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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, April 9, 2018, Vol. 21, No. 069

                            Headlines


A U S T R A L I A

ATLAS CONSTRUCTION: First Creditors' Meeting Set for April 16
BATH LANE: Cafes Placed in Voluntary Liquidation
BUNBURY HOT: First Creditors' Meeting Set for April 17
HATCH TRANS: First Creditors' Meeting Set for April 12
PYMBLE PROPERTY: First Creditors' Meeting Set for April 16

SCHUMACHER PHARMACEUTICALS: April 17 Creditors' Meeting Set
VIC ENGINEERING: Second Creditors' Meeting Set for April 19

C H I N A

CHINA HUIYUAN: Fitch Cuts IDR to B; Puts Rating on Watch Negative
CONCORD NEW: S&P Alters Outlook to Negative & Affirms 'BB' ICR
TAIZHOU HUAXIN: Fitch Rates US$206MM Sr. Unsecured Notes 'BB+'

H O N G  K O N G

NOBLE GROUP: SGX Asks Creditors to Assess Restructuring Plan

I N D I A

AMISHA STEELS: CRISIL Reaffirms B Rating on INR5.5MM Loan
BHAVANI CONST: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
BINANI CEMENT: Operational Creditors Reject Dalmia's Offer
BURNPUR CEMENT: CRISIL Migrates D Rating to Not Cooperating
C. ESWARA: CRISIL Migrates B- Rating to Not Cooperating Category

COIRFOAM INDIA: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
CHAUHAN POULTRY: CRISIL Migrates B Rating to Not Cooperating
CIMECHEL ELECTRIC: Ind-Ra Migrates BB- Rating to Non-Cooperating
DECCAN METAL: CRISIL Assigns 'B' Rating to INR15MM Cash Loan
DELCO INFRASTRUCTURE: Ind-Ra Lowers Long Term Issuer Rating to D

EROS MOTORS: CRISIL Withdraws B Rating on INR14MM Loan
GREEN ENVIRONMENT: CRISIL Withdraws B+ Rating on INR18.15MM Loan
HEENA ENTERPRISES: Ind-Ra Affirms BB- LT Issuer Rating
HEMRAJ DEVKARANDAS: Ind-Ra Assigns 'B' LT Rating, Outlook Stable
HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR5MM Loan

INDORE TABLE: Ind-Ra Maintains 'B' Rating in Non-Cooperating
KSC ENGINEERS: Ind-Ra Affirms BB+ LT Rating on INR80.40MM Limits
LAVISH EXIM: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
LAXMI RICE: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
MANJEET FIBERS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating

MANTILAL UMRAOMAL: Ind-Ra Migrates BB- Rating to Non-Cooperating
MEGA AUTOMOBILES: CRISIL Moves B+ Rating to Not Cooperating
MILLENIUM MARBLE: Ind-Ra Affirms BB- Long-Term Issuer Rating
NYKA STEELS: CRISIL Lowers Rating on INR20MM Cash Loan to B
PRACHI PRIVATE: Ind-Ra Assigns BB- LT Rating, Outlook Stable

REAL DAIRY: CRISIL Withdraws D Rating on INR18.5MM Term Loan
REGALIA JEWELS: CRISIL Moves B Rating to Not Cooperating Category
RWL HEALTHWORLD: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
SAGAR BUSINESS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SESHSAYI FOODS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable

SHELADIA CONSTRUCTION: Ind-Ra Assigns BB Rating to INR175MM Loans
SHREE SIDHBALI: CRISIL Withdraws D Rating on INR10MM Cash Loan
SHREE VISHWAKARMA: CRISIL Lowers Rating on INR6MM Overdraft to D
SINDHU CARGO: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
SOHRAB SPINNING: CRISIL Migrates D Rating to Not Cooperating

SREE DURGA: CRISIL Withdraws 'B' Rating on INR2MM Cash Loan
SUSHILA INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating
TARINI INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR19MM Loan
TORQUE COMMERCIAL: Ind-Ra Assigns B+ LT Rating to INR150MM Limits
V3 KNITTING: CRISIL Migrates B Rating to Not Cooperating Category

VAISHNODEVI REFOILS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
YOGESHWAR TIMBER: CRISIL Moves B Rating to Not Cooperating

J A P A N

TOKYO ELECTRIC: Power Plants Transfer No Effect on Credit Quality

M A L A Y S I A

MAA GROUP: To Pay Another Round of Dividend with MYR32.82MM

M O N G O L I A

TRANSPORT & DEVELOPMENT: Moody's Assigns B3 LT Deposit Rating

S O U T H  K O R E A

GM KOREA: South Korea Urges GM, Union to Reach Wage Deal Swiftly
KUMHO TIRE: Signs Deal with Doublestar on Stake Sale

V I E T N A M

VIETNAM TECHNOLOGICAL: S&P Affirms 'BB-/B' ICR, Outlook Stable


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A U S T R A L I A
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ATLAS CONSTRUCTION: First Creditors' Meeting Set for April 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Atlas
Construction Group Pty Ltd will be held at Level 12, 20 Martin
Place, in Sydney, NSW, on April 16, 2018, at 11:00 a.m.

Katherine Sozou and Shaun Robert Fraser of McGrathnicol were
appointed as administrators of Atlas Construction on April 4,
2018.


BATH LANE: Cafes Placed in Voluntary Liquidation
------------------------------------------------
Emma D'Agostino at The Bendigo Advertiser reports that three
companies formerly involved in prominent Bendigo cafes have been
placed in voluntary liquidation, echoing the events of four years
ago.

A liquidator was appointed to Bath Lane Cafe Pty Ltd, The Green
Olive Pty Ltd, and Cafe Au Lait (Vic) Pty Ltd on March 22, the
report discloses.

The Bendigo Advertiser says Bath Lane Cafe is trading under new a
owner, who purchased the cafe in October.

"When I bought this business I had no idea this was happening,"
the owner, who did not wish to be named, said, the report relays.

Finders Keepers -- formerly Cafe Au Lait -- closed earlier this
year, the report says.

The Green Olive Cafe was also trading on March 28 and is believed
to be on the market.

According to the report, liquidator Richard Rohrt, of Melbourne-
based firm Hamilton Murphy, is investigating the state of all
three companies involved in the cafes.

He appealed for employees and other creditors to contact him
directly with any claims, the report adds.

"If companies have gone into liquidation employees are entitled
to rank as priority creditors," the report quotes Mr. Rohrt as
saying.

Documents sighted by the Bendigo Advertiser indicate both the
Fair Work Ombudsman and the Australian Taxation Office have
investigated allegations of underpayment, which were raised by
former staffers.

The Bendigo Advertiser is aware a number of former employees have
sought legal advice regarding their entitlements.

Former employees pursuing outstanding entitlements with the ATO
were on March 28 notified their investigations had been closed.

"When a company is in liquidation, it is the liquidator's
responsibility to advise if there are sufficient funds to meet
the employer's superannuation guarantee obligations,"
correspondence sighted by the Bendigo Advertiser states.

A 76-year-old woman in a Nathalia nursing home -- Gillian Claire
Brown -- is the director of all three companies in liquidation,
the report discloses.

Documents obtained by the Bendigo Advertiser indicate meetings to
decide the fate of the companies took place at the nursing home.

The report says Ms Brown is the mother of central Victorian
businessman Paul Robert Moran -- the man at the helm of the
companies involved in the same three cafes four years ago.

A liquidator was appointed to Moran Investments Group Pty Ltd,
Moran Hospitality & Leisure Pty Ltd, and Morcorp Cartely Pty Ltd
on March 13, 2014, the report notes.


BUNBURY HOT: First Creditors' Meeting Set for April 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Bunbury
Hot Water & Gas Pty. Ltd. will be held at the offices of Mackay
Goodwin, Level 14, 197 St Georges Terrace, in Perth, WA, on
April 17, 2018, at 11:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Bunbury Hot on April
5, 2018.


HATCH TRANS: First Creditors' Meeting Set for April 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Hatch
Trans Pty Ltd will be held at the offices of Cor Cordis,
Mezzanine Level, BGC Centre, 28 The Esplanade, in Perth, WA, on
April 12, 2018, at 3:00 p.m.

Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Hatch Trans on March 30, 2018.


PYMBLE PROPERTY: First Creditors' Meeting Set for April 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pymble
Property Developments Pty Ltd will be held at the offices of
Nicols + Brien, Lvl 2, 350 Kent Street, in Sydney, on April 16,
2018, at 10:00 a.m.

Steven Nicols at Nicols + Brien was appointed as administrator of
Pymble Property on April 5, 2018.


SCHUMACHER PHARMACEUTICALS: April 17 Creditors' Meeting Set
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Schumacher
Pharmaceuticals Pty. Ltd has been set for April 17, 2018, at
10:00 a.m. at the offices of Charles and Co, Suite 2, Level 1,
190 Queen Street, in Melbourne, Victoria, on April 17, 2018, at
10:00 a.m.

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 16, 2018, at 4:00 p.m.

Claudio Trimboli and Nedin Talic of Charles and Co. were
appointed as administrators of Schumacher Pharmaceuticals on
March 7, 2018.


VIC ENGINEERING: Second Creditors' Meeting Set for April 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Vic
Engineering & Silos Pty Ltd has been set for April 19, 2018, at
2:30 p.m. at the offices of Romanis Cant, 2nd Floor, 106 Hardware
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 18, 2018, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Vic Engineering on March 5, 2018.



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CHINA HUIYUAN: Fitch Cuts IDR to B; Puts Rating on Watch Negative
-----------------------------------------------------------------
Fitch has downgraded China Huiyuan Juice Group Limited's Long-
Term Foreign-Currency Issuer Default Rating (IDR) to 'B' from
'B+'. Fitch has also downgraded Huiyuan Juice's senior unsecured
rating and the rating on its USD200 million 6.5% senior notes due
2020 to 'B' from 'B+' with a Recovery Rating of 'RR4'. All
ratings have been placed on Rating Watch Negative (RWN).

The one-notch downgrade reflects Huiyuan Juice's weak corporate
governance and lack of sufficient internal controls, as evidenced
by the company's failure to promptly disclose and obtain
independent shareholder approval for a major transaction
involving a related party. The RWN indicates the prospect for
further negative rating action if the company is unable to
successfully address the covenant breaches on certain borrowings
following the related party transactions and the uncertainty
around its ability to maintain sufficient access to funding
sources consequent to the above developments.

KEY RATING DRIVERS

Loans Indicate Weak Governance: Huiyuan Juice failed to disclose
and obtain independent shareholder approval for several loans to
related parties totalling CNY4.3 billion between 15 August 2017
and 29 March 2018. The loans were made to Beijing Huiyuan
Beverage & Food Co., Ltd, which is not a subsidiary of Huiyuan
Juice, but a company controlled by Huiyuan Juice's controlling
shareholder, Mr. Zhu Xinli. Huiyuan Juice recovered the loans and
accrued interest from Beijing Huiyuan Beverage by 29 March 2018.
Fitch views the incident as an indication of weak corporate
governance and internal controls at Huiyuan Juice.

Covenant Breach Under Borrowings: Huiyuan Juice has also
disclosed that the related-party transaction caused covenant
breaches to some of its borrowings and that it is applying for
waivers from lenders. Failing to obtain the waivers could
significantly affect the company's liquidity. Even if the company
secures covenant waivers, its access to funding markets may be
negatively affected.

