws B Rating on INR8.75MM Loan
TIRUPATI IRON: CRISIL Withdraws B Rating on INR6.5MM Cash Loan

TULSI INFRA: CRISIL Withdraws B Rating on INR9.75MM Term Loan
VIBRANT COTFAB: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
VOICE BANK: CRISIL Assigns B Rating to INR4.3MM LT Loan
VRV FOODS: Ind-Ra Affirms 'D' Long Term Issuer Rating


J A P A N

TOSHIBA CORP: Chip Unit Sale Unlikely by End of March


N E W  Z E A L A N D

CBL CORP: Watershed Meeting Deadline Extended to May 11
FE INVESTMENTS: S&P Alters Outlook to Negative & Affirms B/B ICRs


S I N G A P O R E

EMAS OFFSHORE: Oslo Stock Exchange Upholds Delisting Decision
EMAS OFFSHORE: Net Loss Widens to US$705.7MM in FY2017


S O U T H  K O R E A

* SOUTH KOREA: Loss-making Public Firms Post KRW10-Tril. Deficit


T A I W A N

LKQ CORP: Moody's Lowers Corp. Family Rating to Ba2


                            - - - - -


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


FAIRCHILD PROPERTY: First Creditors' Meeting Set for April 5
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fairchild
Property Investments Pty Ltd will be held at the offices of Nicols
+ Brien, Level 2, 350 Kent Street, in Sydney, NSW, on April 5,
2018, at 11:00 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Fairchild Property on March 23, 2018.


LATITUDE AUSTRALIA 2018-1: DBRS Assigns Prov. 'BB' to Cl. E Notes
-----------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the Series
2018-1 Notes issued by Latitude Australia Credit Card Loan Note
Trust as follows:

-- Series 2018-1 Class A1 Notes at AAA (sf)
-- Series 2018-1 Class A2 Notes at AAA (sf)
-- Series 2018-1 Class B Notes at AA (sf)
-- Series 2018-1 Class C Notes at A (sf)
-- Series 2018-1 Class D Notes at BBB (sf)
-- Series 2018-1 Class E Notes at BB (sf)

DBRS also took the following rating actions on the Series 2017-1
Notes and Series 2017-2 Notes issued by Latitude Australia Credit
Card Loan Note Trust:

-- Series 2017-1 Class A1 Notes confirmed at AAA (sf)
-- Series 2017-1 Class A2 Notes confirmed at AAA (sf)
-- Series 2017-1 Class B Notes confirmed at AA (sf)
-- Series 2017-1 Class C Notes confirmed at A (sf)
-- Series 2017-1 Class D Notes confirmed at BBB (sf)
-- Series 2017-1 Class E Notes confirmed at BB (sf)
-- Series 2017-2 Class A1 Notes confirmed at AAA (sf)
-- Series 2017-2 Class A2 Notes confirmed at AAA (sf)
-- Series 2017-2 Class B Notes confirmed at AA (sf)
-- Series 2017-2 Class C Notes confirmed at A (sf)
-- Series 2017-2 Class D Notes confirmed at BBB (sf)
-- Series 2017-2 Class E Notes confirmed at BB (sf)

The transaction represents the issuance of notes backed by credit
card receivables related to credit agreements originated or
acquired by Latitude Finance Australia (Latitude) to customers in
Australia and assigned to the Latitude Australia Credit Card
Master Trust. DBRS previously assigned ratings to the Issuer's
Series 2017-1 Notes in April 2017 and Series 2017-2 Notes in
September 2017.

The majority of credit card accounts within the portfolio were
originated by GE Capital Australia prior to its acquisition by a
consortium comprising Deutsche Bank AG and funds managed by VĂ‘rde
Management L.P. and KKR & Co. L.P. in November 2015, at which
point the business was renamed Latitude, and accounts subsequently
originated by Latitude.

With respect to the Series 2018-1 Notes, the Class A1 Notes
benefit from a minimum credit support of 32.5% which includes
subordination of the Class A2 Notes, the Class B Notes, the Class
C Notes, the Class D Notes and the Class E Notes (collectively
28.0%) and the series-specific Originator VFN (4.5%). Upon
closing, part of the initial balance of the Series Originator VFN
subordination, equal to 1% of the rated Notes, will be used to
fund a specific ledger that provides liquidity support to the
transaction. This liquidity support would only be available as
credit enhancement if not utilized for liquidity purposes.

The ratings are based on DBRS's review of the following analytical
considerations:

-- The transaction capital structure including the form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support the DBRS
charge-off, payment and yield rate assumptions under various
stress scenarios at a AAA (sf) standard for the Class A1 and
Class A2 Notes, AA (sf) standard for the Class B Notes, A
(sf) standard for the Class C Notes, BBB (sf) standard for
the Class D Notes and BB (sf) standard for the Class E Notes
across all outstanding series.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under
which they have invested.

-- The transaction parties' capabilities with respect to
originations, underwriting, servicing and cash management.

-- The credit quality of the collateral and Latitude's ability to
perform collection activities on the collateral.

-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the trust and its consistency
with DBRS's "Legal Criteria for European Structured Finance"
methodology.

-- Portfolio performance to date in line with DBRS's
expectations, in terms of delinquencies, charge-off rates,
principal payment rates and yield rates.

DBRS considers the Australian credit card market to share a
similar consumer credit protection framework to that of European
jurisdictions. Furthermore, the performance and operation of
Latitude's portfolio is deemed comparable with other originators
where DBRS has previously assigned structured finance ratings.
Subsequently, DBRS has elected to continue to reference its
"Rating European Consumer and Commercial Asset-Backed
Securitizations" methodology when assessing the transaction.


MCDOUGALL HOLDINGS: First Creditors' Meeting Set for March 26
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of McDougall
Holdings (QLD) Pty Ltd will be held at Level 51, 111 Eagle Street,
in Brisbane, Queensland, on March 26, 2018, at 2:30 p.m.

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


ORIGIN ENERGY: Moody's Alters Outlook to Pos., Affirms Ba2 Rating
-----------------------------------------------------------------
Moody's Investors Service has revised the outlook on Origin Energy
Limited and Origin Energy Finance Limited's ratings to positive
from stable.

At the same time, Moody's has affirmed Origin Energy Limited's
(Origin) Baa3/P-3 long-term and short-term issuer rating as well
as its Baa3 senior unsecured rating.

Moody's has also affirmed Origin Energy Finance Limited's
Baa3/(P)Baa3 senior unsecured and senior unsecured MTN program and
Ba2 preference stock ratings.

Origin Energy Limited is an integrated Australia-based company
principally involved in energy retailing and power generation. The
company is listed on the Australian Securities Exchange.

Origin Energy Finance Limited is a wholly owned subsidiary of
Origin Energy Limited, and a financing vehicle for the group.

Origin Energy Limited and ConocoPhillips (Baa1 stable) each hold a
37.5% stake in Australian Pacific LNG (APLNG), with China
Petroleum and Chemical Corporation (A1 stable) holding the
remaining 25%. APLNG owns and operates a large liquefied natural
gas (LNG) export project in Gladstone, Queensland, with a
nameplate annual production capacity of around nine million tonnes
of LNG.

RATINGS RATIONALE

"The change in outlook to positive reflects Origin's deleveraging
initiatives, which have strengthened its credit profile to a level
that positions it strongly relative to Moody's rating
expectation", says Arnon Musiker, a Moody's Senior Vice President.

Moody's expects Origin to maintain a financial profile that may
support a higher rating level over time, with the company
benefiting from its strong position in the domestic energy market
-- as represented by its solid customer base and consistent
profit margins -- as well as the ongoing cashflow contribution
from APLNG.

Although energy policy in Australia continues to evolve, Origin
has been navigating the industry challenges with a clear focus on
broadening its energy generation mix -- including scaling up its
renewable energy capacity - while implementing deleveraging
initiatives.

Origin has been benefiting from high wholesale prices, partly due
to the lower availability of gas in the domestic market. Although
Moody's base case scenario assumes a moderation in wholesale
prices, Origin should maintain strong financial metrics over the
next 12-18 months for its Baa3 rating.

"Furthermore, APLNG is benefiting from high production levels and
oil-linked prices above its FY18 cash distribution breakeven point
of USD45 per barrel", Musiker says, adding "A cost out program,
when fully implemented, will further strengthen Origin's
resilience to potential downside risks".

Over the next 12-18 months, Moody's expects Origin's consolidated
funds from operations (FFO) to debt ratio to exceed Moody's
previous expected level of around 25%. These metrics include
Origin's proportionate share of APLNG's financial results. Moody's
has a similar expectation for the company's headstock metrics
(which equity account for Origin's interest in APLNG).

The rating could be upgraded to Baa2 if Origin maintains a prudent
financial profile, including FFO/Debt exceeding 25% on a
consistent basis.

On the other hand, the rating outlook could be revised to stable
if Moody's expects that the company's credit metrics will weaken,
such that FFO/Debt ratio would no longer exceed 25% on an ongoing
basis. The rating could also experience negative pressure if there
are changes in the regulatory framework that in Moody's view will
materially weaken Origin's credit profile.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Origin Energy Limited is an integrated Australia-based company
principally involved in energy retailing and power generation. The
company is listed on the Australian Securities Exchange.

Origin Energy Finance Limited is a wholly owned subsidiary of
Origin Energy Limited, and a financing vehicle for the group.

Australian Pacific LNG (APLNG) owns and operates a major liquefied
natural gas (LNG) export project in Gladstone, Queensland, with an
annual nameplate production capacity of up to nine million tonnes
of LNG per annum. Origin Energy Limited and ConocoPhillips (Baa1
stable) each hold a 37.5% stake in APLNG, with the remaining 25%
held by China Petroleum and Chemical Corporation (A1 stable).


PUBLIC ENTERPRISE: Second Creditors' Meeting Set for April 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Public
Enterprise Pty Ltd has been set for April 4, 2018, at 11:00 a.m.
at Boardroom of Servcorp, Level 27, 101 Collins 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 April 3, 2018, at 4:00 p.m.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of Public Enterprise on March 4, 2018.


