/raid1/www/Hosts/bankrupt/TCRAP_Public/180108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, January 8, 2018, Vol. 21, No. 005

                            Headlines


C H I N A

DALIAN WANDA: Fitch Cuts IDR to BB+; Keeps Rating Watch Negative
SHANGRAO CITY: Fitch Assigns BB+ Rating to US$300MM Sr. Bonds
YANGO GROUP: Fitch Rates US$250MM Senior Notes Final B-
YINGDE GASES: Fitch Rates Proposed USD Unsecured Notes B+
YINGDE GASES: S&P Places 'CCC+' CCR on CreditWatch Positive


I N D I A

ACHAMPET NAGAR: Ind-Ra Assigns B Issuer Rating, Outlook Stable
DHEEPTI SPICES: Ind-Ra Moves B Issuer Rating to Not Cooperating
DUBBAKA NAGARA: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
JAI INDIA: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
JAYESH INDUSTRIES: Ind-Ra Migrates BB- Rating to Not Cooperating

MEDAK MUNICIPALITY: Ind-Ra Assigns BB- Long-Term Issuer Rating
NIKKI STEELS: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
SANSHU AGRO: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable


I N D O N E S I A

WIJAYA KARYA: Fitch Affirms BB Long-Term IDR; Outlook Stable


J A P A N

TAKATA CORP: TCEQ Files Limited Objection to Plan Outline


S I N G A P O R E

GLOBAL A&T: US Trustee & JPMorgan Object to Plan


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DALIAN WANDA: Fitch Cuts IDR to BB+; Keeps Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Dalian Wanda Commercial Property Co.
Ltd.'s (Wanda) Long-Term Foreign-Currency Issuer Default Rating
(IDR), senior unsecured rating and the rating of its outstanding
US dollar senior notes to 'BB+' from 'BBB'. Fitch has also
maintained the Rating Watch Negative (RWN) on the ratings.

The two-notch downgrade reflects Wanda's inability to access
offshore funding channels to boost its offshore liquidity in a
timely manner. This has heightened its offshore liquidity risk
beyond levels commensurate with an investment-grade credit
profile. The risk is exacerbated by the absence of approval from
the State Administration of Foreign Exchange (SAFE) to transfer
onshore funds offshore. Wanda's ratings are supported by its
strong onshore business profile that possesses high operating cash
flow visibility from its rental income.

The RWN reflects the continued lack of definitive funding channels
in place to boost Wanda's offshore liquidity. Wanda's liquidity
position may come under substantial pressure if its offshore
syndicated loan lenders demand for early repayment and Wanda fails
to meet these demands promptly; or it fails to raise sufficient
offshore liquidity to repay the USD510 million second tranche of
its offshore syndicated loan due in March 2018. This could trigger
the cross-default clauses for the USD1.2 billion in senior notes,
and add to repayment pressure. There may also be similar clauses
in Wanda's other loans. Wanda's onshore local-currency notes also
have various creditor protection measures that could be triggered
by non-payment events.

The Rating Watch will be resolved when there is more certainty
about the company's ability to address its offshore liquidity
needs.

KEY RATING DRIVERS

Difficulty Raising Offshore Funding: Wanda failed to issue
offshore senior notes by the end of 2017 despite gaining the
National Development and Reform Commission's (NDRC) approval for
USD1.5 billion in issuance quota. The issuance quota expired at
end-2017 and Wanda will have to apply to extend the quota before
it issues offshore notes with maturity of over one year. The
uncertainty over the timing of the NDRC approval raises Wanda's
offshore liquidity risks.

Early Repayment of Offshore Loan: Wanda has a preliminary
agreement to repay the USD1.7 billion syndicated loan in three
instalments of USD170 million by end-November 2017, USD510 million
by end-March 2018 and USD1 billion by end-May 2018. Wanda has
already paid the first instalment, but has not indicated that it
will negotiate new syndicated loans with lenders to fund the loan
repayments while it explores other funding options. Wanda's
offshore liquidity is not sufficient to repay the principal of the
syndicated loan, and it has to rely on offshore refinancing or
transfer funds from onshore.

Uncertain Access to Onshore Funds: Wanda will have to rely on
onshore funds to meet its offshore obligations if it fails to
repay the syndicated loan or refinance its senior notes due
November 2018 via offshore funding channels. Fitch believes that
there is still uncertainty about the timing of the approval from
SAFE to remit funds offshore. Wanda may be forced to sell its
offshore assets at unfavourable prices if SAFE's approval to
transfer onshore cash overseas does not materialise before its
obligations under the guarantees given to the syndicated loans
fall due.

Overseas Market Exit: On 4 December 2017, Wanda announced its
intention to sell its 65% stake in its Hong Kong-listed
subsidiary, Wanda Hotel Development Company Limited, to Wanda
Investment Holding Co. Limited, which is directly owned by Wanda's
ultimate controlling shareholder, Mr. Wang Jianlin, at HKD1.2 per
share, or a total consideration of over HKD3.6 billion.

The transaction may boost Wanda's offshore liquidity provided
Wanda receives payment offshore. However, this will eliminate some
of the offshore funding options previously communicated to Fitch,
such as disposing or pledging its equity interests in projects and
subsidiaries. Fitch believes this is also a strong signal that
Wanda is still under significant pressure to correct its previous
aggressive expansion in the overseas market, and the company is
likely to abandon its overseas expansion in the near future.

Cross-Default Complications: Wanda's failure to resolve its
immediate offshore debt obligations may lead to further repayment
calls that will put pressure on its liquidity position. Wanda's
USD1.2 billion in offshore bonds contain cross-default clauses
that are likely to be triggered if it fails to pay any amount
required, or if debts "become due and payable prior to its stated
maturity by reason of any actual default, event of default or the
like". Fitch does not discount the possibility of such clauses
being included in its other borrowings.

Risk of Multiple-Notch Downgrade: Further negative rating action
may result if the cross-default clauses of Wanda's debts are
triggered. This is despite Wanda having a large cash position of
CNY107 billion at end-September 2017. Wanda had total debt at end-
September 2017 of CNY218.5 billion that Fitch estimate will drop
to around CNY200 billion, assuming the proceeds from asset sales
were received and used to pay down part of the onshore debt at
end-2017. Bank and other loans, which are mostly secured
borrowings, comprise over 60% of total borrowings after the asset
disposal, and maintaining access to these funding sources remains
critical to supporting Wanda's ratings.

