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                      A S I A   P A C I F I C

            Wednesday, May 18, 2016, Vol. 19, No. 97


                            Headlines


I N D I A

AGNI INDUSTRIAL: CRISIL Assigns B Rating to INR42.5MM Term Loan
AISSHPRA LIFE: CRISIL Assigns 'B' Rating to INR300MM Term Loan
BHAGWAT PARDESHI: CRISIL Assigns B+ Rating to INR75MM Term Loan
DHANSHREE SEEDS: CRISIL Cuts Rating on INR213.9MM Loan to 'D'
KALYAN METRO: CRISIL Ups Rating on INR92MM LT Loan to B+

RKMM METAL: CRISIL Assigns B+ Rating to INR35MM LT Loan
ROYAL CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR40MM Loan
SHRI LAXMIBADRI: CRISIL Reaffirms B Rating on INR80MM Term Loan
SRI AMBIKA: CRISIL Reaffirms B+ Rating on INR34.5MM Cash Loan
SYNERGY TRANSFORMERS: CRISIL Rates INR46MM Term Loan at 'B'


I N D O N E S I A

SRI REJEKI: S&P Affirms 'BB-' CCR; Outlook Remains Negative


J A P A N

MITSUBISHI MOTORS: S&P Lowers CCR to 'BB-' & Puts on Watch Neg.


                            - - - - -




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I N D I A
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AGNI INDUSTRIAL: CRISIL Assigns B Rating to INR42.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Agni Industrial Fire Services Limited (AISL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               42.5       CRISIL B/Stable
   Cash Credit             30         CRISIL B/Stable
   Proposed Working
   Capital Facility        27.5       CRISIL B/Stable

The rating reflects the company's modest scale of, and working
capital-intensive, operations and average financial risk profile
because of high gearing. These weaknesses are partially offset by
the extensive experience of AISL's promoters in supplying and
installing fire-fighting equipment.
Outlook: Stable

CRISIL believes AISL will benefit over the medium term from the
extensive experience of its management and established clientele.
The outlook may be revised to 'Positive' if revenue and
profitability increase substantially, or if significant fund
infusion by the promoters improves capital structure. The outlook
may be revised to 'Negative' if aggressive debt-funded expansion,
sharp decline in revenue and profitability, or deterioration in
working capital management further stretches liquidity.
About the Company

Established as a proprietorship concern and reconstituted as a
private limited company in 2002, AISL supplies, installs, tests,
and commissions fire-fighting systems. Operations are managed by
Mr. Debashish Chakraborthy.

Profit after tax was INR3.9 million on an operating income of
INR143.0 million for 2014-15 (refers to financial year, April 1 to
March 31), against INR3.2 million on an operating income of
INR155.7 million for 2013-14.


AISSHPRA LIFE: CRISIL Assigns 'B' Rating to INR300MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Aisshpra Life Spaces (ALS). The rating reflects
risks related to timely completion of the project, and high
reliance on customer advances for project funding. These rating
weaknesses are partially offset by funding support by promoters
and healthy booking during the early stage of the project, backed
by locational advantage.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               300        CRISIL B/Stable

Outlook: Stable

CRISIL believes ALS will continue to benefit from the funding
support provided by promoters. The outlook may be revised to
'Positive' if sizeable customer advances and timely completion of
ongoing project lead to healthy cash inflows. Conversely, the
outlook may be revised to 'Negative' if time and cost overruns in
ongoing project, or delays in receipt of customer advances, leads
to low cash inflows and pressure on liquidity.

Established in February 2014, ALS is a partnership between
Aisshpra Life Spaces Pvt Ltd, VS Textiles and Finance Pvt Ltd, and
BN Textiles and Investments Pvt Ltd. ALS is developing a
residential complex in Gorakhpur, Uttar Pradesh.



BHAGWAT PARDESHI: CRISIL Assigns B+ Rating to INR75MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Bhagwat Pardeshi Realty (BPR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 75       CRISIL B+/Stable

The rating reflects moderate project risks due to initial phase
and limited bookings, and susceptibility to risks and cyclicality
inherent in the Indian real estate industry. These weaknesses are
partially offset by the extensive experience of BPR's promoters
and their funding support.
Outlook: Stable

CRISIL believes BPR will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if initial healthy sales of units and timely receipt
of customer advances lead to healthy cash inflow. The outlook may
be revised to 'Negative' if cash inflow is low owing to time and
cost overruns in project implementation, lower-than-expected
sales, or delays in receiving customer advances.