SHOES IN THE ATTIC: First Creditors' Meeting Set for April 3
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Shoes In
the Attic Pty Limited will be held at the offices of Young
Business RIT, Level 9, 66 Clarence Street, in Sydney, NSW, on
April 3, 2018, at 11:00 a.m.

David Young of Young Business was appointed as administrator of
Shoes In the Attic on March 22, 2018.


TRAK WORKFORCE: Second Creditors' Meeting Set for April 6
---------------------------------------------------------
A second meeting of creditors in the proceedings of Trak Workforce
(ACT) Pty Ltd has been set for April 6, 2018, at 10:00 a.m. at the
offices of RSM Australia Partners, Equinox Building 4, Level 2, 70
Kent Street, in Deakin, ACT.

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 April 5, 2018, at 4:00 p.m.

Frank Lo Pilato and Jonathon Colbran of RSM Australia were
appointed as administrators of Trak Workforce on Feb. 23, 2018.



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


CAR INC: S&P Rates New RMB-Denominated Unsec. Notes 'BB'
--------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB' long-term issue
rating to a proposed issuance of offshore Chinese renminbi (RMB)-
denominated senior unsecured notes by CAR Inc. (BB/Stable/--). The
issue rating is subject to S&P's review of the final issuance
documentation.

S&P said, "We equalize the rating on the proposed notes with the
corporate credit rating on CAR because we view the subordination
risk to be limited. We expect the company's priority debt to be
below 50% of the group's total consolidated debt at the end of
2017. The priority debt comprises secured debt and subsidiary-
level unsecured debt.

"We believe the issuance will not materially affect CAR's leverage
and interest coverage. The China-based car rental company plans to
use the proceeds to repay existing debt and for business
development. We estimate pro forma EBIT interest coverage was 2.1x
in 2017 and would be 2.3x-2.7x in 2018.

"The stable outlook on the corporate credit rating reflects our
view that CAR will be able to stabilize its profitability and
interest-servicing capacity over the next 12 months while holding
on to its market position. The outlook also reflects our
expectation that CAR will keep its operations independent of its
key customer UCAR Inc. and continue to lower the number of
related-party transactions."


FANTASIA HOLDINGS: S&P Puts 'B+' ICR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term issuer credit rating
on Fantasia Holdings Group Co. Ltd. and the 'B+' long-term issue
rating on the China-based property developer's outstanding debt on
CreditWatch with negative implications.

S&P said, "We placed the rating on CreditWatch with negative
implications to reflect the significant deterioration in
Fantasia's financial leverage at the end of 2017 due to the
company's aggressive land acquisitions and slower revenue growth
than we expected.

"Fantasia is changing its strategy and focusing more on property
development. This is contrary to our earlier expectation that the
company would pursue a moderate growth strategy in property
development and focus on an asset-light business model. In our
preliminary estimation, Fantasia's debt-to-EBITDA ratio has risen
to more than 10x in 2017, as against our prior forecast of a ratio
of about 6x.

"In addition, we believe Fantasia's leverage is less likely to
drop materially in the next one to two years. The company aims to
rapidly expand its sales target, to reach annual contracted sales
of Chinese renminbi (RMB) 100 billion by 2020, from RMB20 billion
in 2017. In our view, Fantasia will continue its large capital
spending on land acquisitions to replenish its land reserves to
support its high growth appetite.

"We aim to resolve the CreditWatch in the next three months when
we have more clarity from Fantasia management on the company's
strategies regarding its sales plans, capital expenditure, and
financial policies.

"We could lower the rating by one notch if we believe the
company's financial leverage is unlikely to materially improve in
the next 12 months due to its aggressive growth strategy.

"We may affirm the rating if we believe Fantasia can demonstrate a
clear plan to improve its financial leverage and continue to grow
earnings and have stable margins."



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


NOBLE GROUP: Faces US$260MM Lawsuit by Indonesian Coal Miner
------------------------------------------------------------
Reuters reports that Indonesia's PT Atlas Resources has filed a
$260 million lawsuit against Noble Group and its chief executive,
accusing them of giving false information, the coal company said
last week.

According to Reuters, the lawsuit comes in the same week that
Goldilocks Investment Co, a leading shareholder of Noble, filed a
lawsuit in Singapore against the commodity trader and some of its
former and current senior executives, alleging they inflated
Noble's assets. Noble said it plans to resist any and all
allegations or claims made against it, Reuters says.

Reuters relates that Atlas Resources said in its stock exchange
filing that it filed a suit against Noble's chief executive
William James Randall, Noble Group, and Noble Resources
International in the Central Jakarta court on March 19 for
unlawful acts related to sales of three of Atlas Resources'
subsidiaries.

"The defendants have given a series of facts that they clearly
knew as false information to the firm (Atlas Resources) that has
caused material and immaterial losses," Atlas Resources, as cited
by Reuters, said.

According to the report, Noble said in a statement to the
Singapore exchange on March 23 that it was aware of the suit but
had received no official notice.

"As at the time of this announcement, the company has not been
served with any writ relating to such a claim and the company is
not aware of the grounds for the claim or any further details
relating to the same. Nonetheless, the Company intends to
vigorously defend any claim if served," Noble said.

Indonesian coal is the biggest remaining commodity that Noble
trades, the report notes.

                      About Noble Group

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

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

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

The TCRAP reported on March 23, 2018, that S&P Global Ratings
lowered its long-term issuer credit rating on Noble Group to 'D'
from 'CC'.

S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018. In addition, the company said it would not make the
payments despite being given 30-day grace periods to meet both
obligations. The failure to make these payments will trigger
cross-defaults on the company's other obligations. We do not
expect Noble to meet any outstanding obligations as the company
preserves its assets during the restructuring process."

Noble is undergoing a debt restructuring, which management expects
to be completed by the end of July. S&P will conduct another
review the company's credit profile after the restructuring is
complete.



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I N D I A
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A.B.V. GOVINDU: CRISIL Hikes Rating on INR8.5MM Loan to B+
----------------------------------------------------------
CRISIL Ratings has upgraded its long term rating on the bank
facilities of A. B. V. Govindu (ABVG) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'. The rating upgrade reflects improvement in
liquidity backed by increasing cash accruals and correction in the
working capital cycle. Owing to steady growth expected over the
medium term arising from healthy order-book in hand and moderate
operation margins, the cash accruals are expected to see further
improvement over the medium term. Correction in the working
capital cycle has led to improvement in the liquidity on an
increasing scale of operations. Resultantly there is cushion in
the bank lines, which will help the company to fund its
incremental working capital requirements over the medium term.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           8.5        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term    4.5        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Business risk profile constrained by modest scale of operations
with high geographical and customer concentration in revenues
The firm is estimated to book modest scale of operation of around
INR18 cr in FY 18.The firm's revenues are entirely tender based
and thus are highly susceptible to the quantum of tenders floated
by the customer and the ability to successfully bid for the same.
This is reflected in the highly volatile revenues over the past
three years. CRISIL expects the scale of operations to remain
modest over medium term.

* Weak financial risk profile: The capital structure will remain
average because of small networth (INR2 crore as on March 31,
2017) and with high gearing of 3.7 times as on March 31,2017. The
interest coverage ratio is expected around 2.45 times over the
medium term high financial charges.

Strengths

* Extensive experience of proprietors: ABVG's proprietor, Mr.
Govindu has an experience of over 30 years in the civil
construction segment. Furthermore the established track record of
ABVG of over 30 years also helps the firm gain an advantage over
new entrants while bidding for tenders. CRISIL expects ABVG to
continue to benefit from the extensive industry experience of its
proprietor.

Outlook: Stable

CRISIL believes that ABVG will continue to benefit from extensive
experience of its proprietor. The outlook may be revised to
'Positive' if the firm reports significant growth in scale of
operations and profitability, leading to better-than-expected cash
accrual, and demonstrates efficient working capital management.
The outlook may be revised to 'Negative' if low cash accrual,
large working capital requirement or debt-funded capital
expenditure, constrains liquidity.

ABVG, headquartered in Palghar (Maharashtra), is a sole
proprietorship firm, set up in 1983 by Mr Govindu. The firm is a
'Class 1-B' civil contractor and executes contracts for various
departments of the government of Maharashtra; these contracts
include construction of dams and reservoirs, canals, and other
projects related to irrigation. However, revenue is derived only
from operations within Maharashtra.

Profit after tax (PAT) and net sales in FY 17 are at INR0.50 crore
and INR11.5 crore, respectively, for fiscal 2017; PAT was INR0.10
crore on net sales of INR1.1 crore for the previous fiscal 16.


AGGARWAL ASSOCIATES: CRISIL Lowers Rating on INR6MM Loan to D
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating on bank facilities of Aggarwal
Associates - Mansa (AAM) to 'CRISIL B/Stable/CRISIL A4; issuer not
cooperating'. However, the management has started sharing
information, necessary for carrying out a comprehensive rating
review. Consequently, CRISIL is downgraded the ratings from
'CRISIL B/Stable/CRISIL A4; issuer not cooperating' to 'CRISIL
D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         6        CRISIL D (Downgraded from
                                   'CRISIL B/Stable Issuer
                                   Not Cooperating')

   Cash Credit            4        CRISIL D (Downgraded from
                                   'CRISIL B/Stable Issuer
                                   Not Cooperating')

The rating reflects delay in servicing interest payment towards
the cash credit facility leading to classification of account as
SMA in current quarter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak liquidity: Liquidity is weak, with stretch in receivables
from government departments, led to delay in servicing of interest
payment.

* Tender-based nature of operations: Orders are won through a
competitive bidding process, wherein clients seek bids from
qualified suppliers, and the lowest bidder bags the contract.
Dependence on tenders can lead to volatility and uncertainty in
revenue.

Strength:

* Extensive experience of the promoters: The two decade-long
experience of the promoters in the civil construction industry, Mr
Prem Nath Garg and his son, Mr Amit Garg, their active involvement
in functional areas of business and their established track record
of dealing with various government authorities in Punjab, will
continue to support the business risk profile.

AAM was formed as a partnership firm in 1995, by Mr Prem Nath Garg
and his son, Mr Amit Garg. The firm undertakes civil contracts for
government entities in Mansa (Punjab).


