TCRAP_Public/151123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 23, 2015, Vol. 18, No. 231


                            Headlines


A U S T R A L I A

FIRSTMAC MORTGAGE 2-2015: S&P Rates Class D Securities at 'BB'
LONGDA HOLDINGS:  First Creditors' Meeting Set For Nov. 27
MAKE IT: To Pay AUD1.25 Million in Penalties
MALASS DEVELOPMENTS: First Creditors' Meeting Set For Nov. 27
STRATA MATCH:  First Creditors' Meeting Set For Nov. 26

VIRGIN AUSTRALIA: Moody's Keeps B3 Rating Following Bond Offering
VIRGIN AUSTRALIA: S&P Assigns 'B-' Rating to Proposed Sr. Notes
WITCOM PTY: First Creditors' Meeting Set For Nov. 27

* AUSTRALIA: Small Business Hardest Hit by Insolvencies


C H I N A

CHINA MINSHENG: Fitch Affirms 'BB+' IDR; Outlook Stable
CHINA SHANSHUI: Dollar Bonds Jump by Record After Two Loan Offers
CHINA XD: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
POWERLONG REAL: S&P Assigns 'B-' Rating to Prop. US$ Notes Issue
SKYSTAR BIO-PHARMA: Receives Nasdaq Listing Non-Compliance Notice

SOUND GLOBAL: Moody's Hikes Corporate Family Rating to B3

* China Thermal IPP Margins Threatened by Weak Demand, Fitch Says
* CHINA: Cutting of Gas Price is Credit Positive, Moody's Says


I N D I A

AGARWALLA TEAK: Ind-Ra Assigns 'IND BB' LT Issuer Rating
AMRIT DWELLERS: CRISIL Cuts Rating on INR20MM Cash Loan to B-
AMRUTVAHINI SHETI: CRISIL Ups Rating on INR84MM Term Loan to B+
ANAND MACHINERY: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
BHATIA COLOUR: CRISIL Assigns 'B' Rating to INR110MM Cash Loan

COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR25cr Loan
DIAMOND PRODUCTS: ICRA Assigns B Rating to INR10cr Cash Loan
EAST END: ICRA Assigns 'B' Rating to INR4.0cr Unallocated Loan
EKAM AGRO: ICRA Assigns B+ Rating to INR11cr Term Loan
EMBOZA GRANITO: CRISIL Assigns B+ Rating to INR262.5MM Term Loan

ENTERPRISE INT'L: CRISIL Cuts Rating on INR10.2MM Loan to 'B'
KHANDELWAL GINNING: CRISIL Reaffirms B+ Rating on INR45MM Loan
MAXFLOW PUMPS: CRISIL Ups Rating on INR35MM Cash Loan to 'B'
MUSALE CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR75MM Loan
NATIONAL GINNING: CRISIL Cuts Rating on INR70MM Cash Loan to B-

NIMRA EDUCATIONAL: ICRA Assigns 'D' Rating to INR15cr Term Loan
NIRJHARAA INDUSTRIES: Ind-Ra Assigns 'IND B+' Rating
PHOENIX INFOCITY: ICRA Lowers Rating on INR160cr Term Loan to D
PRACHIN FOUNDATION: CRISIL Reaffirms D Rating on INR70.9MM Loan
PRASHANT MOTORS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

RAJSHREE SUGARS: CRISIL Assigns 'D' Rating to INR6.44BB Loan
S. K. ENTERPRISES: CRISIL Assigns B- Rating to INR75MM Cash Loan
SHRINATHJI SPINTEX: ICRA Suspends B Rating on INR7.70cr Loan
SILVER SPRINGS: CRISIL Ups Rating on INR92.4MM LT Loan to 'B'
SIVA VAISHNAVI: Ind-Ra Assigns 'IND B+' Rating; Outlook Stable

SOUBHAGYA PROCESSOR: CRISIL Assigns B Rating to INR48.7MM Loan
SRI RAM: ICRA Reaffirms 'B' Rating on INR4.68cr LT Loan
STYLISH PRECAST: ICRA Suspends 'D' Rating on INR9cr Term Loan
TRIDENT SUGARS: CRISIL Assigns 'C' Rating to INR250MM LT Loan
VAHINI POULTRIES: CRISIL Cuts Rating on INR100MM LT Loan to B

VARIDHI HYGIENE: Ind-Ra Assigns 'IND B' LT Issuer Rating

* Indian Telco Outlook Negative on Competition, Fitch Says


M A L A Y S I A

LION DIVERSIFIED: 3 Units Default on Payments of MYR35.75 Mil.

* Stiff Competition Will Weigh on Malaysia Telcos, Fitch Says


S O U T H  K O R E A

* SOUTH KOREA: Nearly 6% of Korean Companies Face Insolvency


V I E T N  A M

VIETNAM TECH: Moody's Corrects LT CR Assessment Rating to B2(cr)


                            - - - - -


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


FIRSTMAC MORTGAGE 2-2015: S&P Rates Class D Securities at 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
of the eight classes of prime residential mortgage-backed
securities (RMBS) issued by Firstmac Fiduciary Services Pty Ltd.
as trustee for Firstmac Mortgage Funding Trust No.4 Series 2-2015.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance to 54.8% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity reserve equal to 1.2% of the invested amount of
      all notes that is to be provided through note overissuance,
      principal draws, a spread reserve that builds from
      available excess spread, and 24 months' timely payment
      cover on approximately 31.1% of loans in the portfolio, are
      sufficient under S&P's stress assumptions to ensure timely
      payment of interest.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      Australia and New Zealand Banking Group Ltd. to hedge the
      mismatch between receipts from fixed-rate mortgage loans
      and the variable-rate RMBS.

   -- The liability swap provided by National Australia Bank Ltd.
      to hedge the mismatch between the fixed interest rate
      payable semi-annually on the class A-1b notes and the
      monthly interest rate received on the underlying mortgages.
      The liability swap will mature on the class A-1b
      refinancing date, where the notes will either be repaid or
      convert to floating-rate payments.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publicly disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS ASSIGNED

Class       Rating         Amount (AUD mil.)
A-1a        AAA (sf)       400.0
A-1b        AAA (sf)        25.0
A-2         AAA (sf)        25.0
AB          AAA (sf)        30.0
B           AA- (sf)        12.5
C           A (sf)           3.1
D           BB (sf)          3.3
E           NR               1.1
NR--Not rated.


LONGDA HOLDINGS:  First Creditors' Meeting Set For Nov. 27
----------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Longda Holdings Pty Ltd on
Nov. 17, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Nov. 27, 2015, at 11:00 a.m.


MAKE IT: To Pay AUD1.25 Million in Penalties
--------------------------------------------
The Federal Court has awarded penalties totalling $1.25 million
against consumer leasing company Make It Mine Finance Pty Ltd for
breaching consumer credit laws, including its responsible lending
obligations.

The Court handed down the penalty following its April 28, 2015,
decision that Make It Mine failed to disclose important
information to its customers, breached various responsible lending
obligations and operated for a period while unlicensed.

His Honour Justice Beach made reference to the strong public
interest in imposing penalties to deter other operators who fail
to comply, stating that: 'The consumer lease industry is growing .
. . The undesirable practices of operators in consumer leasing
and, by analogy, credit contracts for purchase by instalments, are
a matter of significant public interest and importance, and are
capable of serious adverse impacts on the most vulnerable members
of the Australian community.'

His Honour was clear in conveying a message that businesses
dealing with vulnerable consumers must take considerable care in
complying with and implementing statutory safeguards designed for
the protection of those consumers. In particular, 'Commercial
behaviour leveraged off the vulnerability of others will be
closely scrutinised and disciplined' where businesses fail to
comply with the legislation.

The decision demonstrates that tough penalties will be imposed on
credit licensees who fail to comply with their obligations under
the National Credit Act, including responsible lending
obligations.

ASIC Deputy Chair Peter Kell said, 'As ASIC found in its report on
the consumer lease industry issued in September 2015, the market
for consumer leases is delivering poor outcomes for many
consumers.'

'Particularly given the very high cost of leases which are often
taken out by vulnerable consumers, it is imperative that consumer
lease providers disclose all information necessary to enable
consumers to make an informed decision, and comply fully with
their responsible lending obligations, including making proper
inquiries about the consumer's income and living expenses and
obtaining all necessary information to enable a meaningful
suitability assessment to be made. Relying on consumers being able
to make payments as long as they are in receipt of Government
benefits is not a substitute to making these inquiries.'

In addition to the penalties, in September 2015, Make It Mine
agreed to the imposition of a condition on its credit licence by
ASIC. This licence condition will require Make It Mine to engage
an independent external compliance consultant to conduct a review
of and report to ASIC on Make It Mine's policies and procedures to
ensure compliance with consumer credit laws.

Make It Mine supplies computers and household white goods to
customers in receipt of Centrelink benefits. As at June 30, 2015,
17,493 Centrelink customers had a current Centrepay deduction
authority for payments to Make It Mine. The total dollar amount in
Centrepay deductions paid to Make It Mine during the 2014/2015
financial year was over AUD30 million.

ASIC received complaints from Murray Mallee Family Care in Dareton
and NSW Legal Aid in 2013 which prompted ASIC's initial
surveillance. The NSW Office of Fair Trading also received
complaints about Make It Mine.

The findings which led to the Court imposing the penalties were
made in a proceeding brought by Make It Mine itself, and another
proceeding commenced by ASIC, which were consolidated and heard
together. Most of the key facts in the proceedings were undisputed
and Make It Mine largely admitted the conduct.

The breaches related to:

  -- The failure to inform customers of the cash price, or market
     value, of the goods they were purchasing on a sale by
     instalments basis, as well as the interest rate and total
     amount of interest to be paid in relation to more than
     24,000 contracts entered into between July 2010 and March
     2013;

  -- The failure to make any enquiries about the financial
     position of more than 20,000 customers between April 2011
     and March 2013. This included failing to make an assessment
     as to whether the contract was suitable; and

  -- Unlicensed conduct in relation to more than 3,600 contracts
     entered into between July 2010 and April 2011.

In November 2014, ASIC commenced civil action against Make It
Mine.

In September 2015 ASIC issued its report on consumer leases.


MALASS DEVELOPMENTS: First Creditors' Meeting Set For Nov. 27
-------------------------------------------------------------
David Ingram & Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Malass
Developments Pty Limited on Nov. 18, 2015.

A first meeting of the creditors of the Company will be held at
Level 40, 2 park street, in Sydney, on Nov. 27, 2015, at
11:00 a.m.


STRATA MATCH:  First Creditors' Meeting Set For Nov. 26
-------------------------------------------------------
Glen Oldham of Oldhams Advisory was appointed ad administrator of
Strata Match Pty Ltd on Nov. 16, 2015.

A first meeting of the creditors of the Company will be held at
Oldhams Advisory, Level 20, 300 Queen St, in Brisbane, Queensland,
on Nov. 26, 2015, at 10:30 a.m.


VIRGIN AUSTRALIA: Moody's Keeps B3 Rating Following Bond Offering
-----------------------------------------------------------------
Moody's Investors Service said that the B3 senior unsecured debt
rating of Virgin Australia Holdings Limited's USD denominated
senior unsecured notes remains unchanged following the
announcement of a USD50 million tap bond offering on its existing
USDD300 million notes issued in November 2014.

The rating outlook remains stable.

Virgin will use the proceeds to increase its liquidity coverage
and meet ongoing US dollar financing obligations.

"The proceeds from the proposed issuance will modestly improve
Virgin's liquidity position," says Matthew Moore, a Moody's Vice
President and Senior Credit Officer.

Virgin's ratings continue to reflect its solid and improving
position in the Australian domestic market, the continued
execution on its transformation program, strategic importance to
shareholders with demonstrated financial support and Virgin's
significantly improved liquidity profile.

The rating is also supported by the sharp decline in fuel prices
and the improved competitive conditions, mainly in the domestic
market, owing to the more conservative stance on capacity
management by Virgin and its major competitor Qantas Airways Ltd.
Virgin also continues to increase its exposure to the more
profitable and stable corporate and government segment with more
than 25% of domestic revenues coming from this sector in FY15.

However, the rating is constrained by still low, albeit improving,
profitability and high leverage. While the level of competition
has moderated substantially on previous years, the rating reflects
our expectation that it will remain strong.

"The proposed issuance will have limited impact on Moody's
expectations for Virgin's credit metrics, as Moody's expects the
proceeds will be used to fund upcoming obligations and support
liquidity," adds Moore.

The stable outlook reflects our expectation that the company's
financial profile will improve to appropriate levels for the
rating over the next 12-to-18 months, as the more conservative
competitive environment allows the domestic industry to become
more balanced, allowing loads and yields to improve to levels more
in line with historical industry long-term average levels. Should
this earnings growth and more conservative balance sheet
management allow the company to improve debt-to-EBITDA towards
6.0x, positive rating momentum is likely.

Virgin's ratings could face negative pressure if the company is
unable to improve its profitability and credit metrics to
appropriate levels for the rating. Specifically, an inability to
reduce debt-to-EBITDA below 6.5x could lead to negative rating
pressure. The rating could also come under pressure if the
competitive environment reverts to the challenging conditions
experienced for much of FY13 and FY14.

