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

                      A S I A   P A C I F I C

            Monday, April 23, 2018, Vol. 21, No. 079

                            Headlines


A U S T R A L I A

ALL FILTRATION: First Creditors' Meeting Set for April 30
GEM MANAGEMENT: Court Orders Wind Up of Illegal Investment Scheme
NIMMCO PTY: Second Creditors' Meeting Set for May 1
ONEOZ PTY: Second Creditors' Meeting Set for May 1
PYMBLE PROPERTY: Second Creditors' Meeting Set for April 30

SEWER SERVICES: Second Creditors' Meeting Set for May 1
SPEEDCAST INTERNATIONAL: S&P Assigns 'BB-' ICR, Outlook Stable
WARRAMBINE PTY: First Creditors' Meeting Set for May 2
WILLOW WARE: First Creditors' Meeting Scheduled for May 2


C H I N A

CBAK ENERGY: Incurs $21.5 Million Net Loss in 2017
CENTRAL CHINA REAL: Moody's Gives B1 Rating to Proposed USD Bonds
CENTRAL CHINA REAL: Fitch Rates Proposed USD Notes BB-
FANTASIA HOLDINGS: S&P Lowers ICR to 'B', Off Watch Negative
FUTURE LAND: Fitch Hikes LT FC Issuer Default Rating to BB

FUTURE LAND DEVELOPMENT: Fitch Hikes Long term FC IDR to BB
GUANGZHOU R&F: Fitch Assigns BB-(EXP) to Proposed USD Sr. Notes
HILONG HOLDING: Fitch Lowers LT FC Issuer Default Rating to B+
JINGRUI HOLDINGS: Moody's Assigns B3 Rating to Proposed USD Notes
LOGAN PROPERTY: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'

SUNAC CHINA: Moody's Assigns B3 Rating to Proposed USD Notes
YANLORD LAND: Moody's Rates New USD Senior Notes Ba3

* Smaller US Pork Operations Bear Brunt of Chinese Pork Tariffs


H O N G  K O N G

NOBLE GROUP: Goldilocks Working on Alternative Restructuring Plan


I N D I A

AFFIL VITRIFIED: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
ANDHRA BARYTE: CARE Assigns 'B' Rating to INR5cr LT Loan
BEC FERTILIZERS: CARE Reaffirms D Rating on INR63.7cr Term Loan
BINANI INDUSTRIES: CARE Moves D Rating to Not Cooperating
BMM ISPAT: CARE Moves D Rating to Not Cooperating Category

EDAYAR ZINC: CARE Moves D Rating to Not Cooperating Category
G A PROJECTS: CARE Assigns B+ Rating to INR3cr LT Bank Loan
GEFAB FACADE: Ind-Ra Hikes Long Term Issuer Rating to 'B+'
HEMANT SURGICAL: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
IND BARATH: CARE Moves D Rating to Not Cooperating Category

IND BARATH THERMAL: CARE Moves D Rating to Not Cooperating Cat.
JAYPEE INFRATECH: CARE Reaffirms D Rating on INR6,550cr Loan
JSK CORPORATION: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
KUMBAKONAM MUNICIPALITY: Ind-Ra Withdraws 'BB+' LT Issuer Rating
MK PINE: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable

NEWTECH SHELTERS: CARE Moves D Rating to Not Cooperating
NOTANDAS GEMS: Ind-Ra Keeps 'BB' LT Rating in Non-Cooperating Cat
PATEL AGRI: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
PK SAXENA: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
PREVAIL AGRO: CARE Assigns B+ Rating to INR6.0cr LT Bank Loan

QUALIT AGRO: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
QUALIT EXPORTS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
SAI INFRACONSTRUCTIONS: Ind-Ra Migrates BB- Rating to Non-Coop.
SANGAM HANDICRAFTS: CARE Lowers Rating on INR5.80cr Loan to B
SHIVAM IRON: Ind-Ra Hikes Long Term Issuer Rating to 'B+'

SRI GURU: CARE Moves D Rating to Not Cooperating Category
SUMEDHA VEHICLES: CARE Moves B+ Rating to Not Cooperating Cat.
SUPERIOR INDUSTRIES: Ind-Ra Migrates BB Rating to Non-Cooperating
VEGA INFRASTRUCTURE: Ind-Ra Affirms 'B+' Rating, Outlook Stable
VIKRANT FORGE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable

VISION FREIGHT: CARE Assigns 'B' Rating to INR12cr LT Loan


I N D O N E S I A

ALAM SUTERA: Fitch Assigns B(EXP) Rating to New US Dollar Notes
ALAM SYNERGY: Moody's Rates Proposed Sr. Unsecured Notes 'B2'
SRI REJEKI: Moody's Hikes Corp. Family Rating to Ba3


J A P A N

SOFTBANK GROUP: Moody's Rates Proposed April 2018 Notes 'Ba1'
TEPCO HOLDINGS: S&P Alters Outlook to Positive & Affirms 'BB' CCR


M O N G O L I A

GOLOMT BANK: Moody's Hikes LT Local Curr. Deposit Rating to B3


N E W  Z E A L A N D

FLETCHER BUILDING: Raises NZ$515MM in New Capital


S I N G A P O R E

EMAS OFFSHORE: Wins Appeal Against Oslo Delisting


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Current CEO to Stay on for 3 More Years
GM KOREA: Edging Closer to Bankruptcy; Talks to Continue Today
SUNGDONG SHIPBUILDING: Placed Under Court Receivership


                            - - - - -


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


ALL FILTRATION: First Creditors' Meeting Set for April 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of All
Filtration Technologies Australia Pty Ltd will be held at
Ourimbah Lisarow RSL, 6/20 Pacific Hwy, in Ourimbah, New South
Wales, on April 30, 2018, at 12:00 p.m.

Todd Gammel -- tgammel@hlbnsw.com.au -- & Barry Taylor --
btaylor@hlbnsw.com.au -- of HLB Mann Judd were appointed as
administrators of All Filtration on April 18, 2018.


GEM MANAGEMENT: Court Orders Wind Up of Illegal Investment Scheme
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders from the Federal Court to wind up an illegal
investment scheme known as the VKK Investments Unit Trust (VKK
scheme), as well as the trustee and operator of that scheme, Gem
Management Group Pty Ltd.

The principal asset of the VKK scheme is land located at 64
Hutton Road, Keysborough in Victoria.

Around 125 investors invested a total of approximately AUD22
million into the VKK scheme, which Gem operated since May 2010 on
the expectation that the land at Hutton Road would be re-zoned,
which has not occurred.

ASIC's investigation identified that:

   * the VKK scheme is a managed investment scheme which has not
     been registered, as required under the Corporations Act; and

   * Gem, which does not hold an Australian financial services
     licence, had also breached the Act by operating an
     unregistered managed investment scheme.

A number of investors in the VKK scheme were represented in the
proceedings brought by ASIC and made submissions in support of
ASIC's application to wind up the VKK scheme and Gem.

Robert Woods and Salvatore Algeri of Deloitte Touche Tohmatsu
have been appointed as joint liquidators of Gem and joint
liquidators and trustees of the VKK scheme. The liquidators will
have management of the VKK scheme and the land at Hutton Road.

ASIC Deputy Chair Peter Kell said, "Today the Federal Court took
action to wind up an unlawful managed investment scheme and its
operator. The ruling is a warning to those involved in unlawful
schemes, including those that involve land banking, that ASIC
will move to protect investors and have these unlawful schemes
wound up."

"Land banking schemes have been a particular focus of ASIC. ASIC
reminds investors considering investing in  land banking schemes
they are often unregulated and that investors have little
protection if something goes wrong", Mr. Kell said.

Questions about the future sale or management of the land at
Hutton Road should be directed to the liquidators at:

         Deloitte Touche Tohmatsu
         550 Bourke Street, Melbourne VIC 3000 Australia
         Telephone: +61 (0)3 9671 8338
         Email [gemgroup@deloitte.com.au]

ASIC commenced proceedings in July 2017 to wind up the VKK scheme
and Gem.


NIMMCO PTY: Second Creditors' Meeting Set for May 1
---------------------------------------------------
A second meeting of creditors in the proceedings of Nimmco Pty
Ltd has been set for May 1, 2018, at 2:00 p.m. at the offices of
SV Partners, 22 Market Street, in Brisbane, Queensland.

The purpose of the meeting is (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 27, 2018, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Nimmco Pty on April 15, 2018.


ONEOZ PTY: Second Creditors' Meeting Set for May 1
--------------------------------------------------
A second meeting of creditors in the proceedings of Oneoz Pty Ltd
has been set for May 1, 2018, at 10:00 a.m. at the offices of
Woodgate & Co., Level 8, 6-10 O'Connell Street, in Sydney, New
South Wales.

The purpose of the meeting is (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 30, 2018, at
10:00 a.m.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of Oneoz Pty on March 19, 2018.


PYMBLE PROPERTY: Second Creditors' Meeting Set for April 30
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Pymble
Property Developments Pty Ltd has been set for April 30, 2018, at
12:00 p.m. at the offices of Nicols + Brie, Level 2, 350 Kent
Street, in Sydney, New South Wales.

The purpose of the meeting is (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 30, 2018, at
12:00 p.m.

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


SEWER SERVICES: Second Creditors' Meeting Set for May 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Sewer
Services Pty. Limited, trading as Pipeline Infrastructure
Technology, has been set for May 1, 2018, at 12:30 p.m. at Kent
Room of Adina Apartment Hotel Sydney Town Hall, 511 Kent Street,
in Sydney, New South Wales.

The purpose of the meeting is (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 30, 2018, at
12:00 p.m.

Steven Nicols of Nicols + Brien was appointed as administrator
of Sewer Services on April 5, 2018.


SPEEDCAST INTERNATIONAL: S&P Assigns 'BB-' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said it had assigned its 'BB-' long-term
issuer credit ratings to Speedcast International Ltd. (Speedcast)
and Speedcast's finance subsidiary Speedcast Communications Ltd.
The outlooks on both long-term ratings are stable.

S&P said, "At the same time, we assigned our preliminary 'BB-'
issue rating and recovery rating of '3' to the proposed secured
first-lien US$425 million term loan B (TLB) issued by Speedcast
Communications Inc. The '3' recovery rating indicates our
expectation for meaningful recovery of 50% in the event of a
payment default. The issue rating is based on the preliminary
terms and conditions of the facility.

"The rating reflects our assessment of Speedcast's leading
position in the niche remote satellite services market, the
industry's modest barriers to entry, and variable end-market
demand." Other rating factors include the company's capital-light
operating model, limited track record in its current business
configuration, likelihood of ongoing corporate activity, and
supportive financial policies at the 'BB-' level.

Speedcast is a satellite service provider that turns third-party
satellite capacity into a useful network service for end-users.
Despite its small scale relative to the broader
telecommunications industry, Speedcast is one of the largest
commercial buyers of satellite bandwidth globally. Driving its
growth are secular trends in data connectivity, demand for
consolidated managed services, and increased satellite capacity
supply. However, unit price deflation has accompanied bandwidth
growth. The relative oversupply of bandwidth, combined with new
technologies, has made remote area telecommunications cheaper and
more accessible.

S&P said, "We expect segmentation between end-markets to
increasingly blur as the industry consolidates. Speedcast's niche
maritime and energy end-markets are likely to attract new
competitors given favorable industry dynamics and growth
prospects. Competitors include: companies that operate in
adjacent markets such as aviation; satellite operators moving to
end-market service provision as a means of offsetting price
erosion; or, new market entrants.

"In our opinion, modest barriers to entry temper Speedcast's
market position. Communications is mission-critical for a segment
of Speedcast's customers and switching costs limit competition.
That said, we do not view these barriers as insurmountable, as
indicated by the contestability of key contracts. Speedcast has a
strong incumbent advantage and benefits from high retention
rates. In order to differentiate, the company has increased its
product offering and emphasizes performance standards, service
quality, reliability, and tailored services. In our opinion,
certain customers are willing to pay a premium for higher
performance standards.

"Our rating incorporates the volatility inherent in the energy
market. The company's energy business (35% of the service revenue
for the year ended Dec. 31, 2017) has experienced difficult
trading conditions over the past few years with the pipeline of
activity depressed by weak global oil prices. We believe signs
indicate that infrastructure and project investment has begun to
recover. Speedcast's maritime business (40% of fiscal 2017
service revenue) has relatively more stable end-market exposure,
albeit with lower margins and, in our opinion, lower barriers to
entry. The company is also exposed to the government and defense
market, which we also view as having reasonable growth
prospects."

Speedcast has limited customer or geographic concentration risk.
Speedcast provides satellite services in 140 countries with the
highest concentration in the Americas. The company has more than
2,000 customers with no single customer representing greater than
10% of revenue. The largest customer concentration is found in
the maritime subvertical segment where Carnival Corp. and Royal
Caribbean Cruise Lines account for the highest concentration of
the company's service revenue. S&P notes that Carnival's contract
is due for renewal in October 2018.

S&P said, "We view Speedcast as having a sound track record of
managing the complexity of its counterparty and regulatory risks.
Speedcast is exposed to a wide range of country and counterparty
risks given its remote market focus. In addition, the company
operates under a range of different regulatory regimes, which we
view as a both compliance risk and a barrier to entry. In our
opinion, these risks are defrayed across a large number of
counterparties and jurisdictions."

Speedcast's capital-light operating model supports the ratings.
The company has minimal installed technology comprising mostly of
owned and leased teleport facilities. As one of the largest
commercial buyers of satellite bandwidth, Speedcast has good
purchasing power with satellite operators. As a service provider,
Speedcast is "technologically agnostic" and has access to over 70
satellites across multiple technologies to provide end-users with
an integrated network.

New and evolving technologies are a potential source of
competitive pressure that risks forcing Speedcast to increase its
level of investment. That said, S&P believes Speedcast's
incumbent position and customer relationships should provide it
with room to adapt to the evolving technological landscape.

Speedcast has a sound track record of managing its highly
acquisitive growth strategy. The satellite services market is
undergoing a period of consolidation and vertical integration and
we expect Speedcast to continue to participate. Speedcast's
competitive advantage requires it to keep up with the scale of
competing networks and to manage increased technological
complexity. While inherent execution risks exist, the company has
a good track record of integrating new businesses, indicating
sound financial and internal controls. For example, the January
2017 acquisition of Harris Caprock was of similar scale to
Speedcast's existing business, and the company has made good
progress achieving synergy and cost targets.

S&P's rating incorporates its expectation that the company
generally manages adjusted debt to EBITDA below 3.0x in the
absence of major corporate activity. The company is committed to
future deleveraging and targets net debt to EBITDA between 2.0x
and 2.5x on a like-for-like basis (company's measure) by the end
of 2018. It also expects to manage leverage within this range
even with bolt-on acquisitions.

The 'BB-' rating incorporates the possibility that the company
would use debt to finance a major strategic acquisition to the
extent that debt to EBITDA reaches 4.0x. S&P notes that the
company has a track record of using material equity in past
acquisitions. For example, the company funded the US$425 million
acquisition of Harris CapRock with a fully underwritten A$295
million accelerated renounceable entitlement offer, and the
balance with a US$443 million fully-underwritten syndicated debt
facility.

S&P said, "Our ratings tolerances will likely adjust partial-year
earnings for future acquisitions. The timing mismatch between
acquisitions and the company's balance date has tended to
overstate Speedcast's financial risk. However, we will assess the
extent to which we incorporate synergy benefits on a case-by-case
basis and generally do not adjust for one-off integration or
transaction costs.

"The stable outlook reflects our expectation that Speedcast will
continue to pursue both organic and inorganic growth
opportunities to capitalize on favorable structural trends and
participate in broader industry consolidation. Our rating does
not incorporate event risk associated with a very large debt-
funded acquisition that pushes debt to EBITDA above 4x because we
believe this is unlikely.

"We view Speedcast as capital-light and cash-generative. Our
outlook triggers therefore emphasize our assessment of the
company's financial risk appetite. We expect strong cash
generation to support debt to EBITDA deleveraging below 3.0x in
the absence of corporate activity. This provides the company with
financial headroom to pursue strategic acquisitions and acts as a
buffer against variable end-market demand.

"We could lower the rating if the company's adjusted debt-to-
EBITDA exceeds 4.0x as a result of major corporate activity, or
sustains materially above 3.0x under normal operating conditions.
We could also lower the rating if higher competition reduces
Speedcast's market position in either its energy or maritime
segments.

"We consider an upgrade less likely over the next few years given
the uncertain operating environment. Over time, upward rating
action could occur if Speedcast were to materially increase its
scale and earnings diversity. We could also consider upward
rating action if the company committed to a robust set of
financial policies that enable it to sustain debt-to-EBITDA less
than 3.0x, including during instances of major corporate
activity."


WARRAMBINE PTY: First Creditors' Meeting Set for May 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Warrambine
Pty. Ltd. will be held at the offices of Pitcher Partners, Level
19, 15 William Street, in Melbourne, Victoria, on May 2, 2018, at
11:00 a.m.

Gess Michael Rambaldi and Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of Warrambine Pty on April 19,
2018.


WILLOW WARE: First Creditors' Meeting Scheduled for May 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Willow
Ware Corporation Pty Ltd will be held at the offices of Pitcher
Partners, Level 19, 15 William Street, in Melbourne, Victoria, on
May 2, 2018, at 11:00 a.m.

Gess Michael Rambaldi and Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of Willow Ware on April 19,
2018.



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


CBAK ENERGY: Incurs $21.5 Million Net Loss in 2017
--------------------------------------------------
CBAK Energy Technology, Inc., filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a
net loss of US$21.46 million on U$58.37 million of net revenues
for the year ended Dec. 31, 2017, compared to a net loss of
US$12.65 million on US$10.36 million of net revenues for the year
ended Sept. 30, 2016.

The Company reported a net loss of US$2.19 million on US$3.50
million of net revenues for the three months ended Dec. 31, 2016.
As of Dec. 31, 2017, CBAK Energy had US$153.13 million in total
assets, US$150.93 million in total liabilities and US$2.19
million in total shareholders' equity.

Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended Dec. 31, 2017 stating that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2017. All these factors raise substantial
doubt about its ability to continue as a going concern.

A full-text copy of the Form 10-K is available for free at:

                   https://is.gd/CfKL70

                      About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.


CENTRAL CHINA REAL: Moody's Gives B1 Rating to Proposed USD Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the proposed USD bonds to be issued by Central China
Real Estate Limited (CCRE, Ba3 stable).

CCRE will use the proceeds from the proposed bonds to refinance
existing debt.

The bonds' rating reflects Moody's expectation that CCRE will
complete the issuance upon satisfactory terms and conditions,
including proper registrations with the National Development and
Reform Commission and the State Administration of Foreign
Exchange in China.

RATINGS RATIONALE

"The proposed bonds - which will be mainly used for debt
refinancing - will not have a material impact on CCRE's credit
metrics, but they will improve the company's liquidity and debt
maturity profile," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer and also the Lead Analyst for CCRE.

CCRE's Ba3 corporate family rating reflects its leading market
position and long operating track record in Henan Province. The
rating also takes into consideration the company's track record
of achieving stable growth in contracted property sales over the
past five years.

Moody's expects CCRE's contracted sales will grow to around
RMB35-40 billion in the next 12-18 months after registering 51%
year-on-year growth to RMB30.4 billion in 2017. In the first
three months of 2018, the company's contracted sales remained
solid with a 20% year-on-year increase to RMB5.66 billion.

The solid sales performance will support the company's revenues
and EBIT growth in the next 12-18 months that will partly
mitigate the effect of rising debt to fund its fast-growth plan.

Moody's expects CCRE's revenue/adjusted debt, including from its
shares in joint ventures, to moderate to 80%-90% over the next
12-18 months from Moody's estimates of around 97% in 2017.

Moody's also expects adjusted EBIT/interest, including from its
shares in joint ventures, to stay at around 2.5x in the next 12-
18 months, compared to 2.4x for 2017.

These expected levels are appropriate for its Ba3 corporate
family rating.

On the other hand, CCRE's geographic concentration in Henan
exposes it to potential volatility in the province's economy, as
well as any changes in the local government's regulatory
restrictions on property purchases and construction activities.

However, Moody's believes CCRE will maintain adequate liquidity
to manage potential market volatility. CCRE reported unrestricted
cash totaling RMB11.3 billion at the end of 2017. Adjusted
cash/short-term debt - including amounts due to and from its
joint ventures - was at 159% at the same time.

The B1 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

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

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

The stable rating outlook reflects Moody's expectation that CCRE
can maintain (1) its leadership position in Henan Province and
generate sales growth; (2) adequate liquidity levels; and (3) a
disciplined approach to land acquisitions.

Upward ratings pressure will be limited in the near term.

Nevertheless, an upgrade could occur over the medium term if CCRE
(1) consistently achieves its sales targets; (2) demonstrates a
track record of good financial discipline by keeping adjusted
cash/short-term debt above 2.0x, adjusted revenue/debt above 95%-
100%, and adjusted EBIT/interest above 4.0x-4.5x, all on a
sustained basis (the ratios adjusted for its joint-venture
financials); and (3) broadens its geographic coverage in a
disciplined manner and strengthens its offshore banking
relationships.

The ratings could come under downward pressure if (1) CCRE
experiences a significant declines in sales; (2) the company
suffers a material decline in its profit margins; (3) CCRE
accelerates its expansion, such that its liquidity position
deteriorates or its debt levels rise materially, or both; or (4)
construction stoppages become more frequent and the company is
unable to make up for the lost time and misses deadlines on
project deliveries.