Strong Onshore Business: Wanda is China's largest shopping-mall
operator by the number of properties it owns and its recurring
income scale. Wanda has 211 Wanda Plazas in operation, with
another 13 million sq m under construction that will add close to
100 Wanda Plazas. Compared with global peers, Wanda's 2016 rental
EBITDA of CNY12.2 billion (USD1.8 billion) places it second behind
US-based Simon Property Group, Inc. (A/Stable), and is higher than
the USD1.6 billion EBITDA of France's Unibail-Rodamco SE (A/Rating
Watch Negative) and Hong Kong-based Swire Properties Limited's
(A/Stable) USD1.2 billion.

DERIVATION SUMMARY

Wanda's investment property business scale is comparable to major
global investment properties companies like Simon Property,
Unibail and Swire Properties. However, Wanda's recurring
EBITDA/gross interest is less than 2.0x, compared with its peers'
average of more than 5.5x. Its net debt/recurring EBITDA is weaker
than Simon Property's and Swire Properties', but stronger than
Unibail's.

Wanda's rating is constrained by the lack of financial
transparency at its parent, Dalian Wanda Group Co., Limited, which
Fitch estimate to have a materially weaker credit profile than
Wanda. In addition, Wanda's early payment of its offshore
syndicated loan and failure to take advantage of the USD1.5
billion offshore issuance quota in December 2017 has exposed Wanda
to offshore liquidity risks that render its credit profile non-
investment grade.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- 6% positive rental reversion each year
- Balance of Wanda Plaza development land bank to be sold by
   2020
- Trade payables to decline 55% by 2019
- Dividend paid to average CNY5 billion a year over the next
   five years

RATING SENSITIVITIES

The Rating Watch Negative will be resolved when there is more
certainty about the company's ability to address its offshore
liquidity needs.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action, Including a Multiple-Notch Downgrade
- Wanda shows signs of difficulty in meeting its offshore
   liquidity needs or refinancing via offshore bonds by early
   March 2018;
- Wanda fails to refinance the full amount of the syndicated
   loan before May 2018 or redeem the full amount of the USD600
   million 4.875% offshore notes due November 2018

LIQUIDITY

Liquidity Risk May Rise: Wanda's large liquidity position may
still be insufficient if its total debt of more than CNY200
billion becomes due because of the cross-default clauses in
various debt covenants are triggered, leading to acceleration of
payment for all of its debt. Wanda had around CNY107 billion in
available cash at end-September 2017, while its short-term debt
was around CNY25 billion. Barring a debt acceleration scenario,
Wanda's onshore liquidity remains adequate for the next 18 months.

FULL LIST OF RATING ACTIONS

Dalian Wanda Commercial Property Co. Ltd.
-- Long-Term Foreign-Currency IDR downgraded to 'BB+' from
    'BBB', RWN maintained
-- Senior unsecured rating downgraded to 'BB+' from 'BBB', RWN
    maintained

Wanda Properties International Co. Limited
-- USD600 million 7.25% notes due Jan. 29, 2024 downgraded to
    'BB+' from 'BBB', RWN maintained

Wanda Properties Overseas Limited
-- USD600 million 4.875% notes due Nov. 21, 2018 downgraded to
    'BB+' from 'BBB', RWN maintained


SHANGRAO CITY: Fitch Assigns BB+ Rating to US$300MM Sr. Bonds
-------------------------------------------------------------
Fitch Ratings has assigned Shangrao City Construction Investment
Development Group Co., Ltd.'s (SCID; BB+/Stable) US$300 million
(ISIN: XS1742767657) 5.7% senior bonds due 2020 a final rating of
'BB+'.

The proceeds from the offering will be used for project
construction. The final rating is in line with the expected rating
assigned on Dec. 12, 2017 and follows the receipt of documents
conforming to information previously received.

KEY RATING DRIVERS

The rating on the bonds issued by SCID reflects Fitch's assessment
of a high likelihood of support from its sponsor, Shangrao
municipality. The bonds will rank at all times pari passu with all
present and future unsecured and unsubordinated obligations of
SCID.

RATING SENSITIVITIES

Changes to Fitch's assessment of the sponsor's creditworthiness or
SCID's Long-Term Foreign-Currency IDR will lead to similar changes
in the ratings on the bonds.


YANGO GROUP: Fitch Rates US$250MM Senior Notes Final B-
-------------------------------------------------------
Fitch Ratings has assigned Yango Group Co., Ltd.'s (B/Positive)
US$250 million 7.5% senior notes due 2020 a final rating of 'B-'
and Recovery Rating of 'RR5'.

The notes are rated at the same level as Yango's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The assignment of the final rating follows the
receipt of documents conforming to information already received.
The final rating is in line with the expected rating assigned on 8
November 2017.

The one-notch difference between Yango's senior unsecured rating
and its Long-Term Issuer Default Rating reflects the subordination
of its unsecured debt to secured debt. Secured debt accounted for
around 70% of Yango's total borrowing as of end-September 2017,
and made up more than 80% of the Fitch-estimated liquidation
value.

KEY RATING DRIVERS

High Quality Land Bank: Fitch believes Yango's land bank, which
was acquired at low cost and partly located in Tier 1 cities, will
support its business scale growth and healthy profit margin. Yango
had 16.4 million sq m of land available for sale by gross floor
area (GFA) as of end-2016. This was sufficient for four years of
development. Tier 1 cities accounted for 24% of its total land
bank at end-1H17. The average cost of the company's land bank was
CNY3,252 per sq m at end-2016, or about 21% of Fitch's expected
contracted average selling price (ASP) in 2017. Yango's land bank
is larger than most of the lower-leveraged homebuilder peers rated
'BB' and 'BB-'.

Strong Growth in Contracted Sales: Yango's expansion strategy has
resulted in a moderate-sized operation of CNY35 billion in
contracted sales in 2016, based on Fitch estimate. Fitch estimate
contracted sales will increase 90% to CNY67 billion in 2017 as the
company has maintained strong sales despite a subdued domestic
property market in 1H17. The rapid sales growth and steady cash
collection has also been aided by the company's fast-churn
business model and enhancements to its projects with education
resources operated by its parent Fujian Yango Group Co., Ltd.
Yango's business profile may strengthen materially if it is able
to expand to over CNY100 billion in contracted sales, especially
after top management changes in 1H17.