The rating could be upgraded if Virgin is able to improve its
financial profile such that adjusted debt-to-EBITDA improves to
less than 6.0x on a sustained basis. This would likely be caused
by continued improvement in the supply demand dynamics in the
domestic market and continued increases in the company's exposure
to the more stable and profitable corporate and government sector,
leading to improving yields and profitability.

Virgin Australia Holdings Limited (Virgin) headquartered in
Brisbane, is Australia's second largest airline following its
launch in 2000 and listing on the ASX (Australian Stock Exchange)
in 2003. As of June 2015 (FY15) VAH generated revenues of AUD4.7
billion and carried around 23.5 million passengers including
Tigerair Australia (Tigerair). VAH operates 157 aircraft,
including the fleet of Tigerair, its low cost carrier.

VAH benefits from a strong shareholder base with Air New Zealand
Limited (Baa2 stable), Etihad Airways (unrated), Singapore
Airlines Limited (unrated) and Virgin Group Plc (unrated)
collectively holding about 84% of its issued equity.


VIRGIN AUSTRALIA: S&P Assigns 'B-' Rating to Proposed Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B-' issue-level rating and '6' recovery rating to Virgin
Australia Holdings Ltd.'s (Virgin Aust.) proposed U.S. 144A/Reg-S
senior unsecured notes.  The '6' recovery rating indicates S&P's
expectation of minimal recovery prospects (0%-10%) in the event of
a default.

The company plans to use the net proceeds from this issuance to
build additional U.S. dollar liquidity coverage and meet ongoing
U.S. dollar financing obligations.

The 'B+' long-term corporate credit rating on Virgin Aust. remains
unchanged and the outlook is stable.  The corporate credit rating
reflects Virgin Aust.'s status as the second player in Australia's
duopoly-like domestic market; small size globally; and low, albeit
improving, profit margin compared to global peers.  Despite the
industry's favorable operating conditions and Virgin's progress in
its deleveraging, S&P expects Virgin's financial risk profile to
remain "highly leveraged" over the next two years.


WITCOM PTY: First Creditors' Meeting Set For Nov. 27
----------------------------------------------------
Paul Vartelas of B.K. Taylor & Co. was appointed as administrator
of Witcom Pty Ltd, trading as Denn Restaurant, on Nov. 18, 2015.

A first meeting of the creditors of the Company will be held at
B.K. Taylor & Co. Meeting Room, Level 8, 608 St. Kilda Road, in
Melbourne, Victoria, on Nov. 27, 2015, at 3:00 p.m.


* AUSTRALIA: Small Business Hardest Hit by Insolvencies
-------------------------------------------------------
Cara Waters at The Sydney Morning Herald reports that small
businesses are most likely to go bust, according to the Australian
Securities and Investment Commission's annual report into
corporate insolvencies from July 2014 to June 2015 published on
Nov. 17.

SMH relates that the report, based on 8,354 reports from external
administrators, found small to medium-size insolvencies
"dominated" insolvency statistics, with 85% of the collapsed
businesses having assets of less than AUD100,000.

This is broadly in line with last year's figures when 86% of
failed companies had estimated assets of AUD100,000 or less.
Of those businesses which collapsed, 79% had fewer than 20
employees and 43% had liabilities of AUD250,000, SMH discloses.

In the wake of these collapses there was little return for
creditors, with 97% of creditors receiving between 0-11 cents in
the dollar, relays SMH.

According to SMH, Adrian Brown, senior executive leader of ASIC's
insolvency practitioner team, said given that the majority of the
insolvent companies had assets of less than AUD100,000 it's "not
surprising" dividends are less than 11c in the dollar to unsecured
creditors.

"There is often a message that creditors only get 11c in the
dollar but if 85% of companies have only less than AUD100,000 in
assets and must pay the cost of external administrators, it
sometimes promotes an undue expectations of returns," SMH quotes
Mr. Brown as saying.

SMH notes that the top three nominated reasons for insolvency were
inadequate cash flow or high cash use in 44% of cases, poor
strategic management of the business in 44% of cases and trading
losses in 34% of reports.

The industries most affected were "business and personal services"
which made up 28% of cases, construction, which made up 21% of
cases and accommodation and food services which made up 10% of
cases, according to SMH.

According to SMH, Administrators uncovered alleged civil insolvent
trading in 57.1% of cases and in the majority of these cases the
debt incurred when the company was insolvent was less than AUD1
million.

SMH relates that Mr. Brown said in the past liquidators have
"raised expectations" with creditors that ASIC would take action
in these cases.

"From a civil perspective it is for the liquidator to take action
and if the liquidator won't, for the creditor to take action," SMH
quotes Mr. Brown as saying.

ASIC will step in when there is criminal insolvent trading, which
was alleged in 1.8% of cases, SMH says.



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C H I N A
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CHINA MINSHENG: Fitch Affirms 'BB+' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Foreign-Currency Issuer
Default Rating of Shanghai Pudong Development Bank (SPDB) to
'BBB-' from 'BB+' with Stable Outlook.  Fitch also affirmed the
IDRs of nine other Chinese mid-tier commercial banks.  Their
Outlooks are all Stable.  The Viability Ratings (VRs) of all ten
banks were also affirmed.

The ten banks are:

   -- China Merchants Bank,
   -- China CITIC Bank,
   -- China Everbright Bank,
   -- Shanghai Pudong Development Bank (SPDB),
   -- China MinSheng Banking Corporation,
   -- Industrial Bank Co., Ltd,
   -- Ping An Bank Co., Ltd,
   -- Hua Xia Bank,
   -- China Guangfa Bank Co., Ltd, and
   -- Bank of Beijing.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

All of the banks' IDRs are based on state support, and are at the
banks' Support Rating Floors (SRFs), reflecting expectations that
extraordinary support from the central government would be
forthcoming in the event of stress.

The upgrade for SPDB's Support Rating (SR) to '2' from '3' and IDR
to 'BBB-' from 'BB+' is based on closer integration and perceived
support from the Shanghai government than we previously thought.
The strengthening of the bank's role in the development of
Shanghai as a major financial centre, and SPDB's enhanced systemic
importance following the acquisition of Shanghai Trust (by way of
capital injection from Shanghai International Group, which is
wholly owned by the Shanghai government) should further increase
SPDB's regional significance, and warrant a higher propensity for
state support.  The one-notch difference between SPDB and the
other three mid-tier banks with SRs of '2' reflects their
different ownership structure (all three) and the level of
interconnectivity with other financial affiliates within their
parent groups (for China CITIC Bank and China Everbright Bank).

China Merchants Bank, China CITIC Bank and China Everbright Bank
have SRs of '2' and SRFs of 'BBB', indicating a high probability
of state support, if needed.  This is based on a combination of
factors, including their relative size and domestic significance
(for China Merchants Bank and China CITIC Bank), ownership by
state-owned conglomerates (all three), direct central government
ownership (for China Everbright Bank), and a history of past
government support (for China Everbright Bank).  Fitch does not
expect the corporate restructuring at the parents of China CITIC
Bank and China Everbright Bank to affect the state's propensity to
support these two banks, as both parent groups remained majority-
state-owned financial conglomerates.

The remaining six banks have SRs of '3' and SRFs of 'BB+',
indicating a moderate probability of central government support if
needed.  Banks in this group are mostly smaller in size and have
no direct central government ownership or less significant
integration with major shareholders, which may include local
governments.  However, these factors may evolve over time, which
will affect the probability of external support.  In a stress
scenario, Fitch believes that the ability of local governments to
support banks on a timely basis may be limited, and hence support
would effectively need to flow from the central government.  That
said, without sufficient systemic importance, whether regionally
or nationally, the propensity of the state to extend support to
these banks under stress is considered to be moderate.

VIABILITY RATINGS

The VRs of China's 10 mid-tier banks range from 'bb-' to 'b',
reflecting varying degrees of intrinsic strength, which are
affected by the extent of off-balance sheet activity; the level
and pace of credit growth in the financial system; issues with
transparency and corporate governance; an evolving regulatory
framework; and nascent legal system.

The continued growth in off-balance sheet activities and increases
in debt receivables, of which some are used as substitutes for
loans, makes it more difficult to gauge where the ultimate risks
reside.  This may become clearer over time given the removal of
the loan-to-deposit cap, but we have so far seen little progress,
while banks remain subject to informal regulatory guidance.  Mid-
tier banks are more reliant on the sale of wealth management
products (WMPs) and derive a larger share of their funding through
these products compared with the state banks.  WMPs' short tenors,
asset-liability mismatches, and limited disclosure about
underlying assets present a significant contingent risk to issuing
banks.  The removal of the deposit rate ceiling, effective Oct.
2015, has potential to intensify the margin pressures over the
long run, though the near-term impact on deposit pricing is likely
to be limited.

System-wide provision buffers have fallen, and the average
provision coverage ratio for joint stock banks has declined to
188% at end-September 2015 from 218% at end-2014 and is
approaching the regulatory minimum of 150%, even though the banks
have made new provisions and disposed of NPLs at the same time.
The need to comply with higher capital buffers at a time when
profitability is weakening has put pressure on capital for most
mid-tier banks.  This implies greater profitability pressures in
2016, and possibly year-on-year declines in reported earnings at
some mid-tier banks.

Fitch's analysis of Chinese banks' asset quality places greater
emphasis on loss-absorption capacity (which includes factors such
as capitalisation, loan-loss reserve coverage, and profitability)
than data on loan classification.  Fitch currently estimates the
mid-tier banks can withstand a rise in impaired credit to an
average of 4.1%, compared to an average of 7.4% for state banks
(6.2% system-wide), after which varying degrees of support would
be required.  However, recognition of asset impairment is likely
to be a protracted process given that authorities often encourage
support for troubled counterparties.  In the meantime,
delinquencies will continue to manifest in eroding liquidity and
cash buffers, as inflows from distressed borrowers remain weak and
more resources are directed at forbearance and support.

While there was broad-based deterioration in asset-quality
indicators over the past year, other parameters such as funding
and liquidity, loss-absorption capacity, and franchise strength
remained generally stable among the mid-tier banks.  Hence, the
VRs were affirmed for all mid-tier banks.  The raising (or planned
raising) of additional capital in 2015 and 2016 at some mid-tier
banks should help increase their risk buffers, provided there is
no acceleration in growth.  Fitch took into account situations
where capital had been raised by banks to offset rapid growth and
maintain loss-absorption capacity at levels in line with similarly
rated peers.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

Any changes to IDRs, SRs and SRFs will be tied to shifts in the
perceived willingness and/or ability of the government
(central/municipal) to provide extraordinary support to the banks,
which also take into account their relative systemic importance
and ownership.

The banking system's continued rapid growth, combined with the
rise in nonbank credit extension, means that the potential claims
on the state are increasing.  Authorities in China have not yet
provided any clear guidance on the classification of domestic
systemically important banks - such guidance could lead to changes
in the SRs, SRFs and, in turn, the IDRs of the banks.  Over the
near term, Fitch expects the state's propensity to support the
banking sector remains high (and extremely high for systemically
important banks).

However, significant changes to the sector's liability structure
resulting in the banks becoming more reliant on wholesale and/or
offshore funding (that is, when the system loan-to-deposit ratio
reaches over 100%), may affect the ability of the state to support
the entire financial system - especially less systemically
important banks - in the longer term, including resolving the
rising stock of problem assets.  Reduction in the state ownership
in the mid-tier banks, either directly or indirectly through
state-owned-enterprises, may affect the propensity of the state to
support these banks if the reduction is significant and results in
materially lower state influence.

VIABILITY RATINGS

Downgrades of the mid-tier banks' VRs could be triggered if
(absent adequate external or internal capital being raised)
excessive growth renders capital more vulnerable to deterioration,
if concentrations in exposures increase relative to peers, if
asset quality weakening begins to undermine solvency, or if
funding and liquidity strains become more binding.  Although the
sector benefits from a degree of ordinary support from Chinese
authorities, most notably in the form of market liquidity
injection and aid for financially troubled borrowers, major
disruptions in the issuance of WMPs, quasi-substitutes for time
deposits, or interbank market distress could also lead to VR
downgrades for those entities highly exposed to, or that
experience a material increase in, these activities.

VR upgrades for China's mid-tier banks are possible if Fitch
considers the operating environment to have stabilised, if not
improved.  This would likely be evidenced by the pace of credit
growth further slowing to a more sustainable level, stronger
regulation contributing to less off-balance-sheet activity (or
being less of a concern, including due to greater transparency
around such activity), greater confidence that reported asset-
quality ratios will hold, or the banks improving their loss-
absorption capacities and/or strengthening their deposit funding
and liquidity.  Further development in the country's financial
markets would also help reduce the financing and asset-quality
burdens currently placed on the banking system, as well as support
eventual deleveraging of the economy.