Annual Results Delayed: Huiyuan Juice did not announce its 2017
financial results through the Hong Kong Stock Exchange website on
March 29, 2018 as expected. Huiyuan Juice says it is working with
its auditor and will delay the release of the results until a
later point in time. The RWN could be resolved if the company
publishes its audited accounts with no qualified findings, its
significant trade creditor balances with downstream distributors
do not worsen, it resolves the covenant breaches and can
demonstrate that access to funding remains intact. A significant
weakening of liquidity can lead to further negative rating
action.

DERIVATION SUMMARY

Huiyuan Juice's financial profile is weaker than that of
international food and beverage peers rated at 'BB' or above.
Its financial metrics are more in line with those of peers rated
in the 'B' category. Compared with Russia's Agri Business Holding
Miratorg LLC (B+/Stable), Huiyuan Juice has smaller EBITDA and
higher leverage, but the two companies share similar coverage
ratios. Miratorg's ratings are capped at the 'B' category due to
its corporate governance and Russia's operating environment, even
though its financial metrics are better than those of 'B+' rated
peers; Huiyuan Juice's ratings also incorporate weak corporate
governance. Compared with 'B' rated peers such as the UK's
Premier Foods plc (B/Negative) and Turkey's Yasar Holding A.S.
(B/Stable), Huiyuan Juice has a similar EBITDA size but a
stronger FFO margin, coverage and leverage ratios.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer
- Revenue growth to remain at around 4% in the next two years
- EBITDA margin to remain at around 18% in the next two years
- Capex to slow to CNY200 million per annum, as the company has
   no new major capex plans
- No common dividend payout; and no share repurchase

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to the
Removal of the Rating Watch Negative
- Resolution of covenant breaches and access to funding remains
   intact
- Publication of 2017 financial results with unqualified auditor
   opinion, no further worsening of the trade creditor balances
   and its financial results and trading performance broadly in-
   line with Fitch's expectations

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Deterioration in liquidity position and weaker access to
   funding sources
- Deterioration in working capital flow, for example, longer
   account receivable days or a large provision on trade
   receivables
- Further evidence of weak corporate governance

LIQUIDITY

Liquidity Position: Huiyuan Juice's free cash on hand, unutilised
bank facilities and operating cash flows were sufficient to meet
its short-term debt obligations as of June 2017. Huiyuan Juice
also issued USD200 million of senior notes in 2H17 and HKD1
billion of convertible bonds in 1Q18. However, the recent
developments could challenge its liquidity position and if it
deteriorates significantly, Fitch may take further negative
rating action.


CONCORD NEW: S&P Alters Outlook to Negative & Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlook on Concord New Energy
Group Ltd. to negative from stable. At the same time, S&P
affirmed the 'BB' long-term issuer credit rating on the company
and the 'BB-' long-term issue rating on its outstanding U.S.
dollar-denominated senior unsecured notes. Concord is a China-
based wind and solar farm developer and operator listed on the
Hong Kong Stock Exchange.

S&P said, "Our outlook revision mainly reflects Concord's
financial performance weakening more than we had expected. The
company's 2017 EBITDA declined due to costs associated with its
accelerated wind-down of its engineering, procurement, and
construction (EPC) business and low tariffs due to its
involvement of market-based trading of wind power. Concord also
made additional borrowings in late 2017 in anticipation of rising
interest rates in China.

"We affirmed the rating because we expect the company's financial
metrics will recover in 2018 and be commensurate with the rating
in 2019, given the ongoing commissioning of new capacities and
improved utilization hours. Concord's strong power generation
growth should drive its revenue and cash flow growth over 2018-
2019. We estimate the ratio of funds from operations (FFO) to
debt at 5%-6% in 2017 and 7%-8% in 2018. Both the ratios are
below our original expectation and our downgrade trigger of 9%.
Concord's power generation is likely to rise 70%-80% this year
and 50% in 2019; growth in the first two months of 2018 was 71.2%
on an attributable basis. Accordingly, its ratio of FFO to debt
should improve to above 9% in 2019, while its FFO interest
coverage will likely remain above 2.5x.

"We expect Concord to benefit from the central government's
supportive policy to improve the utilization of renewable sources
of energy and increase renewables in China's energy mix."
Recently, the National Development and Reform Commission (NDRC)
announced a new renewable energy-quota system to increase the
consumption of non-fossil fuel sources of power, especially wind
and solar.

The policy benefits Concord as a renewable energy company. In
2017, Concord recorded 2,072 utilization hours for its controlled
wind farms, better than our expectation and the national average
of 1,948 utilization hours. Given most of the company's new
projects are located in the central and southern regions with
mild curtailment (abandonment of energy generated that could have
been dispatched) of renewable power generation, S&P expects its
average utilization hours to stay at above 2,050 hours over the
next two years. The relatively high utilization hours will
translate newly added capacity more effectively into power
generation.

The recovery in Concord's financial metrics and its improved
utilization will be partly offset by overdue subsidies, lower
tariffs, increased funding costs, and debt-funded capital
expenditure, in S&P's view.

Overdue subsidy payments for renewable energy are likely to
continue to strain the operating cash flow of Chinese renewable
energy generators, including Concord. As of end-2017, the company
had about Chinese renminbi (RMB) 448 million in subsidy
receivables, or 35% of total receivables; the rest of its
receivables were EPC-related. If China's Ministry of Finance
further delays subsidy distribution on new capacities since 2016,
that will prolong the negative impact on Concord, given its
ongoing new capacity addition. If China adopts mandatory trading
of green certificates in 2018, S&P believes the step could
improve the working capital and liquidity of renewable energy
generators, but also increase their cash flow volatility due to
the price fluctuation of certificates.

China's renewable energy, especially wind power, will achieve
grid parity as early as 2020 following ongoing technology
disruption and declining investment costs. Meanwhile, the feed-in
tariffs for new capacity will trend down, and the increasing
volume of power generation traded on a market basis could further
lower average tariffs. In 2017, Concord sold about 10% of its
generation through market trading, especially in provinces with
weak local demand such as Yunnan. This led to its average tariff
being at a discount to the feed-in tariffs guided by the
government.

Concord has reasonable funding costs relative to its peers in the
onshore market, but its recent offshore U.S. dollar-denominated
bond issuance will elevate its total interest expense. The
company has maintained a satisfactory relationship with state-
owned banks and used long-term financial leasing as supplement.
In January 2018, Concord issued US$200 million in bonds at 7.9%,
which would increase its average financing cost by 0.5 percentage
point to about 5.5%. On a top of that, the company's leverage
will rise further due to its debt-funded expansion over the next
two years. We expect Concord to spend more than RMB9 billion over
2017-2019 on adding wind-power capacity.

S&P said, "In our base case, we assume no contribution from
Concord's EPC business starting this year. The company's credit
metrics in 2017 were below our expectation for both one-off and
industry-wide reasons. We had expected Concord to gradually
withdraw from the low-margin EPC business and shift toward the
downstream power generation for stable cash flow generation."
However, Concord's accelerated withdrawal from its EPC business
in 2017 and the associated costs hit its financials, resulting in
its negative EBITDA from this segment and the write-down of some
receivables.

The negative outlook on Concord reflects the company's relatively
high leverage for the rating level over the next 12 months while
the company expands its wind farms. S&P expects the financial
metrics to recover in 2019 and be commensurate with its rating
following Concord's strong generation growth and improved
utilization.

S&P may lower its rating on Concord on one or more of the
following factors:

-- Concord faces execution risk related to projects under
    construction, engages in more market-based trading volume of
    its power plants which impairs its profitability, or
    aggressively expands with higher debt than S&P expected. An
    indication of this is its FFO-to-debt ratio declining further
    and staying sustainably below 9%, or its FFO interest
    coverage falling below 2.5x.

-- Adverse regulatory development in China or poor
    implementation of the renewable energy quota program hit the
    company's profitability and cash flows. This could happen if
    the government deregulates wind tariffs faster than S&P's
    expectation and lowers the feed-in tariffs significantly or
    further delays or removes subsidy payments without any proper
    remedy or compensation.

S&P may revise the outlook to stable if:

-- The company maintains a disciplined approach to capital
    expenditure and has decent cash inflows from commissioned
    projects and asset disposals, which significantly improve its
    FFO-to-debt ratio to above 9% on a consistent basis; and

-- The company demonstrates a solid track record of operating
    power plants and continually growing its consolidated
    capacity.


TAIZHOU HUAXIN: Fitch Rates US$206MM Sr. Unsecured Notes 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned Taizhou Huaxin Pharmaceutical
Investment Co., Ltd.'s (THPI; BB+/Stable) USD206 million of
senior unsecured notes due 2021 final ratings of 'BB+'.

The notes are issued by Huaxin Pharmaceutical (Hong Kong) Co.,
Limited, a wholly owned subsidiary of THPI. THPI will provide
unconditional and irrevocable guarantee to the proposed notes.
The proceeds will be used for working capital and other general
corporate purposes.

The assignment of the final ratings follows the receipt of final
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 29
January 2018.

KEY RATING DRIVERS

Links to Taizhou Municipality: THPI's ratings are credit linked,
but not equalised, with Fitch's assessment of the credit profile
of Taizhou municipality in eastern China. The link reflects the
Taizhou government's ownership of THPI and its strong level of
control and oversight, as well as the strategic importance of
THPI to the municipality and the development zone in which THPI
operates.

RATING SENSITIVITIES

Changes to Fitch's internal credit assessment of Taizhou
municipality will be mirrored in THPI's rating. Changes to THPI's
shareholding, strategic importance to the municipality or support
from the municipality may also trigger a change in THPI's
ratings.

Any change in THPI's Issuer Default Rating will result in a
similar change in the rating of the proposed notes.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by the local and
regional governments to the entities, with a practical impact on
the entities' future ability to service their debts. Fitch
interprets such initiatives as being undertaken by the central
government to disentangle government-related entities (GREs) from
public-sector balance sheets, address indiscriminate GRE debt
growth, and encourage greater market discipline.

Depending on the degree of certainty and the extent of the
prohibition, the agency will take rating action, which could
result in either a widening of the notching or the adoption of a
bottom-up ratings approach, possibly even to the extent of the
removal of all support expectations.



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NOBLE GROUP: SGX Asks Creditors to Assess Restructuring Plan
------------------------------------------------------------
Reuters reports that Singapore Exchange's regulatory arm on
April 5 asked Noble Group's senior creditors to assess the
beleaguered commodity trader's restructuring plans to "ensure
parity in the treatment of all shareholders".

Reuters says the Singapore-listed trader is seeking a $3.4
billion debt restructuring which is critical for its survival.
While it has the support of senior creditors holding 55 percent
its debt for the restructuring deal, it is still short of the
required 75 percent amid opposition from some bondholders and
shareholders, the report says.

Reuters relates that under the restructuring proposal, Noble is
seeking to halve its senior debt and hand over 70 percent of the
restructured business to creditors, with existing equity holders'
combined stake diluted to about 10 percent.

Noble warned last month that it would begin insolvency
proceedings if the debt restructuring was not approved, the
report recalls.

It also said that shareholders who do not vote in favor of the
proposal would not receive shares in the new company if the
insolvency proceedings were to go through, according to Reuters.

"How a shareholder votes on the primary restructuring should not
have a bearing on whether he/she would be entitled to receive
shares in the new company under the Alternative Restructuring,"
the regulator said in its statement, Reuters relays.