Specific indicators for a downgrade include (1) adjusted
cash/short-term debt below 1.0x-1.5x; (2) adjusted EBIT/interest
consistently below 2.5x-3.0x; or (3) adjusted revenue/debt below
80% on a sustained basis. The ratios are adjusted for its joint-
venture financials.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.
Please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.

Central China Real Estate Limited is a leading property developer
in Henan Province, with a land bank of 31.88 million square
meters at the end of 2017. It was founded in 1992 and listed on
the Hong Kong Stock Exchange in June 2008.


CENTRAL CHINA REAL: Fitch Rates Proposed USD Notes BB-
------------------------------------------------------
Fitch Ratings has assigned Central China Real Estate Limited's
(CCRE; BB-/Stable) proposed US dollar senior notes due 2020 an
expected rating of 'BB-(EXP)'. The notes are rated at the same
level as CCRE's senior unsecured rating because they constitute
its direct and senior unsecured obligations. The final rating is
subject to the receipt of final documentation conforming to
information already received. CCRE intends to use the net
proceeds from the note issue for refinancing.

CCRE's ratings are supported by the company's competitive
position as a real-estate developer in China's Henan province,
with broad housing-product diversification and a growing non-
property development business from rental properties and project
management. Its ratings are also supported by its healthy
financial profile with low leverage, as measured by net
debt/adjusted inventory that proportionately consolidates its
joint ventures, of 27% in 2016. Its 2017 leverage is at around
20%, slightly lower than Fitch's forecast of 23%. CCRE's ratings
are constrained by its aggressive strategy of scale expansion
over the next two years and Fitch expects CCRE's leverage to face
upward pressure to above 30% over this period.

KEY RATING DRIVERS

Solid Position in Henan: Fitch believes CCRE's track record
supports its plan to further strengthen its position by raising
its market share in Henan to 10%-15% in the next three to five
years. CCRE has been developing residential properties almost
entirely in the province over the past 25 years with a presence
across 18 prefecture-level cities and an established reputation.
CCRE's lower average selling price (ASP) of CNY6,635 per square
metre (sq m) compared with peers' ASP of above CNY11,000 per sq m
reflects its wide product exposure, which is not driven only by
the province's larger cities. The diversification helps it
mitigate the risks of policy tightening on housing sales in the
provincial capital, Zhengzhou.

CCRE's contracted sales reached CNY30.4 billion in 2017, with a
market share of 4.3% in Henan, among the top developers in the
province. CCRE recorded 51% growth in its 2017 contracted sales,
driven by increased penetration and better sell-through rates in
lower-tier cities in Henan. This helped expand its market share
by 0.7%. Fitch expects CCRE's annual contracted sales to grow
further to CNY35 billion-45 billion in 2018-2019.

Growing Non-Development Businesses: Fitch estimates CCRE's non-
development business EBITDA/interest coverage rose to 0.3x at
end-2017 (2016: 0.2x), adding an operating cash flow source other
than development property sales to help the company service debt.
Growth in hotel and rental income, and its recent expansion into
project management of residential property developments in the
province's smaller towns drove the higher contribution from non-
development businesses. CCRE is also expanding into the
development and operation of cultural tourism projects that will
enhance its non-development income in the next three to five
years. Local governments are encouraging cultural tourism
projects, giving CCRE access to lower-cost funding and
alternative land banking channels that improve its financial
flexibility.

Aggressive Land Acquisition in 2017: In 2017, CCRE replenished
9.8 million sqm in attributable gross floor area of land bank for
CNY10.6 billion, or a land-acquisition-to-contracted sales value
ratio of 0.5x, exceeding the 0.2x-0.3x in previous years. The
more volatile home sales performance in lower-tiered cities may
affect the pace at which CCRE sells its newly acquired projects
and may limit its scope to deleverage. CCRE's leverage of around
20% at end-2017 was lower than the 27% at end-2016 but still
higher than the 17% at end-2015. Fitch expects the company's
leverage to stay around 30% for the next three years on
accelerated land acquisitions.

Fitch believes CCRE's leverage will not rise above 40%, as the
company has the flexibility to slow down its land acquisitions
due to a more sizeable land bank of 24.2 million sq m, sufficient
for its development for the next five to six years.

Stabilising Margin: Fitch estimates CCRE's EBITDA margin
(deducting capitalised interest from cost of sales) to be around
16%-17% in 2018-2019. The EBITDA margin fell to 16% in 2017, from
17% in 2016 and 25% in 2014, affected by CCRE's strategy to
accelerate inventory clearance in 1H15. Higher contracted sales
than revenue also squeezed EBITDA margin as the selling, general
and administrative expenses, which are more a function of its
contracted sales, are apportioned to a much lower level of
revenue. The higher contracted sales ASP in 2017 will support its
EBITDA margin when these projects are being recognised in the
next one to two years and CCRE's EBITDA margin should stabilise
over time.

DERIVATION SUMMARY

CCRE has increased its sales scale to a level comparable with
'BB-' rated peers, while maintaining a healthier financial
profile. CCRE's contracted sales of CNY30 billion are comparable
with 'BB-' rated peers such as Yuzhou Properties Company
Limited's (BB-/Stable) CNY40 billion, China Aoyuan Property Group
Limited's (BB-/Stable) CNY46 billion, and KWG Property Holding
Limited's (BB-/Stable) CNY29 billion. Its Fitch-rated 'BB' peers
have higher contracted sales of CNY50 billion-70 billion.

CCRE's leverage of 20% on average in the past four years compares
favourably with that of 'BB-' rated peers' 30%-45%. CCRE's recent
proactive land acquisitions may increase its leverage to above
30% in the next two years, although most of the newly acquired
land sites are in Henan province, where the company has a well-
established reputation.

CCRE's EBITDA margin of 17% is near the bottom of the 18%-25%
range of 'BB-' rated peers, as it has been affected by the
company's destocking strategy since 1H15. We expect the company's
rising contracted sales ASP since 2017 and the recognition of its
projects to stabilise its EBITDA margin over time. We have
forecast EBITDA margins of 16%-17% in 2018-2019.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

- Total contracted sales by gross floor area to increase by 39%
in 2018 and 24% in 2019

- Average selling price for contracted sales to decrease by 10%
in 2018 on product mix, and increase 1% in 2019

- EBITDA margin (excluding capitalised interest) at 16%-17% for
2018-2019

- Land acquisition budget as a percentage of total contracted
sales of 27%-33% for 2018-2019, allowing the company to maintain
a land bank reserve of five years of contracted sales

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Contracted sales sustained above CNY50 billion
- Leverage persistently at 30% or below
- Contracted sales to total debt sustained at above 1.5x

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Decline in contracted sales for a sustained period
- Leverage at 40% or above for a sustained period
- EBITDA margin below 18% for a sustained period

LIQUIDITY

Sufficient Liquidity: As of end-2017, the company had total cash
of CNY13.4 billion (including restricted cash of CNY2.1 billion),
sufficient to cover short-term debt of CNY4.4 billion maturing in
one year (consisting of bank loans of CNY0.4 billion, other loans
of CNY0.1 billion and senior notes of CNY3.9 billion).

Diversified Funding, Lower Costs: CCRE had total debt of CNY15.6
billion as of end-2017, consisting of bank loans, other loans,
senior notes and corporate bonds. There were unutilised banking
facilities amounting to CNY55.7 billion as of 30 June 2017. The
average cost of borrowing dropped to 7.0% in 2017, from 8.9% in
2013 and 7.9% in 2015.


FANTASIA HOLDINGS: S&P Lowers ICR to 'B', Off Watch Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China-based developer Fantasia Holdings Group Co. Ltd. to 'B'
from 'B+'. The outlook is stable. S&P said, "At the same time, we
lowered our long-term issue rating on the company's outstanding
senior unsecured notes to 'B' from 'B+'. We removed all the
ratings from CreditWatch where they were placed with negative
implications on March 22, 2018."

S&P said, "We lowered our ratings because we expect Fantasia's
financial leverage to remain high over the next 12-24 months,
following a material deterioration in 2017, largely due to its
high growth appetite. We believe the company may face growing
execution risks in expanding its operating scale and increased
competition in the property management segment. Nonetheless, we
anticipate that Fantasia's stable margins, supported by its
historically low land costs, will temper the weaknesses."

Fantasia is likely to continue to accelerate its land
acquisitions in the next two years to support its high growth
aspiration due to a strategy shift to expand its property
development business. The company spent about Chinese renminbi
(RMB) 4 billion on land acquisitions in 2017. S&P estimates that
land acquisition spending will increase to RMB8 billion-RMB14
billion in 2018-2019, which is significantly more than before and
accounts for 35%-45% of its forecast contracted sales in this
period.

S&P said, "In our view, Fantasia's strategic change in focus on
the capital-intensive property development business will keep its
financial leverage high over the next 12-24 months. We forecast
the company's debt-to-EBITDA ratio at 7.5x-9x in 2018 and 7.0x-
7.5x in 2019, based on our assumptions of moderate revenue growth
supported by more project deliveries. Although the ratio will
gradually come down from 12x in 2017, it will remain high over
the next two years. At the same time, we expect Fantasia to use
its high cash balance as of the end of 2017 to repay short-term
debt due this year, including puttable onshore bonds.

"We expect the company's contracted sales to increase 20%-35% in
the next two years, supported by growing saleable resources.
Nonetheless, uncertainties surround Fantasia's ability to
transition to a fast-churn business model to achieve its high
growth target. The company has lagged peers, which have expanded
their scale in the past years when the property market grew
robustly. In our view, industry growth is likely to slow down in
the next 12 months, and this may strain Fantasia's cash flows,
especially given its high capital spending.

"We forecast that Fantasia's revenue from property management
will increase to RMB3.5 billion-RMB5 billion in 2018, from about
RMB2 billion in 2017. The consolidation of Wanxiangmei Property
Management Co. Ltd. into Color Life Services Group Co. Ltd. will
fuel the increase. Fantasia acquired Wanxiangmei, a property
management business unit of Dalian Wanda Commercial Properties
Co. Ltd., in 2016.

"We expect Fantasia to further increase its property management
income by 15%-20% in 2019, mainly through organic growth.
However, a number of larger property developers have separately
listed their property management arms, which are expanding, thus
making the competitive landscape more challenging. This will
curtail the company's profit margin and ability to grow this
segment going forward.

"We anticipate that Fantasia's gross margin will be 28%-30% over
the next one to two years. The property development segment's
good margins remaining a stable 27%-29% will temper the declining
profitability in the property management business. We expect the
gross margin for property management to decline to 24%-28% in
2018-2019, from 45%-50% in 2016 after the consolidation of the
lower-margin newly acquired Wanxiangmei.

"The stable outlook reflects our view that Fantasia's leverage,
while remaining high, will stabilize in the next 12 months due to
steady project execution and revenue recognition. We also expect
margin to be stable following the moderate decline in 2017.

"We could lower the rating if Fantasia's debt-funded expansion is
more aggressive than we expected and its debt-to-EBITDA ratio
continues to deteriorate from our expectation of 7.5x-9.0x over
the next 12 months. We could also lower the rating if the
company's liquidity weakens in the next 12 months, such that the
sources of liquidity over uses fall below 1x.

"We may raise the rating if the company controls its debt, and at
the same time show a stronger margin in its overall business,
such that its debt-to-EBITDA ratio improves toward 5x."


FUTURE LAND: Fitch Hikes LT FC Issuer Default Rating to BB
----------------------------------------------------------
Fitch Ratings has upgraded China-based homebuilder Future Land
Holdings Co., Ltd.'s (FLH) Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'BB' from 'BB-'. The Outlook is Stable.
Fitch has also upgraded the company's senior unsecured rating to
'BB' from 'BB-'.

FLH is a subsidiary of Future Land Development Holdings Limited
(FLDH, BB/Stable). Fitch uses a consolidated approach to rate
FLH, based on our Parent and Subsidiary Rating Linkage criteria.
The strong strategic and operational ties between them are
reflected by FLH representing FLDH's entire exposure to the China
homebuilding business.

The rating upgrade reflects the increase in the group's scale
without compromising its financial profile. The group managed to
maintain its fast sales churn and improved its EBITDA margin to
about 25% while keeping its leverage below 40%. Fitch believes
the group's strong sales and healthy financial profile are
commensurate with those of its 'BB' rated peers.

KEY RATING DRIVERS

Focus on Yangtze River Delta: The group's strategy to focus
resources on the Yangtze River Delta, a wealthy region in eastern
China, and around Shanghai, helped to drive strong sales
turnover, as measured by contracted sales/gross debt, and its
expansion in scale. Sales turnover was 1.9x in 2017 and has
averaged 1.7x annually since 2014, demonstrating the group's
ability to rapidly generate sales from new land acquisitions. Its
fast-churn strategy enabled it to tap the strong demand in the
Yangtze River Delta to achieve higher contracted sales growth
than its peers.

The group recorded exceptionally strong presales in 2017, driven
by robust demand as well as a higher average selling price (ASP)
in the Yangtze River Delta, which accounted for about 80% of
contracted sales. Consolidated gross floor area (GFA) sold in
2017 increased 59% to 7.5 million square metres (sq m) and the
ASP increased 24% yoy to CNY12,527/sq m. We expect the group to
achieve annual consolidated contracted sales of CNY130 billion-
160 billion in 2018-2019.

Lower Leverage in 2017: The group's leverage dropped to 40% at
end-2017 from 45% at end-2016 following prudent land
acquisitions. Its full-year attributable cash outflows from land
premiums reached CNY53 billion, representing 56% of consolidated
presales of CNY95 billion (excluding presales from joint
ventures). The group has been sourcing joint-venture partners to
share the costs of land acquisitions.

Improving Land Bank Quality: FLH had land bank of about 50
million sq m (excluding joint ventures) at end-2017, sufficient
for four to five years of development activity. The group has
diversified its land bank by reducing the proportion of land in
the Yangtze River Delta to around 56% and expanding into the
Pearl River Delta region in southern China, central and western
China as well as the Bohai Economic Rim in northern China.

Margin Expansion: The group's EBITDA margin (after adding back
capitalised interest to cost of goods sold) improved to 27.8% in
2017 from 17.5% in 2016. Land premium costs for its land bank
averaged CNY2,905/sq m, which is reasonable compared with the
consolidated ASP of contracted sales of CNY12,527/sq m in 2017.
Fitch expects the group's margin to stay at around 25% in the
next two years as ASP for contracted sales increases and the
company's scale expands.

Rising Recurring Income: The group aims to double its rental
revenue to CNY2 billion in 2018 from the operation of shopping
malls (Wuyue Plaza) mainly located in Tier 2-3 cities. Fitch
estimates the group's ratio of recurring EBITDA to interest
expense will remain insignificant at 0.2x in 2018-2019 as the
revenue contribution of investment properties will remain small
relative to development properties and have a limited impact on
its rating.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLH, based on Fitch's
Parent and Subsidiary Rating Linkage criteria, as the company is
67.81%-owned by FLDH as at end-2017. Their strong strategic and
operational ties are reflected by FLH representing FLDH's entire
exposure to the China homebuilding business while FLDH raises
offshore capital to fund the group's business expansion. The two
entities share the same chairman.

The group improved its leverage, defined by net debt/adjusted
inventory, through prudent land bank acquisitions in 2017 to
below 40%, in line with 'BB' peers. Its quick-sales churn
strategy and geographically well-diversified land bank
contributed to its faster expansion in contracted sales than most
'BB' peers. Its recognised EBITDA margin (excluding capitalised
interest) improved to above 25% in 2017 from 18% in 2016 as its
land cost accounted for only 29% of its revenue in 2017. The
margin improvement is likely to be sustained as the average cost
of its land bank accounted for only 23% of its contracted ASP in
2017.

The group has a larger contracted sales scale and faster sales
churn than most of its 'BB' peers, and its leverage is comparable
with its peers. The group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. The group has larger contracted
sales scale and faster sales churn, while their margins are
comparable. CIFI has maintained a high EBITDA margin and lower
leverage for a longer period than the group, and has been
disciplined in maintaining a stable leverage.

The group has a much larger scale, with a more diversified land
bank throughout the nation, and much faster sales churn than 'BB-
' peers such as China Aoyuan Property Group Limited (BB-/Stable),
KWG Property Holding Limited (BB-/Stable), and Logan Property
Holdings Company Limited (BB-/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Contracted sales to grow 40%, 20% and 20% in 2018, 2019 and
   2020, respectively

- EBITDA margins (after adding back capitalised interest) to be
   maintained at about 25% in 2018-2020

- Total land premium to represent 40%-50% of contracted sales in
   2018-2020

- FLDH to maintain a controlling shareholding in FLH and the
   operational ties between FLDH and FLH do not weaken

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

- Consolidated net debt/adjusted inventory sustained below 35%
   while maintaining EBITDA margin at 20% or above

  (All the ratios mentioned above are based on parent FLDH's
   consolidated financial data)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

- Contracted sales/total debt sustained below 1.5x
- Consolidated net debt/adjusted inventory sustained above 45%
- EBITDA margin sustained below 18%

(All the ratios mentioned above are based on parent FLDH's
  consolidated financial data)

LIQUIDITY

Sufficient Liquidity: As at end-2017, the group had an
unrestricted cash balance of CNY20.5 billion and unutilised
credit facilities of CNY54.6 billion to cover its short-term
borrowings of CNY15.3 billion.

FULL LIST OF RATING ACTIONS

Future Land Holdings Co., Ltd.

Long-Term Foreign-Currency Issuer Default Rating upgraded to
'BB'
from 'BB-'; Outlook Stable

Senior unsecured rating upgraded to 'BB' from 'BB-'

New Metro Global Limited

USD200 million 5% senior unsecured notes due 2022 upgraded to
'BB' from 'BB-'


FUTURE LAND DEVELOPMENT: Fitch Hikes Long term FC IDR to BB
-----------------------------------------------------------
Fitch Ratings has upgraded China-based homebuilder Future Land
Development Holdings Limited's (FLDH) Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'BB' from 'BB-'. The Outlook is
Stable. Fitch has also upgraded the company's senior unsecured
rating to 'BB' from 'BB-'.

The rating upgrade reflects the increase in the FLDH group's
scale without compromising its financial profile. The group
managed to maintain its fast sales churn and improved its EBITDA
margin to about 25% while keeping its leverage below 40%. Fitch
believes that the group's strong sales and healthy financial
profile are commensurate with those of its 'BB' rated peers.

KEY RATING DRIVERS

Focus on Yangtze River Delta: The group's strategy to focus
resources on the Yangtze River Delta, a wealthy region in eastern
China, and around Shanghai, helped to drive strong sales
turnover, as measured by contracted sales/gross debt, and its
expansion in scale. Sales turnover was 1.9x in 2017 and has
averaged 1.7x annually since 2014, demonstrating the group's
ability to rapidly generate sales from new land acquisitions. Its
fast-churn strategy enabled it to tap the strong demand in the
Yangtze River Delta to achieve higher contracted sales growth
than its peers.

The group recorded exceptionally strong presales in 2017, driven
by robust demand as well as a higher average selling price (ASP)
in the Yangtze River Delta, which accounted for about 80% of
contracted sales. Consolidated gross floor area (GFA) sold in
2017 increased 59% to 7.5 million square metres (sq m) and the
ASP increased 24% yoy to CNY12,527/sq m. We expect the group to
achieve annual consolidated contracted sales of CNY130 billion-
160 billion in 2018-2019.

Lower Leverage in 2017: The group's leverage dropped to 40% at
end-2017 from 45% at end-2016 following prudent land
acquisitions. Its full-year attributable cash outflows from land
premiums reached CNY53 billion, representing 56% of consolidated
presales of CNY95 billion (excluding presales from joint
ventures). The group has been sourcing joint-venture partners to
share the costs of land acquisitions.

Improving Land Bank Quality: The group had attributable land bank
of about 34 million sq m at end-2017, sufficient for four to five
years of development activity. The group has diversified its land
bank by reducing the proportion of land in the Yangtze River
Delta to around 56% and expanding into the Pearl River Delta
region in southern China, central and western China as well as
the Bohai Economic Rim in northern China.

Margin Expansion: FLDH's EBITDA margin (after adding back
capitalised interest to cost of goods sold) improved to 27.8% in
2017 from 17.5% in 2016. Land premium costs for its land bank
averaged CNY2,905/sq m, which is reasonable compared with the
consolidated ASP of contracted sales of CNY12,527/sq m in 2017.
Fitch expects the group's margin to stay at around 25% in the
next two years as ASP for contracted sales increases and the
company's scale expands.

Rising Recurring Income: The group aims to double its rental
revenue to CNY2 billion in 2018 from the operation of shopping
malls (Wuyue Plaza) mainly located in Tier 2-3 cities. Fitch
estimates the group's ratio of recurring EBITDA to interest
expense will remain insignificant at 0.2x in 2018-2019 as the
revenue contribution of investment properties will remain small
relative to development properties and have a limited impact on
its rating.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLDH and its 67.81%-
owned (as at end-2017) subsidiary, Future Land Holdings Co., Ltd.
(FLH), based on our Parent and Subsidiary Rating Linkage
criteria. The strong strategic and operational ties between them
are reflected by FLH representing FLDH's entire exposure to the
China homebuilding business while FLDH raises offshore capital to
fund the group's business expansion. The two entities share the
same chairman.

The group improved its leverage, defined by net debt/adjusted
inventory, through prudent land bank acquisitions in 2017 to
below 40%, in line with 'BB' peers. Its quick-sales churn
strategy and geographically well-diversified land bank
contributed to its faster expansion in contracted sales than most
'BB' peers. Its recognised EBITDA margin (excluding capitalised
interest) improved to above 25% in 2017 from 18% in 2016 as its
land cost accounted for only 29% of its revenue in 2017. The
margin improvement is likely to be sustained as the average cost
of its land bank accounted for only 23% of its contracted ASP in
2017.

