TCRAP_Public/161118.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 18, 2016, Vol. 19, No. 229

                            Headlines


A U S T R A L I A

DMIT GROUP: First Creditors' Meeting Set for Nov. 24
DREAM DOORS: First Creditors' Meeting Slated for Nov. 24
EAGLE BOYS: Pizza Hut Buys More Than 50 Outlets
MUDFISH BY: First Creditors' Meeting Set for Nov. 24
SAPPHIRE XV: Fitch Assigns BBsf Rating to Class E Notes

WEALTH DOCTORS: First Creditors' Meeting Set for Nov. 24


C H I N A

CHINA ALUMINUM: S&P Assigns 'BB' Rating to Proposed US$ Notes
CHINA ALUMINUM: S&P Affirms 'BB+' CCR; Outlook Stable
COUNTRY GARDEN: Fitch Assigns 'BB+' Rating to US$ Sr. Notes
SHANDONG RUYI: Moody's Assigns B2 CFR; Outlook Stable
SHANDONG RUYI: S&P Assigns 'B' CCR; Outlook Stable

YANLORD LAND: Moody's Rates Proposed US$ Sr. Notes at 'Ba3'
YANLORD LAND: S&P Assigns 'BB-' Rating to Proposed US$ Sr. Notes


H O N G  K O N G

PAGE ONE: Bookstores Closes as Liquidators Take Over


I N D I A

ADMIRON LIFE: CARE Lowers Rating on INR59.25cr LT Loan to 'D'
ALAPATT JEWELS: ICRA Reaffirms 'B' Rating on INR5.5cr LT Loan
ALCOR COLONISERS: CARE Lowers Rating on INR12.29cr LT Loan to B+
CHENNAI CNC: CRISIL Assigns 'B+' Rating to INR65MM LT Loan
ELECTRONET EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR50MM Loan

FINE FACETS: ICRA Lowers Rating on INR9.0cr Loan to 'D'
K. RAJAGOPALAN: ICRA Suspends B+ Rating on INR5.0cr Loan
KALLIYATH DEVELOPERS: CRISIL Suspends B+ Rating on INR25MM Loan
KAMLESH GREENCRETE: ICRA Suspends 'D' Rating on INR15cr Loan
KAPRISA INTERNATIONAL: ICRA Cuts Rating on INR5cr Loan to 'D'

KOHINOOR ELITE: ICRA Reaffirms 'D' Rating on INR22cr Loan
LAXMI SRINIVASA: ICRA Reaffirms B+ Rating on INR6.95cr Loan
M N POLYTEX: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
MATSYA AUTOMOBILES: CRISIL Suspends B+ Rating on INR315MM Loan
NSL TEXTILES: CRISIL Cuts Rating on INR3.01BB Cash Loan to 'D'

OM BESCO: CARE Lowers Rating on INR46cr Long Term Loan to D
OM PRAKASH: CRISIL Suspends B+ Rating on INR50MM Long Term Loan
RADHE HURKAT: CRISIL Reaffirms 'B' Rating on INR55MM Cash Loan
SAHARA ENGINEERING: ICRA Suspends B+ Rating on INR2.35cr Loan
SAI MANASA: Ind-Ra Suspends 'IND BB-' Long Term Issuer Rating

SONIA FISHERIES: CRISIL Cuts Rating on INR33.5MM Term Loan to B-
SRI PADMAVATI: CRISIL Lowers Rating on INR95MM LT Loan to B+
SRUTI FILATEX: ICRA Ups Rating on INR10cr Cash Loan to BB-
TEMPUS INFRA: CRISIL Suspends 'D' Rating on INR440.5MM Term Loan
UTTARA FOODS: CARE Reaffirms 'D' Rating on INR160.38cr LT Loan

VIDHATRI EXPORTS: CRISIL Hikes Rating on INR60MM Loan to 'B'
VIGNESHWARA ESTATES: CARE Assigns 'B' Rating to INR15cr Term Loan
WAGNER TRIDENT: Ind-Ra Suspends 'IND B+' LT Issuer Rating
YOGESHWAR TIMBER: CRISIL Assigns 'B' Rating to INR10MM Cash Loan


I N D O N E S I A

BANK MANDIRI: S&P Affirms 'BB+' Issuer Credit Rating


M A C A U

STUDIO CITY: Moody's Affirms B2 Corporate Family Rating


N E W  Z E A L A N D

CAPITAL + MERCHANT: Distributions to Investors Disclosed Mid-Dec.


P H I L I P P I N E S

RURAL BANK OF LUNA: Creditors Urged to File Claims by Dec. 12
SECURITY BANK: Fitch Affirms Then Withdraws 'BB+' IDR


S I N G A P O R E

MMI INTERNATIONAL: Fitch Withdraws B+ Rating on Proposed Notes
SWIBER HOLDINGS: Under CAD Probe Over Disclosure Breaches


S O U T H  K O R E A

HANJIN SHIPPING: Creditors Lose 3rd Cir. Bid for Rehearing
HANJIN SHIPPING: PSA Sets Nov. 28 Deadline to Claim Containers


                            - - - - -


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


DMIT GROUP: First Creditors' Meeting Set for Nov. 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of DMIT Group
Investments Pty Ltd ATF DMIT Group Investments Trust, will be
held at the offices of Worrells Solvency & Forensic Accountants,
Level 8, 102 Adelaide Street, in Brisbane, on Nov. 24, 2016, at
2:00 p.m.

Graeme Beattie and Aaron Lucan of Worrells Solvency & Forensic
Accountants were appointed as administrators of DMIT Group on
Nov. 14, 2016.


DREAM DOORS: First Creditors' Meeting Slated for Nov. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Dream
Doors QLD Pty Ltd will be held at the Boardroom of Chifley
Advisory, Suite 3.04, Level 3, 39 Martin Place, in Sydney, on
Nov. 24, 2016, at 3:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Dream Doors on Nov. 14, 2016.


EAGLE BOYS: Pizza Hut Buys More Than 50 Outlets
-----------------------------------------------
Esther Han at The Sydney Morning Herald reports that Pizza Hut
has gobbled up the ailing Eagle Boys chain, becoming a real
threat to industry leader Domino's.

According to SMH, Pizza Hut chief executive Lisa Ransom told
Fairfax Media that the now Australian-owned company had merged
with Eagle Boys and was in the process of rebranding more than 50
stores, boosting its overall store count to more than 320.

"We've been talking to both administrators of Eagle Boys, SV
Partners, and the individual Eagle Boys franchisees over the last
several weeks and we were able to come to a deal over the last
few days," the report quotes Ms. Ransom as saying. "It's a
significant opportunity to grow the distribution and brand
presence of Pizza Hut for our customers and take advantage of the
economies of scale that come with being a bigger organisation."

Eagle Boys has 114 stores and less than 10% of the AUD3.7 billion
pizza market while Pizza Hut has 270 stores or about 20 to 25%,
SMH notes. Domino's has about 600 stores, giving it 50% of the
Australian market.

Eagle Boys collapsed in July, with documents filed with the
corporate regulator showing the company either could not pay its
debts or thought it might soon be unable to do so, SMH says.

SMH relates that market data at the time showed that even at its
peak, the customers of Eagle Boys were among the least loyal in
the fast food game and ready to permanently abandon the chain.

In September, three former McDonald's executives, including Ms
Ransom, and private equity firm Allegro took control of Pizza Hut
Australia, after buying the master franchisee licence from US
parent company Yum! Brands.

Later that month Fairfax Media revealed Allegro was taking steps
to merge Pizza Hut and Eagle Boys, creating a strong number two
competitor to Domino's prime position, adds SMH.

As reported in the Troubled Company Reporter-Asia Pacific on
July 20, 2016, David Michael Stimpson and Terrence John Rose of
SV Partners on July 14, 2016, were appointed as administrators
of:

   -- Eagle Boys Dial-A-Pizza Australia Pty Limited
   -- EBA Pizza Holdings Pty Ltd;
   -- Eagle Girls Pty Ltd;
   -- EB Pizza IP Holdings Pty Ltd; and
   -- EB Stores Pty Ltd.


MUDFISH BY: First Creditors' Meeting Set for Nov. 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Mudfish By
The Bay Pty Ltd, trading as Mermaids By The Bay, will be held at
Suite 17, 101 Wickham Terrace, in Spring Hill Queensland, on
Nov. 24, 2016, at 8:00 a.m.

Travis Jay Pullen of TJP Advisory was appointed as administrator
of Mudfish on Nov. 15, 2016.


SAPPHIRE XV: Fitch Assigns BBsf Rating to Class E Notes
-------------------------------------------------------
Fitch Ratings has assigned final ratings to Sapphire XV Series
2016-2 Trust's residential mortgage-backed floating-rate notes.
The issuance consists of notes backed by Australian non-
conforming first-ranking residential loans originated by
Bluestone Group Pty Limited (Bluestone) and Bluestone Mortgages
Pty Limited. The ratings are as follows:

   -- AUD140.0m Class A1 notes: 'AAAsf'; Outlook Stable

   -- AUD22.0m Class A2 notes: 'AAAsf'; Outlook Stable

   -- AUD7.8m Class B notes: 'AAsf'; Outlook Stable

   -- AUD10.5m Class C notes: 'Asf'; Outlook Stable

   -- AUD8.1m Class D notes: 'BBBsf'; Outlook Stable

   -- AUD3.0m Class E notes: 'BBsf'; Outlook Stable

   -- AUD3.0m Class F notes: 'Bsf'; Outlook Stable

   -- AUD3.6m Class G notes: 'NRsf'

   -- AUD2.0m Class H notes: 'NRsf'

   -- AUD5.0m Class X1 notes: 'NRsf'

The notes were issued by Permanent Custodians Limited in its
capacity as trustee of Sapphire XV Series 2016-2 Trust.

The total collateral pool at the 3 November 2016 cut-off date had
a balance of AUD200.2m, consisting of 536 loans and 472 obligors,
with an average borrower balance of AUD424,171.

KEY RATING DRIVERS

Sufficient Credit Support: The class A1 and A2 notes benefit from
credit enhancement (CE) of 30% and 19%, respectively, provided by
the subordinate class B, C, D, E, F, G and H notes; from the
liquidity facility; and Bluestone's servicing and underwriting
capabilities.

Experienced Originator/Servicer: Bluestone Mortgages Pty Limited
is a specialist non-conforming originator and servicer. Bluestone
Servicing Pty Limited is a wholly owned subsidiary of Bluestone.
Bluestone Group has originated more than AUD6.0bn worth of loans
and completed 21 residential mortgage securitisations in
Australia and New Zealand.

Delinquent Loans Included: The portfolio contains loans that were
in arrears at the cut-off date. The 30+ day arrears were 4.6%,
with 90+ day arrears totalling 0.9% of the pool. The weighted-
average (WA) seasoning of the portfolio is six months, with a WA
indexed loan/value ratio (LVR) of 65.7%. Low-documentation loans
make up 55.9% of the portfolio and credit-impaired loans comprise
37.2%. Loans with a LVR greater than 80% comprise 10.3%.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base-case and are likely to result in a
decline in CE and remaining loss-coverage levels available to the
notes. Decreased CE may make certain note ratings susceptible to
negative rating action, depending on the extent of the coverage
decline. Hence, Fitch conducts sensitivity analysis of the
ratings by stressing the transaction's initial base-case
assumptions.

Its analysis found that the class A1 notes were only affected
under a combination stress of 30% increase in defaults and 30%
decrease in recoveries, in which the rating deteriorated to 'AA-
sf'.

The ratings on the remaining rated classes would deteriorate by
one notch under all stressed default rate scenarios tested,
including Fitch's moderate and severe (15% increase and 30%
increase) default rate scenarios.

The remaining rated classes also were also sensitive to weakening
recovery rates, with the ratings on the class A2, B, C, D, E and
F notes vulnerable to deterioration by at least two notches under
all stressed recovery rate scenarios tested, including Fitch's
moderate and severe (15% reduction and 30% reduction) stressed
recovery rates.

Under combination stress scenarios of 15% increase in defaults
and 15% decrease in recoveries, and 30% increase in defaults and
30% decrease in recoveries, the ratings on the class A2, B, C, D,
E, and F notes deteriorated by several notches.


USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties
and enforcement mechanisms (RW&Es) that are disclosed in the
offering document and which relate to the underlying asset pool
is available by accessing the appendix referenced under "Related
Research" below. The appendix also contains a comparison of these
RW&Es to those Fitch considers typical for the asset class as
detailed in the Special Report titled "Representations,
Warranties and Enforcement Mechanisms in Global Structured
Finance Transactions," dated 31 May 2016

DATA ADEQUACY

As part of its on-going monitoring, Fitch conducted a review of a
small targeted sample of Bluestone's origination files and found
the information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

Key rating drivers and rating sensitivities are further discussed
in the corresponding new issue report entitled, "Sapphire XV
Series 2016-2 Trust", published today.

SOURCES OF INFORMATION

The information below was used in the analysis:

   -- Loan-by-loan data provided by Bluestone as at 4 November
      2016.

   -- Legal documentation provided by Clayton Utz, the issuer's
      counsel.

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.


WEALTH DOCTORS: First Creditors' Meeting Set for Nov. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Wealth
Doctors Pty Ltd will be held at the offices of Worrells Solvency
& Forensic Accountants, Level 8, 102 Adelaide Street, in
Brisbane, on Nov. 24, 2016, at 3:00 p.m.

Graeme Beattie and Aaron Lucan of Worrells Solvency & Forensic
Accountants were appointed as administrators of Wealth Doctors on
Nov. 14, 2016.



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


CHINA ALUMINUM: S&P Assigns 'BB' Rating to Proposed US$ Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating and
'cnBBB-' long-term Greater China regional scale rating to the
proposed U.S. dollar-denominated senior unsecured perpetual notes
that China Aluminum International Engineering Corp. Ltd.
(Chalieco) will unconditionally and irrevocably guarantee.
Chalieco Hong Kong Corp. Ltd. (Chalieco HK), a subsidiary of
Chalieco, will issue the notes.

The ratings on the notes are subject to S&P's review of the final
issuance documentation. Chalieco will use the proceeds to
refinance the US$300 million senior unsecured perpetual notes
issued in February 2014, as well as for overseas working capital
purposes.

The proposed senior unsecured perpetual notes are rated one notch
below the issuer credit rating on Chalieco (BB+/Stable/--;
cnBBB+/--) to reflect the company's option to defer interest
payments on the notes.

S&P considers the proposed perpetual notes to have minimal equity
content.  S&P will therefore treat 100% of the principal as debt
and 100% of the distributions as interest when calculating S&P's
financial ratios.  S&P believes the issuer has strong incentive
to call the notes on its first call date, given the high 400
basis points coupon step-up.

The rating on Chalieco reflects S&P's expectation that the
company will remain a strategically important subsidiary of
Aluminum Corp. of China Ltd. (Chinalco), a central state-owned
entity (SOE) in China.  S&P believes that extraordinary
government support will flow to Chalieco through Chinalco, if
Chalieco is in distress.

S&P anticipates demand for non-ferrous metals facilities to pick
up over the next 12-18 months, stimulated by a recent rebound in
metal prices.  However, S&P expects limited long-term demand
growth in Chalieco's core non-ferrous metals engineering and
construction (E&C) segment owing to overcapacity at non-ferrous
metals refineries, particularly for aluminum.

Chalieco is also likely to continue to face intense competition
and have limited competitive advantage in the general (non-metal)
E&C market in China.  The company's experience and record in
executing large-scale non-ferrous metal E&C projects, and its
prudent management and stringent project selection temper the
weakness, in S&P's view.

Meanwhile, S&P expects Chalieco's status as a subsidiary of a
central SOE, as well as changes in the dynamics (with an
increased share of public-private partnership projects) of the
general E&C market to help the company maintain its financial
strength over the next 12 months.


CHINA ALUMINUM: S&P Affirms 'BB+' CCR; Outlook Stable
-----------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
corporate credit rating on China Aluminum International
Engineering Corp. Ltd.  The outlook is stable.  S&P also affirmed
its 'cnBBB+' long-term Greater China regional scale rating on the
China-based engineering and construction (E&C) company.

At the same time, S&P affirmed its 'BB' long-term issue rating
and 'cnBBB-' long-term Greater China regional scale rating on the
US$300 million senior unsecured perpetual notes that Chalieco
guarantees.

S&P affirmed the ratings because it expects Chalieco to remain a
strategically important subsidiary of Aluminum Corp. of China
(Chinalco).  S&P believes that extraordinary government support
will flow to Chalieco through Chinalco, if Chalieco is in
distress.

"We lowered our assessment of Chalieco's stand-alone credit
profile (SACP) to 'b+' from 'bb-' because we believe the
company's business strength has weakened over the past two to
three years, and is now notably weaker than that of its closest
peers," said S&P Global Ratings credit analyst Leo Hu.

S&P expects limited long-term demand growth in Chalieco's core
non-ferrous metals engineering and construction (E&C) segment
owing to overcapacity at non-ferrous metals refineries,
particularly for aluminum.  The slack demand for new non-ferrous
metal refinery facilities is demonstrated by Chinalco's
contribution to Chalieco's revenue remaining at less than 10% in
the first half of 2016.

S&P anticipates demand for non-ferrous metals facilities to pick
up over the next 12-18 months, stimulated by a recent rebound in
metal prices.  However, the recovery is unlikely to be
substantial to offset the industrywide overcapacity, leading to
only a modest growth in Chalieco's core non-ferrous metal related
revenue over the next 12-24 months.  Chalieco's very strong
experience and track record in executing large scale non-ferrous
metal E&C projects will temper the impact of weak demand, in
S&P's view.

S&P expects Chalieco to continue to face intense competition and
have limited competitive advantage in the general (non-metal) E&C
market.  The company has in recent years increased its focus on
this market to seek additional revenue growth.

S&P expects Chalieco's status as a subsidiary of a central state-
owned enterprise (SOE), as well as changes in the dynamics of the
general E&C market to help the company maintain its financial
strength over the next 12 months.

"The stable outlook reflects our view that Chalieco will remain a
strategically important subsidiary of Chinalco over the next 12-
24 months," said Mr. Hu.

S&P anticipates that the company will maintain its market
position and competitive advantage in the Chinese non-ferrous
metals E&C industry for the next two years.  S&P also expects
Chalieco's status as a subsidiary of central SOE to allow it to
continue to have favorable funding costs, leading to stable
EBITDA interest coverage.  Meanwhile, conditions in the Chinese
E&C industry will likely remain tough, pressuring Chalieco's
profit generation and cash collection.

S&P could downgrade Chalieco if S&P lowers the parent's group
credit profile, which could happen due to continuing distress in
the aluminum industry.

S&P could also lower the rating if Chalieco becomes less
important to the group, or the company's SACP deteriorates to
'b'.  The SACP could weaken if: (1) higher industry competition
leads to weaker profitability or materially worse working capital
outflow for Chalieco; or (2) the company engages in aggressive
debt-funded acquisitions, such that its EBITDA interest coverage
approaches 2x.

S&P may upgrade Chalieco if: (1) S&P raises its assessment of
Chinalco's group credit profile; and (2) S&P believes Chalieco's
SACP has improved, possibly as a result of the company
significantly ramping up revenue scale for its E&C and related
business, or improving its ratio of debt to EBITDA to close to 5x
and EBITDA interest coverage to above 3x on a sustained basis.


COUNTRY GARDEN: Fitch Assigns 'BB+' Rating to US$ Sr. Notes
----------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd's
(BB+/Stable) proposed US dollar senior notes a 'BB+(EXP)'
expected rating. The notes are rated at the same level as Country
Garden's senior unsecured rating because they constitute its
direct and senior unsecured obligations. The final rating is
subject to the receipt of final documentation conforming to
information already received.

Country Garden's ratings are supported by cash inflow from annual
contracted sales of over CNY100bn, strong financial flexibility
with low interest cost and a record of strong execution. Moving
into the higher-tier cities is a positive development in Country
Garden's progression towards becoming a nationwide homebuilder.
However, this process may take another one to two years to reach
fruition if the company continues on its current trajectory.

KEY RATING DRIVERS

Ongoing Land Bank Adjustment: Fitch believes Country Garden will
continue to reposition its land bank in the next 12 to 24 months.
The repositioning in 2015 was to boost the contribution from
products targeted at Tier 1 and 2 cities; 52% of the CNY140bn
contracted sales came from products targeting these cities. The
newly acquired CNY56bn land bank in 2015 is also targeting Tier 1
and 2 cities, of which 67% was located in Tier 1 and 2 cities and
75% targeted these cities.

Aggressive Expansion Pressures Leverage: Fitch expects net debt
to rise to CNY70bn-95bn in 2016 due to the land bank adjustment.
The total land premium of CNY56bn (CNY43bn on an attributable
basis) was far beyond Country Garden's CNY20bn budget at the
start of 2015. This increased leverage to 40% (2014: 36%), as
measured by net debt/adjusted inventory. Higher end-2015 gross
debt has also lowered churn to 1.1x (2014: 2.0x), as measured by
contracted sales/total debt. This is less of an issue, since
higher available cash of CNY36.2bn at end-2015 (end-2014:
CNY18.7bn) will reduce pressure on the higher debt.

Gradual Margin Recovery: Fitch expects the EBITDA margin to
improve to 16% in 2016, from 14% in 2015, with recognition of
wider-margin contracted sales. The 2015 EBITDA margin was at its
historical low, as the company recognised lower-margin products,
such as high-rise residential apartments. The thinner margin is
also reflected in the lower recognised average selling price
(ASP) of CNY6,194 per square metre (sq m), compared with the
average recognised ASP of CNY6,611 in 2013 and 2014 as well as
average contracted sales ASP of CNY6,658 between 2013 and 2015.

However, Fitch believes the improvement in EBITDA margin after
2016 will be gradual due to recognition of wider-margin
contracted sales and continued de-stocking of low-margin
products. Successful product repositioning will be positive due
to the better margins, churn and liquidity of the products
targeting Tier 1 and 2 cities.

Financial Control Remains Intact: Fitch believes Country Garden
continues to exercise reasonable control of its financial
profile, even as its land acquisition exceeded its initial budget
by a factor of 2.8x. It has demonstrated improving funding
flexibility and falling interest costs, with its average
borrowing cost decreasing to 6.2% in 2015 from 7.6% in 2014.

Corporate Action Potential: Country Garden has stated its share
buyback plans and has made two acquisitions of auxiliary
businesses related to homebuilding. Fitch expects the company to
continue making bolt-on acquisitions to strengthen these
auxiliary businesses.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case include:

   -- contracted sales by gross floor area to increase by 5% over
      2016-2017

   -- ASP for contracted sales to increase by 8% over 2016-2017

   -- EBITDA margin improves to 16%-17% in 2016 and to 20%-23% in
      2017

   -- total land cost of around CNY35bn-45bn in 2016-2017

   -- net debt, including perpetuals, to be around CNY70bn-95bn
      in 2016

RATING SENSITIVITIES

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

   -- sustaining the trend of neutral or positive cash flow from
      operating activities

   -- maintaining the ratio of net debt/adjusted inventory below
      35% on a sustained basis (2015: 40.3%)

   -- maintaining the ratio of contracted sales/gross debt above
      1.5x on a sustained basis (2015: 1.12x)

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

   -- EBITDA margin below 20% on a sustained basis (2015: 13.9%)

   -- maintaining the ratio of net debt/adjusted inventory above
      45% on a sustained basis (2015: 40.3%)

   -- maintaining the ratio of contracted sales/gross debt below
      1.2x on a sustained basis (2015: 1.12x)


SHANDONG RUYI: Moody's Assigns B2 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Shandong Ruyi Technology Group Co., Ltd.

At the same time, Moody's has assigned a provisional (P)B3 rating
to the proposed senior notes to be issued by Prime Bloom Holdings
Limited -- a wholly owned subsidiary of Ruyi -- and supported by
unconditional and irrevocable guarantees from Ruyi and its wholly
owned subsidiary, Forever Winner International Development
Limited (unrated).

The ratings outlook is stable.

The provisional status of the rating on the notes will be removed
once Ruyi has completed the notes issuance upon satisfactory
terms and conditions, and obtained proper registrations of the
guarantees with the State Administration of Foreign Exchange in
China (Aa3 negative).

The proceeds from the proposed notes will be used for general
corporate purposes at Ruyi, including refinancing offshore
projects and existing offshore indebtedness.

                         RATINGS RATIONALE

"Ruyi's B2 rating reflects its established track record in
operating an integrated textile manufacturing business with a
global sales network and its ability to enhance profitability
through downstream expansion into the manufacture and retail of
apparel," says Chenyi Lu, a Moody's Vice President and Senior
Analyst.

