TCRAP_Public/161104.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

           Friday, November 4, 2016, Vol. 19, No. 219

                            Headlines


A U S T R A L I A

DIOSMAN PTY: First Creditors' Meeting Set for Nov. 11
EL-TORO SMASH: First Creditors' Meeting Set for Nov. 11
KEYSTONE GROUP: Jamie Oliver Buys Back "Jamie's Italian" Chain
MISSION NEW ENERGY: Incurs AUD2.3 Million Net Loss in Fiscal 2016
RURAL & GENERAL: License Suspended for Failure to File Reports

RUSSELL-SMITH: Trading While Insolvent from January 2016


B A N G L A D E S H

BANGLADESH JOURNALISTS: Maasranga TV Donates BDT3cr to Trust


C H I N A

GREENTOWN CHINA: Moody's Affirms Ba3 CFR; Outlook Stable
GUANGXI NONFERROUS: Creditors Veto Insolvency Plan
SILVER SPARKLE: Moody's Assigns B2 Rating to USD150MM Sr. Notes
SUNAC CHINA: Fitch Affirms 'BB' Long Term Foreign Currency IDR


I N D I A

AIR CARNIVAL: CRISIL Suspends B- Rating on INR200MM LT Loan
ALP MILK: CRISIL Assigns B+ Rating to INR80MM Cash Loan
ANJANI COTTON: CARE Assigns B+ Rating to INR20.12cr LT Loan
AQUA WORLD: CRISIL Assigns B+ Rating to INR80MM Packing Loan
ELITE SHELTERS: CRISIL Assigns 'B' Rating to INR350MM LT Loan

FAROUK SODAGAR: CRISIL Assigns 'C' Rating to INR850MM Term Loan
GORANTLA MULTIPLEX: CRISIL Assigns 'B' Rating to INR97.5MM Loan
JAS POLYSACK: CRISIL Suspends B+ Rating on INR70MM Cash Loan
KASERA GINNING: CARE Assigns B+ Rating to INR18cr Long Term Loan
KHWAHISH MARKETING: CRISIL Assigns B+ Rating to INR125MM LT Loan

LANDSCAPE REALITY: CRISIL Reaffirms B+ Rating on INR670MM Loan
LIBRA LEASING: CRISIL Suspends B- Rating on INR85MM Overdraft
M G THREADS: CARE Assigns B+ Rating to INR17cr Long Term Loan
MALLUR SIDDESWARA: CRISIL Suspends B+ Rating on INR95MM Cash Loan
MARINE CHEMICALS: CRISIL Suspends B+ Rating on INR20MM LT Loan

MEHADIA & SONS: CRISIL Suspends B- Rating on INR34MM Cash Loan
NATION EXIM: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
NAWA ENGINEERS: CRISIL Suspends D Rating on INR220MM Cash Loan
PANSARI STEELS: CARE Assigns 'B' Rating to INR2cr Long Term Loan
PREM INDUSTRIES: CARE Assigns B+ Rating to INR10.15cr LT Loan

RAKESH FOLDING: CRISIL Ups Rating on INR75MM Cash Loan to B+
SHIMERA PROJECT: CRISIL Assigns B- Rating to INR29MM Loan
SHRI BHAGIYALAKSHIMI: CRISIL Suspends B+ Rating on INR46MM Loan
SINDHANUR GANGAVATHI: CARE Lowers Rating on INR180cr LT Loan to D
SPANDANA SPHOORTY: CRISIL Suspends 'D' Rating on INR16.09cr Loan

SRI LAXMI: CRISIL Assigns 'B+' Rating to INR100MM LT Loan
URBANEDGE HOTELS: CRISIL Suspends D Rating on INR500MM LT Loan
UTTAM DOORS: CARE Assigns 'B+' Rating to INR9.20cr LT Loan


I N D O N E S I A

REASURANSI NASIONAL: Fitch Affirms 'BB' IFS Rating


J A P A N

TAKATA CORP: KKR & Co. No Longer in Bidding for Firm


N E W  Z E A L A N D

FISHER & PAYKEL: S&P Affirms BB Counterparty Credit Rating


P A K I S T A N

PAKISTAN MOBILE: S&P Raises CCR to 'B'; Outlook Stable


S I N G A P O R E

SINGAPORE: Companies Face Financing Scramble in 2017


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Unveils Additional Self-Rescue Measures


                            - - - - -


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


DIOSMAN PTY: First Creditors' Meeting Set for Nov. 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Diosman
Pty Ltd, trading as "Moby Dick Transport" and "Moby Dicks
Transport", will be held at the Boardroom of Chifley Advisory
Suite 3.04, Level 3, 39 Martin Place, in Sydney, on Nov. 11,
2016, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Diosman Pty on Oct. 31, 2016.


EL-TORO SMASH: First Creditors' Meeting Set for Nov. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of EL-Toro
Smash Repairs Pty Ltd will be held at Level 5, 75 Castlereagh
Street, in Sydney, on Nov. 11, 2016, at 2:30 p.m.

Andrew Hugh Jenner Wily of Armstrong Wily was appointed as
administrator of EL-Toro Smash on Nov. 1, 2016.


KEYSTONE GROUP: Jamie Oliver Buys Back "Jamie's Italian" Chain
--------------------------------------------------------------
Receivers for the Keystone Group have announced the Jamie Oliver
Group as the preferred Bidder for the Keystone Group's Australian
Jamie's Italian restaurant franchise chain.

Receiver Morgan Kelly said it was an ideal outcome for the
Australian Jamie's Italian franchises to return to parent group
ownership and operation.

"Jamie Oliver taking control over the restaurants is an exciting
outcome for the restaurant staff and patrons.

"The Australian Jamie's Italian franchises can now go from
strength to strength under the direct management of the Jamie
Oliver Group," Mr. Kelly said.

Jamie Oliver said, the Australian franchise, some of the best
performing Jamie's Italian restaurants worldwide, were put up for
sale when the franchise partner, Keystone Group went into
receivership over the summer. This was in no way a reflection on
the performance or success of the restaurants.

"The best news that could come out of the situation I've been
placed in is for me to buy back the Jamie's Italian franchise. I
believe in it and our Australian teams 100%.

"This will be a really exciting moment for me personally, and I
know the guys will be ecstatic to be back in-house. It will allow
us to invest even more time and money in people and restaurants,
celebrate great Aussie produce and be even more creative.

"Bringing Jamie's Italian in-house will also facilitate working
more effectively across the other three pillars of the Jamie
Oliver Group in Australia (Media, Licensing and Foundation), Mr
Oliver said.

With 42 restaurants in the UK and over 25 internationally,
Jamie's Italian prides itself serving delicious Italian classics
with a Jamie twist. The food served in each of the Australian
restaurants is made with the best, sustainable and locally
sourced ingredients, including fresh pasta made on site, every
day.

Herbert Smith Freehills partners Paul Apathy and Mark Currell are
advising on the sale.

                          About Keystone

Founded in 2000, Keystone Group runs venues throughout Australia
such as the celebrity chef Jamie Oliver-branded chain Jamie's
Italian, as well as Sydney staples Kingsleys, the Sugarmill,
Cargo Bar and Bungalow 8.

Keystone was placed into receivership on June 28 after
lenders KKR Asset Management and Olympic Capital Holdings Asia
called time on the business, which expanded aggressively
nationwide in 2014, according to the Sydney Morning Herald.

Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed
Receivers and Managers to the Keystone Hospitality Group.


MISSION NEW ENERGY: Incurs AUD2.3 Million Net Loss in Fiscal 2016
-----------------------------------------------------------------
Mission NewEnergy Limited filed with the Securities and Exchange
Commission its annual report on Form 20-F disclosing a loss after
tax of AUD2.32 million on AUD41,960 of total revenue for the year
ended June 30, 2016, compared to profit after tax of AUD28.35
million on AUD7.27 million of total revenue for the year ended
June 30, 2015.

As at June 30, 2016, the Company had AUD6.17 million in total
assets, AUD1.4 million in total liabilities, all current, and
AUD4.76 million in total equity.

BDO Audit (WA) Pty Ltd, in Wayne Basford, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016.

The Group incurred net cash outflows from operating activities of
AUD2,077,633.  At June 30, 2016, the Group had net working
capital of AUD1,116,600.

"The ability of the Group to continue as a going concern is
dependent on securing additional funding through the issue of
further equity or debt, generating positive cash flows from
existing or new operations, and/or realising cash through the
sale of assets.

"These conditions indicate a material uncertainty that may cast a
significant doubt about the Group's ability to continue as a
going concern and, therefore, that it may be unable to realise
its assets and discharge its liabilities in the normal course of
business.

"Management believes there are sufficient funds to meet the
Group's working capital requirements as at the date of this
report, and that there are reasonable grounds to believe that the
Group will continue as a going concern as a result of a
combination of the following reasons:

  * raise additional funding through debt and/or equity;

  * generate positive cash flows from existing or new operations;
    and

  * realise cash through the sale of assets.

"Should the Group not be able to continue as a going concern, it
may be required to realise its assets and discharge its
liabilities other than in the ordinary course of business, and at
amounts that differ from those stated in the financial
statements. The financial report does not include any adjustment
relating to the recoverability and classification of recorded
assets or liabilities that might be necessary should the entity
note continue as a going concern," as disclosed in the filing.

A full-text copy of the Form 20-F is available for free at:

                       https://is.gd/BNnzMm

                      About Mission NewEnergy

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

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.


RURAL & GENERAL: License Suspended for Failure to File Reports
--------------------------------------------------------------
The Australian Securities and Investments Commission suspended
the Australian financial services (AFS) license of Parramatta-
based Rural & General Insurance Broking Pty Limited (RGIB) for
failing to lodge financial statements, auditor's reports and
auditor's opinions for the financial years ending June 30, 2014
and June 30, 2015.

This is in breach of both its legal obligations under the
Corporations Act and its license conditions.

Deputy Chair Peter Kell said, 'Licensees are required to lodge
financial statements with ASIC to demonstrate their capacity to
provide financial services. Failure to comply with reporting
obligations can be an indicator of a poor compliance culture.
ASIC won't hesitate to act against licensees who do not meet
these important requirements.'