B.D. AGRICARE: CRISIL Assigns B+ Rating to INR6MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of B.D. Agricare Private Limited
(BDAPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             2.09      CRISIL B+/Stable (Assigned)

   Proposed Term Loan     .26      CRISIL B+/Stable (Assigned)

   Bank Guarantee         .07      CRISIL A4 (Assigned)


   Cash Credit           6         CRISIL B+/Stable (Assigned)

The rating reflects extensive experience of promoters in rice
milling industry and established relationship with customers.
These strengths are partially offset by modest scale of operations
and moderate operating profitability in highly competitive
industry, working capital intensive operations. Financial risk
profile is moderate marked by high gearing, weak liquidity and
comfortable interest coverage.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the highly competitive rice
industry: Since commencement of operations in 2014, the scale of
operations remains modest as reflected in revenue of about INR21
crore in fiscal 2017 which prevents the company from taking
advantage of economies of scale

* Susceptibility to changes in regulations and to volatility in
raw material prices: Raw material accounts for 75-80% of the total
revenue, which exposes the firm to risks relating to volatility in
raw material prices. The intense competition in the industry
limits the ability of company to pass on the cost to the customers
impacting the margins. Moreover, the domestic rice industry is
highly regulated in terms of paddy prices, export/import policies
which affects the credit quality of players.

* Working capital intensive operations: BDAPL operations are
moderately working-capital-intensive in nature, as reflected in
its large gross current assets of around 157 days as on March 31,
2017, driven by receivables and inventory of around 70 days and 90
days respectively.

* Weak liquidity profile: The firm has low cash and bank balance
of INR7 lakhs as on March 31, 2017. Also, the firm's working
capital intensive nature of operations results in high reliance on
bank limits; its working capital limits remain almost fully
utilized through 12 month ended January 2018.

Strengths

* Extensive industry experience of promoters and established
relationship with customers: Promoters have extensive experience
of about 15-20 years in rice milling business. BDAPL benefits from
the promoters extensive experience, and their understanding of the
dynamics of the local market resulting in establishing healthy
relationship with its customer and suppliers.

* Comfortable debt protection metrics: Gearing and total outside
liabilities to tangible networth is high at 2.76 times and 3.58
times respectively as on March 31, 2017; however the same is
expected be improve to about 1.6 to 2.5 times and 2.5 to 3.4 times
respectively over medium term on account of repayment of term loan
and moderate accretion to the networth. Debt protection metrics
were comfortable, with interest coverage and net cash accrual to
total debt ratios at 2.03 times and 0.12 time, respectively, for
fiscal 2017.

Outlook: Stable

CRISIL expects BDAPL to continue to benefit over the medium term
backed by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company reports
substantial improvement in revenues and profitability along with
efficient working capital management, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of lower than expected accruals, increase in
working capital requirement, or if the firm undertakes any large
debt funded capex, leading to deterioration in financial risk
profile.

BDAPL was incorporated in August 2011 as private limited company.
It is engaged in the milling and processing of paddy into rice,
barn, broken rice and husk. The company started its commercial
operations in fiscal 2014 with rice mill unit located in Uttar
Pradesh. The total capacity is 1600 quintal per day.


BHARAT CONSTRUCTIONS: CRISIL Cuts Rating on INR6.5MM Loan to D
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating on bank facilities of Bharat
Constructions - Jammu (BC) to 'CRISIL B/Stable/CRISIL A4; issuer
not cooperating'. However, the management has started sharing
information, necessary for carrying out a comprehensive rating
review. Consequently, CRISIL has downgraded the ratings on bank
facilities of BC from 'CRISIL B/Stable/CRISIL A4; Issuer Not
Cooperating' to 'CRISIL D/CRISIL D'.

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

   Cash Credit           6.5        CRISIL D (Downgraded from
                                    'CRISIL B/Stable Issuer Not
                                    Cooperating')

The ratings reflect weak liquidity owing to delayed realisation of
receivables, which led to the cash credit facility being overdrawn
for over 30 days till February 28, 2018.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak liquidity: Liquidity is weak, as delay in payments from
government departments, resulted in the cash credit facility being
consistently overdrawn for over a month.

* Tender-based nature of operations: Orders are received through a
competitive bidding process, wherein clients seek bids from
qualified suppliers, and the lowest bidder bags the contract.
Dependence on tenders can lead to volatility and uncertainty in
revenue.

Strength:

* Established track record in the civil construction industry: The
four decade-long presence of the firm in the construction
business, and its established track record in the roads and
buildings segments, will continue to support the business risk
profile. The firm has also developed the required technical and
project management capabilities to execute small to mid-sized
projects, and has built healthy relationships with customers and
suppliers, over the years.

BC was formed in the early 1970s as a partnership firm of Mr
Bharat C Sharma and his family members. The firm undertakes
construction of roads and buildings for government authorities in
North India.


BHUSHAN STEEL: Selected as Successful Resolution Applicant
----------------------------------------------------------
Reuters reports that Tata Steel Ltd said on March 23 it had been
selected as the successful resolution applicant for buying debt-
laden Bhushan Steel Ltd.

Reuters relates that the Committee of Creditors of Bhushan Steel
had on March 22 declared salt-to-software conglomerate Tata
Group's steel business as the successful resolution applicant,
subject to obtaining necessary regulatory approvals, Tata Steel
said in a stock exchange filing.

Tata Steel has accepted the Letter of Intent for Bhushan Steel, it
added, Reuters relays. Earlier this month, the company had been
selected as the highest bidder to buy a controlling stake in
Bhushan Steel, as part of bankruptcy proceedings, according to
Reuters.

Tata Steel and India's biggest domestic steelmaker JSW Steel Ltd
were the two primary industry bidders for the acquisition of
Bhushan Steel, Reuters notes.

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

Bhushan Steel is one of the 12 non-performing assets referred by
the Reserve Bank of India for National Company Law Tribunal
(NCLT) proceedings.

NCLT admitted the bankruptcy plea against the steel company filed
by State Bank of India on July 26, 2017.

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


CAPITAL POWER: CRISIL Withdraws B Rating on INR15MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Capital
Power Systems Limited (CPSL) for obtaining information through
letters and emails dated July 10, 2017, and August 08, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         25        CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Cash Credit            15        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Letter of Credit       15        CRISIL A4 (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 CPSL. This restricts CRISIL's
ability to take a forward CPSL 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 CPSL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

CEL, formerly known as Mayur Electrical Industries Pvt Ltd, was
incorporated in 1994, promoted by Mr Pawan Kumar Bansal. The
company manufactures electric wires and cables. Its plant is in
Noida, Uttar Pradesh.

CPS was incorporated in 1988, promoted by Mr Bansal, Mr Dinesh
Chand Gupta, and Mr Mahesh Kumar Gupta. The company manufactures
single-phase and three-phase electronic meters, which it primarily
supplies to SEBs. Its manufacturing unit is in Noida.

CPIL, incorporated in 2008 and promoted by Mr Bansal, undertakes
EPC (engineering, procurement, and construction) contracting. It
works for SEBs and state power utilities for erecting substations,
and setting up transformers, poles, feeders, and cables.


CDE ASIA: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn CDE Asia
Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR14.3 mil.Term Loan due on August 2021 withdrawn and the
    rating is withdrawn;

-- INR140 mil.Fund-based limitswithdrawn and the rating is
    withdrawn;

-- INR11 mil.Non-fund-based limits (capex buyers credit)
    withdrawn and the rating is withdrawn; and

-- INR71.5 mil.Non-fund-based limits (bank guarantee and loan
    equivalent risk)withdrawn and the rating is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 2007, CDE Asia provides fixed and mobile mineral
washing equipment for sand, iron ore and limestone, and waste
recycling.


COMMANDER CERAMIC: CRISIL Assigns B Rating to INR5MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Commander Ceramic Industries
(CCI).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             5         CRISIL B/Stable (Assigned)
   Bank Guarantee        1         CRISIL A4 (Assigned)
   Cash Credit           3         CRISIL B/Stable (Assigned)

The ratings reflect CCI's small scale of operations in the
intensely competitive ceramic industry, and the large working
capital requirement. These weaknesses are partially offset by the
experience of the partners, the funding support they extend, and
the adequate debt protection metrics.

Analytical Approach

Unsecured loans (outstanding at INR1.56 crore as on March 31,
2017) have been treated as neither debt nor equity. That's because
these interest-free loans are subordinated to bank debt and will
be maintained in the firm till all external debt is paid off.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale of operations, with
revenue of INR10.13 crore in fiscal 2017, amid intense competition
limits pricing power with suppliers and customers, thereby
constraining profitability.

* Large working capital requirement: Gross current assets were 284
days as on March 31, 2017, driven by high receivables of 178 days.
Although the working capital is partially supported by sizeable
creditors of 158 days extended by the local suppliers, the bank
limit has been near fully utilised to meet the increasing working
capital requirement.

Strengths

* Experience of partners and their funding support: Benefits
derived from the partners' experience of over a decade, their
strong understanding of the local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business. The partners are also expected to continue extending
timely, need-based unsecured loans to aid financial flexibility.

* Adequate debt protection metrics: Gearing was only 0.61 time as
on March 31, 2017, while the interest coverage ratio was healthy
at 4.9 times in fiscal 2017 due to the absence of any significant
long-term debt. These ratios are expected to be adequate even
after the capacity expansion in the mid of fiscal 2018; gearing is
projected at 1.78 times as on March 31, 2018, with an interest
coverage ratio of 2.8 times in fiscal 2018.

Outlook: Stable

CRISIL believes CCI will continue to benefit over the medium term
from the experience of the partners in the ceramic industry. The
outlook may be revised to 'Positive' if a substantial increase in
the scale of operations and profitability along with a prudent
working capital management strengthen the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if a lower-
than-expected revenue, profitability, and cash accrual, or a
stretch in the working capital cycle weakens the financial risk
profile.

CCI which is involved in the manufacture of ceramic glazed tiles,
was set up in 2003 at Morbi as a partnership between Mr
Sirishkumar Thoriya who is the main partner in the firm and 8
others, all with extensive experience in the ceramic tile
industry.  The firm sells its products under two brands, Commander
and Creanza; its facility has a production capacity of 21,000
tonne per annum.


