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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

           Thursday, November 3, 2016, Vol. 19, No. 218


                            Headlines


A U S T R A L I A

BP HATCH: First Creditors' Meeting Slated for Nov. 10
JR CONSULTING: First Creditors' Meeting Set for Nov. 9
KEYSTONE GROUP: Dixon Hospitality Group Buys Six Sydney Venues
PACIFIC WOOD: First Creditors' Meeting Scheduled for Nov. 8


C H I N A

CENTRAL CHINA: Moody's Assigns Ba3 Rating to USD Bond Issuance
CENTRAL CHINA: S&P Rates Prop. US$-Denom. Sr. Unsec. Notes 'B+'
CHINA: Debt Mountain Flagged as Risk to Australia's Stability
CHINA SOUTH: S&P Puts 'B' CCR on CreditWatch Negative
NANTONG MINGDE: China's Tax Office Uncovers CNY1.85MM Fraud

ZHEJIANG OCEAN: Court Declares State-Owned Shipping Firm Bankrupt


H O N G  K O N G

UNITED PHOTOVOLTAICS: Moody's Assigns Ba3 Corporate Family Rating
UNITED PHOTOVOLTAICS: S&P Assigns 'BB-' CCR; Outlook Stable


I N D I A

AMBIKA INDIA: CRISIL Suspends 'B' Rating on INR35MM LT Loan
ARUN KUMAR: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
ASSOCIATE LUMBERS: CRISIL Assigns 'D' Rating to INR580MM Loan
BHAVANI WIRE: CRISIL Suspends B+ Rating on INR50MM Cash Loan
BOMBAY CRIMPERS: CRISIL Assigns B+ Rating to INR46.2MM LT Loan

COMFORT SECURITIES: CRISIL Assigns B- Rating to INR150MM LT Loan
ESHWARNATH CONSTRUCTIONS: CRISIL Reaffirms 'B' INR50M Loan Rating
FABMARK EXPORTS: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
G. N. INDUSTRIES: CRISIL Assigns B+ Rating to INR55MM Term Loan
G. V PRATAP: CRISIL Assigns 'B+' Rating to INR40MM LT Loan

HILL TRACK: CRISIL Assigns B+ Rating to INR60MM Overdraft Loan
INDTECH INTERIOR: CRISIL Suspends B+ Rating on INR50MM Loan
J.V. STEEL: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
KARTHIKEYAN RICE: CRISIL Suspends 'B' Rating on INR30MM Loan
KATARE COTTON: CRISIL Lowers Rating on INR42.1MM Term Loan to D

KAUR SAIN: CRISIL Reaffirms 'B' Rating on INR210MM LT Loan
KPK OILS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
LAKSHMI SAAI: CRISIL Assigns B+ Rating to INR110MM LT Loan
LIBRA FINANCE: CRISIL Suspends B- Rating on INR80MM Loan
LINERS INDIA: CRISIL Suspends 'D' Rating on INR145MM Cash Loan

MASTER CONSTRUCTION: CRISIL Assigns 'B+' Rating to INR70MM Loan
NARUVIZHI AMBAL: CRISIL Assigns B+ Rating to INR100MM Cash Loan
OM SAI: CRISIL Raises Rating on INR100MM Cash Loan to B+
P.C.S. APEX: CRISIL Assigns 'B' Rating to INR60MM Loan
PARV TEX: CRISIL Assigns 'B+' Rating to INR82.5MM Term Loan

PK GLOBAL: CRISIL Assigns B+ Rating to INR27MM Cash Loan
PRASHANT INDUSTRIAL: CRISIL Assigns B+ Rating to INR300MM Loan
RAJ KUMARI: CRISIL Upgrades Rating on INR140MM Term Loan to B+
RANGER COTTON: CRISIL Suspends 'B' Rating on INR185MM Cash Loan
RUKSH GARMENTS: CRISIL Assigns B- Rating to INR49MM Term Loan

S.M. EDIBLES: CRISIL Assigns B+ Rating to INR200MM Cash Loan
SANAA DISTRIBUTORS: CRISIL Assigns 'B' Rating to INR100MM Loan
SATMA INDUSTRIES: CRISIL Puts B+ Rating on Notice of Withdrawal
SHAKTI VEGETABLES: CRISIL Ups Rating on INR97.5MM Loan to 'B'
SHREE NAMOKAR: CRISIL Assigns B+ Rating to INR85MM Cash Loan

SHREERAM POLYPLAST: CRISIL Suspends 'D' Rating on INR49.3MM Loan
SRI BALAJI: CRISIL Assigns 'B' Rating to INR62.5MM LT Loan
SUNLIFE INFRATECH: CRISIL Assigns B+ Rating to INR100MM Loan
UNIVA AUTOMOBILES: CRISIL Suspends B- Rating on INR75MM Loan
WESTERN LUMBERS: CRISIL Assigns 'C' Rating to INR250MM Term Loan


M A L A Y S I A

MALAYAN BANKING: S&P Affirms 'BB+' Preferred Stock Rating


N E W  Z E A L A N D

WINDFLOW TECHNOLOGY: Auditors Doubt About Company's Future


P A K I S T A N

PAKISTAN: S&P Raises Sovereign Credit Ratings to 'B'


S I N G A P O R E

PUMA ENERGY: Moody's Affirms Corporate Family Rating at Ba2
RICKMERS MARITIME: Unit Holders Approve Issue of New Units


S O U T H  K O R E A

POSCO ENGINEERING: Moody's Withdraws Ba1 Corporate Family Rating


V I E T N A M

VINGROUP: S&P Affirms 'B' CCR & Revises Outlook to Positive


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A U S T R A L I A
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BP HATCH: First Creditors' Meeting Slated for Nov. 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of BP Hatch
International Pty Ltd will be held at the offices of Palisade
Business Consulting, 22 Lindsay Street, in Perth, on Nov. 10,
2016, at 10:00 a.m.