ASIC has suspended RGIB's license until April 5, 2017. If they do
not lodge the required documents by this date, ASIC will consider
whether the license should be cancelled.

RGIB has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.
Background

RGIB provides general financial product advice and is authorised
to deal in general insurance products.

The annual lodgement of audited accounts is an important part of
a licensee demonstrating it has adequate financial resources to
provide the services covered by its license and to conduct its
business in compliance with the Corporations Act 2001.

ASIC will continue to contact AFS licensees who have not lodged
audited financial statements and take appropriate action if they
fail to lodge these statements.

The suspension of RGIB's license is part of ASIC's ongoing
efforts to improve standards across the financial services
industry.

Earlier this year, ASIC permanently banned the former director of
RGIB, Timothy Charles Pratten of New South Wales, from providing
financial services and from engaging in credit activities.


RUSSELL-SMITH: Trading While Insolvent from January 2016
--------------------------------------------------------
Alexandra Humphries at The Mercury reports that administrators
for Russell-Smith believe the company was trading while insolvent
from at least January 1 this year, and owes creditors almost AUD9
million.

A creditors meeting was held on Oct. 27, when administrators
Jirsch Sutherland recommended the company be placed into
liquidation.

The Mercury reported in August that the company had been accused
of not paying suppliers for between six and 12 months.

According to The Mercury, the administrators' report to creditors
said a potential insolvent trading claim against former company
director Prasanga Shiromon Kingsley De Silva would be referred to
the Australian Securities and Investments Commission, and could
total $4 million.

The Mercury says the report found a number of "unreasonable
director related transactions," including the use of company
credit cards to pay for travel expenses, gym fees, dry cleaning
and traffic infringements. In August, AUD292,000 was withdrawn in
cash or by cheque from one of Russell-Smith's Westpac accounts.

Russell-Smith's largest single debt was AUD3.2 million owed to
the Australian Taxation Office. Claims for breaches of contract
also had been lodged against Russell-Smith by construction
company Fairbrother Pty Ltd for AUD1.2 million and others, The
Mercury relates.

The Mercury relates that the administrators' report said
outstanding employee entitlements were estimated at AUD642,000.
The company had 42 employees immediately before the appointment
of administrators, with entitlements owing to another 64 former
employees, The Mercury notes.

"The company was unable to produce accurate financial information
from July 1, 2015 onwards," the report, as cited by The Mercury,
said.

Many of the unsecured creditors are local companies. The Tasmania
Fire Service, TasNetworks, the Department of State Growth and
Hobart City Council are all on the list, The Mercury adds.

Russell-Smith Pty Ltd is a Tasmania-based electrical and
communications company.  Stewart Free and Bradd Morrelli from
Jirsch Sutherland were appointed as voluntary administrators to
Russell-Smith on Sept. 22, 2016.



===================
B A N G L A D E S H
===================


BANGLADESH JOURNALISTS: Maasranga TV Donates BDT3cr to Trust
------------------------------------------------------------
Dhaka Tribune reports that responding to the call of Prime
Minister Sheikh Hasina, Private television channel Maasranga TV
has donated BDT3 crore to the Bangladesh Journalists Welfare
Trust.

Anjan Chowdhury Pintu, managing director of the Maasranga TV,
handed over a check for the amount to Prime Minister Sheikh
Hasina at her office on Oct. 25, said PM's Press Secretary
Ihsanul Karim, Dhaka Tribune reports citing BSS.

On several occasions, the premier called upon the owners of media
outlets and well-off people to come forward to donate in the
trust set up for the welfare of journalists, according to Dhaka
Tribune.

The government provides financial assistance to the insolvent
journalists across Bangladesh from the trust, the report notes.



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C H I N A
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GREENTOWN CHINA: Moody's Affirms Ba3 CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has revised to stable from positive the
outlooks of Greentown China Holdings Limited and Apex Top Group
Limited.

At the same time, Moody's has also affirmed Greentown's Ba3
corporate family rating and these ratings:

  1. The Ba3 backed senior unsecured rating on the USD senior
     notes issued by Greentown in August 2015; and

  2. The Ba3 backed senior unsecured rating on the senior
     perpetual capital securities issued by Apex Top Group
     Limited; and

  3. The B1 senior unsecured ratings on the USD senior notes
     issued by Greentown in September 2013 and its tap issuance
     in February 2015.

The USD senior notes issued in August 2015 and USD senior
perpetual capital securities are supported by a Keepwell Deed and
a Deed of Equity Interest Purchase, Investment and Liquidity
Support Undertaking provided by Greentown's major shareholder,
China Communications Construction Group Limited (CCCG, unrated).

                         RATINGS RATIONALE

"The change in the ratings outlook to stable from positive
reflects our expectation that Greentown's standalone financial
profile will more likely stabilize at the current level than
achieve a material improvement in the next 12-18 months," says
Franco Leung, a Moody's Vice President and Senior Credit Officer.

Moody's expects Greentown's debt leverage, as measured by
revenue/adjusted debt-- including shares in joint venture
contributions -- will remain at around 55%-60% in the next 12-18
months, as the company continues to show debt funding needs for
business expansion.

The company's reported debt increased to around RMB50.5 billion
at end-June 2016 from around RMB45 billion at end-2015. Its
adjusted revenue/debt -- including shares in joint venture
contributions -- declined to around 52% for the 12 months to June
2016 from 61% in 2015, partly driven by the increase in debt and
perpetual capital securities, as well as a drop in revenue in 1H
2016.

Moody's also expects Greentown's interest coverage -- including
shares in joint venture contributions -- will stay at around
1.25x-1.5x in the next 12-18 months from around 1.2x in 2015.

These credit metrics are commensurate with Chinese developers
rated at the B2 category.

However, Moody's expects Greentown will maintain an adequate
liquidity position as it has achieved a good level of sales
growth to date.  It recorded property contracted sales of RMB68
billion in the first nine months of 2016, a 51.1% year-over-year
growth.

"The Ba3 corporate family rating continues to incorporate a two-
notch rating uplift, based on our expectation that the company
will receive extraordinary financial support from China
Communications Construction Group in times of financial
distress," says Leung, also the lead analyst for Greentown.

The two-notch rating uplift reflects (1) the presence of five
representatives of CCCG on Greentown's board of directors; (2)
CCCG's shareholding of 28.9% in Greentown; and (3) the provision
of a Keepwell Deed by CCCG supporting Greentown's USD500 million
notes due in 2020 and the USD400 million perpetual notes.

Moody's notes that Greentown has benefited from CCCG's ownership
since it first obtained a stake in 2015, particularly in terms of
its strengthened access to funding.

Its average borrowing costs fell to 6.3% in 1H 2016 and 7.3% in
2015 from 7.9% in 2014.  Its liquidity has also improved, with
cash to short-term debt improving to around 195% at end-June 2016
and 121% at end-2015 from around 75% at end-2014.

The stable outlook reflects Moody's expectation that the company
will maintain its sales execution, stable financial profile and
adequate liquidity in the next 12-18 months.  It also reflects
Moody's expectation that it will continue to receive support from
CCCG.

Upward ratings pressure could emerge if Greentown: (1)
strengthens its liquidity profile by exercising prudence in its
financial management as well as land acquisition strategy; (2)
lowers its debt leverage, such that its revenue to adjusted debt
-- including JV contributions -- is above 70%-75%; and/or (3) if
its EBIT/interest (including JV contributions) rises above 2x for
a sustained period.

On the other hand, downward ratings pressure could emerge if the
company: (1) shows weakness in its liquidity position, such that
its cash to short-term debt falls below 70%; (2) shows a further
contraction in its gross profit margin to below 15%-20%; or (3)
its EBIT/interest (including JV contributions) falls below 1x-
1.25x for a sustained period.

Any evidence of weakening support from CCCG will also negatively
affect Greentown's ratings.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province.  At end-June 2016, the company had 81 projects with a
total gross floor area of 31.24 million square meters (sqm).
the total, 18.21 million sqm was attributable to the company.

China Communications Construction Group Limited is a state-owned
enterprise wholly owned by the State Council of China.  The
company holds a 63.8% stake in China Communications Construction
Co. Ltd. (A3 stable), which is in turn one of the largest road
and bridge construction companies in China, and also a major port
design and construction company in the country.


GUANGXI NONFERROUS: Creditors Veto Insolvency Plan
--------------------------------------------------
Caixin Online reports that creditors of Guangxi Nonferrous Metals
Group have vetoed an insolvency plan in a case that shows the
obstacles that state-owned enterprises (SOEs) face as they try to
complete the bankruptcy process.

In the plan, the firm's bankruptcy administrators proposed
auctioning, presumably at a discount, not only the equity stakes
the parent has in its seven subsidiaries but also the debts that
the subsidiaries owe to the parent, Caixin relates citing several
of the firm's creditors who voted on the bankruptcy plan on
Oct. 28.

Caixin says the debt assets proposed for sale include
CNY937 million ($138.3 million) that Guangxi Nonferrous has in
Huiyuan Manganese Industry Co. Ltd., CNY155 million in Guibei
Investment Co. Ltd., and CNY1.07 million in Yulin Rare Earth
Investment Co. Ltd.

According to an evaluation report that Caixin has seen, the
assets of Guangxi Nonferrous are estimated at CNY5.97 billion. So
far, creditors have demanded repayment of CNY14.5 billion in
debts, including CNY10.6 billion in unsecured liabilities. If the
assets were to be auctioned on the basis of this evaluation, the
liquidation rate of unsecured debts would be only 19.27%.

Caixin says the administrators proposed the combined sale of
equities and debt assets because some of the firm's subsidiaries
are also facing difficulties, and the strategy could protect the
subsidiaries against bankruptcy. But this would further undermine
the benefits of Guangxi Nonferrous' creditors, sources who
attended the creditors meeting told Caixin.