The full list of rating actions on China's 10 mid-tier banks is:

SPDB

   -- Long-Term Foreign-Currency IDR upgraded to 'BBB-' from
      'BB+'; Stable Outlook
   -- Support Rating upgraded to '2' from '3'
   -- Support Rating Floor revised to 'BBB-' from 'BB+'
   -- Viability Rating affirmed at 'b+'

China Merchants Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Stable
      Outlook
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB'
   -- Viability Rating affirmed at 'bb-'

China CITIC Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Stable
      Outlook
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB'
   -- Viability Rating affirmed at 'b+'

China Everbright Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Stable
      Outlook
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB'
   -- Viability Rating affirmed at 'b+'

China MinSheng Banking Corporation

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'
   -- Viability Rating affirmed at 'b+'

Industrial Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'
   -- Viability Rating affirmed at 'b'

Ping An Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'
   -- Viability Rating affirmed at 'b'

Hua Xia Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'
   -- Viability Rating affirmed at 'b'

China Guangfa Bank

   -- Long-term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'
   -- Viability Rating affirmed at 'b'

Bank of Beijing

   -- Long-term Foreign-Currency IDR affirmed at 'BB+'; Stable
      Outlook
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB+'
   -- Viability Rating affirmed at 'bb-'


CHINA SHANSHUI: Dollar Bonds Jump by Record After Two Loan Offers
-----------------------------------------------------------------
Christopher Langner, David Yong and Lianting Tu at Bloomberg News
report that China Shanshui Cement Group Ltd.'s dollar bonds jumped
by a record after two of its major shareholders made conditional
offers to extend loans following the manufacturer's bond default.

Asia Cement Corp. has $800 million in financing available to
support any Shanshui recapitalization, subject to any proposals to
be decided by the liquidators, Clifford Ng --
cliffordng@zhonglun.com -- a partner in Hong Kong at Zhong Lun Law
Firm which is advising Asia Cement, said in an interview on Nov.
8. Shanshui's largest shareholder Tianrui Group Co. said in a
filing on Nov. 17 it would lend funds if its proposed restructure
of Shanshui's board occurs and triggers early repayment of
Shanshui's $500 million of 2020 bonds. The notes rose 11.9 cents
to 81.9 cents as of 5:24 p.m. in Hong Kong, on Nov. 18, Bloomberg
discloses.

According to Bloomberg, Shanshui became at least the sixth Chinese
firm to default in the local bond market this year as a
shareholder tussle hurt financing. The firm, which missed payment
on a CNY2 billion (AUD313 million) note earlier this month, faced
a hearing Nov. 18 on a liquidation application filed in the Cayman
Islands, where it is incorporated. Bloomberg reported earlier on
Nov. 18 that Asia Cement had agreed in a filing to Cayman courts
to make the credit line available to recapitalize Shanshui pending
an agreement on its restructuring proposal.

The Asia Cement offer "raises the stakes after Tianrui's offer
last evening to help redeem the 2020 notes," Bloomberg quotes
Charles Macgregor, head of Asian high yield research in Singapore
at Lucror Analytics, as saying. "The matter is now firmly in the
hands of the court and hopefully they can give some direction."

According to Bloomberg, Shanshui's CFO Henry Li said when reached
by phone that he had heard from his lawyers that ACC has made a
filing in the Cayman Islands saying ACC is willing to lend to
Shanshui. Li didn't give any specifics on the size of the loan.

"ACC filed an affidavit offering financial support for Shanshui
Cement," Ng at Zhong Lun Law Firm told Bloomberg in phone
interview. "We can confirm that the refinancing power is coming
from both ACC and China National Building Material Co. It's an
offshore funding facility."

NBM holds a 16.7% stake in Shanshui, while Asia Cement has 20.9%
and Tianrui holds 28.2%, Bloomberg discloses.

ACC's offer is a capital injection so will translate into a larger
equity position, though details are still being worked out, a
person familiar with the matter said earlier on Nov. 18, asking
not to be identified because the details are private. Some $500
million would be used to repay 2020 notes in full and the balance
would support onshore operations and trade creditors, according to
the person.

Lawfirm Akin Gump Strauss Hauer & Feld is representing a group of
bondholders in the restructuring, Bloomberg reports citing a press
release on Nov. 11.

Shanshui has considered proposals for repaying debt including new
share issues, asset restructuring and asset securitization, it
said in a filing on Nov. 16, Bloomberg relays. It also said that
if the Cayman court grants the application and appoints
provisional liquidators, they'll have the right to choose and
implement proposals to repay Shanshui's debts, the report relates.

"Our support for any proposal depends on what the provisional
liquidators decide is the best solution for creditors," the report
quotes Mr. Ng, representing Asia Cement at Zhong Lun Law Firm, as
saying. "We want to emphasize that the financial capability we
offer will allow China Shanshui Cement to deal with offshore
creditors, especially the March 2020 bondholders."

Bloomberg News, citing a statement dated Nov. 17 on Chinabond's
website, said Zhongrong International Trust Co. disclosed that
Shanshui's unit repaid CNY200 million on Nov. 13 of loans which
were among underlying assets for asset-backed securities issued by
Bank of Tianjin Co. in July. Bloomberg says China Bond Rating Co.
on Nov. 12 placed the ABS on a watch list. The Shanshui unit's
debt accounted for 11.89 percent of the total underlying assets,
according to China Bond Rating.

Shanshui plans to hold a meeting for investors in its defaulted
onshore bonds as well as its onshore notes due February 2016,
February 2017 and May 2017, Bloomberg reports citing a statement
from China Merchants Bank Co., lead underwriter of the defaulted
securities.

                        About China Shanshui

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is mainly
sold to clients with cement grinding station. The cement produced
by the Company under the brand of Shanshui Dongyue is widely used
in construction works for roads, bridges, housing and various
types of construction projects. The Company operates in four
geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China Shanshui
Cement Group Ltd. to 'D' from 'CC'.  At the same time, S&P lowered
its long-term Greater China regional scale rating on the company
to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.


CHINA XD: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded China XD Plastics Co Ltd's (XD
Plastics) Long-Term Issuer Default Rating (IDR) to 'B+' from
'BB-'. The Outlook is Stable. Fitch has also downgraded the senior
unsecured rating of the company and the rating on the outstanding
senior unsecured US dollar notes issued by Favor Sea Limited, a
wholly owned company by XD Plastics, to 'B' from 'B+', with a
Recovery Rating of 'RR5'.

The downgrade reflects the company's inability to defend its
margin as demand slows. Fitch believes the company's credit
profile is more consistent with the 'B' rating category, due to
its lack of diversification. However, its strong market position
and comfortable leverage and coverage ratios support its 'B+'
rating.

KEY RATING DRIVERS

Pricing Power Deteriorates: XD Plastics has failed to defend its
margin as demand from auto manufacturers slows down and
competition intensifies. EBITDA margin fell to 10% in 3Q15 from
18% in 2014 while revenue fell by 24% yoy in 3Q15 to USD239m. The
sharp fall in EBITDA margin reflects XD Plastics' weak negotiation
power against its customers.

XD Plastics' competitors are adding production capacity
aggressively while domestic auto demand is decelerating. Fitch
expects domestic auto sales to recover slightly in 2016, but this
is likely to be offset by the strong supply coming online, which
will continue to put pressure on margins.

Near-Term Deleveraging Unlikely: New projects in Sichuan (300 kilo
tonnes) and Dubai (16.2 kilo tonnes) would continue to stretch XD
Plastics' balance sheet. The company has total payments of USD298m
due within a year on property, plant and equipment, and Fitch
expects the company will require an additional USD200m of working
capital for the operation of the new facilities. Therefore, the
deleveraging process is unlikely to happen before 2017.

Bumpy Overseas Development: XD Plastics has halted supplies to a
new, direct customer in South Korea that accounted for 12.6% of
total revenue in 2014 because of payment collection issues. The
incident was one of the key reasons for its weak 3Q15 performance.

Without this customer, the top five distributors would account for
about 70% XD Plastics' total revenue, raising concentration risk.

The management has been actively resolving the dispute and believe
they could resume business with the same customer by January 2016
at the latest. In addition, the company is committed to develop
its overseas presence through its investment in a Dubai project.

Comfortable Liquidity and Leverage: Fitch expects the company's
FFO-adjusted net leverage ratio to peak at 3.5x in 2016 when the
Sichuan project comes online, a level that supports its new
rating.

XD Plastics had USD243m in cash on hand and USD234m in unused
credit facilities at end September 2015. This, and operating cash
flow, should be sufficient to cover the USD266m of short-term debt
(including long-term debt due within one year) and required capex
of USD300m.

Sichuan Project Key to Deleveraging: Fitch believes XD Plastics'
Sichuan project, which will increase capacity by 77%, is
strategically important to the company. Completion of the plant
will not only enhance XD Plastics' market leadership in China, but
also diversify its operation base, which is now at Harbin.
The new plant's location is much closer to end-clients, which
would greatly reduce transportation costs and improve XD Plastics'
competitive position in the expanding market in south-west China.

If the Sichuan project can reach full capacity in 2017 and achieve
financial performance comparable to the company's existing plant,
the strong cash flow could help XD Plastic to deleverage. However,
should risks commonly associated with new chemical facilities -
including project delays, unstable initial operation and capacity
absorption - materialise, XD Plastics' credit profile would be
negatively affected.

KEY ASSUMPTIONS

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

-- Revenue to decrease 15% in 2015, and increase 10% in 2016,
   50% in 2017 and 20% in 2018

-- EBITDA margin to recover to 15%-16% in 2015-2018

-- Capex of USD250m and USD200m in 2015 and 2016, respectively

RATING SENSITIVITIES

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

-- FFO-adjusted net leverage sustained above 3.5x

-- EBITDA margin sustained below 12%

-- Significant cost overruns and/or delays in expansion projects

Fitch does not envisage any positive action until XD Plastics
demonstrates margin stability.


POWERLONG REAL: S&P Assigns 'B-' Rating to Prop. US$ Notes Issue
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issue rating and 'cnB+' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Powerlong Real Estate Holdings Ltd.
(B/Stable/--; cnBB-/--).  The rating is subject to S&P's review of
the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Powerlong to reflect the structural subordination
risk.  Powerlong intends to use the net proceeds to refinance its
existing debts.

The rating on Powerlong reflects S&P's view of the company's very
high financial leverage in support of its expansion into high-tier
cities in recent years.  S&P also believes the company faces some
degree of execution risk as the company newly expands into these
cities.  That said, the company's sales growth has been decent in
these high-tier cities, including Shanghai.  For the first 10
months of this year, Powerlong's contracted sales grew by 56% year
over year to Chinese renminbi (RMB) 11 billion, putting it on
track to achieve its full-year target of RMB13 billion.  In
addition, the company's well-balanced portfolio in both commercial
and residential properties, each accounting for about half of
contracted sales, temper these risks, in S&P's view.

S&P expects Powerlong's leverage to gradually improve as its sales
ramp up in these newly entered cities.  S&P also expects the
company to maintain steady growth in rental income over the next
few years, thanks to its strong launch pipeline for commercial
properties.  Nevertheless, Powerlong continues to have high
capital requirements for its expansion into these top-tier cities,
particularly for development of investment properties.


SKYSTAR BIO-PHARMA: Receives Nasdaq Listing Non-Compliance Notice
-----------------------------------------------------------------
Skystar Bio-Pharmaceutical Company disclosed that on November 17,
2015, it received a letter from NASDAQ Stock Market indicating
that that Skystar failed to comply with Nasdaq's filing
requirement set forth in Listing Rule 5250(c)(1) because it failed
to file its Form 10-Q for the fiscal quarter ended September 30,
2015.

The Company previously disclosed a notification from Nasdaq
informing the Company that is was subject to delisting because it
failed to comply with Nasdaq's filing requirements set forth in
Listing Rule 5250(c)(1) because it failed to file its Form 10-K
for the fiscal year ended December 31, 2014, and Forms 10-Q for
the periods ended March 31, and June 30, 2015. The failure to file
the Quarterly Report constitutes an additional basis for
delisting.

The Company also previously disclosed that Nasdaq had notified the
Company of two additional, and separate, bases for delisting under
Listing Rule 5250(b)(1) (failure to disclose material non-public
information) and Listing Rule 5101 (public interest concerns).

The Company has a hearing scheduled for December 3, 2015 for the
hearing panel to review the delisting determination.

             About Skystar Bio-Pharmaceutical Company

Skystar -- http://www.skystarbio-pharmaceutical.com-- is a
China-based developer, manufacturer and distributor of veterinary
healthcare and medical care products. Skystar has four product
lines: veterinary medicines, probiotics, vaccines and feed
additives formulated and packaged in house across several modern
manufacturing and distributions facilities. Skystar's distribution
network includes almost 3,000 distribution agents of which 360 are
franchised stores with exclusivity agreements covering 29
provinces throughout China.


SOUND GLOBAL: Moody's Hikes Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service ("Moody's") has upgraded Sound Global
Limited's corporate family rating to B3 from Caa2.

The rating outlook is negative.

On 17 November 2015, Sound Global announced that it exercised the
early redemption option to redeem the entire USD150 million
outstanding 11.875% senior notes due in 2017.