Improving EBITDA Margin: Fitch expect Yango's EBITDA margin to
improve because of the strong appreciation of housing prices in
Tier 1 and 2 cities, where most of Yango's land reserves are
located. Yango's 2016 EBITDA margin of 23% is comparable to those
of its peers. Its EBITDA margin stayed in the low-to-mid 20% range
between 2013 and 2016.

High Leverage Constrains Rating: Yango's aggressive land
acquisition since 2015, in which sales receipts were almost
entirely reinvested in acquiring land, has driven leverage up. Its
net debt to inventory reached 68% by end-2016 and 69% at end-1H17.
Fitch do not expect leverage to come off in 2017 and expect only
marginal improvement in 2018, given the company's plan to continue
enlarging its scale to stay competitive. Fitch expects Yango's
land acquisition pace, relative to its sales, to slow in 2018 as
its land bank will hit around 26 million sq m by end-2017, which
will give it four years of land reserve, based on its enlarged
scale.

DERIVATION SUMMARY

Yango has larger scale in terms of contracted sales and higher
EBITDA than 'B' rated Chinese homebuilders like Guorui Properties
Limited (B/Stable), Hong Yang Group Company Limited (B/Stable) and
Oceanwide Holdings Co. Ltd. (B/Negative), which have contracted
sales of less than CNY15 billion.

Yango and Oceanwide both have high leverage of around 70%, but
Yango is likely to expand its sales and deleverage at a faster
pace. Yango's scale is also growing faster than similarly sized
Ronshine China Holdings Limited (B+/Stable), but its leverage is
higher than Ronshine's around 50%. Yango's land bank is more
diversified than Ronshine, Guorui, and Hong Yang, which explains
why its contracted sales can increase much faster; unconstrained
by specific market weaknesses. This faster sales growth will also
support Yango's rapid improvement in its financial profile;
supporting its Positive Outlook.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Replenishing land to maintain land bank life of around four
   years
- Contracted sales to increase by 90% and 75% in 2017 and 2018
- EBITDA margin after adjusting for capitalised interest to
   remain stable in 2017, but increase to 25% in 2018 and 29%
   in 2019.

Recovery rating assumptions:
- Yango will be liquidated in a bankruptcy because it is an
   asset trading company
- 10% administrative claims
- All proceeds from the proposed offshore bond issuance are used
   to refinance the secured borrowing

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors.
- Fitch applied a haircut of 25% to adjusted inventory, in line
   with Yango's homebuilding peers
- Fitch assumed Yango's CNY3billion of pledged deposits are used
   to pay debt
- Fitch applied a haircut of 60% to Yango's available-for-sale
   assets

Based on Fitch calculation of the adjusted liquidation value,
after administrative claims of 10%, Fitch estimate the recovery
rate of the offshore senior unsecured debt at 15%, which
corresponds to a Recovery Rating of 'RR5'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Achieving management's 2017 target for the amount of sales
   collected and on track to achieve the target for 2018
- Net debt/adjusted inventory falling to around 65% in 2018
   and continuing to deleverage
- Contracted sales/gross debt sustained above 1x from 2018

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Failure to achieve the positive sensitivities over the next 12
   months
- Changes to the company's top management team resulting in
   disruption to its business strategy

LIQUIDITY

Tight Liquidity: Yango had CNY31 billion in cash and CNY17 billion
in unused bank facilities at end-1H17, which is insufficient to
cover negative free cash flow of around CNY20 billion and short-
term debt of CNY33 billion. The company has plans to optimise its
debt structure and extend debt maturity by using multiple funding
channels, including equity financing, and issuance of offshore
bonds and perpetual capital securities.


YINGDE GASES: Fitch Rates Proposed USD Unsecured Notes B+
---------------------------------------------------------
Fitch Ratings has assigned Yingde Gases Group Company Limited's
(Yingde, B+/Stable)) proposed US dollar senior unsecured notes an
expected rating of 'B+(EXP)' with Recovery Rating of 'RR4'. The
notes will be issued by Yingde Gases Investment Limited and
unconditionally and irrevocably guaranteed by Yingde.

The note rating is in line with Yingde's Long-Term Issuer Default
Rating. The final rating of the proposed notes is contingent upon
the receipt of documents conforming to information already
received.

KEY RATING DRIVERS

Shareholding Structure Stabilises: PAG Asia privatised Yingde in
2017 after acquiring the stakes of its major shareholders. The
current senior management team is appointed by PAG Asia, while the
previous management has stepped down. According to Yingde's new
management, PAG Asia is taking an investment horizon of five to 10
years on the company. PAG Asia is helping Yingde deleverage and
expand its customer and revenue base. It is also keeping the
company's core business intact.

Deleveraging on Track: Net debt dropped to CNY7.4 billion in 1H17,
from CNY9.6 billion in 2016. Yingde's management expects the
company to reduce its leverage with better revenue, improving free
cash flow (FCF) and stabilising capex. Fitch expect FFO adjusted
net leverage to drop to 3.5x in 2017, from 4.1x in 2016.

Improving Revenue, Margins, Cash Flow: In 9M17, Yingde's revenue
increased by 21% yoy thanks to a recovery in the steel industry
and a higher revenue contribution from the merchant gas business.
Fitch expect Yingde's revenue to rise by 5% in 2018 and for its
operating EBITDA margin to remain stable at 33%. The company
registered positive FCF of CNY432 million in 2016, reversing from
negative FCF of CNY227 million in 2015 on lower capex. Fitch
expect FCF to improve further to positive CNY660 million in 2017.

Stable Cash Conversion Cycle: The company's accounts receivable
days rose to 87 days in 1H17, from 74 days in 2016, but were
offset by accounts payable days increasing to 48 days, from 36
days. This resulted in a cash conversion cycle of 44 days in 1H17,
compared with 45 days in 2016. Fitch expect Yingde's cash
conversion cycle to remain stable from 2017.