The creditors' views of the plan are mixed, however. Some told
Caixin that tying up debt assets with equities was no different
from a debt-to-equity swap. "It means that the parent group gives
up its right to demand repayment of debts from its subsidiaries,
and it is unfair," Caixin quotes one creditor as saying. But
others hold that such a proposal might broaden its appeal,
attracting a greater number of purchasers.

Caixin notes that the number of bankruptcy cases in China is on
the rise as the government moves to wipe out overcapacity,
reorganize distressed companies and restructure the economy.
Citing data released by the Chinese Supreme People's Court,
Caixin discloses that 1,028 firms successfully filed for
bankruptcy in the first quarter of 2016, up 52.5% compared with
the same period a year earlier.

But while many SOEs with excess capacity have been kept afloat to
bolster the economy, liabilities have been mounting, creating
companies that are too big to fail, notes the report. And legal
and institutional obstacles make going bankrupt difficult in
China.

"At this stage, it is very hard for creditors to push for more
compromises from the bankruptcy administrators, even though they
will revise the insolvency plan," Caixin quotes Song Yixin, a
lawyer with Shanghai Tianming Law Firm, which focuses on
investment and bankruptcy, as saying. "Bankruptcy law in China is
not aligned with the interests of the creditors, and the fact
that the administrators are always appointed by a court raises
the suspicion that there is government intervention."

In fact, creditors opposed a debt-to-equity swap plan in April,
when the administrators proposed to cancel a CNY912 million debt
in Huiyuan Manganese Industry in exchange for equities on the
grounds that it ignored their interests, Caixin states.

Several analysts told Caixin that bankruptcy was an inevitable
way to get rid of "zombie enterprises" - heavily indebted
companies that have no meaningful operations and are kept afloat
through local government protection - but that if insolvent
companies seek legal loopholes to dodge creditors, investor
confidence will be undermined.

Caixin adds that the next step for Guangxi Nonferrous Metals is
another round of creditors' meetings, which will be convened
after the administrators revise the insolvency plan. And if the
revised plan is rejected, the courts will step in to make a
decision.

The government-run metals producer in September became the first
interbank bond issuer to be declared bankrupt, Caixin notes.

Guangxi Non-ferrous Metals Group Co., Ltd. engages in mineral
exploration business in China. It explores for tin, zinc,
antimony, indium, tungsten trioxide, rubidium, and other
resources. The company is also involved in mining development,
engineering and construction, property investment, trading, and
land development businesses.


SILVER SPARKLE: Moody's Assigns B2 Rating to USD150MM Sr. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
the USD150 million senior unsecured notes issued by Silver
Sparkle Limited and guaranteed by Fenghui Leasing Co., Ltd (B2
stable).

The rating outlook is stable.

                         RATINGS RATIONALE

Moody's definitive rating on this debt obligation follows Fenghui
Leasing's completion of its USD150 million senior note issuance
and the registration of Fenghui Leasing's guarantee to the issued
bond with China's State Administration of Foreign Exchange
(SAFE).

Moody's assigned a provisional rating to the notes on July 26,
2016.  This is because the guarantee needed to be registered
SAFE. Moody's ratings rationale was set out in a press release
published on the same day.

The senior unsecured notes issued by Silver Sparkle -- a wholly
owned offshore subsidiary of Fenghui Leasing -- will be fully and
unconditionally guaranteed by Fenghui Leasing.

The guarantee will represent an unsubordinated and unsecured
obligation of Fenghui Leasing.  As such, obligations under the
guarantee will rank pari passu with Fenghui Leasing's existing
and future unsecured and unsubordinated obligations.

What Could Change the Rating -- Up/Down

The notes to be issued by Silver Sparkle will be unconditionally
and irrevocably guaranteed by Fenghui Leasing.  The factors that
can cause Fenghui Leasing's ratings to be upgraded and downgraded
will also drive Silver Sparkle's note ratings.

The note rating could be downgraded, if the company's secured
borrowing, under Moody's calculation, increases to over 35% of
total borrowing.

                       PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance
Companies published in October 2015.

Fenghui Leasing Co., Ltd is headquartered in Beijing.  It
reported assets of RMB11.8 billion (approximately USD1.8 billion)
at end-2015.


SUNAC CHINA: Fitch Affirms 'BB' Long Term Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on Sunac China Holdings
Limited's (Sunac) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to Negative from Stable and affirmed the rating at
'BB'. Fitch has also affirmed Sunac's senior unsecured rating and
the rating on its outstanding USD400m 8.75% senior notes due 2019
at 'BB'.

The Negative Outlook reflects the China-based homebuilder's
surging leverage, which has resulted from an urgent need to
replenish its landbank so it can maintain its rapid sales
expansion. The landbank expansion will enhance Sunac's business
profile, but meanwhile constrains its financial flexibility. "We
expect the expansion to exhaust Sunac's leverage headroom and
expect leverage, as measured by net debt/adjusted inventory, to
be sustained above 45%; a level where Fitch may consider
downgrading the homebuilder's rating if it continues its
aggressive land acquisition." Fitch said.

KEY RATING DRIVERS

Leverage Surge Pressures Rating: Fitch estimates Sunac's
leverage, as measured by net debt/adjusted inventory, including
proportionate consolidation of JVs and associates, will exceed
50% by end-2016, compared with 26.4% at end-2015. The surge is
mainly due to its fast expansion during the year. The
homebuilder's low leverage and strong liquidity in 2015 supported
its recent expansion, but the buffer has been quickly eroded by
its current land acquisition pace. Sunac acquired over 13 million
square metres (sq m) of attributable gross floor area (GFA) in
9M16, which will increase its total attributable land bank by 70%
compared with end-2015.

Despite the decent quality of most of the acquired land parcels,
we see such fast expansion, which has almost doubled the
homebuilder's net debt in nine months, as jeopardising the
stability of its credit profile. This has driven our Outlook
change to Negative from Stable.

Aggressive Geographical Expansion: Fitch said, "We believe
Sunac's business strategy to enter major tier 1 and tier 2 cities
across the country, from its previous regional focus, enhances
its business profile. "However, while Sunac has a solid record in
geographical expansion, the rapid pace comes at significant
market risk, particularly considering the margin uncertainty
caused by policy intervention in response to sharp house price
rises, which may negatively affect Sunac's business plan.

Sales Efficiency Supports Liquidity: Fitch believes land
purchased in 2016, especially land secured through acquisitions,
will support Sunac's contracted sales in 4Q16 and 2017. The
homebuilder's attributable contracted sales surged over 80% yoy
to CNY58.1bn in 9M16. Fitch expects sales to remain robust, as
Sunac is establishing a nationwide operation, with over 150
projects in 28 cities. Sales efficiency, as measured by
attributable contracted sales/adjusted inventory, fell slightly
to 0.7x in 2016, from 0.8x in 2015. This was mainly due to faster
inventory growth and we expect this ratio to rebound to 0.8x once
inventory expansion slows. Sustained contracted sales growth
together with Sunac's 90% cash collection rate supports an
improvement of the homebuilder's liquidity and leverage to levels
more consistent with its rating.

Margins Remain Subdued: The homebuilder's margins are under
pressure, as the company has sacrificed higher margins to achieve
its fast expansion. Fitch said, "We estimate Sunac's EBITDA
margin in 2016 at around 20%, excluding the effect of acquisition
revaluations. This will fall further to between 15% and 20% from
2018 on higher land costs. We believe any operational cost
savings from greater economies of scale from Sunac's nationwide
expansion will be marginal relative to the surging land costs."

JV Financial Profile Supports Ratings: Sunac's operation includes
a significant portion of JVs and associates that are not
consolidated in the parent company's financial statements. Fitch
has analysed these JVs and associates, concluding that their
combined financial profiles are in line with Sunac's relatively
lower leverage. Fitch said, "We have performed a proportionate
consolidation of all JVs and associates when evaluating Sunac's
credit profile and the outcome supports the homebuilder's
ratings."

KEY ASSUMPTIONS

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

   -- Sunac maintaining a land replenishment rate (GFA
      acquired/GFA sold) of around 1.5x-2.0x for long-term
      development

   -- land purchased in 2016, especially through acquisitions, to
      support Sunac's contracted sales growth in 4Q16 and 2017

   -- margin pressure to increase from 2018 onwards, with EBITDA
      margin dropping to between 15% and 20%

RATING SENSITIVITIES

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

   -- net debt/adjusted inventory sustained above 45% (1H16: 50%)

   -- attributable contracted sales/adjusted inventory sustained
      below 0.8x (1H16: 0.8x)

   -- EBITDA margin, excluding the effect of revaluation of
      acquisitions, sustained below 18% (1H16:20%)

   -- significant increase in JVs and associates leading to
      structural subordination of cash flows.

Positive: The current rating is on Negative Outlook. Fitch does
not anticipate developments that would lead to a rating upgrade.
However, if the above negative factors do not materialise, the
Outlook may revert to Stable.



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


AIR CARNIVAL: CRISIL Suspends B- Rating on INR200MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Air
Carnival Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      200       CRISIL B-/Stable

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

ACPL was established as a partnership firm in 2012. It was
subsequently reconstituted as a private limited company in June
2013. The company is a part of the CMC group promoted by the
Coimbatore-based Mr. SI Nathan and his family members.


ALP MILK: CRISIL Assigns B+ Rating to INR80MM Cash Loan
-------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of ALP Milk Foods Private Limited and has
assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL
had, on April 13, 2016, suspended the rating as ALP had not
provided information required for a rating review. ALP has now
shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              80       CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term       35       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

   Term Loan                75       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects ALP's modest scale of operations, and the
susceptibility of its operating margin to fluctuations in raw
material prices. These weaknesses are partially offset by the
extensive experience of ALP's promoters in the dairy industry,
and its moderate financial risk profile marked by a moderate
capital structure.
Outlook: Stable

CRISIL believes ALP will benefit from the extensive industry
experience of its promoters. The outlook may be revised to
Positive if the company reports a healthy growth in revenue and
profitability, while sustaining its working capital cycle. The
outlook may be revised to 'Negative' in case of decline in
revenue or profitability, or larger-than-expected, debt-funded
capital expenditure (capex), impacting the financial risk profile
adversely.

