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        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, May 16, 2016, Vol. 19, No. 95


                            Headlines


A U S T R A L I A

AYLES CONTRUCTION: First Creditors' Meeting Set For May 23
COROWA FERTILIZERS: PPB Advisory Appointed as Administrators
ELIZABETH EAST: First Creditors' Meeting Set For May 23


C H I N A

CHINA SHANSHUI: Can't Pay Bond Interest Due to Lack of Seal
GREENTOWN CHINA: Moody's Rates USD400MM Securities at Ba3
ZHONGRONG INTERNATIONAL: S&P Assigns 'BB+' ICR; Outlook Stable


H O N G  K O N G

HUAYI GROUP: S&P Lowers CCR to 'BB+'; Outlook Negative


I N D I A

ABHILASHA CONSTRUCTION: CRISIL Suspends B Rating on INR15MM Loan
ALAPATT FASHION: ICRA Reaffirms B- Rating on INR5.50cr LT Loan
ANDHRA PRADESH: CRISIL Cuts Rating on INR20.0BB Loan to 'D'
BABA ANANDESHWAR: CRISIL Raises Rating on INR45MM Loan to 'B'
BERRY ALLOYS: ICRA Suspends 'D' Rating on INR17.75cr Term Loan

BIHAR RAFFIA: CRISIL Upgrades Rating on INR200MM Loan to 'C'
BINAYAK HI-TECH: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
B V COTSPIN: ICRA Reaffirms 'B+' Rating on INR18cr Cash Loan
GANAPATI FISHING: CRISIL Assigns 'B' Rating to INR155MM Loan
HKS AUTOMOBILES: CRISIL Assigns 'B' Rating to INR100MM Loan

HUMAN DEVELOPMENT: CRISIL Assigns 'B' Rating to INR31MM Term Loan
MANGALDEEP RICE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
MODERN MACHINERY: ICRA Reaffirms 'B' Rating on INR9.2cr Loan
NEWAGE LAMINATORS: ICRA Assigns B+ Rating to INR2.50cr Loan
OCTAL SALES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating

P.R. TECHNOPLAST: CRISIL Assigns 'B' Rating to INR60MM Term Loan
PERFECT INFRAENGINEERS: Ind-Ra Ups LT Issuer Rating to 'IND BB'
SAIKRUPA COTGIN: ICRA Lowers Rating on INR15cr Loan to 'D'
SARAVANA SAI: CRISIL Assigns B+ Rating to INR60MM Cash Loan
SATYAM SPINNERS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

SHANTI ISPAT: CRISIL Assigns B- Rating to INR114.5MM Term Loan
SHIRKE RECREATION: Ind-Ra Affirms IND BB Long-Term Issuer Rating
SHIVALIK I.B.: CRISIL Assigns B+ Rating to INR60MM Loan
SRI KONDAIYA: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
SRI VAIBHAVA: CRISIL Upgrades Rating on INR52.5MM LT Loan to C

TRINA NRE: CRISIL Downgrades Rating on INR46.6MM Loan to 'D'
VARDHMAN CHEMTECH: ICRA Suspends 'D' Rating on INR98.7cr Loan
VIMALOXY PRODUCT: Ind-Ra Assigns IND BB- Long-Term Issuer Rating


J A P A N

SHARP CORP: Technically Insolvent as Liabilities Exceed Assets
TOSHIBA CORP: Korean Unit Files For Corporate Rehabilitation
TOSHIBA CORP: S&P Lowers CCR to 'B' & Removes from CreditWatch


S I N G A P O R E

STATS CHIPPAC: S&P Lowers CCR to 'B+'; Outlook Negative


S O U T H  K O R E A

HANJIN SHIPPING: Joins Alliance Amid Creditor-Led Debt Revamp
SK HYNIX: S&P Revises Outlook to Stable & Affirms 'BB+' CCR


                            - - - - -


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


AYLES CONTRUCTION: First Creditors' Meeting Set For May 23
----------------------------------------------------------
Peter Ivan Macks and Ian Wayne Burford of Macks Advisory were
appointed as administrators of Ayles Contruction Pty Ltd on
May 13, 2016.

A first meeting of the creditors of the Company will be held at
Macks Advisory, Level 8, West Wing, 50 Grenfell Street, in
Adelaide, on May 23, 2016, at 11:30 a.m.


COROWA FERTILIZERS: PPB Advisory Appointed as Administrators
------------------------------------------------------------
Robert Ditrich and Rodney Slattery of PPB Advisory were appointed
as administrators of Corowa Fertilizers Pty Ltd on May 13, 2016.


ELIZABETH EAST: First Creditors' Meeting Set For May 23
-------------------------------------------------------
Peter Ivan Macks and Ian Wayne Burford of Macks Advisory were
appointed as administrators of Elizabeth East Pty Ltd on May 13,
2016.

A first meeting of the creditors of the Company will be held at
Macks Advisory, Level 8, West Wing, 50 Grenfell Street, in
Adelaide, on May 23, 2016, at 11:00 a.m.



=========
C H I N A
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CHINA SHANSHUI: Can't Pay Bond Interest Due to Lack of Seal
-----------------------------------------------------------
Lianting Tu at Bloomberg News reports that China Shanshui Cement
Group Ltd. said interest on its 2017 notes can't be distributed
to bondholders because of the lack of a company seal,
highlighting the challenges facing investors trying to get paid
after a series of domestic bond defaults since November.

While the company has already remitted CNY74.4 million ($11.4
million) of interest due on May 12 on the 6.2% CNY1.2 billion
note maturing in 2017 to the bank account designated by China's
interbank clearing house, the money couldn't be distributed
because the company doesn't have the seal of its main operating
subsidiary Shandong Shanshui Cement Group Ltd., Bloomberg relates
citing a filing by Hong Kong-listed company on May 12. The seal
has already been made invalid, it said.

Bloomberg notes that the announcement represents the latest
chapter in China Shanshui's difficulties taking control of the
cement maker's mainland operations from founder Zhang Caikui via
a hostile takeover.  Bloomberg says the saga has prompted sharp
moves in China Shanshui's dollar bonds, with prices falling to as
low as 63 cents on the dollar in November last year. They dropped
again last week after China Shanshui's other main shareholders,
China National Building Material Co. and Asia Cement Corp.,
decided not to proceed with their proposal to acquire the
company, says Bloomberg.

China Shanshui said in January that it has obtained all seals
except the one at Shandong Shanshui, the report recalls. Chinese
companies need seals to institute management changes so they can
be registered with the government. The seals were held by the
ousted directors, who allegedly brought in gangsters to help
them, China Shanshui said in a Dec. 31 filing.

                        About China Shanshui

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

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

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


GREENTOWN CHINA: Moody's Rates USD400MM Securities at Ba3
----------------------------------------------------------
Moody's Investors Services has assigned a definitive Ba3 senior
unsecured debt rating to the USD400 million senior perpetual
capital securities issued by Apex Top Group Limited and
irrevocably and unconditionally guaranteed by Greentown China
Holdings Limited (Ba3 positive).

The outlook on the rating is positive.

                         RATINGS RATIONALE

Moody's assignment of the definitive rating follows the company's
completion of its notes issuance, the final terms and conditions
of which are consistent with Moody's expectations.

The provisional ratings were assigned on March 31, 2016, and
Moody's ratings rationale was set out in a press release
published on the same day.  The proceeds of the notes will be
used to refinance existing debt and for general working capital
purposes.

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

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province.  At end-December 2015, the company had 81 projects with
a total gross floor area of 31.24 million square meters (sqm).
Of the total, 18.21 million sqm was attributable to the company.


ZHONGRONG INTERNATIONAL: S&P Assigns 'BB+' ICR; Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB+' long-term
and 'B' short-term issuer credit ratings to Zhongrong
International Trust Co. Ltd.  The outlook on the long-term rating
is stable.  At the same time, S&P assigned its Greater China
regional scale long-term rating of 'cnBBB+' and short-term rating
of 'cnA-2' to the Chinese trust company.

"The ratings reflect the leading Chinese trust company's stand-
alone credit profile (SACP) of 'bb' and one-notch rating uplift
for the moderate likelihood of extraordinary government support
that Zhongrong might receive from China Trust Protection Fund
(CTPF) if it were in distress," said S&P Global Ratings credit
analyst Harry Hu.

S&P views Zhongrong as an alternative asset manager.  In S&P's
view, its fair business risk profile and minimal financial risk
profile underpin its SACP, while Zhongrong's implicit financial
support on certain trust products under its management and a bias
in its management and governance toward risk-taking offset these
credit strengths.

Zhongrong's fair business risk profile reflects its leading
market share in China's trust sector, a segment of the Chinese
asset management industry, increasing competition in China's
asset management market, and the unique market practice that
Chinese trust companies often provide implicit financial support
to certain distressed trust products under management, in the
context of moderately high country risk in China.  It also
reflects its flexible cost structure, above-average
profitability, and ongoing diversification into non-trust related
assets to reduce pressure to provide implicit financial support.

S&P defines Zhongrong as an alternative asset manager since most
of its assets under management (AUM) are invested in direct
loans, private equity, funds, and direct asset ownership.  Like
other Chinese trust companies, Zhongrong's trust business can be
split into two main categories: a trustee business and an active
asset management business.

From a financial risk perspective, Zhongrong's metrics are
consistent with a minimal risk assessment, the highest possible
category, primarily because it carries a small amount of
financial liabilities relative to EBITDA and has surplus on-
balance-sheet liquidity.  There are regulatory limitations on the
amount of leverage Zhongrong can incur, but these do not apply to
its subsidiaries, including its offshore platform Zhongrong BVI.
S&P notes the only financial debt outstanding at the group level
as of the end of March 2016 is the US$225 million debt issued by
Zhongrong BVI.

Zhongrong's company-level leverage is likely to continue to be a
rating strength, particularly when increases in trust AUM are
tied to higher capitalization due to prudential regulation
requirements.  S&P also believes there is room for EBITDA to
further increase after the company transitions to more higher-
fee-earning actively managed investment products.

Having said this, S&P assess Zhongrong's financial policy as
negative for its implicit support for certain trust products.
While from a legal and regulatory point of view there is no
obligation or responsibility to assume credit or market risk of
any invested AUM, currently there is pressure to provide support
because of market expectations, deviation from best practices in
terms of separation of different roles, reputation, and future
business flow considerations.  S&P believes implicit support on
certain AUM segments lowers the degree of predictability in key
credit ratios, particularly given the small size of its own
balance sheet relative to AUM.

