TCRAP_Public/151110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, November 10, 2015, Vol. 18, No. 222


                            Headlines


A U S T R A L I A

ABELE PEST: First Creditors' Meeting Set For Nov. 12
CLIFFS NATURAL: David Webb Retires as EVP Global Coal
FITLINK GROUP: Enters Into Voluntary Administration
MISSION NEW ENERGY: Needs More Time to File Form 20-F
VEETEMP AUSTRALASIA: First Creditors' Meeting Set For Nov. 12


C H I N A

CHINA SHANSHUI: Fitch Lowers Issuer Default Rating to 'C'
CHINA SHANSHUI: S&P Lowers CCR to 'CC'; Outlook Negative
FUTURE LAND: Moody's Assigns B1 Rating to USD Sr. Unsecured Bond
ZHEJIANG TOPOINT: Directed to File More Briefs on Panel Ownership


H O N G  K O N G

BNP PARIBAS: To Close Hong Kong Dark Pool Amid Tougher Rules


I N D I A

AAA ROLLER: CARE Revises Rating on INR23.67CR LT Loan to BB-
AEROCON BUILDWELL: CARE Lowers Rating on INR18.32cr LT Loan to D
AMBICA COTTON: CRISIL Suspends B Rating on INR40MM Cash Loan
ANPRAS FOOD: CRISIL Reaffirms B+ Rating on INR36.5MM Cash Loan
ATLAS PVC: CRISIL Suspends B- Rating on INR50MM Term Loan

BALAJI PHOSPHATES: CARE Assigns B+ Rating to INR4.20cr LT Loan
BATLIBOI ENVIRONMENTAL: Ind-Ra Cuts LT Issuer Rating to 'IND B-'
BHAGAWATHI COTTON: CRISIL Suspends B+ Rating on INR50MM Loan
BHARTIA YARNS: Ind-Ra Puts 'BB' LT Issuer Rating; Outlook Stable
BIHANI AGRO: CARE Assigns B+ Rating to INR9.65cr LT Loan

CARE UTILITY: CARE Assigns B+ Rating to INR8.99cr LT Loan
CELEBRITY CORPORATE: CRISIL Suspends D Rating on INR60MM LT Loan
CLASSIC PAPERS: CRISIL Suspends D Rating on INR45MM Cash Loan
DELIGHT INDUSTRIES: CRISIL Suspends B Rating on INR50MM Loan
DHANALAXMI COTTON: CRISIL Suspends B Rating on INR30MM LT Loan

DWARKA ROOFING: CRISIL Assigns 'B' Rating to INR10MM Term Loan
GANDHARVA INFRASTRUCTURE: CRISIL Rates INR50MM Loan at B+
GAURAV WORLDWIDE: Ind-Ra Puts B LT Issuer Rating; Outlook Stable
GLOBAL PAPER: CRISIL Suspends B+ Rating on INR60MM Cash Loan
GOKULMAMRA PRIVATE: CARE Revises Rating on INR8.27cr Loan to BB-

GOYAL ENERGY: Ind-Ra Withdraws 'BB-' LT Issuer Rating
HARSH MACRO: CARE Revises Rating on INR15cr LT Loan to BB-
HIRA AUTOMOBILES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
JHARKHAND MEGA: CRISIL Reaffirms B Rating on INR339.5MM LT Loan
MLJP CHEMICALS: Ind-Ra Assigns 'IND BB' LT Issuer Rating

MULTIFILMS PLASTICS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
NARAYAN SPINNING: CARE Revises Rating on INR27.63cr Loan to B+
PANDA INFRAPROJECTS: CRISIL Reaffirms B- Rating on INR94MM Loan
PINAKEE ENGINEERS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
PRAKASH INDUSTRIES: CARE Revises Issuer Rating to CARE D

PROVOGUE (INDIA): CARE Lowers Rating on INR218.68cr LT Loan to D
RAJAHMUNDRY GODAVARI: CARE Lowers Rating on INR566cr Loan to D
RENUKA CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR100MM Loan
SAGAR ROOFINGS: Ind-Ra Withdraws 'BB+' Issuer Rating
SAMARTH FABLON: Ind-Ra Withdraws 'BB-' LT Issuer Rating

SARASWATI EDUCATIONAL: Ind-Ra Rates INR380MM Term Loans 'IND BB'
SAS TRADING: CRISIL Assigns 'C' Rating to INR50MM Cash Loan
SHIVA SATYA: CARE Ups Rating on INR38.58cr LT Loan to B
SHIVAM IRON: CRISIL Reaffirms B- Rating on INR1.25BB Cash Loan
SHRI RAMSWAROOP: Ind-Ra Assigns 'BB' Rating on INR190MM Loan

SHYAM COAL: CRISIL Assigns B+ Rating to INR140MM Cash Loan
SNKM AND SONS: CRISIL Reaffirms B Rating on INR55MM Cash Loan
SRI MADAN: CRISIL Reaffirms B- Rating on INR60MM Loan
SRI PARAMESWARA: CRISIL Reaffirms D Rating on INR190MM Cash Loan
SRI SEETHARAMA: CRISIL Suspends B+ Rating on INR30MM Cash Loan

SUCHITRA EDUCATION: Ind-Ra Assigns 'B+' Rating to INR31.02MM Loan
SUPERFINE COMPONENTS: CRISIL Assigns B Rating to INR47MM LT Loan
SUSHIL UDYOG: CARE Assigns 'B' Rating to INR2.50cr LT Loan
TRAFO POWER: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
VENKATA RAJESH: CRISIL Reaffirms 'B' Rating on INR120MM Loan

VIJAYASAI TEXTILES: CRISIL Suspends D Rating on INR42MM LT Loan
VIKRAM HOSPITAL: CRISIL Suspends D Rating on INR455.1MM LT Loan
WHITELOTUS INDUSTRIES: CARE Raises Rating on INR24.85cr Loan to C


I N D O N E S I A

ALAM SUTERA: Moody's Affirms B1 Corporate Family Rating
TRIKOMSEL OKE: Plans Bond Committee in Two Weeks as Default Looms


S I N G A P O R E

BW GROUP: Moody's Hikes Corporate Family Rating to Ba1
STATS CHIPPAC: S&P Lowers CCR to 'BB-'; Outlook Stable
TANKOIL MARINE: $125MM Still Missing, OW Bunker Trustee Says


T H A I L A N D

TMB BANK: Fitch Affirms 'BB+' Support Rating Floor


V I E T N A M

BESRA GOLD: Commences Restructuring Proceedings in Canada
VIETCOMBANK: Fitch Publishes 'B+' IDR; Outlook Stable


X X X X X X X X

* Emerging Distressed Debt Rallies on Boost From China's Easing
* BOND PRICING: For the Week Nov. 2 to Nov. 6, 2015


                            - - - - -


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ABELE PEST: First Creditors' Meeting Set For Nov. 12
----------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
Abele Pest Management Pty Ltd, trading as Hunter Pest Services, on
Nov. 2, 2015.

A first meeting of the creditors of the Company will be held at
meeting Room of the Newcastle Region Library located at War
Memorial Cultural Centre, Laman Street, in Newcastle, NSW, on
Nov. 12, 2015, at 2:30 p.m


CLIFFS NATURAL: David Webb Retires as EVP Global Coal
-----------------------------------------------------
Mr. David L. Webb retired from his position as executive vice
president, Global Coal of Cliffs Natural Resources Inc. on
Oct. 31, 2015. The Company said it is grateful for Mr. Webb's
dedicated leadership and service and wishes him well in his
retirement.

                   About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama. Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two non-
operating iron ore mines in Eastern Canada. Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under the
Companies' Creditors Arrangement Act (Canada). The initial CCAA
order will address the Bloom Lake Group's immediate liquidity
issues and permit the Bloom Lake Group to preserve and protect its
assets for the benefit of all stakeholders while restructuring and
sale options are explored.

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.

As of Sept. 30, 2015, the Company had $2.27 billion in total
assets, $4.03 billion in total liabilities and a $1.75 billion
total deficit.

                               * * *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'. The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions. The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported in March 2015 that Moody's Investors Service
downgraded Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to 'B1' and 'B1-PD'
respectively. "The downgrade in the CFR to 'B1' reflects
expectations for a weaker performance in the Asia Pacific iron ore
(APIO) segment, which has a greater exposure to the movement of
iron ore prices in the seaborne market," said Carol Cowan, Moody's
senior vice president.


FITLINK GROUP: Enters Into Voluntary Administration
---------------------------------------------------
Eloise Keating at SmartCompany reports that a former fitness
training provider that operated for 30 years has entered voluntary
administration, following an application from the Australian Tax
Office to wind up the companies.

Hall Chadwick was appointed to manage the administration of
Fitlink Australia Pty Ltd, Fitgroup Australia Pty Ltd and Fitlink
Employment Services Pty Ltd on November 2, SmartCompany discloses.

A spokesperson for Hall Chadwick told SmartCompany the assets of
the companies were sold earlier this year and as such, the three
businesses are no longer trading and do not employ staff.

SmartCompany relates that the spokesperson also confirmed the
companies do not own the website www.fitlink.edu.au.

In November 2014, Reeltime Media Limited informed its shareholders
of its intention to pay AUD10 million to purchase the Fitlink
Group, the report notes.

According to the report, they said at the time that the Fitlink
Group had educated approximately 30,000 graduates in Australia and
New Zealand and had offices in Brisbane, Auckland and New Delhi.

SmartCompany relates that Reeltime Media said at the time the
founder and chief executive of Fitlink, Tim Boman, would continue
with the business.  However, it is not clear if the transaction
took place, with Reeltime Media itself entering voluntary
administration in April this year.

The report notes that Reeltime Media executed a Deed of Company
Arrangement in July and according to its website, is currently
seeking "investment opportunities in the digital media space".

SmartCompany says the appointment of administrators followed an
application to wind up Fitgroup Australia and Fitlink Employment
Services by the Australian Tax Office in the Federal Court in
Queensland on October 7.

According to the spokesperson for Hall Chadwick, this application
led to the director of the companies, placing the companies into
voluntary administration, the report states.

The winding up application for the two companies was scheduled to
be heard on November 13, although the administrators have arranged
an adjournment with the ATO until December 3, SmartCompany
reports.

Based in Queensland, the Fitlink Group was established in 1985 and
provided fitness education and training as well as a labour hire
business in the health and fitness industry.


MISSION NEW ENERGY: Needs More Time to File Form 20-F
-----------------------------------------------------
Mission NewEnergy Limited filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-Q for the year ended
June 30, 2015. The Company said it has not finalized its financial
statements for the period ended June 30, 2015, nor have its
certifying auditors had the opportunity to complete their audit of
the financial statements to be included in the Form 20-F. The
Company expects its financial statements and review of the
financial statements will be completed within the prescribed
extension period.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.
The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.

The Company reported net income of $28.4 million on $7.27 million
of total revenue for the year ended June 30, 2015, compared to a
loss of $1.1 million on $9.68 million of total revenue for the
year ended June 30, 2014.

As of June 30, 2015, Mission New Energy had $12.6 million in total
assets, $5.85 million in total liabilities and $6.76 million in
total equity.


VEETEMP AUSTRALASIA: First Creditors' Meeting Set For Nov. 12
-------------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
Veetemp Australasia Pty Ltd, trading as Veetemp Heating and
Airconditioning" and "Veetemp Airconditioning", on Nov. 2, 2015.

A first meeting of the creditors of the Company will be held at
meeting Room of the Masters Builders Association NT, 11/396 Stuart
Hwy, in Winnellie, NT, on Nov. 12, 2015, at 10:00 AM (ACST)
(Darwin)/11:30 AM (AEDT) (Sydney).



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CHINA SHANSHUI: Fitch Lowers Issuer Default Rating to 'C'
---------------------------------------------------------
Fitch Ratings has downgraded China Shanshui Cement Group Limited's
Long-Term Issuer Default Rating (IDR) and senior unsecured ratings
to 'C' from 'B-'.  The Recovery Rating on the senior unsecured
rating is 'RR4'.

The downgrade follows the company's announcement on 5 November
that its subsidiary, Shandong Shanshui Cement Group Co., Ltd,
faces uncertainties in repaying onshore debt of around CNY2bn due
on Nov. 12, 2015.  There is no grace period for repayment on most
onshore debt.  The company announced that a default on the onshore
debt would trigger the cross default provisions of its other debt,
including the offshore USD500 mil. notes due in 2020.

RATING SENSITIVITIES

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

   -- Failure to repay the onshore debt due on 12 November 2015,
      which will result in the IDR being downgraded to 'RD'.

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

   -- Repayment of the onshore debt due on Nov. 12, 2015, and
      securing sufficient liquidity to meet other immediate debt
      maturities.


CHINA SHANSHUI: S&P Lowers CCR to 'CC'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China-based cement producer China Shanshui Cement
Group Ltd. to 'CC' from 'CCC'.  The outlook is negative.  S&P also
lowered the rating on the company's outstanding senior unsecured
notes to 'CC' from 'CCC-'.  At the same time, S&P lowered its
long-term Greater China regional scale ratings on Shanshui to
'cnCC' from 'cnCCC', and that on its notes to 'cnCC' from
'cnCCC-'.

"The downgrade reflects our view that there is a high likelihood
that Shanshui will not repay its Chinese renminbi [RMB] 2 billion
onshore super short-term commercial paper due Nov. 12, 2015," said
Standard & Poor's credit analyst Jian Cheng.  "A failure to repay
this debt would trigger a cross-default of the company's other
financial obligations, including that of its outstanding U.S.
dollar notes."

S&P believes that a shareholders' dispute over the board members
at Shanshui has damaged the company's funding ability and
operations.  Shanshui's largest shareholder, Tianrui
(International) Holding Co. Ltd., continues to push for the
replacement of the existing board at extraordinary general
meetings.

Shanshui's liquidity has deteriorated significantly since the
redemption of its U.S. dollar notes due 2016 in July 2015 and that
of its onshore super short-term commercial paper in August 2015.
Onshore banks are reluctant to provide further financing due to
the uncertainty over management.  In addition, weaker demand
associated with lower cement prices is exerting pressure on the
company's financial and liquidity positions.

In S&P's view, Shanshui may have to rely on shareholders' support
to repay its commercial paper coming due.  However, S&P notes that
potential credit support from Tianrui is conditional on the
removal of all of Shanshui's directors, a proposal that may not be
acceptable to other shareholders.  Also, there is high uncertainty
over whether the company could receive timely support from other
major shareholders.

"The negative outlook for the next 12 months reflects the high
likelihood that Shanshui will default, given its large financial
obligations coming due, reduced access to funding, and curtailed
cash flow generation due to weak operations," said Mr. Cheng.

S&P may lower the rating if Shanshui fails to repay its super
short-term commercial paper due Nov. 12, 2015.  The failure to
repay will trigger a cross-default on the company's other
financial obligations, including its outstanding U.S. dollar
notes.

S&P may raise the rating if Shanshui repays its super short-term
commercial paper coming due and the company's access to the
capital market improves, leading to better liquidity.


FUTURE LAND: Moody's Assigns B1 Rating to USD Sr. Unsecured Bond
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Future Land
Development Holdings Limited's (FLDH) (Ba3 stable) proposed USD
senior unsecured bond.  The rating outlook is stable.

The proceeds of the notes will be used to repay some existing
debt, and for general corporate purposes.

RATINGS RATIONALE

"The proposed USD notes will improve FLDH's debt maturity profile
and lower its overall funding cost, because Moody's expects the
majority of the proceeds will be used to refinance the company's
higher cost debt," says Stephanie Lau, a Moody's Assistant Vice
President and Analyst.

The proposed issuance of the offshore bonds follows FLDH's
completion of RMB3 billion issuance in domestic corporate bonds.
Moody's views it is credit positive as it will improve the
company's liquidity profile, extend its debt maturity tenors and
lower its overall average weighted borrowing cost. The domestic
bond issuance completion was announced on 4 November 2015 and has
a maturity of five years.

The first tranche of the proposed bond is RMB3 billion with a
coupon rate of 4.5%. The majority of the proceeds will be used for
refinancing its domestic onshore debt.

Moody's believes that the proposed notes will strengthen FLDH's
liquidity profile and further help lower its average funding cost.

Moody's estimates that FLDH's cash holdings of RMB6.44 billion at
end-June 2015 and operating cash flow are adequate to cover its
maturing debt of RMB4.56 billion over the next 12 months and
committed land payments.

"The issuance of FLDH's proposed notes will not materially change
the company's credit metrics," adds Lau, who is also the Lead
Analyst for FLDH.

Moody's expects that FLDH's revenue/debt and EBIT coverage of
interest will measure around 120% and 3.0x respectively over the
next 12 months. Such results will continue to support its Ba3
corporate family rating and B1 senior unsecured bond ratings.
FLDH's Ba3 corporate family rating reflects its long and solid
track record in Jiangsu Province. The rating also takes into
account its size and scale; both factors of which are appropriate
for a Ba-rating level.

However, its Ba3 corporate family rating is constrained by the
lack of geographic diversification in its portfolio. This
situation exposes it to the volatility of regional economies.
Its investment in a Mainland A-share listed subsidiary, Future
Land Holdings Company Limited (unrated), also limits the free flow
of surplus cash within the group.

Moody's notes that FLDH is in the final stages of a restructuring
process which was approved by the China Securities Regulatory
Commission on 21 September 2015. The restructuring involves FLDH
listing its wholly owned subsidiary and flagship company -- Future
Land Holdings Company Limited -- on the Shanghai Stock Exchange as
an A-share company.

After the restructuring, FLDH will rely on its cash on hand,
property management profits and the dividends received from Future
Land Holdings Company Limited to service its debt.

Consequently, any change in the ownership structure of FLDH or
Future Land Holdings Company Limited by their single largest
shareholder and Chairman, Mr. Wang Zhenhua, could affect FLDH's
ratings.

Moody's has notched the rating of FLDH's senior unsecured bonds,
taking into consideration the subordination risk arising from its
priority debt and Future Land Holdings Company Limited's A-share
listing status in Mainland China.

The stable ratings outlook reflects Moody's expectation that the
company can maintain its strong sales results, adequate liquidity
position, and disciplined land acquisitions.
Upward pressure on the ratings is limited in the near term.
Nevertheless, upward ratings pressure may emerge over the medium
term if FLDH:

(1) Achieves its contracted sales targets over the next 1-2 years;

(2) Shows good financial discipline and expands cautiously, while
maintaining a sound liquidity profile and strong credit metrics.
Its cash holdings, for instance, should cover the short-term debt
held by its non-Mainland-listed property portfolio;

(3) Improves the balance of revenues and profits between its
non-Mainland-listed property portfolio and Jiangsu Future Land;
and/or

(4) Improves its credit metrics such that its EBIT/interest
coverage exceeds 4.0x-4.5x.