ALP was incorporated in December 2012, and is managed by its key
promoter Mr. Rajeev Kumar. The company manufactures milk and milk
products, such as ghee and skimmed milk powder, under its Maa
Anjani brand. Its manufacturing facility is at Firozabad in Uttar
Pradesh.


ANJANI COTTON: CARE Assigns B+ Rating to INR20.12cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Anjani Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     20.12      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Anjani Cotton
Industries (ACI) is constrained by declining and modest scale of
operations and its financial risk profile marked by thin
profitability margin and weak debt coverage indicators. The
rating
is further constrained on account of susceptibility to cotton
price volatility, government policies related to price control
and export of cotton and ACI's presence in fragmented and
competitive cotton ginning industry.

The rating, however, draws strength from the wide experience of
partners and ACI's established operations in cotton ginning
industry with proximity of its plant to cotton growing area of
Gujarat.

ACI's ability to increase its scale of operations with
improvement in profitability and effective management of working
capital are the key rating sensitivities.

Wankaner, Gujarat based, ACI was setup in 1999 as partnership
firm and is currently managed by four partners. The firm is
engaged in cotton ginning and pressing business with 60 ginning
and 1 pressing machine. It has installed capacity of 19,950
Metric Tonne per Annum (MTPA) of cotton bales as on March 31,
2016 at its sole manufacturing plant located at Wankaner,
Gujarat.

As per the audited result for FY16 (refers to period April 1 to
March 31), ACI reported a PAT of INR0.28 crore on a total
operating income of INR97.93 crore as against a PAT of INR0.40
crore on a total operating income of INR156.93 crore in FY15 (A).


AQUA WORLD: CRISIL Assigns B+ Rating to INR80MM Packing Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Aqua World Exports Private Limited.  The
rating reflects AWEPL's vulnerability to risks inherent in the
marine product industry and to intense competition and it's below
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of promoters in the
sea food industry.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit      80       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that AWEPL will continue to benefit in the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the firm significantly scales up its operations and
operating profitability improve, or improves its working capital
management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm records a decline in its accruals, or significant debt-
funded capital expenditure, or larger-than-expected working
capital requirement, leading to weakening of financial risk
profile

Set up in 2003, AWEPL is promoted by Mr. Haridas and Mrs. Anupama
Haridas. The firm is into the export of marine products like
shrimp, squid, octopus and Groupers. The firm currently has a
capacity to process 40 tonnes of marine products per day.

AWEPL had net profit of INR6 million on net sales of INR1541
million for 2015-16 (refers to financial year, April 1 to
March 31), against net profit of INR0.5 million on net sales of
INR1056.2 million for 2013-14.


ELITE SHELTERS: CRISIL Assigns 'B' Rating to INR350MM LT Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' to the long-term bank
facility of Elite Shelters.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Proposed Long Term
   Bank Loan Facility        350      CRISIL B/Stable

The rating reflects exposure to risks related to ongoing project
because of initial stage and yet-to-receive part of the sanction,
and susceptibility to cyclicality inherent in the Indian real
estate industry. These weaknesses are mitigated by the partners'
experience in Pune's real estate market along with their funding
support.
Outlook: Stable

CRISIL believes ES will benefit over the medium term from its
partners' experience. The outlook may be revised to 'Positive' if
healthy sales of units and timely receipt of customer advances
leads to healthy cash inflow. Conversely, the outlook may be
revised to 'Negative' if time and cost overruns, lower-than
expected sales, or delays in receipt of customer advances leads
to low cash inflow, thus impacting liquidity.

ES is a partnership firm formed in 2014 and a part of the Elite
group. The firm is engaged in real estate development and is
currently undertaking two real estate projects in Pune.


FAROUK SODAGAR: CRISIL Assigns 'C' Rating to INR850MM Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Farouk Sodagar Darvesh and Co. Private Limited
(FSD; part of the Darvesh group) and has assigned its 'CRISIL
C/CRISIL A4' rating to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Funded Interest         170       CRISIL C (Assigned;
   Term Loan                         Suspension Revoked)

   Working Capital         850       CRISIL C (Assigned;
   Term Loan                         Suspension Revoked)

   Letter of Credit        150       CRISIL A4 (Assigned;
                                     Suspension Revoked)

The rating was 'Suspended' on September 23, 2013, since FSD had
not provided necessary information required to take the rating
review. FSD has now shared the requisite information.

The ratings reflect the Darvesh group's weak financial risk
profile because of subdued capital structure and debt protection
metrics, its large working capital requirement, and modest scale
of operations in the highly fragmented timber trading business.
These weaknesses are partially offset by its promoters' extensive
industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Western Lumbers (WL) and FSD. The
entities, together referred to as the Darvesh group, are managed
by the same promoter family and trade in similar products. There
have been instances of financial transactions between them. They
share infrastructure, and procurement, finance, and management
teams.

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).


GORANTLA MULTIPLEX: CRISIL Assigns 'B' Rating to INR97.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Gorantla Multiplex (GM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          97.5      CRISIL B/Stable

The rating reflects GM's below average financial risk profile
constrained by small net worth and to inherent risks in the film
exhibition business, and the company. These rating weakness are
partially offset by the established regional presence of GM in
film exhibition business in Ongole aided by the extensive
industry experience of its promoters and its established
relationships with key exhibitors.
Outlook: Stable

CRISIL believes that GM will continue to benefit over the medium
term from extensive industry experience of its promoters and fund
support from the promoters. The outlook may be revised to
'Positive' if GM reports a substantial increase in its revenues,
most likely driven by higher-than-expected occupancy at its
multiplex, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if there are any delays in
completion, commencement and stabilization of project leading to
time or cost overruns, thereby further weakening its capital
structure.

Incorporated in the year 2006, GM is propertiorship firm that
currently own and operates a multiplex in ongole district of
Andhra Pradesh. The operations of the propertiorship firm started
in 2009.The multiplex is owned by Mr. G.V.N Babu.

In 2015-16 (refers to financial year, April 1 to March 31), GM
reported a net profit of INR10.6 million on net sales of INR15.8
million.


JAS POLYSACK: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jas Polysack Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   Term Loan               42        CRISIL B+/Stable

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

JPPL, incorporated in 2005, is owned and managed by Mr. Batanlya
and Mr. Jayprakash based in Indore (Madhya Pradesh). The company
trades in polybags.


KASERA GINNING: CARE Assigns B+ Rating to INR18cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kasera
Ginning Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       18       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kasera Ginning
Factory (KGF) is constrained on account of its financial risk
profile marked by thin profit margins, low cash accruals,
leveraged capital structure and weak debt protection metrics.

The rating is further constrained on account of its partnership
nature of constitution, working capital intensive nature of
operations, susceptibility of its operating margin to volatility
in prices of cotton and its presence in the highly fragmented
and seasonal cotton industry with limited value addition which is
subject to government regulations.

The above constraints however outweigh the comfort derived from
the experienced partners and modest scale of operations.

The ability of KGF to increase the scale of operations, improve
profitability and solvency position via efficient working capital
management would remain the key rating sensitivities.

Vadodara-based (Gujarat) KGF was established in March 1995 as a
partnership firm by five partners. The firm is engaged into
cotton ginning and pressing of Shankar-6 (S-6) variety of cotton
from its 44 ginning machines. KGF operates from its sole
manufacturing plant situated in Vadodara, Gujarat with an annual
installed capacity of 12,250 metric tons (MT) of bales, while its
by-product cotton seeds are sold to local oil mills.

During FY16 (refers to the period April 1 to March 31), KGF
reported a total operating income (TOI) of INR74.07 crore with
a PAT of INR0.18 crore as against a TOI of INR55.20 crore with a
PAT of INR0.17 crore during FY15.


KHWAHISH MARKETING: CRISIL Assigns B+ Rating to INR125MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Khwahish Marketing Private Limited (KWPL;
a part of Prashant Group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      75        CRISIL A4

   Proposed Long Term
   Bank Loan Facility     125        CRISIL B+/Stable

The rating reflects group's below-average financial risk profile
marked by high tangible outside liabilities to adjusted networth
(TOLANW) and modest interest coverage ratio and exposure to
intense competition in the iron and steel trading industry. These
rating strengths are partially offset by the benefits derived
from promoter's extensive industry experience, its established
relationships with its customers and its moderate risk management
policies and scale of operations.

For arriving at ratings, CRISIL has combined the business and
financial risk profiles of KWPL and Prashant Industrial
Corporation (PIC). This is because these entities have a common
management and are engaged in similar line of business. These two
entities have been together named as Prashant Group.
Outlook: Stable

CRISIL believes that the Prashant group 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 significant increase in the group's scale of operations and
profitability margin resulting in larger cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the group's revenue or profitability, or
in case of large debt-funded capital expenditure, or significant
deterioration in working capital management impacting the
business and financial risk profile of the group.

Incorporated in 2005 as private limited company, Khwahish
Marketing Pvt Ltd (KMPL) is a trader of iron and steel products.
Based in Ghaziabad, Uttar Pradesh, the firm is managed and
promoted by Mr. Prashant Sharma.

Incorporated in 1999 as a proprietorship firm, PIC is a trader of
iron and steel products. Based in Ghaziabad, Uttar Pradesh, the
firm is managed and promoted by Mr. Prashant Sharma.

For 2015-16 (refers to financial year, April 1 to March 31), the
group reported profit after tax (PAT) of INR3.2 million on net
sales of INR1.6 billion against PAT of INR2 million on net sales
of INR1.4 billion in 2014-15.


LANDSCAPE REALITY: CRISIL Reaffirms B+ Rating on INR670MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Landscape
Reality continues to reflect risks related to timely inflow of
customer advances of the project, saleability and completion of
the project, and cyclicality inherent in the Indian real estate
industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        670       CRISIL B+/Stable (Reaffirmed)

These rating weakness are partially offset by Landscape's
promoters experience in the real estate industry, location
advantage of ongoing project, and strong financial flexibility of
the promoters.
Outlook: Stable

CRISIL believes that Landscape will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive'
in case of better-than-expected bookings of units and receipt of
customer advances, leading to improved cash inflows. Conversely,
the outlook may be revised to 'Negative' in case of slow customer
bookings, leading to low cash inflows and weakening of LR's
financial risk profile and liquidity.