RATINGS RATIONALE

"The upgrade of Sound Global's corporate family rating to B3 from
Caa2 reflects the company's lower refinancing risk, after its full
repayment of the USD150 million senior unsecured notes," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

The full redemption reduces refinancing pressure associated with
Sound Global's inability to provide audited financial statements.

The lack of audited statements has resulted in the continued
suspension of trading in the company's shares, and impairs its
access to offshore debt markets.

Moody's will continue to monitor the company's progress on the
completion of its annual results reports for 2014.

The negative rating outlook reflects the company's uncertain
financial position, impaired source of funding, and high corporate
governance risk.

Given the negative outlook, there is a low probability of an
upgrade to the rating in the near term.

However, upgrade pressure could arise if the company provides
reliable audited financial statements showing that its financial
resources are adequate to meet its obligations and business needs
on a sustainable basis.

Rating Downgrade pressure could arise if the company defaults on
payment obligations.

Established in 2005, Sound Global Limited is one of the leading
providers of turnkey water and wastewater treatment solutions in
China. The company listed on the Hong Kong Stock Exchange in 2010,
and was founded by Mr. Wen Yibo.


* China Thermal IPP Margins Threatened by Weak Demand, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says that slower power consumption growth in China,
and continued large capacity additions have lowered power plant
utilization levels to such an extent that any cuts to on-grid
tariffs will be negative for the profitability of coal-fired
electricity generators.

Independent power producers (IPPs) with coal-fired plants benefit
from low coal prices and higher on-grid tariffs, which support
their profitability.  Thermal-power plant utilisation levels,
however, are under pressure because of lower electricity demand
growth, capacity additions and the increasing share of renewable
and nuclear energy in the generation mix.

The latest coal-fired power tariff adjustments - the last was in
April 2015 - have not followed changes in coal prices in
proportion, as China gave thermal IPPs some room to repair damage
to their balance sheets that were caused by tariff controls during
3Q08-2010, when coal prices increased substantially.  However,
with the weakening of China's economic growth and industrial users
under some stress, cost of power will be a concern for policy
makers.

A cut in coal-fired power tariffs, when utilization levels are
under pressure, will hurt thermal generators' margins and delay
deleveraging of these entities.  However, bigger-scale and more
cost-efficient companies will be better off.  Strong parent
support and strategic importance to local economies will also help
support the ratings for most of the thermal IPPs we rate, such as
Beijing Energy Investment Holding Co., Ltd (A+/Stable), Zhejiang
Provincial Energy Group Company Ltd. (A/Stable) and Shanghai
Electric Power Co., Ltd. (BBB+/Stable).

China's power consumption growth of 0.7% in 10M15 was the slowest
rate in a decade for the 10-month period.  The slower growth is
due to weak industrial demand as well as China's structural
reforms - to reduce the share of energy-intensive sectors, such as
steel, non-ferrous metal, chemical and construction, in its
economy.  At the same time, power capacity addition has remained
high.  Total power capacity additions increased 43%, or 82.6GW, in
10M15, and coal-fired power capacity additions rose 54%, or
43.4GW, over the same period.

Despite the potential power oversupply, investment in coal-fired
power remains high - rising 28% yoy to CNY84bn in 10M15 - and this
suggests additions of coal-fired generation plants, which take a
long time to construct, will remain elevated.  At the same time,
Fitch expects capacity additions from renewable power to remain
high, as developers eager to install in locations with good
natural resources and grid-connection before anticipated tariff
cuts for wind and solar power.  Thus, Fitch expects IPPs capital
expenditure to remain elevated and power oversupply to persist in
the near future.

Chinese policy makers appear intent on giving market forces more
weight in setting prices for energy, including electricity, in the
medium-term.  In October 2015, the State Council published a paper
on promoting pricing-mechanism reform.  Several pilot schemes are
already under way, involving a more pure-transmission and
distribution tariff model, which Fitch expects the country to roll
out nation-wide over the coming years.  The government plans to
deregulate, but still maintain influence over, on-grid power
tariffs and retail power tariffs to better reflect market demand
and generation costs and to promote efficiency in China's power
markets.

While full implementation of these new proposals will take time,
they foreshadow higher competition and pressure on tariffs.  China
recently announced its intention to reduce wind and solar tariffs,
indicating the policy makers' preference for lower energy costs.
However, Fitch believes that given the substantial amount of
investments still required in clean generation capacity -
renewables, nuclear as well as cleaner coal - regulators will
ensure adequate returns for the sector during this period of heavy
investments.


* CHINA: Cutting of Gas Price is Credit Positive, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says the lowering of the wholesale
natural gas price in China by the National Development and Reform
Commission (NDRC) is credit positive for Moody's-rated city gas
operators, because it will encourage natural gas consumption and
slightly improve the operators' margins.

Also, the announced refinement of the natural gas pricing
mechanism will support the government's market price reforms and
introduce more transparency and market efficiency to the gas
sector.

On November 18, the NDRC announced that it would lower the
wholesale price of natural gas for non-residential users by an
average of RMB0.70 per cubic meter, equivalent to an average
reduction of approximtately 28%, effective on 20 November.

The price adjustment is credit positive for Moody's-rated city gas
operators; namely:

1) ENN Energy Holdings Limited (Baa3 positive),

2) China Resources Gas Group Limited (Baa1 stable),

3) The Hong Kong and China Gas Co. Ltd. (A1 stable),

4) Towngas China Company Limited (Baa1 stable),

5) Beijing Enterprises Holdings Limited (A3 stable),

6) Kunlun Energy Company Limited (A1 stable),

7) China Oil and Gas Group Limited (Ba1 review for downgrade), and

8) Binhai Investment Company Limited ((P)Baa3 stable).

The price adjustment was prompted mainly by: (1) the continuous
fall in prices over the past eight months for fuel oil and
liquefied petroleum gas; these prices serve as benchmarks for the
price of natural gas, and (2) the stronger support by the
government for the use of natural gas. The adjustment will not
affect the gas price charged to residential users.

The latest price adjustment is more significant than the previous
cut in April 2015, when the regulator lowered the wholesale gas
price by RMB0.44 per cubic meter for incremental natural gas
volumes and increased the price by RMB0.04 per cubic meter for
existing volumes.

Moody's expects that the city gas operators' retail tariffs
charged to affected users will likely follow the reductions in the
wholesale price. Lower retail tariffs would increase the
competitiveness of natural gas as against alternative fuel
sources, and therefore stimulate demand. This development will
help the city gas operators counterbalance the recent moderation
in gas consumption.

The price cut will promote the use of compressed natural gas (CNG)
and liquefied natural gas (LNG) as the preferred fuels for
vehicles, because there will be a greater price incentive for
diesel/gasoline-fueled vehicles to be converted into CNG/LNG-
fueled vehicles, given the smaller price difference between CNG/
LNG and diesel/gasoline.

Industrial companies - customers of the city gas operators -- will
also benefit from the lower prices of natural gas as they face
reduced cost pressure with more financial flexibility to cope with
the challenging operating environment against the backdrop of
economic slowdown.

The growth of China's natural gas consumption has slowed from
double-digit to single-digit rates in 2014 and 2015, mainly due to
China's economic rebalancing and the slowdown in industrial
activity.

According to the NDRC, natural gas consumption by non-residential
users subject to the regulated gas price accounts for around 30%
of total natural gas consumption in China.

On the other hand, the immediate financial impact on the city gas
operators resulting from the price cut will be moderate.

Moody's estimates that average retail tariffs for the non-
residential users after the cost pass-through will fall by around
20%. As a result, revenue growth will be affected accordingly in
2016, because lower retail tariffs will weigh on natural gas sales
in absolute terms.

Nevertheless, Moody's expects most rated companies' EBITDA margin
will improve by around three to four percentage points due to the
improved cost structure, and their dollar margins in absolute
terms will be likely maintained at current levels after the cost
pass-through.

Furthermore, the latest price cut has strengthened the track
record of China's gas tariff mechanism introduced in 2013.

Under the mechanism, price hikes were implemented in 2013 and 2014
to narrow the gap between higher imported gas prices and lower
domestic gas prices. Prices were lowered twice in 2015, due to the
drop in fuel oil and LPG prices.

Moody's expects that the government will continue to make
adjustments for natural gas prices, in response to changing market
conditions.

The announced refinement of the pricing mechanism demonstrates the
Chinese government's (Aa3 stable) commitment to market price
reforms and to improving the transparency of tariff levels.

The mechanism also removes the cap on the wholesale price for non-
residential users and introduces a floating range on the wholesale
price. Such a situation will provide flexibility for both the city
gas operators and national oil companies in price negotiations,
promote market efficiency through competition, and pave way for
liberalization of gas price in the long term.

The new trading platform for petroleum and natural gas set up in
July 2015 will further facilitate the market-based pricing
mechanism for non-residential users.

This publication does not announce a credit rating action. For any
credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com for the
most updated credit rating action information and rating history.



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


AGARWALLA TEAK: Ind-Ra Assigns 'IND BB' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Agarwalla Teak
International Pvt Ltd (ATIPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect ATILPL's moderate credit metrics and thin
operating margins inherent in the trading business.  In FY15, net
financial leverage (Ind-Ra adjusted debt/operating EBITDA) was
6.59x, EBITDA gross interest coverage (operating EBITDA/gross
interest expense) was 1.57x and operating margins were 3.78%.

The ratings also factor in ATIPL's tight liquidity position as
evident from 95.06% of average utilization of the working capital
facilities during the 12 months ended October 2015.

The ratings, however, derive strength from over four decades of
experience of ATIPL's promoters in the timber trading businesses.
The ratings are further supported by the entity's strong,
longstanding relationships with its customers and suppliers.
ATILPL's revenue increased to INR920.99 mil. from INR803.36 mil.
on higher traded volume.

RATING SENSITIVITIES

Negative: A fall in the profitability leading to sustained
deterioration in the interest coverage will be negative for the
ratings.

Positive: A significant improvement in the revenue along with an
improvement in the interest coverage will be positive for the
ratings.

COMPANY PROFILE

ATIPL, a Delhi-based company incorporated in 2005, is into the
business of importing and wholesale trading of all types of
timber.  Timber is imported from Malaysia, Latin America and
Africa in the form of logs and is processed according to the
requirements of customers.  ATIPL has sales offices in Delhi,
Punjab, Gujarat and Haryana.


AMRIT DWELLERS: CRISIL Cuts Rating on INR20MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Amrit Dwellers Private Limited (ADPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable' while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          50      CRISIL A4 (Reaffirmed)
   Cash Credit             20      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that ADPL's
financial risk profile, mainly liquidity, will remain weak over
the medium term on account large working capital requirement.
Debtors were high at 222 days as on March 31, 2015, due to delayed
payments from the Public Works Department (PWD) and the Government
of Uttarakhand. Cash accrual was INR4.3 million, against repayment
of INR2.5 million, in 2014-15. Also, the company's bank line
remained highly utilised during the 12 months through March 2015,
mainly due to the stretch in its working capital cycle.
Furthermore, revenue declined to INR36.6 million in 2014-15
(refers to financial year, April 1 to March 31) from INR45.6
million in the previous year on account of delay in execution of
projects.

The ratings reflect ADPL's below-average financial risk profile
because of a modest net worth and high gearing. The ratings also
factor in a modest scale of operations in the highly fragmented
civil construction industry and geographical concentration in the
company's revenue profile. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.

Outlook: Stable
CRISIL believes ADPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company's liquidity improves
significantly, most likely driven by higher cash accrual or equity
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if liquidity
deteriorates owing to low cash accrual, large working capital
requirement, or significant debt-funded capital expenditure.

Established in 2008 and based in Dehradun (Uttarakhand), ADPL
undertakes construction of roads and bridges for government
departments. It is promoted by Mr. Sanjay Sehgal and family. The
promoters were earlier engaged in the same line of business for
over two decades through a partnership firm, Amrit Dwellers, which
was shut down in 2008.


AMRUTVAHINI SHETI: CRISIL Ups Rating on INR84MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Amrutvahini Sheti and Shikshan Vikas Sanstha (ASSVS) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility    47.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility    18.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan             84        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in ASSVS's liquidity
profile backed by absence of major capital expenditure (capex)
plans and healthy cash accruals' generation which has resulted in
increase in cash and fixed deposit balances. ASSVS incurred
sizeable capex of nearly INR350 million in the three years through
March 31, 2014 which had exerted pressure on its liquidity.
However, on the back of absence of major capex in 2014-15 and
continued healthy cash accruals' generation, its fixed deposit
balances improved to INR110 million as on March 31, 2015. This has
supported the trust's credit profile given the seasonality of cash
flows in the business. The trust generated healthy cash accruals
of INR57 million in 2014-15 supported by its healthy operating
margin of 15.5 per cent. The absence of major capex plans over the
medium term will support the liquidity profile. The financial
profile of the trust remains above average marked by healthy net
worth and gearing with comfortable debt protection metrics.

The rating reflects the trust's susceptibility to regulatory
changes in the education sector and to changing student
preferences amid intense competition. These rating weaknesses are
partly offset by the long-standing presence and established
position of the trust's institutes in the education sector and its
comfortable capital structure.