DERIVATION SUMMARY

Yingde's rating reflects its high EBITDA margin (1H17: 33%) and
lower capex relative to other chemical companies rated 'B+',
including Kronos Worldwide, Inc. (B+/Stable). Fitch expect
Yingde's 2017 FFO adjusted leverage to be higher than that of
Kronos Worldwide. Fitch removed the Rating Watch Negative from
Yingde's ratings in October 2017 as the company was not facing any
short-term refinancing issues and delivered a smooth management
transition after the acquisition by PAG Asia.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Revenue growth of 3%-5% per annum, with EBITDA margin
   maintained at 33% in 2017-2018
- No significant increase in capex or deterioration in working
   capital. Fitch assume capex of CNY1 billion per annum
- No dividend payments in 2017, with dividends being paid from
   2018 until the company's FCF is close to zero
- Business remaining intact; PAG Asia and Yingde's senior
   management plan to keep Yingde's business as is, with no
   significant deviation from its current business trajectory

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Sustainable revenue and EBITDA growth of above 8% per annum in
   2018 and 2019
- Refinancing of debt for a better-spread maturity profile
- FCF neutral post dividend from 2018
- FFO adjusted net leverage sustained below 4x

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Higher leverage, with FFO adjusted net leverage sustained
   above 5x
- Significant decline in revenue and operating EBITDA margin and
   a long-term high delinquency rate on trade receivables

LIQUIDITY

Adequate Liquidity: Yingde had CNY2.2 billion of cash and undrawn
credit facilities of CNY2.0 billion in 1H17, compared with short-
term debt of CNY5.2 billion. Fitch believe the company will be
able to roll over or refinance debt maturing in 2018, including
the USD425 million offshore notes due April 2018, of which USD391
million is still outstanding, as its shareholder issues have been
resolved and its cash generation has improved.


YINGDE GASES: S&P Places 'CCC+' CCR on CreditWatch Positive
-----------------------------------------------------------
S&P Global Ratings said it has placed its 'CCC+' long-term
corporate credit rating on Yingde Gases Group Co. Ltd. and its
'CCC' long-term issue rating on the company's outstanding
guaranteed notes on CreditWatch with positive implications. Yingde
Gases Investment Ltd. issued these notes. Yingde is an industrial
gas supply company based in China.

S&P said, "At the same time, we assigned our preliminary 'B' issue
rating to Yingde's proposed guaranteed senior unsecured notes to
be issued by Yingde Gases Investment Ltd. The rating on these
notes is subject to our review of the executed transaction and
final documentation.

"We placed the ratings on Yingde on CreditWatch with positive
implications because we expect the proceeds from the proposed
notes issuance to be able to refinance the notes due in April 2018
and stabilize the company's liquidity position. Yingde's liquidity
will likely turn adequate, i.e., the company's liquidity sources
will be sufficient to cover its liquidity uses by more than 1.2x
for the next 12 months, if the issuance materializes.

"We anticipate that the proposed notes issuance will lift Yingde's
refinancing risk, given that the company plans to use the proceeds
to refinance its outstanding US$391 million notes due in April
2018 and other offshore debt.

"We see a fair chance that the notes issuance will be completed as
planned in view of rising investor confidence following Yingde's
recent performance. The company's operations remained stable in
2017 despite a shareholders' dispute in late 2016 and a change in
the controlling shareholder in April 2017.

"The preliminary issue rating reflects our assumption that we
would raise the issuer credit rating on Yingde to 'B' if the
company executes the proposed issuance as planned.

"In our view, Yingde is likely to maintain its leading position in
the niche on-site industrial gas supply market in China post the
proposed issuance. We also expect the company's business to remain
constrained by its high customer concentration risk in the steel
industry, which is under de-capacity pressure.

"On the other hand, Yingde's financial risk profile will continue
to be constrained by its ownership by PAG Asia Capital (PAG),
given that we generally believe financial sponsors would exercise
aggressive financial policies to maximize their own return. We
need the company to establish a longer track record to assess
whether its current deleveraging trend is sustainable.

"In our view, Yingde has sufficient headroom for forecast EBITDA
to decline by 15% without breaching its covenant of a debt-to-
EBITDA ratio of less than 4.5x as restricted by both its
outstanding and proposed notes. In addition, we do not expect any
large deviation in the current covenant restriction from the
upcoming notes issuance.

"If the proposed notes issuance materializes, we will assess
Yingde's liquidity as adequate based on an assumed issuance size
of US$500 million. This is because the company's sources of
liquidity will be more than 1.2x its uses post the issuance.
Sources of liquidity will exceed uses even if forecast EBITDA
declines by 15%.

"We aim to resolve the CreditWatch in three months once the notes
issuance is completed.

"We may raise both the corporate credit rating and issue rating to
'B' if Yingde issues the notes as planned, which will stabilize
the company's liquidity position.

"We may affirm the ratings if Yingde fails to issue the notes and
does not have alternative long maturity funding sources to
refinance its debt maturities in the coming 12 months.

"We aim to resolve the CreditWatch in three months once the notes
issuance is completed."



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ACHAMPET NAGAR: Ind-Ra Assigns B Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Achampet Nagar
Panchayat (ANP) a Long-Term Issuer Rating of 'IND B'. The Outlook
is Stable.

KEY RATING DRIVERS

The rating is constrained by Achampet's poor civic infrastructure
facilities - lack of proper water supply services, sewerage and
storm water drainage network and sewerage treatment facility. The
scarcity of proper civic amenities provided by the municipality
hinders the growth of the town.

The panchayat's revenue size is small and the own revenue source
comprises tax (55.85% of total revenue) and non-tax revenue
(36.39%). Its revenue receipts increased to INR25.82 million in
FY17 from INR2.59 million in FY14 and grew at a CAGR of 115.30%.
The per capita revenue generation of the municipality was INR473
in FY16. ANP was converted to a nagar panchayat from a gram
panchayat in FY14; after the upgrade, ANP's tax revenue has
increased since FY16 on account of delayed identification of the
overall demand due to the lack of sufficient staff. The panchayat
has ample scope of increasing its revenue by reducing non-revenue
for water, improving cost recovery for water by metering of water
connections, and improving property and water tax collection
efficiency. ANP's capital income peaked at INR79.46 million in
FY15 and was the lowest at INR30.94 million in FY14. Its capital
expenditure grew at a CAGR of 35.48% during FY14-FY17.

ANP never witnessed an overutilisation of the capital income
during FY14-FY17 and the utilisation peaked at 0.71x in FY15.

The rating, however, is supported by ANP's lower dependency on the
state government (compensation in lieu of stamp duty and revenue
grants and contributions). Revenue compensation and revenue grants
cumulatively contributed at an average of 7.18% to the total
revenue income during FY14-FY17. Achampet is predominantly an
agriculture-based economy and cultivates rice, cotton, maize,
groundnut etc.