The group has a larger contracted sales scale and faster sales
churn than most of its 'BB' peers, and its leverage is comparable
with its peers. The group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. The group has larger contracted
sales scale and faster sales churn, while their margins are
comparable. CIFI has maintained a high EBITDA margin and lower
leverage for a longer period than the group, and has been
disciplined in maintaining a stable leverage.

The group has a much larger scale, with a more diversified land
bank throughout the nation, and much faster sales churn than 'BB-
' peers such as China Aoyuan Property Group Limited (BB-/Stable),
KWG Property Holding Limited (BB-/Stable) and Logan Property
Holdings Company Limited (BB-/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Contracted sales to grow 40%, 20% and 20% in 2018, 2019 and
   2020, respectively

- EBITDA margins (after adding back capitalised interest) to be
   maintained at about 25% in 2018-2020

- Total land premium to represent 40%-50% of contracted sales in
   2018-2020

- FLDH to maintain a controlling shareholding in FLH and the
   operational ties between FLDH and FLH do not weaken

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

- Consolidated net debt/adjusted inventory sustained below 35%
   while maintaining EBITDA margin at 20% or above

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

- Contracted sales/total debt sustained below 1.5x
- Consolidated net debt/adjusted inventory sustained above 45%
- EBITDA margin sustained below 18%
- Significant decrease in FLDH's shareholding in FLH resulting
   in a weak linkage between FLDH and FLH based on Fitch's Parent
   and Subsidiary Rating Linkage criteria

LIQUIDITY

Sufficient Liquidity: As at end-2017, the group had an
unrestricted cash balance of CNY20.5 billion and unutilised
credit facilities of CNY54.6 billion to cover its short-term
borrowings of CNY15.3 billion. FLDH also completed a share
placement with proceeds of HKD1.7 billion in January 2018.

FULL LIST OF RATING ACTIONS

Future Land Development Holdings Limited

-- Long-Term Foreign-Currency Issuer Default Rating upgraded to
    'BB' from 'BB-'; Outlook Stable

-- Long-Term Local-Currency Issuer Default Rating upgraded to
    'BB' from 'BB-'; Outlook Stable

-- Senior unsecured rating upgraded to 'BB' from 'BB-'

-- Rating on USD350 million senior notes due 2020 upgraded to
    'BB' from 'BB-'


GUANGZHOU R&F: Fitch Assigns BB-(EXP) to Proposed USD Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Guangzhou R&F Properties Co. Ltd.'s
(Guangzhou R&F; BB-/Negative) proposed US dollar senior notes a
'BB-(EXP)' expected rating. The notes are rated at the same level
as Guangzhou R&F's senior unsecured rating because they
constitute its direct and senior unsecured obligations. The final
rating is subject to the receipt of final documentation
conforming to information already received.

The proposed notes will be issued by Guangzhou R&F's subsidiary,
Easy Tactic Limited (Easy Tactic). Guangzhou R&F has granted a
keepwell deed and a deed of equity interest purchase undertaking
to ensure that the guarantor, R&F Properties (HK) Company
Limited, a wholly owned subsidiary of Guangzhou R&F, has
sufficient assets and liquidity to meet its obligations.
Guangzhou R&F intends to use the net proceeds from the note issue
for debt refinancing and general corporate purposes.

Guangzhou R&F's ratings are constrained by its high leverage, as
measured by net debt/adjusted inventory, that stood at 60.2% at
end-2017 and we expect it to climb to around 65% in the next year
or two. Guangzhou R&F's high leverage stems from aggressive land
acquisition in 2017, when it replenished 18 million square metres
(sq m) of attributable gross floor area of land bank for CNY58
billion - a land acquisition/contracted sales value ratio of
0.7x, against 0.1x-0.3x in the previous three years. We expect
Guangzhou R&F to settle the payment for more than CNY22 billion
of outstanding land premiums during 2018.

The Negative Outlook reflects limited headroom for leverage,
which is around the threshold where Fitch would further downgrade
Guangzhou R&F's ratings. The company's pursuit of rapid scale
expansion, to CNY200 billion-300 billion of contracted sales,
from CNY82 billion in 2017, could see its land acquisition pace
increase above our expectations, pushing leverage beyond 65%.

KEY RATING DRIVERS

Sustained High Leverage: Fitch expects Guangzhou R&F's leverage,
which was above our negative threshold of 60% at end-2017, to
rise to 65% in the next year or two as the company must settle
the outstanding land premiums during 2018. The company also plans
to spend 30%-40% of contracted sales proceeds on land
acquisitions in 2018-2019 and accelerate its construction
expenditure to support growth in contracted sales scale towards
CNY200 billion-300 billion by 2020. Guangzhou R&F's accelerated
land acquisitions raised its net debt by 45% yoy to above CNY112
billion at end-2017 (end-2016: CNY77 billion).

Wanda Acquisition Substantially Completed: Guangzhou R&F
confirmed that it completed its acquisition of 69 hotels and one
office building from Dalian Wanda Commercial Management Group
Co., Ltd. (Wanda; BB+/Rating Watch Negative), paying a total of
CNY18 billion in 2017, according to its circular dated March 19,
2018 and its 2017 results announcement. Another Wanda hotel
purchase was completed and transferred in January 2018, while
three other Wanda hotels are pending completion by end-2019.

Higher Non-Development EBITDA: The company's hotel and rental
income revenue surged by 45% yoy to CNY3.3 billion in 2017 (2016:
CNY2.3 billion), with the newly acquired Wanda hotels
contributing around two months of revenue. Fitch expects
Guangzhou R&F's non-property development revenue to reach CNY8.1
billion in 2018 with full-year contributions. The company's non-
property development EBITDA/gross interest expense ratio is
likely to improve moderately to 0.24x in 2018-2019, from 0.17x in
2017.

Stabilising Margins: Fitch expects Guangzhou R&F's EBITDA margin
to fall to 24%-25% in 2018-2019. It had an EBITDA margin of 26%
and a gross profit margin of 35% in 2017, an improvement from 21%
and 28%, respectively, in 2016. The margins will be supported by
the company's unrecognised property sales of CNY45 billion, which
carried a gross profit margin of 38% as at February 2018 (2017
booked property sales gross profit margin: 37%). These sales will
be recognised over the next year or two, together with a
contracted average selling price that recovered to CNY13,278 per
sq m in 2M18, from CNY12,961 in 2016.

DERIVATION SUMMARY

Guangzhou R&F's geographical diversification is comparable with
'BB+' and 'BB' rated peers. Its homebuilding scale in contracted
sales is comparable with CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY104 billion in 2017 and is higher than the CNY40
billion-70 billion of 'BB-' rated peers, such as Yuzhou
Properties Company Limited's (BB-/Stable) CNY40 billion.

However, Guangzhou R&F's ratings are constrained by its weakening
financial profile, following the substantial completion of hotel
and office asset acquisitions from Wanda, as well as its
aggressive land acquisitions. The company's leverage ratio of 60%
at end-2017 is at the higher range of the 50%-60% of 'B+' rated
peers, such as China Evergrande Group's (B+/Stable) 60%.
Guangzhou R&F will also need to maintain a land bank that can
sustain five to six years of development to support the expansion
in contracted sales, which could limit room for de-leveraging in
the next two to three years. Fitch expects the company's leverage
to reach 65% in 2018-2019.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Attributable contracted sales to reach CNY131 billion in 2018
and CNY167 billion in 2019 (2017: CNY82 billion)

- EBITDA margin of 24%-25% in 2018-2019, slightly lower than the
26% in 2017 due to higher operating costs from the Wanda asset
migration

- Hotel and property rental revenue to reach CNY8 billion-9
billion in 2018-2019

- Land bank life reduced to, and sustained at, four to five
years, from a high of almost eight years at end-2017

RATING SENSITIVITIES

Developments that May Lead to the Outlook Being Revised to Stable
Include:

- Net debt/adjusted inventory sustained below 65% (2017: 60%)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Continued decline in property contracted sales
- Net debt/adjusted inventory at over 65% for a sustained period

LIQUIDITY

Sufficient Liquidity: Guangzhou R&F had a cash balance of CNY32
billion, including restricted cash of CNY13 billion, as at end-
2017, sufficient to cover short-term debt of CNY28 billion and
the CNY767 million yet to be settled on the Wanda hotel
acquisitions. However, the cash/short-term debt ratio declined to
1.1x at end-2017, from 1.4x at end-2016.


HILONG HOLDING: Fitch Lowers LT FC Issuer Default Rating to B+
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Hilong Holding Limited's
Long-Term Foreign-Currency Issuer Default Rating to 'B+' from
'BB-'. The Outlook is Stable. Fitch has also downgraded Hilong's
senior unsecured rating and the rating on its USD250 million
7.25% notes due 2020 to 'B+' from 'BB-', with recovery rating of
'RR4'.

The downgrade reflects Hilong's slower-than-Fitch-expected
deleveraging due to sustained weak FFO generation, high working
capital requirements and ongoing capital expenditure.

KEY RATING DRIVERS

Slower-than-Fitch-Expected Deleveraging: Hilong's leverage
improved to 4.3x at end-2017, from of 4.8x in 2016, but its FFO
adjusted net leverage remains elevated at 4.3x due to sustained
weak FFO generation and high working capital outflow. Fitch
expects a moderate recovery in revenue and EBITDA in 2018-2019,
but a substantial improvement in Hilong's net leverage is not
probable due to its high capex and working capital requirements.

Revenue Recovering: Hilong's revenue recovered in 2017, rising by
38% yoy on strong drill pipe demand and expansion into overseas
markets. However, margins fell due to a changed revenue and
product mix and temporary shutdown at one of Hilong's production
facilities in 2H17. Fitch expects further recovery in Hilong's
revenue and margins to be gradual, given fluctuating crude oil
prices and uncertain upstream exploration and production market.

Working Capital Remains High: Working capital days improved in
2017 due to higher overseas sales, as international customers
typically make cash payments more promptly than domestic oil
majors. However, working capital remained a cash flow drag, as
cash collection lagged revenue growth. Fitch believes any further
improvement in receivables collection may be gradual and is
subject to fluctuations in crude oil prices. Fitch expects
Hilong's overall receivables turnover to drop to 295 days in
2018, from 309 days in 2017, while inventory and payables
turnover should remain stable. As a result, Hilong may continue
to see working capital outflows in 2018 and onwards.

Increased International Presence: Hilong has successfully
expanded its products and services to international markets amid
weak domestic demand. Hilong's China sales only increased by 12%
yoy in 2017, while total revenue increased by 38% yoy, driven by
a 90% yoy sales increase in Russia, central Asia and east Europe
and 79% yoy revenue growth in south and southeast Asia. Hilong's
strengthening international presence has increased the company's
overall operational scale and partially mitigated working capital
pressure. It also helped diversify Hilong's geographical
exposure, though the company remains heavily dependent on the oil
and gas industry.

Market-Leading Position Maintained: Hilong remains China's
largest drill pipe manufacturer and oil country tubular good
(OCTG) coating services provider by sales, with around 45%-50%
market share. The company has maintained this industry-leading
position since the end of the 2008 global financial crisis. Drill
pipe and OCTG coating are Hilong's core business segments,
accounting for 49% of total sales and 50% of total gross profit
in 2017. Core business dominance provides Hilong with a stable
source of cash flow and has supported its expansion into new
business segments, such as oilfield services and offshore
engineering.

Adequate Liquidity: Hilong has around CNY544 million in short-
term debt due in 2018; this will be sufficiently covered by
CNY435 million of readily available cash and around CNY929
million in undrawn bank facilities as at end-2017. Hilong also
had restricted cash of CNY104 million as at end-2017.

DERIVATION SUMMARY

Hilong's ratings are primarily supported by its leading market
position in drill pipe manufacturing and OCTG coating services in
China and reflect its increased international presence and
improving revenue outlook. However, the ratings are constrained
by Hilong's small operation size, high leverage and low earning
visibility. Hilong has maintained higher leverage than its
manufacturing peers, such as China Oriental Group Company Limited
(BB-/Positive) and Yestar International Holdings Company Limited
(BB-/Stable). Its financial profile in terms of leverage and
coverage resembles that of Yingde Gases Group Company Limited
(B+/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Oil prices to stabilise in the near-term, sector operating
   conditions to improve and upstream exploration and production
   capex to increase from 2017 levels.

- Revenue growth of approximately 12% in 2018.

- EBITDA margin of approximately 22% in 2018.

- Capex of CNY450 million in 2018 and CNY300 million in 2019-
   2021.

Recovery Rating Assumptions:

Fitch's recovery analysis is based on liquidation value, as it is
higher than the going-concern value derived from post-
restructuring EBITDA and a valuation multiple. Fitch has assumed
a 10% administrative claim, 50% recovery rate for inventory, 75%
recovery rate for account receivables and 50% recovery rate on
net property, plant and equipment.

The recovery rating is capped at 'RR4' according to Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, as
Hilong is based in China.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Consistent improvement in order book and revenue.

- FFO net leverage remaining below 3.5x on a sustained basis.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- EBITDA margin below 20% for a sustained period.

- Significant deterioration in receivables collection and
   working capital outflow.

- FFO adjusted net leverage above 4.5x for a sustained period.

LIQUIDITY

Adequate Liquidity: Hilong has around CNY544 million in short-
term debt due 2018; this will be sufficiently covered by CNY435
million of readily available cash and around CNY929 million in
undrawn bank facilities as at end-2017. Hilong also had CNY104
million of restricted cash as at end-2017.


JINGRUI HOLDINGS: Moody's Assigns B3 Rating to Proposed USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Jingrui
Holdings Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Jingrui plans to use the proceeds from the proposed notes mainly
to refinance existing debt and for general corporate purposes.

RATINGS RATIONALE

"The proposed bond issuance will support Jingrui's liquidity
profile and not materially affect its credit metrics, as it will
use the proceeds mainly to refinance existing debt," says Cedric
Lai, a Moody's Assistant Vice President and Analyst.

Moody's expects Jingrui will moderately grow its contracted sales
by 10%-15% to RMB20-21 billion in 2018, supported by its
established market position in its core Yangtze River Delta
market. Jingrui's contracted sales reached RMB18.4 billion in
2017, up 9.5% year-on-year from 2016.

Moody's also expects Jingrui's revenue/adjusted debt will
stabilize at around 90%-95% over the next 12-18 months, down from
103% in 2017, and adjusted EBIT/interest will improve to 2.5x-
2.6x over the same period from 2.3x in 2017.

Jingrui's B2 corporate family rating reflects its modest scale,
moderate financial profile and relatively low but improving
profitability. The rating also considers the company's track
record of developing properties in Shanghai and other cities in
the economically strong Yangtze River Delta.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries and have priority over Jingrui's
senior unsecured claims in a bankruptcy scenario. In addition,
the holding company lacks significant mitigating factors for
structural subordination. As a result, the likely recovery rate
for claims at the holding company will be lower.

The stable outlook reflects Moody's expectation that Jingrui's
improved sales execution for properties in higher-tier cities in
China can be sustained, and will improve its credit metrics over
the next 12-18 months.

Upward rating pressure could develop if Jingrui substantially
grows its scale, while maintaining 1) sound credit metrics, with
adjusted revenue/debt above 95%-100% and EBIT/interest coverage
above 3.5x on a sustained basis; and 2) maintain adequate
liquidity position on a sustained basis.

Downward rating pressure could emerge if Jingrui's 1) liquidity
weakens, such that its cash/short-term debt ratio falls below
100%; 2) profit margins come under pressure, negatively affecting
interest coverage and financial flexibility, such that EBIT
interest coverage falls below 2.0x.

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

Jingrui Holdings Limited is a Shanghai-based property developer.
The company listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen
Xin Ge and Mr. Yan Hao.

It engages in property development, with a focus on residential
projects in the Yangtze River Delta and other second-tier cities
in China. The company operated mainly in Shanghai before its
expansion into Chongqing in 2005, Jiangsu and Zhejiang provinces
in 2006, and Tianjin in 2007.


LOGAN PROPERTY: Fitch Rates Proposed USD Sr. Notes 'BB-(EXP)'
-------------------------------------------------------------
Fitch Ratings has assigned China-based Logan Property Holdings
Company Limited's (BB-/Stable) proposed US dollar senior notes a
'BB-(EXP)' expected rating.

The notes are rated at the same level as Logan's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received.

Logan's ratings are supported by the company's well-located land
bank in Shenzhen and the Guangdong region, which provides the
company with stronger contracted sales and margin visibility over
the next 18 months compared with similarly sized rated peers.

KEY RATING DRIVERS

Higher Leverage: Logan's leverage increased to 33% in 2017, from
28% at end-2015 (end-2016: 33%), after it acquired well-located
sites in Shenzhen during 2015-2016 to reposition its land bank.
The company spent CNY25 billion, or 58% of its contracted sales,
on replenishing its land bank in 2017. Logan's land
acquisition/contracted sales ratio was 42% in 2016 and 55% in
2015.

Larger Scale, Strong Sales: Logan's contracted sales rose by 51%
yoy to CNY43 billion in 2017, following a 43% yoy increase in its
contracted selling price to CNY17,898 per square meter (sq m).
The average selling price (ASP) of its projects in Shenzhen
jumped by 112% yoy to CNY44,733 per sq m in 2017 due to the
launch of new prime residential and commercial mixed-use
developments, including Logan Carat Complex (CNY60,000 per sq m)
and The Masterpiece (CNY30,000 per sq m). ASPs in cities in
Guangdong, Nanning and other regions rose by 30%-41% yoy, driven
by new project launches and better sell-through rates. Contracted
floor space sold rose by 6% yoy to 2.4 million sq m.

Wider Margin: Logan's EBITDA margin widened to 33% in 2017, from
26% in 2014. Fitch expects the company's profitability to remain
high in the next two to three years, supported by the start of
earnings recognition from its high-margin Shenzhen and Huizhou
projects presold in 2016-2017 and the higher contracted sales ASP
in 2017. Its EBITDA margin is likely to be maintained at above
30% in 2018-2019.

Lower Concentration Risks: Fitch believes Logan's well-located
and high-quality land bank, and expansion to new cities,
including Hong Kong and Singapore in 2017, mitigate its
concentration risks over the next year or two. Logan's contracted
sales are highly concentrated in the Guangdong region, with
Shenzhen contributing around 40% of its 2017 contracted sales.
This leaves Logan's sales performance strongly correlated with
the local economy and policy changes, compared with developers
with more geographically diversified operations. Shenzhen,
Shantou, Foshan and Nanning - all in the Pearl River Delta region
- accounted for over 80% of contracted sales in 2016 and 2017.
Fitch expects Shenzhen to continue to account for 30%-40% of
Logan's total attributable contracted sales in 2018.

DERIVATION SUMMARY

Logan's contracted sales are comparable with other 'BB-' rated
Chinese developers that have contracted sales of CNY28 billion-45
billion. These peers include KWG Property Holding Limited (BB-
/Stable), China Aoyuan Property Group Limited (BB-/Stable) and
Yuzhou Properties Company Limited (BB-/Stable).

Logan's EBITDA margin is also similar to that of margin-focused
homebuilders, such as KWG and Yuzhou. Logan's leverage increased
to 33% at end-2016, but remains below that of KWG, which has
leverage of 40%-42%, Yuzhou (38%-42%) and Times China Holdings
Limited (BB-/Stable) (38%-40%).

No Country Ceiling or parent and subsidiary aspects affect the
rating. Operating environment risks make it unlikely for
companies in this sector to be rated above 'BBB+'.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Contracted sales by gross floor area to increase by 2% in 2018
- ASP for contracted sales to increase by 2% in 2018
- EBITDA margin remains at 30% in 2018-2019

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Substantial increase in scale, with annual attributable
   contracted sales sustained above CNY30 billion
- Sustained leadership position in greater Guangdong area's key
   cities
- Sustainable neutral or positive cash flow from operations
- EBITDA margin sustained above 30%
- Net debt/adjusted inventory sustained below 35%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Net debt/adjusted inventory above 45% for a sustained period
- EBITDA margin below 25% for a sustained period

LIQUIDITY

Sufficient Liquidity: Logan had total cash in hand of CNY22.4
billion, including CNY2.5 billion of restricted cash and pledged
deposits, at end-2017, sufficient to cover short-term debt of
CNY15.6 billion maturing in one year - this consisted of bank and
other loans of CNY5.6 billion, senior notes due 2018 of CNY3.0
billion and onshore corporate bonds of CNY7.0 billion. The
company has since refinanced the senior notes with USD450 million
5.25% notes due 2023.


SUNAC CHINA: Moody's Assigns B3 Rating to Proposed USD Notes
------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to Sunac China Holdings Limited's (B2 stable) proposed USD
notes.

The rating outlook is stable.

The company plans to use the proceeds from the issuance to
refinance existing debt and for other general corporate purposes.

RATINGS RATIONALE

"The proposed notes are unlikely to materially impact Sunac's
debt leverage because we expect the company will mainly use the
proceeds to refinancing existing debt," says Franco Leung, a
Moody's Senior Vice President and the lead analyst for Sunac.

Specifically, Moody's expects that any incremental debt from
Sunac's proposed notes issuance will not be material relative to
the company's total reported debt of around RMB219 billion at
year-end 2017.

Moody's expects Sunac's adjusted debt leverage - as measured by
revenue/adjusted debt and after adjustments for its joint
ventures and associates - will likely improve to 45%-50% over the
next 12-18 months from around 35% at the end of December 2017.
This expected improvement in debt leverage will be driven by
strong revenue growth over the next 12-18 months on the back of
robust sales growth.