"On the other hand, Ruyi's rating is constrained by its high
level appetite for acquisitions and non-textile business
investments; high financial risk due to debt-funded growth; and
weak liquidity position," adds Lu, also the Lead Analyst for
Ruyi.

Ruyi is one of the largest privately owned integrated textile
manufacturers in China and has over 40 years of experience in the
industry.  Over the years it has increased its operational
integration to include manufacture and retail of apparel
globally.

It has expanded its sales to overseas markets which contributed
to 55% of its revenue in 2015.  Thus, the company can partly
mitigate any slowdown in demand for yarns and fabrics in China.

Its revenue generation overseas is well supported by its global
sales network in about 30 countries, including the US, the UK and
Japan.

Ruyi manages pressure on its operating costs and volatility in
profit margins through applying technologies, migrating
facilities to low cost locations, broadening its products, and
vertical integration.  As a result, the company's gross margins
were stable at around 16%-18% from 2012 to 2015.

Ruyi's vertical integration covers upstream cotton and wool
production in Australia; mid-stream textile manufacturing of
yarn, spandex, woolen products in China; and the downstream
manufacture and retail of apparel globally.

In addition, the company manages the price risk on its cotton and
wool inputs partly through its trading activities on these
commodities.

With the acquisition of the French company SMCP S.A.S. (SMCP) in
2016 via wholly owned subsidiary BiSoho S.A.S. (B2 positive),
Ruyi's revenue will likely become more evenly spread between
manufacturing, apparel and trading.  This development will
improve revenue diversification.

SMCP offers Ruyi higher profit margins and a retail network.
SMCP reported net sales (before deducting concession fees) of
EUR675.4 million and EBITDA of EUR106.5million in 2015.  It had
906 directly operated points of sale, including 334 stores and
437 concessions, with a further 212 points of sale operated by
distribution partners at end-2015.

In expanding its capacity and developing its integrated business
structure, Ruyi has incurred substantial debt.  Its adjusted debt
increased to RMB17.6 billion at end-June 2016 from RMB4.5 billion
in 2012.  Its adjusted debt/EBITDA also increased to 8.3x from
7.0x.

Moody's expects Ruyi to de-leverage from 2017 onwards, driven by
growth in profits; reductions in investment activities; the
commencement of its new manufacturing plants in Yinchuan and
Xinjiang in 2017; and the launch of its joint-venture power
project in Pakistan.

Accordingly, Moody's expects adjusted debt/EBITDA will be around
7.7x-6.9x in the next 2 years, positioning the company in the
single B rating range.

The B2 rating is constrained by Ruyi's high level appetite for
acquisitions and non-textile business investments which give rise
to financial and execution risks.  For example, the company has
limited experience in Europe, where SMCP's apparel and retail
businesses are located.

Another example is the company's ongoing construction of a 2 x
660MW coal-fired power plant in Pakistan with China Huaneng Group
(unrated) that is scheduled to begin operations in 2017; a
situation which exposes it to financial and regulatory risk in
Pakistan.

Ruyi's liquidity position is weak due to a large proportion of
its debt being short term.  At end-June 2016, the company's
reported short-term debt and bills payable amounted to around
RMB11.2 billion, which represented 60% of its reported total debt
and bills payable and well in excess of its cash holdings, which
included pledged deposits of RMB6.3 billion.

The rating of the proposed notes has been notched down from the
corporate family rating of B2 because investors in the notes will
be exposed to the subordination risk arising from the high level
of priority debt at the Ruyi's operating subsidiaries.

The stable outlook reflects Moody's expectation that Ruyi will
maintain stable revenues and profit growth in its textile and
apparel businesses; commence to deleverage in 2017; and refinance
its short term debt.

Upward rating pressure is limited in the near term as the
company's debt leverage will rise after the acquisition of SMCP.
However, over the medium term, upward pressure could arise if
Ruyi (1) shows more discipline in acquisitions and investments;
and (2) improves its liquidity management and debt leverage.

Indicators of upward pressure would include cash/short-term debt
at 1x and adjusted debt/EBITDA below 4.5x-5.0x on a sustained
basis.

On the other hand, the rating would be under downward pressure if
(1) the company takes on further debt-funded expansion or
acquisitions such that its credit metrics weaken further, that
is, adjusted debt/EBITDA exceeds 7.5x-8.0x on a sustained basis,
or (2) its liquidity position deteriorates.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Established in 2001, Shandong Ruyi Technology Group Co. Ltd. is a
vertically integrated textile company that engages in textile
manufacturing, trading, manufacturing and retailing of apparel,
and cotton and wool production.

The company has two listed subsidiaries, including Shenzhen Stock
Exchange-listed Shandong Jining Ruyi Woolen Textile Co. Ltd.
(unrated) and Tokyo Stock Exchange-listed Renown Incorporated
(unrated).


SHANDONG RUYI: S&P Assigns 'B' CCR; Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Shandong Ruyi Technology Group Co. Ltd. with a stable
outlook, and 'B-' long-term issue rating to senior unsecured
notes of Prime Bloom Holdings Ltd. (Prime Bloom), a wholly-owned
subsidiary of Ruyi.  The issue rating is subject to S&P's review
of the final issuance documentation.

At the same time, S&P assigned its 'cnBB-' long-term Greater
China regional scale rating to Ruyi and 'cnB+' to the senior
unsecured notes of Prime Bloom that Ruyi unconditionally and
irrevocably guarantees.  Ruyi is a China-based textile
manufacturer with operations across upstream cultivation and
trading, and textile manufacturing to downstream apparel brand
management.

"The rating on Ruyi reflects the company's operations in China's
highly competitive and fragmented textile industry that is
exposed to volatile commodity prices," said S&P Global Ratings
credit analyst Clifford Kurz.  "In addition, Ruyi has weaker
profitability than its international peers.  We also expect the
company's financial leverage to remain high due to its aggressive
debt-funded expansion appetite."

Ruyi's large operating scale, wide product offerings, and
satisfactory geographic diversification temper these weaknesses.

While the proposed senior unsecured notes of Prime Bloom are
irrevocably and unconditionally guaranteed by Ruyi, the rating on
the notes is one notch below the long-term corporate credit
rating due to Ruyi's significant priority liabilities at the
parent level.  Still, S&P recognizes a modest level of mitigating
factors such as parent-level cash of Chinese renminbi (RMB) 4
billion and the parent group's diversity of subsidiaries,
partially offsetting the significant structural subordination
risk.

The notes will rank equally with all other senior unsecured debt
of Ruyi.  The company intends to use the issuance proceeds for
general corporate purposes, including debt refinancing.

"The highly fragmented and competitive textile market in China
will continue to weigh on Ruyi's pricing power and operating
performance, despite the company's large scale.  We believe Ruyi,
like its peers, has limited pricing power to pass through cost
increases to its customers due to the intense competition,
therefore exposing the company to the high volatility in raw
material prices," Mr. Kurz said.

Ruyi's vertically integrated operations and good technology
capabilities enable the company to produce higher-end and
differentiated products.  However, these strengths have yet to
translate into better profit margins, in S&P's view.

The company's below-industry-average operating efficiency due to
ramping up of its capital expenditure, higher operating expenses
than peers', and still-weak performance of certain brands under
Japan-based subsidiary Renown Inc. may have outweighed synergies
from the vertical integration.  However, S&P expects Ruyi's
operations across the apparel value chain to partially mitigate
risks related to volatile raw material prices.

S&P believes Ruyi's operating performance and diversity could
improve with the recent acquisition of France-based group SMCP,
which was completed in October 2016.  In S&P's view, the
acquisition would expand Ruyi's brand portfolio and target
customer coverage in the affordable luxury category through
SMCP's brands, including Sandro, Maje, and Claudie Pierlot.  Ruyi
currently has an adequate apparel brand portfolio covering about
20 brands under Renown, and Ruyi's several self-owned brands.

"We expect further geographical diversification into the European
market, given SMCP's extensive sales network covering more than
1,000 sales outlets globally.  Ruyi derived 45% of its revenue in
2015 from China, 20% from Japan, and the remaining from the rest
of the world, including other countries in Asia and Africa,"
Mr. Kurz said.

The stable outlook reflects S&P's expectation that Ruyi will
maintain its market position through its large and vertically-
integrated operations, wide product offerings, and improving
geographical diversification over the next 12 months.  S&P
expects the company to continue to deleverage, but the ratio of
debt to EBITDA should remain above 5x over the same period.

S&P may lower the rating if it believes the company's
profitability has weakened materially or it is taking longer to
lower debt.  This could happen if S&P expects the company's
EBITDA margin to consistently stay below 10% owing to intense
competition, low capacity utilization, or higher operating
expenses than S&P expects for the integration of new
acquisitions.

S&P may also lower the rating if Ruyi's debt-to-EBITDA ratio
stays materially above 5.0x without signs of improvement,
possibly due to more aggressive debt-funded investment or a
weaker-than-expected operating performance.

S&P may upgrade Ruyi if its debt-to-EBITDA ratio falls below 5x
on a sustainable basis.  This could be through capital injection
from shareholders, equity disposal following successful IPOs of
subsidiaries, or materially enhanced operating cash flow given
strong revenue growth or margin improvement combined with
financial discipline and continued deleveraging.


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

The company plans to use the proceeds of the new USD notes
issuance for refinancing existing debt and general working
capital purposes.

The rating outlook is positive.

                          RATINGS RATIONALE

"The proposed bond will enhance Yanlord's debt maturity profile
and will have a limited impact on its credit metrics," says
Anthony Lee, a Moody's Analyst and also the Lead Analyst for
Yanlord.

The proposed issuance does not change Moody's expectation that
the company's financial position will remain strong in the next
12 months.

Its adjusted revenue/debt will be around 90% - 100% and
EBIT/interest above 3.5x in the next 12 months if it can sustain
its level of contracted sales in the regulated market conditions
now prevailing in key cities, such as Shanghai, Suzhou, Nanjing
and Tianjin.

These cities contributed about 80% of its contracted sales in 1H
2016.

Yanlord's Ba3 corporate family rating reflects its good brand
name and high-quality properties, providing it with strong
pricing power and supporting its healthy gross margin.  In
addition, its sales execution strategy -- adjusted to cater to a
broad spectrum of market demand -- supports its robust level of
sales and its current operating scale.

The Ba3 rating also considers its good ability to access the debt
and capital markets, and its history of raising equity to fund
its development projects.

On the other hand, the rating is constrained by Yanlord's
geographic concentration, the small size of its land bank, and
the potential impact of tightening measures in key operating
cities.

Upward rating pressure could emerge if the company: (1)
demonstrates the ability to sustain stable sales growth, while
maintaining strong balance sheet liquidity; and (2) maintains its
prudent financial management, such that debt leverage -- as
expressed by adjusted revenue/debt -- stays at 90%-100% and
EBIT/interest coverage is in excess of 3.5x on a sustained basis.

On the other hand, the ratings outlook could return to stable if
the company's business operations and liquidity conditions are
negatively impacted by the latest regulatory measures; that is,
contracted sales growth slows and credit metrics weaken --
EBIT/interest coverage falls below 3.0x, or adjusted revenue/debt
falls below 80%.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Yanlord Land Group Limited is a major property developer in
China. It operates in the major cities of Shanghai, Nanjing,
Suzhou, Nantong, Shenzhen, Tianjin, Zhuhai, Chengdu, Tangshan,
Zhongshan and Sanya.  Yanlord was established in 1993 and Yanlord
Land Group Limited was listed on the Singapore Stock Exchange in
2006.  Its land bank totaled 5.2 million square meters at end-
June 2016.


YANLORD LAND: S&P Assigns 'BB-' Rating to Proposed US$ Sr. Notes
----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB-' long-term issue
rating and 'cnBB+' long-term Greater China regional scale rating
to a proposed issue of U.S.-dollar-denominated senior unsecured
notes by Yanlord Land (HK) Co. Ltd., a subsidiary of Yanlord Land
Group Ltd. (Yanlord: BB-/Stable/--; cnBB+/--).  The parent
irrevocably and unconditionally guarantees the notes.  Yanlord
will use the proceeds to refinance its existing debt, for project
development and acquisition, and for general corporate purposes.
The issue ratings are subject to S&P's review of the final
issuance documentation.

Yanlord's strong performance year to date has exceeded S&P's
expectations.  In the first 10 months of 2016, the company
achieved contracted sales of Chinese renminbi (RMB) 26.5 billion,
which exceeded S&P's full-year projection of RMB25 billion.  S&P
attributes the robust sales performance to strong demand and
price recovery in higher-tier cities.  S&P forecasts that
Yanlord's debt leverage and key credit metrics will continue to
improve in 2016 given S&P's expectation of increased revenue and
improved margins.