EZRA SBL IFMR: Ind-Ra Affirms BB+ Rating on INR3.26MM Loan
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ezra SBL IFMR
Capital 2017 (an ABS transaction) as follows:

-- INR88.59 mil.due on September 17, 2021, coupon rate at 10.75%
    per year, Series A1 pass-through certificates (PTCs) issued
    on February 23, 2017 affirmed with IND BBB+(SO)/Stable
    rating;

-- INR3.26 mil. due on September 17, 2021, coupon rate at 15.00%
    per year, Series A2 PTCs issued on February 23, 2017 affirmed
    with IND BB+(SO)/Stable rating.

The microenterprise loan (MEL) pool assigned to the trust has been
originated by Disha Microfin Limited (Disha; originator or
seller). In September 2015, Disha received in-principle approval
from the Reserve Bank of India (RBI) to commence operations as a
small finance bank. Disha converted itself into a small finance
bank from a non-banking finance company (NBFC), changing its name
to Fincare Small Finance Bank Limited (FSFBL), effective June
2017.

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The affirmation reflects adequate levels of credit enhancement
(CE) to support default stresses to commensurate with the rating
level, overall performance of the loans in the pool over the last
12 months since the initial closing, and the servicing, collection
and recovery capabilities of FSFBL. The company has increased its
collection team strength at each branch level, subsequent to the
demonetization announced last year. Additionally, the company is
promoting and creating greater awareness of microfinance products
in the affected regions (200 villages) of its portfolio by
showcasing a short film titled, Pragati. The agency is of the
opinion that the issuer's origination and servicing capabilities
are of an acceptable standard.

Availability of External Credit Support: According to the payout
report dated 17 March 2018, the available CE was INR13.05 million
and the future principal outstanding (POS), excluding overdue, was
INR104.82 million. The current CE for the PTCs increased to 12.39%
of the current pool POS, including overdue, at end-March 2018 from
8.00% at issuance. The available CE is in the form of a fixed
deposit with RBL Bank Ltd.

There has been no use of the CE until date, as the excess spread
and overcollateralization in the transaction have been sufficient
to absorb the shortfalls. As of the collection month of March
2018, the level of overcollateralization available to Series A1
and Series A2 PTCs was 15.92% and 12.83% of the current POS,
respectively.

Key Pool Characteristics: As of 17 March 2018, the total POS,
including principal overdue, was INR105.36 million, signifying an
amortization of 35.43% of the pool. The zero plus days past due
delinquency bucket was about 5.14% of the original POS and 7.95%
of the current POS, and the 90 plus days past due delinquency
bucket was about 2.82% of the original POS and 4.37% of the
current POS. On 17 March 2018, the 460-loan pool had a weighted
average seasoning of 23.6 months, implying a moderate repayment
track record of the underlying borrowers. Also, the average
current loan balance was INR229,050, with a weighted average
internal rate of return of 25.9%.

Key Assumptions: Ind-Ra has derived a base case gross default rate
of 8%-10%. The agency had analyzed the characteristics of the pool
and established its base case assumptions through four key
performance variables, viz. default rate, recovery rate, recovery
timeline and prepayment rate, which collectively affect the credit
risk in a transaction. Ind-Ra has derived the recovery rate on the
basis of the data shared by the originator and market inputs.
According to the agency's discussions with the originator, most
recoveries take the form of roll backs of 90+ dpd customers in the
current bucket. Ind-Ra has assumed a base case recovery rate of
65%-75%, with a base case recovery time of 12-15 months. The
current available CE can absorb stressed defaults in the range of
40%-60% of the future POS.

RATING SENSITIVITIES

Ind-Ra conducted rating sensitivity tests. If the assumptions of
both base case default rate and base recovery rate were
simultaneously worsened by 20%, the model-implied rating
sensitivity suggests that the ratings of the PTCs will not be
downgraded.

COMPANY PROFILE

FSFBL was registered as a non-deposit accepting NBFC with the RBI
on April 5, 2010. The company was converted to an NBFC-MFI,
effective 6 December 2013. In September 2015, it received the in-
principle approval from the RBI to start operations as a small
finance bank. It commenced banking operations from 21 July 2017.
In October 2016, FSFBL acquired Future Financial Services Pvt Ltd
(FFSPL), a Chittoor-based NBFC, through a slump sale.

FSFBL is a part of the Fincare group, which comprises FSFBL,
FFSPL, Lok Management Services Pvt. Ltd., India Finserve Advisors
Pvt. Ltd. and Fincare Business Services Pvt. Ltd.

FSFBL's loan portfolio grew to INR13.1 billion in FY17 (FY16:
INR3.2 billion). Its securitized loan portfolio stood at INR5.35
billion in FY17 (FY16: INR973.7 million). FSFBL classifies a loan
as a non-performing asset if it is overdue for more than 90 days.
Its gross non-performing asset ratio stood at 0.76% at FYE17
compared with 0.45% at FYE16.


GONDWANA ENGINEERS: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gondwana
Engineers Limited (GEL), seeking information required for
assigning a credit rating through letter and emails dated February
14, 2018 and February 19, 2018, amongst others. However, the
issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        38        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           21        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit      12        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GEL, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. Therefore, considering the lack of information and
management cooperation, CRISIL has migrated the rating on bank
facilities of GEL to 'CRISIL DCRISIL D/Issuer Not Cooperating'.

The rating reflects delay in payment of dues as per account
feedback received from GEL`s banker, due to weak liquidity.

Incorporated in 1982, GEL undertakes engineering, procurement, and
construction contracts for water, sewage, and effluent-treatment
plants. The company has implemented over 50 water-treatment plants
with capacities ranging from 10-1320 lakh litres per day;
customers include municipalities, corporations, water supply and
sewage boards, and other local government bodies. GEL was acquired
by Doshion Veolia Water Solutions (DVWS) from Kirloskar Brothers
Ltd in May 2011, and since then, functions as a wholly-owned
subsidiary of DVWS.


HIMACHAL COLD: CRISIL Assigns B- Rating to INR2.7MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facilities of Himachal Cold Storage Solutions.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.7       CRISIL B-/Stable (Assigned)

   Term Loan               2.7       CRISIL B-/Stable (Assigned)

The rating reflects a below-average financial risk profile and
vulnerability to delay in payments by farmers. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the cold storage and potato trading businesses.

Key Rating Drivers & Detailed Description

Weakness

* Vulnerability to delay in payments by farmers: As part of the
Bihar government's initiative to support agriculture, banks extend
financial assistance to farmers for storing produce in private
cold storages against pledge of cold-storage receipts. Cold
storages obtain loans from banks on behalf of farmers and traders.
However, the primary responsibility to repay the loan is on the
cold storages. During adverse market conditions and decline in
potato prices, farmers do not find it profitable to pay rental and
interest charges along with the loan principal, and hence, do not
retrieve potatoes from cold storages. This affects the
profitability of the latter.

* Weak financial risk profile: The small networth and high gearing
of around INR1.40 crore and 3.86 times, respectively, as on March
31, 2017, constrain the financial risk profile. Muted accretion to
reserves will keep the networth small, though the gearing may
improve with gradual repayment of existing term debt.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of close to four decades in the cold storage
and potato trading businesses. This has resulted in a healthy
relationship with traders and farmers.

Outlook: Stable

CRISIL believes HCSS will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of higher-than-expected cash accrual along
with improved working capital management, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of pressure on liquidity on account of delays in repayment
by farmers, considerably low cash accrual, or significant debt-
funded capital expenditure.

HCSS was set up in 2016 by Mr Anupam Kumar, Mr Subodh Kumar, and
Ms Swati Baranwal for providing cold storage facilities in
Samastipur, Bihar. The cold storage, with total capacity of 8500
tonne and two chambers, has been operational from March 2017.


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

-- INR45 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kaizen Industries was incorporated in 2004 as a partnership firm
in Kolkata. It is engaged in manufacturing and installation of
prefabricated and pre-engineered steel structures for buildings
and shelters.


LENZ CERAMIC: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lenz Ceramic
Private Limited's (LCPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR80 mil. Fund-based limits affirmed with IND BB/Stable/
    IND A4+ rating;

-- INR12.59 mil. Term loan due on August 2017 withdrawn (paid in
    full) and the rating is withdrawn; and

-- INR25 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects LCPL's continued small scale of
operations and modest credit metrics due to its presence in a
highly fragmented and competitive tiles manufacturing industry.
Revenue increased to INR329.09 million in FY17 (FY16: 312.06
million) due to an increase in orders from new and existing
customers. However, EBITDA margins declined to 13.15% in FY17
(FY16: 14.78%) on account of an increase in administration
expenses. Gross interest coverage (operating EBITDA/gross interest
expense) improved to 2.36x in FY17 (FY16: 2.30x) on account of a
decrease in interest expenses as the company fully repaid its term
loan. However, net financial (total adjusted net debt/operating
EBITDAR) leverage declined to 2.78x in FY17 (FY16: 2.44x) owing to
an increase in unsecured debt.

The ratings also remain constrained by the company's tight
liquidity position as reflected by almost full utilization of its
working capital limits during the 12 months ended February 2018.

However, the ratings remain supported by LCPL's promoters' three
decades of experience in the tiles manufacturing business, leading
to established relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative: A sustained deterioration in the EBITDA margins leading
to deterioration in the credit metrics will lead to a negative
rating action.

Positive: A significant improvement in the top line along with an
improvement in the EBITDA margins could be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2010, LCPL manufactures polished glazed vitrified
tiles. The company is managed by Mr. Ashoknhai Patel, Mr. Babulal
Nayakpara, Mr. Jayendrabhai Sanja and Mr. Jitendrabhai Nayakpara.
Its manufacturing facility is located at Morbi, Gujarat.