The company achieved 140% year-on-year growth in contracted sales
to RMB362 billion for 2017, after robust 121% year-on-year growth
to RMB151 billion for 2016.

Its interest coverage - as measured by adjusted EBIT/interest and
after adjustments for its joint ventures and associates - will
improve towards 2.0x-2.3x from around 1.6x in 2017, as the
expected improvement in profits will offset the higher interest
burden associated with its increased debt.

Sunac's B2 corporate family rating reflects the company's strong
sales execution, its leading brand and market position in tier 1
and tier 2 cities, as well as the good quality of its land bank.
The rating also takes into account the company's good liquidity
profile, driven by its rapid-asset-turnover business model.

However, the rating is constrained by the weak financial metrics
resulting from Sunac's rapid expansion plans and acquisitive
appetite. The adoption of a rapid-asset-turnover business model
has also reduced the stability of its profitability and interest
coverage.

The stable outlook reflects Moody's expectation that Sunac's
credit metrics will improve, driven by its strong contracted
sales growth and earlier equity issuances.

Upward rating pressure could emerge if Sunac (1) demonstrates its
ability to exercise restraint in its non-core business
investments; (2) lowers its debt leverage, with adjusted
revenue/debt exceeding 55% and adjusted EBIT/interest remaining
above 2.5x-3.0x on a sustained basis; and (3) maintains its solid
liquidity position.

Downward rating pressure could emerge if (1) the company's
liquidity position weakens or it faces large amounts due from
acquisitions or maturing debt in the next 12 months; or (2) its
credit metrics deteriorate.

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer with projects in China's main
economic regions.

At year-end 2017, the company's gross land bank totaled 141.73
million square meters, and its attributable land bank totaled
approximately 107.12 million square meters.


YANLORD LAND: Moody's Rates New USD Senior Notes Ba3
----------------------------------------------------
Moody's Investors Services has assigned a Ba3 senior unsecured
debt rating to the proposed USD senior notes to be issued by
Yanlord Land (HK) Co., Limited and irrevocably and
unconditionally guaranteed by Yanlord Land Group Limited
(Yanlord, Ba2 stable).

The company plans to use the proceeds of the new USD notes
issuance for project development and acquisition and general
purpose.

RATINGS RATIONALE

"The proposed bond will enhance Yanlord's debt maturity profile
and will have a limited impact on its credit metrics," says
Cedric Lai, a Moody's Assistant Vice President and Analyst.

The proposed issuance will not substantially change Moody's
expectations over the next 12-18 months, as the total bond
issuance will likely be within Moody's forecast of new debt
raised by Yanlord in 2018 for refinancing and capital
expenditure.

In particular, Moody's expects that the company's adjusted
EBIT/interest will remain above 5.0x, and its debt leverage -- as
measured by revenue/adjusted debt -- recover gradually towards
75% in the next 12-18 months.

Yanlord's Ba2 corporate family rating reflects the company's
established brand name and high-quality products, which provide
it with strong pricing power and support its above-peer-average
gross margin. In addition, the company's sales execution
strategy, aimed at catering to a broader spectrum of market
demand, helps reduce the negative impact from regulatory measures
that constrain property demand.

The rating also considers Yanlord's strong liquidity profile and
ability to access both onshore and offshore funding.

Meanwhile, the rating is constrained by the company's (1)
geographic concentration, (2) moderate scale compared with that
of other Ba2-rated peers, and (3) exposure to regulatory
tightening measures.

The Ba3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries and have priority over Yanlord's
senior unsecured claims in a bankruptcy scenario. In addition,
the holding company lacks significant mitigating factors for
structural subordination. As a result, the likely recovery rate
for claims at the holding company will be lower.

Upward rating pressure could develop if Yanlord increases its
scale, while maintaining (1) a strong liquidity position; and (2)
sound credit metrics, with adjusted revenue/debt above 100% and
EBIT/interest coverage above 4.5x-5.0x on a sustained basis.

However, rating downgrade pressure could emerge if Yanlord's
contracted sales fall and credit metrics weaken, with its
EBIT/interest coverage falling below 3.5x or adjusted
revenue/debt falling below 70%-75%.

Yanlord Land Group Limited is a major property developer in
China. It operates in the large Chinese cities of Shanghai,
Nanjing, Suzhou, Hangzhou, Nantong, Shenzhen, Tianjin, Zhuhai,
Chengdu, Tangshan, Jinan, Zhongshan, Haikou, Sanya and Wuhan.

Yanlord Land Group Limited listed on the Singapore Stock Exchange
in 2006. Its land bank totaled 6.7 million square meters at the
end of 2017.


* Smaller US Pork Operations Bear Brunt of Chinese Pork Tariffs
---------------------------------------------------------------
China's proposed tariffs on US pork exports would reduce demand
from China and cause pork supply to back up in the US market,
leading to depressed local prices, Moody's Investors Service says
in a new report.

The lower pork prices that would result from a tariff would hurt
hog and pork sales, but drive packaged meat margins higher -- a
boost to pork-based packaged food manufacturers. The largest
processors, including Smithfield Foods, Inc., Tyson Foods, Inc.,
Hormel Foods Corporation and JBS USA Finance, Inc. would
experience a modest impact if the tariffs are enacted.

Because of its single-protein focus, Smithfield likely would be
affected more than diversified processors, at least initially.
However, Moody's believes that Smithfield's global leadership in
pork gives it advantaged access to alternative markets that would
allow it to offset the negative effects more quickly than others.
Tyson Foods and JBS USA operate in a variety of proteins or
businesses that would help mute the overall earnings effects on
pork operations.

"The brunt of the pain will be felt by smaller US pork producers
that lack value-added sales to offset the effects of falling pork
prices," according to Moody's Vice President, Brian Weddington.

Moody's says many hog growers have generated major losses in
recent years due to oversupply and some are spending heavily to
vertically integrate their hog production businesses into
slaughtering operations, where the margins have been better in
recent years owing in part to the strong China demand market for
US pork.

"If China imposes tariffs on US pork, these expansion plans could
lead to more losses for hog farmers," Weddington notes. "Smaller
processors are challenged by the lack of capacity to produce
retail packaged meats to absorb excess pork supply, and due at
least in part to their small scale, the absence of established
relationships in global export channels."

Even so, there are other mitigating factors that could help ease
the potential tariff burden. The US is selling less pork to China
today, compared to a year ago, due to gradual declines in China's
domestic pork prices, which has made US pork prices less
competitive in China, and in turn, has led US producers to shift
sales elsewhere.

The report is captioned "Packaged Foods -- US: China pork tariff
would hurt smaller pork operations, but not major processors."



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


NOBLE GROUP: Goldilocks Working on Alternative Restructuring Plan
-----------------------------------------------------------------
Janice Heng at The Strait Times reports that Goldilocks
Investment Company on April 20 said it is working on an
alternative restructuring plan for Noble Group with other
investors, and called on shareholders to repopulate the Noble
board in support of its initiatives.

"Goldilocks and a consortium of like-minded investors are
prepared to provide Noble with working capital and trade finance.
A specific proposal is currently being developed that will be
shared with all stakeholders," the report quotes Goldilocks as
saying in a media release.

Its plan "can preserve value for shareholders and ensure long
term and sustainable survival of Noble, a one-time Asian trading
powerhouse," said the fund, The Strait Times relays.

Goldilocks added it and strategic partners are in discussions
that include the review and assessment of Noble's business plan
and earnings potential, the report says.

It said a repopulated board can revisit and resurrect turnaround
proposals that were "made to, but ignored by" Noble chairman Paul
Brough, and "develop additional turnaround proposals with a view
to preserving and enhancing shareholder value," according to the
report.

It did not elaborate on the proposals, The Strait Times says.

Earlier on April 20, Noble confirmed the receipt of a letter from
Goldilocks -- its third-largest shareholder -- seeking to
nominate five non-executive directors at the company's upcoming
annual general meeting (AGM) on April 30, The Strait Times
reports.

On April 19, Goldilocks announced it had lodged a rejection
letter with Noble, regarding the commodities trader's director
candidates to be approved at the AGM, the report says.

Instead, Goldilocks proposed five of its own nominees as non-
executive independent directors.

They comprise Goldilocks investment manager Ajit Vijay Joshi, Abu
Dhabi Financial Group general counsel Bachir Nawar, and three
Singaporeans with experience as independent directors: Khoo Song
Koon, Chow Wai San and Paul Lim Yu Neng, The Strait Times
discloses.

                         About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.

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

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



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


AFFIL VITRIFIED: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Affil Vitrified
Private Limited's (Affil) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR180 mil. Fund-based limits affirmed with IND BB+/Stable
    rating;

-- INR40 mil.Non-fund-based limits affirmed with IND A4+ rating;
    and

-- INR93.4 mil. Term loans due on March 31, 2018 withdrawn (paid
    in full) and the rating is withdrawn.

KEY RATING DRIVERS

The ratings continue to reflect Affil's medium scale of
operations and tight liquidity profile. Revenue fell to INR608
million in FY17 (FY16: INR660 million) due to a decline in the
price of its end-products. Average utilization of the fund-based
limit was 95% during the 12 months ended February 2018.

The ratings continue to be constrained by the high customer
concentration risk faced by the company as a major portion of the
total sales is contributed by Asian Granito India Limited.
Moreover, credit metrics remain moderate with gross interest
coverage (operating EBITDA/gross interest expenses) at 2.5x
during FY17 (FY16: 2.4x) and net financial leverage (net debt/
operating EBITDA) at 3.5x (2.9x). The slight deterioration in
metrics was because of a decline in EBITDA margin because of
price fluctuations in its raw materials.

The ratings are supported by AVPL's promoters over a decade of
experience in manufacturing double-charged vitrified tiles.
Moreover, the company's EBITDA margin remains comfortable,
despite falling to 13.6% in FY17 (FY16: 17.9%), supported by the
nature of business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, along with
an improvement in the overall credit metrics could be positive
for the ratings.

Negative: A further deterioration in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, AVPL is a Gujarat-based manufacturer of
double-charged vitrified tiles, with an installed capacity of
2.59 million square meters per annum. The company is managed by
Hiren Sureshbhai Patel, Girishbhai K. Patel and Bhagubhai P.
Patel.


ANDHRA BARYTE: CARE Assigns 'B' Rating to INR5cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Andhra
Baryte Corporation Private Limited (ABCPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           5.00        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ABCPL are primarily
tempered by small scale of operations with deterioration of
overall financial profile and customer concentration risk with
financial closure yet to be achieved. However, the rating derives
comfort from experienced and qualified management and extensive
support received from holding companies.

Going forward, the company's ability to improve its scale of
operations, profitability, capital structure and debt coverage
indicators, turnaround from loss to profit and avail working
capital and use it efficiently are the key rating sensitivities.

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Andhra Baryte
Corporation Private Limited (ABCPL) are primarily tempered by
small scale of operations with decline in overall financial
profile and customer concentration risk with financial closure
yet
to be achieved. However, the rating derives comfort from
experienced and qualified management and extensive support
received from holding companies.

Going forward, the company's ability to improve its scale of
operations, profitability, capital structure and debt coverage
indicators, and avail working capital and use it efficiently are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with decline in overall financial
profile: The firm has small scale of operations marked by a low
total operating income of INR3.70 crore as of March 31, 2017,
with a decline from INR18.82 crore as of March 31, 2016. The
commercial operations of the company started from 2015, which led
to the increase in operating income during FY16. Due to non-
availability of funds, the beneficiation facility was run only at
10% capacity during FY17, which led to the decline in operating
income by 80%. The absolute profit increased during FY16, on
account of increased production, and the PBILDT margins improved
also improved by 862 bps during FY16. However in FY17, due to
fall in production, the company incurred loss in absolute terms.
The revenue generated was not sufficient to absorb the
depreciation and interest expenses, which resulted in the company
incurring net loss during the review period. Hence the PAT
margins stood negative during the review period. However the
interest obligations were met by the holding company, IBC
Limited. On account of net loss, the networth of ABCPL stood
negative, resulting in a negative overall gearing and debt
coverage indicators. The amount of total debt declined over the
review period, on the back of repayment of term loans, which led
to reduction in interest payments. Also, in FY17 the finished
goods were stocked for better market price which led to an
elongated inventory period at 532 days. On purchases, ABCPL
predominantly procures the goods against cash and at times avails
credit upto 15 days. The sole customer, IBC makes the payment
within 30 days from the dispatch of finished goods. The current
ratio stood below unity on the back of increase in current
liabilities in the form of current maturities of long term debt.

Customer concentration risk with financial closure yet to be
achieved: ABCPL was started to beneficiate Baryte for IBC, which
is into exporting the same. Hence the clientele base is
concentrated to only one customer, and the performance of ABCPL
is linked to that of IBC. Though ABCPL is supported by its
holding company, in order to run the production capacities in
full, it requires working capital funds which are yet to be tied
up with a financial institution.

Key Rating Strengths

Experienced and qualified management: Mr. K Rajamohan Reddy, has
more than four decades of experience in the field of Barytes and
other minerals. He is the Managing Director of ABCPL and is also
the Chairman of the Holding company, IBC Limited. Mr. K Murali
Mohan Reddy, an MBA by qualification, has more than 10 years of
experience in this field and looks after the Marketing, Sourcing,
Commercial functions and Finance operations of both the
companies. Mr. Ashok Govindarajula, has rich experience in the
field of Barytes and was responsible for the operational
functioning of the flagship Company, IBC Limited. He looks after
the manufacturing operations of the company. All the three
promoters are in the board of IBC Limited.

Extensive support received from holding companies: ABCPL was
formed, as a Joint Venture company, between IBC Limited (IBC) and
Andhra Pradesh Mineral Development Corporation Limited (APMDC).
IBC LTD (formerly known as Indian Barytes and Chemicals Limited),
pioneers in Barytes mining, processing and export since the
1950's, was incorporated in 1985. Its business includes mining
and trading of Barytes (Barium Sulphate, BaSO4) Ore and Barytes
Powder. IBC procures the finished goods from ABCPL and exports
them to various countries. APMDC has entered into an agreement
for the supply of low grade Barytes (C,D,and waste grade) to
ABCPL.

Andhra Baryte Corporation Private Limited (ABCPL) was formed on
June 27, 2008, as a Joint Venture company, between IBC Limited
(IBC) and Andhra Pradesh Mineral Development Corporation Limited
(APMDC), wherein APMDC was granted 11% free equity holding and
balance 89% shareholding being controlled by IBC. APMDC had
floated a tender in 2006 for establishment of a Barytes
Beneficiation Plant in and around Mangampeta Village, Andhra
Pradesh, to beneficiate low grade Barytes in Joint Venture with
APMDC. IBC was one of the successful bidders for setting up this
Plant. ABCPL started its commercial operations from FY15. ABCPL
procures low grade (waste grade) Barytes from APMDC and
beneficiates them into high grade Baryte powder which are
exported to different countries through IBC. The Plant has a
capacity to beneficiate 2,00,000 MT of low grade Barytes per
annum, and this would result in an output of about 1,00,000 MT of
beneficiated Baryte powder.


BEC FERTILIZERS: CARE Reaffirms D Rating on INR63.7cr Term Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
BEC Fertilizers Limited (BFL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities
   (Term Loan)          63.70       CARE D (Single D) Reaffirmed

Detailed Rationale and Key Rating Drivers

The reaffirmation of the ratings to the bank facilities of BFL
continues to factor in the ongoing delays in repayment/servicing
of debt obligation owing to continued strain on the liquidity
profile of the company led by poor operational performance in
FY17 (refers to the period April 1 to March 31).

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in Debt Servicing: There are on-going delays in servicing
of interest and repayment of principal.

BEC Fertilizers Limited (BFL) was incorporated in 2013 by Mr
Veenu Jain, Mr Viren Jain and Mr Arjun Jain. The company is part
of BEC group (with flagship company Bhilai Engineering
Corporation Limited) which has its presence across diversified
business viz.engineering [manufacturing of high precision
equipment's catering mainly to railways, power, defense and
metals & minerals industry], fertilizers, agro chemicals and food
products. BFL is into manufacturing of Single Super Phosphate
(SSP, phosphatic fertilizer) as well as is into conversion to
value-added Granulated SSP. The company has plants located at
Bharuch in Gujarat, Pulgaon in Maharashtra and Bilaspur in
Chattisgarh.


BINANI INDUSTRIES: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings said that Binani Industries Limited has not paid the
surveillance fees for the rating exercise agreed to in its Rating
Agreement. In line with the extant SEBI guidelines, CARE's rating
on Binani Industries Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     474.93     CARE D; ISSUER NOT
   Facilities                    COOPERATING; Based on best
                                 Available information.

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

The ratings take into account ongoing delays in servicing of its
debt obligation to banks.

Detailed description of the key rating drivers

As mentioned above, there are ongoing delays in servicing of its
repayment obligations to banks since Sept 2016, and the account
is recognized as NPA. One of a creditor has filed a winding up
petition on November 19, 2016 against the company with the Hon.
Court of Calcutta and has been admitted by the court on September
20, 2017. Further, the auditor has certified the defaults in
repayment of dues to banks in the FY17 audit report.

Binani Industries Limited (BIL) was incorporated on August 2,
1962, and is the holding company of the manufacturing businesses
of the Braj Binani Group. The group is working in the cement,
zinc, glass fibre and downstream composite products sectors. BIL
earns revenue by way of royalty income from its subsidiaries for
usage of its brand name and also earns revenue for management
services that it provides to its subsidiaries/group companies.
The major operating companies of BIL are Binani Cement Limited,
3B Fibreglass SPRL (3B) and Goa Glass Fibre Limited.


BMM ISPAT: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------
CARE Ratings has been seeking information from BMM Ispat Limited
to monitor the rating(s) vide e-mail communications dated
February 20, 2018, February 23, 2018, March 7, 2018 and March 9,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on BMM
Ispat Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term fund    2780.69      CARE D; Issuer not cooperating;
   based Bank                     Based on best available
   Facilities                     Information

   Short term non     360.00      CARE D; Issuer not cooperating;
   fund based 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).

The ratings of the bank facilities of BMM Ispat Limited (BMM) is
on account of the delays in debt servicing by the company owing
to higher fixed cost associated with company's steel division and
non-renewal of PPA agreement leading to idling of its power
plant, inturn impacting its cash flows.

Detailed description of the key rating drivers

At the time of last rating on July 18, 2017 the following were
the rating strengths and weaknesses (updated for the FY17 audited
annual report available from BMM Ispat Limited).

Key Rating Weaknesses

Delays in debt servicing by the company: The company is facing
liquidity issues with weak cash accruals in relation to its
debt servicing obligation due to idling of its power division
owing to non-renewal of PPAs and subdued steel division
performance. BMM had approached the lenders for restructuring of
loan under S4A but the same was not approved by lenders.

Loss making in FY17: Company has incurred net loss of Rs 306.84
Crores and cash loss of INR 139.8 crore in FY17.

BMM was incorporated in 2002 and is promoted by Mr Dinesh Kumar
Singhi and has its plant operations at Danapur, HospetTaluk in
Bellary district of Karnataka. The Company primarily operates
under three major verticals, viz, Mineral Processing, Manufacture
of Steel and Generation of power. Over the years, company has
undertaken various expansions activities. The present asset
profile of the company comprises 2.6-MTPA Beneficiation plant,
2.4-MTPA Pellet plant,235-MW power plant, 0.66-MTPA sponge iron
plant, 0.10-MTPA induction furnace, 1.2-MTPA Steel Melting shop
and 1.09-MTPA bar mill.


EDAYAR ZINC: CARE Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings said that Edayar Zinc Limited (EZL) has not paid the
surveillance fees for the rating exercise agreed to in its Rating
Agreement. In line with the extant SEBI guidelines, CARE's rating
on EZL's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     15.00      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

   Short term Bank   247.00      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).

The ratings take into account defaults in servicing of its
repayment of dues to banks, devolvement of its Letter of credit
and invocation of various Bank Guarantees.

Detailed description of the key rating drivers

As mentioned above, there are ongoing defaults in servicing of
its repayments obligations to banks; The Company has been
referred to Board for Industrial and Financial Reconstruction
(BIFR) in December 2014. However, with effect from 1st December,
2016, SICA, 1985 which governed sick companies has been
abolished; hence all the proceedings before BIFR have been
abated. Pursuant to this, lenders have moved this matter to DRT.
Vide DRT order; the company has paid INR3.07 Crore out of total
outstanding amount of INR244 Crore as on March 31, 2017. The said
matter is pending before DRT for further resolution.

Edayar Zinc Limited (EZL), a subsidiary of Binani Industries
Limited (BIL), has been in operations since 1967. The company is
engaged in the manufacture of zinc with an installed capacity of
38,000 Tonne Per Annum (TPA) at its plant located at Binanipuram
in Kerala. The company also produces sulphuric acid and cadmium
which are generated as by-products.


G A PROJECTS: CARE Assigns B+ Rating to INR3cr LT Bank Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of G A
Projects Private Limited (GAPPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            3.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            2.00       CARE A4; Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of GAPPL are tempered
by small scale of operations with fluctuating total operating
income , Weak debt coverage indicators, short term revenue
visibility from current order book position, working capital
intensive nature of operations, tender based nature of
operations, highly fragmented industry with intense competition
from large number of players, profitability margins are
susceptible to fluctuation in raw material prices and high
geographic concentration. The ratings are, however, underpinned
by long track record of the company and experienced promoter in
the construction industry, satisfactory profitability margins
albeit fluctuating during review period, comfortable capital
structure and stable outlook for construction industry.