S&P also assess Zhongrong's management and governance as weak
because of a bias in its management and governance toward risk-
taking.  Somewhat offsetting these risks is the company's active
approach to risk management, including several layers of
reserving mechanism used as buffers for potential operating
losses.

"We assess Zhongrong as a government-related entity with a
moderate likelihood of government support.  This is because the
company is a likely candidate to benefit from CTPF.  The fund
aims to provide liquidity support for either trust products or
distressed trust companies from a financial stability
perspective. Given Zhongrong is a leading trust company in China,
we believe it will benefit from this unique institutional
setting," S&P said.

"Our stable outlook on Zhongrong reflects our expectation that
the company will focus on active fund management across an array
of products over the next 12-18 months," said Mr. Hu.  As such,
S&P expects the company to maintain a debt-to-EBITDA ratio below
1.5x and a ratio of funds from operations (FFO) to debt above
60%.  In S&P's base case, it expects no change to the rating
modifiers for Zhongrong over the same period.

S&P would lower the rating if Zhongrong's financial debt exceeds
RMB14.5 billion on a consolidated basis given current liquid
asset, EBITDA, and FFO levels.  S&P would also lower the rating
if Zhongrong significantly increases its AUM with implicit
support relative to the company's EBITDA and other financial
projections. S&P could also lower the rating if significant
operational issues emerge that could cause sizable contingent
liabilities to the company.  Substantial related-party
transactions at the AUM level may also lead S&P to lower the
rating.

S&P sees limited potential for an upgrade over the next 12-18
months.  S&P could raise the rating if: (1) Zhongrong's AUM that
has implicit support, in S&P's view, substantially reduces
relative to the company's EBITDA and other financial projections;
(2) market expectations of implicit support lighten, which could
be supported by investors assuming late payment and investment
losses without the effect of negative market sentiment; and (3)
the company overhauls its corporate governance and incentive
mechanism to balance risk and returns, and establishes arm's
length relations with related parties.



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H O N G  K O N G
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HUAYI GROUP: S&P Lowers CCR to 'BB+'; Outlook Negative
------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Shanghai Huayi (Group) Co. to 'BBB-'
from 'BBB'.  The outlook is negative.  At the same time, S&P
lowered its long-term Greater China regional scale rating on the
China-based bulk chemical producer to 'cnBBB+' from 'cnA-'.

S&P lowered its long-term corporate credit rating on Huayi Group
(Hong Kong) Ltd. (Huayi HK) to 'BB+' from 'BBB-'.  The outlook is
negative.  S&P also lowered its long-term issue rating on the
senior unsecured notes that Huayi HK guarantees to 'BB+' from
'BBB-'.  At the same time, S&P lowered its long-term Greater
China regional scale ratings on Huayi HK and the notes to 'cnBBB'
from 'cnBBB+'.  Huayi HK is the sole offshore investment platform
of Shanghai Huayi.

"We downgraded Shanghai Huayi because the company's leverage will
likely weaken beyond our previous estimates, given its still-high
capital expenditure in a subdued market," said S&P Global Ratings
credit analyst Yuehao Wu.

S&P anticipates that Shanghai Huayi's debt-to-EBITDA ratio will
increase to more than 5x over the next 18 months, compared with
S&P's previous expectation of 3x-4x.  In S&P's view, the
company's higher negative free operating cash flows because of
high capital spending and weakened operating profitability will
push up leverage and weaken the balance sheet.  S&P has therefore
revised Shanghai Huayi's financial risk profile to aggressive
from significant and the comparative rating analysis to neutral
from positive.  This has resulted in a lowering of the company's
stand-alone credit profile to 'bb' from 'bbb-'.

Domestic industry conditions have deteriorated rapidly following
slower economic growth in China.  In S&P's view, the reform in
rationalization of industrial capacity is unlikely to eliminate
oversupply and significantly improve chemical prices and spreads
over the next one to two years, given slowing demand.  S&P
expects Shanghai Huayi's EBITDA to be Chinese renmimbi (RMB) 2
billion-RMB2.5 billion in 2016, from an average RMB3.5 billion in
2011-2014, which was a period of high GDP growth in China.

S&P still expects Shanghai Huayi's capital spending to remain
high at about RMB3 billion per annum.  The figure could be even
higher if the company contemplates some acquisitions.  In
addition, cheaper debt amid falling domestic interest rates could
incentivize higher spending and increase the company's debt level
beyond S&P's base case over the next one to two years.  The
company's interest coverage ratio is increasingly sensitive to
the low profit margins.

Partly offsetting the higher leverage is Shanghai Huayi's
holdings of a large land bank mostly located in Shanghai and
marketable securities, which S&P estimates to be RMB6 billion and
RMB2 billion.  S&P believes that the company can sell off at
least part of the holdings over the intermediate term, in which
case the debt-to-EBITDA ratio could improve to below 4x.  Hence,
S&P assess the company's capital structure as positive.

S&P lowered the rating on Huayi HK following the downgrade of its
parent Shanghai Huayi.  In S&P's view, Huayi HK remains a highly
strategic subsidiary of its parent.  S&P believes Huayi HK and
its parent are strategically, financially, and operationally
integrated and share the same name and reputation risks.
Shanghai Huayi positions Huayi HK as its sole offshore integrated
trade, financing, and investment platform.

The rating on the senior unsecured notes that Huayi HK guarantees
is equalized with the issuer credit rating on Huayi HK.  This is
because S&P expects the company will not incur priority
liabilities over the next two years.  Though the notes are under
a keepwell and stock repurchase agreement with Shanghai Huayi,
S&P do not view such a credit enhancement as a guarantee.

The negative outlook on Shanghai Huayi reflects S&P's view that
the company's balance sheet could weaken over the next 12 months
if the industry downturn persists and the company's capital
spending is significantly higher than S&P's base case.

S&P may lower the rating if Shanghai Huayi's EBITDA interest
coverage approaches 2x with no prospects of recovery.  Lower-
than-expected profitability as indicated by EBITDA margin
substantially below 3%, or higher-than-anticipated debt-funded
capital spending could weaken the company's balance sheet.  S&P
could also downgrade Shanghai Huayi if S&P views that the
company's link to the Shanghai municipal government has weakened.
An indication could be a meaningful reduction in the government's
stake in the company.

S&P could revise the outlook to stable if Shanghai Huayi's debt-
to-EBIDTA ratio is close to 5x and EBITDA interest coverage
remains well above 2.5x.  This would entail a sustainable
improvement in industry conditions.  An indication could be the
company's EBITDA margin staying above 5.5%.  S&P could also
revise the outlook to stable if the company reduces its debt with
asset sales.

The negative outlook on Huayi HK reflects the rating outlook on
Shanghai Huayi.  S&P could lower the rating on Huayi HK if S&P
downgrades the parent.  S&P could also lower the rating on Huayi
HK if: (1) S&P believes that the company's importance to Shanghai
Huayi has weakened because of a change in the parent's strategy,
such that Hauyi HK is no longer the major offshore financing and
investment vehicle of the parent; or (2) Shanghai Huayi's control
and supervision of Huayi HK weaken.  S&P could revise the outlook
on Huayi HK to stable if S&P revises the rating outlook on its
parent Shanghai Huayi to stable.



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I N D I A
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ABHILASHA CONSTRUCTION: CRISIL Suspends B Rating on INR15MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Abhilasha Construction (AC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit              15        CRISIL B/Stable

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

AC was established as a partnership firm in 2008 by Mrs. Meera
Yadav and Mr. Sanjay Yadav. The firm is engaged in construction
of roads for government projects in Uttar Pradesh. It is managed
by Mr. Deen Dayal Yadav.


ALAPATT FASHION: ICRA Reaffirms B- Rating on INR5.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- outstanding
on the INR5.50 crore fund based facilities of Alapatt Fashion
Jewellery.

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

The rating reaffirmation takes into account the experience of
promoters in the jewellery retailing business for over two
decades and the established market presence of the Firm in a
prominent location in Trivandrum (Kerala) and the strong equity
enjoyed by the brand (Alapatt) among the affluent class in the
region, which have acted as strong catalysts for the volumes
backed by repeat customers. The rating, however, also factor in
the slow moving nature of the Firm's high value inventory which
has aggravated the working capital intensity and the same is
reflected in high utilization levels of its cash credit
facilities, and exposes the profitability to any sharp
fluctuations in both gold prices and foreign exchange rates. The
inventory levels remain higher than industry average and resulted
in highly leveraged capital structure. The rating also factors in
the Firm's relatively small scale of operations which restrict
financial flexibility, the intense competitive pressures
prevalent in the highly fragmented jewellery retail industry and
significant geographical concentration risk with a single
showroom presence in Trivandrum.

While the entry of large regional and corporate retailers in the
region had impacted volumes of the Firm and led to pricing
pressures, ICRA takes comfort from the long term favorable demand
prospects for the domestic jewellery industry. Going forward,
ability of the Firm to improve its working capital position and
enhance its revenues, in view of increasing presence of larger
retailers in Trivandrum region, and maintain margins would be
crucial to improve the overall credit profile.

Alapatt Fashion Jewellery is a partnership firm set up by Mr.
John Alapatt in Trivandrum in 1992. The Firm is currently engaged
in the business of gold and diamond jewellery retailing and
operates with single retail showroom (~2,000 square feet area) in
a leased premise located in Trivandrum. Majority of the Firm's
gold requirements are met through melted gold obtained from
exchange of old jewellery from customers. Also, the Firm sources
gold and diamond jewellery from merchants based out of Mumbai and
Bangalore.

Recent Results
AFJ reported net profit of INR0.1 crore on an operating income of
INR11.1 crore during 2014-15 as against net profit of INR0.4
crore on an operating income of INR12.1 crore during 2013-14.


