---

        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

           Thursday, April 12, 2018, Vol. 21, No. 072

                            Headlines


A U S T R A L I A

AIRDATA PTY: First Creditors' Meeting Set for April 19
ATLAS IRON: S&P Puts B- Ratings on Watch Pos. on Proposed Merger
CHAMBERS WELDING: Second Creditors' Meeting Set for April 19
AUSSIE CHERRIES: First Creditors' Meeting Set for April 19
MOSSGREEN PTY: Administrators Blocked from Charging AUD353 Levy

ORIGIN CLEANING: Second Creditors' Meeting Set for April 18
PRONTO PROJECTS: First Creditors' Meeting Set for April 19


C H I N A

CHINA SCE: S&P Assigns 'B' Rating on New US Dollar Unsec. Notes
HYDOO INTERNATIONAL: S&P Lowers ICR to 'B-', Outlook Negative
POWERLONG REAL: S&P Rates U.S. Dollar Senior Unsecured Notes 'B'


I N D I A

ANTECH CONSTRUCTION: Ind-Ra Migrates B+ Rating to Non-Cooperating
ARJANDASS & SONS: ICRA Reaffirms B+ Rating on INR1.50cr Loan
BAFNA MOTORS: ICRA Reaffirms B- Rating on INR150cr LT Loan
BRAHMANI RIVER: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
CHOKSHI TEXLEN: ICRA Moves B+ Rating to Not Cooperating Cat.

CONTROLS AND SCHEMATICS: ICRA Reaffirms B- Rating on INR4cr Loan
GAJAVELLI SPINNING: ICRA Reaffirms B+ Rating on INR70cr Loan
GANPATI AGRI: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
GVK GAUTAMI: CARE Migrates D Rating to Not Cooperating Category
GVK INDUSTRIES: CARE Moves D Rating to Not Cooperating Category

GVK POWER: CARE Reaffirms D Rating on INR150cr LT Loan
GVK POWER GOINDWAL: CARE Reaffirms D Rating on INR2,400cr LT Loan
HARESH OVERSEAS: ICRA Raises Rating on INR5.0cr Cash Loan to C+
HARRA POLYFLEX: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
IOT ENGINEERING: Ind-Ra Affirms BB- Rating on INR20MM Limits

IVRCL CHANDRAPUR: ICRA Reaffirms D Rating on INR313.99cr Loan
KACHCHH VENEERS: ICRA Withdraws B+ Rating on INR2cr Cash Loan
LARIYA ART: ICRA Reaffirms B+ Rating on INR6cr Loan
NAVDANYA FOODS: ICRA Keeps B Rating in Not Cooperating Category
NORTHERN INDIA LEATHER: Ind-Ra Assigns 'B' Issuer Rating

PATODIA GINNING: Ind-Ra Moves D Issuer Rating to Non-Cooperating
RATNAGIRI GAS: CARE Reaffirms D Rating on INR7,777.68cr Loan
SADASHIV CASTINGS: CARE Migrates D Rating to Not Cooperating Cat.
SAFE-TRONICS AUTOMATION: ICRA Reaffirms B+ Rating on INR4cr Loan
SHREE SITA: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating

SUBHASH KABINI: CARE Moves D Rating to Not Cooperating Category
SYNERGY AGRI: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
TATA CHEMICALS: Moody's Affirms Ba1 CFR; Outlook Stable
VISHWA INFRASTRUCTURES: CARE Moves D Rating to Not Cooperating


J A P A N

TOSHIBA CORP: Chip Unit Worth as Much as $40BB, HK Fund Says


M O N G O L I A

MONGOLIAN MORTGAGE: S&P Assigns 'B-/B' ICRs, Outlook Stable


N E W  Z E A L A N D

MEATCO NZ: Owed NZ$301K, Had 1.3 Tonnes of Frozen Meat in Storage
* BDO Wellington Acquires Shephard Dunphy


S I N G A P O R E

ANNICA HOLDINGS: Extends Redemption Date for Convertible Bonds
PACC OFFSHORE: Files Notice of 3 Years' Losses


                            - - - - -


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


AIRDATA PTY: First Creditors' Meeting Set for April 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Airdata Pty
Limited will be held at Suite 601B, Level 6, 91 Phillip Street, in
Parramatta, New South Wales, on April 19, 2018, at
10:00 a.m.

Graeme Robert Beattie of Worrells Solvency was appointed as
administrator of Airdata Pty on April 9, 2018.


ATLAS IRON: S&P Puts B- Ratings on Watch Pos. on Proposed Merger
----------------------------------------------------------------
S&P Global Ratings placed its 'B-' long-term corporate credit and
issue ratings on Atlas Iron Ltd. and the company's debt on
CreditWatch with positive implications.

The CreditWatch placement follows Atlas Iron's announcement that
it has reached an agreement with Mineral Resources Ltd. (unrated)
to merge by scheme of arrangement, and its directors unanimously
recommended that Atlas Iron's shareholders vote in favor of the
scheme, in the absence of a superior proposal and subject to an
Independent Expert report.

S&P Global Ratings views that the proposed merger, if successful,
would be positive to Atlas Iron's credit quality. While S&P does
not rate Mineral Resources, it views that it has a materially
stronger credit quality than that of Atlas Iron, due to its more
diversified operations, larger scale, and stronger balance sheet.
Mineral Resources is a mining services company based in Australia,
with a growing portfolio of mining operations in iron ore and
lithium. The company had about A$1.5 billion revenue and A$473
million EBITDA in the fiscal year ended June 30, 2017.

The 'B-' ratings on Australia-based miner Atlas Iron reflect the
company's small scale of operations globally (9 million to 10
million tons of iron ore production in fiscal 2018) and relatively
high, albeit improving, production costs. Atlas Iron also faces
asset concentration risk after both its Abydos and Wodgina mines
ceased production in 2017. The mine life for the company's main
iron ore producing mine -- Mt Webber -- is about four years based
on a production rate of 7 million-9 million tons a year. S&P notes
that Atlas Iron's term loan B holders benefit from a change of
control clause.

S&P plans to resolve the CreditWatch following completion of the
merger.


CHAMBERS WELDING: Second Creditors' Meeting Set for April 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Chambers
Welding & Fabrication Pty Ltd has been set for April 19, 2018, at
10:00 a.m. at the offices of HLB Mann Judd (Insolvency WA),
Level 3, 35 Outram Street, in West Perth, WA.

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 4:00 p.m.

Gary John Anderson of HLB Mann was appointed as administrator of
on March 16, 2018.


AUSSIE CHERRIES: First Creditors' Meeting Set for April 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Aussie
Cherries Ltd will be held at Suite 601B, Level 6, 91 Phillip
Street, in Parramatta, NSW, on April 19, 2018, at 10:00 a.m.

Rahul Goyal and Bryan Webster of Kordamentha were appointed as
administrators of Aussie Cherries on April 9, 2018.


MOSSGREEN PTY: Administrators Blocked from Charging AUD353 Levy
---------------------------------------------------------------
The Australian reports that the administrators of high-profile
insolvent auction house Mossgreen Pty Ltd have been blocked by the
federal court from charging clients a AUD353 art collection levy
for the return of unsold consignments.

BDO Australia administrator James White told the federal court
that Mossgreen, as of last Thursday, had AUD2.8 million of assets
and AUD14.8 million of creditors including a secured creditor to
the value of AUD6 million, The Australian relates.

The auction house went into voluntary administration last December
with more than 4,000 lots in its possession.

According to the report, Justice Nye Perram on April 9 found the
administrators couldn't order people to pay for the return of
their goods.

"The present difficulty arises because Mossgreen did not conduct
its inventory control systems competently despite the holding of
other people's goods being a central part of its business," the
report quotes Justice Perram as saying.

The Australian says BDO Australia undertook a full stocktake at an
estimated cost of AUD1,048,072.93 plus GST and sought to impose a
levy of AUD353.20 per lot to recoup losses.

The stocktake found 4,663 lots of which 30 per cent were expected
not to be collected, leaving 3264 lots, The Australian says.

The Australian relates that Justice Perram said the administrators
were not justified in requiring the consignors to pay a levy for
the return of their goods.

"The administrators were intermeddling in other people's goods in
circumstances where they had not been invited to do so, were not
performing their statutory functions and had not been appointed
receivers," the report quotes Justice Perram as saying.

However he found the administrators could claim a lien for
disposing of goods, which were ultimately unclaimed, The
Australian relays.

"They should be entitled to realise those goods and, subject to
any claim, apply the proceeds for the purposes of the
administration," Justice Perram, as cited by The Australian, said.

Mossgreen specialized in Single Owner Auctions for collections
covering fine art and antiques.  James Michael White, Nicholas
Martin and Andrew Sallway of BDO were appointed as administrators
of Mossgreen Pty on Dec. 21, 2017.


ORIGIN CLEANING: Second Creditors' Meeting Set for April 18
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Origin
Cleaning Equipment Pty Ltd has been set for April 18, 2018, at
11:00 a.m. at the offices of Condon Associates Group, Level 6, 87
Marsden Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 17, 2018, at 3:00 p.m.

Schon Gregory Condon of Condon Associates were appointed as
administrators of Origin Cleaning on March 12, 2018.


PRONTO PROJECTS: First Creditors' Meeting Set for April 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pronto
Projects Pty Ltd will be held at the offices of Vincents, Level
34, 32 Turbot Street, in Brisbane, Queensland, on April 19, 2018,
at 11:00 a.m.

Nick Combis of Vincents was appointed as administrators of Pronto
Projects on April 9, 2018.



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


CHINA SCE: S&P Assigns 'B' Rating on New US Dollar Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by China SCE Property Holdings Ltd. (CSCE: B+/Stable/--). The
issue rating is subject to S&P's review of the final issuance
documentation.

S&P said, "We rate the senior unsecured notes one notch below the
corporate credit rating on CSCE because they rank behind a
significant amount of secured debt in the capital structure,
resulting in subordination risk. The company intends to use the
net proceeds to refinance certain existing debt and for working
capital purposes.

"We upgraded CSCE on March 20, 2018, after its 2017 annual results
were released, because we expect the company to maintain steady
leverage at 5x-5.5x in the next two years. The company's leverage
improved materially in 2017 due to margin recovery and revenue
growth. We expect CSCE's continued good sales growth, robust
margin, and disciplined expansion to support its leverage. We also
anticipate that the company will continue to strengthen its
business position by increasing its scale and geographical
diversity.

"The stable outlook for the next 12 months reflects our
expectation that CSCE will manage its pace of expansion, while
maintaining steady sales growth. We also expect the company's good
sales growth to offset likely margin moderation."


HYDOO INTERNATIONAL: S&P Lowers ICR to 'B-', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Hydoo International Holding Ltd. to 'B-' from 'B'. The outlook is
negative. At the same time, S&P lowered its long-term issue rating
on Hydoo's outstanding senior unsecured notes to 'CCC+' from 'B-'.
Hydoo is a China-based trade center developer.

S&P said, "We lowered our ratings on Hydoo based on our
expectation that the company's sales will remain weak, resulting
in persistent negative operating cash flow in the next 12 months.
This is a reflection of the overall weak market conditions for the
trade center industry in China as well as Hydoo's lack of new
project launches and its positioning in lower tier cities in
China. In addition, the company has large debt maturities in the
next 12 months.  We anticipate higher refinancing risks for Hydoo
given the company's poor sales performance and tightened financing
conditions for small Chinese developers.

"We see limited signs of recovery in the trade center industry in
China. Due to slowing economic growth, major industry players such
as China South City Holdings Ltd. are struggling with weak trade
center business and most have turned to the residential property
market to boost sales. However, Hydoo's residential projects are
situated in suburban area of lower-tier cities, where economic
conditions are generally weaker. This makes Hydoo more vulnerable
to slowing growth than peers targeting provincial capitals, or
those that have more diversified business streams.

"We estimate Hydoo's contracted sales may weaken to Chinese
renminbi (RMB) 2.4 billion-RMB2.6 billion in 2018, with the larger
contributions coming from existing projects in the cities of
Lanzhou, Yulin, and Liuzhou. The company's project launches in the
outlying areas of new cities are generally able to capture the
relocation demand from city centers. This allows for stronger
sales compared with older projects, whose sell-through is
constrained by limited purchasing power in lower tier cities. In
2017, the company's new project in Liuzhou had contracted sales of
RMB1 billion, or 39% of the total RMB2.7 billion sales.

"We expect Hydoo to incur negative operating cash flow in the next
two years, which could led to a depletion in cash and increases in
debt. In our view, the company's conservative development schedule
is unable to offset the weakened cash generation from sales. In
our base case, the company will have a RMB200 million-RMB300
million deficit in operating cash flows in 2018, excluding any
effect from project disposals and land acquisitions.

"We expect Hydoo will source new opportunities after its recent
project disposals. In 2017, the company disposed of two projects,
in the cities of Huaiyuan and Xingning, and certain equity
investments, for a total consideration of RMB800 million. The
disposals reduced the company's total debt level during the year
but we believe the impact is temporary. The company is likely to
reinvest the proceeds into better-quality projects (e.g. in
Lanzhou and Liuzhou) and into sourcing new opportunities. In our
base case, we expect land acquisitions to reach RMB550 million-
RMB650 million in 2018, compared with RMB250 million in 2017."