Going forward, ability of the company to increase its scale of
operations and improve profitability margins in competitive
environment, ability to bag with new orders and manage the
working capital requirements effectively would be key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Tender based nature of operations: The company receives few of
its work orders from government organizations which are tender-
based. The revenues of the company are dependent on the ability
of the promoters to bid successfully for the tenders and execute
the same effectively. However, the promoter's long experience in
the industry for more than two decades mitigates the risk to an
extent. Nevertheless, there are numerous fragmented & unorganized
players operating in the segment which makes the industry highly
competitive. Furthermore, the profitability margins also come
under pressure because of competitive nature of the tender based
contract works of the firm.

Highly fragmented industry with intense competition from Small
scale of operations with fluctuating total operating income: The
scale of operations of the company is relatively small marked by
total operating income of INR2.35 crore in FY17 with low net
worth base of INR4.16 crore as on March 31, 2017 as compared to
other peers in the industry. The TOI of the company has been
fluctuating during the review period. The TOI of the company has
decreased form INR12.85 crore in FY 16 to INR2.35 crore in FY 17
as the firm is unable to bag the new orders in FY 17 at the back
of high competition coupled with geographic concentration in
terms of procurement of the project as the company is operating
only in North Chennai.

Weak debt coverage indicators: The debt coverage indicators
marked by interest coverage and TD/GCA fluctuating during the
review period and remained weak during FY17. The interest
coverage ratio has deteriorated from 3.09x in FY 16 to 1.71x in
FY17 due to decrease in PBILDT. The TD/GCA has deteriorated from
3.18x in FY 16 to 10.64x in FY17 due to increase in utilization
of working
capital bank borrowings along with decrease in gross cash
accruals.

Short term revenue visibility from current order book position:
The firm has an order book of INR5.60 crore as on February 28,
2018 and the same is likely to be completed by April 2018. The
said order book is related to construction of roads for Bharat
Petroleum Corporation Limited. However, the order in hand
provides revenue visibility to the company for short term.

Working capital intensive nature of operations: The operations of
the firm is working capital intensive since the firm is engaged
in civil construction works primarily for Tamil Nadu government
and few Private authorities wherein receipt of payments for works
completed takes around 3-4 months. However the debtor's
collection period increased from 80 days in FY16 to 717 days in
FY17 because of (i) the delay in realization of bills raised to
the government against a road construction at Ennore Port
executed in FY16, to a
tune of INR 3.00 crores and (ii) due to significant decline in
scale of operations by 81.74%. The amount INR 4.35 crore is
locked in debtors as on March 31, 2017 The operating cycle stood
elongated at 443 days during FY17 due to higher collection period
days. Further, the company availed a credit period of 2-3 months
from its suppliers on account of established long term business
relations. The average utilization of working capital limit for
the last 12 month ended i.e., February 28, 2018 remained at 95
per cent.

large number of players: The company is engaged in civil
construction which is highly fragmented industry due to presence
of large number of organized and unorganized players in the
industry resulting in huge competition.

Key Rating Strengths

Long track record and experienced proprietor for more than two
decades in the construction industry: GAPPL was established in
the year 2008, hence, it has long track record. The directors of
the company Mr. G.A. Sridhar (Managing Director) aged 54 and Mr.
Srinath, aged 52, has more than two decades of experience in the
line of construction industry.During 1996, M/s. G A Sridhar was
established as a proprietorship firm by Mr G A Sridhar, later in
2008 the firm changed its constitution and incorporated as
G.A.Projects Private Limited. The directors have established
good relationship with suppliers and customers due to long track
record and presence in the business for a long period of
time.

Satisfactory profitability margins, although remained
fluctuating: The company has satisfactory profitability margins
due to better margins associated with projects under execution.
However the PBILDT margins have been fluctuating during the
review period due to volatility in raw material prices. The
PBILDT margin of the company has improved from 12.30% in FY 16 to
34.66% in FY17 on account of decrease in cost of materials
consumed along with high closing stock during the said period.
The PAT margins of the company has been declining year-on-year
from 5.09% in FY15 to 2.69% in FTY17 due to increase in finance
cost and fluctuating PBILDT at the back of increase in
utilisation of working capital bank borrowings.

Comfortable capital structure: The capital structure of the firm
remained satisfactory during review period. Debt equity ratio and
overall gearing ratio of the firm remained below unity for the
last three balance sheet date ended March 31, 2017 on account of
increase in tangible net worth due to accretion of profits. The
debt to equity and overall gearing ratio of the company has
deteriorated from 0.65X as on March 31, 2016 to 0.80x as on
March 31, 2017 due to increase in total debt levels.

Stable outlook for construction industry: The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development
of the economy and hence, the construction sector assumes an
important role. The sector was marred by varied challenges during
the last few years on account of economic slowdown, regulatory
changes and policy paralysis which had adversely impacted the
financial and liquidity profile of players in the industry. The
Government of India has undertaken several steps for boosting the
infrastructure development and revive the investment cycle. The
same has gradually resulted in increased order inflow and
movement of passive orders in existing order book. The focus of
the government on infrastructure development is expected to
translate into huge business potential for the construction
industry in the long-run. In the short to medium term (1-3
years), projects from transportation and urban development sector
are expected to dominate the overall business for construction
companies. The implementation of Goods and Service Tax might
result in short run operational issues and pressure on working
capital until the process is streamlined. Going forward,
companies with better financial flexibility would be able to grow
at a faster rate by leveraging upon potential opportunities.

Tamil Nadu based, G A Projects Private Limited (GAPPL), was
incorporated in the year 2008 as a Private Limited Company,
with its registered office at Ennore, Chennai. The directors of
the company are Mr. G.A. Sridhar (Managing Director) and Mr.
Srinath who have experience for more than two decades in
construction industry. The company is primarily engaged in civil
construction works relating to roads, buildings, railways and
other infrastructure works. The firm procures its work orders
through online tenders from State government of Tamil Nadu. At
present, the firm has order book position of INR5.60 crore as on
January 31, 2018 and the same is likely to be completed by April
2018.


GEFAB FACADE: Ind-Ra Hikes Long Term Issuer Rating to 'B+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Gefab Facade
Solutions Private Limited's (GFSPL) Long-Term Issuer Rating to
'IND B+' from 'IND B'. The Outlook is Stable. The instrument-wise
rating actions are:

-- INR115 mil. Fund-based working capital limits Long-term
    rating upgraded and Short-term rating affirmed with
    IND B+/Stable/IND A4 rating; and

-- INR50 mil. Non-fund-based working capital limits affirmed
    with IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects the improvement in GFSPL's revenue in FY17,
driven by a healthy order book position, timely order book
execution and timely realization of the work done. Revenue grew
to INR107.4 million in FY17 (FY16: INR87.7 million, FY15:
INR159.2 million). The company booked revenue of INR100.2 million
for April 2017-January 2018. As of April 2018, GFSPL had
unexecuted work orders worth INR371 million (3.45x of FY17
revenue), which provides medium-term revenue visibility.

However, the company's scale of operations remains small and
metrics modest. Interest coverage (operating EBITDA/gross
interest expense) improved marginally to 1.3x in FY17 (FY16:
1.1x) on account of a proportionate increase in EBITDA and
interest expense. However, net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) marginally increased to 6.5x in FY17
(FY16: 6.2x) because of an increase in the total debt.
Furthermore, EBITDA margins marginally declined to 19.2% in FY17
(FY16: 19.6%) due to an increase in raw material cost.

The ratings remain constrained by GFSPL's tight liquidity
position as reflected by its around 99.8% average utilization of
the fund-based limits during the 12 months ended March 2018.

However, the ratings are supported by the company's promoter's
experience of around three decades in the glass facade solutions
and aluminum fabrication businesses.

RATING SENSITIVITIES

Negative: Deterioration in the margins leading to a decline in
the credit metrics on a sustained basis would be negative for the
ratings.

Positive: A significant improvement in the top line and credit
metrics on a sustained basis would be positive for the ratings.

COMPANY PROFILE

Established in 2011, GFSPL offers glass facade solutions,
structural glazing work, aluminum composite panel cladding,
curtain walling, bolted glazing, patch fitting glass assemblies,
partitions, doors, windows, unplasticised polyvinyl chloride
fittings, aluminum joints, handrails, shower cubicles, sensor
operated doors, acoustic movable walls, revolving doors,
skylights, etc.


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

-- INR82.5 mil. Fund-based working capital facility migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR101 mil. Non-fund-based working capital facility migrated
    to Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 30, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mumbai-based Hemant Surgical Industries is engaged in the
distribution of medical equipment and manufacturing of piston
compressor nebulizers, hemodialysis solutions and heparin
injections.


IND BARATH: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has been seeking for information from Ind Barath
Power (Madras) Limited (IBPML) to monitor the ratings vide-mail
communications dated March 10, 2018, March 12, 2018, March 17,
2018, March 19, 2018 and numerous phone calls.  However, despite
CARE's 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 Ind Barath Power (Madras)
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank     2,655.00      CARE D; ISSUER NOT
   Facilities                       COOPERATING; Based on
                                    best available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).  The rating factors in inordinate delay in
commencing of commercial operations resulting in delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on March 7, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Delays in meeting of debt obligations: On account of delay in
achieving the COD, the company is unable to generate revenue
leading to strained liquidity position resulting in delays in
meeting debt obligations on time.

Key Rating Strengths

Long Track record of Group in Power segment and experienced
promoters: Group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro
and Wind. Mr K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company. He is assisted by the team of experienced and
professional managers.

Ind Barath Power (Madras) Limited (IBP-Madras) belongs to Ind-
Barath group and is an SPV incorporated for implementation of a
coal based thermal power plant with a capacity of 660 MW in
Tuticorin, Tamil Nadu. The project was earlier envisaged to
achieve COD in December 2013 which got revised to June 2016.
However, due to delay in civil works and due to laying of
transmission lines and grid connectivity issues the project
construction got delayed and the project is yet to achieve COD.


IND BARATH THERMAL: CARE Moves D Rating to Not Cooperating Cat.
---------------------------------------------------------------
CARE Ratings has been seeking for information from Ind Barath
Thermal Power Limited (IBTPL) to monitor the ratings vide-mail
communications dated March 10, 2018, March 12, 2018, March 17,
2018, March 19, 2018 and numerous phone calls. However, despite
CARE's 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 Ind Barath Thermal Power
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term Bank   940.56      CARE D; ISSUER NOT COOPERATING;
   Facilities                   Based on best available
                                Information

   Short-term Bank   75.00      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).

The rating factors in stretched liquidity position with delays in
debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position: During FY16 (refers to the period
April 1 to March 31), income from sale of electricity of the
company has declined by 46% i.e. from INR659.77 crore in FY15 to
INR355.30 crore in FY16 due to lack of long-term PPA and
reduction in purchase of power by the off takers, this apart the
operational expense has increased during the said period leading
to net loss. Coupled with aforementioned reason due to elongated
and high collection period the liquidity position of the company
has remained stressed; consequently the company has been delaying
in meeting its debt obligations.

Key Rating Strengths

Long Track record of Group in Power segment and experienced
promoters: Group has experience in successfully commissioning
power projects with varied fuels like Coal, Gas, Biomass, Hydro
and Wind. Mr K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr Raghu has more than 15 years of experience in the power
sector and is actively involved in day to day operations of the
company. He is assisted by the team of experienced and
professional managers.

Ind-Barath Thermal Power Limited (IBTPL) is a special purpose
vehicle (70.26%) of Ind-Barath Power Infra Limited (IBPIL). It
was incorporated in January 2007 as IndBarath Power (Karwar)
Limited with the objective of setting up of a 300 MW (150 *2)
imported coal based power plant at Hankon Village in Uttara
Kannada district of Karnataka. However, despite getting all
statutory clearances including Environment Clearance and Consent
for Establishment, commencement of construction activities at
project site was held up on account of protests from local
political & environmental groups. Hence, the company shifted the
project to alternate location to Tuticorin in Tamil Nadu.
Consequent to the change in location, the name of the company was
changed to the current nomenclature. IBPTL has commenced
commercial operations on February 7, 2013 of Unit 1 and in
November 2013 of Unit 2. IBPTL has entered into Fuel Supply
Agreement with Indonesia based group company PT. IndBarath
Energy; however, the mines are not yet operational due to pending
approvals from the Government of Indonesia. The company currently
is sourcing imported coal from open market on spot basis.


JAYPEE INFRATECH: CARE Reaffirms D Rating on INR6,550cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jaypee Infratech Limited (JIL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities         6,550.00      CARE D Reaffirmed

   Non-Convertible
   Debentures           211.95      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities and instruments of JIL
continue to factor in delays in debt servicing by the company due
to its weak financial performance and stretched liquidity
position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial performance and stretched liquidity position:
During FY17, JIL reported a net loss of INR876.69 crore on
operating income of INR962.31 crore as against net loss of
INR357.31 crore on operating income of INR2,801.52 crore in FY16.
In 9MFY18, net loss stood at INR1,337.92 crore. The liquidity
position of the company continues to remain weak on account of
weak financial performance, leading to ongoing delays in debt
servicing.

JIL is a special purpose vehicle promoted by Jaiprakash
Associates Ltd (JAL, rated 'CARE D'), holding 64.44% stake as on
December 31, 2017, to develop and operate a 165-km six-lane
(extendable to eight lanes) access-controlled toll expressway
between Noida and Agra in Uttar Pradesh (E'way project). The
E'way project achieved Commercial Operations Date (COD) and
commenced toll collection in August 2012, post receipt of
substantial completion certificate.

Also, JIL has been granted rights by Yamuna Expressway
Development Authority (YEA), a state government undertaking, for
the development of approximately 6,175 acres of land (443.30 mn
sq ft of real estate) along expressway in five different parcels
in Uttar Pradesh for residential, commercial, amusement,
industrial and institutional development. The land for real
estate development is provided on 90-year lease.

Slowdown in real estate segment and weak financial performance
resulted in weak liquidity position and delays in debt servicing
by the company. The company is currently under the Corporate
Insolvency Resolution Process by virtue of the order dated
August 9, 2017 of National Company Law Tribunal (NCLT), Allahabad
Bench.


JSK CORPORATION: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded JSK Corporation
Private Limited's (JSK) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR92.5 mil. (increased from INR47.5 mil.)Fund-based working
    capital limits upgraded with IND BB/Stable rating; and

-- INR6 mil. (reduced from INR7.5 mil.) Term loan due on
    March 2021 upgraded with IND BB/Stable rating.

KEY RATING DRIVERS

The upgrade reflects JSK's improved scale of operations and
profitability. Revenue grew in FY17 to INR531 million (FY16:
INR453.28 million) because of the execution of a larger number of
orders, and operating EBITDA margin rose to 3.03% (1.9%) due to a
decline in raw material prices. The company achieved revenue of
INR913.06 million, as per FY18 provisional financials. However,
the operating profile of the company remains weak as it operates
in the highly competitive steel industry, faces raw material
price volatility, and owing to its trading nature of business.

The ratings remain constrained by JSK's weak credit metrics due
to high debt levels and thin margins. Interest coverage was low
at 1.42x in FY17 (FY16: 1.5x) and net financial leverage high at
4.7x (4.4x). The slight deterioration in the credit metrics was
mainly due to increased debt and higher interest costs.

The ratings factor in JSK's moderate liquidity position, with its
average utilization of the working capital limits being around
85% during the 12 months ended February 2018.

The ratings, however, are supported by JSK's promoters' around 10
years of experience in the iron and steel trading business along
with the company's established supplier base comprising top
players such as Steel Authority of India Limited ('IND AA-
'/Negative), JSW Steel Limited ('IND AA-'/Negative), ESSAR Steel
India Limited, and Jindal Steel and Power Limited. Also, JSK has
a pan-India presence and operates through five offices. Its head
office is in Nagpur and branch offices are in Maharashtra, Madhya
Pradesh, Gujarat and Chhattisgarh. This results in a diverse
customer base and repeat orders from existing clients along with
the addition of new clients every year which mitigates customer
concentration risk.

RATING SENSITIVITIES

Negative: Sustained deterioration in the credit metrics will be
negative for the ratings.

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

COMPANY PROFILE

JSK was incorporated in October 2013. The company is engaged in
the trading of TMT bars, structural steels, MS plates and strips.
The day-to-day operations are managed by Sachin Agrawal, Pratik
Agrawal, Avinash Agrawal, Rajeev Agrawal and Gopal Agrawal who
are also the directors of the company.


KUMBAKONAM MUNICIPALITY: Ind-Ra Withdraws 'BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kumbakonam
Municipality's Long-term Issuer Rating of 'IND BB+'. The Outlook
was Stable.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
issuer rating was assigned under AMRUT (Atal Mission for
Rejuvenation and Urban Transformation) programme and no specific
debt is issued against the rating.

COMPANY PROFILE

Kumbakonam Municipality covers an area of 12.56sqkm with a
population of 140,113 as per 2011 census. Kumbakonam is well-
connected to the rest of India through road and rail. The nearest
international airport is at Tiruchirapalli, which is 91km
(57miles) from Kumbakonam. The nearest seaport is located at
Nagapattinam which is about 50km (31miles) away. The town has
around 141km (88 miles) of roads, 544 municipal roads making up
122.29km (75.99miles). There are also around 18.71km (11.63miles)
of state highways running through Kumbakonam. Kumbakonam emerged
as an important center of education in the late 19th century and
was known as the "Cambridge of South India".


MK PINE: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M K Pine Wood
LLP's (MKPW) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable. The instrument wise rating actions are:

-- INR30 mil. (increased from INR20 mil.)Fund-based working
    capital limit affirmed with IND B+/Stable/IND A4 rating; and

-- INR112.50 mil. (increased from INR90 mil.)Non-fund-based
    working capital limit affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects Ind-Ra's expectations of MKPW's revenue
to have increased in FY18 on account of an increase in orders
from existing customers and the addition of new customers, with
EBITDA margin rising in view of a fall in raw material prices and
other expenses. According to financials for 11MFY18, MKPW booked
INR263.12 million in revenue (FY17: INR211.37 million; FY16:
INR149.16 million) and EBITDA margin was 1.67% (0.79%; 2.51%).

The ratings continue to be constrained by MKPW's small scale of
operations and weak credit metrics owing to its presence in a
highly competitive timber trading industry. MKPW's interest
coverage (operating EBITDA/gross interest expense) deteriorated
to 0.58x in FY17 from 2.27x in FY16. Also, net financial leverage
(total adjusted net debt/operating EBITDAR) deteriorated to 3.17x
in FY17 (FY16: 0.01x). The deterioration in the credit metrics
was primarily owing to a decline in operating profitability in
FY17 due to an increase in raw material cost and personnel
expenses However, its revenue increased to INR211.37 million in
FY17 from INR149.16 million in FY16, driven by higher orders
received from existing and the addition of new customers.

The ratings, however, continue to be supported by the partners'
over two decades of experience in the timber trading business
that has helped the firm in building strong relationships with
customers and suppliers.

The ratings also continue to be supported by a comfortable
liquidity, indicated by an average 8.80% utilization of the
working capital limits for the 12 months ended March 2018.

RATING SENSITIVITIES

Negative: Any further decline in EBITDA margin or any further
deterioration in the credit metrics will be negative for the
ratings.

Positive: Any further revenue growth, along with any significant
rise in EBITDA margin, leading to any improvement in the credit
metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in October 2014, MKPW is a limited liability
partnership firm engaged in the trading of timber, primarily
Meranti, Pine, Teak, Kapur and Arau, as well as ethylene vinyl
acetate and polyvinyl chloride. MKPW imports timber from
Malaysia, Ghana, Canada, New Zealand, Germany, Dubai, China and
Taiwan. Its partners are Mr. Sanjay Kumar Gupta and MS Shipra
Bansal.


NEWTECH SHELTERS: CARE Moves D Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has been seeking information from Newtech Shelters
Private Limited to monitor the rating(s) vide e-mail
communications/letters dated February 14, 2018, February 5, 2018,
January 31, 2018, January 24, 2018, etc. and numerous phone
calls. However, despite CARE's 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
Newtech Shelters Private Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          12.69      CARE D; ISSUER NOT COOPERATING;

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

Detailed description of the key rating drivers

At the time of last rating on March 31, 2017, the following was
the rating weakness: There have been on-going delays by NSPL in
servicing of its debt obligations. This is on account of the
stressed liquidity position of the company owning to slowdown in
real estate market leading to slow sales and collection from the
customers.

Noida-based (Uttar Pradesh) NSPL was incorporated in July, 2010
and currently being managed by Mr. Mukesh Kumar Roy and Mr.
Sanjeev Kumar Roy. NSPL is engaged in the development of real
estate projects (commercial) mainly in Ghaziabad, Uttar Pradesh.
NSPL is currently executing one project "La Gracia" a commercial
complex (shopping mall) in Ghaziabad, Uttar Pradesh. The "La-
Gracia" consists of 288 shops/commercial complexes. NSPL is a
part of the Newtech group and has group associates, namely,
Ashiyana Promoters & Developers Private Limited, Newtech La'
Palacia Private Limited, La Residentia Developers Private
Limited, Newtech Residentia Private Limited, HRC Global Limited
and Gardiania Newtech Developers LLP engaged in the real estate
business.


NOTANDAS GEMS: Ind-Ra Keeps 'BB' LT Rating in Non-Cooperating Cat
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Notandas Gems
Private Limited's (NGPL) 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 BB (ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is:

-- INR80 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING)/IND A4+
   (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 16, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NGPL was incorporated in 1984 by Mr. Harikishan Jagwani and his
family. NGPL manufactures and trades gold and diamond studded
gold jewelry.