ANDHRA PRADESH: CRISIL Cuts Rating on INR20.0BB Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on bonds issued by Transmission
Corporation of Andhra Pradesh Limited (AP TRANSCO) and guaranteed
by the Government of Andhra Pradesh to 'CRISIL D' from 'CRISIL BB
(SO)/Rating Watch with Negative Implications'. CRISIL has also
downgraded its rating on AP TRANSCO's long-term bank facilities
to 'CRISIL D' from 'CRISIL BB/Rating Watch with Negative
Implications'. The downgrade reflects delays in debt servicing by
AP TRANSCO.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term     20000       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB/Watch Negative')

   Term Loan              20000       CRISIL D (Downgraded from
                                     'CRISIL BB/Watch Negative')

Post bifurcation of states of Andhra Pradesh and Telangana, the
matter of sharing of liabilities of AP TRANSCO has been under
discussions with both the states for some time. Concerns of a
likely dispute had heightened on account of a potential differing
stance being taken by the state governments on the sharing
formula. CRISIL in this regard anticipating likely dispute among
the transmission corporations of Andhra Pradesh (AP) and
Telangana had revised the ratings on bonds and bank loan
facilities to CRISIL BB(SO) and CRISIL BB respectively while
keeping the ratings on 'Rating Watch with Negative implication'.
One of the key aspects being monitored under 'Rating Watch' was
how the bifurcation of the assets and liabilities (specifically
for CRISIL-rated bonds) happens between the transmission
companies for the states of Telangana and AP.

Now, CRISIL understands that due to continuing disputes relating
to distribution of assets and liabilities, the interest payment
on some of the rated bonds was not made in full by AP TRANSCO, on
the due date. The downgrade also factors in the failure of the
payment structure and the inability of the trustee to ensure
adherence to the trustee administered payment structure (non-
invocation of guarantee). In a similar case of Andhra Pradesh
Power Finance Corporation (rated 'CRISIL D'), similar dispute and
non-compliance on the payment structure (including non-invocation
of guarantee) by the trustee had led to payment shortfall and
delays in debt servicing on bonds.

The ratings on these bonds were primarily based on the
unconditional and irrevocable guarantee from the government of
Andhra Pradesh (GoAP), guaranteeing full repayment of the
principal and interest in a timely manner. The ratings also
factored in the strength of a trustee- administered payment
structure.

Further, while the company has been bifurcated, the bifurcation
of the assets and liabilities of AP TRANSCO is yet to be
concluded. The downgrade on AP TRANSCO's bank loan instruments is
to meaningfully capture the higher likelihood of dispute with
respect to servicing of debt obligations owing to lack of clarity
on bifurcation of the assets and liabilities.

AP TRANSCO was incorporated as part of the first phase of the
power sector reforms in AP.

For 2013-14 (refers to financial year, April 1 to March 31), AP
TRANSCO reported profit after tax (PAT) of INR1.03 billion on
total income of INR14.56 billion against PAT of INR4.17 billion
on total income of INR17.24 billion for 2012-13.


BABA ANANDESHWAR: CRISIL Raises Rating on INR45MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded the rating of Baba Anandeshwar Plastics (P)
Ltd (BAPPL) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'; while
short term rating has been reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Short Term      45        CRISIL A4 (Reaffirmed)
   Bank Loan Facility

   Term Loan                45        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that liquidity of the
company will improve over the medium term, marked by sufficient
net cash accruals against term debt repayments.

The rating reflect the BAPPL's weak financial risk profile marked
by high gearing and weak debt protection metrics, large working
capital requirements, and small scale of operations in the
intensely competitive industry. These rating weaknesses are
partially offset by the benefits that BAPPL derives from its
promoters' extensive experience in the industry.
Outlook: Stable

CRISIL believes that BAPPL's will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if BAPPL's financial
risk profile improves with significant increase in company's
scale of operations and in turn its cash accruals. Conversely,
the outlook may be revised to 'Negative' if BAPPL's financial
risk profile deteriorates further on account of a large debt
funded capital expenditure, or if the company's liquidity weakens
significantly on account of increase in its working capital
requirements.

BAPPL was formed in 2001 as a partnership firm with its
manufacturing facility in Panki & Rania (Kanpur). The partnership
was started between Mr Arvind Kumar Gupta & Mr. Akhil Kumar
Gupta. It manufactures the plastic chairs, tables, stools and
other household items. In May 2011 it was converted into a
private limited company.


BERRY ALLOYS: ICRA Suspends 'D' Rating on INR17.75cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR17.75 crore term loan and INR18.75 crore fund based limits
of Berry Alloys Limited (BAL). ICRA has also suspended the short-
term rating of [ICRA]D assigned to the INR23.50 non-fund based
limits of BAL. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.


BIHAR RAFFIA: CRISIL Upgrades Rating on INR200MM Loan to 'C'
------------------------------------------------------------
CRISIL has revised its rating on the long-term bank facilities of
Bihar Raffia Industries Limited (BRIL) from 'CRISIL B+/Stable' to
'CRISIL D' and simultaneously upgraded the rating to 'CRISIL C'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              200       CRISIL C (Revised from
                                      'CRISIL B+/Stable' to
                                      'CRISIL D' and
                                      simultaneously upgraded
                                      to 'CRISIL C')

   Funded Interest           52.1     CRISIL C (Revised from
   Term Loan                          'CRISIL B+/Stable' to
                                      'CRISIL D' and
                                      simultaneously upgraded
                                      to 'CRISIL C')

   Proposed Long Term        45.4     CRISIL C (Revised from
   Bank Loan Facility                 'CRISIL B+/Stable' to
                                      'CRISIL D' and
                                      simultaneously upgraded
                                      to 'CRISIL C')

   Working Capital          118.0     CRISIL C (Revised from
   Term Loan                          'CRISIL B+/Stable' to
                                      'CRISIL D' and
                                      simultaneously upgraded
                                      to 'CRISIL C')

The rating revision takes into account devolvement of letters of
credit, some of which were outstanding for over 30 days, between
August and September 2014. However, the rating has been upgraded
because of timely debt servicing over the past 90 days, after the
bank facilities got restructured with effect from January 1, 2015
with a moratorium period of 12 months till December 2015.

CRISIL believes that BRIL's financial risk profile, particularly
liquidity, will remain weak over the medium term with depletion
of reserves due to cash losses, and large working capital
requirement leading to frequent over-utilisation of cash credit
limit.

The rating reflects BRIL's large working capital requirement, and
weak financial risk profile because of a leveraged capital
structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
its promoters in the packaging industry and its established
customer base.

BRIL, incorporated in 1998, manufactures bulk packaging materials
made of polypropylene and high-density poly ethylene (HDPE). The
company has two units, one each in Jamshedpur, Jharkhand, and
Satna, Madhya Pradesh, with a combined capacity of 7500 tonne per
annum.


BINAYAK HI-TECH: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Binayak Hi-Tech
Engineering Limited (BHTEL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The rating reflect BHTEL's moderate scale of operations and
moderate credit profile, as seen in its revenue of INR553 mil. in
FY15 (FY14: INR473 mil.), operating EBITDA interest coverage of
2.1x (2.5x), net leverage of 3.8x (3.6x) and operating EBITDA
margins of 5.7% (7.1%).  The company's unaudited statement for
FY16 indicates revenue of INR526 mil., operating EBITDA interest
coverage of 2.3x, net leverage of 3.1x and operating EBITDA
margins of 6.2%.

Its liquidity position was moderate, with 82% average utilization
of its working capital limits during the 12 months ended March
2016.

The ratings are supported by the company's founders' experience
of more than two decades in the trade of fabricated products.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit profile will be positive for the ratings.

Negative: Deterioration in the credit profile will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1995, BHTEL manufactures cast manhole covers,
curb/service/valve boxes, garden benches, fence panels, railings,
molded plastic products, forgings, fabricated access/duct covers
and gratings.  Its raw materials for production include pig iron,
mild steel rounds, stainless steel rounds, flat bars,
polypropylene granules, hot rolled/cold rolled closed annealed
sheets and zinc.

BHTEL currently exports to more than 20 countries across North
America, Europe, the Middle East, Africa and Australia.
Therefore, the company adheres to most international standards
such as British Standard European Norms (BS EN) as well as
standards set by the American Society for Testing and Materials
(ASTM) and Deutsches Institut fur Normung (DIN), which is the
German Institute for Standardisation. Its registered office is
located in Kolkata.  It is managed by Mahesh Kumar Jhunjhunwala,
Kiran Jhunjhunwala and Atul Jhunjhunwala.

BHTEL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR140 mil. fund-based working capital limits: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR65 mil. proposed long-term loan: assigned 'Provisional
      IND BB'/Stable


B V COTSPIN: ICRA Reaffirms 'B+' Rating on INR18cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed a rating of [ICRA]B+ to INR3.15 crore1 term
loan and INR18.00 crore cash credit facility of B V Cotspin
Industries.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          18.00         [ICRA]B+; reaffirmed
   Term Loan             3.15         [ICRA]B+; reaffirmed

The reaffirmation of rating continues to be constrained by modest
scale of operations and revenue de growth witnessed in FY 15. The
rating also takes into account weak financial profile as
reflected by low profitability, leveraged capital structure and
moderate coverage indicators. The ratings also take into account
the low value additive nature of operations and intense
competition on account of fragmented industry structure leading
to thin profit margins and vulnerability of profitability to
adverse fluctuations in raw material prices which are subject to
seasonal availability of raw cotton and government regulations on
MSP for procurement of raw cotton. ICRA further notes that BVCSI
is a partnership concern and any substantial withdrawal from
capital account in future could adversely impact the credit
profile of the firm.

The ratings, however, favourably take into account past
experience of the promoters in the cotton industry and the
favourable location of the firm's manufacturing facility giving
it easy access to raw material.

Established in 2012, B. V. Cotspin Industries (BVCSI) is a
partnership firm with Mr Babu Patel,Mr Piyush Patel and Mr Bhavin
Patel alongwith their family members as partners. The firm is
engaged in ginning and pressing of raw cotton to produce cotton
bales and cottonseeds. . The commercial production of the firm
commenced in November 2013. BVCSI possesses set of 54 cotton
ginning machines with an installed capacity of manufacturing 300-
350 bales per day, equipments being operational for 12 hours.

Recent Results
For the year ended 31st March 2015, the firm reported an
operating income of INR58.95 crore and profit after tax of
INR0.24 crore.


GANAPATI FISHING: CRISIL Assigns 'B' Rating to INR155MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ganapati Fishing Lines Pvt. Ltd (GFLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Buyer Credit Limit       155       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        15       CRISIL B/Stable

The rating reflects GFLPL's modest scale of operations in a
fragmented industry and the company's below-average financial
risk profile marked by weak debt protection metrics. The ratings
also reflect the working capital-intensive nature of the
company's operations. These weaknesses are partially offset by
the extensive experience of promoters in the packaging film
industry and longstanding customer relationships.
Outlook: Stable

CRISIL believes GFLPL will continue to benefit from the
promoters' extensive experience and established presence in the
trading of packing material. The outlook may be revised to
'Positive' if the company reports significant improvement in its
scale of operations, profitability, cash accrual and working
capital cycle. The outlook may be revised to 'Negative' if the
revenue and operating margin decline, or a large debt-funded
capital expenditure or stretched working capital cycle weakens
the financial risk profile.