MANGLAM AGRO: CRISIL Assigns B+ Rating to INR10MM Loan
------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable' rating to the bank
facilities of Manglam Agro Private Limited (MAPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Fund-Based Facilities      10      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility          5      CRISIL B+/Stable (Assigned)

The rating reflects the below average financial risk profile of
the firm marked by small net worth and high gearing with modest
scale of operations in highly fragmented wheat processing
industry. The rating also factors in susceptibility of the firm's
profitability to volatility in wheat prices and change in
government policies. These weaknesses are partially offset by its
proprietor's extensive industry experience and healthy
relationship with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile: MAPL has a modest financial risk
profile, as reflected in low networth of Rs. 2.2 crore as on
March, 31, 2017 and weak debt protection metrics with interest
cover between 1.3-1.5 times over the last 3-4 years. Further, the
company has high working capital intensity due to sizable raw
material (wheat grain) inventory. Nevertheless, MAPL has a
moderate liquidity position, reflected in average bank limit
utilization of about 60% over the last 12 months.

* Susceptibility of profitability to volatility in raw material
prices: Shortage in wheat grain production because of adverse
weather conditions can adversely affect the availability and
prices - which can impact the company's profitability. Further,
adverse movements in wheat flour prices can also affect the
company's profit margins.

* Modest scale of operation in highly fragmented wheat processing
industry: The wheat processing industry has a large number of
players with small capacities owing to low barriers to entry. This
results in limited pricing power, which reflects in low operating
profitability.

Strengths

* Long track record of promoters: Mr. Raghu Nandan Tekriwal,
father of Mr. Nikhil Tekriwal has been associated with the wheat
processing business since 1975, which reflects the promoter's long
track record and thus established relationships with suppliers and
dealers/customers.

Outlook: Stable

CRISIL believes that MAPL will continue to benefit from its
established relationships with suppliers and customers/dealers
owing to their long track record. The rating may be revised
upwards in case of significant increases in the company's scale of
operations resulting in higher than expected cash accruals and
subsequent improvement in the capital structure and overall
financial risk profile. Conversely, the rating may be revised
downwards in case of larger than expected working capital
requirements or debt funded capital expenditure leading to
deterioration in financial risk profile.

MAPL was incorporated in 2006 in Bahraich, and is engaged in the
processing and trading of wheat related products such as Atta
(wheat flour), Maida (finely milled wheat flour), Suji, Rava, Bran
etc. The company's operations are run by their promoters, by Mr.
Nikhil Tekriwal, Mr. Neeraj Mittal and their families.


OMKAR SPECIALITY: CRISIL Moves D Rating to Not Cooperating Cat.
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Omkar Speciality Chemicals
Limited (OSCL) to 'CRISIL D/CRISIL D/Issuer not cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on the
bank facilities of OSCL from CRISIL D/CRISIL D/Issuer Not
Cooperating to 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       10       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

   Cash Credit            71       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

   Corporate Loan         50       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

   Letter of Credit       60       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

   Term Loan               1       CRISIL D (Migrated from
                                   'CRISIL D' Issuer Not
                                   Cooperating)

CRISIL has also withdrawn its rating on proposed Long Term Bank
Loan Facility of INR64.0 crore at the company's request. The
withdrawal of ratings is in line with CRISIL's policy on
withdrawal of ratings.

The rating continues to reflect instances of devolvement of
letters of credit (LCs) and over drawings in Cash Credit (CC)
limit by OSCL, which were outstanding for over 30 days. Further,
there are delays in repayment of servicing of term loan
obligation. The delays are on account of company's stretched
liquidity on account of stretch in debtors leading to fully
utilized bank limits.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of OSCL and its erstwhile subsidiaries,
Risichem Research Ltd. (RRL) and Desh Chemicals Pvt. Ltd. (DCPL)
till fiscal 2017. These subsidiaries have been merged with OSCL,
as per the scheme of arrangement sanctioned by National Company
Law Tribunal (NCLT).

CRISIL has treated unsecured loans of INR60.13 crore extended by
OSCL's promoters, as debt, as these are not sub ordinated to bank
debt.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets were
high at 268 days as on March 31, 2017, due to large receivables
and inventory of 110 days and 103 days, respectively.

* Large expenditure towards research and development activity: The
group has undertaken large expenditure towards research and
development activity, which stood at Rs. 50 crore as on December
2017.

Strengths

* Long standing presence of the group and diversified product
profile in specialty chemicals business: The Omkar group's
longstanding presence in the specialty and organic chemicals
manufacturing business and its promoter's experience of nearly 35
years in this segment have helped the group establish itself in
this highly competitive industry. Over the years, the group has
built its base of 70-80 products which find wide application in
the pharmaceutical, cosmetics, glassware, poultry, and reagents
for research and laboratory use segments. In order to stay
competitive and sustain its profit margins, the group also
introduces develops 4-5 new products /molecules annually.

OSCL, set up in 1983, manufactures specialty chemicals, organic
and inorganic chemicals, and inorganic intermediates such as
iodine, selenium, molybdenum and their derivatives. The
pharmaceutical industry remains the major end user segment of the
company, accounting for nearly 70-75% of its revenues, with
poultry, glass and water treatment being the other major end user
segments. The company has 6 manufacturing facilities in Badlapur,
Maharashtra.


R B TECHNOCRATS: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings of 'CRISIL
B+/Stable/CRISIL A4' on the bank facilities of R B Technocrats &
Reclaimers Private Limited (RBT).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        .5       CRISIL A4 (Reaffirmed)
   Cash Credit          6.0       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     1.5       CRISIL A4 (Reaffirmed)

The ratings reflect RBT's small scale of operations, large working
capital requirement, and susceptibility to cyclicality in the
sugar industry. These weaknesses are partially offset by the
extensive experience of its promoters in the sugar mill machinery
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations due susceptibility to cyclicality in
the sugar industry: Low revenue (just above INR20 crore estimated
for fiscal 2018) and intense competition constrain business risk
profile of the company. Additionally, revenue is susceptible to
demand from sugar units and to cyclicality prevalent in the
industry.

* Sizeable working capital requirement: Large receivables and
inventory will keep operations working capital intensive - gross
current assets are estimated at 335 days as on March 31, 2018.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' two decades of experience should support the business
over the medium term.

Outlook: Stable

CRISIL believes RBT over the medium term will continue to benefit
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if cash accrual increases significantly,
driven by revenue growth and sustained profitability. The outlook
may be revised to 'Negative' if the financial risk profile,
particularly liquidity, weakens because of low cash accrual due to
fall in revenue and profitability, stretch in working capital
cycle or debt funded capital expenditure.


RBT, incorporated in 2012, executes turnkey projects for the sugar
industry, and specialises in handling and bagging solids. The
company is owned and managed by the Maharashtra-based Sanikop
family. Its registered office is at Jaysingpur in Maharashtra.


RAJHANS COLD: CRISIL Assigns B+ Rating to INR4.51MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Rajhans Cold Storage Private Limited (RCSPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      4.51       CRISIL B+/Stable (Assigned)

   Term Loan                .21       CRISIL B+/Stable (Assigned)

The ratings reflect the company's below-average financial risk
profile, and vulnerability to the risk of delay in payments by
farmers. These weaknesses are partially offset by the extensive
experience of the promoters in the cold storage and potato trading
businesses.

Key Rating Drivers & Detailed Description

Weakness

* Vulnerability to the risk of delay in payments by farmers
because of adverse market conditions: As part of the Bihar
government's initiative to support agriculture, banks extend
financial assistance to farmers for storing produce in private
cold storages, against pledge of cold-storage receipts. Cold
storages obtain loans from banks on behalf of farmers and traders.
However, the primary responsibility to repay the bank loan is of
cold storages. During adverse market conditions and decline in
potato prices, farmers may not find it profitable to pay rental
and interest charges along with loan obligation, and hence, may
not retrieve potatoes from cold storages. This affects
profitability of cold storages.

* Weak financial risk profile: Small networth and high gearing of
INR30 lakh and 18.52 times, respectively, as on March 31, 2017,
constrain the company's financial risk profile. Muted accretion to
reserves will keep the networth small, though gearing may improve
with gradual repayment of term debt.

Strengths
* Extensive experience of the promoters: The promoters' extensive
industry experience and healthy relationships with traders and
farmers should support the company's business.

Outlook: Stable

CRISIL believes RCSPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if more-than-expected accrual and improved working
capital management lead to a better financial risk profile. The
outlook may be revised to 'Negative' if there is pressure on
liquidity on account of delays in repayment by farmers,
considerably low cash accrual, or significant debt-funded capital
expenditure.

RCSPL was set up by Mr Anupam Kumar and Mr Subodh Kumar for
providing cold storage facility in Begusarai, Bihar. The cold
storage has capacity of 12,000 tonne with 3 chambers, and became
operational in March 2010.


RK INDUSTRIES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R.K. Industries'
(RKI) 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:

-- INR150 mil. Fund-based working capital limit 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 21, 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 2002, RKI is a Rajasthan-based proprietorship
firm. The company is engaged in the cleaning, processing and
trading of whole spices, oil seeds and agro commodities. The firm
is majorly engaged in exports to countries such as the UK, China,
Thailand, Canada, Dubai and the Middle East. The company sells its
products under the brand name Asha Purna and RK Gold.


RL CONSTRUCTION: Ind-Ra Corrects March 19 Rating Release
--------------------------------------------------------
India Ratings and Research (Ind-Ra) issued a correction on the
ratings release on R L Construction (RLC) published on March 19,
2018, to correctly state the Short-term ratings of the non-fund-
based limits in the rating history table.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has affirmed R L
Construction's (RLC) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are given
below:

-- INR80 mil. (increased from INR60 mil.) Fund-based limits
    affirmed with IND BB/Stable rating;

-- INR130 mil. (increased from INR80 mil.)Non-fund-based limits
    affirmed with IND A4+ rating; and

-- INR35 mil.Proposed fund-based limits withdrawn (the company
    did not proceed with the instrument as envisaged) and the
    rating is withdrawn.

KEY RATING DRIVERS

The affirmation reflects RLC's continued modest scale of
operations and business concentration as the company carries out
construction activities primarily in and around Northeast India.
Net revenue grew to INR844 million in FY17 (FY16: INR689 million)
owing to higher order execution. As of January 2018, the firm had
an order book of INR133.82 million (1.58x of FY17 revenue).

The ratings are also constrained by RLC's tight liquidity position
as reflected by 96% average use of its working capital limits
during the 12 months ended February 2018.