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

-- INR68 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR101 mil. Term loan due on May 2021 migrated to Non-
    Cooperating Category with IND BB+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 29, 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 May 2013, Patel Agri Industries commenced
commercial operations from August 2015. It is engaged in the rice
milling business.


PK SAXENA: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P K Saxena
Contractor (PKSC) a Long-Term Issuer Rating of 'IND BB' with
Outlook Stable. The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR100 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings are constrained by PKSC's modest scale of operations
and margins, due to the tender-driven nature of business and the
long tenor of contracts. Revenue was INR445 million in FY17
(FY16: INR322 million), EBITDA margins were 5.42% (4.09%).
Medium-term revenue visibility stems from PKSC's order book
position of INR2,240 million, which is to be completed by FY20;
out of which, orders worth INR454 million have been executed in
FY18.

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

The ratings are supported by PKSC's comfortable credit metrics
due to low debt levels. Interest coverage (operating EBITDA/gross
interest expense) increased to 4.40x in FY17 (FY16: 2.37x) and
financial leverage (adjusted debt/operating EBITDAR) fell to
2.67x (5.01x) because of the increase in the EBITDA margin. Also,
the net working capital cycle is short, at 38 days in FY17.
Additionally, liquidity is comfortable, as evident from around
66% use of the bank guarantee and 45% use of the cash credit
facility during the 12 months ended March 2018.

The ratings are also supported by the firm's established track
record of more than three decades in the civil construction
business.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations along
with a significant improvement in revenue visibility while
maintaining the credit metrics on a sustained basis will be
positive for the ratings.

Negative: A decline in the revenue leading to deterioration in
the credit metrics on a sustained basis will be negative for the
ratings.

COMPANY PROFILE

The firm established in 1998, is a Moradabad-based company
promoted by Mr. P.K. Saxena and undertakes civil construction
projects. The company is registered with various state government
and central government departments as an 'A' class contractor.
The company mainly takes up sub-contracting.


PREVAIL AGRO: CARE Assigns B+ Rating to INR6.0cr LT Bank Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Prevail Agro Products (PAP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            6.00       CARE B+; Stable Assigned


   Long/Short-term       3.30       CARE B+; Stable/CARE A4
   Bank Facilities                  Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PAP are tempered
by limited track record of the entity in the tobacco business,
exposure to foreign exchange fluctuation risk, vulnerability to
government regulations, climatic risks and proprietorship nature
of constitution with inherent risk of withdrawal of capital.
However, the ratings are underpinned by the reasonable experience
of the promoter, achievement of financial closure and stable
outlook of tobacco industry.

Going forward, the ability of the firm to stabilize the
operations and achieve profits as envisaged and to manage working
capital requirements efficiently shall remain key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited track record of the entity in the tobacco business: The
firm started the operations in the month of June 2017 and has
limited track record in the business operations. The firm has
earned a revenue of INR7.00 crore in 9 months of operations (June
to February) in FY18.

Vulnerability of the tobacco business to government regulations
and to climatic risks affecting tobacco availability: Tobacco
products form a major source of revenue in the form of taxes to
both central as well as state government and hence there are
regular modifications in taxation laws/tax rates with respect to
the same. Due to the harmful nature of the product, the various
state governments have banned Manufacture and sale of various
tobacco products under the Food Safety and Standards (Prohibition
and Restrictions on Sales) Regulations, 2011 and availability of
tobacco is highly susceptible to the factors like area under
cultivation, Climatic risk, crop yield. Hence, the profitability
margins of the firm are vulnerable to government regulations on
tobacco products and availability of tobacco.

Exposure to foreign exchange fluctuation risk: As exports
constitute around 70% of the total turnover of the firm, the firm
is exposed to foreign exchange fluctuation risk. The firm exports
tobacco to U.S.A and Egypt and receive payment in 1-3 months in
foreign currency ($). The firm has no hedging policy there by
exposing the receivables to foreign exchange fluctuation risk.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a proprietorship has the
inherent risk and possibility of withdrawal of capital at a time
of personal contingency which can adversely affect the capital
structure of the firm. Furthermore, proprietorships have
restricted access to external borrowings as credit worthiness of
the proprietor would be a key factor affecting the credit
decision of lenders.

Key Rating Strengths

Reasonable experience of the promoter in tobacco industry:
Prevail Agro Products (PAP) was established as a proprietorship
firm by Mrs. Rayapati Meghana. Mrs. Rayapati Meghana is a post-
graduate (M.Tech) by qualification and has around 7 years of
experience in tobacco industry. The business operations of the
firm are actively managed by the proprietor who is also supported
by Mr. Jeevan (brother-in-law of Mrs. Rayapati Meghana).
Mr.Jeevan has 7 years of experience in tobacco industry.

Financial closure achieved: The firm has achieved the financial
closure for starting its operations in trading of tobacco. The
business operations of PAP started from June 2017.

Stable outlook of tobacco industry: Cigarettes currently
represent one of the most popular forms of tobacco, accounting
for nearly 90% of the global tobacco sales value. The global
cigarette market today represents a multi-billion dollar market
and according to IMARC group, its total revenues reached values
worth US$ 816 Billion in 2017, representing a CAGR of around 7%
during 2009-2017. Despite falling volumes in developed markets as
a result of an increasing awareness on the harmful effects of
cigarette smoking, manufacturers have been able to increase value
growth. Factors driving the cigarette market include a continuous
increase in the prices of cigarettes and an increasing popularity
of premium products. Another major factor driving the growth is
the rising consumption of cigarettes in developing countries.
Owing to the aforementioned reasons, the outlook for tobacco
industry looks stable for the medium term.

Andhra Pradesh based, Prevail Agro Products (PAP) was established
in the year 2017 as a proprietorship concern by Mrs. Rayapati
Meghana. The operations of the firm started from June 2017. The
firm conducts its operations from the leased premises at
Siddhartha Nagar, Guntur (Andhra Pradesh). Prevail Agro Products
(PAP) is an authorized licensed dealer in tobacco registered with
Tobacco Board for trading of Virginia tobacco. PAP is mainly
engaged in trading of Virginia tobacco. The firm also does
trading of Burley tobacco. The firm purchases the raw material
i.e., Wet Virginia tobacco through the competitive bidding
process conducted by Tobacco Board (TB) at Andhra Pradesh
location. The TB collects the tobaccos from farmers, who are
licensed holder to grow any particular tobacco. Further, these
tobaccos are put in tender process. After successfully winning
the tender, the firm processes the Virginia tobacco manually by
separating the tobacco leaves, with the help of local contractual
workers. After separation of tobacco leaves, the firm outsources
the process like threshing. Threshing process involves
conditioning of tobacco with heat and moisture, and finally re-
drying the Virginia tobacco.


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

-- INR11.6 mil. Long-term loan due on December 2017 migrated
    to Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING) rating; and

-- INR215.6 mil. Fund-based working capital limit 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 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2008, Qualit is engaged in the processing and trading
of pulses, along with peas and beans. Qualit sells the products
under its own brand, i.e. Qualit Agro. Qualit's processing
facilities are based at the SEZ unit in Tuticorin, a port city in
southern India. The site has a daily production capacity of 25
tones. It is the first entity in south India permitted by the
Ministry of Commerce to import and export all types of pulses.


QUALIT EXPORTS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/S Qualit
Exports' (QE) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:

-- INR120 mil. Fund-based working capital facility 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
April 12, 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 1993, QE is a proprietorship firm engaged in the
trading of agro products, mainly chilies, turmeric, rice and
pulses. QE procures products from Andra Pradesh, Tamil Nadu,
Maharashtra and Karnataka, and exports all products to Vietnam,
Malaysia, Singapore, Bangladesh and Pakistan.


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

-- INR65 mil. Fund-based working capital limits migrated to
    Non-Cooperating Categorywith IND BB- (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Sai Infraconstructions was incorporated in 2009. It executes
contracts for the construction of roads, highways and bridges for
various government departments.


SANGAM HANDICRAFTS: CARE Lowers Rating on INR5.80cr Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sangam Handicrafts Private Limited (SHPL), as:

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      5.80       CARE B; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Stable on
                                  the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

SHPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on SHPL's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of decline in scale of
operations.

Further, the rating continuous to remain constrained mainly on
account of thin profitability and leveraged capital structure,
working capital intensive nature of operations and susceptibility
of operating profitability to volatile gold prices. The ratings,
however, continue to derive strength from the experienced
promoters and long track record of operation in the jewellery
industry

Detailed description of the key rating drivers: At the time of
last rating on March 31, 2017, the following were the rating
strengths and weaknesses (updated for the information available
from Registrar of Companies)

Key Rating Weakness

Decline in Scale of operations: During FY17, TOI of the company
decreased by 29.93% over FY16 and registered TOI of INR42.93
crore.

Thin profitability: Profitability margins remained thin in FY17
on account of fluctuating gold and silver prices as well as its
presence in the highly competitive and fragmented industry.
PBILDT margin improved by 88 bps and stood at 2.69 % in FY17. On
account of increase in PBILDT PAT margin also increased by 103
bps on account of higher depreciation cost.

Leveraged capital structure: The capital structure remained
leveraged with overall gearing of 4.23 times as on March 31, 2017
improved from 4.96 times as on March 31, 2016 mainly due to
repayment of accretion of profits to reserve. Further the total
debt to GCA remained moderate at 14.71 times in FY17 improved
from 49.79 times in FY16 mainly due to higher proportionate
increase in GCA level as compared to increase in debt level.

Working capital intensive nature of operations: Operations of
SHPL are working capital intensive in nature marked by operating
cycle of 76 days in FY17, declined from 54 days in FY16. The
current and quick ratio of the company stood at 1.21 times and
0.40 times respectively as on March 31, 2017.

Key Rating Strengths

Experienced partners and long track record of operation in the
jewellery industry: SHPL is operational since 1997 and it has
long track record of operations of around two decades. Mr Subhash
Gupta, director, has around three decades of experience in the
industry and looks after overall affairs of the company Jaipur-
based (Rajasthan) SHPL was established in 1997 as a private
limited company by Mr Shubhash Gupta and his family members. SHPL
is engaged in manufacturing of silver and gold coins, biscuits
shields, Trophies, Utensils, etc. The company has an installed
capacity to manufacture 86 kgs per day (KGPD) of silver and gold
articles.


SHIVAM IRON: Ind-Ra Hikes Long Term Issuer Rating to 'B+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shivam Iron &
Steel Co. Ltd.'s (SISCL) Long-Term Issuer Rating to 'IND B+' from
'IND B'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR1250 bil. Fund-based working capital limits upgraded
    IND B+/Stable rating;

-- INR490 mil. (reduced from INR609 mil.) Long-term loans due on
    March 2024 upgradedIND B+/Stable rating; and

-- INR381 mil.Non-fund-based working capital limits affirmed
    IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects the overall improvement in SISCL's operating
margin and thus credit metrics. The operating margin improved to
9.49% in 9MFY18 (FY17: 8.8%, FY16: 7.7%) on account of lower raw
material costs. Gross interest coverage increased to 1.71x in
9MFY18 (FY17: 1.5x; FY16: 1.2x) and net financial leverage
reduced to 4.32x (5.2x; 6.3x). Ind-Ra expects the credit metrics
to improve further with scheduled repayment of long-term loans
and no planned debt-led capex in coming years. However, the
margins remain modest due to raw material price fluctuations and
metrics remain weak due to high debt which leads to a high
finance cost.

Moreover, the liquidity position of the company remains tight as
reflected from its full use of the fund-based limits for the 12
months ended March 2018. However, its net cash cycle of improved
to 184 days according to unaudited financials for FY18 from 219
days in FY17, due to shorter inventory holding and receivable
periods.

The ratings, however, are supported by SISCL's large and
improving scale of operations. Revenue stood at INR4,188 million
in FY18 (FY17: INR4,038 million; FY16: INR3,755 million).
Moreover, the company has low customer concentration, given the
top 10 customers accounted for 25.33% of revenue in FY18. Also,
its promoters' close to 20 years of experience in the
manufacturing and trading of iron and steel products supports the
ratings.

RATING SENSITIVITIES

Positive: A further improvement in overall credit metrics and
easing of the liquidity position would lead to a positive rating
action.

Negative: Deterioration in the EBITDA margin along with
elongation of the working capital cycle leading to worsening of
liquidity could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1988, SISCL is promoted by Mr. Binod Kumar
Agarwal and Arun Kumar Agarwal. Headquartered in Kolkata, SISCL
manufactures producing ferro alloys, TMT bars, stainless steel,
angles, channels, coal-based sponge iron and pig iron.

It has nine plants across Giridih, Koderma (Jharkhand),
Visakhapatnam (Andhra Pradesh), Jamuria Industrial Area and
Raniganj (West Bengal).


SRI GURU: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------
CARE Ratings has been seeking information from Sri Guru Granth
Sahib World University to monitor the rating vide e-mail
communications/letters dated dated May 3, 2017, May 14, 2017,
January 9, 2018, February 1, 2018, February 19, 2018,
February 26, 2018, March 12, 2018 and March 14, 2018, letter
dated March 14, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the university has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating of Sri Guru Granth Sahib World University (SGGSWU) bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities          30.00      CARE D; ISSUER NOT COOPERATING

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

The rating of Sri Guru Granth Sahib World University (SGGSWU)
continues to remain constrained by delays in the servicing of the
debt obligations in the recent past.

Detailed description of the key rating drivers

At the time of last rating on April 27, 2017 the following were
the rating strengths and weaknesses (updated for the information
provided by the bankers).

Key Rating Weakness

Delays in debt servicing: There have been delays in the servicing
of the term loan obligations in the recent past.

Weak Financial risk profile: The total operating income of SGGSWU
declined by ~4% in FY16 owing to lower fee income received. The
university remained in losses at the net level with a reported
net deficit of INR12.15 crore in FY16. On account of the
increased interest expenses, SGGSWU also reported a cash deficit
of INR3.86 crore in FY16 as compared to a cash surplus of INR0.40
crore in FY15. The capital structure of the university remained
comfortable, with both the longterm debt-to-equity ratio and the
overall gearing ratio at 0.31x as on March 31, 2016. The debt
coverage indicators, however, remained weak owing to the deficit
at the SBID and cash level.

The establishment of SGGSWU was announced in 2004, subsequent to
the formation of the Sri Guru Granth Sahib Fourth Centenary
Memorial Trust (SGGST) in the same year. The university was
established by the trust under the Punjab State Act 2008 to
provide higher education. The trustees of SGGST include some of
the eminent members of the Shiromani Gurudwara Prabandhak
Committee (SGPC). The university has its campus in Fatehgarh
Sahib (Punjab) with Academic Year 2011-12 being the first
academic session. SGGSWU is currently operating twenty nine
departments at its premises in Fatehgarh Sahib, Punjab, offering
various graduate, post-graduate and doctoral programmes in
sciences, arts, languages, etc. The university is approved under
section 2(f) of the UGC (University Grants Commission) Act, 1956.
SGGSWU registered a total operating income of INR14.14 crore
during FY16 (refers to the period April 01 to March 31) with a
net deficit of INR12.51 crore as against a total operating income
of INR14.65 crore with a net deficit of INR8.12 crore in FY15.


SUMEDHA VEHICLES: CARE Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CARE Ratings has been seeking information from Sumedha Vehicles
Private Limited (SVPL), to monitor the rating vide e-mail
communications/ letters March 7, 2018, February 16, 2018,
January 3, 2018, November 21, 2017, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, SVPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating
on SVPL's bank facilities will now be denoted as CARE B+; ISSUER
NOT COOPERATING; based on best available information.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank       15       CARE B+; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

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

The rating assigned to the bank facilities of Sumedha Vehicles
Private Limited (SVPL) is primary remain constrained on account
of its financial risk profile marked by moderate scale of
operations, thin profit margins, leveraged capital structure,
weak debt coverage indicators and moderate liquidity position
along with working capital intensive nature of operation. The
rating also remains constrained on account of its presence in a
highly competitive automobile dealership industry and performance
of SVPL depends on growth of principal automobile manufacturers.

The rating, however, derives benefits from experienced promoters
along with established operations having multiple dealerships
resulting into moderately diversified product portfolio.

The ability of SVPL to increase its scale of operations along
with improvement overall financial risk profile and efficient
working capital management would remain the key rating
sensitivities.

Detailed description of the key rating drivers

At the time of last rating on March 10, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weakness

Financial risk profile marked by moderate scale of operations,
thin profitability, leveraged capital structure and weak debt
coverage indicators.

During FY17, TOI of the company marginally declined by 2.01% and
stood at INR60.82 crore.

Profitability of the company stood thin with PBILDT margin of
3.22% in FY17. Further PAT margin of the company stood negative
in FY17 mainly on account of higher interest and depreciation
expenses.

The capital structure of the company stood highly leveraged with
an overall gearing of 3.58 times as on March 31, 2017 mainly on
account of higher utilization of bank borrowings as well as
decline in net worth of the company owing to losses in current
year. On account of high level of debt coupled with low
profitability, Debt coverage indicators stood weak marked by high
total debt to GCA ratio of 48.55 times as on March 31, 2017 as
against 32.87 times as on March 31, 2016.

Interest coverage ratio also remained weak at 1.10 times during
FY17 as against 1.27 times in FY16 mainly on account of high
interest cost coupled with lower PBILDT level.

Modest liquidity position along with working capital intensive
nature of operation: The liquidity position of the company stood
moderate marked by an operating cycle of 55 days in FY17.
However, liquidity ratio of the company stood below unity with
current ratio and quick ratio of 0.71 times and 0.33 times
respectively.

Presence in a highly competitive automobile dealership industry:
Indian auto dealership business is highly fragmented and
competitive with presence of large number of auto dealers
catering to different brands. Entry of global players in the
Indian market further intensified competition. The competition
is further intensified due to presence of several domestic and
international players like Hero Moto Corp., Bajaj, TVS, etc,
in the two-wheeler segment and Hyundai Motors, Maruti Suzuki
Ltd., Honda Motor Company Ltd., etc, in the four-wheeler segment.
Currently, there are more than 20 automobile dealers (for cars
and two-wheelers) operating in Gwalior region which exposes SVPL
to high competition. Considering the existing competition, SVPL
would be required to offer better terms like providing discounts
on purchases to attract new customers. Such discounts offered to
customers may create pressure on margin and negatively impact the
revenue earning capacity of the company.

Key Rating Strengths

Experienced promoters along with established operation: SVPL is
promoted by Mr Shyam Bihari Gupta who has working experience of
more than two decades in the automobile dealerships and looks
after the overall management of the company. Mr Shyam Gupta is
supported by his wife Mrs Sadhana Gupta who has been with the
company since inception and possesses more than 15 years of
experience in automobile dealership industry. Mrs Sadhana Gupta
looks after the marketing and sales activities for GM showroom.
SVPL has an established track record of 16 years into automobile
dealership industry.

Multiple dealerships resulted into moderately diversified product
portfolio: The company is an authorized dealer of GM, HMSI and
NMIPL. The company is the only dealer of GM in Chambal & Gwalior
and HMSI in Gwalior. Moreover, it is also engaged in trading of
JCB machines (used as construction equipment-buildings, bridges,
stone crushing, etc.). Thus, the moderately diversified product
portfolio helps the company to offset the risk of any downturn in
a particular industry.

SVPL was incorporated in 2001 by Mr. Shyam Bihari Gupta and Dr.
Sadhana Gupta as an authorized dealer & distributor for Fiat
India Automobiles Limited (Fiat) and as an authorized service
centre (ASC) for General Motors (GM) at Gwalior, Madhya Pradesh
(M.P). Presently, SVPL operates as an authorized 3S (sale,
service, spare) dealer of GM (awarded dealership of Chevrolet
four wheelers in 2004), Honda Motorcycle and Scooter India Pvt.
Ltd. (HMSI, awarded dealership in December 2008) Nissan Motor
India Pvt. Ltd. (NMIPL, awarded dealership in February 2015).
SVPL is also engaged in the dealership business of JCB
construction machines (since July 2008). Overall SVPL's
dealership includes diversified
players thereby reducing risk of over dependence on single
manufacturer.

Currently SVPL runs two showrooms with service centres for GM (at
Gwalior &Guna), one showroom and service centre at Gwalior for
HMSI, one show room and service centre for NMIPL and three
showrooms for JCB machines (Gwalior, Shivpuri& Jhansi).


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

-- INR325 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB(ISSUER NOT COOPERATING)/IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 8, 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 1983, SPPPL provides an entire range of print
services, using state-of-the-art technology and solutions from
industry leaders. It has its registered offices in New Delhi.


VEGA INFRASTRUCTURE: Ind-Ra Affirms 'B+' Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vega
Infrastructure's (Vega) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR147.50 mil. Fund-based limits affirmed with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects Vega's continued small scale of
operations and weak credit metrics as inherent in the lease
rental business. FY17 financials indicate revenue of INR28.35
million (FY16: INR7.69 million), net adjusted financial leverage
(adjusted net debt/operating EBITDAR) of 8.87x (45.50x), gross
interest cover (operating EBITDA/gross interest expense) of 2.49x
(1.38x) and EBITDA margins of 70.12% (52.80%). There was an
overall improvement in the revenue and EBITDA margins and thus
metrics, on account of an increase in occupancy levels of the
company's mall.

The ratings are constrained by the organizational structure of
the firm as Vega is a proprietorship concern.

The ratings factor in Vega's comfortable liquidity, with around
82% average utilization of the working capital facilities during
the 12 months ended March 2018.