S&P anticipates Yanlord will remain active in the replenishment
of land reserves.  As of the end of September 2016, Yanlord has
total land reserves, including projects under development and for
future development, of about 5.0 million square meters, which S&P
estimates are only sufficient for the next three to four years.
Based on S&P's estimates, the company spent about RMB11 billion
in the first 10 months of 2016.  Yanlord is likely to maintain a
similar pace and momentum in land banking in the next two years,
in S&P's view.

S&P's ratings on Yanlord reflect the company's niche market
position in high-end products, geographic and project
concentration in selected higher-tier cities, and small land
reserves relative to similarly rated peers.  Offsetting these
weaknesses are its good brand recognition, gradually improving
debt leverage, and diverse financing channels.



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


PAGE ONE: Bookstores Closes as Liquidators Take Over
----------------------------------------------------
Kris Cheng at Hong Kong Free Press reports that all Page One
bookstores closed on Nov. 17 as the firm was taken over by
accountancy agency KPMG.

The chain's remaining outlets at Festival Walk in Kowloon Tong
and Harbour City in Tsim Sha Tsui were closed for business with
notices on the doors stating that stocktaking was under way, the
report says.

Another notice read that KPMG's top restructuring officials
Edward Middleton -- edward.middleton@kpmg.com.hk -- and Patrick
Cowley -- patrick.cowley@kpmg.com -- have been appointed as
receivers of the "Page One The Designer's Bookshop (H.K.)
Limited," according to Hong Kong Free Press reports.

Page One have had special sales running since November, the
report recalls. In October, an interior design company submitted
a bid at the District Court to ask the company to pay back
HK$910,000 of construction fees. Last week, Thermos, a kitchen
utility company, also went to court to request sums totalling
HK$480,000 for products sold at the bookstores.

In August, it emerged that multiple publishers were also seeking
overdue payments from the company, Hong Kong Free Press
discloses. The beleaguered book chain reportedly owed over
HK$700,000 to its publishers.  "Page One is in the process of
adapting to meet current consumer's demand . . . however retail
business have a high fixed cost," it said in a public statement
on August 12, the report relays.

The book chain added at the time that it required funding to
strengthen its capital structure and said it has started
discussions with a potential investor, Hong Kong Free Press
reports.

Hong Kong Free Press notes that since opening its first Hong Kong
outlet in 1997, Page One had up to 10 stores in the city at the
peak of its business. However, the chain closed its store in
Times Square, Causeway Bay in 2015 and shut six more stores at
the Hong Kong International Airport this year. The remaining two
Hong Kong branches are located at Harbour City and Festival Walk.

Foreign Press stopped supplying books to Page One in June. This
summer, the company said it would not rule out the option of
legal action if the troubled book chain continues to delay its
payment, adds Hong Kong Free Press.



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


ADMIRON LIFE: CARE Lowers Rating on INR59.25cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Admiron Life Sciences Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     59.25      CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Admiron Life Sciences Private Limited takes into account the
delays in servicing of debt obligations.

ALSPL, incorporated on December 06, 2010, is engaged in the
manufacturing of APIs and intermediates. The company has
its manufacturing facility located in Visakhapatnam with an
installed capacity of 386 Metric Tons Per Annum (MTPA).

During FY15 (refers to the period April 1 to March 31), ALS has
reported a total operating income of INR58.63 crore (INR9.25
crore in FY14) and a net loss of INR14.40 crore (net loss of
INR3.32 crore in FY14).


ALAPATT JEWELS: ICRA Reaffirms 'B' Rating on INR5.5cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR5.50 crore fund based facilities of Alapatt Jewels.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term-Fund based
   Facilities                5.50       [ICRA]B/reaffirmed

The rating reaffirmation takes into account significant
experience of promoters in the jewellery retail business, the
firm's established market presence in a prominent location in
Cochin (Kerala) and the strong brand equity enjoyed by the brand
'Alapatt' among the affluent class in the region, which have
acted as strong catalysts for repeat customer purchases. Despite
latest regulatory developments impacting demand sentiments in the
recent years, ICRA derives comfort from the favourable demand
prospects for the jewellery retail industry in the long term.

The rating, however, factor in the weak credit profile of the
firm characterised by deterioration in capital structure and
coverage indicators primarily on account of sizable drawing by
the promoters; decline in overall volumes in FY2016 on account of
the increasing presence of major retailers in the Cochin region
coupled with lower than expected footfalls because of the ongoing
metro work. While many retailers in the Cochin region focussed on
increasing spend towards promotional activities to maintain the
footfalls at earlier levels, the firm has not allocated any
additional fund towards the same leading to decline in volumes.
In addition, the slow moving nature of the firm's high value
inventory has aggravated the working capital intensity further as
reflected in its high cash credit utilization. The rating also
factor in possible cannibalisation of sales among the other
family owned showrooms carrying the similar brand name 'Alapatt'
and geographical concentration risk associated with a single
showroom presence in Cochin. Going forward, ability of the firm
to scale up its operation, manage its inventory and overall
working capital position would be critical key monitorables.

Alapatt Jewels is a Cochin-based partnership firm established by
Mr. Manuel Alapatt in 2000. The firm is engaged in the business
of gold and diamond jewellery retailing and operates out of a
single retail showroom (~10,000 square feet area). The firm's
gold requirements are met primarily through procurement of
bullion from nominated agencies and partly through melted gold
obtained from old jewellery exchanged from customers and the
manufacturing is outsourced to local goldsmiths. The diamond
jewellery is procured from merchants based out of Mumbai and
Bangalore.

Recent Results
As per provisional financials, the firm reported a net profit of
INR0.3 crore on an operating income of INR7.8 crore during FY2016
as against a net profit of INR0.2 crore on an operating income of
INR11.5 crore during FY2015 (audited).


ALCOR COLONISERS: CARE Lowers Rating on INR12.29cr LT Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Alcor
Colonisers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     12.29      CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating of Alcor Colonisers Private Limited
takes into account delay in project implementation for
construction of residential blocks which led to reschedulement of
term loans and its non-achievement of financial closure.

The revision in the rating, further, takes into account slow
movement in the booking of residential flats.

The rating of ACPL continues to remain constrained due to
saleability risk associated with un-booked units and its linkage
to the cyclical real estate sector which is currently facing a
subdued scenario.

The rating, however, continues to favourably take into account
the experience of the promoters with long track record of
operations in the real estate industry and strategic location of
the project.

The ability of the company to timely complete its ongoing real
estate project without any cost overrun along with adequate
bookings and timely receipt of booking advances as envisaged
would be the key rating sensitivities.

Kishangarh-based (Rajasthan) Alcor Colonisers Private Limited was
incorporated in 2011 by Mr. Rajendra Gupta and his family members
with an objective to construct residential villas in Kishangarh.
ACPL is engaged in the real estate development business.
Currently, ACPL is executing project under the name of 'Braj
Vatika' at "Mayura City" in Kishangarh for construction of 203
residential villas on the land of 39980.70 square yard out of
which 18191.04 square yard land is owned by the group company,
Acrux Infraprojects Private Ltd (AIPL). ACPL has entered into
agreement with AIPL for development and construction on the land
where 64% of the sale proceeds will go to ACPL and the remaining
34% to AIPL. The common facilities will be developed by Mayura
Infrastructure Development Company (MIDC).

MIDC is a joint venture between Gupta Trademart Private Limited
(GTPL; part of BLG group) and Mayura Township Developers Private
Limited (MTDPL). MIDC is developing Mayura City, an integrated
township in the Kishangarh on total land area of 265 acre.

Braj Vatika project includes total saleable area of 5.72 lakh sq.
feet (lsf) and construction of 203 duplex villas. The project
construction was started in September, 2013 with the total
envisaged cost of INR58.92 crore and was expected to be completed
by October, 2017. However, the project has been delayed and will
be completed by March 2018. Till September 30, 2016. ACPL has
incurred total cost of INR36.79 crore (around 62.44% of the total
envisaged cost) towards the project. Furthermore, 50.25% of the
total units have been booked till September 30, 2016.

During FY16 (refers to the period April 1 to March 31), SRSPL has
reported a total operating income of INR44.86 crore with PAT of
INR0.20 crore as against total operating income and PAT of
INR57.65 crore and INR0.20 crore in FY15.


CHENNAI CNC: CRISIL Assigns 'B+' Rating to INR65MM LT Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Chennai Cnc Servotronics Private Limited and
assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL
had, on June 25, 2015, suspended the rating as the company had
not provided the necessary information for maintaining a valid
rating. It has now shared the requisite information, enabling
CRISIL to assign a rating to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan          65        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects a modest scale of operations in the intensely
competitive computer numeric control (CNC) machining components
industry, working capital-intensive operations, and a weak
capital structure. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoter
and established relationship with customers.
Outlook: Stable

CRISIL believes CCSPL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of significant and
sustained increase in scale of operations and profitability, or
an improvement in working capital management, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of lower-than-expected cash accrual or deterioration in
working capital management, resulting in significant weakening of
the financial risk profile.

CCSPL, incorporated in 1997, manufactures CNC machining
components. The company is promoted by Mr. D Subramanian. Its
manufacturing unit is in Chennai.


ELECTRONET EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Electronet Equipments
Pvt Ltd continue to reflect the company's modest scale of
operations, large working capital requirement, and subdued
financial risk profile because of small networth and high
gearing. These weaknesses are partially offset by its promoters'
extensive experience and its established clientele in the
technologically intensive electrical and electronic
instrumentation products industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of
   Credit                  10       CRISIL A4 (Reaffirmed)

   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          36       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes EEPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of a significant increase in revenue and
profitability, leading to substantial cash accrual. The outlook
may be revised to 'Negative' if the financial risk profile,
especially liquidity, weakens because of low cash accrual driven
by limited sales from the company's upcoming facility, or a
stretch in its working capital cycle, or any debt-funded capital
expenditure.

EEPL, incorporated in 2002, manufactures process control and
automation instruments. The company was promoted by Mr. Rajendra
Nagaonkar, who is an electrical engineer and has experience of
over 30 years in this field. Its manufacturing facility is in
Pune, Maharashtra, and it is setting up a facility at Shirwal
near Pune.


FINE FACETS: ICRA Lowers Rating on INR9.0cr Loan to 'D'
-------------------------------------------------------
ICRA has revised the short-term rating assigned to the INR14.00
crore fund and non-fund based facilities of Fine Facets India
Pvt. Ltd. to [ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Punjab National          5.00        Revised to [ICRA]D
   Bank: Fund Based                     from [ICRA]A4
   Packing Credit
   Limits


   Punjab National          9.00        Revised to [ICRA]D
   Bank: Fund Based                     from [ICRA]A4
   Post Shipment
   Credit Limits


   Punjab National          5.00        Revised to [ICRA]D
   Bank: Non-Fund                       from [ICRA]A4
   Based Foreign
   Letter of Credit
   Limits

The rating revision takes into account the delays in meeting bank
debt obligations on account of the company's strained liquidity
position owing to considerable overdue receivables. ICRA also
notes the presence of the company in the intensely competitive
cut and polished diamond industry, and the susceptibility of its
business operations to a sluggish global demand scenario.

Incorporated in 2005, Fine Facets India Pvt. Ltd. is a private
limited company engaged in the trading of certified/uncertified
cut and polished diamonds, primarily for export purposes. The
company's marketing office is at Opera House, Mumbai. Kaprisa
International Pvt. Ltd., a sister concern, is engaged in the
business of manufacturing and exporting studded jewellery. It is
located in the Special Economic Zone at SEEPZ in Andheri, Mumbai.


K. RAJAGOPALAN: ICRA Suspends B+ Rating on INR5.0cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ to the INR5.0
crore over draft facility and short-term rating of [ICRA]A4 to
the INR10.0 crore non-fund based facilities of K. Rajagopalan &
Co. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


KALLIYATH DEVELOPERS: CRISIL Suspends B+ Rating on INR25MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kalliyath Developers Private Limited (KDPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4
   Cash Credit             25        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
KDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KDPL is yet to
provide adequate information to enable CRISIL to assess KDPL'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.

Incorporated in 2006, KDPL trades in steel-based products such as
thermo-mechanically treated steel bars and Goodyear tyres in the
Kochi (Kerala) region. The company is part of the Kalliyath
group. The day-to-day operations of the company are managed by
Mr. Noorisha.