RATING SENSITIVITIES

Positive: A significant improvement in Achampet's infrastructure
facilities and growth in the revenue size would be positive for
the rating.

Negative: Significant deterioration of the financial performance
without improving civic services in the town would trigger a
negative rating action.

COMPANY PROFILE

Achampet is a town in the Nagarkurnool district of Telangana. ANP
got its nagar panchayat status on 25 June 2013. It is situated 135
km away from the state capital, Hyderabad. As per the census 2011,
the town's population is 28,425 with 6,254 households.

ANP is responsible for the provisioning and governance of civic
services in the town.


DHEEPTI SPICES: Ind-Ra Moves B Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dheepti Spices'
(DS) Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
B(ISSUER NOT COOPERATING)'on the agency's website. The instrument-
wise rating actions are:

-- INR54.0 mil. Fund-based working capital limit migrated to
    non- cooperating category with IND B(ISSUER NOT
    COOPERATING)/INDA4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2006, DS is a proprietorship firm primarily engaged
in the processing of kaspa peas. The firm's day-to-day operations
are managed by its founder, Mr Amarnath Jeyaraj.


DUBBAKA NAGARA: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dubbaka Nagara
Panchayat (DNP) a Long-Term Issuer Rating of 'IND B-'. The Outlook
is Stable.

KEY RATING DRIVERS

The rating reflects DNP's limited revenue size with per capita
revenue of INR54 in FY17. Tax and non-tax revenue, on an average,
contributed 15.40% and 8.83%, respectively, to the total revenue
income over FY14- FY17. DNP posted negative revenue margins over
FY14-FY17.

The ratings are further constrained by DNP's inadequate civic
infrastructure as reflected by lack of proper water supply
services, sewerage, and storm water drainage network and sewerage
treatment facility. The dearth of civic amenities exerts pressure
on DNP's finances. Ind-Ra believes huge funding is required to
provide proper civic services in the town.

The town's capital income peaked at INR22.22 million in FY14 and
was lowest at INR3.06 million in FY16 (FY17: INR17.56 million).
DNP witnessed overutilisation of funds in FY15 and FY17 at 1.04x
and 1.02x, respectively.

However, the ratings benefit from DNP's low dependency on the
state government (compensation in lieu of stamp duty and revenue
grants and contributions). Revenue compensation and revenue grants
cumulatively contributed an average 1.83% to the total revenue
income during FY14-FY17. In FY15, other income was INR55.26
million due to write-off of a provision, while expenditure
increased to INR78.27 million (FY14: INR6.02 million) on account
of payment of electricity bill of INR50 million. DNP has ample
scope of increasing its revenue by reducing non-revenue for water,
improving cost recovery for water by metering of water
connections, and improving property and water tax collection
efficiency.

RATING SENSITIVITIES

Positive: A significant improvement in infrastructure facilities
and an increase in revenue size would positively impact the
rating.

Negative: A significant deterioration of financial performance and
failure to improve civic services in the town would trigger a
negative rating action.

COMPANY PROFILE

Dubbaka is a town in the Sangareddy district of Telangana. Dubbaka
was constituted as Nagara Panchayat in 31 January 2013. It is
situated 110 km away from the state capital, Hyderabad. As per the
2011 census, the town has a total population of 27,496 with 6,992
households.

DNP is responsible for the provisioning and governance of civic
services in the town.


JAI INDIA: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
---------------------------------------------------------------
This announcement corrects the version published on 2 January 2018
to correctly state the Long-Term Issuer Rating in the rating
history table. An amended version is as follows:

India Ratings and Research (Ind-Ra) has upgraded Jai India Weaving
Mills Private Limited's (JIWM) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB'. The Outlook is Stable. The instrument-wise
rating actions are:

-- INR206.3 mil. (reduced from INR251.3 mil.) Term loan due on
    June 2022 upgraded with IND BB+/Stable rating;

-- INR217.5 mil. (reduced from INR220 mil.) Fund-based
    facilities long-term rating upgraded;  short-term rating
    affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR55.8 mil. (reduced from INR65.8 mil.) Non-fund-based
    facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a substantial improvement in JIWM's revenue
and liquidity position. Revenue grew 21.1% yoy to INR1,193 million
in FY17 due to an increase in orders. The company booked revenue
of INR769.10 million in 7MFY17. As of November 2017, JIWM had an
order book of INR120 million, to be executed by January 2017. The
company regularised utilisation of its fund-based limits during
the 12 months ended November 2017 (14 days of overutilisation
during three months ended November 2016) due to an improvement in
net cash conversation cycle to 101 days in FY17 (FY16: 128 days).
The improvement in the net cash conversion cycle was due to a
decrease in inventory holding period to 104 days in FY17 (FY16:
137 days). The company had almost fully utilised its fund-based
facilities over the 12 months ended November 2017.

EBITDA margin declined to 12.1% in FY17 (FY16: 14.6%) due to an
increase in cotton prices. Interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.3x in FY17 (2.5x:
FY16) as the company started making interest payments on its
unsecured loan from FY17. However, net leverage (total adjusted
debt/operating EBITDAR) improved to 3.4x in FY17 (FY16: 3.9x) on
account of timely debt repayment.

The ratings remain supported by the promoters' more than a decade-
long experience in the grey fabric manufacturing business.

RATING SENSITIVITIES

Positive: A substantial improvement in revenue and liquidity
leading to an improvement in the credit metrics on a sustained
basis would be positive for the ratings.

Negative: A decline in revenue and EBITDA margin leading to
deterioration in the credit metrics or a stretch in the liquidity
position would be a negative for the ratings.

COMPANY PROFILE

Established in 2004, JIWM manufactures grey fabric in Erode, Tamil
Nadu and sells its final products in Gujarat, New Delhi, among
others.


JAYESH INDUSTRIES: Ind-Ra Migrates BB- Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jayesh Industries
Limited's (JIL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-(ISSUER NOT COOPERATING)'on the agency's
website. The instrument-wise rating actions are:

-- INR87.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating;

-- INR10 mil. Standby line of credit migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating;

-- INR52 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR120 mil. Proposed long term loans migrated to non-
    cooperating category with Provisional IND BB-(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1992, JIL is engaged in the manufacturing, imports
and exports of ferro alloys, metals, minerals and chemicals,
nodularisers and inoculants, and steel strips which are used in
welding electrode industry, foundries, wear plate manufactures,
railways, automotive companies, steel plants, flux cored wires and
glass and allied industries. The company's day-to-day operations
are managed by Mr. Jayesh Shah.