Jack James of Palisade Business Consulting was appointed as
administrator of BP Hatch on Oct. 31, 2016.


JR CONSULTING: First Creditors' Meeting Set for Nov. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of JR
Consulting & Drafting Pty Limited, Hayes Steel Framing Systems
Pty Ltd and Steel Framing Systems International Pty Ltd, will
be held at the offices of William Buck, Level 29, 66 Goulburn
Street, in Sydney, on Nov. 9, 2016, at 10:30 a.m.

Sean Wengel & Robert Whitton of William Buck were appointed as
administrators of JR Consulting, Hayes Steel and Steel Framing on
Oct. 31, 2016.


KEYSTONE GROUP: Dixon Hospitality Group Buys Six Sydney Venues
--------------------------------------------------------------
Edward Boyd at The Daily Telegraph reports that six once-loved
Sydney venues are in line for a facelift after Melbourne pub
baron Bruce Dixon took control on Nov. 1.

Bungalow 8, Cargo Bar, The Rook, The Winery, Manly Wine and
Kingsley's Woolloomooloo now rest in the hands of Dixon
Hospitality Group, says Daily Telegraph.

The report relates that the leaseholds were sold for an
undisclosed sum by receiver Ferrier Hodgson on behalf of Keystone
Group, which went under earlier this year after not being able to
refinance an AUD80 million debt to private equity firms KKR and
Olympus Capital.

The Keystone portfolio contained 17 venues across Australia
including the Jamie's Italian restaurant chain.

According to the report, Dixon chief executive Bruce Dixon told
Business Daily that the six venues align well with his company's
growing portfolio, which focuses on food and beverages with
minimal gambling options

Daily Telegraph says the new acquisitions bring to 13 the number
of venues he has in Sydney, with some of the newly acquired pubs
to get a capital investment.

The Dixon portfolio includes 26 venues in Melbourne, three pubs
in the Riverina and a bar in Brisbane.

The Sydney venues include The Oxford Tavern at Petersham, The
Norfolk Hotel and Forresters at Surry Hills and two venues at
Barangaroo.

"This acquisition of the six Keystone venues will give us some
good presence in Sydney and will complement our Barangaroo venues
which are currently under construction," the report quotes
Mr. Dixon as saying.

Initially receiver Morgan Kelly from Ferrier Hodgson announced
last week that Mr Dixon would be buying the six venues along with
Chophouse Sydney. But Chophouse was dropped from the transaction
because it did not align with Mr. Dixon's business model.

"It was agreed Chophouse was better suited to a pure restaurant
operator and we wanted to stay true to our expertise as pub, bar
and function venues," Mr. Dixon, as cited by Daily Telegraph,
said.

Daily Telegraph relates that Mr. Kelly said the receivers were
continuing to negotiate with other interested parties in relation
to Keystone's remaining 11 venues, which include the Jamie's
Italian restaurant chain, Chophouse Perth and Sydney, The
Sugarmill Hotel, Gazebo and Kingsley's Brisbane.

It is understood that the sale of the six Jamie's Italian
restaurants cannot go ahead until it is approved by celebrity
chef Jamie Oliver himself, the report notes.

Mr. Dixon said his pub group were not interested in buying
Jamie's Italian, adds Daily Telegraph.

                          About Keystone

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

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

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


PACIFIC WOOD: First Creditors' Meeting Scheduled for Nov. 8
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific
Wood Products Pty Ltd will be held at the offices of McGrathNicol
Brisbane, Level 7, 175 Eagle Street, in Brisbane, Queensland, on
Nov. 8, 2016, at 10:00 a.m.

Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of Pacific Wood on Oct. 27,
2016.



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C H I N A
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CENTRAL CHINA: Moody's Assigns Ba3 Rating to USD Bond Issuance
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the USD bond issuance proposed by Central China Real
Estate Limited.

At the same time, Moody's has affirmed CCRE's Ba3 corporate
family rating and senior unsecured debt ratings.

The ratings outlook is stable.

CCRE will use the proceeds from the proposed bonds to refinance
existing debt and fund working capital needs.

                          RATINGS RATIONALE

"The proposed bonds - which will be partly used for debt
refinancing - will not have a material impact on CCRE's credit
metrics, but they will improve the company's liquidity and debt
maturity profile," says Kaven Tsang, a Moody's Senior Credit
Officer and also the Lead Analyst for CCRE.

CCRE's Ba3 corporate family rating reflects its leading market
position and long operating track record in Henan Province.  The
rating also considers the company's track record of delivering
stable sales growth through the cycles.