Formed in 2010, Landscape is a Pune-based limited liability
partnership firm. Landscape is currently executing a residential
real estate project, Anant Shrishti, at Kanhe in Pune. The firm
is promoted by Dajikaka Gadgil Developers Pvt Ltd which in turn
belongs to the Gadgil family of Pune (promoters of PN Gadgil
Jewellers Pvt Ltd).


LIBRA LEASING: CRISIL Suspends B- Rating on INR85MM Overdraft
-------------------------------------------------------------
CRISIL has suspended its rating on the overdraft facility of
Libra Leasing Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      85        CRISIL B-/Stable

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

The Libra group, promoted by Mr. Harjit Singh, has operations in
Punjab and Delhi. LFL (incorporated in 1981) and LLL
(incorporated in 1992) are non-banking financial companies. They
provide loans for the purchase of used heavy commercial vehicles,
mainly trucks, and cater primarily to customers in rural areas.
The promoter is also engaged in the automobile dealership
business.


M G THREADS: CARE Assigns B+ Rating to INR17cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
M G Threads.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.00      CARE B+ Assigned
   Short-term Bank Facilities     0.70      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of M G Threads (MGT)
is constrained on account of implementation and stabilization
risk associated with on-going project along with MGT's presence
into highly fragmented and competitive yarn manufacturing
industry. The ratings are also constrained due to its partnership
nature of constitution.

The ratings, however, derive strength due to experienced partners
and MGT's eligibility for various fiscal benefits from  the
government.

MGT's ability to complete project within envisaged timeline and
cost parameters, quick stabilization of operations along with
achieving envisaged level of sales and profitability will remain
the key rating sensitivities.

Banaskantha-based (Gujarat), MGT was established in December 2015
by Mr Mahendra Ganpatlal Modi, Mr Arvind Ganpatlal Modi, Mr
Hitesh Arvind Modi and Mr Ritesh Arvind Modi to carry out
business of manufacturing cotton and polyester yarn through
spinning process. MGT is currently undertaking a green-field
project to manufacture cotton and polyester yarn with a proposed
installed capacity of 1500 MT per annum at its manufacturing
facilities located at
Banaskantha, Gujarat. The total project cost is estimated at
INR20.41 crore (including margin for working capital of INR1.20
crore) which is to be funded through term loan of INR13.50 crore
and balance INR6.91 crore by way of partner's capital.

MGT is planning to commence operations from April 2017 onwards.
Also, its associate concern, viz, M G Spintex Private Limited is
also engaged in similar line of business while M/s M G
Textiles is engaged in trading of second-hand machineries.


MALLUR SIDDESWARA: CRISIL Suspends B+ Rating on INR95MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mallur
Siddeswara Spinning Mills Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          3         CRISIL A4
   Cash Credit            95         CRISIL B+/Stable
   Corporate Loan         12.5       CRISIL B+/Stable
   Letter of Credit       12         CRISIL A4
   Proposed Long Term
   Bank Loan Facility     46.6       CRISIL B+/Stable
   Term Loan              25.6       CRISIL B+/Stable
   Working Capital
   Term Loan              10.0       CRISIL B+/Stable
   Letter of Credit       18.0       CRISIL B+/Stable

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

MSSM was incorporated in 1981 by Mr. S P Rajendran. It
manufactures cotton yarn in the range of 20 to 80 counts. It is
based in Namakkal (Tamilnadu).


MARINE CHEMICALS: CRISIL Suspends B+ Rating on INR20MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Marine Chemicals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5         CRISIL B+/Stable
   Letter of Credit       25         CRISIL A4
   Packing Credit         50         CRISIL A4
   Proposed Long Term
   Bank Loan Facility     20         CRISIL B+/Stable

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

MC, incorporated in 1982 by Mr. Kurien Jose, manufactures Agar
commonly called as China grass which is a jellyfying agent used
in industries like food and pharmaceuticals. Its manufacturing
facilities are located in Cochin (Kerala).


MEHADIA & SONS: CRISIL Suspends B- Rating on INR34MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mehadia & Sons (part of the Mehadia group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             34        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      16        CRISIL B-/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of MS, Mehadia & Sons (C&F Division)
(MSCF), and RJ Trade Links (RJTL). This is because, the three
entities, together referred to as the Mehadia group, are under a
common management, are engaged in related lines of business, and
have financial fungibility.

The Mehadia group is promoted by the Nagpur (Maharashtra)-based
Mehadia family. The group is primarily engaged in two lines of
business: trading in pharmaceuticals and fabrics.
The group started operations in 1935 with the establishment of MS
as a proprietorship firm; the firm was reconstituted as a
partnership firm in 1997. MS is a distributor/stockiest for over
35 pharmaceutical companies in Nagpur and operates 6 wholesale
shops. It also trades in fabric.


NATION EXIM: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nation Exim
continues to reflect the firm's modest scale of operations, large
working capital requirement, and weak financial risk profile
because of small networth and average total outside liabilities
to tangible networth ratio.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing     25       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its proprietor in trading in agricultural commodities,
particularly dry fruits and spices.
Outlook: Stable

CRISIL believes NE will continue to benefit over the medium term
from the experience of its proprietor. The outlook may be revised
to 'Positive' in case of significant scale-up in operations and
profitability, while improving working capital cycle, or if
financial risk profile, particularly liquidity, improves due to
equity infusion by proprietor. The outlook may be revised to
'Negative' if financial risk profile deteriorates because of low
profitability, further stretch in working capital cycle, or
capital withdrawal.

Established as a proprietorship firm in 2005 by Mr. Sunil
Chhabria, NE trades in almonds, cloves, pistachios, and spices,
which it imports from the US, Australia, Sri Lanka, Madagascar,
and Tanzania.


NAWA ENGINEERS: CRISIL Suspends D Rating on INR220MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nawa
Engineers and Consultants Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL D
   Cash Credit            220        CRISIL D
   Letter of Credit        40        CRISIL D
   Long Term Loan          31.7      CRISIL D

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

Nawa Engineers was set up in 1998 by Mr. G N Raju and his family
members. The company designs and fabricates various crusher
plants. It also executes aggregate crushing, screening, and
material-handling equipment projects on a turnkey basis. The
company is based in Hyderabad.


PANSARI STEELS: CARE Assigns 'B' Rating to INR2cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Pansari Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B Assigned
   Long-term/Short-term Bank       6        CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pansari Steels
Private Limited are primarily constrained by small and declining
scale of operations, low profitability margins, leveraged capital
structure and weak coverage indicators. The ratings are further
constrained by competition from organized and unorganized players
and foreign exchange fluctuation risk.

The ratings, however, draws comfort fromexperienced promoters and
moderate operating cycle.

Going forward, the ability of the firm to increase its scale of
operations, improve the profitability margins and capital
structure with effective working capital management shall be the
key rating sensitivities.

Delhi-based PSPL was incorporated in 1991 as a private limited
company. It is currently being managed by Mr Vishwananth Pansari
and Ms Sandhya Garg. The company is primarily engaged in trading
of polymers and chemicals like Ethylene Vinyl Acetate (EVA), Poly
Vinyl Chloride(PVC) and is also engaged in trading of iron and
steel. PSPL mainly imports PVC and EVA from countries like Korea,
China, Taiwen, etc, and procures iron and steel domestically from
traders and wholesalers. The company sells the traded product
domestically to traders through its distributorship network.

In FY16 (refers to the period April 1 to March 31), PSPL achieved
a total operating income (TOI) of INR19.32 crore with PBILDT and
PAT of INR0.83 crore and INR0.06 crore. In 5MFY17 (refers to the
period April 01 to August 31) (provisional), the company achieved
TOI of INR9.98 crore.


PREM INDUSTRIES: CARE Assigns B+ Rating to INR10.15cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Prem Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.15      CARE B+ Assigned
   Long-term/Short-term Bank      0.05      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Prem Industries
(PID) are primarily constrained by small scale of operations
with low capital base, highly leveraged capital structure and
weak coverage indicators. The ratings are further constrained by
constitution of the entity being a partnership firm,
susceptibility to fluctuation in raw material prices and monsoon
dependent operations and presence in the highly fragmented &
competitive nature of the industry.

The ratings, however, draws comfort from experienced promoters,
moderate profitability margins, moderate operating cycle and
favorable manufacturing location.

Going forward, the ability of the firm to Increase in scale of
operations and improve its capital structure while efficiently
managing its working capital requirements will be the key rating
sensitivities.

Karnal-based (Haryana) Prem Industries (PID) was established in
April 2013 as a partnership concern and is currently being
managed by Mr Prem Lal and Mr Sham Lal. The firm has succeeded an
erstwhile proprietorship firm M/S Prem Industries established in
1995 by Mr Prem Lal. The firm is engaged in milling, processing
and trading of basmati and nonbasmati rice. The processing unit
is located at Karnal, Haryana with an installed capacity of 150
tonnes per day as on March 31, 2015. The firm procures the raw
material (paddy) from grain market located in Haryana, Madhya
Pradesh, Uttar Pradesh etc through commission agents and sells
its product to export houses in Haryana, Punjab.

In FY15 (refers to the period April 01 to March 31), PID achieved
a total operating income (TOI) of INR20.59 crore and PAT of
INR0.05 crore, respectively. In 11MFY16 (provisional) (refers to
the period April 01 to January 31), the firm has achieved TOI of
INR32.05 crore


RAKESH FOLDING: CRISIL Ups Rating on INR75MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Rakesh Folding Works to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan           5        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       2        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               13        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

Rating upgrade reflects improved financial risk profile owing to
infusion of equity of INR 35.2 million thus improving the capital
structure of the firm. Improved capital structure is reflected in
improved gearing to 2.17 times in FY'16 from 35.84 times in
FY'15.Business risk profile has also improved marked by improved
operating margins thus improving net cash accruals.