Established in 1988 as a private limited company, GFLPL is
engaged in trading of packaging films such as polyester and BOPP
(Bi-axially Oriented Polypropylene) films. The company is
promoted by Mr. Prem Jain, Ms. Pramila Minni, Mr. Tanmay Jain and
Mr. Shejal Jain. It is based at Bangalore.


HKS AUTOMOBILES: CRISIL Assigns 'B' Rating to INR100MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of HKS Automobiles Private Limited (HAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                30        CRISIL B/Stable
   Cash Credit             100        CRISIL B/Stable
   Inventory Funding
   Facility                 20        CRISIL B/Stable

The rating reflects a below-average financial risk profile
because of a high total outside liabilities to tangible networth
(TOLTNW) ratio, exposure to intense competition in the commercial
vehicle (CV) segment, and large working capital requirement.
These rating weaknesses are partially offset by the extensive
experience of promoters in the bus building body and automotive
dealership industry.
Outlook: Stable

CRISIL believes HAPL will maintain its business risk profile over
the medium term, backed by the extensive entrepreneurial
experience of its promoters. The outlook may be revised to
'Positive' if significant improvement in growth and operating
profitability results in higher-than-expected cash accrual and
also improves its liquidity by effectively managing its working
capital needs. Conversely, the outlook may be revised to
'Negative' if considerable reduction in growth negatively impacts
the cash accrual, or in case of deterioration in liquidity on
account of higher-than-expected working capital requirement or
larger-than-expected, debt funded capital expenditure.

HAPL was established in 2000 as a partnership firm. In 2007, it
was reconstituted as a private limited company. The company is an
authorised dealer of SML Isuzu Ltd (SML, erstwhile Swaraj Mazda
Ltd) commercial vehicles in Faridabad, Noida, Delhi, and Palwal
(Haryana). The company has two showrooms and four service
stations.

It posted a net profit of INR1.28 million on sales of INR669.3
million in 2014-15 (refers to financial year, April 1 to
March 31) against a net profit of INR12.88 million on sales of
INR742.5 million in 2013-14.


HUMAN DEVELOPMENT: CRISIL Assigns 'B' Rating to INR31MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Human Development Foundation (HDF).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable
   Term Loan                31        CRISIL B/Stable

The rating reflects the trust's modest scale of operations,
geographical concentration in revenue, and exposure to intense
competition along with regulatory risks associated with
educational institutions. These weaknesses are partially offset
by healthy demand prospects in the education industry and the
extensive experience of the trustees in the education sector.
Outlook: Stable

CRISIL believes HDF will benefit over the medium term from its
trustees' experience in the education industry. The outlook may
be revised to 'Positive' in case of a substantial increase in
student base resulting in better operating income and cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected operating income or accrual, or large
debt-funded capital expenditure, leading to weakening of the
financial risk profile.

HDF was founded in 2008 in Bhubaneswar by Mr. Soumya Ranjan
Patnaik. Currently, the trust offers a post-graduate diploma in
management and a post-graduate certificate in management (PGCM)
under its institute, HDF School of Management, at Cuttack
(Odisha).


MANGALDEEP RICE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mangaldeep Rice
Mills Pvt Ltd. (MRM) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MRM's moderate credit profile with moderate
scale of operations.  In FY16, the firm's revenue was INR315 mil.
(FY15: INR142 mil.), EBITDA interest coverage (operating
EBITDA/gross interest expense) was 2.1x (2.5x), net financial
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) was
4.9x (25.0x).  The improvement in financial leverage was due to
an increase in EBITDA margins to 9.4% in FY16 (FY15: 4.2%), which
was on account of the commercialization of a new plant in 2015,
for the production of boiled rice.

The ratings also factor in MRM's tight liquidity profile as
reflected by its maximum 100% average working capital limit
utilization during the 12 months ended March 2016.

The ratings, however, benefit from limited revenue risk in view
of the firm's long-term contracts with HRMM Agro Overseas Pvt
Ltd, Aashirvaad International and Sheenam International for
supplying rice.

RATING SENSITIVITIES

Positive: A substantial growth in the firm's revenue leading to
an improvement in its credit metrics could be positive for the
ratings.

Negative: A dip in its operating profitability, leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

MRM was incorporated in 2011 as a private limited company in the
east Champaran district of Bihar.  The firm purchases paddy from
farmers and mandis and sells directly to wholesalers under the
brand names Rasoi Gold and Aman Shakti.

The firm is managed by the two directors - Mr. Rambabu Prasad and
Mr. Arun Kumar.

MRM's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR80 mil. long-term loan: assigned 'IND B+'; Outlook
      Stable
   -- INR60 mil. fund-based working capital limit: assigned
      'IND B+'; Outlook Stable


MODERN MACHINERY: ICRA Reaffirms 'B' Rating on INR9.2cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR9.5
crore bank facilities of Modern Machinery Store.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            9.2         [ICRA]B, reaffirmed
   Bank Guarantee         0.3         [ICRA]B, reaffirmed

The rating reaffirmation takes into account the moderate year-on-
year growth in the firm's top line on the back of growing volumes
for Hyundai Motors India Limited's (HMIL's) models like Creta as
well as the improved margins on account of better service income
and auto parts sales.ICRA notes that the firm has however
witnessed some decline in sales for other principals Hero Moto
Corp Ltd (HMCL) and John Deere Tractors. The rating continues to
factor in the long standing experience of the promoters in the
automobiles dealership business and its position as a leading
HMIL dealer in Alwar, Rajasthan. However, the rating continues to
be constrained by the firm's adverse capital structure (gearing
of 8.7 times as on March 31, 2015), which coupled with its modest
profit margins has resulted in weak coverage indicators (Interest
coverage of 1.0 times, NCA/TD2 of 1.7% as on March 31, 2015).
Going forward, the firm's ability to maintain its revenue growth,
improve capital structure and the profitability metrics will
remain the key rating sensitivities.

Modern is the authorized dealer for two wheelers manufactured by
HMCL and passenger cars manufactured by HMIL. Besides, it also
operates a John Deere dealership. The firm was awarded the
dealership of HMCL in 1987 and the Hyundai dealership in 2005.
The firm has a 3S (sales, service and spares) facility in Alwar
and a sales outlet in Bhiwadi.

Recent Results
In FY2015, Modern registered an Operating Income (OI) of INR101.6
core and a net profit of INR0.2 crore, as compared to an OI of
INR88.5 crore and a net profit of INR0.18 crore in the previous
year. The firm, on a provisional basis, reported an OI of
INR116.1 crore for FY16.


NEWAGE LAMINATORS: ICRA Assigns B+ Rating to INR2.50cr Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B+ to the
INR5.34 crore fund based bank facilities of Newage Laminators
Private Limited. ICRA has also assigned its short term rating of
[ICRA] A4 to the INR1.20 crore non fund based facilities of the
company. ICRA has also assigned its long term rating of [ICRA] B+
and its short-term rating of [ICRA] A4 to the company's INR3.46
crore unallocated Line of Credit.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           0.40         [ICRA]B+; assigned
   Term Loan             1.84         [ICRA]B+; assigned
   PC                    0.60         [ICRA]B+; assigned
   FDB                   2.50         [ICRA]B+; assigned
   Non-Fund Based
   Limits LC             1.20         [ICRA]A4; assigned
   Unallocated           3.46         [ICRA]B+/[ICRA]A4; assigned

ICRA's ratings take into account the highly competitive business
environment NLPL operates in and its modest scale of operations,
low profitability, leveraged capital structure and weak debt
coverage indicators. The ratings, however, positively consider
the longstanding experience of the promoters in the manufacturing
of extrusion lamination products, and the favorable demand
outlook for the company's products in the near to medium term.

Going forward, the company's ability to augment its revenue
growth and profitability while improving its capital structure
and maintaining optimal working capital intensity will be the key
rating sensitivities.

Incorporated in 1966, NLPL manufactures extrusion lamination
products like High Density Polyethylene (HDPE)/ Polypropylene
(PP) laminated paper and bags, Polycoated Paper and Polyester/
Biaxially Oriented Polypropylene (BOPP) laminated HDPE/PP Fabric.
The company has been promoted by Mr. Arun Kohli, Mr Harish Kohli
and Mr R P Kohli.

Recent Results
NLPL reported a net profit of INR0.05 crore on an operating
income of INR15.01 crore in FY15, as against a net profit of
INR0.26 crore on an operating income of INR11.42 crore in FY14.
The company, on a provisional basis, reported sales of INR18.32
crore in FY16.


OCTAL SALES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Octal Sales
Private Limited a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.  The agency has also assigned its INR70 mil.
fund-based limits an 'IND B' rating with a Stable Outlook.

KEY RATING DRIVERS

Octal's ratings reflects the company's weak credit profile, with
an extremely low operating margin of 0.2% in FY15 (FY14: negative
0.3%), owing to the trading nature of its business, moderate
interest coverage of 1.6x and high net financial leverage of
21.6x (negative 26.1x).  Its liquidity was also tight, with
almost full utilization of its working capital limits for the
four months ended March 2016.  According to provisional
financials for FY16, the company has earned revenue of INR440m.

However, the ratings are supported by its director's decade-long
experience in the jute business.

RATING SENSITIVITIES

Positive: A substantial increase in the operating margins may
lead to a positive rating action.

Negative: Deterioration in the credit profile could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1997, Octal was engaged in the trade of jute; it
is 99.99% owned by Kishanganj Jute Mills Limited.  The company is
managed by Mr. Sajan Bajaj and its registered office is located
in Chhattisgarh.  Since FY17, the company has stopped its trading
activities and is engaged in the mining of stones.


P.R. TECHNOPLAST: CRISIL Assigns 'B' Rating to INR60MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of P.R. Technoplast Private Limited (PRT).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                60        CRISIL B/Stable
   Cash Credit              35        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       30        CRISIL B/Stable

The rating reflects the company's modest scale of operations,
large working capital requirement, and subdued financial risk
profile because of high gearing. These weaknesses are partially
offset by extensive experience of its promoters in the automotive
components industry and their funding support, and its
established customer relationships.
Outlook: Stable

CRISIL believes PRT will benefit from the extensive industry
experience of its promoters and its established relationships
with customers. The outlook may be revised to 'Positive' if
increase in cash accrual and improved working capital management
lead to significantly better liquidity. Conversely, the outlook
may be revised to 'Negative' if financial risk profile
deteriorates because of lower-than-expected profitability,
sizeable working capital requirement, or large debt-funded
capital expenditure.