Moody's believes that CCRE will meet its full-year target of
RMB18 billion for 2016.  This is because the company achieved
strong contracted sales of RMB14.9 billion (+50.9% year-on-year)
and 52% year-on-year growth in average selling prices in the
first nine months of 2016.

Moreover, Moody's expects the company's reported revenue and
gross profit margin will improve to around RMB13.5-RMB14 billion
and 25% in the next 12-18 months from RMB12.6 billion and 22% in
2015.

Accordingly, CCRE's adjusted revenue/debt, including its share in
joint ventures, will stay at 80%-85% at end-2017 and its adjusted
EBIT/interest, including its share in joint ventures, will stay
at 2.5x-3.0x.  These ratios are in line with Moody's expectations
for the company's Ba3 rating.

On the other hand, CCRE's rating is constrained by its geographic
concentration in Henan, which exposes it to any volatility in the
province's economy, as well as any changes in the local
government's policy on property purchases.

CCRE's liquidity is adequate, as supported by its strong
contracted sales.  It had a cash balance of RMB10.9 billion as of
June 2016.  Adjusted cash/short-term debt - including amounts due
to and from its joint ventures - improved to 1.7x at end-June
2016 from 1.5x at end-2015.

Moreover, Moody's notes that CCRE has increased onshore
financing, including debt at joint ventures, which could raise in
turn the subordination risk for offshore investors of debt
securities and lenders at the holding company level.

The stable ratings outlook reflects our expectation that CCRE can
maintain (1) its leadership position in Henan and generate sales
growth; (2) adequate liquidity levels; and 3) a disciplined
approach to land acquisitions.

Upward ratings pressure will be limited in the near term, given
its fairly high debt leverage.

Nevertheless, an upgrade could occur over the medium term if
CCRE:

  (1) consistently achieves its sales targets; (2) demonstrates a
      track record of good financial discipline by keeping
      adjusted cash/short-term debt above 2.0x; adjusted
      revenue/debt above 95%-100%; and adjusted EBIT/interest
      above 4.0x-4.5x; all on a sustained basis (the ratios are
      adjusted for JV financials); and (3) broadens its
      geographic coverage in a disciplined manner and strengthens
      its offshore banking relationships.

On the other hand, the ratings could come under pressure for a
downgrade if CCRE: (1) experiences significant sales declines;
(2) suffers a material decline in profit margins; and/or (3)
accelerates its expansion, such that its liquidity position
deteriorates, and/or its debt levels rise materially.

Specific indicators of a downgrade include: (1) adjusted
cash/short-term debt below 1.0x-1.5x; (2) adjusted EBIT/interest
consistently below 2.5x-3.0x; and/or (3) adjusted revenue/debt
below 80% on a sustained basis.  The ratios are adjusted for JV
financials.

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

Central China Real Estate Limited is a leading property developer
in Henan Province.  Founded in 1992, it listed on the Hong Kong
Stock Exchange in June 2008.


CENTRAL CHINA: S&P Rates Prop. US$-Denom. Sr. Unsec. Notes 'B+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by Central China Real Estate Ltd. (B+/Stable/--; cnBB/--).  S&P
also assigned its 'cnBB' long-term Greater China regional scale
rating to the notes.  CCRE intends to use the net proceeds to
repay the Singapore-dollar denominated notes due May 2017 and
refinance its existing debt.  The ratings are subject to S&P's
review of the final issuance documentation.

CCRE has demonstrated satisfactory sales performance so far this
year.  For the first nine months of 2016, the company achieved
sales of Chinese renminbi (RMB) 14.9 billion - about 83% of its
sales target of RMB18 billion.  S&P estimates 40%-50% of the
sales in 2016 are from Zhengzhou.  S&P expects CCRE's gross
margin to slightly improve to about 25% in the next two years,
from 22.2% in 2015, given low inventory level and price recovery
in Zhengzhou. At the same time, the company is expanding its
light-asset model to provide management and project consultancy
services to third parties.  In S&P's view, these fee incomes will
further support the company's profitability in the long run.
CCRE recognized RMB25 million of fee income in the first half of
2016.

S&P forecasts that CCRE's debt leverage will stabilize with debt-
to-EBITDA ratio of about 6x in 2016.  S&P expects the ratio to
gradually improve toward 5x in the next two years.  This is based
on our assumption of stable sales growth, cautious land banking,
and recovering profitability.

The rating of CCRE reflects the company's geographic
concentration in Henan, average profitability, high debt
leverage, and an operating scale similar to its peers'.  However,
these weaknesses are offset by the company's established market
position in Zhengzhou, long operating record in the industry and
evenly-distributed debt maturity profile.


CHINA: Debt Mountain Flagged as Risk to Australia's Stability
-------------------------------------------------------------
The Financial Times reports that China's growing debt mountain
poses a risk to Australia's financial stability, a senior
politician has warned, just weeks after the continent celebrated
a quarter century of growth without a recession.

China is Australia's largest trading partner, accounting for
AUD150 billion of two-way trade in 2015. Beijing is also an
important foreign investor in Australia, leaving Canberra
potentially among the developed nations most exposed to a Chinese
downturn, the Financial Times says.  China's growing debt in its
local government and state-owned enterprise sector were potential
vulnerabilities that could end up having an impact on the
continent, Scott Morrison, Australian treasurer, said in an
interview with the Financial Times.