Outlook: Stable

CRISIL believes that ASSVS will benefit from its institutes' long-
standing presence and established position in the education
sector. The outlook may be revised to 'Positive' if ASSVS improves
its liquidity on a sustainable basis, driven by prudent cash flow
management and substantial cash accruals. Conversely, the outlook
may be revised to 'Negative' if the trust undertakes any
considerably large capex programme or witnesses decline in demand,
or if any regulatory ruling adversely affects its operations.

ASSVS was established in 1978 by the late Mr. Bhausaheb Thorat. It
has established 10 educational institutions over a 110-acre campus
in Sangamner (Maharashtra). It provides school, dental,
engineering, and management courses.


ANAND MACHINERY: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
Anand Machinery India Private Limited (AMIPL) continues to reflect
modest scale of operations and stretched liquidity because of
large working capital requirement. These weaknesses are partially
offset by promoters' extensive experience in trading in hydraulic
demolition equipment, and established relationship with principal

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

Outlook: Stable
CRISIL believes AMIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if financial risk profile,
particularly liquidity, improves because of major ramp-up in scale
of operations, improvement in profitability, and efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
deteriorates due to lower-than-expected cash accrual, significant
increase in working capital requirement, or debt-funded capital
expenditure.

Incorporated in 2009, AMIPL trades in hydraulic demolition
equipment such as hydraulic rock breakers, excavator attachments,
and their spares. The company is the sole authorised dealer in
India for the entire product range of Dowin International
Corporation (DIC), Korea. AMIPL's head office is in Pune
(Maharashtra). It has branches in 16 cities in India. Its
customers are mainly from the construction, stone quarry, and
mining industries. The company is promoted by Mr. Sanjay Mutha and
Mrs. Sanjyoti Mutha.


BHATIA COLOUR: CRISIL Assigns 'B' Rating to INR110MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Bhatia Colour Company (BCC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            110      CRISIL B/Stable
   Letter of Credit        50      CRISIL A4

The ratings reflect BCC's weak financial risk profile because of
high gearing and average debt protection metrics, and working-
capital-intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of the firm's
partners in the textile dyes and chemicals manufacturing and
trading industry.

Outlook: Stable
CRISIL believes BCC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an improvement in the
financial risk profile, most likely because of infusion of capital
or a significant and sustained increase in revenue and margins.
Conversely, the outlook may be revised to 'Negative' in case of a
stretched working capital cycle or larger-than-expected debt-
funded capital expenditure, resulting in weakening of the
financial risk profile.

BCC was established in 1994 as a partnership firm by the Surat
(Gujarat)-based Bhatia family. It trades in textile dyes and
chemicals. The firm's office is in Surat.


COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR25cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR25.00 crore (enhanced from INR22.00 crore) bank lines of
Colossus Trade Links Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     25.00      [ICRA]B+; reaffirmed/assigned

ICRA's rating continues to take into account the intensely
competitive and fragmented nature of the scrap metal trading
industry, which coupled with the low value added nature of the
business, has led to subdued profitability. Moreover, the
company's profitability remains exposed to adverse movements in
the prices of iron and steel scrap as well as cyclicality in the
steel industry. The rating also factors in the company's high
gearing, low net worth and weak debt protection metrics, with thin
interest coverage and weak DSCR. The rating is also constrained by
the company's stretched liquidity position as reflected in the
high utilization of its fund based limits. Nevertheless, the
rating derives comfort from the experienced promoters of the
company and the company's established relationships with major
customers and suppliers.

Going forward, the ability of the company to attain a sustained
improvement in its capital structure and liquidity position will
be the key rating sensitivities.

CTLL was incorporated in 2004 by Mr. Namit Gulati and his family.
The company is engaged in the trading of scrap metal procured from
the domestic automobile sector. It supplies scrap metal to
foundries, steel plants, traders and electronic original equipment
manufacturers (OEMs). CTLL is headquartered in Delhi and has seven
warehouses (of which three are owned and four are rented) across
north India, with a combined area of over 15,000 square yards and
a combined storage capacity of over 8000 tonnes.

Recent Results
The company reported a Profit After Tax (PAT) of INR0.60 crore on
an operating income of INR118.14 crore in FY15, as against a PAT
of INR0.55 crore on an operating income of INR129.78 crore in the
previous year.


DIAMOND PRODUCTS: ICRA Assigns B Rating to INR10cr Cash Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR18.50
crore fund based bank facilities and term loans of Diamond
Products Limited (DPL). ICRA has also assigned its short term
rating of [ICRA]A4 to the INR4.50 crore non fund based bank
facilities of DPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit Facility       10.0      [ICRA]B; Assigned
   Term Loan Facility          8.50     [ICRA]B; Assigned
   Non-Fund Based Facility     4.50     [ICRA]A4; Assigned

ICRA's ratings are constrained by the high competitive intensity
in the footwear market, to which DPL is exposed, and the
vulnerability of the company's profitability to volatility in raw
material prices. The rating also takes into account DPL's
elongated working capital cycle on account of high stock levels
(NWC/OI of 61% in FY15). This has resulted in a stretched
liquidity position, as evident from the high utilization of bank
limits and the company's dependence on ad hoc limits.
Notwithstanding the company's moderate leverage (gearing of 1.76
times as on March 31, 2015), DPL had elevated Debt/OPBDITA of 4.3
times in FY15 and on account of its high repayment obligations,
its DSCR was 0.91 times in FY15, rendering it dependent on
promoters for debt servicing. The rating however, factors in the
experience of DPL's promoters in the footwear industry and the
favorable location of the company's manufacturing facility in
Kala-Amb, Himachal Pradesh, which provides fiscal incentives. The
rating further derives comfort from DPL's association with leading
footwear brands like Adidas, Bata and Reebok, which has enabled it
register steady revenue growth.

Going forward, the ability of the company to ramp up its scale of
operations profitably and improve its coverage indicators and
liquidity position, will be the key rating sensitivities.

Incorporated in 1991, DPL is a part of the Diamond Group, promoted
by Mr. Om Prakash Gupta and his family. The company manufactures
Ethylene Vinyl Acetate (EVA) injected footwear and markets its
products under the 'Diamond' and 'Sisco' brands. In addition to
sports footwear, the company also manufactures EVA gum boots for
leading brands in the footwear industry. The company has its
manufacturing facility at Kala-Amb, Himachal Pradesh. The plant
has centralized all production processes to carry out cutting and
stitching of uppers, cutting machines, complete rubber sole plant,
EVA, processing unit etc.

The Diamond group was started by Mr. Om Prakash Gupta in 1978 as
Diamond Toys Company Private Limited (and was renamed as Diamond
Footcare Udyog Pvt Ltd in 2010). The group is currently headed by
Mr. Ramesh Kumar Gupta (Managing Director) who has more than 30
years of experience in the industry.


EAST END: ICRA Assigns 'B' Rating to INR4.0cr Unallocated Loan
--------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR7.50 crore long
term fund based facilities of East End Technologies Private
Limited (EAPL). ICRA has also assigned its rating of [ICRA]A4 to
the INR0.50 crore Standby Line of Credit of ETPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Limits       2.00       [ICRA]B assigned
   Bank Guarantee           1.50       [ICRA]B assigned
   Unallocated              4.00       [ICRA]B assigned
   Standby Line of Credit   0.50       [ICRA]A4 assigned

The assigned ratings take into account small scale of current
operations, low profits and cash accruals from the business,
leading to depressed level of coverage indicators, and stretched
liquidity position as reflected by high utilization of working
capital limits. The ratings are also constrained by the high
customer as well as geographical concentration risks, and limited
bargaining power against large and strong customers. Low value
addition in the business and stiff competition among the players
in the metal fabrication industry keeps margins of all the players
including ETPL under check.

The ratings, however, derive comfort from the experience of the
promoters in the steel fabrication business, reputed clientele
across diversified industries like steel, petro-chemical,
fertilizer, etc. which reduces counter-party risks to a large
extent. The ratings also factor in ETPL's healthy order book
position that provides some revenue visibility in the near to
medium term though may impact its liquidity position further given
its high WC intensive nature of operations. Going forward, scaling
up of resources for the successful execution of the current
healthy order book and the ability of the firm to manage its
liquidity efficiently would remain crucial from the credit
perspective.

Incorporated in 1999, ETPL is engaged in the fabrication of mild
steel and stainless steel products such as ladders, industrial
columns, chimneys, heat exchangers, agitators, commercial fans,
ladles, etc. Besides, the company is also involved in laying of
underground/ above-ground pipelines and also undertakes repair and
maintenance jobs. The company is promoted by Mr. Sandeep Patnaik.
The manufacturing facility of the company is located at Choudwar,
Odisha.

Recent Results
During 2014-15, the company reported a net profit of INR0.26 crore
on an operating income of INR7.32 crore, as against a net profit
of INR0.10 crore on an operating income of INR3.50 crore during
2013-14.


EKAM AGRO: ICRA Assigns B+ Rating to INR11cr Term Loan
------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR15 crore long
term fund based facilities of Ekam Agro Private Limited (EAPL).
ICRA has also assigned its rating of [ICRA]B+/[ICRA]A4 to the INR3
crore unallocated limits of EAPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Term Loan             11.00        [ICRA]B+; assigned

   Fund Based Limits
   Cash Credit            4.00        [ICRA]B+; assigned

   Unallocated long
   term/short term
   Limits                 3.00        [ICRA]B+/A4; assigned

ICRA's ratings take into account the limited track record of
operations of the company coupled with the risks related to
stabilization of the new refining plant and achievement of
expected process parameters with acceptable level of capacity
utilisation. The ratings also factor in the low profitability in
the oil processing business and the fragmented nature of the
industry which leads to intense competition; the exposure of the
profitability margins to adverse fluctuations in raw-material
prices and the significant debt repayment in near to medium term
owing to the debt funded capital expenditure which may exert
pressure on liquidity. However, the ratings positively factor in
the extensive experience of the promoters in the rice bran oil
extraction business and the easy access to raw-material with the
group company engaged in production of crude rice bran oil. Going
forward, the ability of the company to stabilize its operations
and achieve acceptable levels of capacity utilization and revenues
while maintaining a prudent capital structure will constitute the
key rating sensitivities.

The company was incorporated in November 2013 by the Kalra Family
and is operating as a refinery for crude rice bran oil. The plant
is located in Mukstar, Punjab with an installed capacity of 100
tonnes per day. The operations of the company commenced from
February 2015. The total project cost incurred was INR17.51 crore
and was funded through promoter's contribution of around INR4
crore, unsecured loans of INR0.37 crore, term debt of INR11 crore
and INR2.14 crore of advances to suppliers.

Recent Results
As per provisional financials for 2014-15, the company reported
net loss of INR0.51 crore on an operating income of INR12.06 crore
for the period from February 2015- March 2015.


EMBOZA GRANITO: CRISIL Assigns B+ Rating to INR262.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Emboza Granito Pvt Ltd (EGPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             262.5     CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      7.5     CRISIL B+/Stable

   Bank Guarantee         40       CRISIL A4

   Cash Credit            90       CRISIL B+/Stable

The ratings reflect EGPL's exposure to project risks, and moderate
scale of operations over the medium term. These weaknesses are
mitigated by the promoters' extensive experience in the ceramic
industry and the strategic location of its plant in Morbi
(Gujarat), which ensures availability of raw materials and labour.

Outlook: Stable
CRISIL believes EGPL will maintain its business risk profile
backed by its promoters' experience in the ceramic industry.
However, the financial risk profile is expected to remain average
over the medium term with moderate gearing and average debt
protection metrics due to lower accrual during the project
stabilisation phase. The outlook may be revised to 'Positive' if
operations stabilise earlier than expected, thereby improving the
financial risk profile. Conversely, the outlook may be revised to
'Negative', if lower-than-expected operating margin, large, debt-
funded expansion plan, or inefficient working capital management
weakens the financial risk profile.

Morbi-based EGPL was incorporated in July 2015. It is setting up a
manufacturing facility of vitrified tiles with total production
capacity of around 93,000 metric tonnes per annum. The main
promoter, Shri Rajnikant Jayantilal Zalariya, has been associated
with the ceramic business for over a decade via various group
companies.




ENTERPRISE INT'L: CRISIL Cuts Rating on INR10.2MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Enterprise International Limited (EIL) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Bank Guarantee          9.8     CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Cash Credit            10.2     CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Short Term    80       CRISIL A4 (Downgraded from
   Bank Loan Facility              'CRISIL A4+')

The rating downgrade reflects pressure on EIL's business risk
profile. Topline is likely to remain under pressure in the near
term due to subdued demand from China. Revenue for the six months
ended September 2015 declined sharply to INR175.1 million from
INR443.5 million during the corresponding period of the previous
year. Revenue is likely to decline more than 35 per cent in 2015-
16 (refers to financial year, April 1 to March 31) to less than
INR500 million over the previous year. Profitability and thus,
accrual are also expected to reduce.

The rating reflects EIL's susceptibility to geographical
concentration in revenue profile, decline in topline, small scale
of operations, and exposure to intense competition in the natural
and manmade fabric trading business. These weaknesses are
partially offset by the promoters' extensive experience in the
fabric trading business, and the company's low working capital
requirement.