PRT, incorporated in June 2013, manufactures injection-molded
plastic components, including handle bar switches, lock parts,
and speedometer cases, for two-wheelers. The company also
manufactures water sprinkler parts and plastic components of LED
bulbs. It is promoted by Mr. Vijender Verma and Mr. Sanjay Verma,
who have been in the automotive components business through PR
Fasteners Pvt Ltd since 1998.


PERFECT INFRAENGINEERS: Ind-Ra Ups LT Issuer Rating to 'IND BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Perfect
Infraengineers Ltd's (PIL) Long-Term Issuer Rating to 'IND BB'
from 'IND D'.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects PIL's timely debt servicing over the five
months ended April 2016.  The ratings, however, remain
constrained by PIL's small scale of operations, moderate credit
profile, and working capital intensive nature of operations owing
to stretched receivables from government authorities.

Provisional FY16 financials indicate net leverage (net
debt/EBITDA) of 2.6x (FY15: 3.02x; FY14: 2.58x), interest
coverage of 2.0x (2.14x; 1.91x), EBITDA margins of 13.4% (11.7%;
11.2%) and revenue of INR245 mil. (INR254 mil.; INR209 mil.).
PIL's net cash conversion cycle was 125 days in FY16 (FY15: 139
days; FY14: 211 days).

The ratings factor in the company's moderate liquidity as
indicated by its average working capital utilization of 98% for
the 12 months ended March 2016.

The ratings, however, are supported by the two-decade-long
experience of PIL's founders in the HVAC and electrical works
business and the company's outstanding order book of INR472 mil.
(1.9x FY16 revenue) at end-April 2016.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial increase in the revenue while maintaining the current
credit profile.

Negative: A negative rating action could result from a decline in
the operating profitability and/or an increase in the net working
capital cycle leading to deterioration in the credit profile.

COMPANY PROFILE

Incorporated in 1993, PIL is a turnkey project contractor for the
supply, installation, testing, commissioning and maintenance of
mechanical, electrical and plumbing and heating, ventilation and
air conditioning equipment.  The company also undertakes annual
maintenance contracts and supplies air conditioners on rentals.
It is listed with National Stock Exchange.

PIL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB'/Stable from
      'IND D'
   -- INR0.9 mil. term loans: upgraded to 'IND BB'/Stable from
      'IND D'
   -- INR47.5 mil. fund-based limits: upgraded to 'IND BB'/Stable
      from 'IND D'
   -- INR45 mil. non-fund-based limits: upgraded to 'IND A4+'
      from 'IND D'


SAIKRUPA COTGIN: ICRA Lowers Rating on INR15cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR15.00 crore1 cash credit facilities and the INR4.21 crore term
loan facilities of the Saikrupa Cotgin Limited to [ICRA]D from
[ICRA]B+ assigned earlier.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-
   based facilities
   Cash Credit           15.00        [ICRA]D/ downgraded from
                                      [ICRA]B+

   Long-term, fund-
   based facilities
   Term Loan              4.21        [ICRA]D/downgraded from
                                      [ICRA]B+ TOTAL 19.21

The rating action takes into account the recent delays in debt
servicing owing to credit culture related issues.

Incorporated in 2009 by Mr. Sunil Katakade, Saikrupa Cotgin
Limited (SKCL) is a 100% family owned company engaged in ginning
and pressing of raw cotton. The company also undertakes crushing
of cotton seed to extract cotton seed oil and cotton seed cake.
SKCL was set up by taking over the assets and liabilities of
Saikrupa Ginning Factory (Proprietor Sunil Katkade) and Saikrupa
Ginning and Pressing Industries (Proprietor Mahadeorao Katkade)
in FY12. Saikrupa Ginning Factory (SGF) started operations in
2004-05 and was engaged in ginning of raw cotton. Saikrupa
Ginning and Pressing Industries (SGPI), which commenced
operations in 2006, was engaged in pressing of ginned cotton
produced by SGF along with manufacturing of cotton seed oil and
oil cake.


SARAVANA SAI: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Saravana Sai Rice Industries (SSRI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B+/Stable

The rating reflects SSRI's modest scale-and working capital
intensive nature- of operations in intensely competitive rice
milling industry. The ratings also factors SSRI's modest
financial risk profile marked by small networth, high gearing and
modest debt protection metrics. These rating weaknesses are
partially offset by extensive industry experience of the
promoters in the rice milling industry.
Outlook: Stable

CRISIL believes that SSRI will benefit over the medium term from
the extensive industry experience of its partners. The outlook
may be revised to 'Positive' if the firm registers sustainable
increase in its revenues and profitability thereby improving
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm undertakes aggressive debt funded
expansions, or if its revenues and profitability decline
substantially, or if the partners withdraw capital, leading to
weakening in its financial risk profile.

Set up in 2002 as a partnership entity by Mr.Kakuturu Surya
Pratap Reddy and his family. Based out of Nellore in Andhra
Pradesh, SSRI is involved in the milling and processing of paddy
into rice, rice bran, broken rice and husk.


SATYAM SPINNERS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Satyam Spinners
Pvt Ltd (SSPL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The agency has also assigned SSPL's INR155
mil. fund-based working capital limits an 'IND BB' rating with a
Stable outlook.

KEY RATING DRIVERS

SSPL's ratings reflect its moderate scale of operations, with
revenues of INR1,682 mil. in FY16, as per provisional figures
made available by its management (FY15: INR1,392 mil.), along
with its weak financial profile, as reflected in its operating
EBITDA interest coverage of 1.8x (1.7x), high net leverage of
5.4x (5.9x) and operating EBITDA margins of 2.3% (2.2%).  Its
liquidity was moderate, with 87% average utilization of its fund-
based limits during the 12 months ended March 2016.

The ratings also take into account the company's presence in a
highly competitive industry, which is vulnerable to fluctuations
in the price of raw cotton.

However, the ratings benefit from its founders' experience of
more than two decades in the cotton yarn manufacturing business.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with
improvement in profitability, leading to an improvement in credit
metrics, could lead to a positive rating action.

Negative: Deterioration in credit metrics could lead to a
negative rating action.

COMPANY PROFILE

SSPL has been promoted by Mr. Bhupendra Singh Rajpal and Mr.
Chetan Kumar Agarwal of the Manjeet Group in Sendhwa, Madhya
Pradesh.  It was incorporated in 1990 to set up a spinning unit
to manufacture yarn at Sendhwa, and commenced operations in 1993,
with an annual production capacity of 1450 metric tonnes of
cotton yarn.  Currently, the company has an annual capacity of
2400 metric tonnes, with 15,336 spindles.


SHANTI ISPAT: CRISIL Assigns B- Rating to INR114.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Shanti Ispat Limited (SIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              114.5       CRISIL B-/Stable

The rating reflects SIL's weak financial profile due to high
gearing and modest liquidity owing to large working capital
requirement and small modest scale of operations in the
fragmented auto component manufacturing industry. These
weaknesses are mitigated by the promoters' extensive experience
and healthy sales growth owing to addition of new products for
existing and new customers.
Outlook: Stable

CRISIL believes SIL will benefit from its promoters' extensive
experience and established customer relationships. The outlook
may be revised to 'Positive' if liquidity significantly improves
owing to better cash accrual and working capital management.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens owing to lower-than-expected profitability,
large working capital requirement, or a sizeable, debt-funded
capital expenditure.

SIL was incorporated by Mr. Rakesh Batra and his brother Mr.
Pawan Batra in 1988. However, operations were stated in June
1990. It is engaged in the fabrication of sheet metal components
for two wheelers and four wheeler vehicles. The company has its
manufacturing facility located in Gurgaon.


SHIRKE RECREATION: Ind-Ra Affirms IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shirke
Recreation Enterprise's (SRE) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.  The agency has also affirmed SRE's
INR288.24 mil. term loan (reduced from INR928.9 mil.) at 'IND BB'
with a Stable Outlook.

The ratings factor in the financial support potentially available
from B.G. Shirke Construction Technology Pvt Ltd (BGSCTPL;
'IND A-'/Stable), which holds a 70% stake in SRE.

KEY RATING DRIVERS

The ratings consider that the project that SRE was incorporated
to construct has been operational since 2014.  However, the
enrolment of members (220) in FY15 was significantly lower than
firm's projections (520).  As per provisional FY16 data, 220
members enrolled in FY16.  The firm was set up only to construct
a club with recreation facilities on a build, operate and
transfer basis in Kandivali, Mumbai.  Commercial operations at
the club were initially slated to commence in July 2013.
However, there was a delay, and eventually operations commenced
in June 2014.  The delay resulted in the total project cost
increasing to around INR1,570m from the earlier estimate of
INR1,100 mil.  At end-March 2016, a total of 678 members had
enrolled at the club.  Ind-Ra draws comfort from SRE belonging to
the well-established B.G. Shirke Group, which has an operating
track record of over five years in the hospitality industry, with
Shirke Infrastructure (SINF; 'IND BBB-'/Stable) operating a
similar club in Bandra Kurla Complex, Mumbai.

The ratings also factor in the partnership nature of the
business, whereby all partners of SRE are jointly and severally
responsible for the secured liabilities of the partnership,
according to the agreement.  Additionally, BGSCTPL, which is a
partner in SRE, has infused funds to finance the cost overrun for
construction as well as the term loan repayments, which started
in 1QFY15.  Ind-Ra expects BGSCTPL to have sufficient liquidity
to keep supporting SRE's requirements for the next two-three
years.

RATING SENSITIVITIES

Negative: Significant deterioration in BGSCTPL's credit profile,
hampering its ability to extend distress support in a timely
manner, can lead to a negative rating action.

Positive: Strong operational cash generation, leading to a
significant reduction in dependence on BGSCTPL, and/or a
significant improvement in its partners' credit metrics on a
sustained basis, can lead to a positive rating action.