Australia's warning on Chinese debt follows concerns expressed by
the International Monetary Fund and others, including billionaire
George Soros, who have warned that adverse shocks in China
fuelled by its rising debt levels could spark contagion and hit
countries with a high trade exposure to the country, the
Financial Times reports.

The Financial Times relates that recent figures showing China's
economy grew 6.7% in the three months to end September suggested
there was no immediate risk, Mr. Morrison said, adding that it
was important for Canberra to consolidate its budget deficit in
the next five years to build up resilience.

"I am not forecasting any change in China but we are very
practically minded of the vulnerabilities and what that could
convert into - but equally saying they have the capacity to
manage it," the report quotes Mr. Morrison as saying.

According to the Financial Times, Mr. Morrison said Australia
needed to build up its economic resilience to ensure continued
prosperity in the face of external shocks. He said the government
would tackle its budget deficit and promote lower taxes in a bid
to boost private demand and build up resilience. In a recent
speech in Sydney Mr. Morrison said it was also important to
reinforce and build on the strength of Australia's banking and
financial sector.

Australia's economy is growing at an annual rate of 3.3% of gross
domestic product, among the highest in the developed world, and
has notched up a remarkable quarter of a century of growth
without a recession, the Financial Times says.


CHINA SOUTH: S&P Puts 'B' CCR on CreditWatch Negative
-----------------------------------------------------
S&P Global Ratings placed its 'B' long-term corporate credit
rating and 'cnB+' long-term Greater China regional scale rating
on China-based trade center developer China South City Holdings
Ltd. on CreditWatch with negative implications.

S&P also placed on CreditWatch negative its 'B-' issue rating and
'cnB' Greater China regional scale rating on CSC's senior
unsecured debt.

"The CreditWatch status reflects the uncertainties we see over
the company's business strategy execution and management
stability following the potential sale of shares by one of the
company's founders and largest shareholder, Mr. Cheng Chung Hing,
at a time when the company's performance is weak," said S&P
Global Ratings credit analyst Dennis Lee.  "Also, if the
transaction is completed and the company is downgraded within six
months from the date of announcement on Oct. 27, 2016, the
change-of-control triggering event of CSC's outstanding offshore
senior notes due 2019 and 2021 would occur, potentially requiring
CSC to make an offer to buy back the notes.  Nonetheless, CSC
could still obtain noteholders' consent to waive the change-of-
control triggering event or to amend the change-of-control
clause."

After the transaction, Shenzhen Centralcon Investment Holding Co.
Ltd., a Shenzhen-listed property developer, would become the
single largest shareholder of CSC, while Mr. Cheng would remain
as co-chairman and executive director.  S&P expects the sale of
Mr. Cheng's full 23.2% to be completed in the next four months.
At the same time, Mr. Cheng indicated that he is looking to
invest in Centralcon Holding.

"We believe that CSC could face substantial liquidity pressure if
it is required to make an offer to buy back the offshore senior
notes and a significant number of noteholders accepted such
offer," said Mr. Lee.

The company now has US$750 million of notes outstanding.  As of
the end of March 2016, CSC had short-term debt of Hong Kong
dollars (HK$) 10.1 billion (which did not include the U.S.-
dollar-denominated notes) and a cash position of HK$11.7 billion.
Under the terms of the senior notes, a change of control may
result if Mr. Cheng, his brother, and executive director Mr.
Leung Moon Lam, or their affiliates together hold less than 30%
(for the notes due 2019) and 20% (for the notes due 2021) of the
outstanding shares.

S&P anticipates that CSC will remain in net cash outflow from
operations, given its large construction expenditure and interest
expenses.  Meanwhile, CSC is experiencing a sector downturn in
trade center development, resulting in weak sales.  Its
contracted sales decreased to HK$6.6 billion in the fiscal year
ended March 2016 from HK$14.1 billion in fiscal 2014.  Through
actively selling residential products, CSC's contracted sales
improved slightly to HK$4.3 billion in the first six months, from
HK$3.8 billion a year earlier.  However, the extent and
sustainability of its sales recovery remain uncertain.  The
company also faces high debt leverage and weakened liquidity.

Through this transaction, CSC hopes to supplement its
capabilities in large-scale trade center development with
Centralcon's experience in residential project development and
hotel operations in China.  From publicly available information,
Centralcon is a mid-sized property developer headquartered and
listed in Shenzhen. It targets mid- to high-end residential
properties in selected higher-tier cities in China.  Centralcon
Holding achieved contracted sales of Chinese Renminbi (RMB) 7.4
billion in 2015.

"We aim to resolve the CreditWatch within 90 days when more
details of the transaction are released--such as whether CSC
could obtain noteholder's consent to waive the change-of-control
triggering event or to amend the clause, and whether the shares
sale materially affects the company's liquidity, business
strategy execution, or its management team," said Mr. Lee.

S&P may lower the rating by one notch if it determines the
potential transaction has a material negative impact on CSC's
business fundamentals, including, but not limited to, strategy
and project execution, liquidity position, and management
stability. S&P may also lower the rating if the company's
operating performance does not improve to the extent S&P expects
or if it is unable to reduce its financial leverage.