CRISIL's rating on long-term bank loan facilitates of Rakesh
Folding Works (RFW) continue to reflect RFW's modest scale of
operations in the highly competitive textile-processing industry
and large working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoters.
Outlook: Stable

CRISIL believes that RFW will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's liquidity risk
improves marked by reduction in working capital requirements or
improved profitability thus improving cushion between net cash
accruals as against repayments. Conversely, the outlook may be
revised to 'Negative' if the firm's liquidity deteriorates, on
account of larger than expected debt-funded capital expenditure
(capex) programme or decline in profitability, or stretch in
working capital requirements.

RFW was established in 1998 by Mr. Rakesh Koyani. The firm is
engaged in dying, bleaching, and printing of fabric. The firm is
based out of Rajkot, Gujarat.

RFW, on a provisional basis, reported a profit after tax (PAT) of
INR1.5 million on net sales of INR379.0 million for 2015-16; it
had reported a PAT INR1.1 million on net sales of INR364.0
million for 2014-15.


SHIMERA PROJECT: CRISIL Assigns B- Rating to INR29MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Shimera Project Lighting Private Limited.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long Term
   Bank Loan Facility         24.7      CRISIL B-/Stable

   Overdraft Facility          3.8      CRISIL A4

   Cash Credit                 7.5      CRISIL B-/Stable

   Loan Against Property      29        CRISIL B-/Stable

The ratings reflect the company's modest scale of operations and
its weak financial risk profile and tight liquidity. These
weaknesses are partially offset by its promoters' experience in
the lights and light fittings business.
Outlook: Stable

CRISIL believes SPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a considerable increase in revenue and
cash accrual, leading to better liquidity. The outlook may be
revised to 'Negative' in case of a decline in revenue or
operating profitability, or a stretch in working capital cycle,
or debt-funded capital expenditure, leading to deterioration in
the financial risk profile.

SPL, based in Mumbai, was incorporated in 2007 and is promoted by
Mr. Prakash Chhabria and his wife Ms Sonia Chhabria. It trades in
lights and light fittings, and has showrooms in Mumbai and Delhi.


SHRI BHAGIYALAKSHIMI: CRISIL Suspends B+ Rating on INR46MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Bhagiyalakshimi Travels.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           46       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        4       CRISIL B+/Stable

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

Established in 2000 as proprietorship firm by Mr. D Maran, SBT is
engaged in providing bus rental services to corporate and others.
It also provides inter-city bus services to and fro Chennai. The
firm currently has a fleet of 125 buses.


SINDHANUR GANGAVATHI: CARE Lowers Rating on INR180cr LT Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sindhanur Gangavathi Tollway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      180       CARE D Revised from
                                            CARE BB+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Sindhanur Gangavathi Tollway Private Limited takes into account
stressed liquidity position on account of lower traffic on the
toll road and consequently delays in servicing of debt
obligation. Improvement in the liquidity profile with subsequent
regularization of debt servicing is the key rating sensitivity.

SGTPL is a special purpose vehicle (SPV) promoted in July 2012 by
GKC Projects Limited (GKC), for implementing a project envisaging
development of the existing 2-lane Sindhanur-Gangavati-Ginigera
section from Km. 79.00 to Km. 162.00 (length 83 km) of SH-23 in
the state of Karnataka to 2-lane with paved shoulders (widening
by about 3 m) on Design-Build-Finance-Operate-Transfer (DBFOT)
toll basis.  Government of Karnataka (GoK) has entrusted
Karnataka Road Development Corporation Ltd. (KRDCL), to invite
proposals for selection of entrepreneurs for taking up
construction, widening and strengthening of the State Highways in
Karnataka on BOT basis. GKC was declared as the successful bidder
for the project quoting lowest grant of INR4.59 crore. KRDCL has
issued Letter of Award (LoA) to GKC on June 22, 2012. SGTPL was
incorporated on July 11, 2012, as the Project SPV to implement
the project. SGTPL has signed Concession Agreement (CA) with
KRDCL on August 24, 2012.

The concession period is 24 years (including construction period
of 2 years). The project has achieved its COD dated December 05,
2015, against expected date of Jan. 8, 2016.

For FY16 (refers to the period April 1 to March 31), SGTPL
reported a total operating income of INR7.26 crore, PBILDT of
INR3.63 crore and net loss of INR6.55 crore as against total
operating income of INR1.00 crore, PBILDT of INR0.03 crore and
net loss of INR0.32 crore during FY15.


SPANDANA SPHOORTY: CRISIL Suspends 'D' Rating on INR16.09cr Loan
----------------------------------------------------------------
CRISIL has suspended its rating on bank loan facilities of
Spandana Sphoorty Financial Limited.

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Long Term Bank Facility     16.09      CRISIL D
   Proposed Long Term Bank
   Loan Facility                1.41      CRISIL D

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

Spandana was incorporated as Spandana Sphoorty Innovative
Financial Services Ltd in 2003. It is a non-banking financial
company. It took over the microfinance operations of Spandana, a
non-governmental organisation. Spandana's name was changed to the
current one in 2007-08 (refers to financial year, April 1 to
March 31). Spandana lends predominantly to women.


SRI LAXMI: CRISIL Assigns 'B+' Rating to INR100MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Laxmi Constructions.

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

   Bank Guarantee           10       CRISIL A4

   Overdraft Facility       40       CRISIL A4

The ratings reflect SLC's modest scale of operations in the
fragmented civil construction industry and exposure to risks
related to tender-based business. The rating also factors in its
below-average financial risk profile marked by high gearing,
moderate debt protection metrics; albeit constrained by modest
networth. These rating weaknesses are partially offset by the
benefits that the firm derives from extensive experience of
partners in the civil construction industry, and its established
relation with its key principals.
Outlook: Stable

CRISIL believes that SLC will benefit over the medium term from
the long standing experience of its promoters and its healthy
order book. The outlook may be revised to 'Positive' if SLC's
revenues and profitability continue to improve while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' if SLC's revenue and profitability deteriorates or if
there is a delay in receipt of bills from various principal
contractors leading deterioration in financial risk profile.

Established in 2009-10 as a partnership firm, Sri Laxmi
Construction (SLC) is engaged in civil construction activities
primarily in Roads & over-bridges segment. Based in Hyderabad
(Telangana), the firm is promoted and managed by Mr.C Vijay
Reddy.


URBANEDGE HOTELS: CRISIL Suspends D Rating on INR500MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Urbanedge
Hotels and Holdings Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          500       CRISIL D

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

UHHPL is a Special Purpose vehicle (SPV) floated with 90% stake
from Citigroup Property Investors and 10 % stake from Auromatrix
Hotels Private Ltd. The company currently runs a 4 star hotel
under the Aloft brand in Chandigarh.


UTTAM DOORS: CARE Assigns 'B+' Rating to INR9.20cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Uttam
Doors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.20      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Uttam Doors Private
Limited (UDPL) is constrained by its small scale of operations
with moderate profit margins, leveraged capital structure with
weak debt service coverage indicators and working capital
intensive nature of operation with elongated operating cycle. The
rating is also constrained on account of its presence in highly
fragmented plywood industry with intense competition.

The above constraints outweigh the comfort derived from the
experience of the promoters.

The ability of the company to increase the scale of operations
with improvement in profit margins and capital structure amidst
intense competition along with efficient management of working
capital requirement are the key rating sensitivities.

Nagpur-based (Maharashtra) UDPL was incorporated in 2012 by Mr
Gulab Patel. The company is engaged in manufacturing and trading
of plywood door, laminates and block boards. The manufacturing
facility of the company is located at Nagpur (Maharashtra). The
manufacturing activity contributes around 20% of the total
operating income while the balance is generated through trading
activity. The company procures raw material from local suppliers
based in Nagpur and Uttar Pradesh and sell its products in
Maharashtra through dealers. The company markets its products in
the brand name of "Intergold", "Supreme" and "Gold & Silver". The
company has a network of around 15 dealers through which it
receives orders and the orders are executed as per the
specifications laid by customers.

During FY16 (refers to the period April 1 to March 31), UDPL
achieved a PAT of INR0.002 crore on a total income of INR11.20
crore as against a PAT of INR0.03 crore on a total income of
INR7.52 crore for FY15.



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


REASURANSI NASIONAL: Fitch Affirms 'BB' IFS Rating
--------------------------------------------------
Fitch Ratings has affirmed PT Reasuransi Nasional Indonesia's
(Nasional Re) Insurer Financial Strength (IFS) Rating at 'BB'
with Stable Outlook. At the same time, Fitch Ratings Indonesia
has affirmed the National IFS Rating at 'AA-(idn)' with Stable
Outlook.

'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country, across all industries and obligation
types. The risk of ceased or interrupted payments differs only
slightly from the country's highest rated obligations or issuers.

KEY RATING DRIVERS

The rating affirmation reflects Nasional Re's business
concentration in the catastrophe-prone Indonesian market and its
strong market profile in Indonesia, with more than 15 years of
operating history. The ratings also consider the company's weak
capitalisation relative to its business operations and domestic
peers; fast-growing and healthy operating performance; and
conservative investment portfolio.

The company captured a leading market share, as measured by total
domestic reinsurance gross premiums, of 37% in 2015. Its five-
year average market share was the second-highest among domestic
reinsurance companies, at 28.8% at end-2015.

Nasional Re's regulatory risk-based capital ratio was 172.5% at
end-July 2016 (end-2015: 168.1%, 2014:136.2%), well in excess of
the 120% regulatory minimum. Fitch expects Nasional Re to improve
its capital position to keep up with its business expansion and
ensure sufficient capital buffers against adverse shocks, in view
of regulatory changes encouraging greater optimisation of
domestic reinsurance capacity.

Financial performance remained favorable, with Nasional Re's
three-year average gross premium growth at around 54.1%.
Underwriting performance was healthy, with a combined ratio below
100% over the last five years. Lower claims frequency, manageable
underwriting expenses and steady investment returns have also
translated into a favorable bottom-line performance. Nonetheless,
continued business expansion is a key risk, particularly if
underwriting standards deteriorate and capitalisation buffers are
eroded.