The ratings are supported by the company's promoter's over 15
years of experience in the real estate business.

RATING SENSITIVITIES

Negative: A sustained deterioration in the overall credit metrics
could be positive for the ratings.

Positive: A substantial increase in the revenue with maintaining
or improving profitability and an improvement in the overall
credit metrics will be positive for the ratings.

COMPANY PROFILE

Vega was established in 2014 as a proprietorship concern and has
a shopping mall under the name City Centre Mall, in Pathankot.
The firm provides space for showroom, retail shops and offices on
rent.


VIKRANT FORGE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vikrant Forge
Private Limited's (VFPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR273.89 mil. (reduced from INR336.86 mil.)Term loan due on
    March 2020 affirmed with IND BB-/Stable rating;

-- INR400 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable rating; and

-- INR100 mil. Non-fund-based working capital limits affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Ind-Ra's expectations of VFPL's revenue
to have increased in FY18, with EBITDA margin standing at 9.0%
during the period (FY17: 8.00%; FY16: 10.82%), though revenue and
profitability declined in FY17. The EBITDA margin expectation is
in view of the stabilization of raw material prices. VFPL had
booked INR1,218.73 million in revenue for 11MFY18 (FY17: INR1,106
million; FY16: INR1,400 million). The decline in revenue in FY17
was due to a fall in orders, while the decrease in EBITDA margin
during the period was owing to an increase in raw material prices
and personnel expenses. The scale of operations continued to be
modest.

The ratings continue to be constrained by weak credit metrics and
tight liquidity. In FY17, net financial leverage (adjusted
debt/EBITDA) was 8.8x (FY16: 5.3x) and interest coverage
(operating EBITDA/gross interest expense) was 0.66x (FY16: 1.1x).
The deterioration in the credit metrics was primarily due to a
decline in EBITDA margin. VFPL's average utilization of the
working capital limits was almost full for the 12 months ended
March 2018.

The ratings, however, continue to be supported by VFPL's over
three-decade operating track record in the forging business and
its strong customer base.

RATING SENSITIVITIES

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

Positive: Any rise in EBITDA margin leading to any improvement in
the credit metrics will be positive for the ratings.

COMPANY PROFILE

VFPL manufactures open die forgings, which are supplied in the
black-forged state or further processed into rough-machined and
finish-machined states.


VISION FREIGHT: CARE Assigns 'B' Rating to INR12cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of
Vision Freight Solutions India Private Limited (VFSIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            12.00      CARE B; Stable Assigned

   Long term/short-       0.50      CARE B; Stable/CARE A4
   Term Bank                        Assigned
   Facilities


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VFSIPL are
primarily constrained on account of its modest scale of
operations along with continuous decline in profitability margins
in highly competitive and fragmented logistics industry and
stressed liquidity position.

The ratings, however, favorably take into account vide experience
of the promoters in logistic industry. The ratings, further,
derive strength from moderate capital structure and debt coverage
indicators.

The ability of the company to increase its scale of operations
while maintaining operating margin along with improvement
in solvency position and better management of working capital
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations along with continuously decline in
operating margins: The scale of operations of the company stood
modest marked by Total Operating Income (TOI) of INR45.55 crore
and PAT of INR0.86 crore in FY17. During FY17, TOI of the company
has declined by 11.49% over FY16 owing to decline in lower
transportation activity. Owing to increase in competition, the
company has witnessed continuous decline in PBILDT margin during
past three financial years ended in FY17. During FY17, PBILDT
margin stood moderate at 7.86% in FY17, declined by 96 bps over
FY16 (200 bps in FY16 over FY15) owing to proportionately higher
transportation expenses. With decline in PBILDT margin, PAT
margin has also declined by 26 bps in FY17 over FY16 and stood
low at 1.90% as against 2.16% in FY16. With decline in PAT margin
in FY17, GCA level have also declined by 17.22% over FY16 and
registered INR1.23 crore.

Stressed liquidity position: The liquidity position of the
company stood stressed with full utilization of its working
capital bank borrowings in last twelve month ended February 2018.
The company receives payment from telecom companies generally
within 90-120
days hence due to high collection period, operating cycles of the
company stood elongated at 116 days in FY17. The liquidity ratio
stood moderate due to higher debtors marked by current ratio at
1.30 times as on March 31, 2017 as against 1.28 times as on
March 31, 2016.

Presence in highly fragmented and competitive industry:
Transportation and logistics business is a highly competitive
business on account of high degree of fragmentation in the
industry with presence of a large number of small players having
limited fleet size, both in organized and unorganized sectors.
Further, the company hires vehicles from outside transporter for
providing logistics services which restricts its bargaining
power. However the risk is mitigated to some extent by agreement
with telecom companies.

Key Rating Strengths

Experienced management and established relationship with telecom
sector companies: Mr. Yogendra Pratap Singh, Director, has almost
three decade of experience in the logistics industry and looks
after business development and operations of the company. Mr.
Sunil Gupta, Director, have almost two decade in the industry
and looks after overall affairs of the company. Further, the
management has established relationship with telecom sector
companies.

Moderate capital structure: The capital structure of the company
remained moderate with overall gearing of 1.18 times and total
debt to GCA of 10.55 times as on March 31, 2017. Further interest
coverage ratio also stood moderate at 2.03 times in FY17,
improved from 1.81 times in FY16 owing to higher decline in
interest expenses than PBILDT level.

Jaipur based Vision Freight Solution India Private Limited
(VFSIPL) was incorporated in October 2008 by Mr. Anil Gupta,
Mr. Sunil Gupta and Mr. Yogendra Pratap Singh to carry out the
business activity related to supply chain management.
The company is engaged in the logistics services as well as
warehousing services mainly to telecom companies across
India. The company has warehousing facility almost in all states
of India. VFSIPL is also ISO-9001, ISO-14001 and OHSAS
18001 certified company and belongs to Vision Group.



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


ALAM SUTERA: Fitch Assigns B(EXP) Rating to New US Dollar Notes
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based homebuilder PT Alam
Sutera Realty Tbk's (ASRI, B/Stable) proposed US dollar-
denominated senior unsecured notes an expected rating of 'B(EXP)'
and a Recovery Rating of 'RR4'. The notes will be issued by
ASRI's wholly owned subsidiary, Alam Synergy Pte Ltd, and
guaranteed by ASRI and certain subsidiaries.

ASRI intends to use part of the net proceeds from the proposed
notes to accelerate its land acquisition in north Serpong - as an
extension to its Alam Sutera township - and to partially
refinance its outstanding USD235 million senior unsecured notes
due in 2020. Fitch believes that, post-transaction, ASRI's
business and financial profile will remain consistent with its
ratings. The proposed notes will expand ASRI's landbank in north
Serpong and the timely completion of two toll roads - the
Kunciran-Serpong toll road in 2018 and Kunciran-Soekarno Hatta
International Airport toll road in 2019 - may improve demand in
the area. Commencement of the toll roads will provide ASRI's Alam
Sutera township direct access to Soekarno Hatta International
Airport and may improve accessibility between the western and
eastern part of Jakarta. The company holds a development license
for around 550 hectares and already owns around 272 hectares of
landbank in north Serpong.

Fitch forecasts leverage, measured by net adjusted debt/adjusted
inventory, to remain within the rating triggers, albeit with
limited headroom. The transaction will also partially extend the
company's debt maturity profile, providing more flexibility to
manage cash flow.

The proposed notes are rated at the same level as ASRI's senior
unsecured rating as they represent its unconditional, unsecured
and unsubordinated obligations. The final rating on the proposed
notes is contingent upon the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

Presales Likely to Improve: Fitch forecasts ASRI to book around
IDR3 trillion of presales in 2018 (2017: IDR2 trillion), around
half of which are likely to be from contracted land sales to its
Chinese development partner, China Fortune Land Development
(CFLD), and the remainder from the sale of existing inventory and
new project launches in the Alam Sutera and Suvarna Sutera
townships. ASRI's presales underperformance in 2017 was primarily
due to weak sales at its prime office project, The Tower, which
represented 40% of the original 2017 target. Fitch does not
assume any sales from The Tower in 2018 and 2019.

Fitch also sees some short-term demand risk due to the upcoming
regional and presidential elections in 2018 and 2019. Fitch
believes the political uncertainty may deter consumers from big-
ticket purchases, such as property, and lead to weaker-than-
expected presales.

Land Sales Increase Concentration: ASRI's liquidity has benefited
from its partnership with CFLD in its Suvarna Sutera township
project in Pasar Kemis, under which CFLD buys raw, zoned land
from ASRI's deep local land bank. This strategy does, however,
make ASRI's cash flow dependent on one buyer. CFLD's involvement
will accelerate the achievement of critical mass for a
development located on the outer edge of greater Jakarta, but
ties ASRI's own land bank in the area more closely to the
development success or failure of a third party.

Shift in Development Strategy: Fitch believes ASRI's new
developments may have a more balanced mix of landed and high rise
properties, where ASRI has a shorter track record. ASRI's
original Alam Sutera township, close to Jakarta's central
business district (CBD) and served by retail, commercial and
increasingly light-business properties, is approaching maturity
and new developments may be more geared towards high rise units.
Nevertheless, this is balanced out by the landed residential
projects that the company plans to launch in North Serpong.

The company's commercial projects are also likely to feature
condominiums as part of mixed-use developments, notably in the
potential redevelopment of ASRI's other Jakarta CBD property, the
older Wisma Argo Manunggal, whose redevelopment will be timed to
match sales from the completed The Tower.

Established Township with Solid Land Bank: The company has a
large low-cost land bank and an established domestic franchise,
with close to 20 million square metres of land available for
development with a carrying value of over IDR10 trillion at end-
2017. In particular, ASRI still benefits from around 120 hectares
of prime development land bank within the original Alam Sutera
township, plus adjacent land purchased or under negotiation for
purchase from fellow developer, PT Modernland Realty Tbk
(B/Stable) and other land owners.

Finances Still Stretched: Land sales, including to CFLD, have
helped plug lower-than-Fitch-anticipated presales in a market
already facing challenges from continued supply growth. This
prudent move has been at the cost of lowering operating cash flow
quality and overall realisation from the company's land bank.
Operating cash flow and working capital have been volatile over
the previous few years, with gross debt climbing as presales and
booked revenue fall.

DERIVATION SUMMARY

ASRI's Long-Term IDR may be compared with those of peers, such as
Modernland and PT Kawasan Industri Jababeka Tbk (B+/Stable).
Around half of ASRI's and Modernland's property sales consist of
commercial and industrial property. Demand for these types of
properties is more cyclical during economic downturns than for
residential properties. However, ASRI has a better record of
selling residential properties and a larger land bank to support
sales compared with Modernland. Still, Modernland has
demonstrated stronger sales execution during the downturn in the
last 18-24 months. These reasons, combined with our view that
both companies will maintain comparable leverage levels, support
their similar ratings.

Jababeka is one of Indonesia's largest industrial property
developers, but its Long-Term IDR is primarily driven by the
strong recurring cash flow it derives from its thermal power
plant, which has a 20-year power purchase agreement with state-
owned PT Perusahaan Listrik Negara (Persero) (BBB/Stable), as
well as from its dry port. This cash flow provides adequate cover
for Jababeka's interest expenses across economic cycles. The
stability of its recurring cash flow supports a higher rating
than for ASRI, whose property sales have been volatile in the
last two years. The cyclicality of Jababeka's industrial property
sales are counterbalanced by limited infrastructure and capex
requirements.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Annual property presales of around IDR3 trillion in 2018
- EBITDA margins to remain around 50% in the next two years
   (2017: 53%)
- ASRI to spend around IDR2 trillion on land banking in 2018

Key Recovery Rating assumptions:

- The recovery analysis assumes ASRI will be liquidated in a
bankruptcy rather than continue as a going-concern because it is
an asset-trading company

- To estimate liquidation value we have assumed a 75% advance
rate against the value of accounts receivable and a 50% advance
rate against inventory and fixed assets. We believe the company's
reported land bank value, which is based on historical land cost,
is at a significant discount to current market value and, thus,
is already conservative

- Fitch has assumed that ASRI's IDR1.2 trillion secured bank
loans outstanding as of end-2017 will rank prior to its USD480
million senior unsecured notes in a liquidation, as well as the
secured IDR65 billion undrawn debt facilities outstanding as of
the same date, which we assume will be fully drawn down prior to
liquidation

- Fitch has deducted 10% of the resulting liquidation value for
administrative claims

- The above estimates result in a recovery of 91%-100% of ASRI's
unsecured debt, corresponding to a 'RR1' Recovery Rating for the
senior unsecured notes. Nevertheless, Fitch has rated the senior
notes at 'B' with a Recovery Rating of 'RR4' because under
Fitch's Country-Specific Treatment of Recovery Ratings criteria,
Indonesia falls into 'Group D' of creditor friendliness.
Instrument ratings of issuers with assets in this group are
subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Annual presales, including sales to CFLD, sustained at more
than IDR3.5 trillion

- Net debt/adjusted inventory sustained below 50%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Net debt/adjusted inventory above 60% for a sustained period
(2017: 47%)

- Significant weakening in liquidity

LIQUIDITY

Satisfactory Liquidity: Structurally, the liquidity schedule
looks manageable. Only modest maturities - averaging around
IDR400 billion a year from amortising construction and
development loans - are due each year until 2020, when we expect
the local bank market to be accommodating if cash flow does not
permit deleveraging. The proposed new issuance, if successful,
will also partially extend the company's debt maturity profile,
allowing more flexibility to manage cash flow and shore-up
liquidity. ASRI also employs corridor hedging for its US dollar
bonds, which represent around 85% of its debt, helping defray
foreign-currency exposure arising from a dollar-funded, rupiah-
income profile.


ALAM SYNERGY: Moody's Rates Proposed Sr. Unsecured Notes 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned a backed senior unsecured
rating of B2 to the proposed senior unsecured notes to be issued
by Alam Synergy Pte. Ltd. The proposed notes are guaranteed by
Alam Sutera Realty Tbk (P.T.) (B2 stable) and most of its
subsidiaries and rank pari passu with the 2020 notes and 2022
notes.

The rating outlook is stable.

Alam Sutera will use the net proceeds from the proposed issuance
towards partial redemption of its 2020 notes, capital spending
and other working capital purposes.

RATINGS RATIONALE

"The proposed notes are not exposed to either legal or structural
subordination risk. Hence the rating is in line with Alam
Sutera's B2 corporate family rating," says Jacintha Poh, a
Moody's Vice President and Senior Analyst.

At December 31, 2017, 84% of Alam Sutera's total debt was
unsecured. And, the majority of Alam Sutera's borrowings are at
the holding company. Furthermore, the notes are guaranteed by all
major subsidiaries.

"The increase in borrowings from the proposed notes can be
accommodated in Alam Sutera's B2 corporate family rating and is
in line with our expectation that the company will increase
capital spending to speed up land acquisitions in North Serpong
for the next phase of development at its Alam Sutera township,"
adds Poh, who is also Lead Analyst for Alam Sutera.

Moody's expects Alam Sutera's financial metrics will likely
weaken in 2018 with adjusted debt/homebuilding EBITDA registering
around 3.9x and homebuilding EBIT/interest expense at around
3.0x. These financial metrics remain supportive of the company's
B2 ratings.

Alam Sutera's B2 rating reflects the company's ownership of a
large and low-cost land bank - which has allowed it to generate
strong gross profit margins of above 50% - as well as its
proactive approach toward debt capital management.

The rating also takes into account the increased volatility in
Alam Sutera's earnings and cashflow over the last two years,
driven by larger contributions from land sales to China Fortune
Land Development Co., Ltd (CFLD), instead of income from the
company's core business of property development.

However, the rating is constrained by Alam Sutera's small scale
and limited geographic diversity. The company is also exposed to
the cyclical property sector, with limited contributions from the
more stable, recurring income stream from its investment
properties.

The rating outlook is stable, reflecting our expectation that
CFLD will continue to buy land plots from Alam Sutera at Pasar
Kemis, supporting the company's financial metrics within the
thresholds of its B2 ratings level over the next 12-18 months.

An upward ratings trend could emerge, if Alam Sutera shows
progress in achieving core marketing sales of at least IDR4
trillion over a 12-month period and demonstrates the ability to
maintain stable financial metrics, such that adjusted debt/
homebuilding EBITDA is below 3.5x and adjusted homebuilding
EBIT/interest expense is above 3.0x.

Further, an upgrade will also require that the company maintains
a strong liquidity position, supported by a long-dated debt
maturity profile.

The ratings could be downgraded if Alam Sutera's financial and
liquidity profiles weaken, owing to: (1) the company's failure to
execute its business plans, in particular, its land sales to
CFLD; (2) a deterioration in the property market, leading to
protracted weakness in its operations and credit profile; and (3)
a material depreciation in the Indonesian rupiah, which may
increase the company's debt servicing obligations.

Metrics indicative of downward ratings pressure include: (1)
adjusted debt/homebuilding EBITDA exceeding 5.0x; (2) adjusted
homebuilding EBIT/interest expense falling below 2.0x; or (3)
insufficient cash to cover short-term debt obligations.

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

Established in November 1993 and listed on the Indonesian Stock
Exchange in December 2007, Alam Sutera Realty Tbk (P.T.) is an
integrated property developer in Indonesia that focuses on the
sale of land lots in accordance with township planning
requirements, as well as property development in residential and
commercial segments in Indonesia.

At December 31, 2017, the company was approximately 47%-owned by
the family of The Ning King.


SRI REJEKI: Moody's Hikes Corp. Family Rating to Ba3
----------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of Sri Rejeki Isman Tbk (P.T.) (Sritex) to Ba3 from
B1.

At the same time, Moody's has upgraded to Ba3 from B1 the ratings
on the $350 million senior unsecured notes due 2021 and $150
million senior unsecured notes due 2024, issued by Golden Legacy
Pte. Ltd. and unconditionally and irrevocably guaranteed by
Sritex and its subsidiaries.

The rating outlook is stable

RATINGS RATIONALE

"The upgrade of Sritex's CFR to Ba3 reflects its established
track record of high organic growth rates, margin expansion and
Moody's expectation for robust demand for its textile and garment
products in 2018 and 2019," says Brian Grieser, a Moody's Vice
President and Senior Credit Officer.

Sritex grew its EBITDA organically to $165 million in 2017 from
$92 million in 2014 and expanded its margins to around 22% in
2017 from 20% in 2013, well ahead of Moody's expectations.

The EBITDA growth and margin expansion were driven by Sritex's
debt-financed capital expenditure program completed in 2016, and
ramp-up of its production facilities to close to full capacity in
2017. Sritex doubled the capacity of its weaving and finishing
businesses, while increasing its highest-margin garment business
by 150% to 30 million garments from 12 million in 2013.

Despite a substantial increase in debt to fund its expansion,
Sritex has maintained adjusted debt/EBITDA between 3.75x and
4.25x over the past three years. Moody's expects leverage to be
maintained between 3.5x and 4.0x in 2018, as working capital and
capacity investments moderate going forward.

Working capital fluctuations will remain highly volatile and
unpredictable given the seasonality of the garment industry and
the size and delivery timeline of customers' orders. As such,
Moody's expects material quarterly volatility in cash flows from
operations. Sritex has largely financed large inventory purchases
with short-term debt provided by a broad group of banks.

"Moody's views Sritex successful track record of managing the
volatility of its working capital, coupled with its improved
business profile, as consistent with the Ba3 rating," added
Grieser.

Sritex's liquidity is adequate given its high reliance on short-
term funding and material working capital fluctuations. However,
Moody's notes that Sritex typically carries high cash balances
and that its inventory and receivables typically provide over
3.0x coverage of short-term debt. Moody's expects capital
expenditures to be $30-$40 million in 2018, focused mainly on
maintenance and improving utilization levels.

In February 2018, Sritex acquired PT Bitratex Industries and PT
Primayudha Mandirijaya (PM) for $85 million in cash and the
assumption of roughly $55 million of debt. The cash component was
partially funded with a $50 million equity issuance.

Moody's expects Sritex's EBITDA margins will compress between 100
to 200 basis points in 2018 given the two new companies' focus on
lower-margin yarns, compared with Sritex's higher-margin garment
and fabric businesses. However, the acquisitions provide Sritex
with new capacity, access to a broader product line, and new
customers.

The stable outlook reflects Moody's expectation that strong
demand from both domestic and international customers will
continue in 2018 and 2019, supporting solid earnings growth and
margin stability. Moody's expects working capital and capital
investments to moderate in 2018, which will in turn support
positive free cash flow and an improved liquidity profile.

The ratings could be upgraded if Sritex maintains its growth
trajectory while funding capital expenditure and working capital
with internally generated cash flows and lowering debt.

Financial metrics that would support an upgrade include: (1)
debt/EBITDA maintained below 3.00x even during periods of high
working capital investment; (2) EBITA/interest rising above 5.0x;
or (3) RCF/net debt consistently above 20%.

The ratings could be downgraded if Sritex embarks on large debt-
funded capital expenditure programs or acquisitions. Further, any
signs of moderating customer demand or its relationship with
related party businesses weighs on margins, could pressure the
ratings.

Financial metrics that would support an downgrade include: (1)
debt/EBITDA rising above 4.5x; (2) EBITA/interest expense falling
below 2.5x; or (3) RCF/net debt maintained below 10%.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Sri Rejeki Isman Tbk (P.T.) (Sritex), located in Central Java,
Indonesia, is a vertically integrated manufacturer of yarn,
greige (raw fabric), finished fabric and apparel, including
uniforms and retail clothing. The company's operations are spread
across 25 factories, consisting of nine spinning plants, three
weaving plants, five finishing plants and eight garment plants.
Net revenue generated by the company's four divisions were around
$759 million for the year ended 31 December 2017.