Hydoo's liquidity has also deteriorated, in our view, due to a
rise in short-term borrowings. At the end of December 2017, the
company had short-term borrowings of RMB2.2 billion, consisting
mainly of onshore construction loans and offshore senior notes,
compared to an unrestricted cash balance of RMB1 billion. S&P
believes Hydoo will face heightened refinancing risk if it cannot
secure funds to redeem its offshore US$160 million senior notes
maturing at the end of 2018.

S&P said, "While the company secured approval to issue up to
US$500 million of offshore notes, we believe offshore conditions
may be difficult for small developers like Hydoo. The company may
not be able to effectively extend its maturity profile even if can
roll over short-term debt. Construction loans are comparatively
more manageable because they are assets-pledged with repayment
schedules generally linked to project development. In our view,
the refinancing needs will also test the company's ability to
source medium- to long-term funding, given tightened onshore
credit markets and more risk-adverse offshore investors.

"We believe Hydoo is taking steps to gradually enhance its product
competitiveness. This includes its strategic cooperation with
Chinese e-commerce company JD.com, and its strategy to enhance
merchants' experience. However, the impact of these efforts on
Hydoo's credit profile should be limited in the short term.
The negative outlook on Hydoo reflects our view that the company's
high refinancing risk will increase in the next 12 months in line
with large onshore and offshore maturities.

"We may lower the rating if Hydoo fails to improve its capital
structure and extend its maturities in the next 12 months. We
could also downgrade the company if its cash balances
significantly deplete or it encounters difficulty in refinancing.

"We may revise the outlook on Hydoo to stable if the company
improves its capital structure by extending debt maturities. At
the same time, we would expect to see satisfactory sales and cash
collection and cautious expenditures, such that its debt-to-EBITDA
ratio does not materially deviate from our expectation of 8x-10x."


POWERLONG REAL: S&P Rates U.S. Dollar Senior Unsecured Notes 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Powerlong Real Estate Holdings Ltd. (B+/Stable/--).

The issue rating is one notch lower than the issuer credit rating
on Powerlong to reflect structural subordination risk.

Powerlong intends to use the net proceeds to refinance debt and
for general corporate purposes. The rating is subject to S&P's
review of the final issuance documentation.

S&P said, "Powerlong's deleveraging in 2017 was slower than we
expected due to a delay in revenue from some commercial projects
in Shanghai and an increase in land acquisitions. The company's
cash payments for new land rose to Chinese renminbi (RMB) 9.9
billion during the year, from RMB6 billion in 2016. Powerlong's
higher debt offset the impact of its stable revenue growth and
good margin. Overall, the company's debt-to-EBITDA remained more
than 7x in 2017, compared with 7.2x in 2016.

"We anticipate that Powerlong's leverage will improve in 2018,
given the company's accelerating sales growth after its sizable
land replenishment in 2017. Powerlong targets over RMB35 billion
sales in 2018, compared with RMB20.9 billion in 2017. In our view,
the company's ability to execute its accelerating expansion in a
controlled manner is crucial to its credit quality."



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


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

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 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 1970, ACC is an engineering, procurement and
construction contractor engaged in government projects. The firm
executes civil construction projects for the National Highway
Authority of India ('IND AAA'/Stable), Kerala P.W.D and Kerala
Irrigation Department. ACC operates in Kolenchery, Kerala.


ARJANDASS & SONS: ICRA Reaffirms B+ Rating on INR1.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR1.50-crore fund-based limits of Arjandass & Sons. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 assigned to the
INR6.00-crore non-fund based limits of the firm. The ratings have
been removed from the issuer not cooperating category. The outlook
on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Fund-      1.50       [ICRA]B+(Stable); reaffirmed,
   based facilities                removed from issuer not
                                   cooperating

   Short-term Non-      6.00       [ICRA]A4; reaffirmed, removed
   fund based                      from issuer not cooperating
   facilities

Rationale

The ratings reaffirmation takes into consideration the modest
scale of operations with the firm reporting a turnover of INR35.13
crore in FY2017 and thin profit margins as reflected by OPBDITA/OI
of 1.34% in FY2017 owing to the trading nature of the business.
The ratings also take into consideration the dependence on
creditor-funding, which has led to a relatively high total outside
liabilities compared to its tangible net worth as indicated by
TOL/TNW of 3.03 times as on March 31, 2017. ICRA also notes the
susceptibility of revenues to the competitive pressure prevailing
in the market, cyclicality inherent in the industry and the risk
of capital withdrawals, given its constitution as a proprietorship
firm.

The assigned ratings, however, favorably factor in the significant
experience of the proprietor in the steel-trading business and the
low price-related risks on account of the low inventory levels and
order-backed procurement.

Outlook: Stable

ICRA believes Arjandas & Sons will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to Positive if ADS is able to report substantial growth in revenue
and profitability, as well as efficiently manage the working
capital requirement. The outlook may be revised to Negative if the
firm's revenues decline further, significant withdrawal of capital
by the proprietor or stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

* Established experience of the promoters in trading of steel
products: ADS was established in 2000 by Mr. Harichand Gupta. Mr.
Gupta has a wide experience in the field of steel trading, which
has helped the company to establish its position in the domestic
market and cater to a few big players in the steel industry.

* Order-backed procurement and low levels of inventory mitigates
the price fluctuation risks to an extent: The firm mostly procures
steel products from suppliers in Maharashtra and some from West
Bengal. Procurement from domestic suppliers is always backed by
confirmed orders, which mitigates any price related risk. The
inventory levels have also remained low, given the trading nature
of the business.

Credit challenges

* Modest scale of operations limits economies of scale: The
company has been operating on a modest scale at present with
revenues of INR35.13 crore recorded in FY2017. This constrains
ADS's ability to benefit from the economies of scale and weighs on
its competitive position vis-a-vis the larger entities.

* High dependence on creditors for funding the working capital
requirements as reflected by total outside liabilities/tangible
net-worth of 3.03 times as on March 31, 2017: Traded goods are
procured from the domestic market and the suppliers are paid
through 90 days Letter of Credit. Although the capital structure
has remained comfortable with a gearing of 0.22 time as on
March 31, 2017, following low debt levels, the total outside
liabilities as a percentage of tangible net-worth (TOL/TNW) stood
high at 3.03 times as on March 31, 2017, on account of the
elongated payables.

* Thin profit margins due to trading nature of business: Operating
Profit Margins (OPM) have remained weak over the years following
the low value additive nature of the business. In FY2016, OPM has
declined to 1.34% from 2.80% in FY2015 on account of lower sales
realisation of the steel products sold. OPM continued to remain in
line with that of the previous year in FY2017. OPM has further
declined to 0.98% in 9M FY2018 following increase in purchase
price of the traded goods.

* Exposed to intense competitive pressure prevailing among the
peers and cyclicality inherent in the steel industry: The steel
industry is fragmented in nature with a large number of
unorganised players in the segment, which restricts the firm's
pricing flexibility. ADS's operating income also remains
vulnerable to the wide economic fluctuations inherent in the steel
trading business. Evidently, the weak industry scenario,
characterized by the demand slowdown in the key user industries,
has led to de-growth in revenues in FY2016. Nonetheless,
the demand situation has gradually improved and the firm has
reported a growth in revenues of 10% in FY2017.

* Risk of capital withdrawals associated with proprietorship
concern: The capital structure of the firm has remained
conservative over the past five years, following the firm's low
reliance on external borrowings.

Gearing as on March 31, 2017 stood at 0.22 time over 0.15 time as
on March 31, 2016. There has been continuous withdrawal of capital
by the proprietor in the past three years, ICRA notes that further
withdrawal of capital might lead to a deteriorated capital
structure, going ahead.

Established in 2000, Arjandass & Sons is a proprietary concern
promoted by Mr. Harichand Gupta. ADS trades in various forms of
steel products like Thermo-Mechanically Treated (TMT) bars, Hot
rolled (HR) sheets, galvanised steel coils/sheets and others. The
firm caters to the domestic market, primarily to Maharashtra with
its clientele mostly constituting steel traders, construction and
fabrication companies. ADS has a registered office in Carnac
Bunder, Mumbai, and a rented warehouse in Mulund, Mumbai. The firm
was also the authorised distributor of the Georgia brand of
tea/coffee pre-mixes of the Coca-Cola Company. From April 2015,
the firm has discontinued the premix sales business following
lower margin offered by Coca-Cola to its authorised distributors.

In FY2017, ADS reported a net profit of INR0.22crore on an
operating income of INR35.13crore, as compared to a net profit of
INR0.24 crore on an operating income of INR31.91crore during the
previous year.


BAFNA MOTORS: ICRA Reaffirms B- Rating on INR150cr LT Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- for the
INR150.00-crore (enhanced from INR50.00 crore) term loan facility
and the INR59.00-crore (reduced from INR145.00 crore) fund-based
bank facility of Bafna Motors (Mumbai) Private Limited.  The
outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term: Fund
   Based-Trade
   Advance               59.00      [ICRA]B-(Stable); Reaffirmed

   Long-term: Fund
   Based-Term Loans     150.00      [ICRA]B-(Stable); Reaffirmed

Rationale

The rating reaffirmation continues to favorably factor in the
promoters' extensive experience in the commercial vehicle (CV)
dealership business, its dominant market share in the Mumbai and
suburban region as a dealer of Tata Motors Limited's (TML) CVs
with TML's financial support in the form of performance incentives
and loans from its affiliates.  The ratings, however, continue to
remain constrained by the weak financial position of the company,
as reflected by its weak operating profit margins, coupled with
net losses over the last three years due to heavy sales discounts,
its negative net worth, highly leveraged capital structure and
muted coverage indicators. The ratings also continue to remain
constrained by its high working capital intensity and stretched
liquidity position as reflected by the almost full utilisation of
its working capital limits along with the stiff competition in the
CV industry, which limits its pricing flexibility. Given the slow
recovery witnessed by the CV segment in the recent past in BMMPL's
operating region, timely realisation of loans and advances
extended to Group concerns remains critical to avoid cash flow
mismatches given the sizeable debt repayments in the near to
medium term.

Outlook: Stable

ICRA believes BMMPL will continue to benefit from the extensive
experience of its promoters and the sizeable market share of the
company in the domestic CV market. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability, or
notable recovery of the advances extended to Group companies
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if cash accrual is lower than expected, or if any
major capital expenditure, or stretch in the working capital
cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive track record of the promoters in the auto-dealership
business: BMMPL was incorporated on November 5, 2001 and is a part
of the Bafna Group, promoted by Mr. M. C. Bafna, with its first
dealership in Nanded. At present, his three sons Mr. Sumati Prasad
Bafna, Mr. Sanjeev Bafna and Mr. Sunil Bafna handle different
companies, which are all involved into car dealership and
transport business. Mr. Sumati Prasad Bafna is the Chairman of
BMMPL. Other than BMMPL, Mr. S. M Bafna also owns two more
companies namely Bafna Motors Pvt. Ltd. and Bafna Motors
(Ratnagiri) Pvt. Ltd., which are also involved into dealership of
Tata Motors commercial and passenger vehicles, mainly for Nanded,
Latur and Ratnagiri regions. The promoters have a long and
established track record of over two decades in this line of
business.

Authorised dealer of TML, the market leader in the CV segment:
BMMPL is involved in the business of dealership of TML's
commercial vehicles and serves three regions viz. Mumbai, Thane
and Raigad districts. TML continues to dominate the market share
in the CV segment due to its large coverage of geographical areas
and its highly-diversified product portfolio.

Financial support from TML through incentives and loans from its
affiliates: BMMPL, being an authorised dealer for TML, receives
financial support by way of performance incentives and unsecured
loans from TML and Tata Motors Finance Ltd. (TMFL), respectively.
The company received performance incentive of INR57.14 crore in
FY2017 (Rs. 60.35 crore in FY2016) from TML. Further, it has
availed term loans and trade advance facilities with TMFL, which
helps in managing its working capital cycle.

Credit challenges

Weak financial profile characterised by low profitability,
negative net worth, highly leveraged capital structure and
muted debt coverage indicators: The operating margins of the
company, although improved to 1.6% in FY2017 over 0.75% in FY2016,
continue to remain weak due to heavy sales discounts offered by
Tata Motors to retain its market share. BMMPL reported net losses
of INR13.32 crore in FY2017 as compared to INR15.92 crore in
FY2016 on account of high financial expenses. Accrued losses over
the years has resulted in a negative net worth of INR4.27 crore as
on March 31, 2017; thereby leading to leveraged capital structure
(gearing of -65.72 times) and muted debt coverage indicators, as
reflected by an interest cover of 0.31 times in FY2017 (P.Y.: 0.19
times) and total debt / OPBDITA of 27.65 times. (P.Y.: 45.84
times).

High working capital intensity and stretched liquidity position:
The company's working capital intensity remains high as reflected
by NWC/OI of 29% as on March 31, 2017 (23% as on March 31, 2016)
due to stretched receivables. The utilisation of the fund-based
working capital limits remained high, in the range of 90-95% over
the 15-month period from October, 2016 to December, 2017,
indicating its stretched liquidity.