The ratings continue to factor in the firm's partnership nature of
the business.

However, the ratings continue to be supported by RLC's strong
credit metrics. Interest coverage (operating EBITDA/gross interest
expense) improved to 5.3x in FY17 (FY16: 4.8x) and net financial
leverage (total adjusted net debt/operating EBITDA) to 0.7x (1.3x)
due to an increase in EBITDA margin to 7.2% (6.2%). The
improvement in the margin was attributed to execution of high
margin orders.

The ratings also continue to benefit from the promoters'
experience of over two decades in the construction business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
maintenance of the credit metrics, or a change in the
organizational constitution, will be positive for the ratings.

Negative: Any deterioration in the operating profitability along
with the credit metrics will be negative for the ratings.

COMPANY PROFILE

Assam-based RLC executes earthwork and construction work for north
eastern railway. The firm is managed by Gouranga Paul and Mukul
Paul.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit maintained on Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating; and

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

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

COMPANY PROFILE

Founded in 2000, SE is engaged in civil construction work. It
carries out projects for both government and private entities. The
firm is led by Sri Ramesh Jaiswal.


SHIVEN YARN: CRISIL Reaffirms B Rating on INR19.45MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Shiven Yarn Private Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1         CRISIL A4 (Reaffirmed)

   Cash Credit          10         CRISIL B/Stable (Reaffirmed)

   Foreign Exchange
   Forward               0.2       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.35      CRISIL B/Stable (Reaffirmed)

    Term Loan           19.45      CRISIL B/Stable (Reaffirmed)

CRISIL's ratings on SYPL continue to reflect its weak financial
risk profile and exposure to risks related to stabilisation and
ramp-up in operations. These weaknesses are partially offset by
the extensive experience of- and funding support received from the
promoters, and low demand risk.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans of
INR4.90 crore as on March 31, 2017 received from the promoters as
neither debt nor equity as they carry a nominal interest rate and
are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Large debt should keep gearing high
at 3-5 times over the medium term - was 3.54 times as on March 31,
2017. Debt protection metrics were weak as the company incurred
cash losses.

* Exposure to risks related to stabilisation and ramp up in
operations: As fiscal 2017 is the first year of operations, the
company's ability to ramp up business with healthy profitability
and prudent working capital management will remain a sensitivity
factor.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' 35 years of experience in the textile industry through
group concern and strong relationship with customers and suppliers
should support the business. Moreover, need-based funding support
from the promoters is expected to continue.

* Low demand risk: Guaranteed offtake of more than 30% by the
group and the company being situated in Surat, Gujarat, a hub for
textile industry, leads to low demand risk.

Outlook: Stable

CRISIL believes SYPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if expansion in scale of operations with sustained
profitability or capital infusion or sizeable cash accruals
strengthen financial risk profile. The outlook may be revised to
'Negative' if stretch in working capital cycle, large debt-funded
capital expenditure or capital withdrawal weakens financial risk
profile.

Incorporated in February 2016, SYPL is promoted by Mr Samir Patel,
Mr Ketan Patel, Mr Dharmesh Patel, Mr Chirag Patel, Mr Vinodkumar
Patel, Mr Mitul Ruwala, and Mr Chirag Rao. The company
manufactures nylon yarn, which is used in garments, footwear, auto
parts, gas (petrol) tanks, slings and rope, used in climbing gear
and slack lining, machine parts, such as gears and bearings.


SRI JAYAMALAR: CRISIL Lowers Rating on INR8MM Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Sri Jayamalar Spinning Mills Private Limited (SJSMPL) to 'CRISIL
D' from 'CRISIL BB-/Stable'. The rating downgrade reflects
instances of delay in servicing term debt due to weak liquidity
and cashflow mismatches.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            8         CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Long Term Loan         2.94      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility      .06      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating also reflects below-average financial risk profile,
modest scale of operations and exposure to intense competition.
These weaknesses are partially offset by the promoter's extensive
industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Total outside liabilities
to tangible networth(TOLTNW) is high as reflected in 5.76 times as
on March 31, 2017. Interest coverage ratio was also moderate at
1.92 times in fiscal 2017. Financial metrics are expected to
remain subdued owing to lower cash accrual.

* Modest scale of operations in highly fragmented textile yarn
industry: Despite being in the industry for close to 2 decades,
revenues are modest at INR30.43 crore in fiscal 2017. SJSMPL is
hence exposed to intense competition from several other large
spinning mills and other mid-sized spinning mills. The company's
products are marked by limited product differentiation among
various players.

Strengths

* Promoter's extensive industry experience: The promoter's
experience of more than two decade in the textile industry should
support the company's business risk profile.

SJSMPL was incorporated in 2004 by Mr. Krishnaswamy and his wife
Mrs. K. Rathinam. The company is engaged in manufacture of cotton
yarn.


SUPREME COLOUR: CRISIL Withdraws B+ Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Supreme
Colour Roofing and Decking Private Limited (Supreme) for obtaining
information through letters and emails dated June 29, 2017, and
September 8, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

   Letter of Credit        5        CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Proposed Long Term
   Bank Loan Facility      3.35     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Term Loan               2.4      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Supreme. This restricts
CRISIL's ability to take a forward Supreme 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
Supreme continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of Supreme
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 2011, Supreme manufactures multi-colour steel
roofing and cladding, decking, purlins, and accessories. The
company's manufacturing facility is in Indore (Madhya Pradesh).
Its operations are managed by Mr. Akhtar Hussain.


SYNKROMAX BIOTECH: CRISIL Withdraws B Rating on INR8.75MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Synkromax
Biotech Private Limited (SBPL) for obtaining information through
letters and emails dated January 19, 2017, and February 09, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            4         CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Long Term Loan         8.75      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Proposed Long Term
   Bank Loan Facility       .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 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 SBPL. This restricts CRISIL's
ability to take a forward SBPL 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 SBPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

Incorporated in 2011, SBPL manufactures enzymes that are used in
diverse industries including leather, textile, poultry, and paper.
Promoted by Mr. C V Sheshadri, Mr. V Subramanian, and Mr. Arvind
Kumar Chandak, the company has its manufacturing facility in
Chennai.


TIRUPATI IRON: CRISIL Withdraws B Rating on INR6.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tirupati
Iron India Private Limited (TIIPL) for obtaining information
through letters and emails dated April 10 2017, and May 8, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Proposed Long Term     5.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               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 TIIPL. This restricts CRISIL's
ability to take a forward TIIPL 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 TIIPL
continues to be 'CRISIL B/Stable/Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of TIIPL
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 2002 by Mr. Ashok Kumar Gupta, TIIPL trades in
iron and steel products. The company's product profile comprises
hot-rolled coils, thermo-mechanically treated (TMT) bars, MS
angles, MS channels and other structural steel products. The
company is based out of Bhopal (Madhya Pradesh) and has two
warehouses of its own at Bhopal and one at Raipur (Chhattisgarh).


TULSI INFRA: CRISIL Withdraws B Rating on INR9.75MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tulsi Infra
Projects Private Limited (TIPL) for obtaining information through
letters and emails dated January 19, 2017, and February 9, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           9.75       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 TIPL. This restricts CRISIL's
ability to take a forward TIPL 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 TIPL
continues to be 'CRISIL B/Stable/Issuer Not Cooperating'.

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


TIPL was established in 2011 by Mr. Vivek Patni, Mr. Vilas Patni,
Mr. Manish Sethia, and Mr. Sepani. The company undertakes real
estate development and is currently developing Patni Revellow, a
residential project spread over 250,000 square feet (sq ft) in
Washim, Maharashtra. It has recently completed a commercial
project covering 180,000 sq ft at the same location.


VIBRANT COTFAB: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vibrant Cotfab
Private Limited (VCPL) a Long-Term Issuer rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR100 mil. Fund-based limits assigned with IND BB-/Stable/
    IND A4+ rating; and

-- INR100 mil. Term loans due on March 2023 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect VCPL's small scale of operations and modest
margins and credit metrics due to its nascent stage and presence
in the highly competitive textile industry. The company started
commercial operations in September 2016. Revenue improved to
INR257 million in FY17 (FY16: INR16 million) due to the new orders
received and executed. Operating EBITDA margins rose to 4.01% in
FY17 (FY16: 2.95%), leading to interest coverage ratio (operating
EBITDA/gross interest expense) improving to 3.0x (2.8x) and
leverage ratio (adjusted net debt/operating EBITDA) to 27.9x
(82x).

The ratings are constrained by VCPL's tight liquidity position,
indicated by average maximum working capital utilization of 96%
for the 12 months ended February 2018. Moreover, the company faces
geographic concentration as most of projects are located in
Gujarat.

Ind-Ra expects the revenues and margins to improve in the near
term, in view of the first full year of operations in FY18 and a
growing order book for manufacturing activity coupled with a job
work agreement. The company has achieved a turnover of INR616.10
million during April 2017-January 2018 and receives monthly
orders. Ind-Ra also expects the credit metrics to improve in the
near term with a further improvement in operating EBITDA coupled
with no major debt-led capex.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in July 2013, VCPL manufactures grey cotton fabrics
and grey denim fabrics. The company's manufacturing unit located
in Ahmedabad, Gujarat has 48 looms and an installed capacity to
produce up to 0.70 million meters of fabric per annum.


VOICE BANK: CRISIL Assigns B Rating to INR4.3MM LT Loan
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' rating
to the long-term bank facilities of The Voice Bank (TVB).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        4.3       CRISIL B/Stable (Assigned)

   Loan Against Property     3         CRISIL B/Stable (Assigned)

   Overdraft                 0.7       CRISIL A4 (Assigned)

The rating reflects its small scale of operations and below-
average financial risk profile because of modest networth and high
gearing. These weaknesses are partially offset by the extensive
experience of its proprietor in the voice dubbing segment and
healthy operating margin.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Revenue was INR2.2 crore in fiscal
2017 and has remained stagnant in the three fiscals through 2017.
Scale is likely to remain modest because of limited industry size.

* Below-average financial risk profile: Networth was small at
INR0.4 crore and gearing high at 8.11 times, as on March 31, 2017.
Networth will remain small and gearing will remain high over the
medium term.