On the other hand, the ratings could be downgraded if FLDH:

1) Demonstrates a significant fall in sales;

(2) Materially increases its investments in projects funded by
debt;

(3) Shows evidence of a material weakening in balance-sheet
liquidity; in particular, if its cash/short-term debt coverage
falls below 1.0x;

(4) Demonstrates a deterioration in its credit metrics; in
particular, if EBIT/interest falls below 2.5x-3.0x, and/or
revenue/adjusted debt falls below 85%-90%;

(5) Exhibits substantially higher debt levels, and the liabilities
cannot be serviced by the company's own operating cash flow and
the expected dividends from Future Land Holdings Company Limited
post restructuring; and/or

(6) Exhibits any material reduction in its ownership of Future
Land Holdings Company Limited, or if Future Land Holdings Company
Limited's dividend payout policy changes, such that FLDH's
expected dividend income from Future Land Holdings falls.

Future Land Development Holdings Limited was founded in 1996 by
its Chairman, Mr. Wang Zhenhua. Mr. Wang has been in the property
development business in China since 1993. The company listed on
the Hong Kong Stock Exchange in November 2012.

At end-June 2015, FLDH's portfolio consisted of 97 projects in 19
cities in China. Its land bank totaled approximately 18.1 million
sqm of gross floor area in the same period.


ZHEJIANG TOPOINT: Directed to File More Briefs on Panel Ownership
-----------------------------------------------------------------
Judge Renee Marie Bumb of the United States District Court for the
District of New Jersey ordered the parties in the case captioned
ZHEJIANG TOPOINT PHOTOVOLTAIC CO., LTD et al., Appellants/Debtors
v. H2 CONTRACTING, LLC et al., Appellees, CIV. ACTION NO. 15-3584
(RMB)(D.N.J.), to file supplemental briefs addressing the
Bankruptcy Court's Opinion and order determining ownership of
solar panels.

The matter involves a dispute between the Debtors and H2
Contracting LLC and Hessert Construction NJ LLC regarding the
ownership of various solar panels. In the Order, the Bankruptcy
Court found, after permitting the parties discovery and holding a
plenary hearing, that the solar panels were not property of the
estate.

A full-text copy of the Memorandum Order dated October 21, 2015 is
available at http://is.gd/dSQ4jffrom Leagle.com.

Zhejiang Topoint Photovoltaic Co, Ltd, Appellant, represented by
Stephen Allen Loney, Jr., Esq. -- stephen.loney@hoganlovells.com
-- HOGAN LOVELLS US LLP H2 Contracting, LLC, Appellee, represented
by Damien Octavius Del Duca, Esq. -- dod@delducalewis.com -- DEL
DUCA LAW FIRM

                     About Zhejiang Topoint

Zhejiang Topoint Photovoltaic Co., Ltd., is engaged in the
development, manufacturing, and marketing of photovoltaic solar
panels in China for sale and export to international markets,
including the United States. Marketing of the solar panels is
performed by affiliate Zhejiang Jiutai New Energy Co. Ltd.
Manufacturing of the Topoint Group's products is generally
conducted from its facilities located in the Zhejiang Province of
the People's Republic of China.

Topoint is subject to proceedings before the People's Court of
Haining City, Zhejiang Province. Yueming Zhang is the court
appointed bankruptcy administrator.

Zhejiang Topoint and its three affiliates filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in Camden, New Jersey
(Bankr. D.N.J. Lead Case No. 14-24549) on July 16, 2014, to seek
U.S. recognition of the proceedings in China. Topoint estimated
assets of at least US$10 million and debt of less than US$10
million in the Chapter 15 petition.

Counsel in the U.S. cases is Stephen M. Packman, Esq., at Archer &
Greiner, P.C., in Haddonfield, New Jersey.



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BNP PARIBAS: To Close Hong Kong Dark Pool Amid Tougher Rules
------------------------------------------------------------
Bloomberg News reports that BNP Paribas SA is closing its dark
pool business in Hong Kong in December as tougher rules kick in,
according to a person familiar with the matter.

Bloomberg relates that BNP Paribas Securities (Asia) unit in
Hong Kong will stop running its internal dark liquidity pool
trading services from next month amid an evolving regulatory
environment, the person said, asking not to be identified as the
decision isn't public. Client orders will be sent directly to the
exchange for execution, the person said, Bloomberg adds.

According to Bloomberg, Hong Kong will get a tougher regime for
dark pools from Dec. 1.  Bloomberg says bank-operated trading
venues provide the only alternative to Hong Kong Exchanges &
Clearing Ltd., which enjoys a monopoly over on-exchange equity
trading.  BNP's local unit was fined HK$15 million ($1.9 million)
by Hong Kong's financial regulator in August for breaching rules
that set out how its dark pool should operate, Bloomberg recalls.
The brokerage treated all orders as having equal priority between
November 2009 and April 2011, when it suspended operations, the
Securities and Futures Commission said at that time, the report
discloses.

Lilian Goh, a Hong Kong-based spokeswoman at BNP, declined to
comment. Reuters reported the planned closure earlier on Nov. 6,
adds Bloomberg.



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AAA ROLLER: CARE Revises Rating on INR23.67CR LT Loan to BB-
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
AAA Roller Flour Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     23.67      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of AAA
Roller Flour Mills Private Limited (ARFMPL) takes into account the
growth in the scale of operations and improvement in the capital
structure.

The rating continues to derive strength from experience of the
promoters in the wheat processing industry, their demonstrated
financial support and operational synergies with group companies.

The rating continue to be constrained by its relatively modest
scale of operations, low profitability margins, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The rating further continues to be
constrained by its presence in a highly competitive and fragmented
industry, volatility of raw material prices along with foreign
exchange fluctuation risk.

The ability of ARFMPL to increase its scale of operations with
improvement in profitability margins amidst intense competition
coupled with efficient management of working capital cycle are the
key rating sensitivities.

ARFMPL was incorporated in 2011 by Mr Vijay Gupta (Chairman and
Managing Director) and family and commenced
operations in May 2013. It is engaged in the processing of wheat
to manufacture different forms of flour such as Maida, Rawa, Suji
and wheat flour (atta) and has an installed capacity of 108,000
metric ton per annum at its plant in Pune, Maharashtra.

ARFMPL primarily operates in the domestic market (~65 of the total
sales) under the brand names of 'Paras', 'Chand' and 'Navratan'
and caters to reputed biscuit manufacturing brands such as Parle,
Britannia and ITC. The company also exports its products (~35 of
the total sales) to distributors in countries such as UAE, China,
Australia and New Zealand. The main products of the company
include Maida contributing ~63%, followed by Bran contributing
~18%, Rawa/Suji ~13%, and wheat flour contributing ~6% to the
total revenue in FY15 (refers to the period of April 1 to March
31).

During FY15 (FY refers to period of April 01 to March 31), ARFMPL
reported a total operating income of INR146.78 crore (vis-a-vis
INR115.73 crore in FY14) & PAT of INR0.37 crore (vis-a-vis INR0.09
crore in FY14). Furthermore, the company achieved a turnover of
INR43.94 crore during the period of April 1, 2015 to August 31,
2015.


AEROCON BUILDWELL: CARE Lowers Rating on INR18.32cr LT Loan to D
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Aerocon Buildwell Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.32      CARE D Revised from
                                            CARE B

   Short-term Bank Facilities     1.00      CARE D Revised from
                                            CARE A4
Rating Rationale

The revision in the ratings assigned to the bank facilities of
Aerocon Buildwell Private Limited (ABPL) is primarily driven by
delay in debt repayment due to weak liquidity position.
Establishing a clear debt servicing track record with an
improvement in the liquidity position would be the key rating
sensitivity.

Incorporated in the year 2012, ABPL has recently set up the plant
for manufacturing of AAC blocks at Ujjain and had started
production from August 2014. ABPL is promoted by three promoters
led by Mr Girish Kemkar. ABPL has undertaken project to
manufacture AAC blocks with an annual proposed installed capacity
of 15,000 cubic meter at its facilities located at Ujjain- Madhya
Pradesh.


AMBICA COTTON: CRISIL Suspends B Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ambica
Cotton Industries (ACI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable
   Long Term Loan         24.4      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by ACI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACI is yet to
provide adequate information to enable CRISIL to assess ACI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Incorporated in 2010 as a partnership firm, ACI is engaged in
ginning of raw cotton at Andhra Pradesh. The firm is promoted by
Mr. Punati Hari and his family.


ANPRAS FOOD: CRISIL Reaffirms B+ Rating on INR36.5MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anpras Food Products
Pvt Ltd (AFPPL) continue to reflect AFPPL's modest business risk
profile with modest scale of operations, susceptibility to
volatility in raw material prices, and to regulatory changes. The
ratings also reflect below-average financial profile because of
low net worth and subdued debt protection metrics. These rating
weaknesses are mitigated by the diversified customer base, and the
benefits that AFPPL derives from the stable demand for rice in
India.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           36.5       CRISIL B+/Stable (Reaffirmed)

   Import Letter of
   Credit Limit          12         CRISIL A4 (Reaffirmed)

   Term Loan             26         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AFPPL will benefit over the medium term from the
stable demand for rice in the country and diversified customer
base. The outlook may be revised to 'Positive' if the financial
risk profile improves due to substantial increase in scale of
operations, improved working capital management or capital
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity
weakens on account of low accrual or stretched working capital
cycle.

Update
AFPPL reported a turnover of INR158.2 million for 2014-15 (refers
to financial year, April 1 to March 31), as against INR133.9
million in 2013-14 which was its first full year of operations.
The company reported an improved operating margin of 9.8 per cent
in 2014-15 as compared to 7.7 per cent over the previous year,
driven by improved capacity utilisation and better price
realisations.

The operations are highly working capital intensive, with gross
current assets (GCAs) of 149 days as on March 31, 2015. The high
GCAs were primarily driven by large inventory of 108 days and
receivables of 31 days. The company maintains large raw material
inventory due to its seasonal availability and purchases paddy on
a cash basis from suppliers. The company funds the large working
capital requirement through short-term working capital borrowings;
hence, the bank lines have been utilised at 80 per cent during the
12 months through July 2015.

The financial risk profile remains below-average despite improved
net worth and gearing while the debt protection metrics remain
subdued. The net worth was INR23.1 million in 2014-15 which has
improved from 16.2 million in 2013-14, and its gearing in 2014-15
was at 3.02 times from 4.59 times in 2013-14. The debt protection
metrics are subdued, with net cash accrual to total debt and
interest coverage ratios at 0.12 time and 1.97 times,
respectively, for 2014-15.

AFPPL, incorporated in 2012, has set up a rice milling facility at
Ranchi (Jharkhand). The unit commenced commercial operations in
April 2013. The company is managed by its managing director, Mr. M
K Singh.


ATLAS PVC: CRISIL Suspends B- Rating on INR50MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Atlas
Pvc Pipes Pvt Ltd (APPPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B-/Stable
   Term Loan              50        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
APPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APPPL is yet to
provide adequate information to enable CRISIL to assess APPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

APPPL, incorporated in February 2011, manufactures unplasticized
polyvinyl chloride (UPVC) pressure pipes, Soil, Waste and Rain
(S.W.R) piping systems, casing pipes, plumbing systems, and
chlorinated polyvinyl chloride (CPVC) pipes and fittings. The
company, based in Cuttack (Orissa), is promoted by Mr. Santosh
Kumar Mohanty and his family.


BALAJI PHOSPHATES: CARE Assigns B+ Rating to INR4.20cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Balaji Phosphates Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.20      CARE B+ Assigned
   Short-term Bank Facilities     3.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Balaji Phosphates
Private Limited (BPPL) are primarily constrained on account
of its nascent stage of operations in the fertilizer industry and
financial risk profile marked by moderate solvency position
and stressed liquidity position. The ratings are, further,
constrained on account of vulnerability of margins to fluctuations
in the raw material prices with availability issues, its presence
in the highly regulated fertilizer industry and project
implementation risk associated with it.

The ratings, however, favourably take into account the experienced
management and financial assistance provided by the promoters. The
ratings, further, derive strength from benefits received under
Nutrient based subsidy (NBS) policy for SSP.

The ability of the company to increase its scale of operations
with efficient management of working capital and timely completion
of the project would be the key rating sensitivities.

BPPL was incorporated in 1996 by Mr. Manoj Kanodia along with his
family members. BPPL was engaged in the business of manufacturing
of Nitrogen, Phosphorus and Potassium (NPK) fertilizers. However,
in September 2013, the company was acquired by present directors,
Mr Mohit Airen and Mr. Alok Gupta along with their family members
with an objective to manufacture Single Super Phosphate (SSP) and
Granule Single Super Phosphate (GSSP) along with NPK fertilizers.
After takeover of the company, the management of BPPL undertook a
project for manufacturing of SSP and GSSP. It completed its
project in December 2014 with delay of 6 months due to delay in
approval as well as tie-up of funds for project completion. It
incurred total cost of INR4.80 crore towards the project funded
through term loan of INR1.63 crore and remaining through
promoter's fund in the form of share capital as well as unsecured
loans. BPPL has installed capacity of 400 Tonnes Per Day (TPD) for
manufacturing of SSP and 400 TPD for manufacturing of GSSP/NPK.
Before takeover of the company, the installed capacity of NPK was
45000 Metric Tonnes Per Annum (MTPD). It markets its product under
the brand-name of "Ratnam".

During FY15 (refers to the period April 1 to March 31), BPPL has
reported a total operating income of INR4.78 crore (FY14:
Rs.2.97 crore) with a PAT of INR0.01 crore (FY14: INR0.24 crore).


BATLIBOI ENVIRONMENTAL: Ind-Ra Cuts LT Issuer Rating to 'IND B-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Batliboi
Environmental Engineering Ltd.'s (BEEL) Long-Term Issuer Rating to
'IND B-' from 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects BEEL's breach of Ind-Ra's negative
guideline of incurring continued cash losses, resulting in net
worth erosion, and/or delayed financial support from its founders.

In FY15, EBIDTA loss was INR7.1m (FY14: INR11.8m), revenue was
flat at INR325.6m (INR324.0m) and cash flow from operation was
negative INR36.0m (INR6m) due to delays in the execution of
projects on the back of stressed market conditions and high fixed
costs. The company incurred cash losses even in 1HFY16, according
to unaudited results. EBIDTA losses had reduced in FY15, led by
the cost control measures BEEL undertook in its air pollution
division and the completion of the loss-making contracts in the
liquid pollution division. The company's working capital cycle
remained moderate at 64 days in FY15 (FY14: 68 days).

The rating, however, continues to draw strength from BEEL's 50-
year-long track record in the pollution treatment projects. Also,
BEEL has access to its group company Batliboi Limited's ('IND
B+'/Negative) INR200m working capital limits.

RATING SENSITIVITIES

A positive rating action could result from one year of profitable
operations leading to positive cash flow from operations.

COMPANY PROFILE

Established in 1959, BEEL is involved in the design, selection,
engineering, fabrication, supply, installation, and commissioning
of air and water pollution control equipment, and a variety of
systems with industrial and municipal applications.


BHAGAWATHI COTTON: CRISIL Suspends B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagawathi Cotton Industries (BCI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable
   Long Term Loan         30        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by BCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BCI is yet to
provide adequate information to enable CRISIL to assess BCI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

BCI, incorporated in March, 2009 as partnership firm with Vollala
Praveen Kumar, Vollala Shiva Kumar, Vollala Venkata Laxmi, Vollala
Kiran Kumar, Vollala Saritha and six other partners in the firm.
The firm is based in Karimnagar district of Andhra Pradesh. The
firm is engaged in ginning and pressing of raw cotton (Kapas) with
a capacity of 200 bales per day. The firm is in the process of
expanding the capacity to 350 bales per day in 2012-13.


BHARTIA YARNS: Ind-Ra Puts 'BB' LT Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Bhartia Yarns
Private Limited (BYPL) Long Term Issuer Rating to 'IND BB'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in BYPL's limited operational track record and
the price fluctuation risks associated with the agricultural
commodity trading business.  BYPL commenced operations in April
2015 and recorded revenue of INR150 mil. in 1HFY16.  For FY16, the
management expects the company to report revenue of around
INR280 mil. in FY16 and EBITDA interest coverage of around 3x.

The ratings reflect the three-decade-long experience of BYPL's
promoters in the yarn trading business and their longstanding
relationships with customers and suppliers.  Liquidity is
comfortable as the INR10m cash credit facility remained unutilized
during the 12 months ended July 2015.  Also, there are no
repayment obligations as the company's debt structure comprises
only working capital facilities.

RATING SENSITIVITIES

Positive: Increased scale of operations along with a sustained
improvement in the credit metrics will lead to a positive rating
action.

Negative: Failure to scale up operations leading to stressed
credit metrics will result in a negative rating action.

COMPANY PROFILE

Incorporated in 1999, BYPL is engaged in the trading of imported
yarns to local textile manufacturers and wholesalers.  BYPL is a
part of Fine Yarn group which also includes Fine Yarn
('IND BB'/Stable) and Nimish Syntex ('IND BB'/Stable).  All the
entities are involved in trading of yarns.


BIHANI AGRO: CARE Assigns B+ Rating to INR9.65cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Bihani Agro Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.65      CARE B+ Assigned
   Short term Bank Facilities     0.03      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bihani Agro Foods
Private Limited (BAF) are constrained by its short track record of
operations and weak financial risk profile marked by moderate
profitability margins and weak solvency position. The ratings are
further constrained by the working capital intensive nature of
operations, susceptibility of business to vagaries of nature and
fragmented nature of industry with high level of government
regulations. The ratings, however, favourably take into account
experienced partners and long track record of operations.

The ability of the company to profitably increase its scale of
operations, while improving its solvency position and managing the
working capital requirements efficiently would be the key rating
sensitivities.