"SGX RegCo (Singapore Exchange Regulation) will not hesitate to
register its concerns about the Alternative Restructuring - in
its current form - with the relevant administrator to be
appointed should Noble Group be placed in administration," the
regulatory body said.

Singapore's investor lobby group Securities Investors Association
welcomed the SGX move, saying it had been in discussion with SGX
RegCo on this matter, adds Reuters.

                         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
March 23, 2018, 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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AMISHA STEELS: CRISIL Reaffirms B Rating on INR5.5MM Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
bank loan facility of Amisha Steels Private Limited (ASPL).

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

The rating reflects the company's weak financial risk profile and
small scale of operations. These weaknesses are partially offset
by the extensive experience of the promoters in the steel trading
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Networth was small at INR2.74
crore as on March 31, 2017. Debt protection metrics were muted,
as reflected in interest coverage and net cash accrual to total
debt of 1.2 time and 0.03 time, respectively, in fiscal 2017.

* Small scale of operations: Despite being in the business for
over 10 years, scale of operations remains modest, as reflected
in revenue of INR59.76 crore in fiscal 2017. The iron and steel
trading segment is marked by the presence of a few large players
and numerous unorganised players, which leads to intense
competition and constrains scale.

Strength

* Promoters' extensive experience in the iron and steel trading
segment: Promoters' experience of nearly 10 years has helped
establish healthy relationships with customers, and set up a
strong procurement network.

Outlook: Stable

CRISIL believes ASPL will continue to benefit over the medium
term from its promoters' extensive experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if significant increase in operating income
or improvement in capital structure, most likely due to infusion
of funds by the promoters, strengthens credit metrics. The
outlook may be revised to 'Negative' if decline in operating
income, or a stretch in working capital cycle constrains
financial risk profile.

Established in 2004 and based in Mandi Gobindgarh (Punjab), ASPL
is promoted by Mr. Amit Kumar Agarwal and Mr. Sumit Kumar
Agarwal. It trades in iron and steel products, including billets,
slabs, and thermo-mechanically treated bars and angles.


BHAVANI CONST: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhavani
Constructions' (BC) 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 BB+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is as follows:

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

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

COMPANY PROFILE

Established in 1998, BC is a partnership firm engaged in
engineering, procurement and construction works, especially
roads.


BINANI CEMENT: Operational Creditors Reject Dalmia's Offer
----------------------------------------------------------
BloombergQuint reports that the ongoing Binani Cement insolvency
case has taken a new twist with the operational creditors of the
debt-ridden firm terming the Dalmia Bharat offer for their
outstanding dues as "pittance" and rejecting it outright, vowing
to fight "tooth-and-nail".

"The operational creditors dues, in reality, are over INR700
crore. The total amount due to the OCs has been wrongly verified
by the resolution professionals as INR503.37 crore of which
Dalmia offers to pay just INR151 crore," Binani Operational
Creditors Forum spokesperson Siddharth Tibrewal said in a
statement, the report relays.

The National Company Law Tribunal is slated to hear the case
today, April 9, BloombergQuint says.

"The entire Dalmia package is a cruel joke on us as most of us
have patiently waited and worked with Binani to bring it to the
stage of ongoing concern from its bankruptcy," Tibrewal, as cited
by BloombergQuint, added.

According to the report, Binani Cement owes about INR7,000 crore
to both financial and operational creditors. Even though Dalmia
Bharat, with its offer of INR6,500 crore, had been voted as the
highest bidder by lenders, things took a different turn when
Binani Industries approached UltraTech to buy out its stake in
Binani Cement for INR7,266 crore, which was UltraTech's increased
offer for the asset and involved a 100 percent payout to both
secured and unsecured lenders, the report says.

BloombergQuint relates that Tibrewal said that the Dalmia Bharat
has come to the conclusion that 98 percent of the OCs or trade
creditors have dues of under INR1 crore for whom the company
offers full payment. For those whose dues are between INR1 crore
and INR5 crore, the proposed settlement amount is 40 percent, for
dues between INR5 crore and INR10 crore, it is 25 percent, and
for more than INR10 crore dues, the settlement amount offered is
just 5 percent.

"We are aghast to see some of the provisions of the so-called
settlement by Dalmia. They are outrageous to say the least," he
said and accused Dalmia and the CoC working hand-in-glove to the
detriment of OCs' interest, the report relays.

A group of OCs has already moved an intervention petition at the
NCLT accusing the RP of ignoring their interest and seeking their
involvement in the settlement proceedings, BloombergQuint notes.

BloombergQuint relates that Tibrewal said Dalmia has categorised
the OCs as critical and non-critical. Those who are related to
Binani are treated as non-critical and will get a nil amount,
while those who are key to Binani business viability with whom
the company may continue to have dealings are termed as critical,
it added.

Tibrewal vowed to fight till they get justice. "We are not asking
for any charity, we want our rightful dues. We have full faith in
the judiciary and we look forward to justice," he added, adds
BloombergQuint.


                       About Binani Cement

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

On July 25, 207, the Kolkota bench of the National Company Law
Tribunal (NCLT) admitted an insolvency petition against Binani
Cement.

Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process.

The company owes a consortium of lenders close to INR3,042.93
crore. Edelweiss ARC, which has bought over a chunk of the debt
from bankers, is now the leader of the consortium.


BURNPUR CEMENT: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Burnpur
Cement Ltd (BCL) for obtaining information through letters and
emails dated January 19, 2018, and February 15, 2018, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit          13.7       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit      1         CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)
   Proposed Bank
   Guarantee             1.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)
   Proposed Cash
   Credit Limit         11.3       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)
   Proposed Letter
   of Credit             5.0       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan           125.0       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 BCL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
BCL is consistent with Scenario 2 outlined in the 'Framework for
Assessing Consistency of Information' with CRISIL BBB' category
or lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of BCL to 'CRISIL D/CRISIL D/Issuer not cooperating'.

BCL was set up in 1986 as a private limited company, Ashoka
Concrete and Allied Industries Pvt Ltd, by late Mr. Ramawatar
Gutgutia and his son, Mr. Ashok Gutgutia. It was reconstituted as
a limited company with the current name in 2001. It manufactures
portland blast furnace slag cement.


C. ESWARA: CRISIL Migrates B- Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with C. Eswara
Reddy and Company (CERC) for obtaining information through
letters and emails dated November 9, 2017 and January 17, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        7.5        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Overdraft             2.0        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan             0.85       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of C. Eswara Reddy and Company to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

CERC was set up in 1994 by Mr. C Eswara Reddy and his family
members. The firm constructs roads, and caters to government
entities in Andhra Pradesh (AP) and Telangana. It is based in
Hyderabad.


COIRFOAM INDIA: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Coirfoam India
Private Limited's (CIPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are
given below:

-- INR70 mil. Fund-based working capital affirmed with IND BB-/
    Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based working capital affirmed with
    IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CIPL's continued medium scale of
operations, volatile margins and weak credit metrics due to
intense competition in the industry and raw material price
volatility. Revenue grew to INR563 million (FY16: INR477 million)
on account of an increase in demand for the company's products.
Net leverage (adjusted net debt/operating EBITDAR) increased to
6.50x in FY17 (FY16: 3.96x) and interest cover (operating
EBITDA/gross interest expense) declined to 1.34x (1.70x) due to
an increase in debt. The operating EBITDA margin fell to 4.4% in
FY17 from 5.32% in FY16 on account of the inability of the
company to completely pass on increases in raw material prices.

The ratings factor in CIPL's tight liquidity position as evident
from its 97% average utilization of the working capital limits
for the 12 months ended February 2018.

The ratings, however, are supported by CIPL's established network
of around 85 dealers across India and established brand name -
Corfom. The ratings are further supported by the 40 years of
track record of the company and 20 years of experience of its
present directors in manufacturing mattresses.

RATING SENSITIVITIES

Negative: Sustained deterioration in the credit metrics shall
lead to a negative rating action.

Positive: A sustained improvement in the revenue and credit
metrics shall be positive for the ratings.

COMPANY PROFILE

CIPL was incorporated in 1978 as a partnership firm by the
Agarwal family. In 1997, CIPL was taken over by Mr. Inderjeet
Singh Khurana, Mr. Sukhdeep Singh Khurana, Mr. Pankaj Agarwal and
Mr. Jagdish Prasad Agarwal. The company manufactures coir and
spring mattresses at its 2,800tpa manufacturing facility located
in Faridabad (Haryana). The company is also engaged in trading of
home furnishing items such as pillows, cushions and blankets.


CHAUHAN POULTRY: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Chauhan
Poultry Farm (CPF) for obtaining information through letters and
emails dated February 21, 2018 and February 26, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          3.25       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term   1.00       CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan            5.75       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)


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

Detailed Rationale

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

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

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

CPF, set up as a partnership firm in 1990s, manages a poultry
farm in Yamuna Nagar (Haryana) with a capacity of 1,80,000 egg-
laying birds. The firm is promoted by Mr. Mansingh.


CIMECHEL ELECTRIC: Ind-Ra Migrates BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Cimechel
Electric Company's (CEC) 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 BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR180 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR350 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating;

-- INR70 mil. Proposed-fund-based limits migrated to Non-
    Cooperating Category with Provisional IND BB-(ISSUER NOT
    COOPERATING) rating; and

-- INR100 mil. Proposed non-fund-based limits migrated to Non-
    Cooperating Category with Provisional IND A4+(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

CEC was incorporated in October 1992 as a partnership entity. CEC
is a licensed contractor for Central Railways in Maharashtra. The
firm undertakes overhead electrification activities and other
electrical activities on a tender basis.


DECCAN METAL: CRISIL Assigns 'B' Rating to INR15MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facility of Deccan Metal Profilers Private Limited (DMPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            15        CRISIL B/Stable (Assigned)

The rating reflects on the firm's below average financial risk
profile and susceptibility of the company to volatility in steel
prices and downturn in end user industry and geographical
concentration. These rating weaknesses are partially offset by
its moderate scale of operation supported by promoter's extensive
experience in steel trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below average financial risk profile: DMPPL's net worth is low
at around INR3.3 cr as on March 2017, which is expected to
improve to about INR3.5 - INR4 cr in the near term on account of
low accretion to reserves. The firm had an high gearing of around
7 times as on March 31, 2017, which is expected to improve backed
by improvement in net worth and will remain in the range of 5 - 6
times in the near term. DMPPL's debt protection metrics are
average with interest coverage ratio of 1.26 times as on March
31, 2017, due to working capital intensive operations. CRISIL
believes that DMPPL's debt protection metrics will remain at
similar levels over the medium term.

* Susceptibility to volatility in steel prices and downturn in
end user industry: The company's revenue and profitability have
strong linkages to the overall economic growth and demand in the
construction and real estate sector. The real estate sector is
cyclical in nature and depends on the economic cycle. CRISIL
believes that the firm will be susceptible to the volatility in
steel prices and end user industry.

* Geographical and end-user industry concentration: DMPPL earns
almost its entire revenue through sale in South India. This
exposes the firm's revenue and profitability to risks related to
geographical concentration. The steel industry is inherently
vulnerable to economic cycles. CRISIL believes that geographical
concentration in DMPPL's revenue exposes the firm to risk of
slowdown in revenue due to adverse demand.