S&P may affirm the rating with a negative outlook if it believes
the potential transaction has no material impact on business
operations and on the company's ability to fulfill its financial
obligations.


NANTONG MINGDE: China's Tax Office Uncovers CNY1.85MM Fraud
-----------------------------------------------------------
Lee Hong Liang at Seatrade Maritime News reports that four
employees at bankrupt Nantong Mingde Heavy Industry have been
charged for falsifying accounts to keep an export tax rebate
granted to a shipbuilding contract that was cancelled, according
to China's State Administration of Taxation.

Seatrade Maritime says the State Administration of Taxation
uncovered the fraud that involved CNY1.85 million ($273,120)
worth of export tax rebate, and the case has been handed over to
the public prosecutor's office.

According to Seatrade Maritime, Mingde had clinched a deal to
build a bulk carrier for an unnamed Greek shipowner and obtained
export tax rebate for the vessel to be sold to the foreign buyer.
When the shipbuilding contract was terminated by the Greek owner,
Mingde continued to declare false information in order to keep
the tax rebate.

Seatrade Maritime relates that the taxation office said a main
culprit Ji Moumou and three others were arrested and detained.

The local media reported that the minimum sentence for the crime
would be five years imprisonment, the report relays.

The Chinese shipbuilder Mingde declared bankrupt in July 2015
after it failed in its restructuring plan, Seatrade Maritime
discloses.

Nantong Mingde Heavy Industry Company, Ltd. manufactures ships,
barges, and lighters. The Company offers building and repairing
ships, oil product tank and chemical tankers, car and truck
carriers, ferries, and platform supplier vessel.


ZHEJIANG OCEAN: Court Declares State-Owned Shipping Firm Bankrupt
-----------------------------------------------------------------
Bao Zhiming and Chen Na at Caixin report that Zhejiang Ocean
Shipping Co. Ltd. (Zosco) has been declared bankrupt after it
struggled to repay debts of CNY8.45 billion ($1.25 billion).

The Hangzhou Intermediate People's Court in Zhejiang province
granted Zosco's application to liquidate, according to a court
document viewed by Caixin.

Zhejiang Communications Investment Group Co. Ltd., the owner of
Zhejiang Ocean Shipping, filed for liquidation of the shipping
company in July, according to the document.

Caixin says China's container shipping industry has seen its
profit shrink as it remains mired in an overcapacity crisis.
Zhejiang Ocean Shipping doubled its shipping capacity from 1.1
million tons in 2009 to 2.28 million tons in 2013, a person with
knowledge of the matter told Caixin.

Zhejiang Ocean Shipping Company Ltd. provides transportation
services. The Company offers marine shipping of various freight
and cargo, as well as, stevedoring, ship repair, and harbor
services.



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H O N G  K O N G
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UNITED PHOTOVOLTAICS: Moody's Assigns Ba3 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to United Photovoltaics Group Limited.

At the same time, Moody's has also assigned B1 long-term senior
unsecured debt rating to United PV's proposed issuance of USD
note.

The rating outlook is stable.

The proceeds from the notes will be used to mainly repay certain
outstanding amounts under United PV's convertible bonds and the
remaining amounts for working capital and general corporate
purposes.

                        RATINGS RATIONALE

United PV's Ba3 corporate family rating combines its standalone
credit strength and an one-notch uplift based on Moody's
expectations that the company will receive moderate support from
its largest shareholders - China Merchants Group (CMG, unrated)
and China Merchants New Energy Group Limited (CMNE, unrated) - in
times of need.

"United PV's standalone credit strength reflects the favorable
regulatory regime for solar energy, and the company's record of
pursuing a rapid growth strategy, while maintaining its financial
profile," says Ada Li, a Moody's Vice President and Senior
Analyst.

"At the same time, United's PV credit profile is constrained by
its fast moving growth over the past 2-3 years, which we expect
to continue over the medium term, thereby raising business risk,"
Li says.

"The rating also considers the company's high financial leverage,
and our view that while regulatory regime is supportive for
renewable energy, implementation of policies has been slow to-
date," Li adds.

The one-notch uplift reflects the fact that United PV and CMNE
constitute CMG's only renewable energy platforms.  CMG has
provided financial support to United PV through CMNE and
established operational synergies between United PV and other CMG
group members.  Moody's also expects CMG and CMNE will maintain
their status as United PV's largest shareholders.

The note's senior unsecured debt rating is one notch below United
PV's corporate family rating, because the company has substantial
secured and subsidiary debt in its capital structure.

The rating outlook is stable, reflecting Moody's expectation that
United PV will maintain its financial profile at manageable
level, as well as the fact that the company will likely receive
continued support from CMG and CMNE.

Any upward rating action is unlikely over the next twelve months
because of United PV's weak financial metrics at the fast
expansion stage.

Nevertheless, Moody's would consider upgrading the rating over
time, if there are material improvements in the regulatory
regime; or United PV improves its financial profile, such that
adjusted funds from operations (FFO)/debt is above 12% and
adjusted debt/capitalization is below 50% on a sustainable basis.

A significant increase in ownership or more direct parental
support from CMG can also lead to an upward rating action.

Downgrade pressure could emerge if: (1) there are unfavorable
regulatory changes that materially impact the company's operating
cash flows; or (2) its credit metrics weaken significantly, due
to debt-funded expansions or acquisitions.