BAF was incorporated in the year 2014 and is promoted by Mr Ram
Niwas Bihani, Mr Inder Chand Bihani, Mr Shri Niwas Bihani, Mr
Govind Bihani, Mr Gopal Bihani and Mr Raghav Bihani. The company
started its operations in December 2014. BAF is engaged in the
processing of paddy at its manufacturing unit located at Fazilka,
Punjab, with total installed capacity of 14,400 metric ton per
annum (MTPA), as on March 31, 2015. The company procures paddy
from local grain markets through dealers and agents mainly from
the state of Haryana and sells its products i.e. basmati and non-
basmati rice in the states of Delhi, Uttar Pradesh, Haryana,
Rajasthan, Maharashtra, Andhra Pradesh and Punjab through a
network of commission agents and traders. The company has a group
concern by the name Fazilka Agro Private Limited engaged in
processing of paddy since 1992.

In the 4 months of operations in FY15 (refers to the period
April 1 toMarch 31), BAF reported a total income of INR15.05
crore with PAT of INR0.03 crore. Furthermore, the company had
achieved a total operating income of INR16.00 crore till
September 15, 2015 (unaudited).


CARE UTILITY: CARE Assigns B+ Rating to INR8.99cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Care
Utility Products Private Limited (CUP).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.99      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Care Utility
Products Private Limited (CUP) is primarily constrained by its
small scale of operations with low net worth base and leveraged
capital structure. The rating is further constrained by the
company's weak liquidity indicators. The rating, however, derives
strength from the experienced promoters and moderate profitability
margins. Going forward, the ability of the company to increase its
scale of operations while improving its capital structure and
profitability margins would be the key rating sensitivities.

CUP was incorporated in March 2008. The business operations were
taken over by CUP from Con Advertisers Private Limited (engaged in
manufacturing of tooth brushes since 1988) in 2008. Currently, the
company is being managed by Mr Kabir Sachdeva and Mrs Shail
Sachdeva. The company undertakes manufacturing and packaging of
Gillete razors while it does packaging for Cadbury chocolates, on
job work basis. The manufacturing facilities of the company are
located in Solan (Himachal Pradesh) and Bhiwadi (Rajasthan). The
packaging of Cadbury chocolates is undertaken in the Rajasthan
unit, whereas the manufacturing and packaging of Gillete razors is
undertaken in both the units of the company. The materials
required for manufacturing are supplied by the customers. The
company's main customers are Proctor and Gamble and Cadbury India
Limited.

Credit risk assessment
Small scale of operations with low net-worth base
The company's scale of operations has remained low marked by total
operating income (TOI) of INR9.35 crore in FY14 (refers to
the period April 01 to March 31) and tangible net worth of INR4.05
crore as on March 31, 2014. In FY15 (as per the unaudited
results), the company achieved a total sales of around INR10
crore. Furthermore, the company's GCA was relatively small at
INR1.28 crore for FY14. The small scale limits the company's
financial flexibility at times of stress and deprives it from
scale benefits. Although the TOI of CUP increased from INR3.62
crore in FY12 to INR10 crore in FY15 on account of establishment
of additional manufacturing facility in Rajasthan, the same
continues to remain small.

Leveraged capital structure and weak liquidity indicators
The capital structure of the company is leveraged marked by
overall gearing ratio of 2.43x, as on March 31, 2014 mainly on
account of dependence upon external borrowings to support various
business requirements coupled with low net-worth base.
The same improved from 10.88x as on March 31, 2013, owing to
equity infusion of INR2.80 crore in FY14 coupled with substantial
repayment of unsecured loans, however, the same continues to
remain leveraged. The working capital requirements of the
company have largely been met through bank borrowings, which have
resulted in full utilization of its sanctioned limits for the
12-month period ended August 2015. Although the operating cycle of
the company stood moderate at 44 days as on March 31, 2014, the
same deteriorated on y-o-y basis. Furthermore, liquidity position
of CUP is weak as indicated by low current ratio and quick ratio
of 0.73x as on March 31, 2015.

Experienced promoters
The company is currently being managed by Mr Kabir Sachdeva and
Mrs Shail Sachdeva. Both the directors have more than one decade
of industry experience and have accumulated this experience
through their association with CUP and other entities engaged in
the similar business. Furthermore, the directors of the company
are supported by a team of experienced and qualified professionals
having varied experience in the technical, finance and marketing
domains.

Moderate profitability margins
The profitability margins of the company stood moderate as
reflected by PBILDT and PAT margins of 27.05% and 4.95%,
respectively, in FY14. The PBILDT margin stood above 18% during
last three financial years on account of quality products being
manufactured by the company and job work nature of business.

Industry outlook
The packaging industry in India has been registering a constant
growth and is expected to become fourth largest packaging
industry in the world by 2016. The growth was mainly driven by the
stable demand from end use industry, ie, food products,
retail, consumer durable goods, auto ancillary, and
pharmaceuticals. This growth is fuelled by the growth of the
middle class population and spending power. Economic
liberalization and a rapid growth in organized retail sector have
given the packaging industry an impetus to grow. This is expected
to be fuelled by greater demand in the food, and FMCG sectors.
Technology and innovations will lead to packaging forms that
increases shelf life and reduces cost. The same was backed by the
increase in disposable income and need of quality packaged goods
due to increase in health consciousness among the people.


CELEBRITY CORPORATE: CRISIL Suspends D Rating on INR60MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Celebrity Corporate Club (CCC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          60       CRISIL D

The suspension of rating is on account of non-cooperation by CCC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CCC is yet to
provide adequate information to enable CRISIL to assess CCC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Chennai-based CCC operates Padappai resort in Chennai; it is
presently setting up a resort in Coimbatore. The day to day
operations are managed by Mr. Kangeyan and Mr. Murugesan.


CLASSIC PAPERS: CRISIL Suspends D Rating on INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Classic
Papers (Classic Papers).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             45       CRISIL D
   Proposed Long Term
   Bank Loan Facility      38       CRISIL D
   Term Loan               10       CRISIL D

The suspension of ratings is on account of non-cooperation by
Classic Papers with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Classic
Papers is yet to provide adequate information to enable CRISIL to
assess Classic Papers's ability to service its debt. The
suspension reflects CRISIL's inability to maintain a valid rating
in the absence of adequate information. CRISIL considers
information availability risk as a key factor in its rating
process as outlined in its criteria 'Information Availability - a
key risk factor in credit ratings'

Classic Papers was set up as a partnership firm in 2006 by Mr. T
Madhusudhan and Mr. P Subba Rao. The firm manufactures coated and
uncoated duplex board papers.


DELIGHT INDUSTRIES: CRISIL Suspends B Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Delight
Industries (DI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4
   Cash Credit            50        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by DI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DI is yet to
provide adequate information to enable CRISIL to assess DI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

DI is a partnership firm established in 2004. The firm
manufactures electric wires and power chords required in
electronic components. It has its manufacturing facility in Narela
(Delhi). The partners of the firm are Mr. Y M Jindal and his
daughter-in-law, Ms. Renu Jindal.


DHANALAXMI COTTON: CRISIL Suspends B Rating on INR30MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Dhanalaxmi Cotton Industries (DCI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           27.5      CRISIL B/Stable
   Long Term Loan        30        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    22.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by DCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DCI is yet to
provide adequate information to enable CRISIL to assess DCI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Set up in January 2013, DCI is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. Based out of
Parakal village near Warangal and promoted by Mr.Yerra Harishankar
and his family, the firm commenced commercial operations from
November 2013.


DWARKA ROOFING: CRISIL Assigns 'B' Rating to INR10MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dwarka Roofing Private Limited (DRPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Cash           5        CRISIL B/Stable
   Credit Limit
   Proposed Term Loan     10        CRISIL B/Stable

The rating reflects DRPL's exposure to risks related to project
implementation and subsequently to ramp-up in operations. The
rating also factors in its expected modest scale of operations and
average financial risk profile. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
the management.
Outlook: Stable

CRISIL believes DRPL will benefit over the medium term from its
management's extensive entrepreneurial experience. The outlook may
be revised to 'Positive' in case of earlier-than-expected
stabilisation of operations and ramp up of sales, leading to
higher cash accrual in the early stage of operations. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens on account of a slower
increase in sales following the project commissioning, leading to
low cash accrual, or a significant stretch in the company's
working capital cycle.

DRPL was incorporated in May 2015, promoted by Mr. Jayant
Shaligram along with business acquaintances, Mr. Yagnesh Thakar,
Mr. Adwait Kulkarni, and Mr. Harsh Padhiyar. It is currently
setting up a plant for manufacturing cold-rolled profile sheets,
with a capacity of 20 tonnes per day at its facility in Dive, near
Pune (Maharashtra). Commercial operations are expected to commence
from November 2015.


GANDHARVA INFRASTRUCTURE: CRISIL Rates INR50MM Loan at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gandharva Infrastructure and Projects
Limited (GIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          30       CRISIL A4
   Overdraft Facility      50       CRISIL B+/Stable

The ratings reflect modest scale of operations in intensely
competitive construction industry, high demand and implementation
risk associated with the real-estate project and susceptibility of
operating margin to fluctuations in raw material prices. These
weaknesses are partially offset by the promoters' extensive
experience in the construction industry, and average financial
risk profile marked by low gearing.
Outlook: Stable

CRISIL believes GIPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is significant increase in scale of
operations and operating profitability along with higher-than-
expected booking status and receipts of customer advances leading
to better-than expected cash accrual and liquidity. Conversely the
outlook may be revised to 'Negative' if the financial risk
profile, particularly the liquidity, weakens due to larger-than
expected working capital requirement, delays in project execution,
lower cash accrual or a large, debt-funded capital expenditure
undertaken.

GIPL was incorporated in 2005 by Mr. S K Bagla. The company is
into civil construction for buildings of government projects. GIPL
is also undertaking a residential real-estate project in Lucknow.


GAURAV WORLDWIDE: Ind-Ra Puts B LT Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Gaurav Worldwide
Trading Pvt Ltd (GWTPL) a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.  Ind-Ra has also assigned GWTPL's INR300 mil.
fund-based working capital facility a Long-term 'IND B' rating
with Stable Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect GWTPL's small scale of operations and moderate
credit metrics.  Unaudited FY15 financials indicate revenue of
INR5 mil. (FY14: INR5 mil.), net leverage of negative 6.3x (6.2x),
EBITDA interest cover of 23.2x (5.2x).  The company has not yet
started utilizing its fund-based facilities.

Ind-Ra expects moderate revenue growth in FY16.  Also, the credit
metrics might deteriorate marginally on the utilization of the
fund-based facilities.

The ratings also factor in the risks inherent in GWTPL's trading
mature of the business leading to volatile profitability margins
(between 2.3% and 90.5%).

The ratings also factor in the promoters' more than a decade long
experience in the trading business.

RATING SENSITIVITIES

Negative: A decline in the top line and profitability leading to
deterioration in credit metrics could be negative for the ratings.

Positive: A substantial increase in the scale of operations while
maintaining the liquidity leading to a sustained improvement in
the credit metrics could be positive for the ratings.

COMPANY PROFILE

Mumbai-based GWTPL was incorporated in 2004.  GWTPL's three main
areas of operations are ship breaking, buying of sick units for
dismantling, and importing steel plates and scrap and selling them
in the domestic market.


GLOBAL PAPER: CRISIL Suspends B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Global
Paper Resources (GPR).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             60       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by GPR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GPR is yet to
provide adequate information to enable CRISIL to assess GPR's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

GPR was originally set up in 2006 as a proprietorship firm by Mr.
Sanjay Kumar; this firm was reconstituted as a partnership firm is
2013-14 (refers to financial year, April 1 to March 31).  GPR,
based in Delhi, trades in paper (mainly printing paper) and
related material.


GOKULMAMRA PRIVATE: CARE Revises Rating on INR8.27cr Loan to BB-
----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Gokulmamra
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.27      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision In the rating assigned to the bank facilities of
Gokul Mamra Private Limited (GMPL) was primarily on account of
improvement capital structure and debt coverage indicators as well
as marginal increase in the scale of operations in FY15 (refers to
the period April 1 to March 31). The rating continues to remain
constrained on account of thin profit margins, working capital
intensive nature of operations, moderately leveraged capital
structure and weak debt coverage indicators as well as
susceptibility of the operations to fluctuation in the raw
material prices and government policies.

The rating, however, continue to draw strength from the vast
experience of the promoters, moderate scale of operations
and its proximity to the paddy producing region.

The ability of GMPL to increase its scale of operations, improve
its profit margins, capital structure and debt coverage indicators
are the key rating sensitivities.

GMPL was initially established in the year 2004 as a partnership
firm. During March 2014, it was converted into private limited
company. GMPL is managed by two promoter directors Mr Viramdevsinh
Sarvaiya & Mr Jayson Hirani. The company is engaged in
manufacturing of rice flakes like mamra (puffed rice) and poha
(flattened rice). The manufacturing unit of the company is located
near Bavla, Ahmedabad. The company sells its products mainly to
the wholesale/ retail traders in Gujarat, Maharashtra, Delhi and
Haryana. Paddy is the main raw material which is procured from the
local mandis of the district.

During FY15, GMPL reported a total operating income (TOI) of
INR76.73 crore with a PAT of INR0.09 crore as against TOI of
INR72.87 crore with a PAT of INR0.15 crore during FY14.
Furthermore, during H1FY16 (Provisional), GMPL achieved a TOI of
INR47.28 crore.


GOYAL ENERGY: Ind-Ra Withdraws 'BB-' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Goyal Energy &
Steel Pvt Ltd's (GESPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for GESPL.

Ind-Ra suspended GESPL's ratings on March 13, 2015.


HARSH MACRO: CARE Revises Rating on INR15cr LT Loan to BB-
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Harsh Macro Buildhome Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Harsh Macro Buildhome Private
Limited (HMBPL) takes into account the implementation of its on-
going real estate project within envisaged cost and time
parameters and comfortable level of booking advances received
against booked units.

The rating, however, continues to remain constrained on account of
project saleability risk associated with un-booked units and
inherent risks associated with the real estate sector. The rating
is, further, constrained on account of slow movement in booking of
new units.

The rating, however, favourably takes into account the experienced
management with diversified business operations of HarshMacro
Group (HMG).

The ability of HMBPL to successfully complete its on-going project
within envisaged time and cost parameters, sale of units at
envisaged price and timely receipt of the booking advances are the
key rating sensitivities.

HMBPL was incorporated in December, 2012 as New World Buildhome
Private Limited by Mr Harsh Agarwal and Mr Nawal Singh Ratnawat
with an objective to develop real estate projects. Subsequently,
the company resumed its current name in March, 2013 HMBPL is part
of HMG which was formed by Harsh group and Macro group having
interest in diversified businesses including real estate,
jewellery, commodity and stock trading. HMBPL is presently working
on one residential project named 'The Coronation' in Jaipur where
it will construct 165 residential flats and 8 penthouses. It
started project implementation from March 2014 onwards and
construction work is envisaged to be completed by March 2017. Of
the 165 flats, 30 flats are proposed to be of 2BHK specifications,
127 flats of 3BHK and 8 flats of 4BHK. It has envisaged total cost
of the project of INR56.25 crore to be financed through term loan
of INR15.00 crore, share capital of INR15.00 crore, unsecured loan
of INR4.00 crore and remaining amount of INR22.25 through advance
from the customers.


HIRA AUTOMOBILES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hira Automobiles
Ltd (HAL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.  The agency has also assigned the company's INR250.0 mil.
fund-based working capital limits a Long-Term 'IND BB' rating with
Stable Outlook and Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings are constrained by HAL's weak credit profile primarily
due to high year-end debt.  On March 31, 2015, the total debt was
INR702 mil., of which working capital debt constituted 84.7%, term
loan 10.8% and unsecured loans 4.3%.  The company reported net
financial leverage (net debt/operating EBITDA) of 8.6x and gross
interest coverage of 1.6x in FY15.

The company has a moderate liquidity position owing to the working
capital intensive nature of its operations.  The average peak
utilization of fund-based limits was 91% for the 12 months ended
August 2015.

The ratings reflect HAL's established market position as the only
authorized dealer of Maruti Suzuki India Limited (MSIL) with nine
dealerships in Patiala and Muktsar, Punjab.  MSIL continues to
report higher than industry growth despite being the largest
player in the domestic passenger car segment (FY15 volume:
1,170,702 cars).

HAL's revenue and profit after tax grew at a healthy CAGR of 13.2%
and 14.7%, respectively, over FY11-FY15.  In FY15, the company
reported revenue of INR3,237.3 mil., up 5.8% yoy despite a slight
decline in sales volume (FY15: 5,628 cars; FY14: 5,685 cars) with
Swift's diesel variant accounting for close to 30% of the total
car sales.  HAL derives around 86% of its revenue from sale of
cars while the sale of spares & accessories and sale of services
account for 7% each.

EBITDA margins improved to 2.1% in FY15 from 1.6% in FY14 on the
launch of new models (Ciaz and Celerio) by MSIL and a change in
sales mix for the company in favour of low discount cars.
However, despite the improvement, the margins remained low
primarily due to the competitive nature of the dealership
business.

RATING SENSITIVITIES

Positive:  An increase in revenue and operating profit along with
improvement in the credit metrics will be positive for the
ratings.

Negative: Stressed liquidity profile or deterioration in the
credit metrics could result in a negative rating action.

COMPANY PROFILE

Incorporated in 1989, HAL started its operations as Maruti Suzuki
car dealership with one showroom and a workshop in Patiala.  The
company has dealerships at nine locations in Punjab - Patiala,
Muktsar, Rajpura, Nabha, Malout, Devigarh, Gidderbaha, Bhadson and
Samana.  Besides selling cars and related accessories, it provides
financing and insurance solutions for the same.  In 1QFY16, HAL
reported revenue of INR685 mil. (1QFY15: INR717 mil.) with EBITDA
margins improving to 3.1% (2.2%) and net profit to INR1.4 mil.
(INR1.2 mil.).


JHARKHAND MEGA: CRISIL Reaffirms B Rating on INR339.5MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jharkhand Mega
Food Park Private Limited (JMFPPL) continues to reflect delays by
JMFPPL in implementing its integrated food processing park project
in Ranchi.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        339.5      CRISIL B/Stable (Reaffirmed)

The rating also reflects the offtake risks associated with the
project. These rating weaknesses are partially offset by support
the mega food park derives from government in the form of
favourable policies and financial grant.
Outlook: Stable

CRISIL believes JMFPPL will continue to benefit over the medium
term from favourable government policies for mega food parks. The
outlook may be revised to 'Positive' if the company completes its
project within the scheduled time and budgeted costs, and achieves
tie-ups with potential customers resulting in adequate occupancy
levels. Conversely, the outlook may be revised to 'Negative' in
case of a further time or cost overrun in completion of its
project, or there are delays in tying up potential customers
thereby adversely affecting its debt-servicing capability.