KAMLESH GREENCRETE: ICRA Suspends 'D' Rating on INR15cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D to the INR15.0
crore term loan facility of Kamlesh Greencrete Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


KAPRISA INTERNATIONAL: ICRA Cuts Rating on INR5cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the short-term rating assigned to the INR6.00
crore fund based facilities of Kaprisa International Pvt. Ltd. to
[ICRA]D from [ICRA]A4.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Punjab National Bank:     3.00       Revised to [ICRA]D from
   Fund Based Packing                   [ICRA]A4
   Credit Limits

   Punjab National Bank:     5.00       Revised to [ICRA]D from
   Fund Based Post Shipment             [ICRA]A4
   Credit Limits

The rating revision takes into account the delays in meeting bank
debt obligations on account of the company's strained liquidity
position owing to considerable overdue receivables. ICRA also
notes the presence of the company in the intensely competitive
gems and jewellery industry, and the susceptibility of its
business operations to a sluggish global demand scenario.

Kaprisa International Pvt. Ltd. is a private limited company
incorporated in 1999, which was taken over by its current
management in 2007. Fine Facets India Pvt. Ltd., a sister
concern, is engaged in trading polished diamonds. Kaprisa is
engaged in manufacturing and exporting studded gold jewellery,
studded platinum jewellery, plain gold and platinum mounted
jewellery, as well as studded silver jewellery. Kaprisa is a 100%
export oriented unit with its marketing and administrative office
as well as its manufacturing unit located in the Special Economic
Zone at SEEPZ, in Andheri, Mumbai.


KOHINOOR ELITE: ICRA Reaffirms 'D' Rating on INR22cr Loan
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D outstanding
on the INR22.00 crore term loan of Kohinoor Elite Hotels Private
Limited. ICRA has also re-affirmed the short-term rating of
[ICRA]D outstanding on the INR1.00 crore non-fund based limit of
KEHPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       22.00      [ICRA]D Re-affirmed
   Non-fund Based Limits    1.00      [ICRA]D Re-affirmed

The re-affirmation of the ratings takes into account KEHPL's weak
financial profile characterized by low accruals and the stretched
liquidity position leading to continued delays in debt servicing.
Further, the liquidity profile at a group level remains
stretched, brought around by slow sales of commercial projects,
particularly the large scale project in Mumbai, wherein a
significant quantum of group funds have been deployed. The
startup nature of operations of the group's recent ventures in
healthcare, education and hospitality segments has also resulted
in the company's stretched liquidity profile. The ratings,
further, take into account the sensitivity of cash flows to
occupancy levels and the average room rates (ARRs), as well as
the high competitive intensity in the industry. ICRA notes that
the hospitality industry is cyclical in nature and is vulnerable
to general economic slowdown and exogenous shocks.

ICRA has favourably factored in the long experience of the
promoters in the hospitality industry and the favourable location
of the hotel. While there has been a satisfactory ramp up of
occupancy levels and the gradual improvement in revenue per
available room, the company's ability to improve operating
metrics and achieve adequate accruals to meet the debt servicing
requirements, will be the key rating sensitivity. Meanwhile, for
servicing the existing debt obligation in the near term, the
group's ability to raise adequate funds through sales tie-up or
re-financing, for meeting the debt obligations, remains critical
from the credit perspective.

KEHPL is part of the Kohinoor Group promoted by Mr. Manohar
Joshi, and currently managed by Mr. Unmesh Joshi. KEHPL is a
Special Purpose Vehicle (SPV) to set up and manage a 100-room
three-star hotel -- Kohinoor Elite -- at Kurla (West), Mumbai.
The hotel commenced operation in May 2011. The hotel has 100
rooms of 270 sq. ft each, as well as a multi-cuisine bar-cum-
restaurant with a seating capacity of 100.

For the financial year ending March 31, 2016, KEHPL recorded a
profit before tax of INR2.17 crore on an operating income of
INR13.72 crore (unaudited). For FY 2015, it reported a net loss
of INR0.84 crore on an operating income of INR12.34 crore.


LAXMI SRINIVASA: ICRA Reaffirms B+ Rating on INR6.95cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR6.95 crore (enhanced from 6.15 crore) fund based limits and
INR0.05 crore (revised from 0.54 crore) unallocated limits of Sri
Laxmi Srinivasa Roller Flour Mill.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        6.95      [ICRA]B+ Reaffirmed
   Unallocated Limits       0.05      [ICRA]B+ Reaffirmed

The rating reaffirmation primarily factors in long track record
of the promoters in the flour milling industry; and favorable
demand for wheat products, with wheat being one of the important
staple diets in India.

The rating however is constrained by the intensely competitive
nature of the flour milling industry, with several small-scale
players, increasing pressures on operating margins. The rating
also considers weak financial profile characterized by thin
margins with operating and net margins at 3.66% and 1.09%,
respectively, in FY 2016, high gearing levels of 2.20 as on
March 31, 2016, and modest coverage indicators with interest
coverage ratio at 1.94 times and NCA/Debt of 15% as on FY 2016.
The rating is also constrained by the company's susceptibility of
profitability and revenues to agro-climatic risks, which impact
the availability of raw materials in adverse weather conditions
and risks inherent to the partnership nature of the firm.
Going forward, the ability of the firm to improve its
profitability and efficiently manage its working capital
requirements will remain the key rating sensitivities.

Founded in 2008 as a partnership firm, Sri Lakshmi Srinivasa
Roller Floor Mill is engaged in milling whole grain wheat for
producing wheat flour, refined flour, Rava and bran. The firm
runs a milling unit at Kondamadugu village in the Nalgonda
district of Telangana, with an installed production capacity of
52,560 metric tons per annum. The operations in the firm
commenced from April, 2008.


M N POLYTEX: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
M N Polytex Private Limited (MNPPL).

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

The suspension of ratings is on account of non-cooperation by
MNPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MNPPL is yet to
provide adequate information to enable CRISIL to assess MNPPL'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.

MNPPL, promoted in 2004, is engaged in buying yarn and getting it
converted into grey fabric on contract basis from outside
manufacturers. Mr. Ramesh Shah, Mr. Pravin Shah, Mr. Manish Shah
and Mr. Mukesh Shah are the promoters of MNPPL. MNPPL's office is
at Mumbai.


MATSYA AUTOMOBILES: CRISIL Suspends B+ Rating on INR315MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Matsya
Automobiles Limited (MAL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4
   Cash Credit            45         CRISIL B+/Stable
   Channel Financing     315         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     95         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MAL is yet to
provide adequate information to enable CRISIL to assess MAL'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.

MAL was incorporated in Alwar (Rajasthan) in 1992. The company is
the exclusive authorised dealer for TML's heavy commercial
vehicles, in five districts of Rajasthan: Alwar, Bharatpur,
Dhaulpur, Sawai Madhopur and Karauli. The company is promoted by
Mr. Vijay Gupta and his family.


NSL TEXTILES: CRISIL Cuts Rating on INR3.01BB Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
NSL Textiles Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The downgrade reflects the company's recent
delays in meeting its term debt obligations because of weak
liquidity due to inadequate accruals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           3,016.9     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Funded Interest         425.6     CRISIL D (Downgraded from
   Term Loan                         'CRISIL B+/Stable')

   Letter of credit        933.6     CRISIL D (Downgraded from
   & Bank Guarantee                  'CRISIL A4')

   Short Term Loan         168.7     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan              6236.2     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

NSLTL's operations are susceptible to fluctuations in cotton
prices and foreign exchange rates. Moreover, the company has a
weak financial risk profile and stretched liquidity due to
working capital-intensive operations and sizeable debt
obligations. The company, however, benefits from its fully
integrated manufacturing process and presence across the textile
value chain, from ginning to garmenting.

NSLTL, set up in 2002 and promoted by Mr. M Prabhakhar Rao, is
part of the NSL group. The group has revenue of over USD 1
billion, and its businesses include seeds, textiles, power,
infrastructure, and sugar. NSLTL is in the textile industry, and
has spinning, weaving, yarn and fabric dyeing, processing, and
garmenting capacities. It has seven manufacturing facilities in
Andhra Pradesh.


OM BESCO: CARE Lowers Rating on INR46cr Long Term Loan to D
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Om Besco Rail Products Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility         46       CARE D Revised from
                                            CARE BB

Rating Rationale

The revision in the rating assigned to the bank facility of Om
Besco Rail Products Ltd (OBRPL) takes into account the stretched
liquidity position of the company resulting in delays in debt
servicing and overdrawals in fund based limits for more than a
month. This was on account of non-receipt of product specific
approvals from the Research Design & Standard Organization (RDSO)
for selling its products thereby affecting the scale of
operations and the cash accruals.

Om Besco Rail Products Ltd., belonging to O.P. Tantia Group, was
promoted by Shri Madhu Sudan Tantia (son of Shri O.P Tantia) in
March 2008. The company, after incorporation, remained dormant
for about 4 years. In 2012, Om Besco ventured into setting up
manufacturing facility of alloy steel casting products (bogies,
couplers, draft gears) to be used in railway freight wagons with
a plant capacity of 16,100 MTPA in Jharkhand. The project is
backward integration to meet the raw material requirement of the
flagship company - Besco Ltd (Wagon division) [Besco]. Om Besco
has entered into a long term off take agreement with Besco to
sell 12,000 MT per year (around 75-80% of the annual production)
of steel castings. The project achieved COD in March 2015.

Om Besco is a family managed business. The management of the
company vests with the Board of Directors comprising one member
from the promoter's family and two non-executive directors. The
day-to-day affairs of the company are looked after by Mr. Madhu
Sudan Tantia with adequate support from a team of experienced
personnel.

During FY16, OBRPL incurred a net loss of INR4.08 crore (INR1.68
crore in FY15) on a total operating income of INR0.29 crore
(INR0.01 crore in FY15).


OM PRAKASH: CRISIL Suspends B+ Rating on INR50MM Long Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Om Prakash Amarnath (OPA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         70        CRISIL A4
   Cash Credit            50        CRISIL B+/Stable
   Mortgage Loan
   Facility               30        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by OPA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OPA is yet to
provide adequate information to enable CRISIL to assess OPA'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.

OPA, a partnership firm, has been engaged in civil construction
work on contract basis for the past six decades. Mr. Omprakash
Khatri and his son, Mr. Shiva Khatri, are 50 per cent partners in
the firm. OPA has executed several projects for private companies
and government agencies, including the Indore Development
Authority.


RADHE HURKAT: CRISIL Reaffirms 'B' Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facility of Radhe Hurkat
Ispat Pvt Ltd continues to reflect RHIPL's weak financial risk
profile, with a small networth, high gearing, and weak debt
protection metrics.

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

The rating also factors in small scale and working capital-
intensive operations, and susceptibility to volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience and their funding support of promoters.
Outlook: Stable

CRISIL believes RHIPL's will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if significant improvement in scale of operations
result in higher- cash accrual leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company reports low cash accrual or larger-
than-expected working capital requirement, leading to pressure on
its liquidity and financial risk profile.

Incorporated in 1993, RHIPL, promoted by Mr. Brijesh Hurkat and
Mr. Shailendra Hurkat, in Raipur (Chhattisgarh) manufactures
mattocks, pickaxes, crowbars, and mild steel flats.


SAHARA ENGINEERING: ICRA Suspends B+ Rating on INR2.35cr Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR2.35
crore cash credit facility, and the rating of [ICRA]A4 assigned
to the INR3.50 crore ODBD facility of Sahara Engineering (P)
Limited (SEPL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SAI MANASA: Ind-Ra Suspends 'IND BB-' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sai Manasa
Spintex (India) Limited's 'IND BB-' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND BB-(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SMSIL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

SMSIL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable

   -- INR112 mil. fund-based working capital limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Stable

   -- INR215.5 mil. long-term loans: migrated to 'IND BB-
      (suspended)' from 'IND BB-'/Stable

   -- INR15.2 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


SONIA FISHERIES: CRISIL Cuts Rating on INR33.5MM Term Loan to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sonia Fisheries to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.
The rating on the short-term facility has been reaffirmed at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.5       CRISIL A4 (Reaffirmed)

   Cash Credit            30.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Foreign Bill           25.0       CRISIL B-/Stable (Downgraded
   Discounting                       from 'CRISIL B/Stable')

   Packing Credit        140.0       CRISIL A4 (Reaffirmed)

   Term Loan              33.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects deterioration in the financial risk
profile and liquidity, on account of losses incurred in fiscal
2016 and withdrawal of capital by partners. Erosion in networth,
amid incremental funding requirement towards capital expenditure
and working capital, increased reliance on debt, post which
gearing rose significantly as on March 31, 2016.  Debt protection
metrics were also adversely impacted, as seen in the interest
coverage ratio of 1.2 times in fiscal 2016, vis-a-vis 1.8 times a
year before. With repayment of debt in fiscal 2017 and fiscal
2018, the ramp up in sales and profitability will remain critical
from the liquidity perspective.