Outlook: Stable
CRISIL expects EIL to benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial and sustained
increase in company's scale of operations along with
profitability, while maintaining its efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of higher than expected decline in revenue and accruals,
stretch in working capital requirement, or if the company
undertakes any large debt-funded capex, thereby adversely
affecting its financial risk profile particularly liquidity.

Incorporated in 1989 in Kolkata, EIL primarily trades in manmade
and natural fabric and yarn. Operations are managed by Mr. Gopal
Das Sarda and Mr. Aditya Sarda.


KHANDELWAL GINNING: CRISIL Reaffirms B+ Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Khandelwal
Ginning and Pressing (KGP) continues to reflect the firm's modest
scale of operations with low profitability, in the fragmented
cotton ginning and pressing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             45      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan           5      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            25      CRISIL B+/Stable (Reaffirmed)

The rating also factors in an average capital structure and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's partners and their funding support.

Outlook: Stable
CRISIL believes KGP will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
revenue and profitability leading to sizable cash accrual, or
substantial infusion of fresh capital. Conversely, the outlook may
be revised to 'Negative' in case of low cash accrual, stretched
working capital cycle, or any debt-funded capital expenditure,
weakening the firm's financial risk profile, particularly
liquidity.

Update
KGP's revenue declined to INR395.6 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR438.8 million in the
previous year; however, operating margin increased to 3.6 per cent
from 2.6 per cent over this period. The decline in sales was due
to lower cotton prices, while the better margin was supported by
prudent inventory management. The firm's working capital cycle
remained in line with expectation, with gross current assets at 64
days as on March 31, 2015.

The capital structure was better than expectation, driven by fresh
equity infusion of INR8.2 million and limited incremental working
capital requirement; however, it remained average with gearing of
1.88 times as on March 31, 2015. Debt protection metrics were
subdued, with interest coverage and net cash accrual to total debt
ratios of 1.46 times and 0.07 times, respectively, for 2014-15.
Liquidity remains stretched with high bank line utilisation,
modest cash accrual, and scheduled debt repayment.

Established in 2009, KGP gins and presses raw cotton and extracts
oil from cotton seeds. The firm is owned and managed by Mr. Kailas
Khandelwal and family; its manufacturing facility is in Bodwad
near Jalgaon (Maharashtra).


MAXFLOW PUMPS: CRISIL Ups Rating on INR35MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Maxflow Pumps India Pvt Ltd (Maxflow) to 'CRISIL B/Stable' from
'CRISIL B-/Stable', while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          15      CRISIL A4 (Reaffirmed)

   Bills Discount/
   Cheque Purchase          5      CRISIL A4 (Reaffirmed)

   Cash Credit             35      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Letter of Credit         7.5    CRISIL A4 (Reaffirmed)

   Proposed Long Term       3.5    CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The rating upgrade is driven by stabilisation of operations at
Maxflow's new factory premises, leading to improved turnover and
operating margin. This, along with the absence of any significant
term debt and reduced unsecured loans, has resulted in improved
liquidity. Unsecured loans of INR38 million were outstanding as on
March 31, 2015, against INR81 million as on March 31, 2014. The
company's liquidity, however, continues to be constrained by large
working requirement, leading to continuously availed ad hoc
working capital limit of INR5 million over the six months through
September 2015.

The ratings reflect Maxflow's modest scale of operations and large
working capital requirement, leading to a below-average financial
risk profile. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the pump
industry.

Outlook: Stable

CRISIL believes Maxflow will continue to benefit over the medium
term from the extensive industry experience of its promoters,
though its revenue is expected to remain modest. The outlook may
be revised to 'Positive' in case of improvement in the financial
risk profile due to better working capital management or
significantly higher revenue and profitability. Conversely, the
outlook may be revised to 'Negative' in case of considerably low
revenue and profitability, or substantial debt-funded expansion,
resulting in deterioration in the company's capital structure.

Incorporated in 1972, Maxflow manufactures and installs pumps.
Government tender-based orders account for 40 per cent of revenue
and private industrial projects for the rest. The company is based
in Manesar (Haryana) and its operations are managed by Mr. Naresh
Arora.


MUSALE CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR75MM Loan
---------------------------------------------------------------
CRISIL ratings reflect Musale Construction modest scale of
operations, limited revenue diversity, susceptibility to intense
competition in the civil construction industry, and large working
capital requirements. These rating weaknesses are partially offset
by the firm's above-average financial risk profile, marked by low
gearing and robust debt protection metrics, and the extensive
experience of its promoters in the civil construction business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         80       CRISIL A4 (Reaffirmed)
   Cash Credit            75       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Musale will continue to benefit over the
medium term from its promoters' extensive industry experience and
its above-average financial risk profile. The outlook may be
revised to 'Positive' if the firm scales up operations,
diversifies its revenue, and improves its working capital cycle,
while maintaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if Musale
reports significant cost and time overruns in its projects, or
faces delays in realisation of receivables, leading to decline in
revenue or weakening of its liquidity, or witness's capital
withdrawal by promoters.

Update
The revenues of the firm remained flattish at INR438.4 million in
2014-15 on account of delayed payments from the state government
and the policy of the firm to recognize revenues only when it is
realised. Musale's operating margins declined by 470 bps to 13.5
per cent in 2014-15 on account of increase in quantum of work
subcontracted to other entities. However, the firm generated
healthy cash accruals of INR39.1 million in 2014-15 on the back of
its lower albeit healthy operating margin. The timely execution of
orders on hand along with maintenance of operating margin will
remain key rating sensitivity factors affecting the accretion to
reserves and thereby the financial profile over the medium term.

Musale's working capital cycle continues to remain intensive
marked by flattish gross current assets at 143 days as on
March 31, 2015. The liquidity profile of the firm is marked by
moderate utilisation of bank lines. The firm is expected to
generate sufficient cash accruals of INR40-45 million annually
over the medium term against scheduled term debt repayments of
INR70 million. The financial profile of the firm is marked by a
healthy capital structure. The firm is not expected to incur major
debt funded capital expenditure over the medium term which will
support its financial profile. The company's working capital
management will remain a key rating sensitivity factor affecting
the liquidity profile over the medium term.

Musale was set up in 1990 by Mr. Sonba Gulabrao Musale and his
brother Mr. Rambhau Gulabrao Musale. The firm undertakes civil and
infrastructure construction works, primarily in the irrigation and
road segments.


NATIONAL GINNING: CRISIL Cuts Rating on INR70MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of National Ginning and Pressing Industries (NGPI) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility       8.8    CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Term Loan               21.2    CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that NGPI's
financial risk profile will remain constrained over the medium
term on account of weakening liquidity, driven by insufficient
cash accrual, high bank limit utilisation, and withdrawal of
capital by partners. The firm had negative cash accrual of INR11.2
million, on account of capital withdrawal of INR14.7 million, in
2014-15 (refers to financial year, April 1 to
March 31); it had repayment obligations of INR5 million during the
year. Repayment was made by liquidating debtors and inventory. Due
to low accrual, the dependence on bank borrowing increased and
bank lines remained highly utilised. On account of capital
withdrawal, the firm's net worth dipped to INR11 million as on
March 31, 2015, from INR25 million a year earlier. CRISIL believes
any major capital withdrawal can affect NGPI's liquidity
significantly and will hence remain a rating sensitivity factor
over the medium term.

The rating reflects NGPI's modest scale of operations in the
intensely competitive cotton ginning industry, and the firm's
expected average financial risk profile because of average gearing
and debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive industry experience, and the
firm's proximity to the cotton-growing region of Gujarat.

Outlook: Stable

CRISIL believes NGPI will continue to benefit over the medium
term, from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in the
financial risk profile, most likely through a significant increase
in scale of operations and cash accrual, while the capital
structure is strengthened. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile weakens due to
significantly low cash accrual, sizeable debt-funded expansion, or
inefficient working capital management.

NGPI was established as a partnership firm in 2000 by Mr. Allarakh
Bilakhiya and Mr. Mohamad Musabhai. The firm gins and presses raw
cotton (kapas) to produce cotton bales. It increased its
production capacity to 200 bales per day in 2014-15 at its
facility in Bhavnagar (Gujarat).

NGPI, on a provisional basis, reported a profit after tax (PAT) of
INR0.9 million on net sales of INR85.4 million for 2014-15, as
against a PAT of INR1.1 million on net sales of INR290.5 million
for 2013-14.


NIMRA EDUCATIONAL: ICRA Assigns 'D' Rating to INR15cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D assigned to
INR3.00 crore cash credit and INR15.00 crore term loan facilities
of Nimra Educational society.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]D assigned
   Term Loan            15.00        [ICRA]D assigned

The assigned rating takes into account the delays in the servicing
of interest towards term loan owing weak liquidity position on
account of significant delays in receivables from the state
government towards fee reimbursement scheme. The rating also takes
note of intense competition in the industry which could impact the
occupancy in the colleges managed by the society and regulatory
risks involved in the education sector. The assigned rating also
considers small scale of operations of the society, significant
decline in operating margin in FY15 on account of higher employee
costs and decline in revenues, significant repayment obligations
going forward and high working capital intensity leading to
stretched liquidity position. The rating however, takes note of
the significant experience of the promoters, and diversified
portfolio of courses offered by the society from graduation to
masters.

NES was set up in 1991 by Dr. Mohammed Vizarath Rasool Khan under
the Andhra Pradesh Societies Registration Act, 1350 Fasli. The
society operates four colleges in and around Vijayawada in Andhra
Pradesh, offering varied courses, such as bachelor of technology,
bachelor of pharmacy, Master of technology, Master of computer
application, Master of pharmacy and Master of business
administration. Currently, NES operates two engineering colleges,
one pharmacy college, and one business Management College, with
total student strength of 1584. All the colleges are affiliated to
the Jawaharlal Nehru Technical University, Kakinada (Andhra
Pradesh).

Recent Results
The society reported net profit of INR1.24 crore on operating
income of INR12.95 crore during FY2015 as against net profit of
INR4.33 crore on operating income of INR15.77 crore during FY
2014.


NIRJHARAA INDUSTRIES: Ind-Ra Assigns 'IND B+' Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nirjharaa
Industries Private Limited (NIPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the nascent stage of NIPL's project.  The
company was established in 2014 to set up a high density poly-
ethene pipe (HDPE) manufacturing plant and a seed processing unit
with installed capacities of 2,700 tonnes per annum (tpa) and
5,760tpa, respectively, in Hyderabad, Telangana.  The project is
likely to become operational in December 2015 according to the
schedule.

The ratings, however, benefit from the plant's locational
advantage in terms of the availability of raw materials and demand
for HDPE pipes.

RATING SENSITIVITIES

Positive: The timely completion of the project in line of the
project cost outlay with generation of revenue as expected by Ind-
Ra will be positive for the ratings.

Negative: Any time or cost overrun will be negative for the
ratings.

COMPANY PROFILE

NIPL was established in 2014.  It is promoted by Mrs. Vidya Rani
and Mrs. Sasmita Biswal.


PHOENIX INFOCITY: ICRA Lowers Rating on INR160cr Term Loan to D
---------------------------------------------------------------
ICRA has downgraded the long term rating for INR160.00 crore bank
lines of Phoenix Infocity Private Limited to [ICRA]D and withdrawn
the rating.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              160         Downgraded to [ICRA]D from
                                      [ICRA]BBB (SO) and withdrawn

ICRA's downgrade takes into account delays in meeting its
obligations on the rated term loan of INR40 crore, which was
scheduled for repayment in May 2015. However, stretched liquidity
resulting from mismatch in cash flows resulted in delayed
repayment of term loans. PIPL closed the term loan in July 2015.
Also, the rating has been withdrawn as the entire rated limit has
been closed. ICRA could not take a timely rating action due to
lack of relevant information.

ICRA's rating of [ICRA]BBB (SO) in September 2014 had drawn
comfort from the agreement Ascendas Property Fund India Private
Limited (APFI) had with PIPL to acquire completed commercial space
in the IT SEZ at Hi-tech city, Hyderabad, against which further
payments were anticipated. Although PIPL completed the project and
complied with the leasing commitments by Q3, FY15, the acuqisition
of the commercial tower "H6" by APFI was delayed on account of
multiple procedure related issues and lengthy due diligence
process. These delays resulted in delayed receipts of funds from
APFI resulting in cash flow shortfall for PIPL thereby affecting
its ability to repay debt obligations on time.

The term loan of INR40 crore (taken for Phase 2 of the IT SEZ) was
due for repayment in May 2015, out of proceeds from APFI. In July
2015 APFI acquired the property and made the payment of INR78
crore to PIPL which it used to close the term loan of INR40 crore.
ICRA had also rated INR120 crore term loans taken by PIPL for
execution of phase 3 of the IT SEZ. These loans were prepaid in
September 2015, ahead of the scheduled repayment in FY17. As there
is no outstanding against ICRA's rated facilities of INR160 crore,
ICRA has withdrawn ratings assigned to these loans.