MEDAK MUNICIPALITY: Ind-Ra Assigns BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Medak
Municipality a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

KEY RATING DRIVERS

The rating is constrained by the Medak town's poor civic
infrastructure. The town lacks proper water supply services,
sewerage and storm water drainage networks, and a sewerage
treatment facility. The scarcity of proper civic amenities
provided by the municipality hinders the growth of the town.

The town's capital income rose at a CAGR of 110.30% to INR80.09
million over FY13-FY17. The FY17 capital income was the peak level
during the period. Meanwhile, the town's capex expanded at a CAGR
of 3.22% during the period. It witnessed an overwhelming
utilisation of capital income at 23.12x in FY14.

Medak is predominantly an agriculture-based economy, with a major
emphasis on rice, sugarcane and cotton cultivation, followed by
the service and tourism sectors. Companies such as Surana Wires
Pvt Ltd, Shree Malani Foams Pvt Ltd and Decor Paper Mill Ltd are
major employers in the town.

The rating is also constrained by the municipality's small revenue
size. Its own revenue source comprises tax (30.51% share in
revenue in FY17) and non-tax revenue (28.72%). Revenue receipts
increased at a CAGR of 3.95% to INR58.52 million over FY13-FY17.
FY17 financials are provisional in nature. In FY16, the
municipality registered a per capita revenue generation of
INR1,464. The municipality has ample scope for increasing its
revenue by reducing non-revenue for water, improving the cost
recovery of water by metering water connections and enhancing
property and water tax collection efficiency.

However, the rating is supported by the municipality's moderate
dependence on the Telangana government. It receives compensation
in lieu of stamp duty and revenue grants and contributions.
Revenue compensation and revenue grants contributed an average
40.38% to revenue during FY13-FY17. The municipality is executing
an INR499.30 million water supply project. The project is 75%-
funded by the Telangana government via a grant, followed by the
World Bank via a loan (20%) and the Medak municipality (5%). The
project will help the municipality in achieving universal coverage
of water supply across the town by end-2018. However, it will
exert pressure on coverage ratios, as interest payment will start
from FY19 and principal servicing obligations to the World Bank
will start from FY23.

RATING SENSITIVITIES

Negative: Any significant deterioration in the financial
performance of the municipality and no improvement in the civic
infrastructure in the town would trigger a negative rating action.

Positive: Any significant improvement in Medak's infrastructure
and any increase in revenue size of the municipality would trigger
a positive rating action.

COMPANY PROFILE

Medak is a town in the Medak district of Telangana. It is situated
100km away from the state capital, Hyderabad. According to the
2011 census, the town had a population of 44,110 and 9,180
households.

Medak Municipality was constituted in 1953 and is classified as a
second-grade municipality. The municipality is responsible for the
provisioning and governance of civic services in the town.


NIKKI STEELS: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nikki Steels
Private Limited (NSPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limit assigned with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect NSPL's small scale of operations, thin
operating margins and weak credit metrics due to the company's
presence in a highly fragmented and intensely competitive industry
and the trading nature of the business. Revenue was INR636.83
million in FY17 (FY16: INR864.91 million), EBITDA margins were
3.41% (2.41%), net financial leverage (total adjusted net
debt/operating EBITDA) was 6.09x (7.34x) and EBITDA gross interest
coverage (operating EBITDA/gross interest expenses) was 1.17x
(1.15x).

The ratings are also constrained by NSPL's tight liquidity
position as reflected by full use of the working capital limits
for the 12 months ended December 2017.

The ratings, however, derive strength from the director's over a
decade-long experience in the iron and steel industry, leading to
strong relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity position could lead
to a negative rating action.

Positive: Higher operating profitability leading to an improvement
in the current credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Established in 2006, Ghaziabad-based NSPL supplies steel bars,
steel sheets and plates, coils, plates, metal wires, mild steel
pipes and tubes to various construction and engineering companies.


SANSHU AGRO: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sanshu Agro
Private Limited (SAPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR140 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS
The ratings reflect SAPL's nascent stage of operations as it
commenced commercial operations in August 2017. The total project
cost of INR690 million was funded by promoter equity. SAPL
achieved revenue of INR270 million in 8MFY18. SAPL receives orders
on a daily basis. Management expects to achieve EBITDA margin of
3%-3.5% in FY18. The company's manufacturing facility has an
installed capacity of 100MTPD. SAPL's management claims to utilise
70% of the installed capacity by end-FY18.

However, the ratings are supported by the company's comfortable
liquidity position with 65.56% average utilisation of the fund-
based limits during the five months ended December 2017.

The ratings also benefit from the promoter's two decades of
experience in the manufacturing of cattle feed.

RATING SENSITIVITIES

Positive: Stabilisation of operations leading to strong revenue
generation and operating profitability will lead to a positive
rating action.

Negative: Failure to scale up operations leading to stress on the
liquidity position will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2015, SAPL is engaged in the manufacturing of
cattle feed. The company's manufacturing unit is located at
Nardhana, Maharashtra. Mr. Umang Pankaj Agrawal and Mr. Gaurav
Kuldip Kashyap are the directors of the company. SAPL has three-
year renewable contracts with Siddhi Trading Company (5,000 MTPA),
Shantech International Private Limited (5,000 MTPA), Source
Industry (6,000 MTPA) and Global Agro Spices Private Limited
(7,000 MTPA) for 23,000MT of cattle feed per annum.



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


WIJAYA KARYA: Fitch Affirms BB Long-Term IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based construction company PT
Wijaya Karya (Persero) Tbk's (WIKA) Long-Term Issuer Default
Rating (IDR) at 'BB' and National Long-Term Rating at 'AA(idn)'.
Both ratings are on a Stable Outlook. At the same time, Fitch has
assigned WIKA a Long-Term Local-Currency IDR of 'BB' with a Stable
Outlook.

The affirmation reflects WIKA's continued position as one of the
largest state-owned construction companies in Indonesia with solid
order-book growth to support its profitability in the medium term.
Fitch also expect WIKA to have lower leverage compared with its
global and local peers. The ratings incorporate a two-notch uplift
from WIKA's standalone rating of 'B+'/'A+(idn)' to reflect its
linkages with and support from its parent, the government of
Indonesia (BBB/Stable).