The ratings continue to reflect the average scale of operations
in a fragmented industry, and exposure to volatility in raw
material prices and foreign exchange (forex) rates.These rating
weaknesses are partially offset by benefits from extensive
experience of the partners in the sea food processing industry.
Outlook: Stable

CRISIL believes that the firm will continue to benefit from
extensive experience of its partners. The outlook may be revised
to 'Positive' if higher-than-expected cash accrual, sizable
capital infusion by partners and/or efficient working capital
management, strengthens the financial risk profile and liquidity.
The outlook may be revised to 'Negative' if subdued profitability
and lower cash accrual, or stretch in the working capital cycle,
weakens the financial risk profile and liquidity.

Established in 1977 as a partnership firm, Sonia Fisheries
processes and exports fish and manufactures fish meal and fish
oil. Operations of the Mumbai-based firm are currently managed by
Mr. NB Patil and his family.

Until fiscal 2014, SF only undertook processing of fish , while
its group companies, namely Sonia Foods (Sonia) and Omega Fish
Meal and Oil Company Pvt Ltd (Omega) were engaged in exports of
fish and manufacturing of fish meal and fish oil, respectively.
However in fiscal 2015, Sonia Foods was merged into SF and the
Mumbai unit (capacity of 100 tonnes per day) of Omega was
transferred into SF.


SRI PADMAVATI: CRISIL Lowers Rating on INR95MM LT Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Padmavati Energy Solutions India Private Limited to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

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

   Long Term Loan          55        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      95        CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's expectation of stretched
liquidity, as cash accrual is likely to be tightly matched
against debt obligation in fiscal 2017 while bank limit
utilisation will be moderate. The downgrade also factors in
weakening of the business risk profile as a result of subdued
demand and a fall in the price of lead. The business risk profile
is expected to remain constrained over the medium term, driven by
exposure to intense competition and to volatility in raw material
prices.

The rating reflects large working capital requirement,
susceptibility of profitability margins to volatility in raw
material prices, and a below-average financial risk profile
because of a modest networth, a high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the promoters in the lead alloy
industry and an established customer relationship.
Outlook: Stable

CRISIL believes SPESPL will continue to benefit from the
extensive industry experience of its promoter and established
customer relationship. The outlook may be revised to 'Positive'
in case of more than expected increase in scale of operations and
profitability, leading to improvement in the financial risk
profile. The outlook may be revised to 'Negative' in case of
more-than-expected debt-funded capital expenditure, a substantial
decline in profitability, or a stretched working capital cycle,
weakening the financial risk profile.

Incorporated in 2011, SPES is managed by Mr. Umesh Thakkral. The
company manufactures lead alloy and trades in batteries. It is
based in Hyderabad.


SRUTI FILATEX: ICRA Ups Rating on INR10cr Cash Loan to BB-
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR10.00-
crore cash credit facility and INR5.94-crore term loan facility
of Sruti Filatex Private Limited from [ICRA]B+ to [ICRA]BB-. ICRA
has also reaffirmed the short-term rating assigned to the
INR1.50-crore non-fund based letter of credit at [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             10.00      [ICRA]BB- (stable); revised
                                      from [ICRA]B+

   Term Loan                5.94      [ICRA]BB- (stable); revised
                                      from [ICRA]B+

   Letter of Credit         1.50      [ICRA]A4; reaffirmed

The rating revision takes into consideration SFPL's weak
financial profile as depicted by its modest profitability
margins, leveraged capital structure due to increase in unsecured
loans and working capital, along with weak debt coverage
indicators. The company witnesses constraints in raising its
profitability levels owing to the low value additive nature of
its business, along with its presence in highly competitive
textile industry. ICRA also notes the susceptibility of SFPL's
profitability to volatility in prices of its raw materials,
including that of partially oriented yarn (POY) since it is
linked to crude oil prices.

The ratings, however, favorably considers the promoters'
established track record in manufacturing and marketing
texturised yarns. ICRA also considers SFPL's longstanding
relationship with its diversified customer base and wide customer
network, leading to low customer concentration risks.
Furthermore, the company also enjoys location advantages for its
proximity to raw material sources and customers.

Sruti Filatex Private Limited was incorporated in 1997 and
commenced operations in 2003. It produces Draw Texturised Yarn
(DTY), viz. Crimp Yarn and Kota Yarn. Further, the company also
commenced production of Air Texturised Yarn (ATY) in FY2015. SFPL
is equipped with 10 texturising machines for production of crimp
yarn and kota yarn with a capacity to produce 550-600 kgs of yarn
per day with the configuration of 30 deniers. Also it has
installed 4 air texturised machines each having capacity to
produce 1200 kgs of yarn per day with the configuration of 110
deniers at its facility located at Pipodara, near Surat
(Gujarat).

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR62.22 crore and profit after tax of
INR0.48 crore.


TEMPUS INFRA: CRISIL Suspends 'D' Rating on INR440.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tempus
Infra Projects Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        330         CRISIL D
   Bank Guarantee        250         CRISIL D
   Cash Credit           470         CRISIL D
   Funded Interest
   Term Loan             49.6        CRISIL D
   Long Term Loan        38.1        CRISIL D
   Proposed Long Term
   Bank Loan Facility    21.8        CRISIL D
   Working Capital
   Term Loan            440.5        CRISIL D

The suspension of ratings is on account of non-cooperation by
TIPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TIPPL is yet to
provide adequate information to enable CRISIL to assess TIPPL'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.

TIPPL was set up in 2008 by Mr. Y Maheedhar Reddy and Mr. N
Ravindranath Reddy. The company undertakes construction of roads
and real estate (residential and commercial) projects. It is
based in Hyderabad (Telangana).


UTTARA FOODS: CARE Reaffirms 'D' Rating on INR160.38cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Uttara Foods & Feeds Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    160.38      CARE D Reaffirmed

   Long/Short-term Bank          13.50      CARE D/CARE D
   Facilities                               Reaffirmed

Rating Rationale

The ratings of the bank facilities of Uttara Foods and Feeds
Private Limited continue to factor in the ongoing delays in debt
servicing and over-drawls in working capital limits.

UFFPL is a part of Venkateshwara Hatcheries (VH) Group, which is
the largest fully integrated poultry group in India. UFFPL was
incorporated in the year 1996 as a poultry feed manufacturer and
later diversified in the cattle feed and hatchery. UFFPL is
engaged in the manufacturing of poultry and cattle feeds and
hatcheries and growing and brooding of broiler birds. The company
has developed seven hatcheries located with a total capacity of
566.64 lakh eggs per annum, eleven feed manufacturing plants in
India with a total capacity of 540,000 ton per annum and eight
breeder divisions with a total capacity of around 3.51 lakh birds
per annum.

The company is also engaged in the trading of feed supplements.
Due to poor market conditions, the company had only 4 feed
manufacturing units during FY15 (refers to the period April 1
to March 31) out of the total 5 units, which further declined to
2 units operational during FY16. As a result, the company saw
decline in the revenue to INR208.31 crore during FY16 as compared
to revenue of INR698.69 crore. During FY15, the capacity
utilisation of the five plants improved to 60% in August 2016
from 46% in April 2016. The promoters of the VH Group in FY16
(un-audited) have infused INR320.48 crore in the form of
preference shares to support the operations of the company the
same has been treated as quasi equity on the support from the
group and the long-term nature of the preference shares.


VIDHATRI EXPORTS: CRISIL Hikes Rating on INR60MM Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Vidhatri Exports Private Limited to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Export Packing Credit       60       CRISIL B/Stable (Upgraded
                                        from 'CRISIL B-/Stable')

The upgrade reflects an improvement in the business risk profile.
Revenue grew by 12% to INR892 million in fiscal 2016 from INR803
million in the previous year, and was about INR370 million in the
five months through August 2016. The improved business risk
profile is likely to be sustained over the medium term. The
upgrade also factors in improvement in liquidity because of a
shorter working capital cycle, as reflected in gross current
assets of 83 days as on March 31, 2016, against 160 days a year
earlier.

The rating reflects a below-average financial risk profile
because of a small net worth, high gearing, and weak debt
protection metrics, and also exposure to intense competition in
the textile industry. These rating weaknesses are partially
offset by the extensive industry experience of the promoters.

CRISIL has treated unsecured loans of INR20.6 million as on
March 31, 2016, as neither debt nor equity as these loans are
expected to remain in the business.
Outlook: Stable

CRISIL believes VEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of better net cash accrual on account of an
increase in scale of operations or profitability, or a sustained
improvement in the working capital cycle. The outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or deterioration in the capital structure caused most
likely by large, debt-funded capital expenditure or a stretched
working capital cycle.

VEPL was set up in 2006 as a partnership firm by the Gujarat-
based Poddar family. The company exports dyed and printed fabric.
It is based in Mumbai.


VIGNESHWARA ESTATES: CARE Assigns 'B' Rating to INR15cr Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Vigneshwara Estates.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   Term Loan                      15        CARE B Assigned


Rating Rationale

The rating assigned to the bank facilties of Vigneswara Estates
(VE) is constrained on account of lower response to its Century
Infiniti Project with around 19.6% of sales in two years
timeline, moderate execution risk notwithstanding satisfactory
construction progress, constitution of the entity as a
partnership firm with inherent risk of withdrawal of capital,
inherent cyclicality associated with the real estate sector and
competition from other projects in vicinity. These rating
weaknesses are partially offset by the experience of Century
group (which holds 25% stake) which is one of the established
land aggregator and developers in the Bengaluru market and low
funding risk with lower dependence on
customer advances, debt fully tied up and promoters contribution
already brought in.

Going ahead, the ability of the firm to achieve the targeted
sales and collection efficiency thereby ensuring adequate
liquidity and to complete the construction of the project as per
scheduled timelines and budgeted costs would be the key rating
sensitivities.

VE was incorporated in October 2011 by Ms Indu Modi, Divya Luxury
Projects P Ltd. and Corenco Enterprises P Ltd. The firm bought
land measuring 2 acres and 36 guntas in order to undertake
development of residential apartment complex.

In order to bring in the expertise to develop and to sell the
project, the firm later sold 25% of its stake to Century Joint
Development Pvt. Ltd during July 2012. The firm is undertaking
residential development of project 'Century Infiniti' which
envisages construction of 144 apartments with total saleable area
of 2.43 lsf.


WAGNER TRIDENT: Ind-Ra Suspends 'IND B+' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Wagner Trident
Precision Components Pvt Ltd's (WTPCPL) 'IND B+' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND B+(suspended)' on the agency's
website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for WTPCPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

WTPCPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable

   -- INR45 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+'/Stable and
      'IND A4(suspended)' from 'IND A4'

   -- INR41.5 mil. long-term loans: migrated to
      'IND B+(Suspended)' from 'IND B+'/Stable

   -- INR5 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


YOGESHWAR TIMBER: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Yogeshwar Timber Mart (YTM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable
   Letter of Credit        60        CRISIL A4
   Overdraft Facility       5.3      CRISIL A4
   Proposed Long Term
   Bank Loan Facility       4.7      CRISIL B/Stable

The ratings reflect the firm's modest scale of operations, and
below-average financial risk profile marked by modest net worth
and weak debt protection metrics. These weaknesses are partially
offset by its promoter's extensive experience in the timber
trading business.
Outlook: Stable

CRISIL believes YTM will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
there is a significant increase in revenue while operating margin
remains stable, or if the financial risk profile improves. The
outlook may be revised to 'Negative' if the firm reports lower-
than-expected cash accrual or larger-than-expected working
capital requirement, leading to pressure on its liquidity and
financial risk profile.

YTM was set up in 1985 as a partnership firm. Mr. Shantilal
Patel, Ms Kusum Patel, and Mr. Parthiv Patel are partners in the
firm. The firm trades in timer logs, and imports all its raw
material from West Africa and Latin America.