Vulnerability downturn in the CV market; intense competition
leading to heavy sales discounts and resultant net losses: The CV
segment experienced headwinds in FY2017 in the backdrop of
demonetisation measures and implementation of the Goods and
Service Tax (GST) in the first half of the current year by the
Government of India. The segment has picked up pace in the current
fiscal with a volume growth of 2-7% in the M&HCV space and ~20% in
the LCV space in 8M FY2018. There are three dealers of Tata Motors
in the CV segment for the Mumbai region covering Mumbai, Navi
Mumbai and Thane. Other than BMMPL (which commands ~40% market
share in the region), the two other dealers are Unitech
Automobiles Pvt. Ltd. (40%) and M/s. Kamal Motors (20%). The stiff
competition has led to heavy sales discounting by TML and the
dealers, which has led to accumulated losses over the years for
the company.

Inherently low operating margins in the auto dealership business:
Being an authorised dealer, the company receives a dealer margin
of about 3% of ex-showroom price of each vehicle sold from TML.
Institutional sales to clients like state municipalities are done
directly through TML and BMMPL earns a commission to the tune of
about 70% of the basic margin on the vehicles sold. Apart from
these margins, it receives income by way of performance
incentives, commission from insurance companies and commission
from financing institutions (for vehicles financed through it).

Sizeable impending repayments; recovery of loans and advances
extended to Group entities remains critical for cash flow profile:
BMMPL has extended advances to Group companies, which stood at
INR41.09 crore as on March 31, 2017 as compared to INR34.61 crore
as on March 31, 2016. The same further increased to INR48.74 crore
as on September 30, 2017. The timely recovery of these advances,
which are repayable on demand, remains critical for the cash flow
profile of the company, given that there are sizeable debt
repayments (~Rs. 5.5-6 crore annually) falling due in the near to
medium term.

BMMPL is an authorised dealer of TML, dealing in commercial
vehicles and spare parts and servicing of commercial vehicles. The
company serves three regions Mumbai, Thane and Raigad district.
The company was established on November 5, 2001. Its registered
office is located at World Trade Centre, Cuffe Parade, Mumbai. The
Bafna Group was promoted by Mr. M. C. Bafna, with its first
dealership in Nanded.

BMMPL reported a net loss of INR13.32 crore on an operating income
(OI) of INR634.87 crore in FY2017, as compared to
a net loss of INR15.92 crore on an OI of INR691.11 crore in
FY2016.


BRAHMANI RIVER: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brahmani River
Pellets Limited's (BRPL) 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 D (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR4,614 bil. Term loan due on December 2016 migrated to
    Non-Cooperating Category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR1,140 bil. Non-convertible debentures due on September
    2023, ISININE750J07036 has a coupon rate of G-sec Rate+3.7%
    (10.8%) issued on December 2013 migrated to Non-Cooperating
    Category with IND B(SO)(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

BRPL was founded in 2006 by the Stemcor group for setting up a
4mtpa iron ore pellet production facility at Jajpur, Odisha, a
4mtpa beneficiation plant at Barbil and a 230km slurry pipeline
from Barbil to Jajpur. BRPL is a 100% subsidiary of Aryan Mining
and Trading Corp, an operating iron-ore mining company in Odisha.


CHOKSHI TEXLEN: ICRA Moves B+ Rating to Not Cooperating Cat.
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Chokshi
Texlen Private Limited to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING" ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. The current rating action has been taken by ICRA
basis best available/dated/limited information on the issuers'
performance. Accordingly the lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Cash Credit         7.00       [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

    Term Loan          1.17       [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

Chokshi Texlen Private Limited (CTPL) was incorporated in 1997 by
Mr. Nikhil Agarwal and Mr. Piyush Agarwal to acquire an existing
texturising unit in Surat, Gujarat. Initially, it was engaged in
the production of crimp yarn. With the rising demand for Kota
yarn, however, the company began producing the same from FY2012.
CTPL is equipped with 10 texturising machines for the production
of crimp and Kota yarn with a manufacturing capacity of 550-600 kg
of yarn per day, with the configuration of 30 deniers.


CONTROLS AND SCHEMATICS: ICRA Reaffirms B- Rating on INR4cr Loan
----------------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B- to the INR4.00-
crore fund based facility, (reduced from INR4.60 crore) of
Controls and Schematics Private Limited. ICRA has also
reaffirmed the long-term rating of [ICRA]B- and the short-term
rating of [ICRA]A4 to the INR12.00-crore non-fund based bank
facilities and the INR1.00-crore proposed limit of CPPL. The
outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-Cash
   Credit                4.00      [ICRA]B- (Stable); Reaffirmed

   Non-fund Based       12.00      [ICRA] B- (Stable)/A4;
   Limit                           Reaffirmed

   Proposed Limit        1.00      [ICRA] B- (Stable)/A4;
                                   Reaffirmed

Rating Rationale

The ratings favourably factor in the longstanding experience of
the company's promoter in manufacturing control equipment and its
reputed client profile along with pre-qualification status
obtained from various PSUs and private companies. The ratings,
however, continue to remain constrained by CSPL's weak financial
profile, which has further deteriorated in FY2017 as reflected by
sharp decline in profit margin and debt coverage indicators. ICRA
notes its tight liquidity position arising out of stretched
receivables and high inventory holding period. The ratings also
take into account the limited revenue visibility in the near term
owing to CSPL's modest current order book position, and heavy
dependence on a single client for most of its revenue generation.
The intense pricing competition from the established large players
and vulnerability of profitability to fluctuations in raw material
prices given the fixed price nature of its contracts is other
rating concerns.

Rating Outlook: Stable

ICRA believes CSPL will continue to benefit from the extensive
experience of its partners and longstanding relationship with its
major customers. The outlook may be revised to Positive if
substantial growth in revenue and profitability, and better
working capital management, strengthens the financial risk
profile. The outlook may be revised to Negative if cash accrual is
lower than expected, or if any major capital expenditure, or
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Longstanding experience of promoters and track record of CPPL in
the electronics and electrical industry: CSPL was incorporated in
1971 and undertakes total turnkey orders of Low Tension Switchgear
projects comprising the supply of equipment like motor control
centres (MCCs), power control centres (PCCs), bus ducts,
distribution boards and push button stations for process
industries and their erection and commissioning. The key promoter,
Mr. V N Reddy has an extensive experience of over three decades in
the industry.

Reputed client profile: CSPL supplies products to various State
Electricity Boards, oil refining companies, thermal power stations
and leading Engineering, Procurement and Construction (EPC)
contractors that has facilitated in building up a strong pre-
qualification status over the past three decades. Bharat Heavy
Electrical Ltd. (BHEL) is the company's largest customer.

Credit challenges

Weak financial profile that has further deteriorated in FY2017:
CSPL is a modest sized player with revenues of INR14.7 crore in
FY2017. The company's profitability has historically remained low
and has been impacted in the last 2-3 years due to inadequate
absorption of fixed costs. The company operating loss of INR0.1
crore in FY2017 as compared to operating profit (OPBDITA) of
INR0.0 crore in FY2016 on account of low margin work orders
received by the company during the year and increased raw material
consumption charges. Subsequently, it reported a marginal profit
after tax of INR0.01 crore in FY2017 supported sizeable by non-
operating income. Although the capital structure remained
moderately leveraged with gearing at 0.9 time as on March 31,
2017, the debt coverage indicators continued to remain weak and
deteriorated further due to decline in profitability with interest
coverage of -0.2 time in FY2017, Total Debt/OPBDITA of -45.2 times
and NCA/Total Debt of 5.0% in FY2017 as against interest coverage
of 0.03 time, Total Debt/OPBDITA of 269.1 and NCA/Total Debt of
4.2% in FY2016.

High working capital intensity of operations: The working capital
intensity of the company has historically remained high due to
stretched receivables and high inventory levels. The same declined
to 51% as on March 31, 2017 from 85% as on March 31, 2016, due to
reduction in receivable levels but continued to remain high at
absolute level. BHEL payments continue to remain stretched and are
received within 120-180 days while the company offers a credit
period of 90-120 days to other customers. The receivables position
of the company is high because significant amount of receivables
(Rs. 0.72 crore as on December, 2017 reduced from INR2.1 crore
from March, 2016) is stuck in a beleaguered power project
of Lanco Infratech and increase in receivable cycle with BHEL
(INR5.56 crore as on December, 2017) has further lead to high
debtor position. The increase in company's inventory includes
build-up raw material inventory and work in progress for supply of
finished component for existing orders in hand.

High customer concentration: CSPL supplies products to various
State Electricity Boards, Oil Refining companies, Thermal Power
Station and leading EPC contractors. However, it has focussed more
on the clients in power sector and its overall sales have
concentrated among top two clients accounting for ~80-90% of total
sales over the years. The customer concentration risk remains high
for the company with the top 5 customers accounting for over 96%
of the total sales in FY2017 as against 64% of the total sales in
FY2016 with Bharat Heavy Electrical Ltd. (BHEL) alone contributing
~75% of the total sales in FY2017.

Modest and concentrated order book position: CSPL's order book
position continues to remain moderate with outstanding orders of
INR28.33 crore (1.93 times FY2017 revenue) as on November 30,
2017. BHEL continues to be the key customer for CSPL and
constitutes nearly 75-85% of the total outstanding order book. The
company has faced delays in few major projects and is expected to
execute this outstanding order book in 4 months-
24 months depending on the size and type of the project.

Intense competition from established peers: The larger players in
the industry enjoy a competitive advantage over CSPL on account of
their backward integration into manufacturing of critical
equipments and also in procurement of basic raw materials at
discounted price. The company also faces stiff competition from
local panel manufacturing companies having pre-qualification
status with BHEL. Additionally, the reverse auctioning process
adopted by BHEL, wherein the least price (L1) bidder is disclosed
online to all the participating bidders and option is given to
others to match the price of L1 bidder, further intensifies the
competition and constrains the profitability margins for CSPL.
Given CSPL's modest size and the intense competition in the
industry, increasing the order inflow would continue to be
challenging.

Controls and Schematics Private Limited (CSPL) was incorporated in
1971 as a limited company and converted to a private limited
company in May 2016. The company undertakes total turnkey orders
of Low Tension Switchgear projects comprising the supply of
equipment like motor control centres (MCCs), power control centres
(PCCs), bus ducts, distribution boards and push button stations
for process industries and their erection and commissioning.
Historically, the company has maintained its focus on customers in
the power sector, and to some extent on those in refineries and
petrochemicals. The turnkey orders include design, engineering,
manufacturing, supply, erection and commissioning. At present, the
company has only one operational manufacturing facility at
Hyderabad.

In FY2017, CSPL reported a net profit of INR0.1 crore on an
operating income (OI) of INR14.7 crore as compared to a net profit
of INR0.00 crore on an operating income of INR8.8 crore in FY2016.
Further, for 10M FY2018, the company has reported a profit before
tax of -INR0.8 crore on an operating income of INR7.3 crore on a
provisional basis.


GAJAVELLI SPINNING: ICRA Reaffirms B+ Rating on INR70cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR81.64-crore fund-based limits, INR1.00-crore non-fund based
limits and INR0.87-crore unallocated limits of Gajavelli Spinning
Mills Private Limited. The outlook on the long-term rating is
'Stable'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Cash
   Credit                70.00     [ICRA]B+ (Stable); reaffirmed

   Fund based-Term
   Loan                  11.64     [ICRA]B+ (Stable); reaffirmed

   Non-Fund based-
   Bank Guarantee         1.00     [ICRA]B+ (Stable); reaffirmed

   Unallocated            0.87     [ICRA]B+ (Stable); reaffirmed

Rationale

The rating factors in weak financial profile characterized by
decline in operating margins in FY2017 owing to high cotton prices
and increase in low-margin trading sales, high gearing and
stretched coverage indicators during FY2017. The rating factors in
the constrained liquidity position with high working capital
intensity owing to high inventory, leading to high utilisation of
working capital limits and significant repayment obligations with
high dependence on promoters' unsecured loans to meet the same.

The rating also takes into account the commoditized nature of the
product and the highly fragmented nature of the industry leading
to low pricing flexibility for the company. ICRA notes that GSMPL
is exposed to agro climatic risks which could impact the
availability of quality cotton, further exposes the revenues and
margins to fluctuations in cotton and yarn prices. The rating,
however, favorably factors in extensive experience of the
promoters in cotton yarn manufacturing industry, proximity to
cotton growing areas of Guntur the benefits received on term loan
via the interest subsidy granted under Technology Upgradation Fund
Scheme and power subsidy under state scheme which supports
profitability to an extent.

Outlook: Stable

ICRA believes GSMPL will continue to benefit from the extensive
experience of its promoters and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if gearing and liquidity improves, and better working-capital
management strengthens the financial risk profile. The outlook may
be revised to 'Negative' if cash accrual is lower than expected,
or dip in margins, or stretch in the working capital cycle, weaken
liquidity.

Key rating drivers

Credit strengths

Significant experience of the management: The promoters have more
than 15 years of experience in cotton yarn manufacturing, ginning
and lint trading leading to established relationships with
suppliers and customers.

Proximity to cotton growing areas: The company's plant is located
near major cotton growing area of Guntur in Andhra Pradesh
resulting in easy availability of raw material and savings in
transportation costs.