Metrics indicative of downward rating pressure include: an
adjusted FFO/debt below 3%, and adjusted debt/capitalization
above 75% over a prolonged period.

A material change in ownership or control, and/or deterioration
in CMG and/or CMNE's credit profiles can also lead to downward
rating pressure.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

United Photovoltaics Group Limited (United PV) principally
engages in solar power generation in China.  As of Oct. 31, 2016,
United PV demonstrated 1.09GW of installed capacity based on 29
projects. 27 of the 29 are ground mount projects and two are
distributed rooftops/eco-agricultural projects.

United PV is listed on the Hong Kong Stock Exchange. At Sept. 30,
2016, United PV was 27.76%-owned by China Merchants Group (CMG,
unrated) and its affiliates, after full dilution of outstanding
options, convertible bonds and completion of share placements.
CMG - through China Merchants New Energy Group Limited (CMNE,
unrated) - assumes management control over United PV.

United PV and CMNE are CMG's only renewable energy investment
platforms.

CMG is a conglomerate which is wholly owned by the State-owned
Assets Supervision and Administration Commission of China's State
Council.

CMNE is a 79.36%-owned subsidiary of CMG. CMNE's investment in
United PV's convertible bonds and shares accounted for 53.4% of
CMNE's total assets at end-2015, although United PV is not
consolidated by CMNE, under the GAAP accounting rules in
Hong Kong.


UNITED PHOTOVOLTAICS: S&P Assigns 'BB-' CCR; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term corporate credit
rating to United Photovoltaics Group Ltd.  The outlook is stable.
S&P also assigned its 'cnBB+' long-term Greater China regional
scale rating to the company.  At the same time, S&P assigned its
'B+' long-term issue rating and 'cnBB' long-term Greater China
regional scale rating to UPV's proposed issue of U.S. dollar-
denominated senior unsecured notes.  The issue ratings are
subject to S&P's review of the final issuance documentation.

UPV is China's largest-listed operator of pure solar power
plants.

The rating on UPV reflects the company's exposure to evolving
regulatory risk in China, its high leverage, short track record,
acquisitive growth strategy, and limited business
diversification. UPV's association with state-owned China
Merchant Group (CMG) tempers these weaknesses.

S&P expects UPV to remain exposed to China's evolving regulatory
framework for renewable energy.  The framework, which includes
feed-in tariffs, currently supports UPV's growth plans.  Solar
power feed-in tariffs in China are transparent and allow
operators to earn reasonable returns.  Other favorable policies
such as reduction in value-added tax and provision of tax
holidays also support UPV's business.

However, feed-in tariffs are gradually reducing to reflect lower
investment costs and to normalize investment returns for new
projects.  The government targets to fully liberalize renewable
energy tariffs by 2020.  S&P expects UPV to continue to earn
reasonable project returns on new capacities despite potential
tariff cuts in the next two years.

In S&P's view, delays in subsidy payment for renewable energy
operators in China will continue to weaken UPV's cash flows.
China's renewable energy subsidy reflects the difference between
region-specific feed-in tariffs for solar and local benchmark
coal-fired power tariffs for each province and is payable from
the renewable energy fund under the central government.  Usually
payment on new capacity is delayed by at least one to two years.
As of Aug. 31, 2016, UPV has accrued and unpaid renewable energy
subsidy payments of around Chinese renminbi (RMB) 1.3 billion.
S&P attributes the delay in payment mainly to significant growth
in renewable energy capacity in China and an increasing deficit
in the renewable energy fund.

Power curtailment in China has also hit around 10% of UPV's
capacity.  In S&P's view, the curtailment is the result of a
rapid expansion in the sector, coupled with the inability of the
grid network to transmit power surplus to places with power
deficits. The central government has announced policies to reduce
curtailment of renewable energy, including enforcing the minimum
guarantee utilization hours by province, and accelerating the
construction of cross-province transmission networks, which
should help UPV.

In S&P's view, UPV has an aggressive appetite for growth through
acquisitions.  The company expects to add 350-500 megawatt (MW)
of new capacity annually - at least half of the addition will be
by acquiring operating solar farms that can meet its target
returns. As of Aug. 31, 2016, UPV has total installed capacity of
about 1,051 MW.  In the third quarter of 2016, the company's
power generation soared 82% year on year as a result of strong
capacity growth and a smaller base of the previous year.
Compared with greenfield projects, investing in operating plants
helps the company to better manage delayed subsidy payments and
cash flows. Moreover, UPV's cooperation with the United Nations
to launch "Panda" solar stations may help it to grow in China and
globally.

Technology risk such as the degradation of solar panels is
intrinsic in solar power investments, and is likely to increase
maintenance costs of solar power operators.  UPV's shorter record
of operating solar power stations and its limited business
diversification also constrain its business risk profile.  UPV
focuses only on solar power generation, and more than 90% of its
capacity is in China.

UPV's aggressive expansion and increasing balance sheet leverage
to fund capital spending underpin its highly leveraged financial
risk profile.  At the project level, the company has a debt-to-
total capital ratio of around 80%.  UPV has issued up to Hong
Kong dollar (HK$) 4.8 billion in convertible bonds to fund its
acquisitions.  Moreover, S&P expects capacity additions over the
next couple of years to enhance the company's cash flow adequacy,
such that its ratio of funds from operations (FFO) to debt will
improve to 3%-6%, from around 0% in 2015.