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


BANK MANDIRI: S&P Affirms 'BB+' Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings said that it affirmed the ratings on these
four Indonesian financial institutions:

PT Bank Mandiri (Persero)
Issuer Credit Rating         BB+/Stable/B
ASEAN Regional Scale         axBBB+/axA-2

PT Bank Rakyat Indonesia (Persero) Tbk. (BRI)
Issuer Credit Rating         BB+/Stable/B
ASEAN Regional Scale         axBBB+/axA-2

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
Issuer Credit Rating         BB/Positive/B
ASEAN Regional Scale         axBBB/axA-3

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Issuer Credit Rating         BB+/Positive/B
ASEAN Regional Scale         axBBB+/axA-2

S&P affirmed the ratings because it believes Indonesian banks
have zufficient buffers against rising asset quality pressure in
S&P's base-case scenario.  In S&P's view, the credit cycle will
likely peak in end-2017 and nonperforming loans (NPLs) will
continue to gradually increase, particularly in the small and
midsize enterprises (SME) and commodities related segments.  The
deterioration should be manageable, in S&P's view.  That's
because Indonesian banks are facing this cyclical downturn from a
position of strength, having accumulated capital and loan loss
provisions in the past several years.

The Indonesian economy has lost some momentum due to a weak
commodity sector.  Indonesia is a major exporter of natural gas,
coal, palm oil, and petroleum.  Its growth slowed to an estimated
4.8% in 2015, from 5% in 2014, because of weaker export prices,
lower demand from China, and bans on exports of partially
processed minerals (including copper, nickel, zinc, and bauxite
ore).

Broader credit conditions have cast a shadow on the banking
sector's asset quality.  The credit quality of the corporate
sector has been declining since the end of 2014, with balance
sheets deteriorating across sectors.  That trend accelerated
since 2015 because sustained capital investment coincided with
weaker consumer sentiment and a fall in commodity prices.  On
average, the private corporate sector is entering 2017 with
weakened credit fundamentals because of reduced cash flows,
still-high investments, or refinancing risks.

At the same time, the banking system's NPLs rose to 3.1% as of
June 2016, from a historical low of 1.8% in 2013.  Special
mention loans, an indicator of potential credit stress in the
banking system, stood at about 5.4%.  S&P believes the special
mention loans are a potential source of additional NPLs.  The
government relaxed its guidance on classifying restructured loans
in August 2015.  In S&P's opinion, reported NPLs will continue to
increase into 2017, peaking at 3.5%-4.5%, before stabilizing.

However, S&P's ratings on Indonesian financial institutions
incorporate normal credit cycle turns, NPLs are coming from a low
base, and loan-loss reserves are strong.  S&P's base-case
assumptions incorporate these:

   -- A minor recovery in Indonesia's economic growth of 5% in
      2016 and 5.2% in 2017, supported by public sector
      investment.

   -- Continuation of an accommodative monetary policy and low
      interest rates to support private sector debt repayment.

Overall, S&P expects a manageable deterioration in asset quality
because the banks have tightened their underwriting standards and
monetary policy remains accommodative.  S&P expects loan growth
for the industry to slow to just 6%-8% for 2016, from over 20%
prior to 2013, which would offset downward capital pressure from
lower retained earnings.  S&P believes Indonesian banks will
continue to adopt defensive strategies going into 2017, with a
strong focus on asset quality preservation to ride out this
cyclical downturn.

                            BANK MANDIRI

S&P affirmed the ratings on Bank Mandiri because S&P believes the
bank will continue to have a strong market position, adequate
capital base, and strong funding and liquidity over the next 12
months.  Bank Mandiri is Indonesia's largest lender by assets
with a diversified portfolio and good profitability supported by
healthy net interest margins (NIMs).  S&P expects the bank to
maintain adequate capitalization despite a possible downward
pressure on NIMs amid declining policy rates.  S&P expects the
NPL ratio and credit costs to remain high over the next 12 months
as commodity prices stay weak and the domestic economy takes some
time to pick up.

The stable outlook on Bank Mandiri reflects S&P's expectation
that the bank will maintain its strong market position and
funding profile over the next 12 months.  S&P will upgrade Bank
Mandiri if S&P raises both the sovereign credit rating on
Indonesia (BB+/Positive/B; axBBB+/axA-2) and the bank's stand-
alone credit profile (SACP) of 'bb+'.  It is unlikely that S&P
will raise the bank's SACP over the next 12 months.

S&P may lower the rating if it revises down Bank Mandiri's SACP.
The bank's SACP will be under pressure if its asset quality
deteriorates significantly over the next 12 months, which S&P
views as an unlikely scenario.

                                BRI

S&P affirmed the ratings on BRI because S&P expects the bank to
maintain its dominant market position, adequate capital base, and
strong funding and liquidity over the next 12 months.  BRI is
Indonesia's second-largest lender by assets and a market leader
in microfinancing with extensive reach, particularly in rural
Indonesia.  S&P expects the bank to maintain adequate
capitalization despite downward pressure on NIMs after micro
loans under the government's disbursement program were priced
down to 19% from 21%.  S&P also expects the bank to maintain its
above-average profitability supported by high NIMs, lower credit
costs than peers', and growing fee income.  S&P expects NPLs and
credit costs to remain high over the next 12 months mainly in the
SME portfolio as this segment remains vulnerable to the economic
down cycle.  S&P expects NPLs in BRI's micro loans portfolio to
remain manageable over the next 12 months given its high
granularity and good geographical spread.

The stable outlook on BRI reflects S&P's expectation that the
bank will maintain its satisfactory financial profile and track
record of above-average profitability over the next 12 months.
S&P would upgrade BRI if S&P raises both the sovereign credit
rating on Indonesia and the bank's SACP.  It is unlikely that S&P
will raise the bank's SACP of 'bb+' over the next 12 months.

S&P may downgrade BRI if its asset quality declines substantially
over the next 12 months, which S&P views as unlikely.

                                 BNI

S&P affirmed the ratings on BNI because S&P believes the bank
will continue to have satisfactory market position and capital
with an above-average funding profile and strong liquidity.  BNI
is the fourth-largest bank in Indonesia in terms of assets with a
focus on the corporate segment, especially state-owned companies.
S&P expects the bank to maintain adequate capitalization despite
a downward pressure on NIMs amid declining policy rates and
incremental growth coming mainly from low-yielding corporate
segment.  Asset quality pressures will likely keep the bank's
credit costs high over the next 12 months.

The positive outlook on BNI reflects the outlook on the sovereign
credit rating on Indonesia and a high likelihood of extraordinary
government support, given BNI's high systemic importance in
Indonesia and S&P's assessment of the government as highly
supportive.  The positive outlook on the sovereign rating
indicates the possibility that S&P could raise its ratings over
the next 12 months if the improved fiscal framework indeed
delivers better fiscal performance, such that deficits decline
and borrowings remain low.  S&P would raise the rating on BNI in
tandem with that on the sovereign.

S&P could raise the rating on BNI if: (1) S&P raises the
sovereign credit rating on Indonesia; or (2) S&P raises the
bank's SACP of 'bb' by one notch.  It is unlikely that S&P will
raise the bank's SACP over the next 12 months.

S&P could revise the outlook to stable following a similar
revision in outlook on the sovereign rating.  The outlook on the
sovereign rating could be revised to stable if problems in the
banking or public enterprise sectors fester, reform momentum
slows or stalls, fiscal metrics do not improve, or the trend in
weakening external liquidity does not abate.

                         INDONESIA EXIMBANK

S&P affirmed the ratings on Indonesia Eximbank because S&P
believes it is almost certain that the Indonesian government will
provide extraordinary support to the company if needed.  S&P's
view is based on its assessment of the critical importance of
Indonesia Eximbank's public policy role and its integral link
with the government.  Therefore, S&P equalizes the ratings on
Indonesia Eximbank with the sovereign ratings on Indonesia.

The positive rating outlook on Indonesia Eximbank reflects the
outlook on the sovereign rating on Indonesia.  S&P expects
Indonesia Eximbank to remain an important instrument for the
government's medium- to long-term export development strategy.
The finance company will also remain integral to the sovereign
through the government's sole ownership.  The ratings on
Indonesia Eximbank will move in tandem with the sovereign ratings
on Indonesia.

RATINGS LIST

Ratings Affirmed

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Counterparty Credit Rating             BB+/Positive/B
ASEAN Regional Scale                   axBBB+/--/axA-2

PT Bank Mandiri (Persero)
PT Bank Rakyat Indonesia (Persero) Tbk.
Counterparty Credit Rating             BB+/Stable/B
ASEAN Regional Scale                   axBBB+/--/axA-2

PT Bank Negara Indonesia (Persero) Tbk.
Counterparty Credit Rating             BB/Positive/B
ASEAN Regional Scale                   axBBB/--/axA-3

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Senior Unsecured                       BB+
Senior Unsecured                       axBBB+

PT Bank Negara Indonesia (Persero) Tbk.
Senior Unsecured                       BB

PT Bank Rakyat Indonesia (Persero) Tbk.
Senior Unsecured                       BB+



=========
M A C A U
=========


STUDIO CITY: Moody's Affirms B2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Services has affirmed Studio City Finance
Limited's B2 corporate family rating and B3 senior unsecured
rating.

At the same time, Moody's has assigned a provisional (P)B1 senior
secured rating to the proposed USD bonds to be issued by Studio
City's wholly owned subsidiary, Studio City Company Limited.

The bonds will be guaranteed by Studio City Investments Limited
(unrated) and all of its existing subsidiaries.

The ratings outlook is negative.

Proceeds from the proposed bond issuance together with a portion
of cash in hand will be used to refinance the company's existing
USD1.4 billion senior secured credit facilities, due on 28
January 2018.

The provisional status of the secured bond rating will be removed
upon completion of the bond issuance, if all satisfactory terms
and conditions are met.

                         RATINGS RATIONALE

"The ratings affirmation reflects our expectation that: (1)
Studio City's earnings will improve gradually, on the back of the
stabilization of gaming demand in Macau, and the ramp-up of its
operations; and (2) the fact that the proposed bonds will improve
its liquidity and address concerns over a possible breach of
financial covenants in its existing secured credit facilities,"
says Stephanie Lau, a Moody's Assistant Vice President and
Analyst.

"However, the ratings outlook remains negative, because the
company's credit metrics will stay weak over the next 12-18
months," adds Lau.

Moody's forecasts that Studio City's adjusted EBITDA will grow to
about USD200-USD210 million in 2017, and increase further in 2018
from an expected USD95-USD100 million in 2016, if demand for
gaming services in Macau stabilizes.  This improvement would also
be supported by the recent commencement of operations of 33 VIP
tables by Melco Crown at Studio City.

These forecasts consider the company's improved operating results
in 3Q 2016.  In particular, its property net revenue and property
EBITDA grew 25% and 114% to $229.5 million and $52.7 million
respectively, when compared with the levels seen in 2Q 2016,
underpinned by a recovery in Macau's gaming market.  The
country's gross gaming revenue grew 2% year-on-year in 3Q 2016,
the first positive growth achieved since 2Q 2014.

That said, whether such recovery will be sustained remains
uncertain, and the company will face rising competition, with new
hotel supply expected to be located close to its operations
between 2017 and 2020.

Given these assumptions, Studio City's adjusted debt/EBITDA will
likely stay at 9x-10x over the next 12-18 months, and
EBITDA/interest will remain at 1.3x-1.5x over the same period.

While these ratios are weak for the B2 rating category, this
concern is partly mitigated by Moody's expectations that its 60%-
owned shareholder, Melco Crown Entertainment Ltd (unrated) will
provide financial support to Studio City, if necessary.  This
view is evidenced by the commencement of operations of VIP tables
by Melco Crown at Studio City, and contribution of 60% of $1.28
billion through equity, shareholder loans and completion
guarantees to the project, along with another shareholder.  The
B2 CFR also takes into account the company's focus on non-gaming
activities and premium mass-market gaming - which is relatively
stable - and Melco Crown's experience in managing both gaming and
non-gaming businesses in Macau.

The (P)B1 rating on the proposed USD bonds reflects the first
lien on the company's major assets, including the property on
which the Studio City project is based, and shares in
subsidiaries.  This structure means that the bonds rank ahead of
other unsecured claims and indebtedness.

As of September 2016, Studio City Investments Limited (unrated)
held around USD373 million in cash, including restricted cash.
Moody's expects the company's cash balance and operating cash
flow to fully cover its capital and maintenance expenditures of
around USD170 million over the next 12 months.

The ratings could be downgraded if the company fails to refinance
the USD1.4 billion senior secured credit facilities and/or ramp-
up is slower-than-expected, resulting in tight liquidity and high
leverage on a sustained level.  Specifically, downgrade pressure
would emerge if by 2018 its debt/EBITDA fails to trend below 8.0x
and EBITDA/interest below 1.5x.