Interest subsidy and power subsidy from government schemes
resulting in lower expenses: The company receives interest subsidy
from the Government of India (GoI) through the Technology
Upgradation Fund (TUF) Scheme and power subsidy from the
Government of Andhra Pradesh which support the margins of the
company.

Credit challenges

Modest scale of operations: The scale of operations of the company
remained moderate with revenues of INR137.00 crore during FY2017,
which increased by 28% from FY2016, on account of higher trading
of lint during FY2017, given the favorable market prices for
trading, and 10% growth in realizations and 4% growth in sales
volumes during FY2017.

Weak financial profile: The financial profile of the company
remained weak with decline in operating margin to 7.90% in
FY2017 from 9.97% in FY2016 owing to higher cotton prices, high
gearing of 3.76 times and weak coverage indicators as reflected in
OPBDITA/Interest and Finance expenses at 1.88 times, Total
Debt/OPBDITA at 7.80 times as on March 31, 2017.

Stretched liquidity owing to high repayments: The liquidity
position is constrained given the high debt repayment obligations
over the next three years leading to high dependence on promoters'
funds for meeting the debt obligations.  The company has high
working capital intensity owing to high cotton inventory during
the peak season which resulted in high average working capital
utilisation of the company.

Exposed to cotton and yarn price fluctuations: GSMPL is exposed to
agro climatic risks which could impact the availability of quality
cotton and regulatory risk with regards to minimum support price
for raw cotton which exposes the revenues and margins to
fluctuations in cotton and yarn prices.

Highly fragmented industry with intense competition: The domestic
spinning industry is highly fragmented in nature with capacities
concentrated in Tamil Nadu, Maharashtra, Gujarat, Andhra Pradesh
and Punjab. GSMPL is a small-sized player in the highly-fragmented
and competitive domestic spinning industry; this coupled with
commoditised nature of the product limits the margins of the
company.

Gajavelli Spinning Mills Private Limited (GSPL), incorporated as
private limited company in April 2006 by Mr. Gajavelli
Venkateswara Rao and Mr. Gajavelli Poornachadra Rao, is primarily
engaged in producing cotton yarn. The mill is located in Guntur
district of Andhra Pradesh and has a capacity of 35184 spindles.
Cotton yarn, cotton waste and lint are the major products of the
company. GSPL produces carded and combed yarn of 32's count.


GANPATI AGRI: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ganpati Agri
Business Pvt Ltd.'s (GABPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR120 mil. Fund-based working capital limit affirmed with
    IND BB/Stable rating; and

-- INR37.82 mil. (reduced from INR65.68 mil.) Term loan due on
    September 2020 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects GABPL's continued medium scale of
operations, thin and falling margins and moderate credit metrics,
due to a short operating record and raw material price volatility.
FY15 was the first full year of commercial operations for the
company. Revenue was INR999 million in FY17 (FY16: INR849
million), EBITDA margins was 3.5% (4.3%), interest coverage was
1.9x (1.8x) and net financial leverage was 5.2x (5.07x). The
revenue grew due to a higher number of orders received and
executed; the margins fell due to higher raw material costs. The
interest coverage improved slightly mainly due to lower interest
cost while the mild deterioration in leverage was because of a
slight decline in EBITDA. The company earned revenue of INR1,096
million in 11MFY18 as per provisional financials.

The ratings continue to be supported by GABPL's comfortable
liquidity with around 75% utilization of the fund-based facilities
on average over the 12 months ended February 2018. The ratings are
further supported by close to two decades of experience of GABPL's
promoters in the poultry and cattle feed industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from an
improvement in the profitability leading to an improvement in the
overall credit metrics of the company on a sustained basis.

Negative: A negative rating action could result from a decline in
the profitability leading to deterioration in the overall credit
metrics of the company on a sustained basis.

COMPANY PROFILE

GABPL was incorporated in 2011 by its two directors Mr. Atul Kumar
Singh and his wife Mrs. Shavi Singh. The company manufactures
poultry feed and cattle feed, comprising mustard cake, de-oiled
mustard cake, rice bran and de-oiled rice bran.


GVK GAUTAMI: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking for information from GVK Gautami
Power Limited (GGPL) to monitor the ratings vide-mail
communications dated February 9, 2018, February 22, 2018, February
27, 2018, March 1, 2018 and numerous phone calls. However, despite
our repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on GVK Gautami Power Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities        1,009.75     CARE D; ISSUER NOT COOPERATING;
                                  Based on best available
                                  Information

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

Detailed description of the key rating drivers

At the time of last rating on January 12, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Stretched liquidity position with delays in debt servicing: The
liquidity position of the company continued to remain stretched on
account of the plant being non-operational during FY16 resulting
in delays in debt servicing.

Key Rating Strengths

Strong promoter & experience in power sector: GGPL is a part of
the Hyderabad-based GVK group, which is one of the first
Independent Power Plant developers in the country. The GVK group
through GVK Power & Infrastructure Limited and its subsidiaries
has substantial ownership interest in power generating assets and
is also engaged in the building and developing of road projects,
providing infrastructure facilities, exploration of oil & natural
gas, operations, maintenance and development (OMD) of airport
projects and exploration of coal mines. The group has 15 assets in
its portfolio, out of which, seven assets are in power, four in
highways, two are in mining and two in airports.

GGPL is a subsidiary of GVK Energy Limited (GEL), which in turn is
the subsidiary of GVK Power & Infrastructure Limited the flagship
company of the GVK group. The company operates a 464 MW gas-based
Combined Cycle Power Plant (CCPP), located in East Godavari
District of Andhra Pradesh, comprising two gas turbine generators
and one steam turbine generator.


GVK INDUSTRIES: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking for information from GVK Industries
Limited (GIL) to monitor the ratings vide-mail communications
dated February 09, 2018, February 22, 2018, February 27, 2018,
March 1, 2018 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on GVK Industries Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      520.07     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term Bank      19.60     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

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

Detailed description of the key rating drivers

At the time of last rating on January 12, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Stretched liquidity position with delays in debt servicing: The
liquidity position of the company continued to remain stretched
during FY16 on account of non-operational of the plant due to
low/non-availability of gas resulting in delays in debt servicing.

Key Rating Strengths

Strong promoter & experience in power sector: GIL is a part of the
Hyderabad-based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited and its subsidiaries has
substantial ownership interest in power generating assets and is
also engaged in the building and developing of road projects,
providing infrastructure facilities, exploration of oil & natural
gas, operations, maintenance and development (OMD) of airport
projects and exploration of coal mines. The group has 15 assets in
its portfolio, out of which, seven assets are in power, four in
roads, two are in mining and two in airports.

GVK Industries Limited (GIL) is a wholly-owned subsidiary of GVK
Energy Limited (GEL) incorporated in June, 1992. Further, GEL is
also the subsidiary of GVK Power & Infrastructure Limited, the
flagship company of the GVK group. GIL is engaged in generation of
electricity at its mixed fuel combined cycle power plants situated
in Jegurupadu in Andhra Pradesh (AP). Total installed capacity of
the company is 437 MW, which was set up in two stages of 217 MW
(Phase I) and 220 MW (Phase II).

The company has signed Purchase Power Agreement (PPA) with Andhra
Pradesh Transmission Corporation Limited (APTRANSCO) and Telangana
Transmission Corporation Limited (TGTRANSCO) for both the Phases.
PPA for Phase-I has completed the 18 years of PPA agreement with
AP government, the same was valid till June 2015. Phase II PPA is
valid for 15 years from the date of commercial operation i.e. upto
April 13, 2024.

AP Transco has exercised its option to buy out the phase-1 plant
in terms of the provision specified under the PPA, and the company
had also received the notice for the same from the AP government.
The power utility had defended its decision stating that the
buyout was the least expensive alternative as compared to the high
refurbishment costs proposed for the extension of the plant life.
The company is expected to receive INR294 crore towards the
terminal value of the project from the government agency.


GVK POWER: CARE Reaffirms D Rating on INR150cr LT Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
GVK Power and Infrastructure Limited (GVKPIL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities          150.00      CARE D Reaffirmed

   Long/Short-term
   Bank Facilities      95.38      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers:

The ratings assigned to the bank facilities of GVKPIL is on
account of delays in debt servicing owing to stretched liquidity
position of the company.

Detailed description of the key rating drivers:

Key Rating Weakness

Subdued operational & financial performance resulting in stretched
liquidity position: GVKPIL reported decline in total operating
income in FY17 along with continued net loss and cash loss during
the year.

The same has been due to subdued operational and financial
performance of the subsidiaries of GVKPIL. Consequently, the
liquidity has been stretched resulting in delays in debt
servicing.

Key Rating Strengths

Experienced promoters and management team: GVK Power &
Infrastructure Limited (GVKPIL) is the flagship company of the GVK
Group (GVK). GVK was established nearly four decades ago by Dr.
G.V. Krishna Reddy, the Chairman & Managing Director of the
company. GVK is a diversified conglomerate with interests in a
wide range of businesses including power, roads, urban
infrastructure, bioscience, hotels and mining.

Analytical approach: Consolidated. CARE has considered the
consolidated financials of GVKPIL and its subsidiaries as all
the companies together have operational and financial linkages.

GVKPIL is the flagship company of Hyderabad-based GVK group. The
group was established nearly four decades ago by Dr. G.V. Krishna
Reddy, the Chairman & Managing Director. GVKPIL acts as an
investment vehicle of the GVK group for all its investments in the
infrastructure sector and is the ultimate holding company of
diversified infrastructure assets of the group.


GVK POWER GOINDWAL: CARE Reaffirms D Rating on INR2,400cr LT Loan
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
GVK Power (Goindwal Sahib) Limited (GPGSL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities         2,400.00      CARE D Reaffirmed

   Short-term Bank
   Facilities            40.50      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GPGSL continue to
factor in delays in servicing of debt obligations owing to
continued subdued operational and financial performance of the
company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position with delays in debt servicing
The company has been facing subdued operational performance on
account of non-availability of coal which has impacted the power
generation and revenue level. Non availability of coal was
primarily on account of de-allocation of the coal block which was
the primary source of coal for the company. Although the company
is presently sourcing coal from the open market via e-auction, due
to shortage in working capital, the current procurement level is
insufficient to run the plant at optimum level to generate
sufficient cash to service its debt obligation. Consequently, it
registered net loss and cash loss in FY17 and delays in debt
servicing.

Key Rating Strengths

Strong and experienced promoter group: GPGSL belongs to the
Hyderabad-based GVK group, which is one of the first Independent
Power Plant developers in the country. The GVK group through GVK
Power & Infrastructure Limited (GVKPIL) and its subsidiaries has
substantial ownership interest into power generating assets and is
also engaged in building and developing of highway projects,
providing infrastructure facilities, exploration of oil & natural
gas, operations, maintenance and development (OMD) of airport
projects and exploration of coal mines.

Incorporated in 1998, GPGSL is a wholly-owned subsidiary of GVK
Energy Limited, which in turn is the subsidiary of GVK Power and
Infrastructure Limited (GVKPIL), the flagship company of GVK
group. GPGSL has implemented a 540 MW (2*270 MW), coal-fired
thermal power project at Goindwal Sahib, District Tarn Taran,
Punjab. The project was awarded to GVK group by Government of
Punjab (GOP) & Punjab State Electricity Board (PSEB) during the
year 1996, through International Competitive Bidding (ICB) route.
The project achieved COD in April 2016.


HARESH OVERSEAS: ICRA Raises Rating on INR5.0cr Cash Loan to C+
---------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]C+ from [ICRA]C to
the INR5.00-crore cash credit facility and INR0.92-crore term loan
facility of Haresh Overseas Private Limited. ICRA has also
reaffirmed the short-term rating at [ICRA]A4 to the INR34.37-crore
letter of credit facility of the company.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based-Cash       5.00      [ICRA]C+; Upgraded
   Credit                          from [ICRA]C

   Fund based-Term       0.92      [ICRA]C+; Upgraded
   Loan                            from [ICRA]C

   Non-fund based-
   Letter of Credit     34.37      [ICRA]A4; Reaffirmed

Rationale

The rating upgrade factors in the improvement in HOPL's operating
profitability driven by lower procurement cost, which has also
enabled the company to book a net profit of INR2.0 crore in FY2017
against a net loss of INR4.5 crore in FY2016. This is also because
of lower interest cost due to repayment of term borrowings along
with absence of any forex losses due to forward hedging undertaken
in FY2017 to contain its forex risk. Despite an improvement, the
low value-added nature of the company's chemical trading business
has resulted in weak profitability metrics. The ratings continue
to consider the extensive experience of the promoters in the
chemical trading business.

The ratings, however, continue to remain constrained by the
company's adverse capital structure following erosion of its
net worth in the past and its weak coverage indicators as
indicated by a DSCR of less than 1 times as on March 31, 2017.
Furthermore, the ratings also remain constrained by the company's
modest scale of operations and the intense competition in the
industry due to the presence of several organised as well as
unorganised players, which limit the pricing flexibility.