Strengths

* Extensive experience of proprietor: Industry presence of over 20
years has enabled the proprietor to establish strong relationship
with customers.

* Healthy operating margin: Profitability was high at 32.3 percent
in fiscal 2017 and increased from 21.4 percent in fiscal 2016,
mainly due to controlled cost towards dubbing charges.

Outlook: Stable

CRISIL believes TVB will continue to benefit over the medium term
from its proprietor's experience. The outlook may be revised to
'Positive' if a significant and sustained ramp up in operations,
while maintaining profitability, leads to higher cash accrual. The
outlook may be revised to 'Negative' if lower-than-expected
profitability or sizeable incremental working capital debt further
weakens financial risk profile, especially liquidity.

Established in 2005 as a proprietorship firm by Mr Sundaram
Sethuraman, TVB is engaged in dubbing voice for TV advertisements
and serials, radio, and audio books.


VRV FOODS: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed VRV Foods
Limited's (VFL) Long-Term Issuer Rating at 'IND D'. The
instrument-wise rating actions are as follows:

-- INR30.5 mil. Fund-based working capital limit (long-term)
    affirmed with IND D rating;

-- INR1.1 mil. Term loan (long-term) due on September 2017
    withdrawn (paid in full) and the rating is withdrawn;

-- INR96.2 mil. (reduced from INR104 mil.)Working capital term
    loan (long-term) due on March 2022 affirmed with IND D
    rating; and

-- INR140 mil. Non-fund-based limits (short-term) affirmed with
    IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by VFL
during the 12 months ended February 2018 due to its tight
liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1992, VFL is engaged in the bottling of Indian-
made foreign liquor and in the trading of edible oils.



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


TOSHIBA CORP: Chip Unit Sale Unlikely by End of March
-----------------------------------------------------
The Japan Times reports that Toshiba Corp. is unlikely to sell its
flash memory unit by the end of fiscal 2017 as planned because the
struggling electronics giant hasn't obtained regulatory approval
from China yet, informed sources say.

According to the report, Toshiba concluded a contract last
September to sell Toshiba Memory Corp. to a consortium led by U.S.
investment fund Bain Capital under the assumption that Toshiba
would clear antitrust screenings in the countries involved by
March 24, the last weekday of fiscal 2017.

Even if China gives its approval after the deadline, Toshiba can
still sell the unit by the end of the month with the consortium's
consent, a Toshiba official said, the Japan Times relays.

The report notes that Toshiba initially aimed to use the proceeds
from the sale to eliminate its negative net worth, caused by
massive losses at U.S. nuclear unit Westinghouse, by the end of
the fiscal year.

But thanks to a JPY600 billion capital infusion in December and
extra funds procured by other means, Toshiba would most likely be
able to remove itself from danger regardless of whether Toshiba
Memory is sold by the end of March, people familiar with the
matter said, the report relays.

If the Chinese screening drags on, activist shareholders might
step up calls on Toshiba to refrain from selling the highly
profitable unit, they added, noting that Toshiba will be able to
exercise its right to cancel the deal from April, adds the Japan
Times.

                      About Toshiba Corp

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 24, 2018, S&P Global Ratings said it has raised two notches
to 'CCC+' from 'CCC-' both its long-term corporate credit and
senior unsecured debt ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. S&P said, "We also
placed the ratings on CreditWatch with positive implications. We
have kept our 'C' short-term corporate credit and commercial
paper program ratings on Toshiba on CreditWatch with positive
implications."

The TCR-AP on Dec. 15, 2017, reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Caa1 corporate family rating and
senior unsecured debt ratings, and its Ca subordinated debt
rating. Moody's has also changed the ratings outlook to stable
from negative. At the same time, Moody's has affirmed Toshiba's
commercial paper rating of Not Prime.



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


CBL CORP: Watershed Meeting Deadline Extended to May 11
-------------------------------------------------------
Sophie Boot at BusinessDesk reports that the CBL Corp saga will
continue, with the company's voluntary administrators postponing
the creditors' watershed meeting to gather more information and
hiring Goldman Sachs as an adviser.

BusinessDesk relates that Auckland-based CBL appointed KordaMentha
voluntary administrators on March 2 after the Reserve Bank sought
an interim liquidation of its New Zealand supervised arm and the
Central Bank of Ireland made a similar move against the insurer's
European division.

CBL had its stock suspended from the NZX on Feb. 8 amid concerns
from NZX Regulation about the information it had given the market,
following engagement between it, CBL, the Financial Markets
Authority (FMA), the Reserve Bank, and a number of overseas
regulators with prudential oversight of CBL's international
insurance business. On Feb. 20, CBL Insurance told the Reserve
Bank it was continuing to operate despite being below the minimum
regulatory solvency level.

According to BusinessDesk, KordaMentha on March 23 said it the
Auckland High Court had granted it orders extending the date by
which it must call the watershed meeting, normally held within 25
working days of the appointment of administrators, to May 11. The
second meeting of creditors gives them the choice to resolve that
a deed of company arrangement be executed, resolve that the
administration should end, or appoint liquidators, the report
states.

BusinessDesk says KordaMentha must release the watershed report to
creditors and the market by May 11, and the meeting must be held
by May 18. The administrators may need to seek a further extension
from the Court if it becomes apparent in the coming weeks that
further time will be required, they said.

BusinessDesk relates that the administrators said the extension
would give them enough time to review of the financial position of
the entities under their control, and the wider CBL Group; analyse
realisation options for the group's assets, for which it's
appointing Goldman Sachs to advise on options; and consider other
relevant factors such as "any transactions that may be scrutinised
or claims that may be made."

Earlier this month, the Reserve Bank asked for CBL Insurance to be
put into interim liquidation because the company paid $55 million
to overseas companies in defiance of central bank orders, the
report recalls. In an affidavit, the bank's head of prudential
supervision Tony Fiennes said the bank believes CBLI has NZ$750
million in assets, mainly in cash and insurance receivables, and
there is serious risk the directors could further dispose of those
or that overseas creditors could ask for freezing orders,
BusinessDesk adds.

CBL Corporation Limited (NZE:CBL), together with its
subsidiaries, provides insurance and reinsurance products and
services primarily in New Zealand. It offers financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provides a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as
well as distributes construction-sector insurance products in
France through a network of brokers.

KordaMentha New Zealand partners Brendon Gibson and Neale Jackson
were appointed Voluntary Administrators by the Board of CBL
Corporation Ltd (and certain of its subsidiaries) on Feb. 23,
2018.

The CBL Group companies Messrs Gibson and Jackson have been
appointed to as Administrators are:

  * CBL Corporation Limited
  * LBC Holdings New Zealand Ltd
  * LBC Holdings Americas Ltd
  * LBC Holdings UK Ltd
  * LBC Holdings Europe Ltd
  * LBC Holdings Australasia Ltd
  * LBC Treasury Company Ltd
  * Deposit Power Ltd
  * South British Funding Ltd
  * CBL Corporate Services Ltd


FE INVESTMENTS: S&P Alters Outlook to Negative & Affirms B/B ICRs
-----------------------------------------------------------------
S&P Global Ratings said it has revised its outlook on ASX-listed
and primarily New Zealand-based FE Investments Ltd. (FEI) to
negative from stable. At the same time, S&P affirmed its 'B' long-
term and 'B' short-term issuer credit ratings on the finance
company.

S&P said, "The outlook revision to negative reflects a reduction
in our confidence in the ability of the consolidated FEI group to
return its risk-adjusted capitalization back above the 15%
threshold for the current rating, and to keep it there on a
sustainable basis.

"We forecast our risk-adjusted capital (RAC) ratio for the
consolidated group at between 16.0% and 17.0% by March 31, 2019,
from a static ratio of 10.4% as of Sept. 30, 2017. We had
previously forecast the RAC ratio for the FEI group to revert to
and remain above 15% through fiscal 2018 (from 13.0% as of Sept.
30, 2016). We consider that slower-than-anticipated amortization
in the finance company's property development lending portfolio as
the main reason for its RAC ratio falling short of our earlier
forecast. We understand that FEI has delayed the exit to respond
to the changes in its operating environment, which has also
created some business opportunities in this sector.

"Our forecasted increase in the FEI group's RAC ratio stems from
our expectation that the finance company will progressively reduce
its property development-lending portfolio as a proportion of its
total lending, and through significant capital injections. FEI has
a sound track record of supporting its growth through additional
capital; we see the recent public listing as broadening the
potential for new sources of new capital, although raising capital
as a listed company has yet to be fully tested, particularly in
times of stress. In addition, given FEI's property development,
lending is concentrated in a very small number of developments--
which are risk weighted at close to 300% in our analysis--our
forecast remains highly sensitive to a successful wind down."

FEI's small lending book highlights the finance company's business
and credit risk concentration and its susceptibility to one-off,
material losses. This is particularly the case with respect to the
finance company's property development loans, which currently
account for around 25% of total loans--unchanged year on year--but
more than 150% of the group's capital base. Performance within
FEI's property development portfolio is good, with no impairments
at present. S&P expects a supportive economic backdrop--healthy
economic and tourism activity in Auckland, and a deficiency in new
dwelling supply--to persist at least in the near term.

S&P said, "The negative outlook on FEI reflects our view that
there is a one-in-three chance that the consolidated FEI group
will fail to return and maintain its RAC ratio above the 15%
threshold for the current rating.

"We expect to lower our long-term rating on FEI to 'B-' if we came
to the view that the finance company is unlikely to raise and
sustainably maintain its RAC ratio above 15% in the next one year.
We are likely to form this view if there is a significant delay or
shortfall in the quantum of capital injections into the group, or
if there is a noticeable delay in FEI's planned amortization in
its property development portfolio, without commensurate
additional capital injections. A sharp rise in nonperforming loans
would also exert downside pressure on the rating.

"We expect to revise the outlook back to stable if FEI's RAC ratio
moves back above 15% and we believe it will remain above 15% on a
sustainable basis. A revision in the outlook back to stable is
almost entirely dependent on FEI successfully reducing its
property development portfolio as scheduled, and attracting
additional capital to support its broader balance sheet growth
objectives."