Nasional Re's investment mix is prudent and highly liquid, with
cash equivalents and fixed-income instruments accounting for
around 90% of its invested asset as end-2015. However, the
company moved more cash into banks rated below investment-grade
or unrated. Exposure to risky asset, such as unaffiliated stock,
remained low relative to its capitalisation.

RATING SENSITIVITIES

Key rating triggers for an upgrade include a sustained
improvement in Nasional Re's capitalisation, with its regulatory
risk-based capital ratio consistently above 180%, maintaining its
market position and operating performance and a combined ratio
consistently below 95%.

Key rating triggers for a downgrade include a significant
deterioration in capitalisation, with its regulatory risk-based
capital ratio persistently below 130%, a weakening market
franchise or operating performance and a combined ratio above
105% over a prolonged period.



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


TAKATA CORP: KKR & Co. No Longer in Bidding for Firm
----------------------------------------------------
Reuters reports that U.S. buyout firm KKR & Co is no longer in
the bidding to buy Takata Corp, the Japanese parts maker at the
center of the world's biggest auto recall, according to a person
briefed on the bidding process.

KKR did not attend meetings last week between bidders and the
carmakers key to Takata's survival, the source told Reuters. The
four other bidding groups include Bain Capital, a U.S. buyout
firm that teamed up with Japanese chemical maker Daicel Corp
(4202.T), sources have said.

Reuters notes that Takata is seeking a financial investor to help
it restructure as the industry faces liabilities of $10 billion
or more from recalls involving defective air-bags which have been
linked to at least 15 deaths worldwide.

Daicel and Bain's $3 billion bid, the highest in initial
presentations, is backed by Takata's steering committee of Japan-
based lawyers and consultants, sources have told Reuters.

In the New York meetings, the carmakers - who have so far borne
the bulk of the recall costs - thought the best presentation was
by Sweden's Autoliv Inc, a global rival for Takata in air bags,
the source, as cited by Reuters, said.

It was followed by U.S. parts supplier Key Safety Systems, which
is owned by China's Ningbo Joyson Electronic Corp, and private
equity firm Carlyle Group, the source said. Daicel-Bain was
third.

The fifth bidder is U.S. parts maker Flex-N-Gate Corp, sources
have said, Reuters relays.

Takata wants to narrow the number of bidders to two or three by
mid-month, but the talks have been complicated by differences
such as whether to put Takata through some form of bankruptcy in
the sale and restructuring, sources have said, adds Reuters.

As reported by the Troubled Company Reporter-Asia on Oct. 11,
2016, Bloomberg News, said Takata Corp., whose defective airbag
inflators triggered the biggest recall in auto industry history,
hired law firm Weil Gotshal & Manges LLP to help it weigh options
that could include bankruptcy or a sale, according to people with
knowledge of the matter.

The Japanese manufacturer might choose to seek court protection
just for its U.S. unit, said one of the people, who asked not to
be named because the discussions are private, according
Bloomberg.  No final decisions have been made and Tokyo-based
Takata continues to seek buyers, the people said, the report
related.

Takata is evaluating at least five bids as it confronts the
potentially massive cost of recalling 100 million faulty airbag
inflators worldwide and lawsuits tied to at least 16 deaths and
numerous injuries, the Bloomberg report said.  The airbags tend
to degrade over time and erupt, sending shrapnel through the
vehicle's cabin, the report noted.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


FISHER & PAYKEL: S&P Affirms BB Counterparty Credit Rating
----------------------------------------------------------
S&P Global Ratings said that it has revised its outlooks on the
long-term ratings on 25 financial institutions operating in
Australia to negative from stable.  At the same time, S&P has
revised its outlooks on three financial institutions to
developing from positive.

The rating actions reflect S&P Global Ratings' view that the
trend in economic risks facing financial institutions operating
in Australia has become negative.  Strong growth in private
sector debt (to about 139% of GDP in June 2016 from 118% in 2012,
or an annual average increase of 5.2 percentage points) coupled
with an increase in property prices nationally (average
inflation-adjusted increase for the past four years was 5.3%
nationally) are driving the potential increase in imbalances in
the economy, in S&P's view.  Consequently, S&P believes the risks
of a sharp correction in property prices could increase and if
that were to occur, credit losses incurred by all financial
institutions operating in Australia are likely to be
significantly greater; with about two-thirds of banks' lending
assets secured by residential home loans - the impact of such a
scenario on financial institutions would be amplified by the
Australian economy's external weaknesses, in particular its
persistent current account deficits and high level of external
debt.

Notwithstanding the growing imbalances in recent years, in S&P's
base case it considers that the growth in private sector debt and
property prices will moderate and remain relatively low in the
next two years.  S&P believes that increasing apartment supply in
Sydney and Melbourne, regulatory pressures on lending practices
and capital, and recent trends (including declining sales volumes
in the secondary market) should help moderate the growth in
property prices and household debt.  Nevertheless, in S&P's
alternative case, it considers that there is a one-in-three
chance that the strong growth trend will resume within the next
year, because in our view several other important factors that
have supported the past trend are likely to persist, including
low interest rates, a relatively benign economic outlook, and an
imbalance between housing demand and supply; in addition,
Australian banks could possibly target higher lending volumes to
offset pressures on their earnings growth.  S&P would see a
resumption or continuation of this trend as indicative of a
continued buildup of economic imbalances, posing greater risks to
all financial institutions operating in Australia.

Consequently, should S&P's alterative scenario materialize (that
is, if imbalances continue to build), it would expect to lower
its stand-alone credit profiles (SACPs) and ratings on most of
the financial institutions that have ratings on negative
outlooks. Lower SACPs would also generally lead to lower ratings
on hybrids and nondeferrable subordinated debt instruments issued
by these banks.

Notwithstanding the rising economic imbalances, S&P believes that
Australia remains among the lower risk banking systems globally.
S&P considers that the financial institutions operating in the
country benefit from a resilient economy, relatively benign
economic outlook by global standards, conservative risk appetite
and governance, and conservative prudential regulation.  Partly
offsetting these strengths are the Australian banking system's
material reliance on offshore borrowing, high and rising economic
imbalances, and increasing private sector indebtedness.

                      AUSTRALIAN MAJOR BANKS

S&P's ratings on the four major Australian banks remain unchanged
and on negative outlooks.  These ratings were already on negative
outlooks reflecting the negative outlook on the Commonwealth of
Australia.  S&P expects to now lower its ratings on these major
banks and their core subsidiaries under a scenario in which S&P
reclassify its assessment of the Australian government's
supportiveness toward systemically important private sector banks
to supportive from highly supportive -- S&P now sees a one-in-
three chance of this scenario eventuating.  Finally, similar to
all other financial institutions operating in Australia, S&P
expects to lower our assessment of the SACPs of the Australian
major banks, in our alternative scenario of continued strong
growth in private sector debt or property prices.

                     MACQUARIE BANK AND CUSCAL

S&P's ratings on Macquarie Bank Ltd. and Cuscal Ltd. currently
benefit from S&P's expectation that the Australian government is
likely to provide timely financial to support to these
institutions, if needed.  Consequently, S&P's negative outlooks
on these institutions reflect emerging pressures on the
Australian government's supportiveness toward the banking system.

S&P expects to lower its rating on Macquarie Bank if S&P formed a
view that the tendency of the Australian government to support
private sector commercial banks has weakened or economic risks
facing Australian banks have heightened.  S&P expects its rating
on Macquarie Bank's parent, Macquarie Group, to remain unaffected
by any change in S&P's assessment of government supportiveness
because S&P's ratings on Macquarie Group do not benefit from
government support.  Nevertheless, S&P expects to lower its
rating on Macquarie Group if S&P considered that economic risks
facing Australian banks have heightened.

S&P expects to lower its ratings on Cuscal if S&P considered that
economic risks facing Australian banks have increased, in
conjunction with either a lower sovereign rating or a change in
our assessment of the Australian government's supportiveness.
But even under pressure from all three factors, S&P would expect
to lower the long-term rating on Cuscal by no more than one
notch.

                               FPFL

The negative outlook on New Zealand-based Fisher & Paykel Finance
Ltd. (FPFL) reflects S&P's opinion that its Australian-based
parent Flexi Group Ltd. faces pressures on its group credit
profile -- similar to those faced by other Australian financial
institutions.

          FOREIGN OWNED BANKS, EFIC, AND SUNCORP-METWAY

S&P's ratings and outlooks on the following seven institutions
also remain unchanged: five foreign-owned financial institutions,
namely Citigroup Pty Ltd. (A-/Watch Pos/A-2), Goldman Sachs
Financial Markets Pty Ltd. (A/Watch Pos/A-1), HSBC Bank Australia
Ltd. (A+/Stable/A-1), ING Bank (Australia) Ltd. (A-/Positive/A-
2), and JPMorgan Australia Ltd. (A+/Stable/A-1); and two
domestically owned institutions, Export Finance & Insurance Corp.
(EFIC; AAA/Negative/A-1+) and Suncorp-Metway Ltd. (A+/Stable/A-
1).  S&P's ratings on these entities incorporate our assessment
of likely financial support from their parents.  If S&P
considered that economic risks that Australian banks face have
increased, S&P would expect to lower our SACPs on HSBC Bank
Australia, ING Bank Australia, and Suncorp-Metway (S&P do not
currently assess SACPs on EFIC and the above-mentioned rated
Australian subsidiaries of Citigroup, Goldman Sachs, and
JPMorgan).  Nevertheless, S&P considers that such an increase in
risks for the Australian banking system would have no significant
impact on the capacity for these entities' parents to support
them, or the likelihood of such parent support being made
available, if needed.  S&P notes that its outlook on EFIC has
already been negative, reflecting the negative outlook on its
parent and guarantor, the Commonwealth of Australia.

                   MYSTATE, P&N, AND QUDOS MUTUAL

S&P has revised its outlooks on banking institutions MyState Bank
Ltd., Police & Nurses Ltd., and Qudos Mutual Ltd. to developing
from positive.  This rating action reflects a one-in-three chance
that S&P may raise or lower its ratings on these institutions
within the next two years.  S&P's ratings on these institutions
were on positive outlooks reflecting institution-specific
factors, which in S&P's view are largely independent of the above
mentioned negative industrywide pressures.  S&P's rating outcome
on these institutions would depend on the balance of the forces
in opposing directions.  For example, these two scenarios could
emerge for each of the institutions:

The institution meets the upgrade triggers that S&P has
identified but it assess that economic risks faced by the
Australian banks remain on a negative trend.  In such a scenario,
S&P expects to raise its rating on such an institution and revise
the outlook to negative.