Strengths:

* Moderate scale of operation supported by promoter's extensive
experience in steel trading industry: The promoters of DMPPL have
been in the steel industry for more than two decades. Its
managing directors, Mr. A S Shahajahan and Ms Sareena have vast
experience in the steel industry. The promoters' experience in
the industry has helped the firm establish strong relationship
with its suppliers and customers, which has aided the firm to
ramp up its scale of operations.

Outlook: Stable

CRISIL believes that DMPPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to Positive in case there is significant and
sustained improvement in firm's revenues and profitability
leading to higher cash accruals. Conversely the outlook may be
revised to negative if there is significant deterioration in the
firm's financial risk profile and liquidity due to lower than
expected cash accruals Or elongation of working capital cycle.

DMPPL was incorporated in the year 2013 by its promoter Mr. A S
Shahajahan. The firm is engaged in manufacturing and trading of
roofings and ceiling panels and rolling shutters and pipes. The
company is based out of Kochi, Kerala.


DELCO INFRASTRUCTURE: Ind-Ra Lowers Long Term Issuer Rating to D
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Delco
Infrastructure Projects Limited's (DIPL) Long-Term Issuer Rating
to 'IND D' from 'IND BB'. Simultaneously, Ind-Ra has reassigned
DIPL a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The instrument-wise rating actions are as follows:

-- INR50 mil. Fund-based working capital facilities downgraded
    and reassigned with IND B+/Stable/IND A4* rating; and

-- INR130 mil. Non-fund-based working capital facilities
    downgraded and reassigned with IND A4# rating.

* Reassigned 'IND B+'/Stable/'IND A4' after being downgraded to
'IND D'

* Reassigned 'IND A4' after being downgraded to 'IND D'

KEY RATING DRIVERS

The downgrade reflects instances of overutilization of the fund-
based limits by DIPL for more than 30 days during August-
September 2017 due to a stressed liquidity position.

The reassignment of the 'IND B+' Long-Term Issuer Rating reflects
DIPL's utilization of its fund-based working capital facilities
within the sanctioned limits during October 2017-February 2018
due to an improvement in the collection process. However,
liquidity remains tight, indicated by an average working capital
facility utilization of 99% for the 12 months ended February
2018.

The ratings reflect DIPL's medium scale of operations along with
high geographical concentration of order book. Revenue declined
to INR338 million in FY17 from INR402 million in FY16 due to a
slowdown in work order execution because of demonetization. As of
February 2018, DIPL had an order book of INR1,389.35 million
(4.1x the FY17 revenue). It achieved a turnover of INR300 million
as of January 2018.

The ratings factor in DIPL's weak credit metrics, due to high
debt. In FY17, interest coverage (operating EBITDA/gross interest
expense) deteriorated to 1.8x (FY16: 2.3x) and net leverage
(debt/operating EBTIDA) marginally increased to 2.6x (2.0x) on
account of the additional debt availed and an increase in
interest expenses.

The ratings, however, are supported by a comfortable EBITDA
margin, which were in the range of 9.3%-12% during FY14-FY17.
Margins rose to 11.8% in FY17 (FY16: 9.3%) on account of a
reduction in employee costs and other expenses.

The ratings, however, are supported by the promoter's experience
of more than a decade in the engineering procurement construction
segment.

RATING SENSITIVITIES

Negative: A decline in top line and EBITDA margin leading to
deterioration in the credit metrics on a sustained basis or
further stress in liquidity will be negative for the ratings.

Positive: A rise in top line and EBITDA margin leading to an
improvement in the credit metrics on a sustained basis or an
improvement in liquidity will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2006, DIPL is an engineering procurement
construction contractor, engaged in executing government
projects. The company undertakes civil construction of road,
bridges, railway and building construction. DIPL operates in
Bihar and New Delhi.


EROS MOTORS: CRISIL Withdraws B Rating on INR14MM Loan
------------------------------------------------------
CRISIL Ratings has been consistently following up with Eros
Motors Private Limited (EMPL) 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
   ----------        ---------      -------
   Bank Guarantee         2         CRISIL A4/Issuer Not
                                    Cooperating (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Cash Credit            4         CRISIL B/Stable/Issuer Not
                                    Cooperating (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Inventory Funding
   Facility              14         CRISIL B/Stable/Issuer Not
                                    Cooperating (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Long Term Loan         1.71      CRISIL B/Stable/Issuer Not
                                    Cooperating (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 EMPL. This restricts CRISIL's
ability to take a forward EMPL 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 EMPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

EMPL, incorporated in 1999, was promoted by the late Mr. N P
Pande and is presently managed by Mr. Anuj Pande. The company is
based in Nagpur, Maharashtra, and deals in commercial vehicles,
passenger cars, and tractors. It is the authorised dealer of
Hyundai Motor India Ltd's passenger cars, SML Isuzu's commercial
vehicles, and Piaggio's three- and four-wheel light commercial
vehicles. In July 2010, EMPL became an authorised distributor of
Mahindra & Mahindra Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+')
tractors in Vidarbha (excluding Nagpur, Yavatmal, Amravati, and
Chandrapur).


GREEN ENVIRONMENT: CRISIL Withdraws B+ Rating on INR18.15MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with The Green
Environment Services Co-Operative Society Limited (GES) for
obtaining information through letters and emails dated April 18,
2017, and May 9, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                    Amount
   Facilities      (INR Mln)      Ratings
   ----------      ---------      -------
   Term Loan          18.15       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 GES. This restricts CRISIL's
ability to take a forward GES 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 GES
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

GES was established in 1992. The society is located at Vatva GIDC
in Ahmedabad and operates a CETP. Its present chairman is Mr.
Shankerbhai Patel.


HEENA ENTERPRISES: Ind-Ra Affirms BB- LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Heena
Enterprises' (Heena) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating action is as
follows:

-- INR180 mil. (reduced from INR260 mil.) Fund-based working
    capital limit affirmed IND BB-/Stable/IND A4+ rating; and

-- INR100 mil. Proposed fund-based working capital limit
    withdrawn (issuer did not proceed with the instrument as
    envisaged) and the rating is withdrawn.

KEY RATING DRIVERS

The affirmation reflects Heena's modest credit profile, albeit
improved from a weak level in FY16. In FY17, revenue declined to
INR1,617 million (FY16: INR1,808 million) on account of
sluggishness in the real estate and construction sectors. Ind-Ra
expects revenue to decline further in FY18, as a portion of
business from JSW Steel Limited ('IND AA-'/Negative) will be
executed by a newly floated firm, Heena Steel LLP. Heena's EBITDA
margin improved to 3.3% in FY17 (FY16: 1.5%), primarily driven by
an upward revision in the prices of products. According to
financials for 11MFY18, revenue was INR1,119 million and EBITDA
margin was 2.6%.

Meanwhile, in FY17, interest coverage (operating EBITDA/gross
interest expense) was 1.9x (FY16: 1.3x) and net leverage (net
adjusted debt/operating EBITDAR) was 4.3x (9.6x). The improvement
in the credit metrics was driven by an increase in absolute
EBITDA (FY17: INR53 million; FY16: INR26 million).

The ratings are constrained by the proprietorship nature of
business.

The ratings, however, continue to be supported by a comfortable
liquidity and extensive promoter experience of more than five
decades in the steel and iron trading business. Its average
maximum fund-based working capital limit utilization was 76.8%
for the 12 months ended February 2018. Its net working capital
cycle was modest at 67 days in FY17 (FY16: 67 days).

RATING SENSITIVITIES

Negative: Any deterioration in EBITDA margin and credit metrics
could be negative for the ratings.

Positive: A significant increase in revenue and EBITDA margin
leading to an improvement in the credit metrics on a sustained
basis could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1977, Heena is engaged in the trading of iron and
steel products. Over 95% of its revenue is derived from the
trading of steel products. It is the authorized dealer for
reputed steel manufactures such as Rashtriya Ispat Nigam Limited
('IND A-'/Negative) and Steel Authority of India Limited ('IND
AA-'/Negative) in Maharashtra.


HEMRAJ DEVKARANDAS: Ind-Ra Assigns 'B' LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hemraj
Devkarandas Metals and Minerals Limited (HDMML) a Long-Term
Issuer Rating of 'IND B'. The Outlook is Stable. The instrument-
wise rating actions are given below:

-- INR85 mil. Fund-based facilities assigned with IND B/Stable/
    IND A4 rating;

-- INR60 mil. Non-fund-based facilities assigned IND A4 rating;
    and

-- INR52 mil. Proposed fund-based facilities* assigned with
    Provisional INDB/Stable/Provisional IND A4 rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by HDMML to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect HDMML's modest scale of operations, thin
EBITDA margins and weak credit metrics attributed to the trading
nature of business along with high dependence on external debt.
Revenue grew to INR984 million in FY17 (FY16: INR441 million)
owing to an improvement in demand for steel products, leading to
an increase in orders. The demand for steel products is derived
from infrastructure, power, engineering, auto components and
capital goods sectors. Therefore, a slowdown in these industries
may impact the company's revenue. HDMML achieved a turnover of
INR400 million in 9MFY18.

EBITDA margins declined to 2.1% in FY17 (FY16: 3.2%) on account
of an increase in the cost of goods sold. Net leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 8.79x in
FY17 (FY16: 6.79x) owing to an increase in total debt. However,
EBITDA interest coverage (operating EBITDA/gross interest
expense) improved to 1.20x in FY17 (FY16: 1.07x) on account of
the increase in the absolute EBITDA.

The ratings are also constrained by the company's tight liquidity
position as indicated by near full utilization of its fund-based
facilities due to the working capital intensive nature of the
business.

However, the ratings are supported by the promoters' experience
of over a decade in the steel sector, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Deterioration in the liquidity position will be
negative for the ratings.

Positive: An improvement in the liquidity position will be
positive for the ratings.

COMPANY PROFILE

Incorporated in October 2012, HDMML is a closely held public
limited engaged in the trading of steel products such as thermo-
mechanically treated bars, angles, T angles, channels, rounds,
square bars, Z sections, gate channels, joists - I beams, mild
steel flat and rails in the long product category and hot-rolled
sheets, hot-rolled plates, cold-rolled sheets, strips, mild steel
plates, coils and mild steel slabs in the flat product category.


HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Himachal Aluminium and Conductors at 'CRISIL B+/Stable/CRISIL
A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2         CRISIL A4 (Reaffirmed)
   Cash Credit           5         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect its modest scale of and working
capital-intensive operations, susceptibility of profitability to
tender-driven business, and weak financial risk profile because
of subdued debt protection metrics. These weaknesses are
partially offset by the extensive experience of its promoters in
the electrical component and equipment industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of and working capital-intensive operations: With
revenue of INR22.87 crore in fiscal 2017, scale remains modest
due to intense competition and tender-driven business.
Furthermore, operations are working capital-intensive, reflected
in gross current assets of 156 days as on March 31, 2017, because
of inventory and receivables of 63 days and 76 days,
respectively.

* Below-average financial risk profile: As on March 31, 2017,
networth was small at INR3.31 crore and moderately high gearing
at 1.19 times. Debt protection metrics were also weak, with
interest coverage and net cash accrual to total debt ratios of
1.22 times and 0.03 time, respectively, in fiscal 2017.

Strength

* Extensive experience of promoters: Presence of around two
decades in the electrical component and equipment industry has
enabled the promoters to maintain healthy relationship with
suppliers and customers, mainly state electricity boards.