Set up on January 28, 2013, as a partnership firm by members of
the Bhagwat and Pardeshi families, BPR develops real estate in
Pune. The firm is a part of the Janki Construction and Bhama
Constructions groups. It has currently undertaken a residential-
cum-commercial project, Golden Nest, in Undri Handewadi Road,
Pune.


DHANSHREE SEEDS: CRISIL Cuts Rating on INR213.9MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dhanshree Seeds Private Limited (DSPL, part of Manibhadra group)
to 'CRISIL D' from 'CRISIL BBB-/Stable'

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             213.9      CRISIL D (Downgraded from
                                      'CRISIL BBB-/Stable')
   Term Loan                11.1      CRISIL D (Downgraded from
                                      'CRISIL BBB-/Stable')

The downgrade reflects the group's continuous overutilisation of
bank line and delay in meeting term loan obligation.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DSPL and Shree Manibhadra Food Product
Pvt Ltd (SMFPL). This is because both the companies, together
referred to as the Manibhadra group, are in a similar line of
business, have a common management, and have extended cross
guarantees for each other's bank loan facilities.

Incorporated in 2012 by Mr. Prakash Shah, DSPL is into processing
of non-basmati rice with its processing unit based in Moriya
(Gujarat). The total processing capacity of unit is 5 tonnes per
hour.

SMFPPL, incorporated in 2010, is promoted by Ahmedabad-based Mr.
Prakash Shah and his family members and relatives. The company
processes non-basmati rice.


KALYAN METRO: CRISIL Ups Rating on INR92MM LT Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kalyan Metro Multispeciality Hospital Private Limited (KMMHPL) to
'CRISIL B+/Stable' from 'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       92        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan                58        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade reflects improvement in KMMHPL's liquidity driven by
increasing cash accrual. With higher occupancy, the company's
revenue surged 60 percent year-on-year to INR100 million in 2015-
16 (refers to financial year, April 1 to March 31) while operating
margin increased to 28 percent. Consequently, accrual rose to
INR16 million in 2015-16 and is expected to increase to INR20
million in 2016-17. Moreover, revenue from insurance-backed
customers is minimal, and therefore, payments are received swiftly
as against a longer receivables realisation period from third-
party administrators (TPAs). As a result, working capital cycle is
controlled, reflected in gross current assets of 50 days, further
supporting improvement in liquidity. Continued need-based
financial support from promoters also strengthens liquidity.
CRISIL believes continued control on working capital cycle will be
crucial in maintaining improved liquidity, and hence, will remain
a key rating sensitivity factor.

The rating reflects KMMHPL's modest scale of operations and weak
financial risk profile because of high gearing and modest
networth, though supported by adequate debt protection metrics.
These weaknesses are partially offset by extensive experience of
promoters in the healthcare industry, and established name in
Kalyan, Maharashtra.
Outlook: Stable

CRISIL believes KMMHPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is sustained
improvement in the company's scale of operations and
profitability, or if the promoters infuse significant equity, thus
strengthening capital structure. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected accrual, or
aggressive debt-funded expansion, or deterioration in working
capital management, leading to pressure on liquidity.

KMMHPL, incorporated in 2010, runs a 50-bed multi-speciality
hospital in Kalyan. The company is promoted by Dr. Chandrakant D
Shivsharan (laparoscopic surgeon), Dr. Pravin P Bhujbal, Dr.
Pradeep B Shelar, Dr. Bhavesh J Chauhan, Dr. Umesh V Kapuskar, Dr.
Chandan R Singh, and Dr. Rajesh Pastaria.


RKMM METAL: CRISIL Assigns B+ Rating to INR35MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long
term bank facilities of RKMM Metal Chennai Private Limited (RKMM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.5        CRISIL B+/Stable
   Cash Credit            20.0        CRISIL B+/Stable
   Long Term Loan         35.0        CRISIL B+/Stable

The rating reflects RKMM's nascent stage of operations in the
intensely competitive steel industry. The rating also factors in
its below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of RKMM's promoters in the steel industry.
Outlook: Stable

CRISIL believes RKMM will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant and
sustained improvement in revenue while sustaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if a significant decline in revenue or
profitability margins, or larger-than-expected, debt-funded
capital expenditure weakens the financial risk profile.