Key rating drivers

Credit strengths

Notable improvement in profit metrics driven by lower traded goods
procurement cost with declining borrowing cost and absence of
forex losses: The profitability of the company has improved
significantly in FY2017 as compared to FY2016. The operating
profit increased to INR3.5 crore from INR0.2 crore during this
period due to decreased traded goods cost. It also booked INR2.0-
crore net profits in FY2017 as against INR4.5-crore net loss in
FY2016 owing to lower interest cost as a result of repayment of
majority of the term loan and reduced exposure to foreign exchange
fluctuation, which has resulted in considerable losses in earlier
years.

Extensive experience of the promoter and Group companies in
trading of petrochemicals and speciality chemicals: The promoters
of HOPL have been in the petrochemical and speciality chemical
industry for more than three decades. The extensive experience and
expertise of the promoters and the top management has helped the
company in maintaining a longstanding relationship with
established suppliers, ensuring repeat orders from customers.

Credit challenges

Weak capital structure along with low coverage indicators:
Continuous significant losses in the past has fully eroded the
company's net-worth base resulting in an adverse capital
structure. Furthermore, the coverage indicators remained stressed
with a DSCR of 0.9 times as on March 31, 2017.

Weak profitability levels due to small scale and low value-added
nature of business: The company has a small scale of operations
and has witnessed a muted revenue growth over the last four-year
period. Along with the small scale, low value-added nature of
trading business restricts its profitability.

Vulnerability to foreign currency fluctuation: The chemicals
traded are imported from across the globe directly from the
manufacturers and in some cases from the traders. However, the
exports form a minor portion of the total sales, thus exposing the
company to foreign currency fluctuation risk. Though, from FY2017,
HOPL has started hedging its open position partially, thereby
reducing the risk to some extent.

Exposure to price risks of the chemicals traded: The company
trades in petrochemicals like industrial alcohols, ketons,
monomers, chlorinated solvents, plasticisers, phenols etc. Since
these products are derivatives of crude oil, their prices move in
tandem with price of crude oil, hence its profitability is
susceptible to the raw material price fluctuation.

Intense competition in the fragmented trading business: The
chemical trading business is characterised by stiff competition
with a large number of companies in the organised as well as
unorganised sector and HOPL faces competition from many small and
large traders.

HOPL was incorporated in 1983 and is at present managed by Mr.
Kailash S. Kasat. The company is headquartered in Mumbai
(Maharashtra) with branch offices in Cochin (Kerala), Gandhidham
(Gujarat) and Jodhpur (Rajasthan). HOPL is involved in trading,
marketing and distribution of petrochemicals and solvent. The
company is also a manufacturer and supplier of Guar gum powder and
has a state-of-the art manufacturing unit of 4500 MTPA capacity
with an in-house laboratory at Boronada Agro park Jodhpur
(Rajasthan), which started production in 2006. However, the
company's revenue from the Guar gum factory forms a minute part of
the total revenue.

In FY2017, the company reported a net profit of INR2.0 crore on an
operating income (OI) of INR87.2 crore, as compared to a net loss
of INR4.5 crore on an OI of INR75.9 crore in the previous year.


HARRA POLYFLEX: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Harra Polyflex
Private Limited (HPPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR36.66 mil. Term loans due on March 2021 assigned with
    IND BB-/Stable rating; and

-- INR50 mil. Fund-based facilities* assigned with IND BB-/
    Stable/IND A4+ rating.

*There is 100% interchangeability between fund-based and non-fund-
based working capital facilities.

KEY RATING DRIVERS

The ratings reflect HPPL's small scale of operations and modest
credit metrics owing to intense competition in the plastic
packaging industry. Revenue was stable at INR279 million in FY17
(FY16: INR278 million). As of 31 January 2018, it booked revenue
of INR237.43 million. Net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) marginally deteriorated to 3.4x in FY17
(FY16: 3.3x) and gross EBITDA interest coverage (operating
EBITDA/gross interest expense) to 2.2x (2.4x) on account of a fall
in EBITDA margin and an increase in gross interest expenses. The
EBITDA margin declined to 12.4% in FY17 (FY16: 13.1%) because of
an increase in indirect expenses. Ind-Ra expects HPPL's credit
metrics to improve further in the medium term, driven by likely
repayment of the term loans and absence of any major capex plan.

The ratings are also constrained by the company's elongated net
working capital cycle, although it improved to 128 days in FY17
(FY16: 137 days) due to an improvement in receivable period to 112
days (138 days).

However, the ratings are supported by the company's comfortable
liquidity position as indicated by 65% average peak utilization of
the fund-based limits during the 12 months ended February 2018.

The ratings are supported by the promoter's more than three
decades of experience in the woven fabrics and polypropylene sacks
manufacturing business.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2013, HPPL manufactures high-density
polyethylene/polypropylene fabrics, woven sacks and biaxially
oriented polypropylene films for cement, fertilizers and food
grain companies. It began commercial operations in April 2014.


IOT ENGINEERING: Ind-Ra Affirms BB- Rating on INR20MM Limits
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IOT Engineering
Projects Limited's (IOT EP) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are
given below:

-- INR20 mil. (reduced from INR500 mil.) Non-fund-based limits
    affirmed with IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings remain constrained by IOT EP's low and falling
revenue, operating losses and no revenue visibility over the near
to medium term. This is due to the loss of major contracts which
resulted in deterioration of the overall financial position of IOT
EP over the past two years; since then, the management has not
participated in any new bids to acquire new contracts. In FY17,
the company achieved revenue of INR248 million (FY16: INR385.95
million) by executing its pending order book, EBITDA was negative
INR12.6 million (FY16: negative INR747.75 million). The operating
losses are attributed to the high provisions kept for bad debt and
advances (FY17: INR30.49 million; FY16: INR15.82 million) and
write-off of unbilled revenue & sundry balances (INR19.2 million;
INR108.2 million); excluding which operating profit was INR37.09
million during FY17. Moreover, the company reported a positive net
profit of INR201.2 million in FY17 (FY16: negative INR1108.73
million) mainly on account of the reversal of provisions.

The company has no current outstanding order book and according to
the management IOT EP may remain non-operational during the near
to medium term. Also, IOT EP has no current bank limits on its
balance sheet except for INR20 million of bank guarantee limits,
which are 100% guaranteed by its parent company - IOT
Infrastructure & Energy Services Ltd (IOT IES; 'IND AA-'/Stable).
IOT IES owns 100% stake in IOT EP. Moreover, the company had no
revenue from core operations as of 10MFY18; it generated other
income of INR52.1 million during the period.

The ratings supported by the continuous distress support available
to IOT EP from the parent in the form of equity/unsecured loans.
IOT IES had infused capital of INR2.87 billion during FY15-FY17 in
form of preference shares and unsecured loans to support IOT EP's
liquidity.

RATING SENSITIVITIES

Positive: Growth in the order book and revenue leading to a
significant, sustained improvement in the credit metrics will be a
positive for the ratings.

Negative: A weakening linkages with the parent will be a negative
for the ratings.

COMPANY PROFILE

Incorporated in 2007, IOT EP specializes in structural erections,
piping and associated facilities for refineries, terminals, power
and cement plants.


IVRCL CHANDRAPUR: ICRA Reaffirms D Rating on INR313.99cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR313.99-crore fund-based limits of IVRCL Chandrapur
Tollways Limited at [ICRA]D.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based-Term
   Loan                 313.99       [ICRA]D; reaffirmed

Rationale:

The re-affirmation of rating takes into account the continued
delays in servicing its term loan obligations. The project
execution got delayed by around three years - ICTL commenced
operations on September 25, 2016 as against scheduled COD of
September 25, 2013. The company is yet to receive final COD
because of minor pending works and is expected to receive in Q1
FY2019. With lower than expected multi-axle traffic flow on
account of muted coal mining activity on one hand and exemption to
passenger and state transport vehicles on the other, the toll
collections during 9M FY2018 stood at INR19.61 crore - lower than
company's expectations by 45%. The company raised claim of INR11
crore for the period December 2016 to December 2017 towards loss
on account of toll exemption against which it has received INR4.03
crore till date.

Going forward, ICTL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. This apart,
the ability of the company to get full and timely reimbursements
from Government of Maharashtra for the revenue loss, trends in
traffic growth rates and movement in WPI (for toll rate hike) will
remain key rating sensitivities.

Outlook: Not Applicable

Key rating drivers

Credit strengths

Operational nature of the project eliminates construction risk:
The rating continues to factor in the operational status of ICTL's
road project that eliminates the construction risks. ICTL achieved
COD on September 25, 2016 as against scheduled COD of
September 25, 2013 and toll collections right on November 30,
2016. The company is yet to receive final COD because of minor
pending works on the stretch and is expected to receive in Q1
FY2019.

Not significant alternative routes: The project traffic derives
its strength mainly from the economic activity in the districts of
Chandrapur and Yavatmal. There are no significant alternative
routes for this stretch thereby minimizing toll leakages.

Credit Challenges

Delays in debt servicing: There are continuous delays in servicing
its term loan obligations.

Lower than anticipated traffic: With lower than expected multi-
axle traffic flow on account of muted coal mining activity on one
hand and exemption to passenger and state transport vehicles on
the other, the toll collections during 9M FY2018 stood at INR19.61
crore- lower than company's expectations by 45%.

Revenue loss on account of toll exemption: The toll exemption on
cars, small private vehicles and state transport buses on
Maharashtra state highways has resulted in revenue loss for ICTL.
The company raised claim of INR11 crore for the period December
2016 to December 2017 towards loss on account of toll exemption
against which it has received INR4.03 crore till date.

Revenues dependent on GDP growth and movement in WPI: Prospects
linked to GDP growth (due to the correlation of GDP growth with
commercial traffic growth rates) and movement in WPI (for toll
rate hike). Any reduction in either of these will have an adverse
impact on toll collections.

Inherent risk in BOT (Toll) road projects: Project remains exposed
to risks inherent in BOT (Toll) road projects, including risks
arising from political acceptability of toll rate hike over the
concession period and development/improvement of alternate routes
and likelihood of toll leakages.

Incorporated in October 2010, IVRCL Chandrapur Tollways Limited
(ICTL) is a Special Purpose Vehicle (SPV) promoted by IVRCL
Limited for four-laning and improvement of Karanji-Wani-Ghuggus-
Chandrapur section of MSH- 6 & 7 of 85.11 km in Yavatmal and
Chandrapur District of Maharashtra. The project is developed on
Design, Build, Operate, Transfer basis. The project was earlier
envisaged to have a capital outlay of INR735.99 crore. However,
owing to delay in execution of the project the total cost has
increased to INR882.48 crore, primarily on account of increase in
interest during construction. The revised cost is funded with a
debt of INR414.70 crore, positive grant of INR199.50 crore and
promoter's contribution of INR268.28 crore.


KACHCHH VENEERS: ICRA Withdraws B+ Rating on INR2cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook and the short-term rating of [ICRA]A4 assigned to the
INR17.00 crore bank facilities of Kachchh Veneers Private Limited
(KVPL).

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-fund based-
   Letter of Credit     16.50      [ICRA]A4; Withdrawn

   Fund based-Cash
   Credit               (2.00)     [ICRA]B+ (Stable); Withdrawn

   Unallocated Limits    0.50      [ICRA]B+ (Stable)/ [ICRA]A4;
                                   Withdrawn

Rationale

The long-term and short-term ratings assigned to Kachchh Veneers
Private Limited have been withdrawn at the request of the company,
based on the no-objection certificate provided by its banker.

Incorporated in 1997, Kachchh Veneers Private Limited (KVPL) is
into the business of trading timber logs and manufacturing veneer,
plywood, block board, flush door and other related products. The
company is based out of Gandhidham (in Kutch district of Gujarat),
near Kandla Port.


LARIYA ART: ICRA Reaffirms B+ Rating on INR6cr Loan
---------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR6.00-crore fund-based limits of Lariya Art Palace Private
Limited. ICRA has also reaffirmed ratings of [ICRA]B+/[ICRA]A4
for the INR1.00 crore proposed limits of LAPPL. The outlook on the
long-term rating is Stable.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Fund based limits     6.00     [ICRA]B+(Stable); reaffirmed

   Unallocated
   (Proposed Limits)     1.00     [ICRA]B+(Stable)/A4; reaffirmed

Rationale:

The rating re-affirmation takes into account the improvement in
gearing level as well as working capital intensity in FY 2017;
although the same has been accompanied by stagnant revenues in the
last two years, declining margins and elevated Debt/OPBDITA
levels.

ICRA's ratings continue to take into account the high competitive
intensity to which LAPPL is exposed, which limits its bargaining
power. The ratings also continue to factor in the vulnerability of
the company's profitability to foreign exchange fluctuations due
to lack of a hedging mechanism. Moreover, the ratings continue to
factor in risks associated with LAPPL's concentrated customer
base, as more than 65% of its revenues are derived from five major
customers. The ratings also continue to take cognizance of the
company's modest scale of operations, relatively high working
capital requirements and low net-worth base. ICRA takes note of
the company's stretched liquidity position, as reflected by the
high utilisation of its bank limits. Further, any change in
incentives extended by the Government to the exporters or in the
regulatory policies of importing countries can adversely impact
the profitability and cash flows of the company.