Outlook: Stable

CRISIL believes HAC will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if significant ramp up in operations, stable
profitability, and prudent working capital management
considerably enhances cash accrual and strengthens financial risk
profile. The outlook may be revised to 'Negative' if any large
capital expenditure, or deterioration in operating margin or
working capital management further weakens financial risk
profile, particularly liquidity.

Set up in 2009 as a partnership firm by Mr. Kunal Gupta and Mr.
Vinod Mahajan, HAC manufactures aluminium conductors and
polyvinyl chloride cables at its plants in Mohtli, Himachal
Pradesh.


INDORE TABLE: Ind-Ra Maintains 'B' Rating in Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indore Table
Tennis Trust's bank facilities 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 continue to appear as
'IND B(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are as follows:

-- INR72.2 mil. Term loans due on April 2019 maintained in Non-
    Cooperating Category with IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR0.54 mil. Working Capital Facility maintained in Non-
    Cooperating Category with IND B(ISSUER NOT COOPERATING)
    Rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
March 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

ITTT was formed in December 1994. It runs the Abhay Prashal
Sports Club, which provides table tennis and other indoor game
facilities. It also has a swimming pool, banquet halls and an
upcoming auditorium. The trust recently began accepting members
and is working on expanding its facilities.


KSC ENGINEERS: Ind-Ra Affirms BB+ LT Rating on INR80.40MM Limits
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KSC Engineers
Private Limited's (KSC) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable. The instrument-wise rating action is as
follows:

-- INR80.40 mil. Fund-based limit affirmed with IND BB+/Stable/
    IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects KSC's continued small scale of
operations as indicated by revenue of INR278.08 million in FY17
(FY16: INR 329.55 million). The fall in revenue was on account of
a shift in the company's focus to high-margin customers from
lower margin customers.

The ratings, however, are supported by the company's improving
EBITDA margin and sustained strong credit metrics. EBITDA margin
expanded to 12.51% in FY17 (FY16: 10.06%, FY15: 8.11%) on account
of a decline in raw material prices. Consequently, gross interest
coverage (operating EBITDA/gross interest expense) improved to
10.54x in FY17 (FY16: 8.72x) and net financial leverage (adjusted
net debt/operating EBITDA) to 1.57x (1.96x).

The ratings are further supported by KSC's established
operational track record of over 30 years, three decades of its
directors' experience in the auto component manufacturing
business and comfortable liquidity position indicated by 71%
average utilization of the working capital limits during the 12
months ended February 2018.

RATING SENSITIVITIES

Negative: A substantial dip in the EBITDA margin on a sustained
basis leading to weak credit metrics will be negative for the
ratings.

Positive: A significant improvement in revenue on a sustained
basis while maintaining the credit metrics will be positive for
the ratings.

COMPANY PROFILE

Incorporated as a private limited company in 1985, KSC
manufactures auto components such as fasteners, sheet metal
components, brake and clutch parts, auto electric parts at its
factory in Noida, Uttar Pradesh. KSC supplies to the overseas
markets of Africa, Latin America, the Far East, and the Middle
East, among others.


LAVISH EXIM: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lavish Exim
Private Limited's (LEPL) bank loans' 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
continue to appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is as
follows:

-- INR51.5 mil. Term loans (Long-term) due on March 2019
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated on December 23, 2005, LEPL was previously engaged in
import and export of all kinds of goods. The company operates an
international school under the name Greater Noida World School,
in Greater Noida Uttar Pradesh since FY14. It is a K-5 school
having 750 students. The company is in the process of changing
its objective and getting itself registered under section 8 of
the Companies Act 2013.


LAXMI RICE: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Laxmi Rice Mill
(LRM) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The instrument-wise rating actions are given below:

-- INR65.0 mil. Fund-based working capital facility assigned
    with IND BB-/Stable/IND A4+ rating; and

-- INR20.09 mil. Term loan due on March 31, 2021 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect LRM's medium scale of operations, weak credit
metrics and low EBITDA margin owing to intense competition in the
rice industry. In FY17, revenue declined to INR845.16 million
(FY16: INR872.61 million). The EBITDA margin fell marginally to
2.73% in FY17 (FY16: 2.76%) on account of an increase in raw
material and manufacturing costs. However, interest coverage
(operating EBITDA/gross interest expense) improved to 1.45x in
FY17 (FY16: 1.43x) and net leverage (total adjusted
debt/operating EBITDAR) to 5.40x (FY16:5.86x) on account of a
reduction in debt and the consequent decline in interest expense.

The ratings are constrained by the partnership nature of the
firm.

The ratings factor in the company's modest liquidity position as
reflected from the 94% utilization of its cash credit limits
during the 12 months ended March 2018.

However, the ratings are supported by the firm's promoters' more
than two decades of experience in the rice milling business.

RATING SENSITIVITIES

Negative: A further decline in the revenue or deterioration in
the EBITDA margin, leading to further weakening of the credit
metrics on a sustained basis will be negative for the ratings.

Positive: An increase in the revenue or EBITDA margin leading to
an improvement in the credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Established as a partnership firm in 2002, LRM mills non-basmati
rice. The firm's facilities are located in Maharajganj, Uttar
Pradesh with an installed milling capacity of 12 tons per hour.


MANJEET FIBERS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Manjeet Fibers
Private Limited's (MFPL) 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 BB+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR380 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB+(ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) ratings;

-- INR81.1 mil. Term loan due on March 2019 to July 2021
    migrated to Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR120 mil. Proposed-fund-based limits migrated to Non-
    Cooperating Category with Provisional IND BB+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 13, 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 June 2012, MFPL is engaged in agro-processing,
ginning and pressing of cotton, and allied activities. Its annual
installed capacity for processing raw cotton is 1152,000
quintals.


MANTILAL UMRAOMAL: Ind-Ra Migrates BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mantilal
Umraomal's (MUL) 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 BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is as follows:

-- INR50 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB-(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 22, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MUL was incorporated in 2010 as a proprietorship firm by Bharat
Dilshukbhai Agarwal. The entity is operating as a distributor of
Samsung mobile handsets and accessories in Banaskantha District,
Gujrat. Also, MUL is engaged in the trading of castor seeds,
guar, cement and LPG.


MEGA AUTOMOBILES: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Mega
Automobiles Pvt Ltd (MAPL) for obtaining information through
letters and emails dated February 14, 2018 and February 19, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft             9.5       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     .5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan             1.07      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Incorporated in July 1995, MAPL is an authorised dealer of
passenger vehicles and light commercial vehicles of M&M in
Ankleshwar (Gujarat). The company is promoted by Mr. Sallauddin
Baig and his family members.


MILLENIUM MARBLE: Ind-Ra Affirms BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Millenium Marble
Private Limited's (MMPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating action is as
follows:

-- INR80 mil. Fund-based facilities affirmed IND BB-/Stable/
    IND A4+ rating; and

-- INR20 mil.Non-fund-based facilities affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects MMPL's continued small scale of
operations, thin operating margins and weak credit metrics as the
company operates in the highly competitive marble industry and
because of the trading nature of business. Revenue declined to
INR387 million in FY17 (FY16: INR416 million) on account of a
lower number of orders received and executed due to
demonetization and competition. The firm achieved a turnover of
INR394.2 million in 11MFY18. Operating profitability was stable
at 1.9% in FY17 (FY16: 2.0%).

Interest coverage (operating EBITDA/gross interest expense)
improved to 1.26x in FY17 (FY16: 1.24x) and net leverage (total
adjusted net debt/operating EBITDA) to 7.38x (13.98x) on account
of a reduction in net debt.

However, the ratings continue to benefit from MMPL's comfortable
liquidity position with 75.7% average utilization of its working
capital limits during the 12 months ended February 2018. Working
capital cycle improved to 88 days in FY17 (FY16: 136 days) on
account of an improvement in receivable and inventory days.

The ratings remain supported by MMPL's promoters' more than two
decades of experience in the trading of polished marbles.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
profitability margins, leading to an improvement in the credit
metrics on a sustained basis would be positive for the ratings.

Negative: Any deterioration in the EBITDA margins and credit
metrics on a sustained basis would be negative for the ratings.

COMPANY PROFILE

Incorporated in 1999, MMPL imports polished marble from Europe
and the Middle East and sells in the domestic market.


NYKA STEELS: CRISIL Lowers Rating on INR20MM Cash Loan to B
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Nyka Steels Private Limited (NSPL) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            20        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit       20        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects deterioration in NSPL's operating
performance, indicated by operating and cash losses in fiscal
2017, and expected subdued performance in fiscal 2018. Revenue
and operating margin were at INR251 crore and negative 0.2
percent, respectively, in fiscal 2017, against INR273 crore and
3.4 percent, respectively, in fiscal 2016. Revenue growth and
profit are expected to be modest in fiscal 2018. Weak operating
performance adversely affected financial risk profile, with
gearing deteriorating to 2.21 times as on March 31, 2017, from
1.85 times a year earlier. Debt protecting metrics remained
supressed in fiscal 2017. Improvement in profitability remains
critical.

The ratings reflect NSPL's below-average financial risk profile,
driven by weak capital structure, and large working capital
requirement in the intensely competitive and highly fragmented
steel industry. These weaknesses are partially offset by the
extensive experience of the promoters in the steel long-products
industry.

Analytical Approach

Unsecured loans of INR4.45 crore as on March 31, 2017, have been
treated as neither debt nor equity as the loans have nominal
interest rate and are expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The financial risk
profile is constrained by high gearing and total outside
liabilities to tangible networth ratio, and subdued debt
protection metrics.

* Low profitability: Operating margin was low in the four fiscals
through 2017. The company reported operating loss in fiscal 2017
due to low bargaining power with customers, increasing
competition, and price volatility.

* Large working capital requirement: Gross current assets were
over 180 days over the four fiscals through 2017, due to
substantial receivables of 120-130 days and inventory of 30-50
days.

Strength

* Extensive experience of the promoters in the steel industry:
NSPL's promoters, members of the Siddiqui family, have been in
the steel industry for more than a decade. The promoters have
established manufacturing facilities and strengthened
marketing/distribution network. Their extensive industry
experience and established relationships with suppliers and
customers across the country have helped the company achieve
moderate scale of operations.

Outlook: Stable

CRISIL believes NSPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if substantial improvement in profitability leads to
large cash accrual and a better financial risk profile. The
outlook may be revised to 'Negative' if deterioration in
operating performance weakens liquidity and financial risk
profile.

NSPL, incorporated in 1995, is promoted by Mr. Suhail Siddiqui
and his brothers Mr. Sarfaraz Siddiqui and Mr. Asif Siddiqui. The
company manufactures mild steel pipes. It is a part of the Nyka
group, which includes Nyka Engineering Company and Moon Ispat
Industries Ltd (Moon Ispat). Moon Ispat undertakes job work for
NSPL.


PRACHI PRIVATE: Ind-Ra Assigns BB- LT Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prachi (India)
Private Limited (PIPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are
given below:

-- INR30 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating;

-- INR150 mil. Fund-based working capital limit assigned with
    IND BB-/Stable/IND A4+ rating;

-- INR26.58 mil. Term loan due on October 28, 2023 assigned with
    IND BB-/Stable rating;

-- INR4.38 mil. Term loan due on October 28, 2021 assigned with
    IND BB-/Stable rating; and

-- INR170 mil. Proposed term loan* due on March 2024 assigned
    with Provisional IND BB-/Stable rating.