Sritex is majority owned by the Lukminto family (60.06%). Iwan
Setiawan Lukminto, son of the founder H.M Lukminto, has been the
president director since 2006. The family has day-to-day control
of operations. The remaining 39.94% share of the company is
publicly traded on the Indonesian Stock Exchange.



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


SOFTBANK GROUP: Moody's Rates Proposed April 2018 Notes 'Ba1'
-------------------------------------------------------------
Moody's Japan K.K. has assigned a Ba1 backed senior unsecured
rating to the proposed senior notes (April 2018 notes) to be
issued by SoftBank Group Corp. (Ba1 corporate family rating,
stable).

The rating outlook is stable.

The April 2018 notes will be issued to redeem the senior
unsecured notes issued in 2013 (2013 notes). The April 2018 notes
are guaranteed by SoftBank Corp.

SoftBank Corp. is SoftBank Group Corp.'s principal subsidiary and
guarantees most of its parent's senior debt.

The following debt has been assigned a backed Ba1 senior
unsecured rating:

- USD senior unsecured guaranteed notes

- EUR senior unsecured guaranteed notes

RATINGS RATIONALE

"We understand that the proceeds of the April 2018 notes issuance
will be used to redeem the 2013 notes" says Motoki Yanase, a
Moody's Vice President and Senior Credit Officer.

Moody's expects that the amount of proposed April 2018 notes will
not materially exceed the total amount of the 2013 notes, and
SoftBank Group Corp.'s total consolidated debt or debt/EBITDA
will remain about the same. As a result, the issuance of the
April 2018 notes does not affect SoftBank's ratings.

The April 2018 notes lack a covenant found in the 2013 notes,
requiring the debt to be rated investment grade before SoftBank
Corp. can release its guarantee. The redemption of the 2013 notes
therefore help SoftBank Corp. release its guarantee, which could
be required for the potential SoftBank Corp. IPO that SoftBank
Group Corp. is preparing.

As such, the April 2018 notes issuance shares similar objectives
with the exchange offer and consent solicitation in March 2018,
which aimed for consistency between the covenants of the senior
unsecured notes issued in 2015 and those issued in 2017.

Moody's views the release of the upstream guarantee as a credit
negative, although the impact is sufficiently mitigated by the
growing value of SoftBank Group Corp.'s investment holdings, led
by its 29% stake in Alibaba Group Holding Limited (A1 stable).
Asset coverage of the holding company debt will remain ample
after the issuance of April 2018 notes, even after excluding the
appreciation of Alibaba's share price over the past year.

The stable rating outlook reflects Moody's expectation that
SoftBank Group Corp. will maintain a balanced financial policy
that preserves its financial health, as it expands its investment
portfolio and alters its business model. The stable outlook also
reflects the continued substantial value of SoftBank's investment
portfolio, providing it with adequate financial flexibility.

A rating upgrade is unlikely in the foreseeable future, given the
changes underway at the company, including the potential IPO and
transactions related to the SoftBank Vision Fund.

Factors that could lead to a rating downgrade include: (1) a more
aggressive financial policy, (2) a deterioration in the company's
financial flexibility due to a sustained fall in the value of its
investments, or (3) a prolonged reduction in its access to the
capital markets that impairs its liquidity. The rating could also
be downgraded if SoftBank's consolidated EBITDA margin remains
below 30%, or if the company's gross debt/EBITDA exceeds 5.5x on
a sustained basis.


Headquartered in Tokyo, SoftBank Group Corp. is a Japanese
holding company with operations in mobile and fixed-line
telecommunications, broadband, Internet and other businesses. The
group owns SoftBank Corp., one of the three major mobile
telecommunications operators in Japan by number of subscribers.


TEPCO HOLDINGS: S&P Alters Outlook to Positive & Affirms 'BB' CCR
-----------------------------------------------------------------
S&P Global Ratings said it has revised to positive from stable
the outlook on its long-term corporate credit rating on Japan-
based regulated electric utility company Tokyo Electric Power
Company Holdings Inc. (TEPCO Holdings). At the same time, S&P
affirmed its 'BB' long-term corporate credit rating and 'B'
short-term corporate credit and commercial paper (CP) program
ratings on TEPCO Holdings. S&P also affirmed its 'BB+' issue
rating on senior secured bonds issued by the former Tokyo
Electric Power Co. Inc. (TEPCO).

S&P said, "The outlook revision on TEPCO Holdings reflects our
view that TEPCO group has a good chance of improving its funding
stability further given its growing record of public bond
offerings since March 2016 on the back of stabilized performance.
It also reflects our view that although we believe a restart of
the Kashiwazaki-Kariwa nuclear reactors remains critical for
material improvement of TEPCO Holdings' credit quality, continued
cost reductions are more likely to help the company sustain
relatively stable profit and cash flow in the next year or two."

TEPCO group regained access to public bond offerings in March
2016 through its electric power transmission and distribution
subsidiary, TEPCO Power Grid Inc. (TEPCO PG), after surviving on
loans from financial institutions as the sole channel of funding
for about five years. S&P said, "TEPCO group's successful bond
issuances totaling about JPY500 billion to date, with favorable
pricing, indicates good prospects for an eventual reduction in
its heavy reliance on bank loans, in our view. We also believe
TEPCO Holdings' main creditor banks remain supportive because the
government has requested financial institutions continue to
support the company in its revised new comprehensive business
plan announced in May 2017. We continue to incorporate TEPCO
Holdings' entrenched relationships with its main creditor banks
into our ratings."

S&P said, "We believe that TEPCO Holdings is more likely to
continue to generate stable profit in the next year or two even
if it does not swiftly resume operations at its Kashiwazaki-
Kariwa nuclear reactors. We expect TEPCO Holdings to report
recurring profit of about JPY200 billion a year in fiscals 2017
and 2018 for the following reasons: We think TEPCO Holdings can
cut costs further given that it has demonstrated JPY830 billion
in reductions in fiscal 2016 and is likely to have achieved
JPY760 billion in reductions in fiscal 2017; we assume oil prices
are unlikely to soar and push up fuel costs materially for at
least the next year or two; and we see ongoing strong support
from the government that allows TEPCO to take a long-term
approach toward payments for compensation, cleanup, and
decommissioning costs related to the Fukushima nuclear disaster
and avoid significant damage to its balance sheet and
profitability.

"The positive outlook reflects our view that TEPCO Holdings is
more likely to improve funding stability through more public bond
issuances, which it restarted in March 2016, while it continues
to generate relatively stable profits and cash flow over the next
year or two.

"For us to consider upgrading TEPCO Holdings, we would need to
confirm that TEPCO will continue to generate relatively stable
profits and cash flow over the next year or two. Specifically,
about JPY200 billion a year in recurring profit would provide
some comfort in this respect. We could consider an upgrade if we
think TEPCO Holdings is highly likely to improve funding
stability through more public bond issuances on a regular basis,
in line with the company's strategy. We also think improvement in
its bank debt maturities would indicate further stability of
funding. Regarding comprehensive integration of TEPCO group's and
Chubu Electric Power Inc.'s fuel and thermal power generation
businesses, scheduled for April 2019, we continue to monitor
progress in TEPCO Fuel & Power Inc.'s (TEPCO FP) transfer of the
assets and debt of its existing thermal power generation business
to JERA Co. Inc., a joint venture between TEPCO FP and Chubu
Electric Power.

"Conversely, we may revise the outlook to stable from positive if
TEPCO Holdings' recurring profit significantly deteriorates far
below JPY200 billion and remains weak for a protracted time. We
think a surge in crude oil prices or intensifying competition
owing to full liberalization of retail electricity sales could
lead to this scenario. We may also consider an outlook revision
if the company's funding stability fails to improve, in our view.
This may happen if TEPCO does not issue public bonds as planned--
even at significantly high costs -- and fails to improve its bank
debt maturity profile."



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


GOLOMT BANK: Moody's Hikes LT Local Curr. Deposit Rating to B3
--------------------------------------------------------------
Moody's Investors Service upgraded the long-term local currency
deposit ratings of Golomt Bank LLC and Trade and Development Bank
of Mongolia LLC (TDBM) to B3 from Caa1.

Moody's has also upgraded each bank's baseline credit assessment
(BCA) and adjusted BCA to b3 from caa1.

Moody's has also upgraded each bank's Counterparty Risk
Assessment to B2(cr) from B3(cr).

Moody's has also newly assigned a local currency and foreign
currency issuer rating of B3 to Golomt Bank.

For both banks, outlook on all ratings is stable.

The rating actions conclude the review for upgrade placed on the
two banks on January 19, 2018.

RATINGS RATIONALE

The upgrade of Golomt Bank and TDBM's ratings reflect Moody's
view that their capitalization will remain at levels consistent
with a BCA of b3 upon the completion of the Asset Quality Review
(AQR).

According to the International Monetary Fund and the Bank of
Mongolia, the AQR found a relatively modest capital shortfall in
the banking system -- about 1.9% of GDP at the end of 2017 -- and
a system-wide capital adequacy ratio of 13.7% at the end of 2017.

While bank-level information was not made public, Moody's
believes the two banks' capitalization will remain sufficiently
stable to merit the upgrade of their BCAs to b3 from caa1, given
the better-than-expected AQR results, and Golomt Bank's reported
CET1 ratio of 9.45% and TDBM's CET1 ratio of 14.02% at the end of
2017.

While Moody's expects loan growth to remain strong in 2018,
Moody's believes that the banks will have plans in place --
including any capital raisings, if necessary -- to ensure
adequate capitalization is maintained by the end of December,
according to the schedule laid out by the Bank of Mongolia.

Moody's also believes that the banks will benefit from improving
liquidity in Mongolia and the implementation of wide-ranging
policy reforms targeted at improving economic fundamentals. For
example, amendments to the Central Bank law, Banking law and
deposit insurance law have been completed. Growth also remains
strong in Mongolia, which will be supportive of bank asset
quality. Mongolia reported real GDP growth of 5.1% in 2017.

WHAT COULD CHANGE THE RATINGS UP

The BCAs of Golomt Bank and Trade and Development Bank of
Mongolia are at the same level as the Mongolian sovereign rating,
and as such a positive rating action is unlikely in the absence
of upward pressure on the sovereign rating.

WHAT COULD CHANGE THE RATINGS DOWN

For Golomt Bank and TDBM, factors that could result in a
downgrade include (1) a downgrade of Mongolia's sovereign rating;
or (2) a downgrade of the banks' BCAs. The banks' BCAs could be
downgraded if: (1) asset quality deteriorates significantly, for
example, with problem loans/gross loans exceeding 9.0% for a
sustained period; (2) tangible common equity ratio falls below
8%; or (3) profitability deteriorates significantly, leading to
annual net losses on a sustained basis.

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

Golomt Bank LLC is headquartered in Ulaanbaatar. It reported
total assets of MNT5,205.3 billion (USD2,144.6 million) as of
December 31, 2017. Trade and Development Bank of Mongolia LLC is
headquartered in Ulaanbaatar. It reported total assets of
MNT6,874.9 billion (USD 2,832.5 million) as of December 31, 2017.

List of Affected Ratings

Issuer: Golomt Bank LLC

- BCA and adjusted BCA upgraded to b3 from caa1

- Long-term Counterparty Risk Assessment upgraded to B2(cr) from
   B3(cr)

- Short-term Counterparty Risk Assessment of NP(cr) affirmed

- Local Currency Long-term Deposit Rating upgraded to B3 from
   Caa1; outlook changed to stable from ratings under review

- Foreign Currency Long-term Deposit Rating of Caa1 affirmed,
   outlook maintained at stable

- Local Currency and Foreign Currency issuer rating of B3
   assigned; outlook stable

Issuer: Trade and Development Bank of Mongolia LLC

- Baseline Credit Assessment (BCA) and adjusted BCA upgraded to
   b3 from caa1

- Long-term Counterparty Risk Assessment upgraded to B2(cr) from
   B3(cr)

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local Currency Long-term Deposit Rating upgraded to B3 from
   Caa1, outlook changed to stable from ratings under review

- Foreign Currency Long-term Deposit Rating affirmed at Caa1,
   outlook maintained at stable

- LC/FC Short-term Deposit Rating, affirmed at NP

- LC/FC Long-term Issuer Rating upgraded to B3 from Caa1,
outlook
   changed to stable from ratings under review

- LC/FC Short-term Issuer Rating, affirmed at NP

- Backed FC Senior Unsecured upgraded to B3 from Caa1, outlook
   changed to stable from ratings under review

- FC Senior Unsecured MTN upgraded to (P)B3 from (P)Caa1



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


FLETCHER BUILDING: Raises NZ$515MM in New Capital
-------------------------------------------------
Julie Iles at Stuff.co.nz reports that Fletcher Building has
raised NZ$515 million of its target of NZ$750 million in new
capital, by tapping into its own institutional shareholders.

It is now turning to its retail investors to make up the
difference, the report says.

Stuff says the firm needed to raise more money after racking up
huge losses on 16 large commercial building projects.

Fletcher Building shares resumed trading at NZ$6.10 on April 20
morning, down from NZ$6.27 when they were put in a trading halt
on April 17. The ended the day at NZ$6.15c, Stuff discloses.

According to Stuff, Hamilton Hindin Greene investment adviser
Grant Davies said the immediate momentum of the share price,
which rose seven cents in early trading, indicated the market was
"reasonably pleased" with the fact that Fletcher's was "taking it
on the chin, raising capital, and shoring up their balance
sheet".

Stuff relates that Mr. Davies said capital raisings often
resulted in the value of shares dropping, especially if the new
shares were offered at a significant discount.

"That they are only off 7c at the moment [compared to April 17]
indicate things could have been a lot worse."

Stuff says the share offer to existing institutional
shareholders, at NZ$4,80 a share, announced on April 17,
attracted "strong support" from KiwiSaver fund managers and other
institutional investors. Investors then paid NZ$6.15 in a
bookbuild to clear the leftover entitlements.

Existing Fletchers retail investors can buy new shares at the
discounted rights-offer price of NZ$4.80 from April 23, as part
of efforts to raise the remaining NZ$235 million, Stuff relates.

The money raised will be used to repay NZ$714 million of debt and
NZ$25 million for the cost of the capital raising.

Stuff notes that Fletcher Building has been renegotiating with
its creditors after breaching the covenants on its bond issues
and defaulting on loans, things that have contributed to the
company reaching its lowest share price since 2010 at one point.

There have been concerns that the stock may be dropped from the
MSCI index, the report states.

"That decision has probably already been made . . . but I don't
think investors will be too worried about that it's more about
the long-term viability of the company, which at this stage looks
in far better shape," Mr. Davies, as cited by Stuff, said.

Stuff says the company will also divest from its Formica and Roof
Tile operations in the next 12 to 18 months. Morningstar analysts
estimate the businesses are worth about NZ$700 million, though
other analysts estimate their worth to be closer to NZ$1 billion.

According to Stuff, Fletcher Building confirmed it has initiated
a process to appoint an advisor for the divestment, but will not
have an outcome for at least a month.

The 156.3 million new shares will be issued May 18, the report
adds.

                    About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- http://www.fletcherbuilding.com/-- is the holding
company of the Fletcher Building group.  The company's segments
include Building Products, Steel, Distribution, Infrastructure,
and Laminates & Panels.  On July 2, 2007, the company acquired
Formica Corporation.  On August 3, 2007, the company acquired
Fair Dinkum Homes and Sheds.  On October 5, 2007, the company
acquired Cameron Quarries.  On February 1, 2008, the company
acquired DVS Limited.  On May 1, 2008, the company acquired
Morinda Australia Pty Limited (trading as Garage World and Shed
Boss).

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.



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


EMAS OFFSHORE: Wins Appeal Against Oslo Delisting
-------------------------------------------------
The Strait Times reports that Emas Offshore's appeal against
being delisted from the Oslo Stock Exchange has succeeded, the
offshore gas and oil services provider said in a filing on
April 20.

On Feb. 16, the Oslo Stock Exchange passed a resolution to delist
Emas, which is dual-listed in Singapore and Norway, with effect
from April 27, The Strait Times discloses.

This was due chiefly to the company's inability to disclose
financial information within the Oslo Stock Exchange's prescribed
deadlines, Emas told the Singapore Exchange then.

Emas appealed against the decision, the report says. As stated in
an announcement by the Oslo Stock Exchange on April 18, the Stock
Exchange Appeals Committee has repealed the original resolution
to delist Emas, the company said on April 20, according to The
Strait Times.

Emas will thus remain listed on the Oslo Stock Exchange. A unit
of Ezra Holdings, Emas is undergoing restructuring, the report
notes.

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



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


DAEWOO SHIPBUILDING: Current CEO to Stay on for 3 More Years
------------------------------------------------------------
Yonhap News Agency reports that the board of Daewoo Shipbuilding
& Marine Engineering Co. decided on April 20 to keep the
company's current head in post for three more years, a company
official said.

Jung Sung-leep is set to be formally appointed the company's CEO
in a shareholder meeting on May 29, the official said, Yonhap
relays.

According to Yonhap, the decision came days after an independent
committee overseeing Daewoo Shipbuilding recommended that Jung
lead the shipbuilder for the next three years.

Yonhap relates that the eight-member committee is tasked with
overseeing the implementation of Daewoo Shipbuilding's self-
rescue measures.

Jung has been credited with turning the shipbuilder around
through massive restructuring efforts, Yonhap says.

Daewoo Shipbuilding shifted to an operating profit of KRW733
billion in 2017, its first annual operating profit since 2011.

South Korea's state-run Korea Development Bank holds a 55.7
percent stake in Daewoo Shipbuilding, the report discloses.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


GM KOREA: Edging Closer to Bankruptcy; Talks to Continue Today
--------------------------------------------------------------
Reuters reports that General Motors' South Korean unit and its
labor union failed to reach a wage deal by April 20, breaching a
deadline set by the U.S. automaker to seek bankruptcy protection
for the loss-making unit.

Reuters relates that a source familiar with the matter said GM
Korea will hold a board meeting at around 8:00 p.m. local time on
April 20 to discuss filing for a court-led rehabilitation. But a
union official told Reuters in a text message that the two sides
will continue talking until today, April 23.

According to Reuters, the U.S. automaker shocked South Korea when
it unveiled in February a major restructuring plan for its unit
that involved closure of one of its four plants in the country
and voluntary redundancies of 2,600 workers.

It has sought wage concessions from the union as well as
government funding and incentives to save the remaining three
factories, the report relays.

GM has said the unit, which employs some 16,000 people, is likely
to file for bankruptcy if there was no restructuring agreement by
April 20, Reuters adds.

"Without concessions from the labor union and clear resolution
from stakeholders, the company has no choice but to go ahead with
rehabilitation proceedings," GM Korea CEO Kaher Kazem said after
the talks failed in a letter to employees that was seen by
Reuters.

GM Korea, however, is not expected to immediately file for court
receivership, as any plan needs to be put to a vote at a
shareholder's meeting, Reuters notes. It will also need approval
from 85 percent of its shareholders.

That includes the state-funded Korea Development Bank (KDB). The
bank told Reuters last week that it may sign a preliminary
agreement by April 27 to financially support the business should
an interim due-diligence report due on April 20 turn out to be
satisfactory.

The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent, Reuters discloses.

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


SUNGDONG SHIPBUILDING: Placed Under Court Receivership
------------------------------------------------------
Yonhap News Agency reports that a South Korean court on April 20
placed Sungdong Shipbuilding & Marine Engineering Co. under its
receivership, a spokesman said.

According to Yonhap, Shin Sung-hoon, spokesman of the Changwon
District Court, said Deloitte Anjin LLC, an auditing company,
will carry out due diligence on Sungdong Shipbuilding & Marine
Engineering Co. to determine the company's value of liquidation
and its going concern value.

"We will decide whether to continue the court receivership or
liquidate the company after reviewing a report by Deloitte
Anjin," Shin said by phone from the industrial city of Changwon,
about 400 kilometers southeast of Seoul, Yonhap relays.

Yonhap relates that the court decision came more than a month
after the Export-Import Bank of Korea, the main creditor bank of
Sungdong Shipbuilding, warned that the Tongyeong-based yard could
face bankruptcy during the second quarter following a severe
credit crunch.

"Given its current financial status, any fresh injection of funds
into the company will be irrecoverable due to its deteriorating
competitiveness," Yonhap quoted Eun Sung-soo, chairman and
president of Korea Eximbank, as saying at a news conference last
month.

EY Han Young accounting-consulting firm has said Sungdong may be
able to survive if the company cuts 40 percent of its workforce
and creditors are persuaded to inject fresh funds, Yonhap relays.

Under the creditor-led restructuring that began in April 2010, a
total of KRW2.7 trillion (US$2.5 billion) was poured into the
shipbuilder, resulting in no tangible results, says Yonhap. It
won only five ships in 2017, sharply down from 43 in 2013, amid a
slump in oil prices and a slowing global economy, Yonhap relays.

                    About Sungdong Shipbuilding

Sungdong Shipbuilding & Marine Engineering Co., Ltd. operates as
a shipbuilder. Its products include product carriers, crude oil
tankers, shuttle tankers, container ships, bulk carriers,
floating storage and offloading vessels, and deep-sea fishing
vessels.  Sungdong Shipbuilding & Marine Engineering Co., Ltd. is
a subsidiary of The Export-Import Bank of Korea.

Sungdong Shipbuilding's plant is located in the southern port
city of Tongyeong.




                             *********

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
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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