In S&P's view, UPV's largest shareholder, CMG, helps the company
in terms of new business opportunities and better access to
funding.  CMG, through its subsidiary China Merchants New Energy
and its parties acting in concert, currently own 24.4% interest
in UPV.  The stake will increase to 28.2% upon completion of a
share subscription agreement announced in September 2016.  S&P
reflects this strength in a positive comparable rating analysis
score, which results in a one-notch uplift from the anchor to
arrive at UPV's stand-alone credit profile.

S&P rates the proposed notes one notch below the long-term
corporate credit rating on UPV.  That's because the company's
ratio of priority claims is likely to exceed 50% in the coming 12
months.  In S&P's view, UPV's assets' geographic diversity
moderates the structural subordination risk of the senior
unsecured debt at the holding company level.  UPV will use the
net proceeds from the proposed notes primarily to refinance some
outstanding convertible bonds and for general corporate purposes.

The stable rating outlook on UPV reflects S&P's expectation that
the company will continue to focus on expanding its solar farms
and have stable project returns over the next 12 months despite
the evolving regulatory risk in China.  S&P anticipates that
UPV's receivable collection will improve once more projects are
included in the renewable energy subsidy projects list.  S&P also
expects UPV's association with CMG to benefit it operationally
and financially.

S&P could lower its ratings on UPV if:

   -- Adverse regulatory changes in China or poor execution on
      the subsidy program hit the company's profitability and
      cash flows.  This could happen if the government de-
      regulates solar tariffs for more projects through bidding
      or further delays subsidy payment;

   -- UPV aggressively expands with higher debt than S&P expects,
      such that its FFO cash interest coverage is consistently
      below 1.5x; or

   -- The company's association with CMG weakens.

S&P believes the likelihood of an upgrade is remote in the next
12 months, given UPV's highly leveraged balance sheet.
Nevertheless, S&P could raise its rating on UPV if:

   -- The company maintains a disciplined approach to capital
      expenditure and acquisitions, and its rapid cash flow
      growth outpaces debt increase, such that its ratio of FFO
      to debt improves to at least 9% on a sustainable basis; or

   -- Potential improvement in the regulatory environment - such
      as the setting up of a more transparent tariff-setting
      framework, and execution of dispatch priority for solar
      power and guarantee utilization hours-- enhances UPV's cash
      flow visibility.



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


AMBIKA INDIA: CRISIL Suspends 'B' Rating on INR35MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ambika India Private Limited.

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

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

AIPL, based in Chennai (Tamil Nadu), is setting up an appalam and
pappad production facility. The day-to-day operations of the
company are managed by Mr. Muralidharan.


ARUN KUMAR: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Arun Kumar. K.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B/Stable

The rating reflects KAK's small scale of operations in the
intensely competitive civil construction industry, weak capital
structure, and working capital-intensive operations. These
weaknesses are partially offset by the benefits that KAK derives
from the promoters' extensive experience and funding support.
Outlook: Stable

CRISIL believes KAK will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if significant growth in revenue and stable
profitability lead to higher cash accrual and stronger financial
metrics. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile deteriorates due to low revenue,
withdrawals of capital, or significant pressure on working
capital management because of delays in project execution and
stretched receivables.

Set up in June 2005, KAK undertakes civil construction contracts,
especially for hostels, colleges, shopping malls and offices for
Calicut (Kerala) Government.


ASSOCIATE LUMBERS: CRISIL Assigns 'D' Rating to INR580MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Associate Lumbers Private Limited and has
assigned its 'CRISIL D' rating to the facility. CRISIL had
suspended the rating on Oct. 24, 2013, as ALPL had not provided
the necessary information for a rating review. The company has
now shared the requisite information, enabling CRISIL to assign a
rating to its bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             580       CRISIL D (Assigned;
                                     Suspension Revoked)

The rating reflects ALPL's continuously overdrawn fund-based
limit for more than 30 days, due to weak liquidity.

The company has a below-average financial risk profile because of
weak capital structure and debt protection metrics, and has
modest scale of operations and large working capital requirement
in the highly fragmented timber industry. However, it benefits
from its management's extensive experience in the timber trading
business.

ALPL, incorporated in 1986, is a joint venture between Agicha and
Darvesh families. Based in Mumbai, it trades in timber.


BHAVANI WIRE: CRISIL Suspends B+ Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Bhavani Wire Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable

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

SBWI is a partnership established in 2012 by Mr. K Eswara Rao and
Mr. K Naresh Kumar. The firm, based in Visakhapatnam (Andhra
Pradesh), manufactures mild steel wires and trades in iron and
steel products. SBWI's manufacturing facility in Visakhapatnam
has an installed wire drawing capacity of around 4000 tonnes per
annum (tpa).