*The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by PIPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect PIPL's medium scale of operations, thin
operating margins and weak credit metrics because of competition,
limited value addition and working capital intensity in the
business.

Revenue grew 9% yoy in FY17 to INR782 million because of
increased demand for the company's product. EBITDA margins were
in the range of 4.27%-4.84% during FY15-FY17. Interest coverage
(operating EBITDAR/gross interest expense + rents) was low at
1.32x in FY17 (FY16: 1.44x) and net leverage (adjusted net
debt/operating EBITDAR) was high at 8.53x (6.58x).

Furthermore, the company's liquidity position is stretched as
evident from its cash credit utilization of around 92% during the
12 months ended February 2018 and a long working capital cycle of
around 140 days in FY17.

The company is planning to set up a plant in Kundli, Haryana for
printing and binding and commercialize it from September 2019.
The total cost of project is INR400 million, out of which INR230
million will be funded through internal accruals or through
unsecured loans and rest INR170 million will be through a term
loan. This capex would increase the operating efficiency of the
company, and thus operating profitability over the medium term;
however, the credit metrics may deteriorate. The impact has
already been factored into the ratings.

The ratings are supported by more than two decades of experience
of PIPL's promoters in the publishing business and the company's
strong dealer and distributor network.

RATING SENSITIVITIES

Positive: An improvement in the top line and operating
profitability leading to an improvement in the credit metrics on
a sustained basis could lead to a positive rating action.

Negative: A decline in the revenue or profitability and a larger-
than-expected debt-funded capex, or delays in the installation of
the new plant leading to deterioration in the credit metrics and
further elongation in the company's working capital cycle, all on
a sustained basis, could lead to a negative rating action.

COMPANY PROFILE

Delhi-based PIPL was established in 1999 by Mr. Mukesh Tyagi, Mr.
Rakesh Tyagi and Mrs. Savitri Tyagi. The company is primarily
engaged in the distribution of text books, study material for
classes ranging from nursery to class 12. The company outsources
the activities related to printing, publishing and binding of
books.


REAL DAIRY: CRISIL Withdraws D Rating on INR18.5MM Term Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Real Dairy
Industries Pvt Ltd (RDIPL) for obtaining information through
letters and emails dated September 19, 2017 and November 6, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Term Loan            18.5      CRISIL D/Issuer Not
                                  Cooperating (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 RDIPL. This restricts CRISIL's
ability to take a forward RDIPL 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
RDIPL continues to be 'CRISIL D Issuer Not Cooperating'.

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

RDIPL, set up in 2011 by Mr. Manojkumar Tupe, has a milk
processing unit to manufacture value-added products such as
skimmed milk powder and ghee. The company has its unit at
Baramati (Maharashtra).


REGALIA JEWELS: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Regalia
Jewels Private Limited (RJPL) for obtaining information through
letters and emails dated February 21, 2018 and February 26, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

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

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

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

Established in 2006 and based in Delhi, RJPL, promoted by Mr.
Sumit Verma, manufactures and sells gold and diamond-studded
jewellery in the wholesale market. Its showroom is in Gurgaon
(Haryana).


RWL HEALTHWORLD: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RWL Healthworld
Limited's (RWL) bank facilities' to the non-cooperating category.
The issuer did not participate in the surveillance 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 D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are given below:

-- INR1,287.5 bil. Term loans (Long-term) due on June 2021
    migrated to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR250 mil. Working capital demand loans (Long-term) migrated
    to Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 31, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RWL is engaged in the retail business of buying and selling
pharmaceutical and wellness products. It operates 119 stores,
primarily across Delhi-National Capital Region, Maharashtra,
Karnataka, Rajasthan and Punjab. All stores are owned and
operated by RWL, and are taken on lease. In addition to
medicines, the company sells baby care, beauty care, health
supplements and personal care products


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

-- INR230 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB(ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed fund-based limits* migrated to Non-
    Cooperating Category with Provisional IND BB(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Established in 1983 in Bihar, Sagar Business is engaged in the
selling of steel products of other companies.


SESHSAYI FOODS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Seshsayi Foods
Pvt Ltd's (Seshsayi) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR300 mil. Fund-based working capital limits affirmed with
    IND BB+/Stable/IND A4+ rating;

-- INR121.4 mil. (reduced from INR171.1 mil.) Term loan due on
    February 2022 affirmed with IND BB+/Stable rating;

-- INR7.8 mil. Non-fund-based working capital limits affirmed
    with IND A4+ rating;

-- INR43.75 mil. Working capital term loan assigned with
    IND BB+/Stable rating; and

-- INR17.3 mil. Term loan due on September 2020 assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects continued modest credit profile as
indicated by revenue of INR 1,100.5 million in FY17 (FY16: INR
1,079.0 million; FY15: INR 909.5 million). As of 11MFY18, the
company achieved revenue of INR980 million. In FY17, net leverage
(Ind-Ra adjusted net debt/operating EBITDAR) improved to 3.4x
(FY16: 4.6x, FY15: 5.3x) and interest coverage (operating
EBITDA/gross interest expense) to 1.6x (1.3x, 1.2x) on account of
a reduction in debt and an improvement in EBITDA margin to 12.4%
(10.4%, 12%).

The ratings remain constrained by the company's tight liquidity
position with almost full utilization of the fund-based working
capital limits over the 12 months ended February 2018.

However, the ratings continue to be supported by the company's
three-decade-long established brand, Bambino under which it sells
its products.

RATING SENSITIVITIES

Negative: A decline in revenue and/or EBITDA margin leading to a
sustained deterioration in the credit metrics could lead to a
negative rating action.

Positive: A substantial growth in revenue and/or EBITDA margin
leading to a sustained improvement in the credit metrics will
lead to a positive rating action.

COMPANY PROFILE

Established in 1981, the company has a 35-ton per day vermicelli
manufacturing unit in Bhandara, Maharashtra and a 300-ton per day
wheat flour mill in Indore, Madhya Pradesh. Seshsayi sells its
products under the brand name Bambino in the branded vermicelli
market.


SHELADIA CONSTRUCTION: Ind-Ra Assigns BB Rating to INR175MM Loans
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R. Sheladia
Construction (RSC) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions is as
follows:

-- INR175 mil. Term loan due on September 2021 assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect a high off take risk, considering 24% of the
project has been booked. The firm has so far completed 76% of the
construction. RSC expects the booking to improve with the
completion of the project.

The ratings also reflect the partnership nature of the business.

The ratings, however, are supported by low execution and
financing risks. The firm has so far incurred 67% of the
estimated project cost of INR312 million, to be funded by term
loans of INR175 million, partners' contribution of INR50 million,
unsecured loans of INR40 million and customer advances of INR47
million. As on March 20, 2018, about INR88.8 million of term
loans, the entire partners' contribution and customer advances of
INR18.34 million had been received. Ind-Ra expects cash debt
service coverage ratio to be in the range of 1.5x-7.6x over the
project life.

The ratings are also supported by the partners' experience of
more than two decades in executing real estate projects through R
Sheladia Developers.

RATING SENSITIVITIES

Negative: Lower sales volume or realization from bookings than
Ind-Ra's expectations or significant time or cost overruns in the
project could result in negative rating action.

Positive: Fast bookings resulting in high customer advances and
timely project execution could result in a positive rating
action.

COMPANY PROFILE

Formed in 2015, RSC is a partnership firm. It is undertaking its
first real estate project, Patron, in Bodakdev, Ahmedabad
District, Gujarat. RSC is a part of a well-known developer in
Ahmedabad, R. Sheladia Developers. The project comprises
commercial shops and office spaces. The project construction
commenced on May 1, 2016 and is likely to be completed by
December 2018.


SHREE SIDHBALI: CRISIL Withdraws D Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Sidhbali Paper Mills Limited (SSPML) for obtaining information
through letters and emails dated January 20, 2017, and
February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        0.51       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Buyer's Credit        0.50       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Cash Credit          10.00       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Letter of Credit      0.50       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)
   Proposed Long Term
   Bank Loan Facility    4.14       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

   Term Loan             7.35       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Withdrawal)

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

Detailed Rationale

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

CRISIL has withdrawn its ratings on the bank facilities of SSPML
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

SSPML, incorporated in 2001, manufactures kraft paper, which is
used to manufacture corrugated boxes. It has its manufacturing
facility in Muzzafarnagar (Uttar Pradesh). The company is being
managed by Mr. Raghuraj Garg, Mr. Subash Chand, Mr. Mayur Garg
and Mr. Sumit Kumar Agarwal.


SHREE VISHWAKARMA: CRISIL Lowers Rating on INR6MM Overdraft to D
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Vishwakarma Cold Storage (SVCS) for obtaining information through
letters and emails dated February 8, 2017, and March 22, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative

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

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
has not received any information on either the financial
performance or strategic intent of SVCS. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL has downgraded its ratings on the bank
facilities of SVCS to 'CRISIL D/Issuer Not Cooperating' from
'CRISIL B/Stable/Issuer Not Cooperating'.

The downgrade reflects overdrawn of Overdraft limit since past
three months. The overdrawn is majorly because of interest not
being served.

SVCS is a partnership firm set up in 1998 by Mr. Chamanlal
Rugnathji, Mr. Velaji Rugnathji, Mr. Thanaji Shankarji, Mr.
Rugnathji Dharmaji, and Mr. Chunilal Haraji. The firm is based at
Deesa, Banaskantha (Gujarat). It trades in potatoes and also
provides a cold storage facility for potatoes with a capacity of
13,500 tonnes.


SINDHU CARGO: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sindhu Cargo
Services Private Limited (SCSPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are given below:

-- INR450 mil. Fund-based limits assigned with IND BB+/Stable
     rating;

-- INR20 mil. Non-fund-based limits assigned IND A4+ rating; and

-- INR530 mil. Proposed fund-based limits* assigned with
    Provisional IND BB+/Stable rating.

*The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SCSPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect SCSPL's modest credit profile. In FY17,
revenue grew to INR3,635 million (FY16: INR3,401 million) due to
addition of new branches, revision in pricing contracts with the
customers and stabilization of operations at its new facility.
Interest coverage (operating EBITDA/gross interest expense) was
stable at 1.6x in FY17 (FY16: 1.6x) net financial leverage (total
adjusted net debt/operating EBITDAR) was at 4.6x (4.6x).EBITDA
margin improved to 3.5% in FY17 (FY16:  3.0%) owing to a decline
in operating cost resulting from a fall in crude oil price.

The ratings are also constrained by SCSPL's near full utilization
of its working capital limits during the 12 months ended March
2018.

The ratings benefits from the SCSPL's strong geographical
presence across major sea ports and airports in India, large and
reputed customer base with longstanding relationships, and the
company's diversified revenue stream.

The ratings also draw support from the promoter's experience of
more than three decades in the logistics industry.

RATING SENSITIVITIES

Positive: Interest coverage increasing above 2.0x on a sustained
basis will be positive for the ratings.

Negative: Interest coverage reducing below 1.25x on a sustained
basis will be negative for the ratings.

COMPANY PROFILE

SCSPL was incorporated in 1987 as a partnership entity and was
converted into a private limited company in 1991. It provides
diversified logistic services such as custom clearing, freight
forwarding, transportation, warehousing, and supply chain
management, among others via air, water and land. It has offices
spread across 20 locations in all major ports, inland container
depots and airports across India.