COMPANY PROFILE

SRE is a part of the B.G. Shirke Group which is based in Pune,
Maharashtra.  It was incorporated in 2012 as a partnership firm
to construct a state-of-the-art clubhouse with an indoor cricket
academy and recreation facilities at Kandivali, Mumbai, for the
Mumbai Cricket Association on a build, operate and transfer
basis. SRE has two partners: BGSCTPL and Shirke Trust.  BGSCTPL
is engaged in the construction of housing projects, industrial
and commercial buildings, roads, bridges, highways and sporting
complexes.

SRE's income is generated from the sale of memberships, food and
beverages as well as rentals of banquet halls, conferences and
rooms.


SHIVALIK I.B.: CRISIL Assigns B+ Rating to INR60MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shivalik I.B. Automark Private Limited
(SAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                  60        CRISIL B+/Stable

   Inventory Funding
   Facility                 40        CRISIL B+/Stable

The rating reflects the company's exposure to intense competition
in the automobile dealership business, geographic concentration
in revenue, and weak financial risk profile because of high total
outside liabilities to tangible networth ratio and subdued debt
protection metrics. These weaknesses are partially offset by
healthy scale of operations and established relationship with
principal Hyundai Motors India Ltd.
Outlook: Stable

CRISIL believes SAPL will continue to benefit over the medium
term from its healthy relationship with HMIL. The outlook may be
revised to 'Positive' if significant improvement in operating
margin leads to higher-than-expected cash accrual, or if equity
infusion results in a better capital structure. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens, driven by higher working capital debt or term debt to
fund capital expenditure, or if revenue and profitability decline
significantly.

SAPL, incorporated in 2013, is an authorised dealer of HMIL's
passenger vehicles. The company is promoted by Mr. Vishnu Patel
and his family. It has three showrooms in Rajkot, Gujarat, with
3S (sales, service, and spares) facility.


SRI KONDAIYA: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Kondaiya Modern Rice Mill (SKMR).

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

The rating reflects SKMR's modest scale of operations, exposure
to intense competition in the rice milling industry, and below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of proprietor in the
rice milling business.
Outlook: Stable

CRISIL believes SKMR will benefit over the medium term from the
extensive industry experience of its proprietor. The outlook may
be revised to 'Positive' if revenue and profitability increase
substantially, leading to an improvement in the financial risk
profile or in case of significant infusion of capital to meet
incremental working capital requirement. Conversely, the outlook
may be revised to 'Negative' if aggressive, debt-funded capital
expenditure, or a substantial decline in revenue and
profitability, or capital withdrawal leads to deterioration in
liquidity and hence financial risk profile.

SKMR is a proprietorship firm engaged in milling and processing
of paddy into rice, rice bran and husk. Its manufacturing plant
is located in Pallathur, Tamil Nadu. The firm is promoted by Mr.
Murugan M and his family members.


SRI VAIBHAVA: CRISIL Upgrades Rating on INR52.5MM LT Loan to C
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Sri Vaibhava Lakshmi Enterprises Private Limited (SVLEPL) to
'CRISIL C' from 'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           52.5      CRISIL C (Upgraded from
                                      'CRISIL D')

   Open Cash Credit         22.8      CRISIL C (Upgraded from
                                      'CRISIL D')

   Proposed Long Term       44.7      CRISIL C (Upgraded from
   Bank Loan Facility                 'CRISIL D')

The rating upgrade reflects timely servicing of debt by SVLEPL
over the six months ended March 2016. Though liquidity continues
to be weak'cash accrual may be inadequate to meet term debt
obligations over the medium term'unsecured loans from the
promoters are expected to support on-time debt servicing.

Financial risk profile remains weak, because of modest networth,
high gearing, and below-average debt protection metrics.
Moreover, exposure to inherent risks in the poultry industry
constrains business risk profile. However, the company benefits
from the extensive industry experience of its promoters.

Set up in 2013, SVLEPL is engaged in the poultry business. It has
farms in Nandigama Village, Krishna District (Andhra Pradesh).
Mr. Venkata Narayan and his family are the promoters.


TRINA NRE: CRISIL Downgrades Rating on INR46.6MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Trina
NRE Transportation Limited (Trina) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            2        CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Foreign Usance           12.5      CRISIL D (Downgraded from
   Bills Purchase                     'CRISIL A4+')
   Discounting

   Inland/Import            13.0      CRISIL D (Downgraded from
   Letter of Credit                   'CRISIL A4+')

   Long Term Loan           46.6      CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Overdraft Facility       15.0      CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Packing Credit           25.0      CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Proposed Long Term       13.9      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB-/Stable')

   Term Loan                17.5      CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects recent instances of delay by the company
in servicing its bank debt. The delays were because of stretched
liquidity owing to delayed payment by a major customer in January
2016.

Trina has a small scale of operations with large working capital
requirement. However, the company benefits from its established
market position in manufacturing gears for locomotives and its
strategic tie-up with, and equity support from, a foreign
investor.

Trina was set up in 1992 as an export-oriented unit for
manufacturing precision custom gears for the marine, offshore,
locomotive, mining, wind energy, transportation, and construction
industries. The company currently manufactures locomotive
traction gears and pinions for railroads. It derives the bulk of
its operating revenue from exports.


VARDHMAN CHEMTECH: ICRA Suspends 'D' Rating on INR98.7cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating to the INR250.0 Crore long-
term and short-term bank facilities of Vardhman Chemtech Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           42.90         [ICRA]D suspended
   Working Capital
   Term Loans           98.70         [ICRA]D suspended

   Cash Credit          46.34         [ICRA]D suspended

   Letters of Credit/
   Bank Guarantee       42.46         [ICRA]D suspended

   Funded Interest
   Term Loan            19.60         [ICRA]D suspended

Vardhman Chemtech Limited (VCL) was incorporated in year 1996,
but started its operations in year 1999 as a single reactor plant
for recovery from waste. The company gradually expanded its
product portfolio and is currently into manufacturing Bulk Drugs,
Intermediates and Fine Chemicals in the oral and sterile
Isoxazoles segment of Penicillin (Cloxacillin Sodium,
Dicloxacillin Sodium, Flucloxacillin Sodium, Oxacillin Sodium).
Later during 2010-11, VCL commissioned its sterile API
(injectible) facility to become India's second largest sterile
penicillin facility.


VIMALOXY PRODUCT: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vimaloxy Product
(VIMAL) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  The agency has also assigned the firm's INR159 mil.
fund-based working capital limit a Long-term 'IND BB-' rating
with a Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect VIMAL's moderate scale of operations, weak
credit metrics and low operating profitability due to its
presence in the intensely competitive and fragmented textile
industry.  In FY15, the firm's revenue was INR1,504.39 mil.
(FY14:
INR1,163.89 mil.), net financial leverage (total adjusted net
debt/operating EBITDA) was 7.05x (6.39x), gross interest coverage
(operating EBITDA/gross interest expense) was 1.48x (1.60x) and
EBITDA margins were 2.16% (2.52%).

The firm's provisional FY16 financials indicate revenue of
INR1,622.32 mil.  Ind-Ra expects the margins to have slightly
improved year-on-year in FY16..

The ratings, however, are supported by VIMAL's comfortable
liquidity position as evident from around 80% average utilisation
of its fund-based limits during the 10 months ended March 2016
and its promoters' more than 15 years of operating experience in
the textile industry.

RATING SENSITIVITIES

Positive: Substantial growth in the firm's top line along with an
improvement in its operating profitability leading to improved
interest coverage could lead to a positive rating action.

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

VIMAL, incorporated in 2009, is a proprietorship firm
manufacturing various textile products.  The firm operates under
various brand names such as Oxy, V2, i10, Yoga, 303 etc.



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


SHARP CORP: Technically Insolvent as Liabilities Exceed Assets
--------------------------------------------------------------
Shotaro Tani at Nikkei Asia Review reports that Sharp Corp.'s net
loss for fiscal 2015 widened enough to pull the company into
technical insolvency as its liabilities exceeded assets on a
consolidated basis.

More than ever, the Japanese electronics maker is banking on Hon
Hai Precision Industry, its soon-to-be owner, to turn around its
fortunes, Nikkei says.

According to Nikkei, Sharp announced on May 12 that its group net
loss came in at JPY255.9 billion ($2.35 billion) for the year
ended in March. The figure is wider than the previous fiscal
year's JPY222.3 billion group net loss, the report notes. The
company's display panel business and consumer electronics
business in particular sunk the company deeper into its hole.

Heavy extraordinary losses also damaged the overall result. The
operating loss came in at JPY161.9 billion, narrower than the
JPY170 billion that Sharp had forecast.

The company's net worth now stands at minus JPY31.2 billion, with
a capital to asset ratio at minus 2.7%. However, fresh funding
from Taiwan's Hon Hai, once the takeover is completed, is
expected to bring the Japanese electronics giant's net worth back
above zero, Nikkei notes.

"We have fallen into insolvency," Nikkei quotes Sharp President
Kozo Takahashi as saying at a press conference on May 12. "But
through our alliance with Hon Hai, we will aim for the stable
continuation of our business. We will create wide-ranging
synergies by fusing our strength, creating new services and
opening up a new IoT [internet of things] world."

Nikkei relates that Mr. Takahashi also said he hopes the takeover
process can conclude by the end of June.

During the press conference, Mr. Takahashi admitted that on its
own Sharp is not fit enough to compete in today's marketplace.
The hope is that Hon Hai, better known as Foxconn, can help to
change that, the report relays.

Nikkei adds that Sharp on May 12 also announced plans to appoint
Hon Hai Director Tai Jeng-wu as its new president and to bring in
three Foxconn-connected directors. Along with two other outside
directors, six of Sharp's nine board members will come from
outside the company. Mr. Takahashi will remain on the board until
the takeover process is completed.

"Generally speaking," Mr. Takahashi, as cited by Nikkei, said,
"not having a large shareholder will help keep the company as it
is. But surviving this harsh business environment is the most
important thing. Before stepping down, I hope to pave the way for
Sharp to reach a new stage through our alliance with Hon Hai."

                             About Sharp

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2016, Nikkei Asian Review said that under pressure to
reduce costs after another year in the red, Sharp is considering
eliminating about 1,000 more jobs ahead of its takeover by
Taiwan's Hon Hai Precision Industry.

On April 4, 2016, Standard & Poor's Ratings Services revised to
positive from negative the CreditWatch implications on its 'CCC'
long-term and 'C' short-term corporate credit ratings, 'CCC+'
long-term debt ratings, and 'C' commercial paper program ratings
on Japan-based electronics maker Sharp Corp.  At the same time,
S&P also revised to positive from negative the CreditWatch
implications on the 'CCC' long-term and 'C' short-term corporate
credit ratings and 'C' commercial paper program ratings on
overseas Sharp subsidiary Sharp International Finance (U.K.) PLC.