Established in 2014 as a private limited company, RKMM is a
manufacturer of TMT bars and ingots. Based in Chennai, the company
is promoted by Mr.S.Murugesan, Mr.C.Kannan and Mr. V.Rajasingh.
The day-to-day operations are managed by Mr.C.Kannan.


ROYAL CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR40MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Royal Constructions (RC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        1        CRISIL B+/Stable
   Bank Guarantee           14        CRISIL A4
   Cash Credit              40        CRISIL B+/Stable

The ratings reflect the firm's modest scale and working capital-
intensive nature of operations, exposure to intense competition in
the civil construction industry, and average financial risk
profile because of a small net worth and average capital
structure. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters and a
moderate order book.
Outlook: Stable

CRISIL believes RC will continue to benefit over the medium term
from its moderate order book and experienced promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations while profitability is
maintained, leading to higher cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of low cash accrual,
a stretched working capital cycle, or significant debt-funded
capital expenditure, leading to pressure on the financial risk
profile, particularly liquidity.

RC was established as a partnership firm in 2009 by Mr. Hassan,
Mr. Jaffer and Mr. Ninil. The firm undertakes civil construction
contracts, primarily for buildings, from government agencies in
Kerala.


SHRI LAXMIBADRI: CRISIL Reaffirms B Rating on INR80MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Shri Laxmibadri Agro Foods Pvt. Ltd. (LAF), and
reaffirmed its rating on the long-term facilities at 'CRISIL
B/Stable'.
                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B/Stable (Reaffirmed)
   Foreign Exchange
   Forward                   0.7     CRISIL A4 (Reassigned)
   Proposed Long Term
   Bank Loan Facility        0.7     CRISIL B/Stable (Reaffirmed)
   Term Loan                80.0     CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's start-up phase of
operations in the intensely competitive rice milling industry and
weak financial risk profile. These weaknesses are partially offset
by the extensive experience of LAF's promoters and established
relationship with customers and suppliers.
Outlook: Stable

CRISIL believes LAF will benefit over the medium term from the
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' in case of higher-than-expected ramp-up in
operations and cash accrual. The outlook may be revised to
'Negative' if substantially low revenue or stretch in working
capital cycle weakens liquidity.

Incorporated in October 2013 and promoted by Mr. Ritesh Gupta and
his nine family members, LAF operates a rice milling plant
(capacity of 8 tonne per annum) in Kichha, Uttarakhand, which
commenced operations in November 2015.


SRI AMBIKA: CRISIL Reaffirms B+ Rating on INR34.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating continues to reflect Sri Ambika Rice Mill (SARM's)
below-average financial risk profile, with high gearing and debt
protection metrics. The rating also factors in modest scale of
operations, and exposure to intense competition in the rice
milling industry. These weaknesses are partially offset by the
extensive experience of the promoter in the rice milling industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           34.5       CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Demand Loan           20.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SARM will continue to benefit over the medium term
from the extensive industry experience of the promoter. The
outlook may be revised to 'Positive' if significant and
sustainedable increase in revenue and profitability, or
substantial infusion of capital strengthens financial risk
profile. Conversely, considerable weakening in the financial
profile on account of decline in revenue and profitability, or any
large capital expenditure or capital withdrawal, may drive a
revision in outlook to 'Negative'.

SARM mills and processes paddy into rice, rice bran, broken rice
and husk. It is promoted by Mr. K. Ravindra Reddy and his family,
and is based in Siguguppa, Bellary District (Karnataka).


SYNERGY TRANSFORMERS: CRISIL Rates INR46MM Term Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Synergy Transformers Private Limited (STPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             11.7       CRISIL B/Stable
   Term Loan               46.0       CRISIL B/Stable

The rating reflects the nascent stage and modest scale of the
operations of the company in the highly competitive transformer
manufacturing industry. These rating weaknesses are partially
offset by the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes STPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations with sustained moderate
profitability, leading to substantial cash accrual, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected offtake or
profitability, leading to weakening of its financial risk profile.