SOHRAB SPINNING: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sohrab
Spinning Mills Limited (SSML) for obtaining information through
letters and emails dated February 21, 2018 and February 26,2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            16       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit        2       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      2       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              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 Sohrab Spinning Mills Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Sohrab Spinning Mills Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

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

Set up in 1989 by Mr. Amjad Ali, SSML manufactures industrial
yarn that finds application mainly in the tyre industry. The
remaining revenue is derived from manufacture of hosiery yarn.
The company has a manufacturing facility in Malerkotla, Punjab.


SREE DURGA: CRISIL Withdraws 'B' Rating on INR2MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sree Durga
Cashew Factory (SDCF) for obtaining information through letters
and emails dated February 8, 2017, and February 23, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                    Amount
   Facilities      (INR Mln)      Ratings
   ----------      ---------      -------
   Cash Credit           2        CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Packing Credit       14        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 SDCF. This restricts CRISIL's
ability to take a forward SDCF 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 SDCF
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

Set up in 1996, SDCF processes raw cashew nuts and exports cashew
kernels. Proprietor Mr. D Pradeep Kumar manages its operations.


SUSHILA INTERNATIONAL: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sushila
International (SI) for obtaining information through letters and
emails dated February 15, 2018 and February 21, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       3.5      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            2        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit        13        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility    10.13     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)


   Term Loan              1.37     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 Sushila International. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sushila International is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

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

SI, set up in 1980, manufactures fabric used for making shirts.
Its manufacturing facilities are in Tarapur, Maharashtra, and
operations are managed by Mr. Dinesh Arya and his family members.


TARINI INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR19MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-
term bank facilities of Tarini Infrastructure Limited (TIL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility       11        CRISIL D (Reaffirmed)

   Term Loan                19        CRISIL D (Reaffirmed)

The rating continues to reflect delays in servicing debt
obligation because of weak liquidity following cash flow
mismatch.

TIL is also exposed to hydrology risk inherent in the functioning
of hydro power projects; and has a modest scale of operations.
These weaknesses are partially offset by promoters' extensive
experience and high operating profitability.

Key Rating Drivers & Detailed Description

Weakness

* Delay in repayment of principal instalments: The company has
delayed servicing instalments on term debt on account of
stretched liquidity.

* Exposure to hydrology risk: TIL is exposed to hydrology risk as
flow in the Daman dam depends on annual rainfall. Also, the hydro
power plant cannot operate during floods and non-monsoon seasons
(May-June and December-January).

* Modest scale of operations: Scale has remained stagnant at just
over INR10 crore for the four fiscals through 2017.

Strength

* Extensive experience of promoters: The company's promoters have
been implementing hydro power projects for over two decades.

Incorporated in 2005 and promoted by Mr. Vellore Subramaniyan
Suresh and Mr. V Chandrashekhar, TIL generates hydropower through
two small plants, Daman I and Daman II, with capacity of 3.00
megawatt (MW) and 2.65 MW, respectively.


TORQUE COMMERCIAL: Ind-Ra Assigns B+ LT Rating to INR150MM Limits
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Torque
Commercial Vehicles Pvt. Ltd. (TCVPL) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable. The instrument-wise rating
action is as follows:

-- INR150 mil. Fund-based working capital limits assigned with
    IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect TCVPL's small scale of operations, weak
EBITDA margin and weak credit metrics due to the trading nature
of business. In FY17, the revenue was INR264 million (FY16: INR93
million), the EBITDA margin was 3.29% (1.47%), interest coverage
was 1.16x (0.8x) and net leverage was 9.41x (13.81x). The top
line increased due to geographical diversification; the EBITDA
margins improved due to a reduction in companies overhead
expenses; the credit metrics improved due to an increase in
operating profit. Ind-Ra expects the scale of operations to
improve further in FY18 in view of an increase in the number of
showrooms to five from three during FY17 and the 10MFY18 revenue
figure of INR465.97 million.

The ratings also reflect the modest liquidity of the company,
with its 85.18% average utilization of the fund based facilities
for the three months ended March 2018. TCVPL has started using
the fund-based facilities from the month of January 2018.

The ratings are supported by TCVPL being the sole dealer of ISUZU
Motors India Pvt Ltd in Gujrat and the company's promoters over
15 years of experience in the automobile industry.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to a decline in
the credit metrics on a sustained basis could lead to a negative
rating action.

Positive: An improvement in the revenue and profitability leading
to better credit metrics on a sustained basis could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in December 2014 and based out of Ahmedabad Gujarat,
TCVPl is an authorized dealer of commercial vehicles of Isuzu
motors. The directors of the company are Mr. Kuren M. Amin and
Mr. Rupen Mayur Mody.


V3 KNITTING: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with V3
Knitting Co. (V3) for obtaining information through letters and
emails dated February 15, 2018 and February 21, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Rupee Term Loan       5.75       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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


Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of V3 Knitting Co., which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
V3 Knitting Co. is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of V3 Knitting Co. to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in March 2014, V3 has set-up 3 knitting machines of
total annual installed capacity of 15 lakh meters of fabric per
annum at Surat (Gujarat). The firm is promoted by Surat based
three partner, Mr. Rajiv Bhatia,  Mr. Rajan Mehra and Mr. Pratik
Chataniya, all the promoters has over 35 years of experience in
the textile business.


VAISHNODEVI REFOILS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vaishnodevi
Refoils & Solvex (VRS) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR300 mil. Fund-based limits assigned with IND BB+/Stable
    rating;

-- INR3.70 mil. Term loan 1 due on June 2019 assigned
    IND BB+/Stable rating; and

-- INR5.10 mil. Term loan 2 due on December 2020 assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect VRS's modest credit metrics. In FY17,
interest coverage (operating EBITDA/interest expense) was 2.7x
(FY16: 2.1x) and net financial leverage (net debt/operating
EBITDA) was 3.5x (3.5x). The improvement in interest coverage was
driven by a fall in interest expense. Operating margin declined
to 2.3% in FY17 (FY16: 2.4%) owing to an increase in employee
expenses and other manufacturing expenses.

The ratings also reflect VRS's modest liquidity position and the
partnership nature of the business. VRS's average utilization of
the working capital limits was about 87.12% for the 12 months
ended February 2018.

The ratings, however, are supported by 21.4% yoy revenue growth
to INR2,133 million in FY17, driven by an increase in sales
volume backed by increased installed capacity and capacity
utilization. The scale of operations is moderate.

The rating also derives comfort from the partners' experience of
over two decades in the edible oil industry and VRS's advantage
with regard to proximity to raw material sources.

RATING SENSITIVITIES

Negative: Any decline in profitability leading to any
deterioration in the credit metrics will be negative for the
ratings.

Positive: Any substantial improvement in revenue and
profitability leading to interest coverage staying above 2.5x on
a sustained basis will be positive for the ratings.

COMPANY PROFILE

Formed in 2008, VRS is a partnership firm engaged in the
extraction of mustard oil and de-oiled cake and the refining of
crude oil into soya bean oil, rapeseed oil and others. It has
facilities in Banaskantha, Gujarat. Its annual installed capacity
was 105,000 metric tons per annum as on December 31, 2017.

Its partners are Mr. Kantilal Jayrambhai Thakkar, Mr. Prafulkumar
Kantilal Thakkar and Mr. Deepakkumar Kantilal Thakkar.


YOGESHWAR TIMBER: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Yogeshwar
Timber Mart (YTM) for obtaining information through letters and
emails dated February 14, 2018 and February 19,2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            1         CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       6         CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Overdraft              0.53      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term     0.47      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Yogeshwar Timber Mart to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

YTM was set up in 1985 as a partnership firm. Mr. Shantilal
Patel, Ms Kusum Patel, and Mr. Parthiv Patel are partners in the
firm. The firm trades in timer logs, and imports all its raw
material from West Africa and Latin America.



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


TOKYO ELECTRIC: Power Plants Transfer No Effect on Credit Quality
-----------------------------------------------------------------
Moody's Japan K.K. says that the transfer of Tokyo Electric Power
Company Holdings, Inc.'s (TEPCO, Ba2 stable) thermal power plants
to its joint venture entity, JERA Co., Inc., will have little
effect on TEPCO's credit quality and business fundamentals.

"The transfer does not materially change TEPCO's business profile
and economic fundamentals," says Mariko Semetko, a Moody's Vice
President and Senior Credit Officer. "TEPCO will likely continue
to obtain power generated from the thermal plants in much the
same way that it does now."

Moody's expects that the power purchase agreements between TEPCO
and JERA will allow TEPCO to purchase the necessary electricity
volumes to supply power in its service area.

Moody's also says that end-users - rather than TEPCO - will
likely continue to assume the risk of fuel price fluctuations,
with price changes passed on to consumers.

Moody's analysis is contained in its just-released report on
TEPCO titled "Thermal power plant transfer has little credit
impact on TEPCO despite a fall in direct cash flow," and is
authored by Semetko.

Moody's report explains that on March 27, 2018, JERA announced
its financial targets through fiscal 2025; which involved the
transfer of TEPCO's thermal power plants to JERA. The transfer
will take place on April 1, 2019.

"The transfer will not affect the factors that are driving
TEPCO's weak standalone credit profile, including its very high
level of liabilities related to the nuclear disaster at the
Fukushima plant - which was triggered by the earthquake and
tsunami in March 2011 - the company's lack of nuclear power
plants in operation, and ongoing customer losses from
deregulation," adds Semetko.

The transfer also does not change Moody's expectation that TEPCO
will continue to receive strong support from the government.
Moody's assessment of government support reflects the critical
services that TEPCO provides to Japan's infrastructure.

Moody's points out that all of TEPCO's public bonds will remain
backed by its regulated T&D business, TEPCO Power Grid, Inc., and
will not be affected by the JERA transaction.

However, TEPCO will no longer receive direct cash flow from the
thermal power plants, which it can use to pay its Fukushima-
related costs. Instead, TEPCO will receive dividends from JERA,
set at a market-average payout ratio which is in the mid-30%
range. Nevertheless, Moody's expects that TEPCO will have
sufficient funds to pay around JPY500 billion a year of
Fukushima-related expenses, in accordance with its business plan
published last year.



===============
M A L A Y S I A
===============


MAA GROUP: To Pay Another Round of Dividend with MYR32.82MM
-----------------------------------------------------------
The Sun Daily reports that MAA Group Bhd is paying out another
round of dividends with MYR32.82 million and allocating MYR28
million for a potential investment in an independent oil producer
in Kaliningrad, Russia.

"A due diligence exercise will be undertaken on the relevant oil
fields prior to the investment and the company will make the
necessary announcements upon any material developments in respect
of the above in accordance with the listing requirements," it
said in a filing with the stock exchange on April 3.

According to the report, MAA had said it was assessing and
evaluating companies engaged in manufacturing, oil and gas,
education, assisted reproductive technologies industries.

Worth noting is that the actual disposal proceeds from the MAA
Takaful sale only amounted to MYR364.4 million against MYR393.75
million as announced earlier due to certain downward adjustments
in accordance with the terms and conditions of the sale and
purchase agreement, the Sun Daily relates.

Of the proceeds, MYR100.76 million was paid out as a special
dividend in August 2016, while another MYR8.2 million in
dividends is being held for payment on April 25, the report says.