'AA' National Ratings denote expectations of very low default risk
relative to other issuers or obligations in the same country. The
default risk inherent differs only slightly from that of the
country's highest-rated issuers or obligations.

KEY RATING DRIVERS

Robust Order-Book Growth: By end-October 2017, WIKA achieved 80%
of its IDR43 trillion full-year 2017 target for new contracts. The
company expanded its order-book in 2016 to IDR83 trillion,
surpassing Fitch expectations. Fitch expect new contract wins over
the medium term to ease gradually as the company focuses more on
executing its existing order-book to improve its revenue
recognition and cash flows. Nevertheless, construction order-
book/revenue should remain high at between 3.5x-4.0x in 2018-2020.

Large Flagship Projects: The strong order-book growth has been
supported by large strategically important flagship projects as
part of the government's infrastructure development program, such
as the IDR15.7 trillion Jakarta-Bandung High Speed Railway project
(HSR), which contributed new orders of IDR54 trillion during 2016.
However, execution of the contracts has been slower than Fitch
expected, resulting in weaker cash generation and revenue
recognition.

Its projects were held up by delays in land acquisition. However,
the government recently announced new regulations (Peraturan
Pemerintah (PP) No 13/2017) to help expedite the land-clearing
process for national strategic projects, and this may help to
mitigate further delays in the execution of the HSR project. WIKA
also had to prioritise the delivery of the Balikpapan-Samarinda
toll road, the Kelapa Gading LRT project and a few others over the
HSR, as these other projects need to be completed ahead of the
Asian games, which will be held in Jakarta in 2018.

Small Scale, Cash Flow Deficit: WIKA's standalone credit profile
of 'B+'/'A+(idn)' reflects its small operating scale relative to
global and national peers. Fitch see WIKA remaining in a high-
growth phase over the next few years as it recognises the revenue
and cash flow from its strong order-book growth. Therefore, Fitch
expect WIKA to post negative free cash flow (FCF), after
investments in joint ventures and associates, for the medium term
due to the high working capital needed to fund the government's
infrastructure projects and its investment commitment in various
projects.

Several strategic national projects, including the IDR5.9 trillion
Balikpapan-Samarinda toll-road project, require the company to
pre-finance them. Fitch also expect WIKA to invest the remaining
IDR4 trillion injected by the government through a 2016 rights
issue in several projects in 2018, such as the Serang-Panimbang
Toll Road. The negative FCF will however be counterbalanced by
WIKA's low leverage compared with global and local peers, as well
as its strong access to domestic credit markets because of its
association with government and government-sponsored construction
projects.

Strategic Importance to Government: WIKA's ratings benefit from a
two-notch uplift over its standalone profile, based on Fitch's
Parent and Subsidiary Rating Linkage criteria. Fitch assesses that
WIKA has strong operational and strategic linkages, but a weak
legal link, with its parent, the government of Indonesia, which
owns a 65.05% stake. Fitch do not expect any change to WIKA's
rating uplift after the finalisation of Fitch rating criteria on
government-related entities following the publication of an
exposure draft in November 2017. Upon finalisation, a
strengthening of WIKA's standalone credit profile may not lead to
a positive rating action.

DERIVATION SUMMARY

WIKA's standalone IDR of 'B+' compares well with international
peers such as Italy's Astaldi S.p.A (B/Negative) and Spain's Grupo
Aldesa (B/Stable). WIKA's standalone National Long-Term Rating of
'A+(idn)' compares well with PT Sri Rejeki Isman Tbk (Sritex,
A+(idn)/Stable) and PT Waskita Karya (Persero) Tbk (WSKT,
standalone rating of BBB+(idn)/Stable).

Aldesa's operations are more geographically diverse than WIKA's.
However, WIKA has a larger operating scale, as reflected in its
leading market position in Indonesia, and a substantially stronger
financial profile than Aldesa, leading to WIKA's higher standalone
IDR of 'B+' compared with Aldesa's 'B' IDR. Aldesa faces multiple
challenges in its end-markets and limited growth prospects, while
growth prospects for WIKA are brighter.

Astaldi's operating scale is larger than that of WIKA, although
its project-concentration risk is significantly higher. Its larger
scale is reflected in Astaldi's broader geographical diversity
than WIKA. However, Astaldi's heavy investments in toll-road
concessions have led to substantially higher leverage and cash
outflow due to working-capital increases compared with WIKA.
Therefore, Astaldi is rated one notch lower compared with WIKA's
'B+' standalone IDR.

WIKA's cash flows would be more cyclical than those of Sritex's as
they are leveraged to the pace at which the government executes
its infrastructure programme. The company's order-book and cash
flows have expanded strongly in the last eight years due to
Indonesia's infrastructure investments. WIKA has a considerably
stronger financial profile than Sritex to compensate for its more
cyclical cash flows and is therefore rated at the same National
rating level as Sritex on a standalone basis.

WSKT is the largest Indonesian construction company and its recent
business growth has been due largely to a rapid increase in toll-
road investments and related order-book in 2016. Both are equally
strategically important to the state, albeit in different
infrastructure segments. However, WSKT's financial profile is
significantly weaker than that of WIKA, which drives its three-
notch lower standalone rating.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- WIKA's order-book to increase to more than IDR100 trillion in
   2017, and around IDR120 trillion in 2018
- EBITDA margins to hover between 10% and 11% in 2017-2020
- Aggregate capex and investments of around IDR9 trillion in
   2017 and IDR2.5 trillion in 2018
- Dividend payout ratio of 30% in 2017-2020

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Stronger linkages between WIKA and the government of Indonesia
- A strengthening in WIKA's standalone profile, as reflected in
   a substantial increase in its operating scale combined with
   the ability to generate neutral FCF after investments in
   projects, on average, while maintaining a stable credit
   profile.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Weakening credit profile of the Republic of Indonesia and/or
   weakening linkages between WIKA and the government
- Weakening in WIKA's standalone credit profile, as reflected by
   an increase in its net adjusted debt/EBITDAR to more than
   2.0x, or EBITDAR fixed-charge cover to less than 2.5x, both on
   a  sustained basis

LIQUIDITY

Adequate Liquidity: WIKA had readily available cash of IDR7.2
trillion at 30 September 2017, which was supported by its IDR6.1
trillion rights issue in end-2016. Fitch believe WIKA has adequate
liquidity to cover its maturing term loans and Fitch projected
negative FCF after investments in 2018. WIKA also has strong
access to domestic credit markets, particularly to state-owned
banks, given its association with the state and its strong
operating record, which further underpin its liquidity profile.