However, the ratings continue to derive comfort from the extensive
experience of the promoters and the company's established
relationships with its key customers, enabling it to procure
repeat orders. ICRA also takes note of strategic location of the
manufacturing facility, which enables LAPPL to procure raw
materials easily and saving on transportation cost.

Going forward, the company's ability to attain a sustained
improvement in scale in a profitable manner, while optimally
managing its working capital intensity thereby resulting in
improved liquidity situation, will be the key rating
sensitivities.

Outlook: Stable

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

Key rating drivers:

Credit strengths

Experienced management lends competitive edge: The management has
an experience of more than a decade in iron and wooden based
handicrafts industry. Over the years, the promoters have gained a
thorough knowledge of the markets. Such a long presence in the
industry has helped the company establish relationships with
several suppliers and customers.

Easy raw material availability because of strategic location of
the manufacturing facility: The major raw materials required by
the company are wood and iron. These are majorly procured form the
local markets. The company enjoys a locational advantage of being
situated at Jodhpur, a major hub for the manufacture of
handicrafts. Hence, all the raw materials required are easily
available in abundance in the local markets. This helps the
company saving on transportation costs.

Credit challenges

Intense competition, given the limited entry barriers: The company
faces stiff competition from other various organized and
unorganised players in the industry, which limits its pricing
flexibility and bargaining power with customers, putting pressure
on its margins. There are low entry barriers for new entrants that
further augment the competition.

Vulnerability to exchange rate fluctuation impact profitability
and competitiveness: Given that entire revenue is contributed by
exports it remains exposed to the vagaries of the currency
markets. Any fluctuation in rupee vis-a-vis dollar will impact
LAPPL's revenue and profitability. The company mainly exports to
furniture wholesalers in USA, UK and UAE.

Incorporated in 2004, LAPPL is a closely held private limited
company engaged in manufacturing and exporting handcrafted
furniture. The company deals in wooden as well as wrought iron
furniture and mainly caters to the exports markets. LAPPL's
manufacturing facility at Jodhpur (Rajasthan) and employs more
than 150 workmen and artists for the handcrafted work.

LAPPL reported a net profit of INR0.17 crore on an OI of INR20.67
crore in FY2017 compared with a net loss of INR0.31 crore on an OI
of INR20.74 crore in the previous year.


NAVDANYA FOODS: ICRA Keeps B Rating in Not Cooperating Category
---------------------------------------------------------------
The ratings for the INR6.50 crore bank facilities of Navdanya
Foods Private Limited (NFPL) continue to remain under 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-Cash    4.00       [ICRA]B (Stable) ISSUER NOT
   Credit                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Non Fund Based-    2.50       [ICRA]A4 ISSUER NOT COOPERATING;
   Letter of                     Rating continues to remain
   guarantee                     under 'Issuer Not Cooperating'
                                 category

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

Established in 2000, Navdanya Foods Private Limited (NFPL) mills
parboiled rice and trades in finished rice. It has an installed
capacity to manufacture 43,200 MTPA of rice and 6,000 MTPA of rice
husk ash and micro silica.


NORTHERN INDIA LEATHER: Ind-Ra Assigns 'B' Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Northern India
Leather Cloth Manufacturing Co. Private Limited (NILCO) a Long-
Term Issuer Rating of 'IND B'. The Outlook is Stable. The
instrument-wise rating actions are as follows:

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

-- INR40 mil. Non-fund-based working capital limits assigned
    with IND A4 rating; and

-- INR189.60 mil. Term loan due on April 5, 2024-October 5, 2032
    assigned with IND B/Stable rating.

KEY RATING DRIVERS

The ratings reflect NILCO's medium scale of operations and weak
credit metrics owing to intense competition in the leather cloth
industry. Revenue declined to INR410 million in FY17 from INR495
million in FY16 because of demonetization. Interest coverage
(operating EBITDAR/gross interest expense + rents) was 1.00x in
FY17 (FY16: 1.01x) and net leverage (total adjusted net
debt/operating EBITDAR) was 7.03x (6.695x). The deterioration in
the credit metrics was primarily due to a decline in absolute
EBITDA.

The ratings also reflect NILCO's tight liquidity, indicated by an
average cash credit utilization of 93.00% for the 12 months ended
March 2018.

The ratings factor in a modest EBITDA margin, which rose to 9.57%
in FY17 from 9.00% in FY16, driven by a decline in raw material
and manufacturing costs. Ind-Ra expects EBITDA margin to improve
in the medium term on account of the management's focus on
achieving operational efficiency.

The ratings, however, are supported by NILCO's promoters' over
three decades of experience in the leather cloth business.

RATING SENSITIVITIES

Negative: Any further decline in revenue or any fall in EBITDA
margin leading to any deterioration in the credit metrics would be
negative for the ratings.

Positive: Any substantial revenue growth, along with any further
rise in EBITDA margin, while maintaining the current credit
metrics at the current levels would lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 1980, NILCO manufactures polyvinyl chloride-coated
fabric, also known as synthetic leather, which is used in
footwear, furnishing and sports goods, at its plant in Faridabad,
Haryana. The company sells its products under the brand NILCO. At
present, it utilizes 50% of the capacity.


PATODIA GINNING: Ind-Ra Moves D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Patodia
Ginning Factory's (PGF) 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 D (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR8.69 mil. Term loan (long-term) due on April 2018 migrated
    to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR141.31 mil. Fund-based facilities (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 3, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PGF is a manufacturer and wholesale supplier of cottonseed oil
cake, cotton cake, cotton seed, cotton bales, raw cotton bales and
cotton fiber. It commenced production in 2006.


RATNAGIRI GAS: CARE Reaffirms D Rating on INR7,777.68cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ratnagiri Gas and Power Private Limited (RGPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities         7,773.68      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating for the bank facilities of RGPPL continues to take into
account ongoing delays in servicing of company's debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: The company has defaulted
in repayment of loans amounting to INR1471.40 crore and default in
interest repayment amounting to INR1953.93 crore to financial
institutions and banks till March 31, 2017.

Key Rating Strengths

Long Term PPA with Indian Railways: After the termination of PPA
for 620 MW with Indian Railways which was valid till March 31,
2017. RGPPL has signed new PPA with Indian Railways for supply of
average 500 MW of power for next 5 years w.e.f. 01.04.2017 on
quarterly basis in the states of Maharashtra (210 MW), Madhya
Pradesh (85 MW), Gujarat (90 MW), Jharkhand (70 MW), U.P. (50
MW) and Karnataka (35 MW) at a fixed tariff of INR5.50 per unit
(inclusive of any future variation in input costs in terms
of exchange rate, domestic gas prices, transmission charges &
losses etc.).

Availability of fuel: The company has entered into long term fuel
supply agreement with Gail India Limited for next 5 years w.e.f.
April 1, 2017 for securing the LNG at INR7.48/MMbtu. Prior to this
contract the company was securing imported gas through eauction
under PSDF scheme.

Ratnagiri Gas & Power Private Limited (RGPPL) is promoted by NTPC
Ltd (25.51%), GAIL (India) Ltd (25.51%), MSEB Holding Company Ltd
(MSEBHCL) (13.51%) and Financial Institutions (IDBI Bank, SBI,
ICICI Bank and Canara Bank) (35.47%).

RGPPL owns an integrated gas-based power generation plant having a
capacity of approximately 1,967 MW and a Re-Gasified LNG (R-LNG)
terminal with a capacity of approximately 3 MMTPA (Million Metric
Tonnes Per Annum) at Dabhol, Maharashtra.

RGPPL is now in the process of demerging its power division and R-
LNG terminal. As per the demerger scheme, post demerger, the LNG
division of the company will be transferred to a newly
incorporated wholly owned subsidiary company of RGPPL i.e. "Konkan
LNG Private Limited" and the power division of the company will
remain with RGPPL and the shareholding pattern of both the
companies will be the same as that of present RGPPL. Further, the
demerger scheme was approved by the National Company Law Appellate
Tribunal (NCLAT) via its order dated February 28, 2018.


SADASHIV CASTINGS: CARE Migrates D Rating to Not Cooperating Cat.
-----------------------------------------------------------------
CARE Ratings has been seeking information from Sadashiv Castings
Private Limited to monitor the rating(s) vide e-mail
communications/letters dated March 13, 2018 and numerous phone
calls. However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
The rating on Sadashiv Castings Private Limited's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      22.00      CARE D; Issuer not Cooperating;
   Facilities                     Based on best available
                                  Information

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

Detailed description of the key rating drivers

At the time of last rating on September 21, 2017 the following
were the rating strengths and weaknesses.

Key rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
servicing of the debt obligation. The delays are on account of
weak liquidity position as the company is unable to generate
sufficient funds in a timelt manner.

Cyclicality inherent in the steel industry: The steel industry is
sensitive to the shifting business cycles, including changes in
the general economy, interest rates and seasonal changes in the
demand and supply conditions in the market. Apart from the demand
side fluctuations, the highly capital intensive nature of
manufacturing process hinders the responsiveness of supply side to
demand movements.

Highly fragmented and competitive nature of the industry: There
are a large number of small and unorganized players in the
steel products manufacturing business. Since the products
manufactured by SCPL face high degree of competition from other
players, it also restricts SCPL's ability to fully pass on the
volatile material cost to its customers.

SCPL was incorporated as a private limited company in December,
1992 and is currently being managed by Mr Sumit Garg, Mr Sunny
Garg and Mr Kewal Garg. SCPL is engaged in the manufacturing of
alloy steel products like ingots, rectangular rounds, cold rolled
strips and non-alloy steel ingots used in paper industry,
railways, automobile industry, manufacturing of tools and machines
etc. The company has its manufacturing facility located in Mohali,
Punjab with total installed capacity of manufacturing 12,000 MT of
non-alloy ingots, 1800 MT of alloy steel products and 2400 MT of
alloy ingots as on December 31, 2017.


SAFE-TRONICS AUTOMATION: ICRA Reaffirms B+ Rating on INR4cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ and the
short-term rating at [ICRA]A4 for the INR13.00-crore bank lines
and INR1.00-crore unallocated limits of Safe-Tronics Automation
Private Limited. The outlook on the long-term rating is 'Stable'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund
   Based                 4.00      [ICRA]B+(Stable); Reaffirmed

   Short Term-Non
   Fund Based            9.00      [ICRA]A4; Reaffirmed

   Short Term-
   Interchangeable      (5.00)     [ICRA]A4; Reaffirmed


   Long Term/Short       1.00      [ICRA]B+(Stable)/[ICRA]A4;
   Term-Unallocated                Reaffirmed

Rationale

The ratings re-affirmation factors in the modest scale of SAPL's
operations and its dependency on the investments in the oil and
gas industry which is sensitive to the volatile crude oil price.
Furthermore, the company's pricing flexibility is also impacted by
the tender-based competitive bidding process for the contracts of
Public Sector Units (PSUs) where contracts are awarded to the
lowest bidder (L1). The rating further factors the absence of
price escalation clauses in majority of the company's contracts,
which exposes SAPL's profitability to variation in raw material
and labour costs. Furthermore, with more than 50% of the
procurement being met through imports, SAPL's profitability
remains vulnerable to any adverse fluctuations in foreign exchange
in the absence of any hedging undertaken by the company. Though
the capital structure and reliance on external working capital
borrowings are conservative at present, the ability to manage
receivables and inventory turnaround will be critical from the
working capital perspective.

The ratings, however, continue to favorably factor the long
experience of SAPL's promoters in the execution of turnkey
projects for the installation of fire and gas (F&G) detection
equipment for the oil and gas industry and its reputed client
profile comprising large companies engaged in Exploration &
Production (E&P) business. Moreover, the company's exclusive
supply arrangement with Detector Electronics Corporation, USA,
which has a leading position in F&G detection systems, and its
representation of Norriseal, USA which is a global leader in
industrial hazard safety solutions provides comfort.

Outlook: Stable

ICRA believes SAPL will continue to benefit from the extensive
experience of its promoters in the execution of turnkey projects
for the installation of F&G detection equipment. The outlook may
be revised to 'Positive' if the company diversifies across
different geographies and thereby increases its reach to record
steady revenue growth supported by sales from its new product line
and maintain healthy profitability levels along with better
working capital management to strengthen the financial risk
profile. The outlook may be revised to 'Negative' if there is
considerable de-growth in the revenue and lower than expected cash
accruals, or strain on free cash flow position from significant
capex or weakening of liquidity from stretch in the working
capital cycle.

Key rating drivers

Credit strengths

Extensive experience of promoters in execution of turnkey projects
related to fire & gas detection systems: The company is promoted
by Mr. Avinash Pol and Mrs. Manjusha Pol. SAPL benefits from the
long-standing experience of its promoters in the execution of
turnkey projects for the installation of F&G detection equipment.
SAPL is engaged in the F&G detection equipment field for more than
a decade, and its expertise and credibility benefit the company in
acquiring and retaining reputed clients in its clientele.

Exclusive supply arrangement with Detector Electronics
Corporation, USA and representation of Norriseal, USA: SAPL has an
exclusive supply arrangement with Detector Electronics
Corporation, USA which has leading position in fire and gas
detection systems. SAPL also represents Norriseal, USA which has
an established presence in level, pressure and temperature control
products. Association with such reputed principals helps SAPL
acquire crucial orders in the domestic market. During FY2017, SAPL
diversified its product profile to include oil on water detection
systems. The company accordingly tied-up with GE Analytical
Instruments, USA as its exclusive distributor for detection
systems branded 'Leakwise' in India.