There is no change in the upward rating momentum for an
institution but S&P assess that economic risks that the
Australian banks face have worsened.  In this scenario, S&P would
expect to lower its rating on such an institution and revise the
outlook to positive.

                               QTMB

S&P's ratings on QT Mutual Bank Ltd. (QTMB; BBB+/Watch Dev/A-2)
remain on CreditWatch with developing implications, pending
finalization of QTMB's proposed merger with the Royal Automotive
Club of Queensland.

SUMMARY OF BANKING INDUSTRY COUNTRY RISK ASSESSMENT (BICRA)
SNAPSHOT

SCORE
                              To                   From
BICRA                         2*                   2*
Economic Risk                 3*                   3*
Economic Risk Trend           Negative             Stable
Economic Resilience           Very low risk        Very low risk
Economic Imbalances           High risk            High risk
Credit Risk In The Economy    Low risk             Low risk
Industry Risk                 2*                   2*
Industry Risk Trend           Stable               Stable
Institutional Framework       Very low risk        Very low risk
Competitive Dynamics          Very low risk        Very low risk
Systemwide Funding            Intermediate risk    Intermediate
risk
*On a scale of 1 (lowest risk) to 10 (highest risk)

RATINGS LIST

Ratings Affirmed; Outlook Actions

                                  To                   From
AMP Bank Ltd.
Counterparty Credit Rating        A+/Neg./A-1      A+/Stable/A-1

Australian Central Credit Union Ltd
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Auswide Bank Ltd.
Counterparty Credit Rating        BBB/Neg./A-2     BBB/Stable/A-2

Bank of Queensland Ltd.
Counterparty Credit Rating         A-/Neg./A-2      A-/Stable/A-2

Bendigo and Adelaide Bank Ltd.
Counterparty Credit Rating         A-/Neg./A-2      A-/Stable/A-2

Big Sky Building Society Ltd.
Counterparty Credit Rating         BBB/Neg./A-2     BBB/Stable/A-
2

Community CPS Australia Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Credit Union Australia Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Cuscal Ltd.
Counterparty Credit Rating        A+/Neg./A-1      A+/Stable/A-1

Defence Bank Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Fisher & Paykel Finance Ltd.
Counterparty Credit Rating        BB/Neg./B        BB/Stable/B

G&C Mutual Bank Ltd.
Counterparty Credit Rating        BBB/Neg./A-2     BBB/Stable/A-2

Greater Bank Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

IMB Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Macquarie Bank Ltd.
Counterparty Credit Rating        A/Neg./A-1       A/Stable/A-1

Macquarie Financial Holdings Ltd.
Macquarie Group Ltd.
Counterparty Credit Rating        BBB/Neg./A-2     BBB/Stable/A-2

Macquarie International Finance Ltd.
Counterparty Credit Rating        A-/Neg./A-2      A-/Stable/A-2

mecu Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Members Equity Bank Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

MyState Bank Ltd.
Counterparty Credit Rating        BBB/Dev./A-2   BBB/Positive/A-2

Newcastle Permanent Building Society Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Police & Nurses Ltd.
Counterparty Credit Rating        BBB/Dev./A-2   BBB/Positive/A-2

Police Bank Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2

Qudos Mutual Ltd.
Counterparty Credit Rating        BBB/Dev./A-2   BBB/Positive/A-2

QPCU Ltd.
Counterparty Credit Rating        BBB/Neg./A-2     BBB/Stable/A-2

Rural Bank Ltd.
Counterparty Credit Rating        A-/Neg./A-2      A-/Stable/A-2

Teachers Mutual Bank Ltd.
Counterparty Credit Rating        BBB+/Neg./A-2    BBB+/Stable/A-
2



===============
P A K I S T A N
===============


PAKISTAN MOBILE: S&P Raises CCR to 'B'; Outlook Stable
------------------------------------------------------
S&P Global Ratings said that it had raised the long-term
corporate credit rating on Pakistan-based wireless service
provider Pakistan Mobile Communications Ltd. to 'B' from 'B-'.
The outlook is stable.

S&P upgraded Mobilink following a similar action on the recent
sovereign credit rating on Pakistan (B/Stable/B).

"We continue to assess the stand-alone credit profile of Mobilink
as 'bb-', reflecting the company's leadership in terms of
subscribers in Pakistan's competitive market and its modest
leverage," said S&P Global Ratings credit analyst Ashutosh
Sharma. "However, we believe the country and macroeconomic risk
of Pakistan will continue to weigh on the company's credit
profile."

In S&P's view, the rating on Mobilink remains constrained by
S&P's 'B' transfer and convertibility assessment for Pakistan.

The stable outlook on Mobilink reflects the outlook on S&P's
sovereign credit rating on Pakistan.

"We are unlikely to lower the rating on Mobilink if the company's
operating and financial performances deteriorate, given that the
company's stand-alone credit profile is two notches above the
corporate credit rating.

However, S&P may lower the stand-alone credit profile by one
notch if Mobilink faces challenges in integrating Warid Telecom
(Pvt.) Ltd. or if its operating performance deteriorates.  A
downgrade trigger will be the ratio of funds from operations to
debt falling below 35% and staying there for a prolonged period.

S&P could upgrade Mobilink if S&P raises the sovereign credit
rating on Pakistan.  The company's better operating performance
could only improve its stand-alone credit profile, given the
sovereign rating constraint.



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


SINGAPORE: Companies Face Financing Scramble in 2017
----------------------------------------------------
Reuters reports that Singapore companies, highly exposed to
slowing global trade and a lacklustre commodity market, face a
financing scramble in 2017, as more than US$12 billion of their
bonds falls due and banks grow wary of lending to the resources
sector.

That could trigger more blood-letting in a market that has
already seen some high-profile corporate defaults, such as oil
services firm Swiber Holdings, which hit the skids in July and
went into judicial management this month, Reuters relates.

It has also seen an increase in the number of bond issuers trying
to renegotiate the terms of their credit to stay afloat, a
disturbing signal in a market skewed to retail buyers and smaller
issues subject to light scrutiny, according to Reuters.

Reuters says corporate leverage has risen to increasingly risky
levels, according to credit analysts and investors, while banks
are becoming more circumspect about extending financing as the
quality of their loan books causes concern.

Between now and the end of 2017, according to Reuters data,
US$12.4 billion (SGD17.26 billion) of bonds falls due, but
corporate balance sheets in the city state are looking strained.

A Reuters study of 228 non-financial companies' half-year
earnings shows that 74 had net debt more than five times their
core profit, a level that usually prompts concern among credit
analysts, and more than a third of that group were at least twice
that level.

"We had not seen Singapore dollar corporate defaults since 2009,
but suddenly we see a pick-up in defaults in 2015-2016. This is a
warning sign about a refinancing confidence crisis across many
sectors, not just commodity-related ones," Reuters quotes
Raymond Chia, Head of Credit Research for Asia ex-Japan at
Schroders Investment Management, as saying.

Reuters says the structure of Singapore's capital markets has
left them particularly vulnerable as global trade cools and
Chinese growth slows. Commodities have been a mainstay after a
frothy 2013 and 2014, and private banking has loomed large,
fuelling smaller bond deals.

In 2014, private banks accounted for almost half of investments
into Singapore dollar corporate debt, a central bank report said
last year, Reuters recalls.

Their participation has helped encourage smaller issues that are
not assessed by credit rating agencies and yet are targeted at
private wealth investors, analysts said, according to Reuters.

"Their bond issues are also mostly unrated, so the layer of
scrutiny provided by rating agencies is missing. Many of these
deals were mispriced: they priced like investment grade even
though they had high-yield profiles," the report quotes Harsh
Agarwal, Head of Asia Credit Research at Deutsche Bank, as
saying.



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


DAEWOO SHIPBUILDING: Unveils Additional Self-Rescue Measures
------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co., a major shipyard, plans to raise an additional
KRW700 billion (US$609 million) through asset sales this year,
raising the total amount prepared as part of its self-rescue
measures to KRW6 trillion (US$5.22 billion), since it is widely
expected to miss its annual new order target, its chief said Nov.
2.

Previously, Daewoo Shipbuilding said it would implement a
KRW5.3 trillion self-rehabilitation scheme to tide over a
protracted industry-wide slump and curb widening losses, Yonhap
relates.

"I expect this year's new orders to be between $2 billion and
$2.5 billion," Yonhap quotes Daewoo Shipbuilding chief executive
Jung Sung-leep as saying in a press conference on Nov. 2. "In
that context, we are implementing a 6 trillion won self-rescue
plan."

Earlier, the shipyard expected this year's new orders to hit some
$10 billion, but a drop forced the shipbuilder to sell more
assets, says Yonhap.

According to the report, Jung said Daewoo Shipbuilding will focus
on its money-making business while curtailing the offshore
facility-related business.

"If next year's new orders fall short of $5 or $6 billion, we may
face difficulty in repaying maturing debt, but we are working on
a variety of measures to avoid such a scenario."

Yonhap meanwhile reports that the company's creditors, led by the
state-run Korea Development Bank, are set to announce a debt-for-
equity swap and other measures, worth KRW3 trillion, for the
embattled shipbuilder next week, to help one of the country's big
three shipyards avoid possible delisting from the local stock
market.

Yonhap relates that the country's two policy lenders -- the KDB
and the Export-Import Bank of Korea (EXIM Bank) -- have said they
would provide a combined KRW4.2 trillion in financial aid to
Daewoo Shipbuilding, which breaks down to KRW2.6 trillion from
KDB and KRW1.6 trillion from the other lender.

The financial support includes a debt-for-equity swap and the
purchase of stocks to be issued by the shipbuilder, adds Yonhap.

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

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


                             *********

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.

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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