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


TAKATA CORP: TCEQ Files Limited Objection to Plan Outline
---------------------------------------------------------
The Texas Commission on Environmental Quality filed a limited
objection to TK Holdings Inc. and its affiliated debtors'
disclosure statement for its amended joint chapter 11 plan of
reorganization.

Counsel for TCEQ has recently learned that, pursuant to a
preservation order entered by the U.S. Department of
Transportation's National Highway Traffic Safety Administration
incident to its recall of certain airbag inflators manufactured by
the Debtors, millions of recalled airbag inflators are being
stored in leased warehouses in the United States, including one
warehouse in Eagle Pass, Texas. On information and belief, there
are presently approximately 4.3 million recalled airbag inflators
stored in the Eagle Pass warehouse. The recalled airbag inflators
being stored in Texas are of concern to TCEQ because, inter alia,
they contain ammonium nitrate.

It is axiomatic that the Debtors and any Reorganized Debtor must
comply with environmental obligations imposed by environmental
statutes, regulations, licenses, permits, etc. TCEQ respectfully
reserves the right to take future actions to enforce any such
obligations of the Debtors and/or any Reorganized Debtor,
including the right to file an application for administrative
expenses, if applicable.

Counsel for TCEQ will endeavor to work cooperatively with the
Debtors to address TCEQ's remaining concerns in this case,
including, but not limited to, securing adequate funding for the
Warehousing Entity proposed in the Debtors' Amended Chapter 11
Plan, which upon information and belief, will administer, maintain
and dispose of the recalled airbag inflators. In order to protect
its interests, TCEQ further reserves its rights to object to
confirmation of the Debtors' Plan.

A full-text copy of the TCEQ's Objection is available at:

     http://bankrupt.com/misc/deb17-11375-1466.pdf

Attorneys for the Texas Commission on Environmental Quality:

     Hal F. Morris
     Texas State Bar No. 14485410
     Ashley Flynn Bartram
     Texas State Bar No. 24045883
     P. O. Box 12548
     Austin, Texas 78711-2548
     Telephone: (512) 463-2173
     Facsimile: (512) 936-1409
     hal.morris@oag.texas.gov
     ashley.bartram@oag.texas.gov

                    About TK Holdings, Inc.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets  and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent. The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



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


GLOBAL A&T: US Trustee & JPMorgan Object to Plan
------------------------------------------------
BankruptcyData.com reported that the U.S. Trustee assigned to the
Global A&T Electronics case and JPMorgan Chase & Co. filed with
the U.S. Bankruptcy Court separate objections to the Company's
Joint Chapter 11 Plan of Reorganization.  The Trustee asserts,
"The debtors, in their apparent haste to enter and emerge from
Chapter 11, have set in motion a schedule that would enable them
to race through the Chapter 11 too quickly to enable parties-in-
interest, governmental agencies, and the Court sufficient time to
evaluate - let alone respond or object to - the Plan. While the
Bankruptcy Code authorizes pre-packaged bankruptcy plans in which
much of the activity precedes the filing of the Chapter 11
petition(s), it does not authorize debtors to short-circuit the
bankruptcy process so as to avoid post-petition scrutiny or to
violate basic principles of due process.  Without even a formal
request to shorten notice of the statutorily established deadlines
for confirmation in their solicitation procedures motion, the
Debtors seek expedited approval of confirmation of their proposed
pre-petition bankruptcy cases.

The Debtors ask this Court to approve confirmation of their Plan
and Disclosure Statement a mere four (4) days after they filed
their bankruptcy cases. Moreover, those parties-in-interest
fortunate enough to be aware of the filing of these Chapter 11
cases were saddled with a deadline to object to the Plan and
Disclosure Statement - as well as lengthy supporting documentation
- by 12:00 noon in the afternoon of Tuesday, December 19 - two (2)
days after the Petition Date.  Although the Debtors secured
consent to the Plan from most of its creditors prior to the
Petition Date, the Plan contains provisions that render it
unconfirmable because it does not comply with applicable
provisions of the Bankruptcy Code. Specifically, the Plan contains
overbroad and impermissible release and exculpation provisions."

                About Global A&T Electronics Ltd.

Global A&T Electronics Ltd. is a subsidiary of UTAC Holdings Ltd.
that provides semiconductor assembly and test services for
integrated circuits for use in analog, mixed-signal and logic, and
memory products in the United States, Japan, rest of Asia, Europe,
and internationally.

UTAC Holdings and its subsidiaries are independent providers of
assembly and test services for a broad range of semiconductor
chips with diversified end uses, including in-communications
devices (such as smartphones, Bluetooth and WiFi), consumer
devices, computing devices, automotive devices, security devices,
and devices for industrial and medical applications.  The company
offers its customers a full range of semiconductor assembly and
test services in these key product categories: analog, mixed-
signal and logic, and memory.  UTAC's customers are primarily
fables companies, integrated device manufacturers and wafer
foundries.

UTAC is headquartered in Singapore, with production facilities
located in Singapore, Thailand, Taiwan, China, Indonesia and
Malaysia.  The company's global sales network is broadly focused
on five regions: the United States, Europe, China and Taiwan,
Japan, and the rest of Asia.  The Debtors have 10,402 full-time
employees.

Global A&T and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 17-23931 to
17-23943) on Dec. 17, 2017.  Michael E. Foreman, general counsel
and authorized officer, signed the petitions.

At the time of the filing, the Debtors estimated assets of $500
million to $1 billion and liabilities of $1 billion to $10
billion.

Judge Robert D. Drain presides over the cases.

The Debtors hired Kirkland & Ellis LLP as their bankruptcy
counsel; Moelis & Company Asia Limited and Moelis & Company LLC as
financial advisors; Alvarez & Marsal North America, LLC and
Alvarez & Marsal (SE Asia) Pte. Ltd. as restructuring advisors;
and Prime Clerk LLC as notice, claims and balloting agent.



                             *********

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.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2018.  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.



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