The CreditWatch revision to positive from negative follows
Sharp's announcement on March 30 that it will issue new shares
through third-party allocations totaling JPY388.8 billion to
Taiwan's Hon Hai Precision Industry Co. Ltd. (A-/Stable/--) and
its group companies by Oct. 5, 2016.  On March 30, Hon Hai also
announced it would acquire Sharp's shares.  Despite significant
deterioration of Sharp's earnings, if the plan to increase
Sharp's capital proceeds as planned, S&P thinks its financial
standing would improve materially and it could to some degree
stabilize its main liquid crystal display (LCD) business, which
experiences wide swings in profitability, using Hon Hai's
customer base and supply chain.

The TCR-AP reported on April 15, 2016, that Egan-Jones Ratings
Company lowered the foreign currency senior unsecured rating on
debt issued by Sharp Corp. Japan to CCC+ from B- on March 30,
2016.


TOSHIBA CORP: Korean Unit Files For Corporate Rehabilitation
------------------------------------------------------------
Toshiba Corporation has announced that Toshiba Samsung
Storage Technology Korea (TSST-K), a Korea-based subsidiary of
Toshiba Samsung Storage Technology (TSST), following a May 11
decision by its board of directors, on May 12 filed for
corporate rehabilitation proceedings with the Seoul Central
District Court. TSST is a joint venture between Toshiba
Corporation and Korea's Samsung Electronics Co., Ltd. (Samsung),
and a Toshiba Group company, with 50.1% of its outstanding shares
held by Toshiba.

TSST was established as a joint venture between Toshiba and
Samsung, with the parent companies holding 51% and 49% of the
company's stock, respectively. TSST-K was subsequently
established as a wholly-owned subsidiary of TSST, and engaged in
the optical disc drive (ODD) business. As demand for ODD has
fallen, resulting in a significant deterioration in TSST-K's
performance, Toshiba decided in March 2014 to withdraw from the
ODD business, and to carry out a series of stock transactions
that would transfer full ownership of TSST-K to Korea-based OPTIS
Inc. (Optis), a manufacturing partner, by 2017.

Based on this agreement, 49.9% of TSST-K's stock has been
transferred to Optis. However, Optis's management initiatives and
efforts to rebuild the business have been undermined by
deep declines in product demand and prices.

TSST-K's liabilities total approximately JPY9.0 billion.

Toshiba recorded an impairment loss for TSST-K in FY2013, and the
current book value of TSST-K's stock is approximately JPY100,000.

The company has recorded an allowance to its accounts receivable
in respect of TSST-K of approximately JPY600 million (as of the
end of March 2016). Toshiba does not hold any financial
guarantees or other contractual obligations with regard to the
liabilities of TSST-K, and TSST-K's liabilities will have no
financial impact on Toshiba.

"The court will announce its decision on corporate rehabilitation
proceedings within a month from May 12. Unless the court
dismisses TSST-K's filing, TSST-K's management will then meet
with its creditors and other interested parties and present the
corporate rehabilitation plan," Toshiba said.

                           About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating
two notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term
ratings on Toshiba on CreditWatch with negative implications,
where S&P placed them Dec. 22, 2015, when it lowered the long-
term corporate credit rating.  S&P has affirmed its short-term
corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.


TOSHIBA CORP: S&P Lowers CCR to 'B' & Removes from CreditWatch
--------------------------------------------------------------
S&P Global Ratings said it has lowered its long-term corporate
credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch.  The outlook on the long-term corporate credit
rating is negative.  S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016.  S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.

For fiscal 2015 (ended March 31, 2016), Toshiba made an operating
loss of JPY719.1 billion and a net loss of JPY483.2 billion, and
its shareholder's equity shrank to JPY312.6 billion (versus
JPY1.0839 trillion as of the end of March 31, 2015).  Toshiba's
performance took a blow from the massive restructuring costs,
asset devaluations, and valuation losses it incurred as a result
of intense restructuring of low-profitability and loss-making
businesses following revelations last fiscal year of widespread
accounting improprieties at the company.

For fiscal 2016, Toshiba expects to make JPY5.1 trillion in
sales, JPY120.0 billion in operating profits, and JPY100.0
billion in net profits.  But in S&P's base-case scenario, it
assumes Toshiba's operating performance will not improve as much
as the company expects.  Restructuring has reduced the likelihood
that the company's energy business and social infrastructure
business will make huge losses, but their profitability is likely
to take time to recover because the businesses continue to face
intense competition for orders and sales.  The storage business,
which produces and sells semiconductor memory, is likely to
maintain its leading share of the global market, but earnings are
volatile because the business is susceptible to swings in sales
of end products, including smartphones, and to cyclicality.  In
addition, Toshiba's plan to sell its PC business faces delays,
and, therefore, eliminating losses is likely to take time.

As a result of the above factors, while S&P expects Toshiba's
EBITDA margin to improve from last fiscal year, it will likely
remain below 8% this fiscal year.  Therefore, S&P maintains its
comprehensive assessment of Toshiba's business risk profile as
fair, the third-lowest of six possible categories.  S&P maintains
its view that Toshiba's business risk profile is at the lower end
of this category.

Cash-flow related indicators for Toshiba, such as funds from
operations (FFO) to debt and debt to EBITDA, have worsened to
levels that correspond to a highly leveraged financial risk
profile.  S&P expects the indicators to remain at levels we
consider highly leveraged this fiscal year because the company's
plan for about JPY300 billion-JPY350 billion in annual business
investments and capital expenditures will likely constrain free
cash flow, continuing to hamper debt reduction.  Nevertheless,
S&P thinks Toshiba's financial risk profile continues to receive
support from the company's strong ties with major creditor banks,
which S&P expects will support measures of its interest coverage
at sound levels.  As such, S&P continues to assess Toshiba's
financial risk profile as aggressive, the second-lowest of six
possible categories.

The combination of S&P's assessments of Toshiba's business and
financial risk profiles continues to indicate a 'bb-' anchor.
However, S&P's negative assessments of Toshiba's capital
structure and comparable ratings analysis, both of which are
modifiers, result in a two-notch downward adjustment from the
anchor.  As a result, S&P lowered its long-term corporate credit
rating on Toshiba one notch from our previous rating to 'B'.

S&P's negative assessment of Toshiba's capital structure reflects
S&P's view that the structure of its debt maturities and its
weakened capability to raise funds in the market will constrain
its debt repayment profile.  S&P's negative assessment in the
comparable ratings analysis reflects a decline in Toshiba's
profitability and business competitiveness, a heavy debt burden,
and thin shareholder's equity.

S&P continues to assess Toshiba's management and governance as
fair, which does not affect S&P's ratings.  Regarding governance
subfactors, S&P assess both board effectiveness and internal
controls as negative.  However, these elements are unlikely to
worsen further because Toshiba's stance toward preventing
recurrences shows in its CEO selection, board makeup, and policy
on decision-making regarding business management.

In S&P's base-case scenario, it assumes these:

   -- Japan's real GDP grows 0.8% year on year in 2016 and 0.4%
      in 2017.

   -- The company does not book huge restructuring costs or
      suffer any asset devaluations or valuation losses this
      fiscal year.

   -- Growth in global unit sales of smartphones in 2016 is
      slightly slower than in 2015.  No major issues arise in the
      working capital management for or cost burden of social
      infrastructure projects for which Toshiba has already
      received orders.

   -- Fiscal 2016's operating profit and loss balance improves
      from fiscal 2015, but deteriorating or stagnating external
      conditions and intense competition will constrain the
      improvement to levels short of the company's expectations.

   -- Annual capital expenditures total about JPY300 billion-
      JPY350 billion and the company does not reward shareholders
      in fiscal 2016.

Under these assumptions, S&P expects these financial metrics:

   -- Fiscal 2016's EBITDA margin marks an improvement over
      fiscal 2015's but is still below 8%.

   -- The company will record a net profit and positive free cash
      flow in fiscal 2016.

S&P continues to assess Toshiba's liquidity as less than
adequate. S&P expects Toshiba's liquidity sources to be less than
1.2x uses over the next 12 months.  It holds the proceeds of its
March 2016 sale of Toshiba Medical Systems Corp. as cash and
deposits and a JPY400 billion commitment line of credit newly
established at the end of September 2015, all of which were
unused as of March 31, 2016.  S&P also believes that Toshiba's
continued strong ties with its main creditor banks support its
liquidity.  However, the company is likely to continue to face
constraints on its liquidity because its capital expenditure
burden is heavy and it will remain heavily reliant on bank
borrowings for its funding.

S&P's long-term senior unsecured debt rating remains two notches
higher than S&P's long-term corporate credit rating on Toshiba.
This reflects S&P's view that the probability of default in
Toshiba's long-term senior unsecured bonds is lower than that in
its bank borrowings because any default is somewhat likely to
take the form of debt forgiveness by banks.  S&P bases this view
on its expectation that Toshiba's main creditor banks will
maintain their supportive stance toward Toshiba.

S&P's rating outlook on Toshiba is negative.  S&P believes
improvement in Toshiba's operating performance might stall
because although the company has made progress restructuring its
energy and social infrastructure businesses, the businesses will
need time to recover profitability; sluggish demand in
smartphones, among other products, is likely to strongly affect
the storage business; and the company has yet to show clear
prospects of selling or streamlining its PC business or of
eliminating the business' losses.  If the company is slow to
recover its profitability while at the same time its capital
expenditure burden increases, its financial standing will take
longer to improve than S&P currently assumes.

In the next year or so, S&P might consider downgrading Toshiba if
S&P determines that its profitability will take more time to
recover.  This would be the case if, for example, Toshiba's
operating performance deteriorates substantially from its
guidance, owing to, for example, huge restructuring costs in its
main businesses; free cash flow becoming substantially negative;
or if S&P determines that its liquidity has significantly
weakened, owing to, for example, a less supportive stance from
its main creditor banks.

Conversely, in order for S&P to revise upward the rating outlook
to stable, S&P would need to see a stronger likelihood that
Toshiba's net profit would stage a firm recovery through the
generation of stable operating profits from its main businesses.
In addition, S&P would need to see the company progress debt
reduction with free cash flow and significantly improve its cash-
flow related indicators.