Reputed client profile comprising large companies engaged in
Exploration & Production (E&P) business: In addition to providing
turnkey solutions encompassing designing, erection, commissioning
and maintenance for fire & gas detection systems, SAPL also
distributes the products of its principals. SAPL's client profile
is dominated by large companies engaged in exploration and
production business. Continuous exploration efforts by such
clients result into streamlined order inflow to SAPL which
provides revenue visibility. SAPL has developed established ties
with its customers as demonstrated by repeat orders received from
its clients.

Credit weaknesses

Modest scale of operation: SAPL's scale of operations has remained
modest as the company is engaged in the niche segment of providing
turnkey project solutions concerning fire and gas detection
equipment. Tender-based nature of business and project-oriented
revenue generation exert pressure on company's efforts to scale up
its operations.

Order book position largely dependent on investment in oil & gas
industry: Given the dominance of players from oil & gas sector in
the clientele of SAPL, the company's order book position and
overall business operations remains largely dependent on
investment in oil & gas industry and performance of its key
clients. Exposure to oil & gas sector players renders business
operations vulnerable to commodity (crude oil) prices risks as
well. SAPL had an order book position of INR24.9 crore as on
November, 2017 (1.4x FY2017 OI).

Absence of price escalation clause in majority of the contracts:
The company's pricing flexibility is impacted by the tender-based
competitive bidding process for the contracts of Public Sector
Units (PSUs) where contracts are awarded to the lowest bidder
(L1). Furthermore, SAPL does not have price escalation clause in
majority of the contracts which exposes the company to variation
in raw material and labour costs. SAPL recorded lower
profitability on operating level in FY2017 (6.9%) as compared to
FY2016 (8.8%).

Exposure to forex risks given significant dependence on imports
and absence of an active hedge: More than 50% of SAPL's raw
material procurement is met through imports from its principal
companies, while sales are largely domestic market oriented. Being
a net importer, the company is exposed to forex risks in absence
of active hedging mechanism.

SAPL provides turnkey solutions encompassing designing, erection,
commissioning and maintenance for fire & gas (F&G) detection
systems. During FY2017, the firm diversified its operations to
include providing turnkey solutions for oil-on-water detection
systems by tying up with GE, USA. The clientele of the company
mainly includes large refineries and petrochemical plants in the
public sector. The company also undertakes projects for private
players on sub-contract basis.

SAPL is also the exclusive distributor of fire and gas detection
systems manufactured by DEC in India. SAPL also has supply
arrangements with entities like Norriseal (part of Dover
Corporation, USA) for control valves to be used with Fire & Gas
detector equipments, Rockwell Automation for supply of control
systems and with MEDC (UK) for supply of hooters, alarms, beacons,
etc.


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

-- INR81.5 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B(ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR26 mil. Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 23, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SSPML was incorporated in March 1997 to manufacture kraft paper
from waste paper.


SUBHASH KABINI: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Subhash Kabini
Power Corporation Ltd (SKPCL) to monitor the rating vide e-mail
communications/letters dated March 7, 2018, February 7, 2018,
January 24, 2018, January 12, 2018, January 2, 2018, and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.  Further, SKPCL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on SKPCL's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      53.76     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

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

The rating takes into account the ongoing delays in debt serving
by the company.

Detailed description of the key rating drivers

At the time of last rating on February 27, 2017 the following were
the rating weaknesses (updated for the information available):

Key Rating Weakness

Ongoing delays in debt servicing: There are ongoing delays in
servicing the principal and interest on term loans availed by the
company.

Vulnerability of cash flows to availability of water: SKPCL owns
and operates a 20 MW dam-based (without pumped-storage) hydro
power plant over the River Kabini near Mysore in Karnataka. Given
the low storage capacity of the reservoir, power generation is
largely concentrated within the monsoon season (June-September).
Hence, SKPCL witnesses variability in hydro power generation as
the same is dependent on the extent of rainfall received during
the year.

Substantial exposure to group companies: SKPCL's fund based
exposure to the group companies as on Mar. 31, 2016 stood at
INR189.65 crore (accounting for 144% of its tangible net worth) as
compared to INR179.7 crore as on March 31, 2015. It has also
extended corporate guarantee of INR157.01 crore as on March 31,
2016 to its group companies. These companies are setting up hydro
power projects and yet to generate significant revenue. Ongoing
exposure to group companies which are not generating revenue
restricts the free cash flow of the company.

SKPCL, promoted by the Sethi family, is a part of the SMPL group,
which has more than two and half decades of multidisciplinary
experience in construction industry. SKPCL, which commenced
operation in June 2003, owns and operates a 20 MW hydro power
plant over the river Kabini near Mysore, Karnataka.

During FY16, SKPCL reported PAT of INR2.06 crore on total
operating income of INR18.48 crore.


SYNERGY AGRI: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Synergy Agri
Products Private Limited's (SAPPL) Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are as
follows:

-- INR22.5 mil. Fund-based limit (long-term) maintained in
    Non-Cooperating Category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR78.79 mil. Term loan (long-term) maintained in Non-
    Cooperating Category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SAPPL is based in the Bargoria village in Durgapur, West Bengal.
The company is engaged in plant tissue culture. It is managed by
Francis Antony and Ritu Francis.


TATA CHEMICALS: Moody's Affirms Ba1 CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has affirmed Tata Chemicals Limited's
(TCL) Ba1 corporate family rating (CFR). The outlook remains
stable.

RATINGS RATIONALE

"The rating affirmation reflects Moody's expectation that the
improving trend in TCL's operating and financial metrics will be
sustained over the next 12-18 months," says Kaustubh Chaubal, a
Moody's Vice President and Senior Credit Officer.

"The divestment of its fertilizer business has significantly
improved TCL's liquidity and provides it with the requisite
financial resources to invest in higher-margin businesses, namely
the consumer and specialty businesses," adds Chaubal, who is also
Moody's Lead Analyst for TCL.

TCL's fertilizer business (including discontinued operations)
accounted for around 28% of consolidated revenues for the fiscal
year ending March 2017 (FY2017), but for only 18% of the
consolidated EBIT. As such, Moody's views the divestment of the
relatively low-profitability fertilizer business as a credit
positive, and expects the company's consolidated EBIT margins will
reach 15%-16% going forward compared to 11.6% in FY2016.

TCL's Ba1 CFR continues to reflect its leading position in the
global soda ash market and strong position in the soda bicarbonate
and salt businesses. Moreover, its competitive cost structure --
especially for soda ash produced in the US and in Kenya -- results
in the generation of stable margins.

Looking ahead, Moody's expects continued positive free cash flow
generation, even as the company's capital expenditure remains
elevated at $150-$180 million each year.

As a result, Moody's expects TCL's credit metrics will continue to
improve, with leverage -- as measured by adjusted debt/adjusted
EBITDA -- comfortably below 3.0x over the next 12-18 months.

Meanwhile, the reduction in the company's gross debt will reduce
its interest expenses which, coupled with rising EBITDA, should
strengthen EBITDA/interest coverage towards 8.0x over the next 12-
18 months.

The Ba1 CFR also incorporates a one-notch uplift to reflect
Moody's expectation of extraordinary support from its parent Tata
Sons, if needed.

The company's relatively small global scale and the inherent
cyclicality of the soda ash business remain key constraining
factors for the Ba1 CFR.

The stable outlook reflects Moody's expectation that TCL will
sustain revenue growth across its businesses while maintaining its
leading position in the global soda ash industry.

The stable outlook also incorporates Moody's expectation that TCL
will remain strongly positioned within its rating category,
supported by the divestment of its fertilizer business and
strengthening credit metrics.

The deployment of divestment proceeds towards investments in
EBITDA accretive businesses that also improve TCL's scale and
business mix will be key for a higher rating.

Specific credit metrics indicative of upward pressure on the
rating include adjusted leverage of 2.0x-2.5x and retained cash
flow (RCF)/adjusted debt of at least 25%.

The CFR could be downgraded if weaker industry conditions pressure
the company's earnings, with its EBITDA margins falling below 18%.

Other credit metrics that could lead to a lower rating include
adjusted leverage exceeding 4.0x-4.5x, EBITDA/interest coverage
weakening below 4.0x, or RCF/adjusted debt falling below 15%, all
on a sustained basis.

Any revision in Moody's expectation of support from Tata Sons
could prompt a review of the one-notch uplift in the Ba1 CFR.

The principal methodology used in these ratings was Chemical
Industry published in January 2018.

TCL is the flagship chemical company of the Tata Group (which owns
30.8% of the company), one of India's largest conglomerates. It is
the world's third largest producer of soda ash (sodium carbonate)
with an overall capacity of around 4.3 million metric tons per
annum (mtpa) and is also a leading manufacturer of sodium
bicarbonate.


VISHWA INFRASTRUCTURES: CARE Moves D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has been seeking for information from Vishwa
Infrastructures and Services Private limited (VISPL) to monitor
the ratings vide-mail communications dated December 04, 2017,
February 05, 2018, February 14, 2018, February 22, 2018 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Vishwa Infrastructures and Services Private limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      482.71     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Long-term/Short-    494.00     CARE D; ISSUER NOT COOPERATING;
   term Bank                      Based on best available
   Facilities                     Information

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

Detailed description of the key rating drivers

At the time of last rating on February 02, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Stretched liquidity position with delays in debt servicing: The
total operating income of VISPL had declined by 12.95% to
INR395.19 crore during FY16 due to slower execution of work
orders. Given the reduced revenue and high fixed overhead, the
company reported loss at PBILDT level. This coupled with high
interest expense resulted in net loss and cash loss for the
company. The cash loss reported in FY16 almost doubled vis-Ö-vis
FY15. The liquidity position of the company deteriorated further
in FY16 due to stretched receivable days with substantial delay in
receipt of payment for the Government projects executed leading to
delays in debt servicing post commencement of debt servicing
obligation as per the approved CDR package.

Key Rating Strengths

Experienced Promoters: VISPL belongs to Vishwa Group promoted by
Mr. Yerra Srinivas, a first generation entrepreneur.

The company's core team members have been involved in the
Infrastructure business for over a decade. The promoters
are also supported by highly-experienced working professionals.

Vishwa Infrastructure & Services Pvt. Ltd. (VISPL) started its
operations as Vishwa Construction Company (VCC) in 1992 and was
converted into private limited in December 2004. The company is
involved mainly in the execution of water supply and sewerage
infrastructure projects. VISPL is also into manufacturing of MS
Pipes (Mild Steel Pipes), PSC Pipes (Pre Stressed Concrete Pipes)
and RCC Pipes (Reinforced Cement Concrete Pipes).



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


TOSHIBA CORP: Chip Unit Worth as Much as $40BB, HK Fund Says
------------------------------------------------------------
Japan Today reports that a Hong Kong-based activist investment
fund said Toshiba Corp's chip unit was worth as much as $40
billion, double the sale price agreed with a Bain-led consortium,
as it escalated its opposition to the deal.

According to the report, Argyle Street Management is seeking to
persuade Toshiba to either negotiate a higher price or list the
unit, highlighting concerns that the Japanese conglomerate agreed
to sell it too cheaply while in the throes of a financial crisis
last year.

Japan Today relates that the fund, which has $1.3 billion under
management, said other activist investors are on its side, but it
is not clear how much support it has garnered. Argyle has also not
disclosed the size of its stake in Toshiba.

Toshiba Memory, the world's No. 2 producer of NAND chips, is due
to be sold for JPY2 trillion ($18.6 billion) but Argyle argues the
unit is worth JPY3.3 trillion to JPY4.4 trillion, citing an
valuation analysis by a third-party Japanese firm, Japan Today
states.

"The suggested range is in line with views of most analysts," the
report quotes Hideki Yasuda at Ace Research Institute, who values
the unit at nearly JPY4 trillion and believes Toshiba should not
sell.

Japan Today notes that the sale failed to close by an agreed March
31 deadline as the two sides are still waiting on regulatory
approval from China. That gives Toshiba the option of cancelling
the sale without penalty, and the industry and bankers are waiting
to see how much momentum Argyle will gain in its campaign.

A Toshiba spokeswoman declined comment on the Argyle statement,
the report says. Japan Today relates that Chief Executive Nobuaki
Kurumatani told reporters that the company had no plans to cancel
the sale unless there were "major material changes" in
circumstances.

The Japanese conglomerate believes a majority of shareholders
still support the sale, one source directly involved in the matter
has said, declining to be identified as discussions on the issue
were private, Japan Today recalls.

According to the report, the Bain consortium last year won a long
and highly contentious battle for the unit, which Toshiba put up
for sale after billions of dollars in cost overruns at its
Westinghouse nuclear unit plunged it into crisis.

Under the deal with Bain, Toshiba would not be giving up the chip
unit entirely as it plans to repurchase a 40 percent stake in the
business.

While the sale of the chip unit was once thought necessary to
rescue Toshiba from insolvency and a delisting, the conglomerate
no longer needs the funds as much, having raised $5.4 billion from
a share issue to foreign investors late last year, Japan Today
relates.