JMFPPL was incorporated in 2009 as a special-purpose vehicle (SPV)
by a group of entities - the primary stakeholders are GenX Venture
Capital Inc, Empower India Limited, Patanjali Avurved Ltd, Ranchi
Industrial Area Development Authority, and Green Coast Nurseries
India Pvt Ltd.

The SPV is setting up an integrated food processing park in
Ranchi. The park is being set up under the Mega Food Park Scheme
of the Ministry of Food Processing Industries, Government of
India. The project is expected to be commissioned by January 2016.


MLJP CHEMICALS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MLJP Chemicals
Limited (MLJP) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect MLJP's moderate scale of operations as well as
credit metrics. FY15 financials indicate revenue of INR623.42m
(FY14: INR608.37m), net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) of 1.14x (5.56x) and gross interest cover
(operating EBITDA/gross interest expense) of 2.41x (1.67x). EBITDA
margins were low at 1.33% in FY15 because of the trading nature of
business.

The ratings also factor in the company's comfortable use of the
working capital facilities which was around 52% during the 12
months ended September 2015.

However, the ratings draw comfort from MLJP's founders' over two
decades of experience in the chemical trading business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line along with an
improvement in the profitability leading to improved interest
coverage could lead to a positive rating action.

Negative: A decline in the operating profitability leading to
further deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

MLJP was established in 1982 and is engaged in the trading of
chemical products. It is the sole distributor of the chemicals
manufactured by Sekisui Speciality Chemicals, USA, in India. The
company has its head office in Khari Baoli, New Delhi.


MULTIFILMS PLASTICS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Multifilms
Plastics Private Limited (MPPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MPPL's small scale of operations and moderate
credit metrics. FY15 financials indicate revenue of INR560m (FY14:
INR313m) with net leverage of 3.8x (6.1x) and EBITDA interest
cover (operating EBITDA/gross interest expense) of 2.5x (1.5x).
EBITDA margins fluctuated in the range of 4.2% to 7.9% over FY12-
FY15 .

The ratings are supported by the over three decades of experience
of MPPL's promoters in the manufacture of plastic films and the
company's long operational history. MPPL has comfortable liquidity
with its fund-based facilities being utilised at an average of
70.6% during the 12 months ended October 2015.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
while sustaining profitability and improving credit metrics could
result in a positive rating action.

Negative: A decline in the profitability leading to deterioration
in the credit metrics could result in a negative rating action.

COMPANY PROFILE

Incorporated in 1984, MPPL manufactures multilayer plastic films
which are used by the fast-moving consumer goods industry for
packaging. The company is promoted by Mr. Sudhir Bandiwadekar, who
monitors its overall operations.


NARAYAN SPINNING: CARE Revises Rating on INR27.63cr Loan to B+
--------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Narayan Spinning Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     27.63      CARE B+ Revised from
                                            CARE B

   Long-term/Short-term Bank      1.30      CARE B+/CARE A4
   Facilities                               revised from CARE B
                                            Long term rating
                                            and short term rating
                                            reaffirmed

   Short-term Bank Facilities     0.03      CARE A4 Re-affirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Narayan Spinning Mills Private Limited (NSMPL) was
mainly on account of stabilization of operations, improvement in
profit margins coupled with the modest improvement in the capital
structure and debt coverage indicators during FY15 (refers to the
period of April 1 to March 31).

The ratings, however, continue to remain constrained on account of
NSMPL's presence in the highly fragmented and working capital
intensive cotton yarn industry, susceptibility of its operating
margins to raw material price fluctuation and financial risk
profile marked by moderate scale of operations, leveraged capital
structure and debt coverage indicators.

The ratings, however, continue to take into account wide
experience of over three decades of the promoters in the
cotton industry along with government support/incentives to the
textile industry.

The ability of NSMPL to increase its scale of operations, improve
profit margins, capital structure and debt coverage indicators are
the key rating sensitivities.

NSMPL was incorporated as a private limited company in September
2012 by Mr Jayantilal Patel, Mr Kuldeep Patel and Mr Anil Patel.
NSMPL is into manufacturing of cotton yarn of counts in the range
of 20s to 30s. NSMPL operates from its sole manufacturing facility
located in Amreli (Gujarat) and operates with an installed
capacity of 18,249 spindles or 3,650 MTPA as onMarch 31, 2015.

NSMPL has five associate concerns namely Narayan Cotgin
Corporation (NCC), Narayan Solvex (NRS), Narayan Agro Seeds
(NAS), Narayan Oil Mill and Shakti Oil Mill. The associate
concerns are in the business of cotton ginning, spinning, pressing
and crushing of cotton seed with main products as cotton bales,
cotton seeds and cotton seed oil.

During FY15, NSMPL reported a PAT of INR0.06 crore [FY14: net loss
of INR1.26 crore] on a total operating income (TOI) of INR63.95
crore [FY14: INR9.13 crore]. Furthermore, during H1FY16 (Prov.),
NSMPL achieved a TOI of INR24.13 crore.


PANDA INFRAPROJECTS: CRISIL Reaffirms B- Rating on INR94MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Panda Infraprojects
India Pvt Ltd (PIPL) continue to reflect modest scale of
operations, large working capital requirement, and stretched
liquidity. These weaknesses are partially offset by promoters'
extensive experience in the civil construction segment.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         9        CRISIL A4 (Reaffirmed)
   Cash Credit           94        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PIPL will benefit over the medium term from
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly scales up
operations and maintains profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens because of significant decline in revenue or
profitability, or stretch in working capital cycle, or sizeable
debt-funded capital expenditure (capex).

Update:
PIPL posted strong revenue growth to INR758.3 million in 2014-15
(refers to financial year, April 1 to March 31) from INR207.6
million in 2013-14 because of faster completion of projects and
realisation of funds from government departments. Healthy order
book of INR12.01 billion provides adequate medium-term revenue
visibility. Operating margin remained stable, in the range of 7.5-
9.3 per cent over the four years through 2014-15.

The company sustained moderate financial risk profile because of
low gearing of 0.90 time and modest net worth of INR144 million as
on March 31, 2015. Debt protection metrics remained above average,
with interest coverage and net cash accrual to total debt ratios
at 3.9 and 0.26 time, respectively, for 2014-15.

Working capital requirement remained large, indicated by gross
current assets of 122 days as on March 31, 2015. Liquidity was
constrained by extensive bank limit utilisation at an average of
98 per cent over the 12 months through May 2015. CRISIL believes
large working capital requirement will continue to lead to
stretched liquidity over the medium term.

PIPL was founded in September 2002 by Odisha-based Mr. Pratap
Kishore Panda and his wife Ms. Sujata Panda. The company
constructs and repairs roads and repairs buildings in Balasore,
Keonjhar and Khurda (all in Odisha).


PINAKEE ENGINEERS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pinakee Engineers
& Developers (Pinakee) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned Pinakee's INR90m
fund-based working capital facility 'IND B+/Stable and IND A4'
ratings.

KEY RATING DRIVERS

The ratings reflect Pinakee's short operational track record and
weak order book position. FY16 will be the company's first full
year of operations. Pinakee has a current order book of INR267m
which is likely to be executed by FY17.

The ratings also consider over three-decade-long experience of
Pinakee's promoters in the civil construction business. The
ratings also factor in the absence of term debt in the books of
accounts.

RATING SENSITIVITIES

Positive: Substantial growth in the projected top line and the
company's ability to stick to the profitability guidelines leading
to strong liquidity will lead to a positive rating action.


Negative: Any delays in the execution of projects in hand or
inability to achieve desired revenue and profitability could lead
to a negative rating action.

COMPANY PROFILE

Pinakee is a partnership firm set up in October 2014. It is
engaged in civil construction as a sub-contractor for J Kumar
Infraprojects Ltd, Prime Civil Infrastructures, and Noble
Construction Co.


PRAKASH INDUSTRIES: CARE Revises Issuer Rating to CARE D
--------------------------------------------------------
CARE revises the issuer rating assigned to Prakash Industries
Limited.

Issuer Rating CARE D (Is) Revised from CARE B (Is)

Rating Rationale
The revision in the issuer rating of Prakash Industries Limited
(PIL) takes into account the ongoing delays in the servicing
of company's debt obligations.

PIL, incorporated in 1980, started its operations as a rigid PVC
pipe manufacturer in the year 1981. The company later diversified
into the manufacturing of black & white picture tubes, worsted
yarn and video cassettes. During the year 1990-91, the company
forayed into the steel business by establishing a sponge iron kiln
of 200,000 tonnes per annum (TPA). The company is currently
engaged in the business of manufacturing of steel products, ferro
alloys, PVC pipes and power generation. It is a semi-integrated
steel manufacturer with an annual installed steel capacity of
700,000 TPA of billets/blooms, 150,000 TPA of TMT bar and 450,000
TPA of wire rods. Besides this, the company also has a ferro
alloys manufacturing capacity of 48,000 TPA, thermal power
generation of 200 MW, PVC pipes manufacturing capacity of
20,000 TPA and 6.3 MW of wind power. The company also had an
operational captive coal mine at Chotia in Chhattisgarh
(CG) (with estimated reserves of 50 million TPA and annual
extraction of 1 million TPA) till March 31, 2015, which was
deallocated pursuant to the Supreme Court order in September 2014
and subsequently the same has been re-auctioned and awarded to
another bidder.

During FY15 (refers to the period April 1 to March 31), PIL has
reported a total operating income of INR2,839.14 crore and PAT of
INR9.34 crore as against a total operating income of INR2,599.29
crore and PAT of INR173.16 crore during FY14. During Q1FY16
(refers to the period April 1 to June 30), PIL has reported a
total operating income of INR644.34 crore and PAT of INR1.34
crore.


PROVOGUE (INDIA): CARE Lowers Rating on INR218.68cr LT Loan to D
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Provogue (India) Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    218.68      CARE D Revised from
                                            CARE BBB

   Short-term Bank Facilities    30.47      CARE D Revised from
                                            CARE A3

Rating Rationale

The revision in the ratings takes into consideration substantial
deterioration in operational and financial performance of the
company during FY15 (refers to the period April 1 to March 31) and
Q1FY16, with liquidity stress resulting into ongoing delays in
debt servicing of the company.

PIL, founded in 1997, is engaged in the manufacture, sale and
retail of the fashion apparel products and accessories for men and
women under its well-known brand 'Provogue'. PIL operates in the
lifestyle retail segment through more than 150 stores spread
across 80 locations across India. Furthermore, the company has
garment manufacturing plants at two locations, namely, Daman
(Gujarat) and Baddi (Himachal Pradesh). Also, the company is
engaged in the export of fabric and garments to African countries.

A major fire broke out at the company's Daman facility in February
2014, fixed assets and stock of INR15.63 crore were destroyed
completely, which the company recognized in the profit and loss
statement of FY14. During FY15, the company received part of
insurance claim amounting to INR10.43 crore against loss.

PIL reported a total operating income of INR549 crore and net loss
of INR74 crore, respectively, in FY15 compared with total
operating income of INR623 crore and a PAT of INR0.94 crore,
respectively, in FY14. Furthermore, in Q1-FY16 (refers to the
period April 1 to September 30), the company reported total
operating income of INR127 crore with a net loss of INR10 crore.


RAJAHMUNDRY GODAVARI: CARE Lowers Rating on INR566cr Loan to D
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Rajahmundry Godavari Bridge Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities-     566       CARE D Revised from
   Term Loan                                CARE BBB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Rajahmundry Godavari Bridge Limited is on account of the delays in
the servicing of debt obligations consequent to the delay in
project implementation.

Incorporated as a Special Purpose Vehicle (SPV) on August19, 2008,
RGBL is promoted by GIPL (rated CARE BBB/CARE A3 for bank
facilities and instruments) for design, construction, operation
and maintenance of a 4.15 km long four-lane bridge, which will
connect Kovvur and Rajahmundry in Andhra Pradesh across the
Godavari river, with a 1.93 km approach road to the bridge on the
west of Godavari at Kovvur and a 8.41 km approach road to the
bridge on the east of Godavari at Rajahmundry. The concession
agreement - Godavari Concession Agreement entered into between
RGBL and the Andhra Pradesh Road Development Corporation (APRDC)
on behalf of the Government of Andhra Pradesh is valid for
a period of 25 years, beginning from the date on which financial
closing for the Godavari bridge project was achieved, i.e.,
May 26, 2009. In terms of the Godavari concession agreement, the
concession period shall be subject to change in the event of
change in the traffic growth envisaged under the said agreement.

As per Godavari Concession Agreement, the scheduled COD was
May 25, 2012. The company had received extension of timeline for
the project from APRDC up to August 27, 2013 which was extended
twice to May 9, 2014 and subsequently to June 30, 2015 on account
of non-receipt of Right of Way (RoW) of around 4.86 acre on the
Kovvur side and toll plaza land on the Rajahmundry side of the
bridge. As a result, In FY15, the lenders to the project had
restructured the term loan extended to RGBL with the principal
repayments on term loan to commence from March 31, 2017 (unequal
monthly installments), expecting the COD to be achieved by June 30
2015. However, upto October 16, 2015 the company has not
achieved COD, leading to delay in payment of interest.


RENUKA CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Renuka
Constructions (RC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Term Loan     100       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by RC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RC is yet to
provide adequate information to enable CRISIL to assess RC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

RC was set up as a partnership firm in 2012-13 (refers to
financial year, April 1 to March 31) by Mr. Bharavnath Kadlag, Mr.
Hansraj Deshmukh, Mr. Hemant Godse, and Mr. Sherzad Patel. The
firm is developing Rivera, a residential real estate project, in
Nashik. The project is being developed under a joint development
agreement with the landowners; in lieu of the land, RC will
handover around 13 flats out of the total 28 flats to the
landowners.


SAGAR ROOFINGS: Ind-Ra Withdraws 'BB+' Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sagar Roofings
Private Limited's (SRPL) 'IND BB+(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for SRPL.

Ind-Ra suspended SRPL's ratings on Feb. 10, 2015.


SAMARTH FABLON: Ind-Ra Withdraws 'BB-' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Samarth Fablon
Private Limited's (SFPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for SFPL.

Ind-Ra suspended SFPL's ratings on March 13, 2015.


SARASWATI EDUCATIONAL: Ind-Ra Rates INR380MM Term Loans 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saraswati
Educational and Charitable Trust's (SECT) INR380m term loans an
'IND BB' rating. The Outlook is Stable.

KEY RATING DRIVERS

The rating is constrained by SECT's tight liquidity profile.
Available funds (cash and unrestricted investments) at FYE15 (year
end March) stood at INR4.93m, with limited financial cushion to
operating expenditure (8.58%) and debt (1.49%). The liquidity
profile is likely to improve with a rise in the headcount (30
students currently) as the trust is starting a medical college
from FY17 and expanding its hospital operations (400 beds
currently).

The rating reflects SECT's high debt burden, despite the
debt/current balance before interest and depreciation (CBBID)
improving to 3.68x in FY15 (FY10: 6.30x) due to a rise in CBBID.
Moreover, the debt service coverage ratio (FY15: 1.31x; FY11:0.91)
is moderate due to high debt service commitments.

The rating is supported by SECT's moderate interest service
coverage ratio which increased to 3.05x in FY15 (FY10: 1.27x).

Ind-Ra expects the debt/CBBID, debt service coverage ratio and
interest service coverage ratio to improve further on a sustained
improvement in CBBID and in the absence of any major borrowing
plans.

RATING SENSITIVITIES

Positive: A strong operating performance and higher-than-expected
increase in the size of operations coupled with improvements in
the debt metrics and debt servicing ability could be positive for
the rating.

Negative: Deteriorating financial profile resulting from a lower-
than-expected rise in the headcount, weakening demand flexibility
and lower-than-expected hospital operations coupled with a
disproportionate increase in the debt could be negative for the
rating.

COMPANY PROFILE

SECT runs an aviation academy Saraswati Aviation Academy near
Lucknow, which is duly approved by DGCA, the government of India.
The academy was started in 2008. The trust also has a 400-bed
hospital Saraswati Hospital and Research Centre near Lucknow,
which is approved by the state government and the trust is seeking
approval from Medical Council of India. The hospital started
operations in 2014.

SECT closed its operations in engineering and management colleges
in FY14. It is starting a medical college from FY17.


SAS TRADING: CRISIL Assigns 'C' Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of SAS Trading Company (STC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL C
   Term Loan              19.2      CRISIL C

The rating reflects STC's below-average financial risk profile
because of weak capital structure and debt protection metrics, and
nascent stage of operations and susceptibility to intense
competition in a highly fragmented construction and house ware
materials industry. These weaknesses are partially offset by its
promoters' extensive experience in trading of construction and
house ware materials.

STC, set up in August 2014 in Kollam (Kerala), trades in polyvinyl
chloride (PVC) pipes, sanitary items, tiles, home improvement
products, and construction products. The firm is promoted by Mr.
Ajithkumar K, Ms. Mini Kumari D, and Mr. Sarju S.


SHIVA SATYA: CARE Ups Rating on INR38.58cr LT Loan to B
-------------------------------------------------------
CARE revises rating assigned to bank facilities of Shiva Satya
Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     38.58      CARE B Revised from
                                            CARE D
Rating Rationale

The revision in the rating assigned to the bank facilities of
Shiva Satya Hotels Private Limited (SHPL) takes into account
satisfactory debt servicing track record along with improvement in
the operating performance on the back of successful tie-up with
Inter-Continental Hotels Group (IHG) for management of hotel
operations from November 2014.

The rating, however, continues to remain constrained on account of
SHPL's loss making operations coupled with revenue concentration
risk arising out of single property. The rating also remains
constrained due to SHPL's presence in highly cyclical hotel
industry along with intense competition from many global and local
brands in the same segment and geography.

SHPL's ability to increase its scale of operations by improving
its occupancy rate and average room revenue and consequently turn
around profitability would be the key rating sensitivities.

SHPL was incorporated during October 2007 with the intent to set
up a five-star hotel at Ahmedabad. SHPL is a 100% subsidiary of
Mauritius-based holding company Shiva Hotels (Mauritius) Ltd.
Earlier, SHPL had entered into an agreement with Inter-Continental
Hotels Group (IHG) for the management of hotel property under
"Crowne Plaza". However, due to some dispute with regard to the
terms of the contract, SHPL decided to go ahead with its own brand
"Hotel Shiva" till the time an amicable solution is worked out
between SHPL and IHG. SHPL operated the property under the brand
of 'Hotel Shiva' from April 2014 to October 2014. In the
intervening period, IHG and SHPL arrived at amicable solution and
hence, management of hotel property is being handled by IHG under
their brand of 'Crowne Plaza' since November 2014.