On the other hand, the outlook could return to stable if the
company: (1) successfully refinances its senior secured credit
facility; (2) successfully ramps up the Studio City project, such
that debt/EBITDA trend towards or below 8.0x and EBITDA/interest
trends above 1.5x.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands.  Through its fully owned subsidiary -
Studio City Company Limited - it develops and operates the Studio
City project, an Asian-focused integrated gaming and
entertainment resort located at Cotai in Macau.



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


CAPITAL + MERCHANT: Distributions to Investors Disclosed Mid-Dec.
-----------------------------------------------------------------
Fiona Rotherham at BusinessDesk reports that debenture holders of
Capital + Merchant will find out by the middle of next month the
timing of any further distributions following the settlement of a
long-running court claim against the firm's trustee Perpetual
Trust.

BusinessDesk relates that a confidential settlement of the case,
first filed by the receivers KordaMentha in August 2012, was
reached just as the claim was due to be heard in the High Court
at Auckland on Nov. 14.

According to BusinessDesk, the receivers Brendon Gibson and Grant
Graham said in a short statement that the only disclosures to be
made will be included in "mandatory statutory reporting" and they
have no further comment due to the confidentiality terms of the
settlement.

The court action was funded by litigation funders, Australia-
based Litigation Lending Services, BusinessDesk says. In their
last six-monthly report in August, the receivers said if the
claim succeeded, the litigation funder will be the first party to
be paid from the proceeds. In addition to being repaid the amount
it spent funding the litigation, the funder will also receive an
undisclosed portion of the settlement and will take some time to
know if investors will receive any return, the report said.

Perpetual Trust's payout is covered by insurers, BusinessDesk
notes.

The claim for NZ$94 million in damages alleged a breach of the
trustee's duty of care. The finance company's legal advisory firm
Stace Hammond had already settled with the receivers for an
undisclosed sum with the payment held in trust pending the
outcome of the Perpetual case, according to BusinessDesk.

Capital + Merchant collapsed in 2007 owing 7,500 investors
NZ$167 million, and interest has been accruing on the debentures
since the start of the receivership nine years ago.

According to BusinessDesk, receiver's reports show the litigation
funders have contributed a total of just over NZ$1.3 million
between mid-2013 and May this year. They also show the first
receiver Grant Thornton was paid a total NZ$1.85 million in fees
until it resigned in March 2013 while receivership payments since
the second receiver KordaMentha took over total NZ$1.9 million
when around NZ$1 million in legal fees is included, BusinessDesk
relays.

BusinessDesk relates that the finance company's former auditor
BDO Spicers has already agreed to an NZ$18.5 million settlement
with the firm's liquidator, the Official Assignee. In their
August report, the receivers said they were closer to making a
distribution of NZ$10 million, their share of the BDO Spicers
payout, after settling some claims with first-ranking creditor
Fortress Credit Corp and Perpetual Trust.

Perpetual Trust was owned by Pyne Gould Corp at the time of the
firm's demise but the trustee business has since been sold to
interests associated with Andrew Barnes and is now part of the
Perpetual Guardian Group that is planning to list in Australia
and New Zealand by the end of this year in a NZ$150 million
initial public offering, BusinessDesk discloses.

Former Capital + Merchant directors Wayne Douglas and Neal
Nicholls and chief executive Owen Tallentire were jailed for
fraud in 2012 for what the Court of Appeal later called "theft on
a grand scale."

                      About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership
on Nov. 23, 2007, with the appointment of Timothy Downes and
Richard Simpson of Grant Thornton as Receivers. A second
receivership also commenced on Nov. 29, 2007, with the
appointment of Grant Graham and Brendon Gibson of Korda Mentha as
Receivers. The first receivership was concluded on March 21,
2012, and the second receivership continues. The Official
Assignee was appointed liquidator of the company on Dec. 15,
2009, on the petition of the Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the
Securities Act as a result of prosecutions by the Serious Fraud
Office (SFO) and the Financial Markets Authority (FMA). They
received total prison sentences of between six and eight and a
half years' imprisonment. Two of the directors (Ryan and
Sutherland) were ordered to pay reparation totaling NZ$160,000.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF LUNA: Creditors Urged to File Claims by Dec. 12
-------------------------------------------------------------
All creditors of the closed Rural Bank of Luna (Isabela), Inc.
have until December 12, 2016 to file their claims against the
assets of the closed bank either personally or by mail. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed Rural Bank of Luna and include depositors
whose deposits exceed the maximum deposit insurance coverage
(MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Receivership and Bank Management
Department IV, 5th Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino St., Makati City. Meanwhile, all claims filed by mail
must be addressed to Mr. Edzel D. Aurelia, Deputy Receiver, and
sent to the same address. A sample Claim Form against the assets
of the closed bank may be downloaded from the PDIC website,
www.pdic.gov.ph.

As statutory Receiver, the PDIC is mandated to disallow claims
filed after said date. Creditors' recourse is to file their
claims with the Liquidation Court within 60 days from receipt of
the final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to December 12, 2016 are deemed to have filed their
claims against the closed bank's assets.

RB Luna was ordered closed by the Monetary Board of the Bangko
Sentral ng Pilipinas on October 6, 2016.

For more information, creditors and depositors with uninsured
deposits are advised to directly address their inquiries and
communications to the Receivership and Bank Management Department
IV at telephone number (02) 841-4986 or via e-mail at
edaurelia@pdic.gov.ph.


SECURITY BANK: Fitch Affirms Then Withdraws 'BB+' IDR
-----------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Security Bank Corporation (SBC) at 'BB+', and its
Viability Rating (VR) at 'bb+'.  The Outlook on the IDRs is
Stable.  Concurrently, Fitch is withdrawing all ratings on SBC
for commercial reasons.

                       KEY RATING DRIVERS

There has been no material change in SBC's credit profile since
the previous rating action on July 18, 2016.

                       RATING SENSITIVITIES

Rating sensitivities are not applicable as ratings have been
withdrawn.

Fitch has affirmed and withdrawn SBC's ratings as:

   -- Long-Term Foreign- and Local-Currency IDR at 'BB+'; Outlook
      Stable
   -- Short-Term Foreign-Currency IDR at 'B'
   -- National Long-Term Rating at 'AA-(phl)'; Outlook Stable
   -- Viability Rating at 'bb+'
   -- Support Rating at '3'
   -- Support Rating Floor at 'BB-'
   -- Rating on senior notes at 'BB+'



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


MMI INTERNATIONAL: Fitch Withdraws B+ Rating on Proposed Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn the 'B+(EXP)'/'RR4' expected rating
assigned to MMI International Ltd.'s (MMI, B+/Stable) proposed
senior secured notes.  The expected rating was assigned on
Oct. 20, 2016.

The rating is being withdrawn because MMI does not expect to
proceed with the bond issue within the previously envisaged
timeline.  The ratings of MMI and its 100%-parent, Precision
Capital Private Limited (B+/Stable), are unaffected by this
rating withdrawal.


SWIBER HOLDINGS: Under CAD Probe Over Disclosure Breaches
---------------------------------------------------------
The Business Times reports that the Commercial Affairs Department
(CAD) has contacted Swiber Holdings over a probe into an offence
under the Securities and Futures Act (SFA).

The Business Times relates that Swiber said in a Singapore
Exchange (SGX) announcement before the trading close on Nov. 16
that CAD has requested access to information concerning the
group's three affiliates, Swiber Offshore Construction Pte Ltd
(SOC), Pape Engineering Pte Ltd and Swiber Corporate Pte Ltd,
from Jan. 1, 2012, till now.

CAD has not disclosed any further details on the investigation to
Swiber but specialists pointed to clues from the announcement and
a preceding public reprimand issued by SGX, the report says.

According to the report, corporate governance advocate Mak Yuen
Teen said the announcement mentions "an offence" signalling
possibly the start of regulatory investigations depending on what
CAD uncovers in the documents and information it has requested.

Gibson Dunn's partner Robson Lee said CAD's investigation came
within expectations, given SGX formally rebuked Swiber just over
a fortnight ago, the report relates.

In its public reprimand, SGX had asked Swiber "to provide a
balanced and fair announcement" on the US$710 million project
award in West Africa first disclosed on SGX on Dec. 15, 2014, The
Business Times recalls. The exchange concluded after examining a
letter of intent signed between Swiber's subsidiary SOC and the
client that the December 2014 announcement on the US$710 million
project award "failed to disclose the material conditions that
are pre-requisite to the progress of the project and the
recognition of revenue by Swiber".

The report says Swiber did not highlight in its December 2014
disclosure or in an update on July 8, 2016, on the delay of the
project that the contract value is caveated on the completion of
an engineering design study and the finalisation of a field
development plan.

According to The Business Times, Prof Mak said SFA offences could
include false or misleading statements, failure to make
continuous disclosure, and insider trading, among others.

Mr. Lee concurred, suggesting that based on SGX's public
reprimand, CAD may direct its investigations towards breaches of
SFA's Section 203 on continuous disclosure and Section 199 on
false or misleading statements, adds The Business Times.

                           About Swiber

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets earlier this month
by filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.



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


HANJIN SHIPPING: Creditors Lose 3rd Cir. Bid for Rehearing
----------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reported that the U.S.
Court of Appeals for the Third Circuit declined to reconsider an
appeal filed by a group of Hanjin Shipping Co. creditors seeking
to undo a bankruptcy court's order blocking them from seizing the
Company's assets after the maritime companies complained the
court previously misunderstood their request for relief.  The
creditors -- OceanConnect Marine Inc., Glencore, McAllister
Towing & Transportation Inc. and Moran Towing Corp. -- had
petitioned the Third Circuit for a panel or en banc rehearing
after the court in early October dismissed their appeal of an
order forbidding them from trying to seize or arrest any of
Hanjin's vessels while they are docked at U.S. ports.

The report recounted that U.S. District Judge Kevin McNulty
refused to grant the petitioners' request to block U.S.
Bankruptcy Judge John Sherwood's Sept. 9,2016 order recognizing
Hanjin's bankruptcy proceedings in South Korea and forbidding
U.S. creditors from arresting Hanjin's vessels.

OceanConnect et al. provided brokerage and marine towing services
to Hanjin.  They are represented by J. Stephen Simms --
jssimms@simmsshowers.com -- of Simms Showers LLP, and Daniel M.
Stolz -- dstolz@wjslaw.com -- and Donald W. Clarke --
dclarke@wjslaw.com -- of Wasserman Jurista & Stolz PC.

                      About Hanjin Shipping

Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000.  Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year.  It also operates 13 terminals
specialized for containers, two distribution centers and six Off
Dock Container Yards in major ports and inland areas around the
world.  The Company is a member of "CKYHE," a global shipping
conference and also a partner of "The Alliance," another global
shipping conference to be launched in April 2017.

Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016.  On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets.  The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016.  Tai-Soo Suk was appointed as the Debtor's
custodian.

The Chapter 15 case is pending in the U.S. Bankruptcy Court for
the District of New Jersey (Bankr. D.N.J. Case No. 16-27041)
before Judge John K. Sherwood.

Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of
Hanjin Shipping.


HANJIN SHIPPING: PSA Sets Nov. 28 Deadline to Claim Containers
--------------------------------------------------------------
Seatrade Maritime News reports that Singapore container terminal
operator PSA is warning shippers they have till November 28 to
claim laden containers from bankrupt Hanjin Shipping.

In a notice to cargo owners, consignees, shippers and/or freight
forwarders PSA said there laden container owned or operated lying
in its facilities.

"To ensure that we maintain an optimal port capacity to serve all
our customers and partners, cargo owners, consignees, shippers
and/or freight forwarders are urged to contact PSA and claim the
containers and/or the cargo therein by 28 November 2016," PSA, as
cited by Seatrade Maritime, said.

Seatrade Maritime relates that the terminal operator said that if
containers remained unclaimed by November 28 it would either
dispose of or sell the cargo and the containers as it deemed fit.

PSA is levying a SGD5,000 refundable deposit from cargo owners
claiming Hanjin containers from its terminals, the report notes.
The deposit will be refunded when the empty container is returned
to the terminal operator.

A total of 17 Hanjin vessels called at PSA's Singapore terminals
between September 21 and October 31 to discharge containers, and
it is understood not further vessels from Korean line are due to
call, says Seatrade Maritime.

Seatrade Maritime, citing analyst Alphaliner in its weekly
newsletter, relates that Hanjin only had 14 vessels left under
its control as of November 8, five of which were under arrest.



                             *********

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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