With its planned venture into the Russian oil and gas industry,
MAA Group said it is reducing the amount of monies from the
remaining MYR233.88 million disposal proceeds from the sale of
Zurich Insurance Company Ltd allocated for future investments, to
MYR68.25 million, the Sun Daily relates. Another MYR40 million
will be for investments to be identified later.

The report says MAA will use MYR30.85 million and MYR32.82
million for working capital/share buy back and another round of
dividend payments, respectively. All the proceeds are to be used
within 24 months.

The Sun Daily relates that MAA noted that the variation to the
utilisation of proceeds is to reward the shareholders, while the
amount to be used for working capital is to maintain sufficient
level of capital for the group's day-to-day operations.

It added that the share buy-back exercise is expected to provide
support to the share price and consequently preserve the group's
fundamental value, the report says.

A sum of MYR93.75 million from the sale will only be received in
2019, on the third anniversary of the sale of Zurich Insurance,
according to the report.

                          About MAA Group

MAA Group Berhad is an investment holding company. The Company is
engaged in providing management services. The Company's segments
include General insurance, Family takaful business, General
takaful business, Shareholders' fund of the insurance and takaful
businesses, Card business and Investment holdings. The General
insurance segment includes underwriting all classes of general
insurance business. The Family takaful business segment includes
underwriting family takaful business. The General takaful
business segment includes underwriting general takaful business.
The Card business segment includes the business of prepaid cards
and other related cards and services. Its Other segments consist
of hire purchase, leasing and other credit activities, property
management, consultancy services and education services. Its
subsidiaries include MAA Takaful Berhad, MAA Corporation Sdn
Bhd., MAA Credit Berhad, MAA-Medicare Sdn Bhd and MAA Corporate
Advisory Sdn Bhd, among others.

MAA Group slipped into Practice Note 17 (PN17) status in 2011
after the sale of the company's conventional insurance arm
Malaysian Assurance Alliance Bhd to Switzerland-based Zurich
Insurance Co Ltd.



===============
M O N G O L I A
===============


TRANSPORT & DEVELOPMENT: Moody's Assigns B3 LT Deposit Rating
-------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to
Transport and Development Bank LLC (TransBank), including B3
local currency deposit and long-term foreign currency issuer
ratings.

The ratings outlook is stable.

RATINGS RATIONALE

TransBank's b3 baseline credit assessment (BCA) reflects the
risks associated with the bank's start-up nature, and the
challenges that the bank faces in rebuilding its deposit and loan
client base.

Moody's views TransBank as a newly established bank, despite its
establishment in 1997, because it was only given a full banking
license by Mongolia's central bank in February 2018, after its
operations were restricted in December 2013, due to shareholder
disputes and the failure to comply with banking regulations.

Moody's points out that new shareholders acquired all shares from
the previous shareholders in October 2016, and recapitalized the
bank through capital injections amounting to MNT34 billion in the
second half of 2017.

TransBank's ratings also incorporate the risks associated with
the rapid growth in its loans, which according to the bank's
business plan, will include mining and construction sectors.
These two sectors accounted for 24% and 27% of TransBank's loan
portfolio as of the end of 2017, respectively, higher than 10%
and 12% average for the two largest corporate-centric commercial
banks in Mongolia as of the end of June 2017.

These sectors are inherently volatile and risky, because of their
high dependence on global commodity prices.

Moody's expects that TransBank will rely heavily on wholesale
funding, because as a start-up bank, it will likely face
difficulties in attracting and maintaining sticky retail
deposits. The bank has relied mostly on short-term interbank
deposits, with a market funds ratio of 72.5% at the end of 2017,
which is materially higher than the 33.4% average for the five
largest commercial banks in Mongolia at the end of 2016.

Nevertheless, Moody's notes that the challenges that the bank
face as a newly established financial institution are partially
mitigated by its high level of equity capital. TransBank's
tangible common equity ratio measured 36.2% at the end of 2017; a
level which is stronger than the 9.6% average for the five
largest commercial banks in Mongolia by assets at the end of
2016.

TransBank's relatively higher portion of liquid assets when
compared to its Mongolian peers will mitigate risks, although
Moody's expects that the bank's liquid assets will fall, as it
increases its lending activity. TransBank's liquid resources
ratio registered 55% at the end of 2017; a result which was
higher than the 37% average for the five largest commercial banks
in Mongolia by assets.

TransBank's ratings do not incorporate any uplift for systemic
support, because the bank's ratings are at the same level as
Mongolia's sovereign rating of B3, and also given the bank's
limited domestic deposit franchise, which is in turn due to the
fact that it obtained its full banking license only in February
2018.

The key drivers of TransBank's ratings are its:

1) Credit concentration in the risky mining and construction
sectors, and likely asset quality deterioration as loans season;

2) Limited domestic deposit franchise and the challenges
associated with attracting domestic deposits as a newly
established bank, resulting in a high reliance on wholesale
funding; and

3) Strong capital position and liquid balance sheet.

What Could Change the Rating - Up

TransBank's b3 BCA is at the same level as Mongolia's sovereign
rating, and, as such, a positive rating action is unlikely in the
absence of an upgrade of the sovereign rating.

What Could Change the Rating - Down

Factors that could result in a downgrade include: (1) a downgrade
of Mongolia's sovereign rating, or (2) a downgrade of the bank's
BCA.

TransBank's BCA could be downgraded if the bank's: (1) tangible
common equity falls below 8%; (2) profitability deteriorates
significantly, leading to annual net losses on a sustained basis;
or (3) asset quality deteriorates, with its problem loans ratio
rising above 9%.

The principal methodology used in these ratings was Banks
published in September 2017.

Transport and Development Bank LLC is headquartered in
Ulaanbaatar. Its assets totaled MNT203 billion (approximately $84
million) at the end of 2017.

LIST OF ASSIGNED RATINGS AND ASSESSMENTS

- Local currency long-term deposit rating of B3 with a stable
   outlook

- Foreign currency long-term deposit rating of Caa1 with a
   stable outlook

- Local currency and foreign currency short-term deposit ratings
   of NP

- Local currency and foreign currency long-term issuer ratings
   of B3 with a stable outlook

- Local currency and foreign currency short-term issuer ratings
   of NP

- Baseline credit assessment and adjusted baseline credit
   assessment of b3

- Long-term and short-term Counterparty Risk Assessment of
   B2(cr) and NP(cr)

- Outlook is stable



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


GM KOREA: South Korea Urges GM, Union to Reach Wage Deal Swiftly
----------------------------------------------------------------
Reuters reports that South Korea on April 6 urged General Motors
Co's local subsidiary and labor union to reach a wage deal
swiftly, saying the government will be able to discuss support
for the money-losing unit on condition of an agreement.

GM, which in February announced it would shut one of its South
Korean factories, said it will file for bankruptcy should the
union refuse to make concessions by April 20, according to
Reuters. GM has also asked for financial support from the
government.

According to Reuters, the latest comments, made by the industry
minister during a meeting with GM Korea's chief executive officer
(CEO), came as tension escalates after the automaker was unable
to make bonus payments agreed last year and planned for April 6.

Reuters relates that union members protested on April 5, entering
the CEO's office and removing and breaking chairs and desks,
showed a CCTV video clip from broadcaster TV Chosun and verified
by GM Korea.

"Should the industrial conflict seen yesterday and today happen
again, it will be difficult for (GM Korea) to gain public support
and government support," Reuters quotes Paik Un-gyu, minister of
trade, industry and energy, as saying.

GM's union accepted the company's demand for a wage freeze and no
bonuses for this year, but opposes a proposal to cut benefits as
well as its plan to shut down the Gunsan plant, Reuters says.

"We appreciate the ministry's interest and encouragement," a GM
Korea spokesman said, Reuters relays.

A union official did not have immediate comment, beyond saying
talks with the minister and the union leader were ongoing, adds
Reuters.

GM Korea Co. is the South Korean unit of General Motors Co.


KUMHO TIRE: Signs Deal with Doublestar on Stake Sale
----------------------------------------------------
Yonhap News Agency reports that Kumho Tire Co., South Korea's
second-biggest tiremaker by sales, said on April 6 that it has
signed a deal with China's Qingdao Doublestar Co. to sell its
controlling stake.

"Kumho Tire and its creditors concluded a contract on the
purchase of new shares with Xingwei Korea Co. Ltd. (Doublestar),"
the tiremaker said in a filing, Yonhap relays.

It said 129.3 million shares, or 45 percent, are subject to the
contract, worth KRW646.3 billion (US$604.6 million), the report
says.

Xingwei Korea is a consortium led by Doublestar, a Chinese truck
and bus tiremaker, aimed at taking over Kumho Tire, Yonhap
discloses.

Earlier, the Korea Development Bank, a state-run policy lender
representing the creditors of Kumho Tire, agreed to hand over
managerial control to the Chinese firm, the report notes.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars,
various sizes of trucks and buses and racing cars.  In addition,
the company provides batteries for automobiles.  The company is
part of the Kumho Asiana Group.



=============
V I E T N A M
=============


VIETNAM TECHNOLOGICAL: S&P Affirms 'BB-/B' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-
term issuer credit ratings on Vietnam Technological And
Commercial Joint Stock Bank (Techcombank). The outlook is stable.

S&P said, "Our rating on Techcombank reflects the bank's good
franchise, particularly in the retail and small and midsize
enterprises (SME) segments, and its funding profile. We have
revised our assessment on Techcombank's capital and earnings to
moderate from weak. Our improved assessment reflects the bank's
improved capital position after Warburg Pincus (Warburg; unrated)
invested about US$370 million in the bank.

"We expect Techcombank's risk-adjusted capital ratio before
diversification adjustments to be about 6% in the next 12-18
months. This is based on a loan growth forecast of 16%-20%, and
our anticipation that the bank will continue with its zero-
dividend payout to support its expansion. The enhanced capital
base will support the bank's retail expansion in the fast-growing
market.

"Techcombank's ratio of net profit to average assets of 2.6% in
2017 is better than our estimated peer average of 0.8%. In our
view, the bank's focus on the higher-yielding retail segment and
growth of its fee-based business lines will support its above-
average profitability."

Buoyant economic conditions are benefitting Techcombank. S&P
estimates GDP growth in Vietnam at 6.4% in 2018, among the
fastest growing economies in the region. Favorable credit
conditions have enabled the bank to show prudence in making
sizable provisions, and recognizing stressed assets with greater
transparency. Techcombank completely wrote off its Vietnam Asset
Management Co. (VAMC) bond exposure from its balance sheet in
2017.

The long-term rating on Techcombank is the same as its 'bb-'
stand-alone credit profile (SACP). S&P said, "We believe
Techcombank has moderate systemic importance in Vietnam and
assess the government as highly supportive. Nonetheless, we do
not factor any extraordinary government support into the rating
because the bank's SACP is at the same level as the sovereign
rating on Vietnam.

"The stable outlook on Techcombank reflects our view that the
bank will maintain its status as a leading privately owned bank
in Vietnam over the next 12-18 months with an entrenched retail
franchise and above-average profitability.

"We may lower the rating if Techcombank's business position
suffers due to strategic missteps. We view this as unlikely
within our outlook horizon.

"An upgrade is unlikely, in our view. The rating on Techcombank
is subject to the credit standing of Vietnam because the bank
primarily operates in that country. We do not expect the bank to
be able to withstand the stress associated with a sovereign
default."



                             *********

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,
Psyche A. Castillon, 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 ***