Based on the audited results for FY15 (refers to the period
April 1 to March 31), SHPL has reported a total operating income
of INR12.33 crore with a net loss of INR15.86 crore as against a
total operating income of INR2.73 crore with a net loss of
INR10.81 crore in FY14.


SHIVAM IRON: CRISIL Reaffirms B- Rating on INR1.25BB Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shivam Iron and Steel
Company Ltd (SISCL) continue to reflect weak financial risk
profile because of subdued debt protection metrics and stretched
liquidity, and large working capital requirement. These weaknesses
are partially offset by promoters' extensive experience in the
steel industry, and the company's diversified product portfolio.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        55.5       CRISIL A4 (Reaffirmed)

   Cash Credit        1,250.0       CRISIL B-/Stable (Reaffirmed)

   Funded Interest
   Term Loan            71.3        CRISIL A4 (Reaffirmed)

   Letter of Credit    300          CRISIL A4 (Reaffirmed)

   Term Loan          220.8         CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan          342.4         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SISCL will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
liquidity will remain weak on account of large debt obligation and
working capital requirement. The outlook may be revised to
'Positive' in case of higher-than-expected growth in revenue and
accrual, and better working capital management, leading to
improvement in financial risk profile, particularly debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in financial risk profile,
especially liquidity, due to larger-than-expected working capital
requirement or significant decline in turnover leading to lower-
than-anticipated accrual.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
SISCL's turnover was INR3673.9 million and operating margin was
7.3 per cent, which were lower than CRISIL's expectations on
account of weakening steel prices. Gearing deteriorated to 1.51
times as on March 31, 2015, from 1.24 times as n March 31, 2014,
due to increase in debt because of debt restructuring. Debt
protection metrics remain weak, with interest coverage and net
cash accrual to total debt ratios of 1.5 times and 0.02 time,
respectively, for 2014-15, compared with 1.6 times and 0.09 time,
respectively, the previous year.

Large working capital requirement is indicated by gross current
assets of 228 days as on March 31, 2015, and full utilisation of
working capital limits of INR1.25 billion over the 12 months
through September 2015. However, liquidity remains comfortable
because of sufficient cash accrual to meet debt obligation over
the medium term, and promoters' funding support.

SISCL, incorporated in 1998, manufactures sponge iron; mild steel
(MS)/stainless steel (SS) ingots and billets; pig iron; hard coke;
MS structural items such as angles, channels, bars, and flats; SS
flats; and ferroalloys (silico alloys and ferromanganese). It
sells products under its Siscon brand. Its sponge iron unit is in
Koderma and other manufacturing facilities are in Giridh (both in
Jharkhand).


SHRI RAMSWAROOP: Ind-Ra Assigns 'BB' Rating on INR190MM Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Ramswaroop
Memorial Institute of Management and Computer Application's
(SRMIMCA) INR190 mil. term loans facility and INR50 mil. fund-
based working capital facility an 'IND BB' rating with a Stable
Outlook.

KEY RATING DRIVERS

The rating is constrained by SRMIMCA's poor operational
effectiveness.  The society's combined headcount (colleges and
school) stood at 5,116 students in FY15. It grew at a CAGR of 7.1%
over FY10-FY15.  Shri Ramswaroop Memorial Group of Professional
Colleges under the ambit of the society is facing a slowdown in
fresh enrolments of students on the back of lacklustre corporate
placements.  It witnessed year-on-year headcount growth of a
meagre 0.31% in FY15.  Headcount growth in Shri Ramswaroop
Memorial Public School grew at a meagre CAGR of 4.4% during FY10-
FY15.

Moreover, SRMIMCA's debt service coverage ratio, despite of being
above 1x over FY12-FY15, has remained weak; it stood at 1.5x in
FY15.  However, Ind-Ra expects an improvement in the debt service
coverage ratio over the near to medium term on the back of
declining debt servicing commitments and improving current balance
before interest and depreciation (CBBID).

The rating is supported by SRMIMCA's comfortable operating
margins.  This is despite the margins declining to 29.3% in FY15
from 38.3% in FY14 due to a disproportionate increase in other
operating expenses (FY15 yoy: 54.2%) in relation to the total
income.  Subsequently, the society's net profit fell to
INR47.4 mil. in FY15 from INR81.5 mil. in FY14.

The rating is also supported by SRMIMCA's declining debt burden.
Debt/CBBID improved to 1.2x in FY15 from 2.8x in FY10 on the back
of improved CBBID and declined outstanding debt.  The society's
total debt comprises secured loans, fund-based working capital
facilities and unsecured loans.

Also, the liquidity profile of the society is moderate.  Total
corpus fund increased to INR439 mil. in FY15 from INR132.6 mil. in
FY10 due to regular capital infusions and rising operating
surplus.  Available fund covers to operating expenditure (FY15:
5%) and debt (FY14: 9.4%) are limited.  Rising fee receivables
increased the collection period to 60 days in FY15 from 46 days in
FY14.  However, higher payable days outstanding in relation to
collection period have eased the cash conversion cycle to a
certain extent.

The society plans to incur about INR340 mil. capex for the
development and improvement of infrastructure facilities in the
campus in the next five years.  The capex would be funded by a
combination of debt and internal accruals.

RATING SENSITIVITIES

Positive: An uptick in the student enrolment growth and
restriction in cost escalation leading to an improvement in the
profitability margin and liquidity profile could lead to a rating
upgrade.

Negative: Continued fall in student demand in conjunction with a
disproportionate increase in the debt-led capex resulting in
deterioration in the leverage and coverage ratios could trigger a
negative rating action.


SHYAM COAL: CRISIL Assigns B+ Rating to INR140MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility Shyam Coal Corporation (SCC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            140       CRISIL B+/Stable

The ratings reflect SCC's working-capital-intensive operations and
average financial risk profile, marked by a high total outside
liabilities to tangible net worth (TOL/TNW) ratio. These rating
weaknesses are partially offset by the partners' extensive
experience in the coal trading business.
Outlook: Stable

CRISIL believes SCC will benefit over the medium term from the
partners' extensive experience in the coal business. The outlook
may be revised to 'Positive' if ramp-up in scale of operations
results in better revenue and accrual and a stronger financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile weakens on account of decline in
profitability or revenue, stretch in working capital cycle, lower
cash accrual, or any debt-funded capital expenditure.

Established in 2013 as a partnership firm, Shyam Coal Corporation
(SCC) is engaged in the grading and trading of Indonesian coal.
The firm has its plant situated in Morbi, Gujarat with installed
capacity of 1.5lakh MT per month.


SNKM AND SONS: CRISIL Reaffirms B Rating on INR55MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of SNKM and Sons Timbers
Pvt Ltd (SNKM) continue to reflect SNKM's small scale of
operations and large working capital requirements in the highly
fragmented timber industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             55       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        50       CRISIL A4 (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, marked by high total outside liabilities to tangible
net worth ratio. These rating weaknesses are partially offset by
the extensive experience of SNKM's promoters and the company's
established regional presence in the timber trading and saw mill
business.
Outlook: Stable

CRISIL believes that SNKM will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly scales up
operations while maintaining operating profitability, or improves
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SNKM's profitability declines or financial risk profile
deteriorates because of substantially large working capital
requirements.

Incorporated in 1995 and based in Chennai, SNKM trades in and
processes hardwood. SNKM is promoted and managed by Mr. Sahul
Hameed and his family members.


SRI MADAN: CRISIL Reaffirms B- Rating on INR60MM Loan
-----------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Madan Gopal Bhikam
Chand Marketing Pvt Ltd (MGB) continue to reflect small scale of
operations, low cash accrual, and modest financial risk profile.
These weaknesses are partially offset by promoter's extensive
experience in the agricultural products industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B-/Stable (Reaffirmed)
   Foreign Bill
   Purchase               60        CRISIL B-/Stable (Reaffirmed)
   Packing Credit         40        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes MGB will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the company achieves significant and
sustained improvement in revenue, profitability, and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of steep decline in revenue or profitability, or stretch in
working capital cycle, or substantial debt-funded capital
expenditure, resulting in weakening of financial risk profile.

MGB, incorporated in 2006, is promoted by Mr. Rajesh Mall and is
based in Jaipur. It trades in and exports agricultural products,
such as spices, animal feeds, and herbs. It also trades in lac,
used in bangles and paints, in the domestic market. Its directors
are Mr. Rajesh Mall and Mrs. Kusum Mall.


SRI PARAMESWARA: CRISIL Reaffirms D Rating on INR190MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/s. Sri Parameswara
Poultry Farm Private Limited (SPPL) continue to reflect the
instances of delay by SPPL in servicing its debt. The delays have
been caused by weakening in the company's liquidity arising from a
stretch in its working capital cycle.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            190        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      47.5      CRISIL D (Reaffirmed)
   Short Term Loan         38        CRISIL D (Reaffirmed)

SPPL has a below-average financial risk profile marked by high
gearing and weak debt protection metrics. The company's
profitability margin is susceptible to volatility in raw material
prices. Also, SPPL is exposed to intense competition and to risks
inherent in the poultry industry. However, the company benefits
from the promoters' extensive industry experience.

CRISIL had downgraded its ratings on the bank facilities of SPPL
to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4' on August
13, 2015.

SPPL was set up in 2010 by Mr. B Siva Babu and his family members.
The company is engaged in the production of commercial eggs. It is
based in Shadnagar (Telangana).


SRI SEETHARAMA: CRISIL Suspends B+ Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Seetharama Constructions (SSC; part of Seetharama group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        110        CRISIL A4
   Cash Credit            30        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SSC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSC is yet to
provide adequate information to enable CRISIL to assess SSC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SSC and Sri Seetharama Constructions-
Srinivasa Reddy Constructions (SSRC). This is because these two
entities, together referred to as the Seetharama group, have
common promoters, are in the same line of business, and have
fungible cash flows.

SSC was incorporated as a partnership firm in 1999. The firm
carries out construction and repairing of roads, building and
irrigation systems. The firm is also registered as a Special Class
Contractor with the Public Works Department, Andhra Pradesh. The
firm is based in Rajam (Andhra Pradesh).

SSRC is a 75:25 joint venture between Seetharama and Srinivasa
Reddy Constructions to execute road construction and maintenance
order for the Andhra Pradesh Road Development Corporation.


SUCHITRA EDUCATION: Ind-Ra Assigns 'B+' Rating to INR31.02MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suchitra
Education Trust's (SET) INR31.02 mil. bank loans and INR15 mil.
fund-based-working capital facilities a Long-term 'IND B+' rating.
The Outlook is Stable.

KEY RATING DRIVERS

The rating is constrained by SET's small scale of operations and
only four years of track record of operational and financial
performance.  In FY15, the trust recorded income of INR68.28 mil.
and total expenses of INR67.06 mil. SET reported INR1.22 mil. net
operating surplus in FY15 as against net operating deficit of
INR16.84 mil. in FY14.  Current balance margin was 1.79% in FY15
(FY14: negative 49.75%).

The rating is further constrained by tight liquidity profile of
the trust as reflected in the extremely limited balance sheet
resources.  Available funds - cash and unrestricted investments
(FY15: INR2.69 mil.) - provide minimal financial cushion to both
total debt and operating expenditures.  Available funds covered
only 3.30% of the total debt (INR81.63 mil.) and 6.19% of the
total operating expenditures (INR43.50 mil.) in FY15.

The trust borrowed INR44.85 mil. over FY12-FY15 for additional
infrastructure, leading to a high debt burden.  This was reflected
in debt in relation to the total income ratio of 1.20x (FY14:
2.50x) in FY15.  Debt including rent/ current balance before
interest depreciation and rent (CBBIDR) was 3.29x in FY15 (FY14:
23.16x).  The trust does not envisage any capex plan over FY16-
FY17 as infrastructure is available to accommodate nearly 1,700
students.

However, the growing admission trend and increase in students'
strength to 754 in FY15 from 55 students in FY10 (CAGR: 92.42%
over FY10-FY15) support SET's ratings.  In FY15, acceptance rate
was about 82% and capacity utilization was 83.59%.  A decline in
the acceptance rate to 82.29% in FY15 from 87.08% in FY14 was
mainly due to a 7.69% yoy increase in the number of applications
received as against the 1.77% yoy increase in accepted
applications.

The increase in operating margins excluding rent to 34.56% in FY15
from 8.21% in FY14 also benefits the rating.  This was on a
102.14% yoy increase in operating income as against the 37.04% yoy
increase in operating expenditures.  Tuition fee collection is the
only source of income for the trust and it proportioned 97.38% to
the total income during FY12-FY15.

Debt service commitments are high in relation to the total income
(FY15: 30.54%).  Debt service coverage ratio including rental
payments was 1.19x and interest coverage ratio including rental
payments was 1.84x in FY15.  Bank loans were restructured in 2014,
resulting in low debt service commitments annually since FY15.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue base along with an
improvement in the liquidity ratios and debt service coverage
ratio could lead to a positive rating action.

Negative: Any unexpected fall in students' enrolments leading to a
decline in the operating profitability along with further stress
on the liquidity and a quantum jump in the debt could lead to a
negative rating action.

COMPANY PROFILE

SET was established in 2010 and registered under Indian Trust Act
1872.  It started a school in 2011 in Hyderabad and offers pre-
primary to 10th standard education.  The school offers CBSE
curriculum.


SUPERFINE COMPONENTS: CRISIL Assigns B Rating to INR47MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Superfine Components Private Limited.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              18        CRISIL B/Stable
   Cash Credit            35        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     47        CRISIL B/Stable

The rating reflects SCPL's modest scale of operations and exposure
to intense competition in the auto component industry, and weak
liquidity owing to working-capital-intensive operations. The
rating also reflects low cash accrual against debt obligation.
These rating weaknesses are mitigated by the diversified customer
base and long-standing relationship with customers, moderate
gearing with debt protection metrics and the promoter's extensive
industry experience and funding support.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from established customer relationship and promoter's extensive
experience in the auto components industry and funding support
from them. The outlook may be revised to 'Positive' if the
liquidity is supported by improved cash accrual and working
capital cycle. Conversely, the outlook may be revised to
'Negative' if the financial risk profile especially liquidity
deteriorates due to decline in profitability, or weak working
capital cycle or a large, debt-funded, capital expenditure
programme.

SCPL, incorporated in 2004, is promoted by Mr. TK Khattar. The
company manufactures steel components such as bright bar turned
components, CNC (Computer Numerical Control)-machined components,
precision tubular components, fasteners, sheet metal components as
well as some plastic moulded components for the auto industry. The
company's manufacturing unit is in Manesar (Haryana).


SUSHIL UDYOG: CARE Assigns 'B' Rating to INR2.50cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the long term bank facilities and
revokes suspension and reaffirms the rating assigned to short term
bank facilities of Sushil Udyog.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.50      CARE B Assigned
   Short-term Bank Facilities    10.20      CARE A4 Rating
                                            Suspension revoked
                                           and Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sushil Udyog (SUG)
continue to remain constrained on account of the financial risk
profile marked by modest scale of operations, moderate solvency
and stressed liquidity position along with vulnerability of its
margins to fluctuation in raw material prices and foreign exchange
rate. The ratings further remain constrained on account of SUG's
presence in a highly competitive handicraft industry; project
implementation risk associated on-going project and its
constitution as a proprietorship concern.

The ratings, however, derive strength from vast experience of the
proprietor, its in-house designing capability coupled with
established customer base and improvement in profitability
margins.  The ability of SUG to increase its scale of operations
and better management of working capital are the key rating
sensitivities.

Jodhpur-based (Rajasthan) SUG was initially formed as a
partnership concern in 1987 by Mr Sunil Sharma and Mr Pukhraj
Sharma. Later in 2002, Mr Pukhraj Sharma exited from the firm and
SUG was converted into a proprietorship concern headed by Mr Sunil
Sharma. SUG is engaged in the manufacturing and export of
handicraft furniture and other decorative items made out of wood
and iron at its three units located at Jodhpur. SUG exports
handicraft items to US market mainly to Restoration Hardware and
TJX group as being associated with them for more than a decade.
SUG generates around 70%-80% of revenue through exports to USA.
The firm procures wood from Uttar Pradesh (U.P.), Gujarat and
Rajasthan and iron fromPunjab.

As per provisional results of FY15 (refers to the period April 1
to March 31), SUG has reported a total operating income of
Rs.45.49 crore (FY14: INR46.56 crore) with a PAT of INR 3.17 crore
(FY14: PAT of INR1.08 crore).


TRAFO POWER: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Trafo Power &
Electricals Pvt Ltd (TPEPL) continue to reflect TPEPL's small
scale of operations in the intensely competitive transformers
industry, and large working capital requirement. These weaknesses
are partially offset by promoters' extensive industry experience.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          26       CRISIL A4 (Reaffirmed)
   Cash Credit             65       CRISIL B+/Stable (Reaffirmed)
   Inland/Import Letter
   of Credit                5       CRISIL A4 (Reaffirmed)
   Term Loan                4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TPEPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if capital structure improves,
because of equity infusion or higher-than-expected cash accrual
driven by better scale of operations, profitability, and working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens because of decline in
revenue and profitability, or significantly large debt-funded
capital expenditure, or if liquidity is constrained by increase in
working capital requirement.

TPEPL was set up in 1996 by Agra (Uttar Pradesh)-based Mr. S K
Jain, who is the company's key promoter and managing director.
TPEPL manufactures and exports distribution and power
transformers, pressed steel radiators, corrugated wall panels, and
mild steel tanks. Its manufacturing facility is in Agra.


VENKATA RAJESH: CRISIL Reaffirms 'B' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Venkata Rajesh
Poultries Pvt Ltd (VRPPL) continue to reflect modest scale of and
working-capital-intensive operations and inherent risks associated
with the poultry industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            120       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         110       CRISIL B/Stable (Reaffirmed)

The rating also factors VRPPL's below-average financial profile
because of small net worth, high gearing and below-average debt
protection metrics. These rating weaknesses are mitigated by the
benefits that VRPPL derives from the promoters' extensive
experience in the poultry industry.
Outlook: Stable

CRISIL believes VRPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the revenue and profitability margin, or
if there is a substantial improvement in capital structure backed
by sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the profitability margin, or significant deterioration in the
capital structure caused by a large, debt-funded capital
expenditure programme or a stretch in the working capital cycle.