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


EMAS OFFSHORE: Oslo Stock Exchange Upholds Delisting Decision
-------------------------------------------------------------
The Business Times reports that the Oslo Stock Exchange had
notified Emas Offshore that it had resolved to uphold its
resolution for the delisting of the company.

According to the report, the case has subsequently been submitted
to its appeals committee to handle, and the company will be given
the opportunity to provide any further objections and comments
before the appeals committee decides.

Singapore-based EMAS Offshore Limited (SGX:UQ4) --
http://www.emasoffshore.com/home/-- engages in the offering of
offshore support, accommodation and offshore production services
to customers in the offshore oil and gas industry throughout the
oilfield lifecycle, spanning exploration, development, production
and decommissioning stages. It operates through two business
segments: Offshore Support and Accommodation Services division,
and Offshore Production Services division.


EMAS OFFSHORE: Net Loss Widens to US$705.7MM in FY2017
------------------------------------------------------
The Business Times reports that Emas Offshore released its 2H 2017
and FY 2017 financial statements ended Aug. 31, 2017.

According to the report, the offshore oil and gas services
provider posted a net loss of US$687.5 million after tax for its
second half FY2017 results, deepening from US$391.5 million for
the same period a year ago.

Revenue for the six months went down 36 per cent to US$56 million
as it continued to be negatively impacted by weak market
environment resulting in low utilisation and charter rates, the
report relays.

No dividends were declared during the current and previous
financial years, the Business Times notes.

The Business Times says operating cash flows before working
capital movements stood at US$9.9 million for 2H 2017, reversing
from a negative US$9.6 million a year ago.

For the full year, Emas Offshore saw a net loss of US$705.7
million after tax, widening from US$535.2 million, previously, the
report discloses.

The Business Times adds that revenue for FY2017 went down 19 per
cent to US$136.5 million.

Loss per share for FY2017 was 1.61 US cents, widening from 1.22 US
cents earlier, the report discloses.

The Business Times relates that the group's total assets amounted
to US$466.5 million as at Aug. 31, 2017, down from US$1.09 billion
as at Aug. 31, 2016. However, liabilities increased by 8 per cent
to US$ 1.13 billion as at Aug. 31, 2017, due mainly to recognition
of payable due to former subsidiary Lewek Champion Shipping which
is in compulsory liquidation and increase in provision for onerous
contracts.

The embattled offshore support vessel (OSV) arm of Ezra Holdings
saw its total equity in deficit position as at Aug 31, 2017.

As announced previously, the company and certain of its
subsidiaries are undergoing restructuring and are progressing in
discussions with various stakeholders. Emas Offshore said that it
will update the market when there are significant developments,
the report relays.

Singapore-based EMAS Offshore Limited (SGX:UQ4) --
http://www.emasoffshore.com/home/-- engages in the offering of
offshore support, accommodation and offshore production services
to customers in the offshore oil and gas industry throughout the
oilfield lifecycle, spanning exploration, development, production
and decommissioning stages. It operates through two business
segments: Offshore Support and Accommodation Services division,
and Offshore Production Services division.



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


* SOUTH KOREA: Loss-making Public Firms Post KRW10-Tril. Deficit
----------------------------------------------------------------
Yonhap News Agency reports that South Korea's loss-making public
institutions posted a combined deficit of nearly KRW10 trillion
(US$9.3 billion) over the past five years, due mainly to
unprofitable overseas energy-development projects, a parliamentary
report showed Saturday.

According to the report by the National Assembly Budget Office, 13
firms, including the Korea National Oil Corp, the Korea Coal
Corp., and the Korea International Broadcasting Foundation, were
in the red between 2012 and 2016.

Their combined losses reached KRW9.7 trillion during the cited
period, Yonhap discloses.

According to Yonhap, the KNOC logged a deficit of KRW8.8 trillion,
accounting for 92.1 percent of the total, while the KCC suffered
losses of KRW395.2 billion, or 4.1 percent.

Such public energy-development firms have been subject to
government-led restructuring programs as their previous
investments into overseas resource projects were hit hard by years
of low oil prices, Yonhap notes.



===========
T A I W A N
===========


LKQ CORP: Moody's Lowers Corp. Family Rating to Ba2
---------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to LKQ European
Holdings B.V.'s EUR1 billion senior unsecured notes. The new notes
are expected to be guaranteed by LKQ Corporation ("LKQ") and each
of its domestic wholly-owned subsidiaries that guarantee the
company's existing senior secured credit facility and existing
senior unsecured notes.

Moody's also downgraded all of LKQ's existing ratings including
its Corporate Family Rating ("CFR") and Probability of Default
Rating to Ba2 and Ba2-PD from Ba1 and Ba1-PD, respectively, and
both LKQ's 4.75% $600 million senior unsecured notes due 2023 and
LKQ Italia Bondco S.p.A.'s EUR500 million senior unsecured notes
due 2024 to Ba3 from Ba2. The Speculative Grade Liquidity ("SGL")
rating was affirmed at SGL-2. The ratings outlook was changed to
stable from negative.

Moody's has taken the following rating actions:

Ratings assigned:

LKQ European Holdings B.V.

EUR1 billion senior unsecured notes, at Ba2 (LGD4)

Outlook, Stable

Ratings downgraded:

LKQ Italia Bondco S.p.A.

Existing EUR500 million backed senior unsecured notes due 2024, to
Ba3
(LGD5) from Ba2 (LGD5)

Outlook, Changed to Stable from Negative

LKQ Corporation

Corporate Family Rating, to Ba2 from Ba1;

Probability of Default Rating, to Ba2-PD from Ba1-PD;

Existing $600 million senior unsecured notes due 2023, to Ba3
(LGD5)
from Ba2 (LGD5)

Outlook, Changed to Stable from Negative

Ratings affirmed:

Speculative Grade Liquidity Rating, at SGL-2

Moody's does not rate LKQ's $3.5 billion senior secured bank
credit facility

Netherlands-based LKQ European Holdings B.V. is wholly-owned by
LKQ Corporation.

RATINGS RATIONALE

The ratings were downgraded based on the expectation that LKQ will
continue to make largely debt-financed acquisitions as it
continues its strategy of expanding its global footprint and
breadth of aftermarket and replacement products, and generally
operate at a higher level of leverage than in the past with
somewhat lower margins driven by the incremental acquisitions.

The ratings reflect LKQ's demonstrated ability to grow its global
presence in the market for non-OEM aftermarket collision and
mechanical replacement parts, while maintaining good margins for a
distributor and generating solid free cash flow. Moody's expects
free cash flow (cash from operations less capex) to be above $400
million.

LKQ's financial leverage has increased in recent years to
accommodate acquisitions and Moody's expects the company to
maintain debt/EBITDA above 3.5x (including Moody's standard
adjustments including leases).

These acquisitions have expanded the company's market share and
global reach and accelerated organic growth, and broadened product
offerings to the automotive aftermarket specialty and mechanical
replacement parts markets. Management has completed other vertical
acquisitions in order to support the company's competitive
position as well as undertaken other profitability initiatives and
streamlining of operations to improve margins.

However, the margin profile of some of the target businesses are
lower than that of LKQ's traditional business. Moody's believes
the company has a good track record of integrating acquisitions.
Any improvement in LKQ's credit metrics will likely emanate from
EBITDA growth rather than debt reduction.

Pro forma for the proposed acquisition of Stahlgruber GmbH
("Stahlgruber"), a European wholesale distributor of aftermarket
spare parts for passenger cars, tools, capital equipment and
accessories, fiscal year 2017 debt/EBITDA would increase by
approximately one turn to 4.0x. The EUR1.5 billion transaction is
anticipated to be funded with the EUR1 billion notes issuance, an
approximate $317 million issuance of LKQ stock, and revolver
borrowings. Moody's notes that the acquisition of Stahlgruber
would represent the largest in the company's history, expanding
its presence in one of the largest populations of used cars in
Europe.

The senior unsecured rating for the LKQ European Holdings B.V.
debt of Ba2 is at the CFR level, while the other senior unsecured
debt is one notch lower at Ba3. This is because the LKQ European
Holdings B.V. debt will have priority claim over the U.S. debt on
the assets and cash of LKQ's European operations, and benefit from
the parent company equally with the U.S. debt. LKQ's European
operations generate a substantial, although not majority, portion
of LKQ's profit which is likely to grow as the company builds out
its regional coverage.

The company's SGL-2 speculative grade liquidity, denoting an
expected good liquidity profile through 2019 is characterized by
consistent healthy free cash flow generation and revolver
availability. Free cash flow levels are expected to improve from
effective working capital management and contribution from
acquisitions. In addition, the company has increased capacity
under its revolver after increasing the facility size by $300
million to $2.75 billion in December 2017 and loosening the net
financial leverage covenant.

The stable outlook reflects the expectation that the company will
generate a low double-digit EBITDA margin and solid free cash
flow, while maintaining a good liquidity profile as it integrates
acquisitions.

The ratings could be downgraded with complications in the
integration of the proposed or other acquisitions. In addition, a
deterioration in
the company's liquidity profile including lower free cash flow or
a weakening in the EBITDA margin expected to be below 10%,
expectations of debt/EBITDA exceeding and being sustained above
the low 4.0x level, or EBITA/interest coverage below 3.5x could
also cause downward ratings pressure.

The ratings could be upgraded following successful integration of
acquisitions and steadily profitable organic growth as well as
debt/EBITDA improving to and being maintained at 3.0x or below,
with EBITDA margin improving to above the mid-teens level and
retained cash flow/ debt exceeding 25% while maintaining a good
liquidity profile.

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

LKQ Corporation, headquartered in Chicago, Illinois, is a leading
provider of alternative and specialty parts to repair and
accessorize automobiles and other vehicles. LKQ has operations in
North America, Europe, and Taiwan. The company offers its
customers a broad range of replacement systems, components,
equipment and parts to repair and accessorize automobiles, trucks,
and recreational and performance vehicles. Revenues for the fiscal
year ended December 31, 2017 totaled $9.7 billion. Pro forma
revenues for the company including the proposed acquisition of
Germany-based Stahlgruber would be approximately $11.7 billion.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***