                        About Toshiba Corp

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

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

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



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


MONGOLIAN MORTGAGE: S&P Assigns 'B-/B' ICRs, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings said it assigned its 'B-' long-term and 'B'
short-term local and foreign currency issuer credit ratings to
Mongolian Mortgage Corp. HFC LLC (MIK HFC), a Mongolia-based
nonbank financial institution. The long-term outlook is stable.

S&P said, "At the same time, we also assigned our 'B-' long-term
foreign currency issue rating to MIK HFC's proposed senior
unsecured notes. The issue rating is subject to our review of the
final issuance documents.

"We expect MIK Holding JSC (MIK Holding), led by its sole
operating entity, MIK HFC, which is the only authorized issuer of
residential mortgage-backed securities (RMBS) in Mongolia, to
maintain its strong market position in the housing financing
market in Mongolia.

"We also expect the group to maintain an adequate capital buffer
despite its business expansion plan to become a liquidity provider
to commercial banks. MIK HFC will purchase pools of mortgage
receivables that the banks have underwritten for their own
business purposes. Up until now, the group's main business
predominantly relied on pass-through securitization origination
related to the Mongolian government-initiated subsidized mortgage
program. The proposed debt issuance is almost entirely intended to
support the new business line.

"We also hold a view that as the core operating subsidiary, MIK
HFC's 'b' stand-alone credit profile mirrors the overall group
credit profile. We regard RMBS as a true sale to the special
purpose vehicle (SPV). As a result, we assume that RMBS holders
-- Bank of Mongolia holds senior tranches (about 90% of RMBS) and
the commercial banks hold the subordinated tranches (about 10% of
RMBS) -- will have no claim against MIK HFC and bear potential
losses from the pooled mortgages. Thus we do not assess the
profile based on the group's consolidated financials, which
include RMBS-related assets and liabilities. We note that the
current holding company structure was formed primarily for it to
become a listed company on the Mongolian stock exchange in 2015.

"While we regard the group as a government-related entity given
its policy role to promote the housing market in Mongolia and the
government's stake and management interests, the rating on MIK HFC
would not likely benefit from any extraordinary support in the
coming few years given the sovereign's weak capacity to support."

Indeed, the sovereign rating on Mongolia effectively caps the
ratings on MIK HFC. This is because the group's business is highly
correlated with the country's economic conditions especially
relating to the property market, and it only operates in Mongolia.
Considering these factors, S&P does not believe the company would
withstand a sovereign stressed situation.

S&P said, "We expect the group to continue to deliver fairly solid
revenues, which mostly consist of interest income and transaction-
fee income from the purchased pools of receivables. This is backed
by its solid relationship with most of the country's private-
sector banks, which are, in turn, shareholders of MIK Holding. We
also anticipate the operating entity, MIK HFC, will continue to
generate a fairly strong level of profitability in the coming
years, even after its proposed bond issue. We estimate its return-
on-average assets at about 10% based on its unconsolidated
financial reports in recent years. The group had purchased about
2.5 trillion Mongolian tugrik (MNT) of mortgage loan pools as of
Dec. 31, 2017, which accounts for about 60% of the total mortgage
loans outstanding in the system and about 10% of the country's
GDP.

"We estimate the group's risk-adjusted capital (RAC) ratio before
diversification and concentration at about 8%-9% in the coming one
to two years. We assume MIK HFC will raise about US$300 million
and almost entirely use the proceeds for its business expansion
into providing liquidity for commercial banks. As of now, MIK
HFC's capital position is very strong, given its role as pass-
through RMBS originator. We estimate a RAC ratio of about 30% at
the end of 2017. In our view, the business expansion would add
significant additional credit risk to its capital base.

"We also believe the group is inherently exposed to significant
concentration risks in relation to its mortgage business portfolio
in Mongolia. While we note that its mortgage delinquency ratio is
fairly low and that it has an adequate level of collateral value,
volatility in the property market and any rapid deterioration in
economic conditions could put negative pressure on the group's
financial performance.

"In our opinion, the group will maintain its adequate funding and
liquidity profiles in the coming few years. We believe the group
has fairly limited short-term debt, which could be fully covered
by its cash and equivalent assets, as well as its cash flow from
operations. That said, if the planned sizeable debt issuance
materializes, the company could face significant refinancing needs
over the medium term. Although the group has no committed credit
lines from banks, we anticipate it could access bank funding, if
required, considering the ownership structure includes private-
sector banks as shareholders.

"We believe there is a very high likelihood of extraordinary
support by the government for MIK Holding if needed. In our view,
the group will continue to play very important roles for the
housing finance system in Mongolia. In particular, the group was
the key participant of the government-led affordable housing
finance program as the only authorized residential-mortgage backed
securities issuer. While we foresee a sharp slowdown in the
government-initiated program due to the government's budgetary
constraints, providing more housing will likely remain one of the
most important government agendas, in our view.

"We also believe the group will likely maintain its very strong
link with the government over the coming years, and that any
considerable deterioration in the group's creditworthiness would
significantly affect the government's reputation. We expect the
government to maintain a strong influence on the group's business
development and remain an important shareholder considering the
significance of housing finance to the economy and financial
system. Bank of Mongolia, Development Bank of Mongolia, and State
Bank collectively own a 19.3% stake in MIK Holding and eight
private-sector banks directly own 53% as of end-2017.

"In addition, we note that MIK Holding guarantees the proposed
issue by MIK HFC. In our view, this does not provide incremental
credit strength to the proposed issue as the guarantor is likely
to have the same creditworthiness as MIK HFC, irrespective of
whether the guarantee meets our criteria for rating substitution."

The stable outlook on MIK HFC reflects the outlook on the
sovereign rating on Mongolia (B-/Stable/B). S&P expects the
company to maintain its strong market position, adequate capital
buffer, and stable funding and liquidity profiles for at least the
coming one to two years. However, the ratings on MIK HFC are
effectively capped by our sovereign credit rating on Mongolia. In
turn, the ratings on MIK HFC will likely move in tandem with those
on the sovereign.

S&P could downgrade MIK HFC if it lowered the sovereign rating on
Mongolia.

S&P could upgrade MIK HFC if it raised the sovereign rating on the
Mongolia.



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


MEATCO NZ: Owed NZ$301K, Had 1.3 Tonnes of Frozen Meat in Storage
-----------------------------------------------------------------
The New Zealand Herald reports that a halal meat exporter owned by
a convicted tax cheat collapsed last month owing more than
NZ$300,000 - and now liquidators need to offload a tonne of meat.

The Herald relates that Meatco NZ Ltd, which billed itself as one
of the nation's leading halal meat exporters, was placed into
liquidation following High Court proceedings in Napier last month.

At the date of liquidation, Meatco NZ was known to owe NZ$235,803
to debtors but liquidator Chris Horton told Hawke's Bay Today that
amount owed to creditors had now climbed to NZ$301,000, with one
of those parties listed offshore, the Herald relays.

The Herald relates that a liquidator's report said the company
owed debts to trade creditors totalling NZ$43,000.

"In addition, a further NZ$92,498 is recorded as being owed on the
company records," the report, as cited by the Herald, said.

Another NZ$169,000 of inter-company debt was owed to parent
company Meatco International, the Herald says.

According to the Herald, Mr. Horton said an assessment of the
company's stock assets found 1.3 tonnes of frozen lamb and mutton
at a cold storage facility in Timaru.

Meatco NZ Ltd was a New Zealand processor and exporter of halal
sheep meat. Meatco was placed into liquidation in last month
following High Court proceedings in Napier, with Chris Horton and
Associates appointed as liquidators.


* BDO Wellington Acquires Shephard Dunphy
-----------------------------------------
BDO Wellington chartered accounting firm has acquired insolvency
firm Shephard Dunphy, resulting in BDO New Zealand having the
largest insolvency practice in the country.

Insolvency professionals Iain Shephard and Jessica Kellow have
also been appointed partners in the BDO Wellington insolvency
team.

BDO Wellington managing partner Mark Bewley says: "We are
delighted to have strengthened BDO's presence and our offering to
clients.

"BDO now has 11 Accredited Insolvency Practitioners across four
main centres in New Zealand and more members of Restructuring
Insolvency Turnaround Association of New Zealand (RITANZ) than any
other firm which gives us the best insolvency coverage of any New
Zealand firm.

"We have had a long-standing trusted relationship with Shephard
Dunphy, which specialises in liquidations, receiverships and
voluntary administrations in the small to medium business sector
across New Zealand.

"This acquisition is a natural fit for both firms, bringing a
complementary boutique offering into the BDO Wellington mix and to
the wider BDO offering."

Iain Shephard, co-founding partner of Shephard Dunphy says merging
with BDO opens new doors for both firms and their clients.

"This is a fantastic opportunity for our practice and for our
clients, enabling us to deliver the same boutique service within a
firm that provides access to a vast base of skills, capabilities
and resources across the BDO national and international network."

BDO Wellington's Mark Bewley says the acquisition also highlights
BDO Wellington's strategic drive to expand skills and expertise.

"We're very pleased to be in a position to bring Shephard Dunphy's
significant skills and experience. Two strong firms coming
together is a marker of growth and that is our plan."

(* Based on the number of members per firm of the Industry body,
RITANZ - the Restructuring, Insolvency and Turnaround Association
of New Zealand).



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


ANNICA HOLDINGS: Extends Redemption Date for Convertible Bonds
--------------------------------------------------------------
The Strait Times reports that Catalist-listed Annica Holdings on
April 11 said it has entered into an agreement with Premier Equity
Fund Sub Fund F and fund manager Value Capital Asset Management to
extend the redemption date for its convertible bonds until March
31, 2019.

The Strait Times relates that in a filing to the Singapore
Exchange, Annica, an investment holding company, said the parties
have agreed in writing to extend the redemption "in order to
improve the short-term cash flow of the company".

According to the report, the firm will redeem the bonds at
100 per cent of the principal amount on end-March next year,
unless they are previously redeemed, converted or purchased and
cancelled.

Annica said the conversion period for the bonds will not be
extended and shall remain as Dec. 24, 2018 as the maturity date
stands at Dec. 30, 2018, the report relays.

Annica is an investment holding company with subsidiaries
operating mainly in Singapore, Malaysia, Indonesia, Thailand and
Vietnam, providing power generation solutions, rendering
engineering services, and trading in oil and gas equipment.

Annica Holdings Limited is a Singapore-based investment holding
company. The Company's business segments include Engineering
services, Oil and gas equipment, Biomass projects, and Investments
and others. The Company has geographical presence in Singapore,
Malaysia, Indonesia, Thailand and Vietnam. The Company's
subsidiaries include Industrial Engineering Systems Pte. Ltd.,
P.J. Services Pte Ltd, Nu-Haven Incorporated, Industrial Power
Technology Pte Ltd and The Think Environmental Co. Sdn. Bhd. The
Company, through Industrial Engineering Systems Pte. Ltd., is a
designer of industrial plant engineering services systems and
general wholesaler and trader. The Company, through P.J. Services
Pte Ltd, is engaged in trading in oilfield equipment and related
products. The Company, through Industrial Power Technology Pte
Ltd, provides engineering, procurement and construction
contracting for biomass power plant.


PACC OFFSHORE: Files Notice of 3 Years' Losses
----------------------------------------------
Annabeth Leow at The Strait Times reports that PACC Offshore
Services Holdings filed a notice of three consecutive years'
losses on April 11, after financial results for the year to
Dec. 31, 2017 saw fresh losses even as turnover improved.

Under Singapore's listing rules, companies go on a watch list if
they clock pre-tax losses for three straight years and have an
average daily market capitalisation of less than SGD40 million
over six months, the report says.

While PACC Offshore has been mired in the red, its six-month
average daily market value still managed to clear the second
hurdle, according to the report.

The Strait Times relates that the offshore marine services
provider said that it was worth an average of SGD657.88 million
over six months, as at April 10, the previous trading day.

The report notes that the Singapore Exchange holds quarterly
reviews to identify which share issuers should be put on the watch
list, with the next review taking place on the first market
session in June.

PACC Offshore's unaudited financial statements, out in February,
showed a pre-tax loss of US$225.43 million for the year to
Dec. 31, 2017, narrower than a loss of US$370.31 million the year
before, The Strait Times discloses. The losses came on a 5 per
cent year-on-year rise in revenue, to US$192.24 million.

DBS Group Research on April 4 lowered its rating on the stock from
"buy" to "hold", with the 12-month price target cut from SGD0.48
to SGD0.32, the report says.

The Strait Times adds that the downgrade came after the company's
second-largest shareholder, Malaysian Bulk Carriers, announced it
would dispose of its entire 21.23 per cent stake.

Singapore-based PACC Offshore Services Holdings Ltd. provides
offshore marine support services worldwide. The company's Offshore
Supply Vessels segment operates a fleet of mid to deepwater anchor
handling tug supply vessels, which offer towing and positioning
drilling rigs, transporting drilling materials, and other
equipment services; and platform supply vessels that transport
drilling materials and supplies to drilling rigs and offshore
production platforms, as well as pipes and other materials for
construction of marine structures or pipelines. The company's
Transportation and Installation segment supports marine
contractors in the construction and maintenance of oilfield
infrastructure and pipelines.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***