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


STATS CHIPPAC: S&P Lowers CCR to 'B+'; Outlook Negative
-------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on STATS ChipPAC Ltd. to 'B+' from 'BB-'.  The outlook is
negative.  At the same time, S&P lowered its long-term ASEAN
regional scale rating on the company to 'axBB-' from 'axBB+', and
lowered the issue rating on its outstanding notes to 'B+' from
'BB-'.

The downgrade reflects the lower-than-expected operating
performance and continued integration risks at STATS ChipPAC, a
Singapore-based outsourced semiconductor assembly and testing
(OSAT) service provider.  The company's first-quarter revenue
fell about 34% year on year on industry weakness, lower project
volumes, and the sale of a Taiwan subsidiary.  Parent company
Jiangsu Changjiang Electronics Technology Co., Ltd. (JCET) posted
a similarly modest performance.

"We expect the recent slowdown in global demand for mobile phones
and personal computers to keep the OSAT industry's recovery
prospect weak over the next few months," said S&P Global Ratings
analyst Eric Nietsch.  "The industry's excess capacity could also
limit growth in demand for OSAT players. In addition, competitive
pressure on STATS ChipPAC is likely to increase because of the
ongoing consolidation among semiconductor companies."

"Despite rising competition, our view is STATS ChipPAC will be
able to maintain its market position as one of the major OSAT
companies globally, given its good technological capability in
advanced products," Mr. Nietsch said.

S&P also expects the integration with JCET to increase STATS
ChipPAC's business diversity by giving it better access to the
fast-growing China market, where JCET has become the largest
Chinese OSAT company with robust technological capabilities in
advanced packaging.

S&P believes the integration still bears execution risks, leading
to uncertainty among customers, and ultimately the volume
declines that have caused the recent weakness.  Although STATS
ChipPAC may have lost some volume, management indicated that the
company has retained customers and is winning new projects.  S&P
therefore anticipates that the second quarter could stabilize and
the second half of the year will be stronger.

S&P now views STATS ChipPAC's leverage as unlikely to be within
4.0x over the next one to two years.  This view is based on S&P's
revised forecast of STATS ChipPAC's debt-to-EBITDA ratio close to
4.5x, compared with S&P's previous projection of slightly below
4.0x.

JCET's 2015 pro forma consolidated ratio of debt to EBITDA also
rose above 4x because of adverse business conditions and higher
debt from the STATS ChipPAC acquisition.  S&P assess JCET's group
credit profile as similar to the stand-alone credit profile of
STATS ChipPAC, which contributes about 60% of the group's EBITDA.

S&P understands that equity investors will invest US$400 million
in net proceeds, which will help to reduce JCET's leverage.
Although S&P believes shareholders are committed, and it expects
the transaction to be completed, we view some execution risks in
the capital-raising exercise.

S&P views STATS ChipPAC's operations as integral to the overall
group strategy.  S&P also believes JCET's management is
financially committed to STATS ChipPAC.  As a result, S&P assumes
that STATS ChipPAC is highly unlikely to be sold, and view the
group credit quality as highly influential on the rating of STATS
ChipPAC.

"The negative outlook reflects the event risk that the recent
equity transaction, and associated equity proceeds, may not
close. It also reflects the risk that weakness in the OSAT market
will continue," Mr. Nietsch said.

S&P may lower the rating if the leverage at STATS ChipPAC
increases to the point where the incentive for JCET to continue
to support the company declines.

S&P may also lower the rating on STATS ChipPAC if JCET's ratio of
debt to EBITDA exceeds 4.5x without showing potential for
improvement and if the liquidity position weakens.  This could
happen if: (1) the US$400 million from equity investors falls
through; (2) pressure on volumes and prices does not ease,
translating into volatile margins; (3) JCET pursues aggressive
capital spending; or (4) integration issues of STATS ChipPAC
within the JCET ecosystem lead to sustained losses of customers
or volume.

S&P would revise the outlook to stable if JCET maintains strong
commitment to STATS ChipPAC while the consolidated debt-to-EBITDA
ratio falls below 4.0x on a sustainable basis.  This would
necessitate both a more supportive business environment and the
successful execution of its equity transaction, in S&P's view.



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


HANJIN SHIPPING: Joins Alliance Amid Creditor-Led Debt Revamp
-------------------------------------------------------------
Yonhap News Agency reports that cash-strapped Hanjin Shipping
Co., South Korea's largest shipper, has joined a new alliance led
by a German company amid its creditor-led debt restructuring, the
company said May 13, but its local rival Hyundai Merchant Marine
Co. was excluded from the group.

The shippers have been suffering from ballooning debts and
mounting losses due mainly to a worldwide slump in the industry,
the report notes.

According to the report, Hanjin Shipping has been under voluntary
debt restructuring with creditors, and its owner family decided
to give up control of the company.

Meanwhile, the protracted slump also dealt a blow to the global
shipping industry, which responded by reorganizing its alliances
into two big groups -- the 2M alliance, led by the industry
leader Maersk of Denmark, and the Ocean Three, piloted by
France's CMA CGM, Yonhap reports.

Yonhap relates that Hanjin Shipping, as well as Hyundai Merchant
Marine, seemed to have been sidelined from such movements,
raising concerns that they will not survive competition in the
future as a couple of leading alliances dominate the entire
shipping industry by sharing ships, networks and port calls.

Hanjin Shipping said it has reached an agreement to set up a new
alliance named The Alliance along with five shippers including
Germany's Hapag-Lloyd, Japan's NYK and Taiwan's Yang Ming, Yonhap
relays.

The new group will have a network of 620 vessels, with 3.5
million TEUs, or 20-foot equivalent units, accounting for some 17
percent of market share, the report discloses.

The member companies will start operations from April 2017 to
cover east-west trade lanes, according to the South Korean
company.

"Joining the shipping alliance is the only critical way for us to
deal with the global downturn," Yonhap quotes an official from
Hanjin Shipping as saying. "We expect it will help us make a
turnaround."

Yonhap adds that the state-run Korea Development Bank, the main
creditor of Hyundai Merchant, said it will continue to extend
support for the normalization of the ailing shipper, regardless
of its inclusion into a global shipping alliance.

"Hyundai Merchant failed to join a global alliance because of the
possibility of its court receivership in case its ongoing self-
rehabilitation drive ends in failure," Yonhap quotes a KDB
official as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.


SK HYNIX: S&P Revises Outlook to Stable & Affirms 'BB+' CCR
-----------------------------------------------------------
S&P Global Ratings said it has revised to stable from positive
its outlook on Korea-based memory semiconductor supplier SK Hynix
Inc.  At the same time, S&P affirmed its 'BB+' long-term
corporate credit rating on Hynix.

S&P's outlook revision on Hynix to stable from positive reflects
S&P's expectation that challenging memory semiconductor market
conditions will put some pressure on the company's operating
performance and cash flow over the next 12 months.

S&P believes the global memory industry has been in a down-cycle
starting from late 2015, as evidenced by recently weakening
operating performance.  In S&P's view, this down-cycle is
primarily attributable to weaker-than-expected chip demand from
PCs and smartphones because of a weak global economy and market
saturation.  Continued intense competition, particularly in the
NAND flash memory market, has also resulted in higher-than-
expected drops in selling prices.

Although S&P believes the global memory chip industry will
continue to demonstrate high cyclicality because of capital and
technology intensity, the volatility should moderate somewhat
after years of industry consolidation, particularly in the
dynamic random access memory (DRAM) segment.  S&P do not see a
significant threat from the potential new Chinese entrants to the
three major DRAM players (Samsung Electronics, SK Hynix, and
Micron Technology) in the global DRAM industry over the next two
years, because of high entry barriers due to heavy capital
investment needs and rapid technological changes.

S&P expects Hynix to show weaker profitability in its NAND flash
business over the next 12 months due to its somewhat weak market
position and intense competition in the industry.  Hynix is
currently investing in 3D NAND flash products, but it remains to
be seen whether these products can make meaningful contributions
to its market position and profitability, in S&P's opinion.
However, S&P believes that Hynix will be able to maintain
stronger profitability than those of most peers, with lower
downside risk than in previous downturns.  As a result, S&P do
not expect the current downturn to have a material negative
effect on SK Hynix's business risk profile.

S&P expects Hynix to maintain strong financial metrics with an
adjusted debt to EBITDA ratio of 0.2x-0.7x in 2016 under S&P's
base-case scenario.  This is despite our expectation that the
company will generate slightly negative free operating cash flows
this year, mainly due to ongoing capital investment needs.  S&P
believes the company's large cash holdings of about Korean won
(KRW) 4.3 trillion as of March 31, 2016, should provide a
sufficient buffer to cope with weak market conditions.

S&P rates Hynix one notch higher than its 'bb' stand-alone credit
profile (SACP) because S&P views the company as a moderately
strategic subsidiary of SK Telecom Co. Ltd. (SKT; A-/Stable/--).
S&P believes SKT would provide Hynix with a moderate degree of
extraordinary financial support if the subsidiary were to face
financial distress.  SKT and Hynix maintain close ties by sharing
core resources such as the group's brand name, senior management,
and human resources functions.  However, SKT currently owns just
20% of Hynix, and the direct business relationship between the
two companies is very limited.

The stable outlook on Hynix reflects S&P's expectation that the
company, despite challenging industry conditions, will maintain
stable financial metrics over the next one to two years mainly
due to its good position in global DRAM market.

S&P may raise the rating on Hynix if these conditions occur:

   -- SK Hynix demonstrates stronger capacity to weather industry
      volatility with more stable operating and financial
      performance through industry cycles;

   -- The company can generate significant free operating cash
      flow through investment cycles without compromising its
      competitive position; and

   -- It upholds prudent financial policies without aggressive
      capital expenditures, acquisitions, dividends, or share
      buybacks, and maintains adjusted debt to EBITDA of well
      below 1.5x on a sustainable basis.

S&P could lower its rating if an unexpectedly severe downturn in
the global semiconductor industry or a deteriorating competitive
position significantly weakens profitability and operating cash
flows, resulting in adjusted debt to EBITDA approaching 1.5x.
Also, the ratings could come under downward pressure if the
company's growth strategy and financial policy become
significantly more aggressive than S&P factors into the current
rating or if weakening ties between Hynix and its parent, SKT,
cause S&P to reassess its view of Hynix's strategic importance to
the parent.



                             *********

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.



                 *** End of Transmission ***