PRACHIN FOUNDATION: CRISIL Reaffirms D Rating on INR70.9MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prachin
Foundation (Prachin) continues to reflect instances of delay by
the society in servicing its debt; the delays have been caused by
weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        70.9      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    29.1      CRISIL D (Reaffirmed)

Prachin also has a weak financial risk profile and geographical
concentration in its revenue profile. However, the society
benefits from its modern infrastructure facilities and franchisee
agreement with Global Indian Foundation Ltd (GIFL), Singapore.

Prachin, based in Hyderabad (Telangana), was established by Mr. G
Satyanarayana in June 2009. The society has a franchisee agreement
with GIFL, Singapore, to manage the Global Indian International
School. The school offers education from pre-school to high school
level. Its operations are managed by Mr. A Venkateswara Rao.


PRASHANT MOTORS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prashant Motors
Private Limited (PMPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect PMPL's small scale of operations with revenue
of INR208 mil., according to the provisional financials for FY15.
The ratings also reflect the company's moderate credit profile
with net financial leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) of 3.9x in FY15 (FY14: 5.1x), interest
coverage (operating EBITDA/gross interest expense) of 2.0x (2.1x)
and EBITDA margins 5.0% (4.0%).

The ratings are constrained by PMPL's stressed liquidity as
evident from its 98% average working capital use over the 12
months ended August 2015.

The ratings are, however, supported by the decade-long experience
of the company's promoters in the automobile industry.  In
addition, the company is an authorized dealer of the two-wheelers
manufactured by Honda Motor Co.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue along with an
improvement in the credit metrics will be positive for the
ratings.

Negative: Any deterioration in the interest coverage will be
negative for the ratings.

COMPANY PROFILE

Prashant Motors was formed as a proprietary concern in 2004 by
Shashank Shekhar to sell Honda's two-wheelers.  On April 29, 2009,
Prashant Motors was converted into Prashant Motors Private
Limited; it has three directors, Dr. Moti Sinha, Dr. Nibha Kumari
and Cdr. Shashank Shekhar.

Since its inception, PMPL has sold over 30,000 units and has
provided after-sales service to over 100,000 customers.


RAJSHREE SUGARS: CRISIL Assigns 'D' Rating to INR6.44BB Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Rajshree Sugars and Chemicals Ltd (RSCL; part of the
Rajshree group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Rupee Term Loan       6,440      CRISIL D

The rating reflect instances of delay by RSCL in servicing its
term debt obligations; delays have been caused by weak liquidity
following cash losses incurred in 2014-15 (refers to financial
year, April 1 to March 31) because of subdued operations and lower
sugar realisations.

The ratings also factor Rajshree group's weak financial risk
profile, marked by a high gearing and below average debt
protection metrics, and the group's susceptiblity to regulatory
risks in the sugar industry. However, these rating weaknesses are
partially offset by the promoters' extensive industry experience
and diverse revenue streams.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RSCL and its fully owned subsidiary,
Trident Sugars Ltd (TSL), together referred to as the Rajshree
group.

Based in Coimbatore (Tamil Nadu), RSCL was incorporated in 1986
and is a fully integrated sugar manufacturer with distillery and
cogeneration capabilities. TSL manufactures sugar and is based in
Zaheerabad (Telangana). The group's operations are managed by
chairman-cum-managing director, Ms. Rajshree Pathy.

For 2014-15, the Rajshree group reported a net loss of INR699.5
million on net sales of INR7.1 billion, against a net loss of
INR343.6 million on net sales of INR9.3 billion for 2013-14.


S. K. ENTERPRISES: CRISIL Assigns B- Rating to INR75MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of S. K. Enterprises - Thane (SK).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B-/Stable

The rating reflects SK's modest scale of operations,
susceptibility of its operating margin to volatility in raw
material prices, and its large working capital requirement. The
rating also reflects its below-average financial risk profile
marked by small net worth, high total outside liabilities to total
net worth ratio, and weak interest coverage ratio. These
weaknesses are partially offset by proprietor's extensive
experience in the oil trading business and established
relationships with customers.

Outlook: Stable

CRISIL believes SK will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
scale of operations and profitability, or substantial equity
infusion, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
liquidity because of deterioration in working capital management
or any large withdrawal of profit.

Established in 1996 as a proprietorship firm by Mr. Shyam
Gyanchandani, SK trades in fuel oils and chemicals. It is based in
Thane (Maharashtra).


SHRINATHJI SPINTEX: ICRA Suspends B Rating on INR7.70cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR12.20
crore long term working capital limits and term loan limits and
also [ICRA]A4 rating assigned to the INR1.50 crore short term non
fund based limits (sub limit of CC) of Shrinathji Spintex Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                4.50         [ICRA]B; Suspended

   Fund Based-Term
   Loans                 7.70         [ICRA]B; Suspended

   Fund Based: Export
   Packaging Limit      (1.50)        [ICRA]A4; Suspended

Shrinathji Spintex Private Limited (SSPL), promoted by Mr. Dilip N
Marakana, was incorporated in November 2010 and is engaged in the
business of producing carded yarn ranging between 20s to 40s
counts. The manufacturing facility of the company is located at
Gondal, Gujarat with an installed capacity of 10,000 spindles
translating to 5 tons of yarn per day.


SILVER SPRINGS: CRISIL Ups Rating on INR92.4MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Silver Springs Pleasure Resorts Private Limited (SSPRPL) to
'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        88.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Overdraft Facility    60        CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    92.4      CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The rating upgrade is on the back of improvement in liquidity
profile supported by increasing cash accruals v/s expected
reduction in term debt repayment obligations over the medium term
and strong support from promoters in terms of unsecured loan
infusion and loan against personal fixed deposits from promoters.
In the year 2014-15, the company generated cash accruals of around
INR52.6 million against debt repayment of around INR44.5 million
reflected in positive cushion during the same year. Further, the
company is expected to generate cash accruals of around INR69
million and INR75 million against reducing debt repayment
obligation of around INR54.3 million and INR19.1 million in 2015-
16 and 2016-17 respectively. The promoter has supported the
liquidity through infusion of unsecured loan of around INR114
million as on March 31, 2015 and has increased to around INR14.1
million as on September 30, 2015. Also, the company is availing
bank loan against the personal deposits of the promoters and is
outstanding at around INR428 million as on March 31, 2015; thereby
further adding to the overall liquidity profile. CRISIL believes
that the financial risk profile is supported by low gearing of
around 1.26 times and average debt protection metrics with
moderate revenue and healthy operating profitability. The company
has strong financial flexibility with tangible networth at around
INR555 million and low gearing of around 1.0 time as on March 31,
2016.

Over the medium term, CRISIL believes that the financial risk
profile and particularly liquidity profile will improve with the
back of healthy cash accruals and reducing debt repayment
obligations.

The rating reflects extensive experience of the promoters in
hospitality industry and moderate financial risk profile supported
by improvement in gearing and debt protection metrics. The ratings
are partially offset by modest revenue and susceptibility to
geographical concentration risk.

Outlook: Stable
CRISIL believes that SSPRPL will benefit over the medium term from
the extensive industry experience of the promoters. The outlook
may be revised to 'Positive' if the company continues to maintain
improved liquidity position and generates higher-than-expected
cash accruals through increasing revenue and/or better operating
profitability. Conversely, the outlook may be revised to
'Negative' if the liquidity profile weakens through lower cash
accruals or substantial withdrawal of the unsecured loans from the
promoters and/or any major debt funded capex over the medium term.

Established in 1994, SSPRPL operates a five-star hotel and a
casino at Varca beach in Goa. The company was demerged from group
entity Zuri Hospitality Pvt Ltd with effect from April 1, 2012.
Its day-to-day operations are managed by directors Mr. Aditya
Kamani and Mr. Abishek Kamani, supported by a professional
management team.


SIVA VAISHNAVI: Ind-Ra Assigns 'IND B+' Rating; Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Siva Vaishnavi
Marine Private Limited (SVMPL) a Long-Term Issuer Rating of
'IND B+' with Stable Outlook.  The agency has also assigned
SVMPL's proposed INR300.0 mil. fund-based working capital limits a
'Provisional IND B+' rating with Stable Outlook and a
'Provisional IND A4' rating.

KEY RATING DRIVERS

The ratings are constrained by SVMPL's limited track record of
operations as it started commercial operations only in June 2015.
The ratings are also constrained by the inherent vulnerability of
the seafood industry to disease and viral attacks, as well as by
competition and fluctuating currency.

The ratings, however, benefit from the contract worth USD30m the
company has secured from a Russian company to supply processed
shrimp which ensures revenue visibility.  SVMPL has entered into a
contract with a shrimp processing company, Royal Marine Impex
Private Limited, for the processing of shrimps.  Though the
arrangement ensures an asset-light business-model, delays in the
fulfillment of contract is the primary risk.  The management
expects to generate INR330 mil. revenue in FY16 and INR950 mil. in
FY17 with EBITDA margins of around 10%. Cash flow from operations
is likely to remain negative during both the years.

The ratings are supported by around two decades of experience of
SVMPL's founder in the seafood processing industry, and the
proximity of the processing unit, with which SVMPL has entered
into a supply agreement, to the major shrimp cultivating area of
Andhra Pradesh.

RATING SENSITIVITIES

Positive: The stabilization of operations with revenue and
profitability in line with the current expectations will be
positive for the ratings.

Negative: Inability to scale up as expected, leading to liquidity
stress will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2014 and based out of Guntur (Andhra Pradesh),
SVMPL processes shrimp and exports them on merchant basis.  The
company is headed by Mr. Penumatcha Ramachandra Raju.


SOUBHAGYA PROCESSOR: CRISIL Assigns B Rating to INR48.7MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Soubhagya Processor Private Limited (SPPL). The
ratings reflect the early stage of and small scale of operations
in a highly fragmented industry and working-capital-intensive
operations. These rating weaknesses are mitigated by the extensive
experience of the promoter in the textile industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             48.7      CRISIL B/Stable
   Cash Credit           15        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    16.3      CRISIL B/Stable

Outlook: Stable

CRISIL believes SPPL will maintain its business risk profile
backed by the promoter's experience in the textile industry.
However, the financial risk profile is expected to remain average
over the medium term with high gearing and comfortable debt
protection metrics due to modest accrual during the project
stabilisation phase. The outlook may be revised to 'Positive' if
the financial risk profile improves because of earlier-than-
expected stabilisation operations leading to in its. Conversely,
the outlook may be revised to 'Negative', if the financial risk
profile weakens because of low operating margin or a large, debt-
funded expansion plan or constrained working capital management.

SPPL was incorporated as a private limited company in 2010. The
company has set up a unit for dyeing and printing of textiles in
Sikandrabad (Uttar Pradesh). The company is promoted by Mr. Vipin
Jain, who has over two decades of experience in the textile
industry through group company, JVS Fab Pvt Ltd.


SRI RAM: ICRA Reaffirms 'B' Rating on INR4.68cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR4.68 crore fund-based limits of Sri Ram Industries. ICRA has
also assigned ratings of [ICRA]B/[ICRA]A4 to INR2.32 crore un-
allocated facilities of SRI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Fund-
   Based Limits           4.68       [ICRA]B/ Reaffirmed

   Long-Term/ Short
   Term Unallocated       2.32       [ICRA]B/A4 Assigned

The ratings remain constrained by the firm's modest scale of
operations and its weak financial profile as characterized by thin
profitability, modest debt protection metrics and high gearing of
4.48 times as on March 31, 2015. The ratings also take into
consideration the highly fragmented nature of the rice milling
industry with intense competition leading to pricing pressures.
ICRA also notes the inherent agro-climatic risks and government
policies which impact the availability and the prices of the
paddy, which in turn affect the profitability of the firm.
The ratings, however, positively factor in the considerable
experience of SRI's promoters, spanning over four decades in the
rice milling industry; and the stable demand outlook of rice, as
it forms an important part of the staple Indian diet.

Going forward, SRI's revenue growth is expected to be driven by
the newly completed rice milling facility with a capacity of 4
MTPH. SRI's ability to improve its capital structure and
efficiently manage its working capital requirements while
maintaining its margins would be the key rating sensitivities.

Sri Ram Industries (SRI) was incorporated in the year 2007 as a
partnership firm. The firm is engaged in the milling of paddy and
produces raw rice. The firm has a milling unit in Raichur,
Karnataka with an installed capacity of 4 tons per hour.

Recent Results
As per the audited results for FY2015, the firm reported a net
loss of INR0.03 crore on an operating income (OI) of INR3.84 crore
as against a net profit of INR0.02 crore on an OI of INR2.29 crore
in FY2014.


STYLISH PRECAST: ICRA Suspends 'D' Rating on INR9cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR5.10
crore cash credit facility, INR9.00 crore term loan, INR0.70 crore
bank guarantee and INR0.20 crore untied bank facilities of Stylish
Precast Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


TRIDENT SUGARS: CRISIL Assigns 'C' Rating to INR250MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Trident Sugars Ltd (TSL, part of the Rajshree
group).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Long Term Bank Facility      250     CRISIL C
   Rupee Term Loan              250     CRISIL C

The rating reflects TSL's weak liquidity profile, impacted by the
group's high working capital intensity and constrained financial
flexibility on account of its highly leveraged capital structure.
CRISIL also notes that there have been delays in the repayment of
loans by TSL's parent company, Rajshree Sugars and Chemicals Ltd
(RSCL, rated CRISIL D).