Established in 2005, VRPPL is a producer and supplier of eggs in
Guntur (Andhra Pradesh). The company is promoted by Mr. Purna
Rajesh and family.


VIJAYASAI TEXTILES: CRISIL Suspends D Rating on INR42MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vijayasai Textiles Private Limited (VTPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL D
   Long Term Loan         42        CRISIL D
   Proposed Long Term
   Bank Loan Facility     18       CRISIL D

The suspension of ratings is on account of non-cooperation by VTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VTPL is yet to
provide adequate information to enable CRISIL to assess VTPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

VTPL, set up in 1993, manufactures polyester yarn. The day-to-day
operations of the company are managed by Mr. Munusamy along with
his brothers.


VIKRAM HOSPITAL: CRISIL Suspends D Rating on INR455.1MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vikram
Hospital Private Limited (VHPL; part of the Vikram group).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             36.6      CRISIL D
   Long Term Loan         455.1      CRISIL D
   Proposed Long Term
   Bank Loan Facility      55.1      CRISIL D

The suspension of rating is on account of non-cooperation by VHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VHPL is yet to
provide adequate information to enable CRISIL to assess VHPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VHPL and its subsidiary Vikram
Hospitals (Bengaluru) Pvt Ltd (VHBPL). This is because VHPL and
VHBPL, together referred to as the Vikram group, have common
promoters, operational synergies, and fungible funds, and are in
the same line of business

Established in 2002 by Dr. S B Vikram in Mysore (Karnataka), the
Vikram group provides tertiary healthcare and other healthcare-
related services.


WHITELOTUS INDUSTRIES: CARE Raises Rating on INR24.85cr Loan to C
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Whitelotus Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.85      CARE C Revised from
                                            CARE D

Rating Rationale

The revision in the rating assigned to Whitelotus Industries
Limited (WIL) is primarily on account of satisfactory trackrecord
of regularity in debt servicing post restructuring of account in
FY15 (refers to the period April 1 to March 31) along with
improvement in its financial risk profile marked by increase in
the total operating income, operating profit margin and modest
improvement in liquidity position during FY15.

The rating, however, continues to remain constrained on account of
its short track record of operation, continued cash losses, highly
leveraged capital structure, weak debt coverage indicators,
susceptibility of margin due to raw material price fluctuation
risk and its presence in a highly competitive and fragmented
industry.

The abovementioned constraints far outweigh the benefits derived
from experience of the promoters and locational advantage.

The ability of WIL to increase its scale of operations along with
improvement in the profitability, capital structure and debt
coverage indicators remain the key rating sensitivities.

Surat-based (Gujarat), WIL was incorporated in 2011. It is
promoted by Mr Sumant Jalan and his family members. WIL started
its commercial production in February 2013 for manufacturing of
metalized yarn which is used in textile industry and printed
laminated roll which is used as a flexible packaging material in
various industries. WIL has an installed capacity of 4,800 metric
tonnes per annum (MTPA) for coating metalized polyester film,
2,400 MTPA for blown film and 3,840 MTPA for manufacturing
printing laminated sheet as on October 14, 2015.

During FY15, WIL reported TOI of INR63.26 crore and Net loss of
INR2.59 crore as against TOI of INR35.33 crore and Net loss of
INR2.70 crore during FY14. As per the provisional results for
6MFY16, WIL registered a TOI of INR50 crore.



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


ALAM SUTERA: Moody's Affirms B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
of Alam Sutera Realty Tbk (Alam Sutera) and the B1 senior
unsecured bond ratings of Alam Synergy Pte. Ltd.

At the same time, the outlook on all the ratings has changed to
negative.

RATINGS RATIONALE

The change in outlook reflects Alam Sutera's laggard operating
performance, that has resulted in a gradual weakening of its
financial metrics, which were also exacerbated by the rupiah
depreciation. Nonetheless, the B1 ratings reflect its successful
execution track record at its Alam Sutera township and its
ownership of a large and low cost land bank had allowed it to
generate strong gross profit margins of above 50%.

"Alam Sutera had only achieved 33% of its revised marketing sales
target of IDR4.5 trillion as of 30 September 2015, severely
lagging behind expectations and was the weakest amongst our five
rated Indonesian property developers who had achieved around 60%-
70% of their respective marketing sales target," says Jacintha
Poh, a Moody's Assistant Vice President and Analyst.

In August 2015, the company had revised down its marketing sales
target to IDR4.5 trillion from IDR5.8 trillion at the beginning of
the year. The revised target remains 6% higher than its previous
year achievement of IDR4.2 trillion.

The weak marketing sales performance has started to reflect in its
revenue. For the nine months ended 30 September 2015, Alam
Sutera's revenue declined 23% year-on-year to IDR2.2 billion from
IDR2.8 billion in 9M 2014 as earnings from sales of land lots were
not sufficient to make up the huge decrease in residential sales.

"Unless there is a pick-up in marketing sales in the last quarter
of 2015, we expect 2015 revenue can decrease up to 30% from the
previous year," adds Poh, who is also Moody's lead analyst for
Alam Sutera and the Indonesian property sector.

The company's financial metrics had been on a declining trend
since end-2014. For the last 12 months ended 30 September 2015,
its leverage ratio, as measured by revenue/adjusted debt and
adjusted debt/EBITDA had weakened to 39%, from 51% in 2014 and
3.7x, from 3.5x respectively.

On the other hand, its interest coverage ratio as measured by
adjusted EBIT (including capitalized interest)/interest expense
had remained broadly stable at 3.8x, following its redemption of
the remaining USD67 million of its 2017 bond in March 2015,
resulting in lower interest expenses.

As at 30 September 2015, Alam Sutera has no near-term refinancing
risk as its next major debt maturity will only be in 2019.
Additionally, the first installment on its outstanding amortizing
bank loans will start on 21 November 2016.

The rating outlook is negative and could crystallize into a
downgrade if the company fails to execute its business plans, such
that there is negative marketing sales growth in 2015, resulting
in weaker financial metrics that exceed our down triggers.

Upward rating pressure is unlikely over the near-to-medium term,
but the outlook can return to stable if Alam Sutera meets its 2015
marketing sales target of IDR4.5 trillion and demonstrates its
ability to maintain a stable financial profile that is within its
B1 rating parameters.

Downward pressure could emerge if Alam Sutera's financial and
liquidity profile weaken owing to: (1) the company failing to
execute its business plans, (2) a deterioration in the property
market, leading to protracted weakness in its operations and
credit profile, and (3) a material depreciation in the rupiah,
which may increase the company's debt-servicing obligations.

Moody's considers a weakening revenue/adjusted debt trend,
adjusted debt/EBITDA above 3.5x to 4.0x, adjusted EBIT (including
capitalized interest)/interest expense of less than 3.0x and/or
insufficient cash to cover short-term debt obligations, as
indicators for a downgrade.

Established on 3 November 1993, Alam Sutera Realty Tbk is an
integrated property developer in Indonesia with a sizeable land
bank of 2,388 hectares (gross area) as of 30 September 2015. The
company focuses on the sale of land lots in accordance with
township planning requirements, as well as property development in
residential, commercial and industrial segments in Indonesia. Alam
Sutera -- which was formerly known as PT Adhihutama Manunggal --
was founded by the family of The Ning King -- and was listed on
the Indonesian Stock Exchange on 18 December 2007.


TRIKOMSEL OKE: Plans Bond Committee in Two Weeks as Default Looms
-----------------------------------------------------------------
David Yong at Bloomberg News reports that PT Trikomsel Oke, an
Indonesian mobile-phone retailer partly owned by SoftBank Group
Corp., plans to form a committee of bondholders within two weeks
to discuss ways to reorganize its about $460 million debt load.

The company owes creditors, including seven banks and
holders of its two Singapore dollar-denominated bonds, and
about 82% of the amount is due within two years, it said in a
stock exchange filing, Bloomberg relays. It reiterated it doesn't
have enough cash to pay the interest on its two bonds due in
November and December, Bloomberg says.

"The company currently is discussing various options with its
lender banks, including requests for a standstill and
forbearances," the company, as cited by Bloomberg, said in the
filing on Nov. 6. Lenders are forming its own committee while
Trikomsel evaluates the most effective composition to represent
bondholders, it said.

According to Bloomberg, Trikomsel's debt includes SGD115 million
of 5.25 percent three-year notes due May 2016 and SGD100 million
of 7.875 percent bonds due June 2017. A default would be the first
involving notes in Singapore dollars since 2009, when Celestial
Nutrifoods Ltd. and Sino-Environment Technology Group
Ltd. failed to meet obligations, data compiled by Bloomberg
show.

Bloomberg adds that Trikomsel said it's unlikely to be able to
raise more equity and doesn't have non-core assets to sell to
raise cash to service its current obligations given the market
condition.

PT Trikomsel Oke Tbk operates in the retail telecommunication
business. The Company operates retail stores in cities throughout
Indonesia that offer a wide range of branded cellular phones.



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


BW GROUP: Moody's Hikes Corporate Family Rating to Ba1
------------------------------------------------------
Moody Investors Service upgraded the corporate family rating (CFR)
of BW Group Ltd (BW Group) to Ba1 from Ba2 and upgraded the rating
on the remaining $194 million of senior secured notes due 2017 to
Ba1 from Ba2.

The outlook on all ratings is stable

RATINGS RATIONALE

The upgrade action reflects BW Group's 1) improved operational
performance; 2) reduced investment in and financial support
required at its wholly-owned subsidiaries following the debt raise
and expected initial public offering (IPO) of BW Pacific; 3) a
robust liquidity profile, including dividends from its strategic,
non-controlling investments at BW LPG, BW Offshore, BW Juju and
going forward BW Pacific (all unrated); 4) its strong interest
coverage metrics and 5) large pool of unencumbered vessels.

"Cyclically strong spot rates have boosted the performance of BW
Group's Very Large Crude Carrier (VLCC), tanker and Liquid
Petroleum Gas (LPG) fleets throughout 2015 leading to improved
cash flows and a very good liquidity profile" says Brian Grieser,
a Moody's Vice President and Senior Analyst. "While we anticipate
volatility in spot rates over the next two years, BW Group
balances its spot rate exposures with long term contracts at its
LNG and Offshore investments, which provide stable, more
predictable earnings and dividends, as well as ample cash flows to
cover BW Group's debt service requirements"

Despite the growing reliance on dividends from its minority
investment stakes upon completion of the BW Pacific IPO, we
project debt service requirements at the BW Group level can easily
be met by its wholly-owned fleet of vessels on a standalone basis
(10 VLCC's, 5 Liquid Natural Gas (LNG) carriers, 2 Floating,
Storage and Regasification Units (FSRU) and 15 chemical tankers)
and that dividends from investments will generally be used to fund
growth.

BW Group's liquidity profile is expected to be very good over the
next 12-18 months providing significant support to ratings. High
cash balances, cash generation from wholly-owned vessels and
newbuilds and dividends from its previously mentioned investments
will cover its newbuild capital spending needs and interest
requirements. Incremental support to liquidity is provided by an
unused $400 million committed revolving credit facility maturing
November 2018.

BW Pacific recently repaid an intercompany loan to BW Group
originally made to fund BW Pacific's newbuild program. The debt
repayment increased BW Group's cash balances from $287 million at
December 2014 to $788 million at June 2015.

BW Group provides a guarantee to BW JuJu's remaining 797 million
loan facility due in October 2017. While we include BW Juju debt
in BW Group's credit metrics, we note that BW Juju has
historically serviced this debt from its cash flows while
maintaining a consistent dividend flow to BW Group. Given that its
entire fleet of 8 Liquid Natural Gas (LNG) carriers are on long
term contracts that extend out past 2020, we do not anticipate any
need for BW Group to inject any capital into BW Juju. As such, we
view BW Group's capital structure as increasingly flexible as its
only debt service requirements are on the $194 million bond and a
$250 million exchangeable note due 2020.

"We expect BW Group to maintain solid leverage metrics going
forward. We estimate debt-to-EBITDA (including BW Juju debt,
dividends from investments, and a deconsolidated BW Pacific) to be
around 3.5x at the end of 2015. Further, on a fully consolidated
basis (including the earnings and debt of all investments) debt-
to-EBITDA metrics are at similar levels," Moody's says.

The stable outlook reflects our expectation that BW Group's
standalone earnings and dividends from its investments are subject
to spot rate volatility, given that between 40%-45% of its
consolidated revenue is generated from spot rate contracts.
However, BW Group maintains the capital structure flexibility and
liquidity to manage through periods of cyclically weak cash flows
due to depressed spot rates for its VLCC's, tankers and LPG fleet.

The rating could be downgraded if BW Group (1) experiences
deterioration in its profit margins or liquidity significantly
weakens; or (2) takes on additional debt-funded
expansion/acquisitions. Credit metrics indicating downgrade
pressure include standalone Debt/EBITDA increasing above 4.0x and
or (FFO+interest)/interest falling below 4.0x (currently around
5.7x), on a sustained basis.

"A positive ratings action is unlikely following today's rating
upgrade as we view BW Group as well positioned at Ba1 CFR.
Further, a ratings upgrade will not occur as long as the BW Juju
guarantee exists. Upward pressure could develop if BW Group's
standalone and fully consolidated credit metrics improve to a
level where Debt/EBITDA can be maintained around 2.5x and
(FFO+Interest)/Interest is maintained above 7.0x," Moody's says.

BW Group, managed in Singapore, is a global maritime
transportation group involved in oil and gas transportation,
floating gas infrastructure, environmental technologies and
deepwater production. Its principal operations include chemical
tankers, LPG carriers, LNG carriers, crude oil and product
tankers, FSRU's, offshore floating, production, storage and
offloading vessels, and environmental marine technologies. BW's
fully-consolidated fleet is comprised of 157 vessels and ongoing
new builds, including its investments

BW's key investments include a 49.8% stake in BW Offshore Ltd, a
46.7% stake in BW LPG Limited, a 51% stake in BW Gas Juju LNG
Limited (BW Juju), a 51% stake in BW Pavilion LNG Pte Ltd, a joint
venture with Temasek-owned Pavilion Energy, a 51% stake in a
partnership with GDF Suez, and a 44% to 48% post IPO stake in BW
Pacific.

BW is a privately held holding company, of which 93% is owned by
the Sohmen family and 7% by HSBC


STATS CHIPPAC: S&P Lowers CCR to 'BB-'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Singapore-based outsourced semiconductor assembly
and testing (OSAT) service provider STATS ChipPAC Ltd. to 'BB-'
from 'BB'.  The outlook is stable.  At the same time, S&P lowered
its issue rating on the company's senior unsecured notes to 'BB-'
from 'BB', and affirmed its 'axBB+' long-term ASEAN regional scale
rating on the company.

S&P downgraded STATS ChipPAC because S&P believes that lower
revenue and profitability will weaken its financial risk profile
and that of its parent group, Jiangsu Changjiang Electronics
Technology (JCET).  S&P projects the companies' ratio of debt to
EBITDA will stay above 3x over the next 12-18 months, higher than
2x-3x previously.  S&P expects outsourced semiconductor assembly
and testing (OSAT) services to remain weak.  In addition, lower
capacity utilization and severe competition have increased margin
pressure.

"We believe STATS ChipPAC's recovery prospect will remain weak in
the coming 12 months, amid difficult market conditions," said
Standard & Poor's credit analyst Katsuyuki Nakai.  "We expect the
recent slowdown in global demand for mobile phones and personal
computers to keep the OSAT industry weak in the next 12-18
months."

S&P believes STATS ChipPAC will be able to maintain its market
position, together with China-based JCET, as the fourth-largest
OSAT company globally.  STATS ChipPAC has adequate technological
capability in advanced products.  S&P also expects the integration
with JCET to increase its business diversity with better access to
the fast-growing China market.

S&P expects JCET's group credit profile to weaken along with that
of STATS ChipPAC, which contributes about 60% of the combined
group's EBITDA on a pro forma basis.  In S&P's view, JCET is
unlikely to be immune from the weakening prospects of the global
OSAT industry, despite the faster growth of China's OSAT sector.
JCET is also burdened with additional debts for the acquisition of
STATS ChipPAC.

"Given this weighting and the similarity of the two companies'
mainstay businesses, our base case is that the parent's group
credit profile is similar to STATS ChipPAC's stand-alone credit
profile.  However, JCET's business operation and future expansion
strategy after the acquisition and the degree to which JCET will
integrate STATS ChipPAC will be important to the rating,"
Mr. Nakai said.

S&P believes STATS ChipPAC can refinance its bridge loan without a
significant stress on its liquidity.  The acquisition of STATS
ChipPAC triggered the change-of-control put option for existing
bondholders of the company's outstanding notes due 2016 and 2018
totaling US$811.2 million.  The company refinanced the tendered
notes with its cash sources, including issuance of US$200 million
in perpetual securities, US$127 million cash from repayments in
intercompany loans to Taiwan subsidiaries, and drawdown on a
bridge loan facility from DBS Bank Ltd. (available limit of US$890
million).  STATS ChipPAC also has a committed senior secured loan
of up to U$500 million from DBS Bank, Barclays Bank PLC, and ING
Bank N.V. to back up the bridge loan facility if the company
cannot secure refinancing through other long-term debt
instruments.

The stable outlook reflects S&P's view that significant financial
deterioration is not likely over the next 12-18 months given STATS
ChipPAC's lower capital expenditure and expected benefit from its
position in the fast-growing China market.  S&P projects STATS
ChipPAC's annual capital expenditure at U$200 million-U$230
million over this year and next.  As a result, S&P believes the
company's FFO-to-debt ratio and debt to EBITDA are likely to
remain steady during the period.  S&P also assumes STATS ChipPAC's
integration with JCET group will not cause material issues on its
operations and a major loss of existing customers.

S&P may lower the rating if STATS ChipPAC's debt to EBITDA
deteriorates above 4x without any sign of limited short-term
recovery.  This could happen if the company's revenue and earnings
significantly declined due to prolonged weakness in OSAT business
demand; loss of a major customer; or, in a less-likely scenario,
aggressive spending for business expansion.

Rating pressure could also arise if: (1) the integration process
encounters any operational problems or material loss of existing
customers; (2) an aggressive growth strategy significantly weakens
JCET group's financial standing; or (3) the company's liquidity
deteriorates materially because of the refinancing of the bridge
loan or a breach on its financial covenants.