STPL was incorporated on September 23, 2013, promoted by Mr.
Rajeshkumar V Ranparia, Mr. Vrajlal Valjibhai Ranparia, and five
others. The company has its registered office near Keshod, in
Junagadh, Gujarat. It manufactures power and distribution
transformers at its unit in Gondal, in Rajkot.



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


SRI REJEKI: S&P Affirms 'BB-' CCR; Outlook Remains Negative
-----------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' long-term corporate credit
rating on Indonesian-based textile producer PT Sri Rejeki Isman
Tbk. (Sritex).  The outlook remains negative.  S&P also affirmed
the ASEAN regional scale rating on Sritex at 'axBB'.  In addition,
S&P affirmed its 'BB-' long-term issue rating on the notes issued
by Golden Legacy Pte. Ltd. and guaranteed by Sritex.

In S&P's view, Sritex has yet to demonstrate an ability to manage
rising seasonal peaks in working capital.  S&P believes this,
along with the company's intention to maintain steady growth and
investments, could test its liquidity position.  S&P therefore
keeps its rating outlook on negative.

Sritex's inventory for the quarter ended March 31, 2016, was about
US$133 million, nearly 35% higher than in the same period in 2015
even though revenue grew only about 7% over the period.  At the
same time, trade receivables, at about US$101 million as of
March 31, 2016, were at multi-quarter lows and are likely to grow
as the company approaches peak sales season in the second and
third quarter of the year.

With the higher inventory days and lower receivable days during
the first quarter of 2016, S&P believes intra-year working capital
investment this year could exceed the US$74 million required in
2015.  This, along with about US$34 million in near-term debt
maturities as of March 31, 2016, and capital spending, could test
the company's liquidity position and financial flexibility.

"We understand Sritex is looking to limit investment in working
capital by improving inventory management, but this could take
time," said S&P Global Ratings credit analyst Eric Nietsch.  "We
note that receivables already have a relatively quick turnaround,
and pressuring counterparties to shorten outstanding payables may
result in lost business."

Residual capital spending will also consume cash.  Sritex
traditionally releases substantial working capital in the last
quarter of the calendar year and did so in 2015, in line with
S&P's earlier forecast.  Nevertheless, all the working capital
released, along with quarterly cash flows, was used to fund close
to US$80 million in capital spending over the quarter.

Sritex's management has reiterated its decision not to build a
power plant, because changes in energy tariffs have made the
project less attractive.  This decision provides more visibility
on capital spending beyond 2016, and removes the project execution
risk.  The company has also reiterated that it has no plans
currently to move downstream into retailing, and that aspirations
for expansion into that segment are long term.  S&P believes the
company will continue to focus on growth both domestically and
abroad, especially in higher-margin products.  However, S&P's
projections assume no significant acquisitions or new expansionary
capital spending projects.

"We affirmed the rating to reflect Sritex's established brand
name, integrated operations, and steady margins.  The rating also
reflects the company's growth aspirations and our projections of
negative free operating cash flows in 2016," Mr. Nietsch said.

Sritex and PT Huddleston Indonesia, its 56.07% majority
shareholder, have similar credit profiles, in S&P's view.  This is
because Sritex represents almost all of its parent's assets,
revenue, and EBITDA.  The consolidated financial profile of PT
Huddleston and its own holding companies is broadly comparable to
that of Sritex.

The ultimate shareholders of Sritex--the Lukminto family--are
currently developing a sizable rayon plant in Indonesia.  S&P has
no information on the size of this investment or on how it is
being funded.  But S&P understands from the company that the plant
is being developed in a separate entity owned by the family
outside of PT Huddleston and the group. Sritex also has
limitations on its bond covenants on its ability to undertake
related-party transactions, including investments in the plant.

Finally, S&P's expectation is that Sritex will only be one of many
customers for the rayon plant's products when it comes online.  As
a result, S&P regards the investment in the rayon plant as credit
neutral for its assessment on Sritex.

"We could revise this view and consolidate the entity developing
the plant in our group credit profile, with potential negative
credit impact, if sizable debt has been used for the investment,
Sritex relaxes its bond covenants to allow for more debt or more
related-party transactions, or Sritex becomes a sizable offtaker
of the plant's products," Mr. Nietsch said.