The ratings also factor Rajshree group's weak financial risk
profile, marked by a high gearing and below average debt
protection metrics, and the group's susceptiblity to regulatory
risks in the sugar industry. However, these rating weaknesses are
partially offset by the promoters' extensive industry experience
and diverse revenue streams.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of TSL and RSCL, together referred to as
the Rajshree group. This is because TSL is a fully owned
subsidiary of RSCL.

Based in Coimbatore (Tamil Nadu), RSCL was incorporated in 1986
and is a fully integrated sugar manufacturer with distillery and
cogeneration capabilities. TSL manufactures sugar and is based in
Zaheerabad (Telangana). The group's operations are managed by
chairman-cum-managing director, Ms. Rajshree Pathy.

For 2014-15, the Rajshree group reported a net loss of INR699.5
million on net sales of INR7.1 billion, against a net loss of
INR343.6 million on net sales of INR9.3 billion for 2013-14.


VAHINI POULTRIES: CRISIL Cuts Rating on INR100MM LT Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vahini Poultries Pvt Ltd (VPPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan         100      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects weakening in VPPL's liquidity with
cash accrual expected to be inadequate to meet maturing term debt
repayment obligations in the near term. CRISIL believes the
promoters will infuse funds in the company in a timely manner in
order to service its debt.

The company had cash accrual of around INR6 million in 2014-15
(refers to financial year, April 1 to March 31). Though the cash
accrual is expected to increase in 2016-17 supported by a modest
increase in scale of operation, it is likely to be inadequate to
meet term debt repayment obligations of around INR23 million
during the year.

The rating continues to reflect VPPL's working-capital-intensive
operations and exposure to inherent risks associated with the
poultry industry, such as outbreak of epidemics. The rating also
factors a weak financial profile because of a modest net worth,
high gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
industry experience.

Outlook: Stable
CRISIL believes VPPL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' if liquidity improves supported by sizeable equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or significant
deterioration in the capital structure caused most likely by
large, debt-funded capital expenditure or a stretch in the working
capital cycle.

Established in 2010 by Dr. Vidyasagar Reddy and his associates,
VPPL undertakes commercial production of eggs. Its poultry farm is
located near Mehbubnagar (Andhra Pradesh).


VARIDHI HYGIENE: Ind-Ra Assigns 'IND B' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Varidhi Hygiene
Products Private Limited (Varidhi) a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Varidhi's lack of operational track record as
it commenced commercial production only in July 2014.  In FY15
(nine months), the company recorded revenue of INR13m and net loss
of INR64 mil.  Operations are likely to stabilize during FY17 with
exports contributing 45%-50% to the revenue.

The ratings benefit from Varidhi's comfortable liquidity position
with the average utilization of fund-based facility at around 80%
over the 12 months ended Sept. 2015.  The ratings are also
supported by over two decades of experience of the promoters in
the corrugated boxes manufacturing segment.

RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining the
profitability leading to a sustained improvement in the credit
profile will lead to a positive rating action.

Negative: Inability to achieve revenue or generate profits as
projected leading to further deterioration in the credit metrics
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2011, Varidhi manufactures tissue paper jumbo
rolls made from recycled paper and virgin pulp.  Its manufacturing
facility is in Vadodara, Gujarat.  Varidhi has an installed
capacity of 25 metric tonnes per day.


* Indian Telco Outlook Negative on Competition, Fitch Says
----------------------------------------------------------
Fitch Ratings expects the 2016 credit profiles of the top-four
Indian telcos to come under pressure amid tougher competition,
larger capex requirements and debt-funded M&A.  The intensified
competition will stem largely from the entry of Reliance Jio, part
of Reliance Industries Ltd (RIL, BBB-/Stable).  Fitch sees the
industry blended tariff falling by 5%-6% as Jio's entry will
arrest the rise in data average revenue per user (ARPU) despite
rising data usage, and as voice ARPU will continue to fall due to
cannibalization by data.

Fitch expects industry revenue to grow by the low-single-digits
(2015: 9%), driven solely by data services as voice matures and
subscriber growth slows.  Data's contribution to revenue will rise
to around 25%-27% (2015: 18%-20%) as data traffic will double -
aided by the proliferation of cheaper smartphones, lower data
tariffs and improving content availability.  The top four telcos'
average operating EBITDA margin will narrow by 100bp-200bp (2015:
35%) due to pricing pressure on the higher-margin data services
and a rise in marketing spend as data competition rises.

Five to six operators will emerge from the shake-out.  The top-
four - Bharti Airtel Limited (Bharti, BBB-/Stable), Vodafone
India, Idea Cellular and Reliance Communications Ltd (Rcom, BB-
/Stable) - are likely to raise their revenue market share to 80%
(2015: 77%) as the weaker operators depart.  Unprofitable telcos -
including Videocon, Aircel Ltd and Tata - could exit the industry,
given their unviable business model, now that they are able to
sell their underutilized spectrum.

Rcom's 'BB-' IDR has low headroom as its 2016 FFO-adjusted net
leverage is likely to remain higher than the 4x threshold above
which Fitch may take negative rating action.  Bharti's 'BBB-' IDR
headroom may shrink, as leverage could deteriorate on flat EBITDA.



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


LION DIVERSIFIED: 3 Units Default on Payments of MYR35.75 Mil.
--------------------------------------------------------------
The Star Online reports that Lion Diversified Holdings Bhd, whose
21%-owned associate Megasteel Sdn Bhd defaulted on its loan
facilities in September, has announced defaults totalling MYR35.75
million by three wholly-owned subsidiaries.

The Star Online relates that in a filing with Bursa Malaysia, Lion
Diversified blamed the defaults by the units -- Excel Step
Investments Ltd for its bonds, Graimpi Sdn Bhd under a letter of
credit facility and Lion DRI Sdn Bhd on payment for working
capital facilities -- on "the challenging steel operating
environment as a result of rampant importation of steel products
into the country at dumping prices."

It said the Lion Diversified group had been suffering losses for
several years, resulting in its inability to meet the payment of
the bonds and facilities, the report relays.

"The weakening of the ringgit has also resulted in the default of
the partial redemption of the bonds which are denominated in US
dollar," the company, as cited by Star Online, added.

According to the report, investment holding firm Excel Step
Investments is unable to pay a partial redemption amounting to
US$4 million (MYR17.2 million) in respect of the outstanding
US$39.68 million (MYR171.7 million) nominal value 6% exchangeable
bonds.

Steel product trader Graimpi, meanwhile, has received notices of
demand earlier this month for MYR8.654 million already due under
the Murabahah Letter of Credit-i Facility (MLF) and is also
expected to default on the MYR2.6 million outstanding amount due
on Nov 20, the report relates.

Lion DRI, a direct reduced iron products maker, had on Oct 31
defaulted in payment of RM7.3 million in respect of working
capital facilities (WCF), the Star Online discloses.

The Star Online relates that Lion Diversified said the defaults
would give rise to an event of default by virtue of the cross
default provision under the loan documents in respect of working
capital facility agreements with a total combined limit of about
RM109.4 million and term loan facility agreement with principal
amount due of about MYR14.6 million.

As at Nov 18, the total outstanding amount of the above facilities
amounted to about MYR116.9 million, the Star Online notes.

The Star Online relates that on measures taken to address the
defaults, it said Excel and its financial advisers had been having
ongoing discussions with the bondholders to restructure the bonds
and an announcement would be made when an agreement with the
bondholders was reached on the terms of the restructuring.

As for Graimpi and Lion DRI, they have proposed to the respective
banks to reschedule/restructure their repayments in respect of the
MLF and the WCF respectively, the report states.

Lion Diversified said Excel, Graimpi and Lion DRI were not its
major subsidiaries, the Star Online notes.

Based on its 2015 annual report, Lion Diversified had total
borrowings of MYR470.32 million for the year ended June 30, 2015
and cash and bank balances of MYR311.6 million as of June 30, the
report discloses.

Based in Kuala Lumpur, Malaysia, Lion Diversified Holdings Berhad,
an investment holding company, primarily manufactures, trades, and
sells steel products in Malaysia and internationally.


* Stiff Competition Will Weigh on Malaysia Telcos, Fitch Says
-------------------------------------------------------------
Fitch Ratings says in a Special Report released that competition
in the Malaysian mobile sector will persist amid weak consumer
spending and the entry of incumbent fixed operator, Telekom
Malaysia Berhad (TM, A-/Stable), into the 4G market.  However,
competition in the fixed-line and fibre broadband segments will
remain moderate.

Fitch forecasts revenue to grow by a low-single-digit percentage,
driven by expansion in fibre rollout.  The average operating
EBITDA margins of telcos are likely to shrink by 70bp-100bp, due
to revenue pressure and cost increases.  Expansion in the long-
term evolution (LTE) network and fibre broadband will drive capex
investments.  Fitch expects this to keep TM's funds flow from
operations (FFO)-adjusted net leverage around 1.9x-2.0x - close to
Fitch's negative guideline.

Fitch anticipates limited upside on the sector outlook as the
ongoing weakness in the ringgit and intense competition are likely
to weigh on operating cash flows.  Capex and dividends will remain
high, which ensure that credit metrics are much more likely to
deteriorate than to improve.  However, a significant easing in
competition which improves margin and cash flow from operations
could lead to the sector outlook turning stable, from negative.



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


* SOUTH KOREA: Nearly 6% of Korean Companies Face Insolvency
------------------------------------------------------------
Korea Joongang Daily reports that the government has been
preparing to preemptively restructure insolvent companies ahead of
the anticipated interest rate hike by the U.S. central bank, and a
new study showed that nearly 6% of Korean companies could need it.

Joongang Daily, citing a report by private corporate analysis
agency Korea CXO Institute, discloses that 117 of Korea's 2,000
companies, excluding financial firms, have debt-to-asset ratios of
over 200% and are also suffering from operating and net losses as
of last year.

The combined operating losses of the 117 companies amounted to
KRW3.48 trillion ($2.98 billion), while net losses totaled KRW8.3
trillion, Joongang Daily relays.

According to Joongang Daily, the ratio of poor performers has
grown significantly compared to 1996, the year before Korea faced
its first financial crisis that bankrupted many companies,
including conglomerates like Daewoo Group.

Joongang Daily relates that the report said 295 companies, or
14.8%, have a debt ratio of over 200%, but not all are recording
operating or net losses.

For manufacturing companies, a 200% debt ratio is generally
considered the most their balance sheets can handle before
becoming insolvent, Joongang Daily says.

Joongang Daily notes that among the 295 companies, 108 were
considered to be verging on insolvency. The remaining 187 were
considered highly risky.

There were 56 companies with debt ratios of 300%, at which
financial costs begin to eat into profits, Joongang Daily says.

Joongang Daily says ninety-three companies had debt ratios at
400%, meaning they faced the risk of shutting down.

At the bottom of the list were 38 companies with deficits so huge
that they couldn't mend their losses even if they used every penny
earned, says Joongang Daily.

According to Joongang Daily, the total debt of the 295 companies
amounted to KRW270 trillion, while total capital was only
KRW70 trillion. The average debt ratio stood at 384%, Joongang
Daily notes.

Joongang Daily adds that there are an increasing number of small
and midsize companies in trouble.

Joongang Daily say among the 117 companies with debt ratios over
200% alongside operating and net losses, the most were smaller
businesses with revenues of less than KRW100 billion, at 84.

Eighteen were conglomerates with annual revenue of over
KRW500 billion, while 15 were middle-sized firms with annual
revenue between KRW200 billion and KRW500 billion, Joongang Daily
discloses.

The most troubled industry was construction (22 companies),
followed by electronics (17) and machinery (11). The trade, retail
and steel industries each had seven high-risk companies. The
automotive industry had four firms, adds Joongang Daily.



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


VIETNAM TECH: Moody's Corrects LT CR Assessment Rating to B2(cr)
---------------------------------------------------------------
Moody's has corrected the long-term counterparty risk assessment
(CR Assessment) of Vietnam Technological and Commercial Joint
Stock Bank (Techcombank) to B2(cr).

RATINGS RATIONALE

The change to the long-term CR Assessment does not impact the B2
long-term deposit and issuer ratings assigned to Techcombank.

In line with Moody's Banks methodology published in March 2015,
Techcombank's CR Assessment -- prior to government support -- is
positioned one notch above the adjusted BCA of b3. Moody's then
applies government support assumptions for the CR Assessment, in
line with the same support assumptions as for the long-term
deposits and issuer ratings.

For the rating action on 8 October 2015 on Techcombank, where the
BCA of the bank was upgraded to b3 from caa1, the scorecard
setting for "dependence" used to model government support for the
CR Assessment was positioned incorrectly. The application of the
correct "dependence" setting of "very high" in the scorecard for
Techcombank results in a long-term CR Assessment of B2(cr), as
opposed to B1(cr) under the incorrect setting. The correction
leads to no government support uplift for the CR Assessment.




                             *********

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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