"Upside potential is currently low over the next 12 months, in our
view.  This is based on difficult market conditions and the
business integration risk following the acquisition," Mr. Nakai
said.

S&P may raise its rating if STATS ChipPAC and its parent, JCET,
can improve their debt-to-EBITDA ratios below 3x sustainably while
maintaining adequate liquidity.  This scenario could happen if:
(1) a successful integration generates significant benefits that
strengthen performances at STATS ChipPAC and the group as a whole,
and (2) the group maintains disciplined capital expenditures and
acquisition strategy, thus lowering its debt materially.


TANKOIL MARINE: $125MM Still Missing, OW Bunker Trustee Says
------------------------------------------------------------
Ship & Bunker reports that investigations into Tankoil Marine
Services, key debtor of the now-defunct OW Bunker subsidiary
Dynamic Oil Trading (DOT), has not turned up any money, leaving a
missing $125 million still unaccounted for, according Danish media
reports.

According to the report, John Sommer Schmidt, OW Bunker trustee
from law firm Gorrissen Federspiel, said investigations into
Tankoil's financial books has shown that the company's accounts
are empty.

"Unfortunately, we have found that there is little value in
Tankoil. There is no bank account with money or anything else, for
example oil stocks. The estate is actually empty," the report
quotes Mr. Schmidt as saying.

"The 125 million U.S. dollars has disappeared," added Schmidt,
noting that they had hoped to find the money or at least the
equivalent value somewhere in Tankoil's company.

Ship & Bunker relates that FTI Consulting is said to have been
running the investigation into Tankoil's financial situation since
the summer in hopes of uncovering the truth about what happened to
about DKK750 million ($109.42 million) that went missing upon OW
Bunker's collapse.

Now a year after OW Bunker collapse, Mr. Schmidt said he had hoped
the investigations would have been able to glean some answers as
to the money's whereabouts, but comments that "the real world is
not always quite so simple," the report relays.

"The liquidators have been through everything, and they know now
that there is no money," Ship & Bunker quotes Mr. Schmidt as
saying.  "Of course I hope that we can find out what happened when
you put the puzzle together with pieces from DOT," he added of the
continuing investigations.

Ship & Bunker notes that the missing $125 million in question,
widely considered a key factor in the downfall of OW Bunker, was
at the time of its bankruptcy described by OW Bunker management as
a product of fraud at DOT, but has been defended by lawyers acting
on behalf of DOT management as a legitimate case of credit
sleeving that had suffered from an "untimely lack of care."

In August, Tankoil declared bankruptcy, enabling the company's
financial relationship with DOT to be examined, the report adds.

Tankoil Marine Services is a Singapore-based bunker supplier.



===============
T H A I L A N D
===============


TMB BANK: Fitch Affirms 'BB+' Support Rating Floor
--------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Bank of Ayudhya Public Company Limited (BAY) and TMB
Bank Public Company Limited (TMB). Fitch has also affirmed the
National Long-Term Ratings of BAY, TMB, Thanachart Bank Public
Company Limited (TBANK) and Thanachart Capital Public Company
Limited (TCAP).

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT

BAY's IDRs, National Ratings and senior debt ratings reflect
Fitch's view that it is a strategically important subsidiary of
the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU; A/Stable), which
owns 76.9% of BAY. BTMU integrated its Bangkok branch into BAY in
January 2015, and is positioning the Thai bank as its regional
platform in the Greater Mekong region. BAY's Stable Outlook
reflects the outlook of the parent.

TMB's IDRs, National Ratings and senior debt ratings are driven by
the standalone strengths demonstrated by its Viability Rating
(VR).

TBANK's National Ratings reflect its moderate domestic franchise
as the sixth largest commercial bank in Thailand, and its leading
market position in auto hire purchase. TBANK's overall credit
profile remains satisfactory despite the weak domestic operating
conditions, and is in line with Fitch's earlier expectations as
well as with similarly rated regional peers. TBANK also benefits
from ordinary support from its 49% shareholder the Bank of Nova
Scotia (AA-/Stable), which includes management and operational
support as well as an uncommitted credit facility. The Stable
Outlook reflects sufficient loss absorption buffers to allow the
bank to cope with any anticipated deterioration in the operating
environment with no ratings impact.

TCAP's National Ratings are notched down from its core operating
subsidiary TBANK, to reflect the structural subordination of the
holding company, as well as the presence of large minority
interests. Its Stable Outlook is in line with that of TBANK.

VIABILITY RATINGS

BAY's VR reflects its sound franchise as the fifth largest
commercial bank in Thailand, proven earnings track record and
acceptable capital levels. Its positioning as a subsidiary of BTMU
has led to a more diversified business model (particularly
strengthening its profile among large corporate clients), and
leads to ongoing funding support particularly in foreign
currencies.

TMB's VR reflects its improved financial performance (particularly
in asset quality and profitability), and sound capital and
liquidity positions. TMB is the seventh largest commercial bank in
Thailand, with a market share of around 5% in loans and deposits.
The weak business environment will continue to pose challenges to
TMB's asset quality, particularly in the retail and SME segments.

SUPPORT RATING AND SUPPORT RATING FLOOR

BAY's Support Rating is based on institutional support factors,
and reflects Fitch's view that there is an extremely high
probability of extraordinary support from its parent BTMU.

TMB's Support Rating and Support Rating Floor are based on
sovereign support factors. Fitch believes that TMB is of some
systemic importance to the financial sector, with a moderate
probability of state support in case of need, although such
probability is likely to be lower compared with the top-four
largest commercial banks in Thailand.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

BAY's legacy (Basel II) subordinated debt is rated at 'AA+(tha)',
one notch below its National Long-Term Rating of 'AAA(tha)', to
take into account their subordination in the capital structure.

TMB's Basel III Tier 2 notes are rated one notch below its
National Long-Term Rating, to reflect loss-severity risk arising
from their subordinated status. Key terms of the notes include a
partial rather than mandatory full write-down feature, and there
is no going-concern loss absorption features. Its legacy
subordinated debts (Basel II) are also rated one notch below the
National Long-Term Rating to reflect their subordinated status and
a lack of loss absorption features.


RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT

BAY's IDRs, National and senior debt ratings are sensitive to a
change in Fitch's assumptions about the ability or propensity of
BTMU to support BAY. No upside is possible to the IDR (which is at
Thailand's Country Ceiling) or the National Ratings (which are
already at the highest end on the Thai National scale). There
could be downside to the ratings if BTMU is downgraded, or if the
strategic importance of BAY to BTMU declines (for example, in case
of a large reduction in shareholding or a reduction in operational
linkages).

TMB IDRs, National and senior debt ratings would be sensitive to
any changes in its VR.

TBANK's National Ratings would face pressure if there was a
significant reversal of recent improvements in key financial
metrics such as performance, asset quality and capitalisation. Any
indications of reduced ordinary support from Bank of Nova Scotia
to TBANK could also have a negative ratings impact. Sustained
improvement in the credit profile and a material improvement in
the bank's domestic franchise for corporate and SMEs loans and
retail deposits may result in a ratings upgrade.

Any change in TBANK's National Ratings would likely have a
corresponding impact on TCAP.

VIABILITY RATINGS

BAY's VR could face downside pressure if there was a material and
sustained decline in asset quality buffers and core
capitalisation. Meanwhile, there could be upside to the VR if
integration with BTMU leads to significantly improved underlying
performance, franchise, and liquidity.

TMB's VR could face downward pressure if the bank's key credit
profile measurements in asset quality and leverage deteriorate
sharply. There could be an upgrade in the VR if the bank can show
that recent improvements in reserve coverage, liquidity and
capital can be extended in a sustainable manner.

SUPPORT RATING AND SUPPORT RATING FLOOR
BAY's Support Rating could be impacted by any decline in BTMU's
propensity to support BAY. For example, this may be indicated by a
large reduction in shareholding, or a reversal of recent
integration measures. However, Fitch believes that these are
unlikely to occur in the short term. BAY's Support Rating could
also be affected by any downward shift in BTMU's LT IDR.

Any very significant change to the market share of TMB could have
an impact on the SR and SRF of the bank, although this would be
unlikely in the short term.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

BAY and TMB's subordinated debt ratings are broadly sensitive to
the same considerations that might affect their National Long-Term
Ratings.

The rating actions are as follows:

BAY
Long-Term IDR affirmed at 'A-'; Outlook Stable
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '1'
National Long-Term Rating affirmed at 'AAA(tha)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(tha)'
National long-term senior unsecured debt affirmed at 'AAA(tha)'
National short-term senior unsecured debt affirmed at 'F1+(tha)'
Legacy Basel II subordinated debt affirmed at 'AA+(tha)'

TMB
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
National Long-Term Rating affirmed at 'A+(tha)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(tha)';
USD3.0bn senior unsecured medium-term note programme affirmed at
'BBB-'
Long-Term Foreign-Currency senior unsecured debt affirmed at 'BBB-
'
Basel III Tier 2 subordinated debt rating affirmed at 'A(tha)'
Legacy Basel II subordinated debt rating affirmed at 'A(tha)'

TBANK
National Long-Term Rating affirmed at 'A+(tha)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(tha)'

TCAP
National Long-Term Rating affirmed at 'A(tha)' ; Outlook Stable
National Short-Term Rating affirmed at 'F1(tha)'



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


BESRA GOLD: Commences Restructuring Proceedings in Canada
---------------------------------------------------------
Besra Gold Inc. on Oct. 21 disclosed that, after consideration of
all viable alternatives, its Board of Directors has determined
that it is in the best interests of Besra and its stakeholders for
Besra to commence restructuring proceedings under the Canadian law
equivalent of US Chapter 11.  This restructuring process will
allow Besra to deal decisively with its cost and debt structure
and to narrow its strategic focus in an effective and timely
manner.  The proceedings will also facilitate a restructuring
using a more straightforward process that doesn't presently exist.
Besra made this decision with the unanimous approval of its Board
of Directors after thorough consultation with its advisors and
extensive consideration of all other alternatives.

Besra's liquidity position deteriorated as a result of various
factors, including, but not limited to, negative cash flow from
operations in Vietnam caused by typhoons and government
intervention, and a consequent inability to secure all required
capital until its unsecured loan-notes were restructured.  However
the subsidiary operations are recovering with Bong Mieu back in
production and Phuoc Son in preparation for re-opening.

The previously announced financing is currently on hold pending
the outcome of the restructuring.  Besra anticipates that once
balance sheet relief is provided as an outcome of the
restructuring, equity financing can be more easily progressed.

Besra CEO, John Seton, said, "While we had reached agreement in
principle with a large number of our note-holders, there exists no
existing, stream-lined formal mechanism by which the different
notes may be dealt with efficiently and effectively in a single
arrangement or compromise."  He added, "These types of
administration systems, which exist in Canada and the US, are
effective.  You can get things done."

Accordingly, on October 19, 2015, Besra filed a Notice of
Intention to make a proposal under the Bankruptcy and Insolvency
Act (Canada) (BIA).  The Notice of Intention has granted Besra BIA
protection for an initial period of 30 days, expiring on November
18, 2015. While under protection, creditors and others are stayed
from enforcing any rights against Besra, giving Besra the
opportunity to pursue restructuring alternatives.

Pursuant to the Notice of Intention, MNP Ltd has been appointed as
proposal trustee that will monitor the ongoing operations of Besra
while under BIA protection (in such capacities, the "Trustee").
All inquiries regarding the BIA proceedings should be directed to
the Trustee.

                        About Besra Gold

Besra -- http://www.besra.com-- is a diversified gold mining
company focused on the exploration, development and mining of
mineral properties in South East Asia.  The Company has three key
properties; the Bau Goldfield in East Malaysia and Bong Mieu and
Phuoc Son in Central Vietnam.  Besra expects to expand gold
capacity in Vietnam over the next two years and is projecting new
production capacity from the Bau gold project.


VIETCOMBANK: Fitch Publishes 'B+' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has published Joint Stock Commercial Bank for
Foreign Trade of Vietnam's (Vietcombank) Long-Term Issuer Default
Rating of 'B+'.  The Outlook is Stable.  The agency has also
published Vietcombank's Viability Rating (VR) of 'b-'.

KEY RATING DRIVERS

IDR, SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

Vietcombank's Long-Term IDR is driven by state support.  Its SR of
'4' and SRF of 'B+' reflect Fitch's view that the probability of
state support is limited.  This takes into account the limited
ability of the state to provide support due to the government's
relatively weak finances -as reflected in the sovereign's Long
Term IDR of 'BB-' - and the sizeable banking industry compared to
GDP.

However, Fitch believes the propensity of state support is high
due to Vietcombank's systemic importance and its majority
ownership by the Vietnamese government.  Vietcombank has a strong
domestic franchise and is one of the four largest banks by asset
size in Vietnam.  The Stable Outlook of Vietcombank reflects the
Stable Outlook on the sovereign rating.

VR
Vietcombank's VR incorporates structural systemic issues such as
weak asset quality and capitalization which are common across
Vietnamese banks.  The large stock of problem loans in the banking
system raises capital impairment risks for Vietnam banks in
general, and Vietcombank is unlikely to be immune given its
sizeable loan market share and its relatively high exposure to
SOEs, at 28% of gross loans at end-2014.

The understatement of problem loans by reported non-performing
loan (NPL) ratios across the system also suggests that
Vietcombank's capitalization is likely to be weaker than reported
capital ratios (Tier 1 Capital Ratio of 9.4% and Total Capital
Ratio of 11.4% at end-June 2015) - similar to other Vietnamese
banks.

Such risks are partially mitigated by the bank's higher NPL
reserve coverage (96% at end-June 2015) than peers, and its
historically more conservative NPL classification standards
relative to other state-owned banks.  Vietcombank's total problem
loans - including loans classified as "special mention" and below,
and special bonds issued by the Vietnam Asset Management Company -
amounted to around 6.9% of gross loans at end-June 2015 (8.3% at
end-2014).  The improvement in asset quality reflects domestic
macroeconomic stability in recent years.

Vietcombank's VR also accounts for its declining profitability,
which is weighed down by rising credit costs and lower net
interest margins.  However, the bank's funding profile remains
stable, underpinned by its strong domestic franchise.  The bank
will also likely have an advantage over private banks in times of
stress as depositors would have higher confidence in a majority
state-owned bank.  Vietcombank's loan-to-deposit ratio stood at
74% at end-June 2015, comfortably below the regulatory limit of
90% for state-owned banks.

RATING SENSITIVITIES

IDR, SR, AND SRF

The SRs and SRFs are sensitive to shifts in the sovereign's credit
worthiness and ratings, which at present, are on a Stable Outlook.
These ratings may also be affected by any perceived change in the
government's propensity to support the bank, although such a
scenario is unlikely for the systemically-important state-owned
banks, including Vietcombank.

VR

Vietcombank's VR may be pressured if asset quality deteriorates,
and significantly weakens the bank's capitalization.  Negative
rating action may also result from increasing risk appetite, which
may be demonstrated by excessive asset growth, or event risks such
as M&A or operational lapses that could materially affect the
bank's credit profile.

The VR may be upgraded if the bank shows a sustainable improvement
in asset quality - alongside credible reforms in the banking
sector to address structural systemic issues such as a lack of
transparency as well as bad debt resolution, among others.

The rating actions are:

Vietcombank

Long-term IDR published at 'B+', Outlook Stable
Short-term IDR published at 'B'
Viability Rating published at 'b-'
Support Rating Floor published at 'B+'
Support Rating published at '4'



===============
X X X X X X X X
===============


* Emerging Distressed Debt Rallies on Boost From China's Easing
---------------------------------------------------------------
David Yong at Bloomberg News reports that investors are savoring
the best monthly returns on distressed debt from emerging markets
since April, after China's monetary easing, stabilization in
commodities and a rating upgrade for Ukraine sparked a rally.

The notes jumped 10 percent in October to reverse a four-month
slump, while global high-yield securities gained 3.09 percent,
Bloomberg relates citing Bank of America Merrill Lynch indexes.
The rebound added $9 billion to the market value of 204 bonds in
the emerging-market gauge, boosting the average price to 68.75
cents on the dollar from 62.85 cents, Bloomberg discloses.

Bloomberg says China's central bank cut borrowing costs again last
month to boost an economy that's growing at the slowest pace since
1990, while the European Central Bank has hinted at more stimulus
in December. Oil contractors including Odebrecht SA of Brazil and
Honghua Group Ltd. of China advanced with debt from Ukraine
entities.

"The price action is totally different from before September,"
Bloomberg quotes Kim Jinha, head of global fixed income at Mirae
Asset Global Investments Co. in Seoul, as saying. "The stimulus
has definitely" supported the market, he said. While Mirae doesn't
invest in distressed credits, it has boosted allocation on
emerging-market debt to about 10 percent from 5 percent this year,
he added.

The Bloomberg Commodity Index dropped only 0.45 percent in
October, following a 3.4 percent loss in September, with oil
prices stabilizing near $45 a barrel. Odebrecht's 6.35 percent
2021 notes surged 36 percent from Sept. 30, while Sichuan-based
Honghua's 7.45 percent 2019 debentures gained almost 30 percent,
according to Bloomberg-compiled prices.

Ukraine is set to end a seven-month effort to restructure its debt
after handing better terms to a committee of foreign creditors led
by Franklin Templeton, prompting Standard & Poor's to raise its
rating on Oct. 20, according to Bloomberg. That may ease access to
a $17.5 billion International Monetary Fund bailout money Ukraine
needs to revive its war-torn economy. Coal producer DTEK Energy
BV's 7.875 percent 2018 notes gained 29 percent.

Oaktree Capital Group LLC, which runs the world's biggest
distressed debt fund, completed its first China distressed
fundraising on Oct. 28, Bloomberg notes. Co-founder Howard Marks
said it's a better time to invest in Asia's biggest economy
because of falling asset prices and weak sentiment, the report
relays.

"Prices have corrected, values are improved, and the short-run may
continue to see volatility, but the most important question is
whether China and the rest of Asia will be above average growers
in the long-run," Bloomberg quotes Mr. Marks as saying in a
statement released in Beijing on Oct. 28. "And we believe they
will."