The negative outlook for the next 12 months reflects the risks
that liquidity could erode if seasonal working capital investments
continue to increase, amid steady capital spending.

S&P could lower the rating if it assess Sritex's liquidity as
having sustainably eroded.  This could materialize if S&P expects
liquidity sources over uses to decline below 1.2x, because of
further growth in intra-year working capital, especially through
the festival season, or sustained capital spending.

S&P could also lower the rating if the ratio of FFO to debt stays
below 15%.  This could materialize if: (1) S&P assess Sritex's
strategy and financial policies as becoming more aggressive by
undertaking debt-funded investments in excess of S&P's current
base case, using debt to expand outside of its core operation; or
(2) operating performance is materially weaker than S&P projected,
with EBITDA margin falling below 15%.

S&P would revise the outlook on Sritex to stable if the company
improves its working capital management such that it maintains
ample liquidity throughout the working capital cycle.  A revision
of the outlook to stable would also be contingent upon a financial
policy supported by viable capital expenditure plans, and the
maintenance of a ratio of FFO to debt of around 20%.



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MITSUBISHI MOTORS: S&P Lowers CCR to 'BB-' & Puts on Watch Neg.
---------------------------------------------------------------
S&P Global Ratings said it has lowered its long-term corporate
credit rating on Japan-based automaker Mitsubishi Motors Corp. two
notches to 'BB-'.  S&P's long-term rating remains on CreditWatch
with negative implications.  S&P placed its previous rating on
Mitsubishi Motors on CreditWatch negative on April 22, 2016, after
the company revealed it has falsified fuel-consumption test data.

The downgrade reflects S&P's view that Mitsubishi Motors had
serious deficiencies in its companywide risk management regime and
internal governance.  Regarding risk management standards, the
company has not successfully institutionalized comprehensive
policies that effectively identify, monitor, select, and mitigate
key risks, in S&P's view.  Therefore, S&P has lowered its overall
assessment of Mitsubishi Motors' management and governance to weak
from our previous assessment of fair.

S&P's rating on Mitsubishi Motors remains on CreditWatch negative
to reflect S&P's view that damage the most recent misconduct
inflicts on the company's brand recognition and social credibility
might weaken its business competitiveness and capacity to generate
earnings, which, in turn, might lead S&P to lower its assessments
of the company's business and financial risk profiles.  Not only
might unit sales plunge, but because the focus of the company's
automotive lineup is just two vehicle types, mini-vehicles and
sports utility vehicles (SUVs), it will have a significant impact
on the company's sales amount.  If the fraudulent testing also
leads to a heavy financial burden to meet various expenses for
compensation, reduced profitability and increased working capital
may lower operating cash flow and free cash flow.  In turn, this
might weigh heavily on Mitsubishi Motors' financial standing,
which underpins S&P's current rating on the company.

S&P will resolve the CreditWatch after examining the
falsification's effect on sales in Japan and abroad, business
performance forecasts, and S&P's expectations of its levels of
working capital and operating cash flow.  S&P may lower its rating
if the company's free cash flow decreases materially and S&P sees
a greater likelihood it will not recover at an early stage, as a
result of a heightened likelihood of a material decline in unit
sales stemming from weakened brand recognition, or if the
financial burden related to the fraudulent testing becomes
massive.  S&P will also focus on developments in investigations
into the fraudulent testing and might downgrade Mitsubishi Motors
if S&P determines that deficiencies in its companywide risk
management regime and internal governance will have a more serious
impact on its credit quality as a result of, for example, any
findings that management was involved in the misconduct.

If realized, a planned capital injection by Nissan Motor Co. Ltd.
and a strategic alliance between the companies, announced May 12,
2016, might somewhat support Mitsubishi Motors' business and
financial risk profiles.  But it will take more time before S&P
can reflect this into its rating.  Regarding the partners'
alliance talks, S&P will focus on the specifics and timing of
their cooperation in purchasing, sharing of research and
development costs, and joint plant utilization, among other items.
After confirming these elements, S&P will consider the likely
effects and then incorporate them into its analysis.  S&P will
also consider use of the capital injection and its impact on the
company's financial standing.



                             *********

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 2016.  All rights reserved.  ISSN: 1520-9482.

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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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