* BOND PRICING: For the Week Nov. 2 to Nov. 6, 2015
---------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

AUSDRILL FINANCE PT     6.88    11/1/2019      USD      71.05
AUSDRILL FINANCE PT     6.88    11/1/2019      USD      71.55
BOART LONGYEAR MANA     7.00    4/1/2021       USD      40.00
BOART LONGYEAR MANA     7.00    4/1/2021       USD      38.13
CML GROUP LTD           9.00    1/29/2020      AUD       0.96
CRATER GOLD MINING     10.00    8/18/2017      AUD      23.00
EMECO PTY LTD           9.88    3/15/2019      USD      56.50
EMECO PTY LTD           9.88    3/15/2019      USD      57.50
FMG RESOURCES AUGUS     6.88    4/1/2022       USD      70.85
FMG RESOURCES AUGUS     6.88    4/1/2022       USD      70.49
IMF BENTHAM LTD         6.38    6/30/2019      AUD      71.00
KBL MINING LTD         12.00    2/16/2017      AUD       0.32
KEYBRIDGE CAPITAL L     7.00    7/31/2020      AUD       0.68
LAKES OIL NL           10.00    3/31/2017      AUD       6.00
MIDWEST VANADIUM PT    11.50    2/15/2018      USD       3.66
MIDWEST VANADIUM PT    11.50    2/15/2018      USD       3.66
RESOLUTE MINING LTD    10.00    12/4/2017      AUD       0.95
STOKES LTD             10.00    6/30/2017      AUD       0.40
TREASURY CORP OF VI     0.50   11/12/2030      AUD      63.69


CHINA
-----

CHANGCHUN CITY DEVE     6.08    3/9/2016       CNY      40.30
CHANGZHOU INVESTMEN     5.80    7/1/2016       CNY      40.56
CHANGZHOU WUJIN CIT     5.42    6/9/2016       CNY      50.60
CHINA GOVERNMENT BO     1.64   12/15/2033      CNY      74.83
CHIZHOU CITY MANAGE     7.58    4/20/2016      CNY      60.89
DANDONG CITY DEVELO     6.21    9/6/2017       CNY      71.11
DATONG ECONOMIC CON     6.50    6/1/2017       CNY      70.75
DRILL RIGS HOLDINGS     6.50    10/1/2017      USD      69.25
DRILL RIGS HOLDINGS     6.50    10/1/2017      USD      70.00
ERDOS DONGSHENG CIT     8.40    2/28/2018      CNY      68.53
GRANDBLUE ENVIRONME     6.40    7/7/2016       CNY      71.70
GUOAO INVESTMENT DE     6.89   10/29/2018      CNY      68.18
HANGZHOU XIAOSHAN S     6.90   11/22/2016      CNY      76.00
HEILONGJIANG HECHEN     7.78   11/17/2016      CNY      71.47
HUAIAN CITY URBAN A     7.15   12/21/2016      CNY      70.50
JIANGSU HUAJING ASS     5.68    9/28/2017      CNY      50.13
KUNSHAN ENTREPRENEU     4.70    3/30/2016      CNY      40.03
LINHAI CITY INFRAST     7.98    11/6/2016      CNY      49.00
NANJING NANGANG IRO     6.13    2/27/2016      CNY      50.35
NANTONG STATE-OWNED     6.72   11/13/2016      CNY      71.50
OCEAN RIG UDW INC       7.25    4/1/2019       USD      45.50
OCEAN RIG UDW INC       7.25    4/1/2019       USD      44.60
PANJIN CONSTRUCTION     7.70   12/16/2016      CNY      71.68
QINGZHOU HONGYUAN P     6.50    5/22/2019      CNY      39.91
SHAOXING PAOJIANG I     6.90   10/31/2019      CNY      75.00
SHENGZHOU HOTEL CO      9.20    2/26/2016      CNY     100.00
TAIZHOU CITY CONSTR     6.90    1/25/2017      CNY      70.49
TONGLIAO CITY INVES     5.98    9/1/2017       CNY      69.00
WUXI COMMUNICATIONS     5.58    7/8/2016       CNY      50.80
XIANGTAN JIUHUA ECO     6.93   12/16/2016      CNY      71.32
YANGZHOU ECONOMIC D     6.10    7/7/2016       CNY      50.63
YANGZHOU URBAN CONS     5.94    7/23/2016      CNY      40.73
YIJINHUOLUOQI HONGT     8.35    3/19/2019      CNY      73.15
YUNNAN INVESTMENT G     5.25    8/24/2017      CNY      71.01


INDONESIA
---------

BERAU COAL ENERGY T     7.25    3/13/2017      USD      28.00
BERAU COAL ENERGY T     7.25    3/13/2017      USD      27.77
GAJAH TUNGGAL TBK P     7.75    2/6/2018       USD      59.00
GAJAH TUNGGAL TBK P     7.75    2/6/2018       USD      59.00
INDONESIA TREASURY      6.38    4/15/2042      IDR      71.51
PERUSAHAAN PENERBIT     6.10    2/15/2037      IDR      78.50


INDIA
-----

3I INFOTECH LTD         5.00    4/26/2017      USD      12.75
BLUE DART EXPRESS L     9.30   11/20/2017      INR      10.14
BLUE DART EXPRESS L     9.50   11/20/2019      INR      10.25
BLUE DART EXPRESS L     9.40   11/20/2018      INR      10.19
COROMANDEL INTERNAT     9.00    7/23/2016      INR      15.47
GTL INFRASTRUCTURE      4.03    11/9/2017      USD      24.75
INCLINE REALTY PVT     10.85    8/21/2017      INR       8.51
INCLINE REALTY PVT     10.85    4/21/2017      INR       5.13
INDIA GOVERNMENT BO     0.34    1/25/2035      INR      25.79
JAIPRAKASH ASSOCIAT     5.75    9/8/2017       USD      70.26
JCT LTD                 2.50    4/8/2011       USD      23.38
PRAKASH INDUSTRIES      5.25    4/30/2015      USD      50.38
PYRAMID SAIMIRA THE     1.75    7/4/2012       USD       1.00
REI AGRO LTD            5.50   11/13/2014      USD       4.31
REI AGRO LTD            5.50   11/13/2014      USD       4.31
SVOGL OIL GAS & ENE     5.00    8/17/2015      USD      22.88


JAPAN
-----

AVANSTRATE INC          5.55   10/31/2017      JPY      37.00
AVANSTRATE INC          5.55   10/31/2017      JPY      31.00
ELPIDA MEMORY INC       0.50   10/26/2015      JPY       8.38
ELPIDA MEMORY INC       0.70    8/1/2016       JPY       8.25
ELPIDA MEMORY INC       2.29    12/7/2012      JPY       8.25
ELPIDA MEMORY INC       2.03    3/22/2012      JPY       8.25
ELPIDA MEMORY INC       2.10   11/29/2012      JPY       8.25
SHARP CORP/JAPAN        1.60    9/13/2019      JPY      74.75
TAKATA CORP             0.58    3/26/2021      JPY      69.38


KOREA
-----

2014 KODIT CREATIVE     5.00   12/25/2017      KRW      30.04
2014 KODIT CREATIVE     5.00   12/25/2017      KRW      30.04
DOOSAN CAPITAL SECU    20.00    4/22/2019      KRW      38.54
HYUNDAI HEAVY INDUS     4.90   12/15/2044      KRW      53.34
HYUNDAI HEAVY INDUS     4.80   12/15/2044      KRW      54.27
HYUNDAI MERCHANT MA     7.05   12/27/2042      KRW      35.88
KIBO ABS SPECIALTY     10.00    2/19/2017      KRW      36.19
KIBO ABS SPECIALTY      5.00    1/31/2017      KRW      31.88
KIBO ABS SPECIALTY      5.00    3/29/2018      KRW      28.99
KIBO ABS SPECIALTY      5.00   12/25/2017      KRW      28.81
KIBO ABS SPECIALTY     10.00    8/22/2017      KRW      27.43
KIBO ABS SPECIALTY     10.00    9/4/2016       KRW      38.58
KIBO GREEN HI-TECH     10.00   12/21/2015      KRW      65.43
LSMTRON DONGBANGSEO     4.53   11/22/2017      KRW      29.68
POSCO ENERGY CORP       4.66    8/29/2043      KRW      66.23
POSCO ENERGY CORP       4.72    8/29/2043      KRW      65.64
POSCO ENERGY CORP       4.72    8/29/2043      KRW      65.50
PULMUONE CO LTD         2.50    8/6/2045       KRW      57.66
SINBO SECURITIZATIO     5.00    7/26/2016      KRW      34.83
SINBO SECURITIZATIO     5.00    8/31/2016      KRW      34.42
SINBO SECURITIZATIO     5.00    1/30/2019      KRW      26.32
SINBO SECURITIZATIO     5.00    1/30/2019      KRW      26.32
SINBO SECURITIZATIO     5.00    1/15/2018      KRW      29.85
SINBO SECURITIZATIO     5.00    1/15/2018      KRW      29.85
SINBO SECURITIZATIO     5.00   10/30/2019      KRW      19.71
SINBO SECURITIZATIO     5.00    8/16/2017      KRW      31.09
SINBO SECURITIZATIO     5.00    2/21/2017      KRW      32.53
SINBO SECURITIZATIO     5.00    2/21/2017      KRW      32.53
SINBO SECURITIZATIO     5.00    5/27/2016      KRW      35.53
SINBO SECURITIZATIO     5.00    5/27/2016      KRW      35.53
SINBO SECURITIZATIO     5.00    3/13/2017      KRW      32.29
SINBO SECURITIZATIO     5.00    3/13/2017      KRW      32.29
SINBO SECURITIZATIO     5.00    3/14/2016      KRW      40.87
SINBO SECURITIZATIO     5.00   12/13/2016      KRW      33.36
SINBO SECURITIZATIO     5.00   12/25/2016      KRW      32.36
SINBO SECURITIZATIO     5.00    2/11/2018      KRW      29.36
SINBO SECURITIZATIO     5.00    2/11/2018      KRW      29.36
SINBO SECURITIZATIO     5.00    6/7/2017       KRW      23.63
SINBO SECURITIZATIO     5.00    6/7/2017       KRW      23.63
SINBO SECURITIZATIO     5.00    7/8/2017       KRW      31.51
SINBO SECURITIZATIO     5.00    7/8/2017       KRW      31.51
SINBO SECURITIZATIO     5.00    3/12/2018      KRW      29.14
SINBO SECURITIZATIO     5.00    3/12/2018      KRW      29.14
SINBO SECURITIZATIO     5.00    1/29/2017      KRW      32.80
SINBO SECURITIZATIO     5.00    7/26/2016      KRW      34.83
SINBO SECURITIZATIO     5.00    6/29/2016      KRW      35.15
SINBO SECURITIZATIO     5.00    8/29/2018      KRW      27.75
SINBO SECURITIZATIO     5.00    8/29/2018      KRW      27.75
SINBO SECURITIZATIO     5.00    7/24/2017      KRW      30.38
SINBO SECURITIZATIO     5.00    7/24/2018      KRW      28.24
SINBO SECURITIZATIO     5.00    7/24/2018      KRW      28.24
SINBO SECURITIZATIO     5.00    6/27/2018      KRW      28.45
SINBO SECURITIZATIO     5.00    6/27/2018      KRW      28.45
SINBO SECURITIZATIO     5.00   12/23/2018      KRW      26.63
SINBO SECURITIZATIO     5.00   12/23/2018      KRW      26.63
SINBO SECURITIZATIO     5.00   12/23/2017      KRW      28.83
SINBO SECURITIZATIO     8.00    2/2/2016       KRW      51.65
SINBO SECURITIZATIO     5.00    12/7/2015      KRW      62.95
SINBO SECURITIZATIO     5.00    1/19/2016      KRW      49.52
SINBO SECURITIZATIO     5.00    2/2/2016       KRW      47.13
SINBO SECURITIZATIO    10.00   12/27/2015      KRW      63.20
SINBO SECURITIZATIO     5.00    9/26/2018      KRW      27.54
SINBO SECURITIZATIO     5.00    9/26/2018      KRW      27.54
SINBO SECURITIZATIO     5.00    9/26/2018      KRW      27.54
SINBO SECURITIZATIO     5.00    8/16/2016      KRW      33.48
SINBO SECURITIZATIO     5.00    8/16/2017      KRW      31.09
SINBO SECURITIZATIO     5.00    10/1/2017      KRW      30.53
SINBO SECURITIZATIO     5.00    10/1/2017      KRW      30.53
SINBO SECURITIZATIO     5.00    10/1/2017      KRW      30.53
SINBO SECURITIZATIO     5.00    8/31/2016      KRW      34.42
SINBO SECURITIZATIO     5.00    10/5/2016      KRW      34.06
SINBO SECURITIZATIO     5.00    10/5/2016      KRW      32.44
SK TELECOM CO LTD       4.21    6/7/2073       KRW      64.66
TONGYANG CEMENT & E     7.50    4/20/2014      KRW      70.00
TONGYANG CEMENT & E     7.50    7/20/2014      KRW      70.00
TONGYANG CEMENT & E     7.30    6/26/2015      KRW      70.00
TONGYANG CEMENT & E     7.50    9/10/2014      KRW      70.00
TONGYANG CEMENT & E     7.30    4/12/2015      KRW      70.00
U-BEST SECURITIZATI     5.50   11/16/2017      KRW      30.81
WISE MOBILE SECURIT    20.00    7/17/2018      KRW      74.65


SRI LANKA
---------

SRI LANKA GOVERNMEN     5.35    3/1/2026       LKR      73.47


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35   12/29/2023      MYR      71.05
BANDAR MALAYSIA SDN     0.35    2/20/2024      MYR      70.57
BIMB HOLDINGS BHD       1.50   12/12/2023      MYR      70.09
BRIGHT FOCUS BHD        2.50    1/22/2031      MYR      65.25
BRIGHT FOCUS BHD        2.50    1/24/2030      MYR      67.63
LAND & GENERAL BHD      1.00    9/24/2018      MYR       0.32
SENAI-DESARU EXPRES     0.50   12/31/2038      MYR      64.76
SENAI-DESARU EXPRES     0.50   12/31/2046      MYR      74.18
SENAI-DESARU EXPRES     0.50   12/30/2044      MYR      72.24
SENAI-DESARU EXPRES     0.50   12/31/2040      MYR      67.75
SENAI-DESARU EXPRES     0.50   12/30/2039      MYR      66.47
SENAI-DESARU EXPRES     0.50   12/31/2041      MYR      68.93
SENAI-DESARU EXPRES     0.50   12/31/2043      MYR      71.36
SENAI-DESARU EXPRES     0.50   12/31/2042      MYR      70.20
SENAI-DESARU EXPRES     1.10    6/30/2022      MYR      72.78
SENAI-DESARU EXPRES     0.50   12/29/2045      MYR      73.05
SENAI-DESARU EXPRES     1.15   12/29/2023      MYR      68.21
SENAI-DESARU EXPRES     1.35   12/29/2028      MYR      56.80
SENAI-DESARU EXPRES     1.15   12/31/2024      MYR      65.19
SENAI-DESARU EXPRES     1.35    6/30/2027      MYR      60.34
SENAI-DESARU EXPRES     1.35    6/28/2030      MYR      53.33
SENAI-DESARU EXPRES     1.35   12/31/2027      MYR      59.19
SENAI-DESARU EXPRES     1.35    6/29/2029      MYR      55.62
SENAI-DESARU EXPRES     1.35    6/30/2026      MYR      62.68
SENAI-DESARU EXPRES     1.35    6/30/2028      MYR      58.00
SENAI-DESARU EXPRES     1.15    6/30/2025      MYR      63.76
SENAI-DESARU EXPRES     1.35   12/31/2030      MYR      52.20
SENAI-DESARU EXPRES     1.10   12/31/2021      MYR      74.48
SENAI-DESARU EXPRES     1.35   12/31/2029      MYR      54.45
SENAI-DESARU EXPRES     1.15    6/28/2024      MYR      66.70
SENAI-DESARU EXPRES     1.35   12/31/2025      MYR      63.89
SENAI-DESARU EXPRES     1.15   12/30/2022      MYR      71.40
SENAI-DESARU EXPRES     1.15    6/30/2023      MYR      69.78
SENAI-DESARU EXPRES     1.35   12/31/2026      MYR      61.52
SENAI-DESARU EXPRES     1.35    6/30/2031      MYR      51.08
UNIMECH GROUP BHD       5.00    9/18/2018      MYR       1.19


PHILIPPINES
-----------

BAYAN TELECOMMUNICA    13.50    7/15/2006      USD      22.75
BAYAN TELECOMMUNICA    13.50    7/15/2006      USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE L     7.59    5/18/2018      USD      56.42
BAKRIE TELECOM PTE     11.50    5/7/2015       USD       3.29
BAKRIE TELECOM PTE     11.50    5/7/2015       USD       3.69
BERAU CAPITAL RESOU    12.50    7/8/2015       USD      28.16
BERAU CAPITAL RESOU    12.50    7/8/2015       USD      28.88
BLD INVESTMENTS PTE     8.63    3/23/2015      USD       8.88
BUMI CAPITAL PTE LT    12.00   11/10/2016      USD      19.50
BUMI CAPITAL PTE LT    12.00   11/10/2016      USD      18.51
BUMI INVESTMENT PTE    10.75    10/6/2017      USD      21.82
BUMI INVESTMENT PTE    10.75    10/6/2017      USD      18.34
ENERCOAL RESOURCES      6.00    4/7/2018       USD      10.00
GOLIATH OFFSHORE HO    12.00    6/11/2017      USD      20.09
INDO INFRASTRUCTURE     2.00    7/30/2010      USD       1.88
ORO NEGRO DRILLING      7.50    1/24/2019      USD      67.63
OSA GOLIATH PTE LTD    12.00    10/9/2018      USD      62.00
OTTAWA HOLDINGS PTE     5.88    5/16/2018      USD      56.50
OTTAWA HOLDINGS PTE     5.88    5/16/2018      USD      54.64
SWIBER CAPITAL PTE      6.50    8/2/2018       SGD      72.88
SWIBER HOLDINGS LTD     7.13    4/18/2017      SGD      74.63
TRIKOMSEL PTE LTD       5.25    5/10/2016      SGD      20.00
TRIKOMSEL PTE LTD       7.88    6/5/2017       SGD      23.25


THAILAND
--------

G STEEL PCL             3.00    10/4/2015      USD       3.74
MDX PCL                 4.75    9/17/2003      USD      37.50


VIETNAM
-------

BANK FOR INVESTMENT    10.33    5/19/2016      VND       1.00
DEBT AND ASSET TRAD     1.00   10/10/2025      USD      51.25
DEBT AND ASSET TRAD     1.00   10/10/2025      USD      51.00



                             *********

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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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