BOMBAY CRIMPERS: CRISIL Assigns B+ Rating to INR46.2MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Bombay Crimpers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     18.8       CRISIL B+/Stable
   Cash Credit            20         CRISIL B+/Stable
   Long Term Loan         46.2       CRISIL B+/Stable

The rating reflects the company's moderate scale of operations,
its exposure to risks pertaining to large capital expenditure and
its average financial risk profile marked by expected increase
capital structure. These weaknesses are partially offset by its
promoters' extensive experience in the textile industry, and its
established customer relationships.
Outlook: Stable

CRISIL believes BCPL will continue to benefit from its promoters'
extensive industry experience and its established customer
relationships. The outlook may be revised to 'Positive' if the
company benefits from new projects and scales up operations while
maintaining its profitability and improving its working capital
management. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, weakening of working capital
management, or larger-than-expected debt-funded capex, leading to
deterioration in the financial risk profile and liquidity.

BCPL, incorporated in 1967, is promoted by Mr. Vinod Khetarpal
and his son Mr. Abhirup Khetarpal. The company processes
polyester and polyester cotton fabric on jobwork basis. Its
facility is at Bhiwandi in Maharashtra, and has capacity of 0.16
million metre per day. BCPL is setting up a plant with capacity
0.1 million metre per day.


COMFORT SECURITIES: CRISIL Assigns B- Rating to INR150MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Comfort Securities Limited (CSL; part of
the Comfort group). The ratings reflect the Comfort group's weak
risk management systems and small scale of operations. These
weaknesses are partially offset by its adequate capitalisation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          300       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      150       CRISIL B-/Stable

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CSL, Comfort Fincap Ltd, and Comfort
Commotrade Ltd. The companies, collectively referred to as the
Comfort group, have high management and operational integration.
Outlook: Stable

CRISIL believes the Comfort group's scale of operations will
remain small over the medium term. The outlook may be revised to
'Positive' if the group improves its risk management systems
significantly, and scales up operations and diversifies its
revenue. The outlook may be revised to 'Negative' if its
capitalisation and earnings decline considerably.

The Comfort group, founded in 1994 by Mr. Anil Agarwal, operates
in the capital market, and its services include equity broking,
commodity broking, loans against shares, merchant banking, and
margin funding. The group is headquartered in Mumbai and intends
to enter other metropolitan cities in India. It has a diverse
clientele that includes corporates, mutual fund houses, financial
institutions, high-networth individuals (HNIs), ultra HNIs, and
retail customers.

CSL is engaged in equity broking, and is a member of National
Stock Exchange and Bombay Stock Exchange. It is a category I
merchant banker. Mr. Anil Agarwal and his family members hold
majority stake in CSL.

CFL is a non-banking financial company which provides loans
against shares, loans against property, and margin funding and
bill discounting services. CCL is into commodity broking.

For fiscal 2016, on a provisional basis, CSL's PAT was INR3.7
million on total income of INR47 million, against a PAT of
INR10.7 million on total income of INR84 million for the previous
fiscal.


ESHWARNATH CONSTRUCTIONS: CRISIL Reaffirms 'B' INR50M Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eshwarnath
Constructions (EC) continue to reflect the firm's small scale of
operations in a fragmented industry, and its large working
capital requirement. These weaknesses are partially offset by its
promoter's extensive experience in the civil construction
industry.

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

Outlook: Stable

CRISIL believes that EC will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly, while improving its profitability, leading to
better-than-expected cash accrual and liquidity. The outlook may
be revised to 'Negative' in case of lower-than-expected revenue
or profitability; or deterioration in working capital management,
weakening the liquidity; or large, debt-funded capital
expenditure, constraining the financial risk profile.

Update
EC's revenue fell 13% to INR122 million in fiscal 2016 from
INR140 million in fiscal 2015 due to lack of orders in the civil
construction segment. Its operating profitability dropped to
11.7% from 12.7% leading to net cash accrual of INR6 million in
fiscal 2016.

The financial risk profile is average, because of estimated
networth of INR174 million and low total outside liabilities to
tangible networth ratio of 0.4 times as on March 31, 2016.
Interest coverage and net cash accrual to total debt ratios are
estimated at 1.8 times and 0.4 time, respectively, for fiscal
2016.

Liquidity remains stretched. Bank limit utilisation averaged 103%
over the 12 months through March 2016. Cash accrual are expected
to be INR7.7 million and INR 10.8 million against debt obligation
of INR4 million each year for fiscal 2017 and 2018.

EC, set up in 1997, executes civil construction work for the
Southern Railways and private players in Tamil Nadu. Its
operations are managed by Mr. M Athmanathan.


FABMARK EXPORTS: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Fabmark Exports and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. The ratings had
been suspended by CRISIL on March 9, 2016, as Fabmark had not
provided the necessary information for taking a rating view. The
firm has now shared the requisite information, enabling CRISIL to
assign ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase           35        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit              5        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Export Packing Credit   35        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      30        CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect the small scale of operations, exposure to
intense competition and weak financial risk profile, constrained
by high gearing and below-average debt protection metrics. These
rating weaknesses are partially offset by extensive experience of
the promoter and established relationships with overseas
customers.
Outlook: Stable

CRISIL expects the business risk profile to remain constrained by
the working capital-intensive nature of operations. The outlook
may be revised to 'Positive,' if increase in scale of operations
and profitability and efficient working capital management,
strengthen the financial risk profile and liquidity. The outlook
may be revised to 'Negative' if poor working capital management
or larger-than-expected debt-funded capital expenditure, weakens
liquidity.

Fabmark was set up in 2002 by proprietor, Mr. Rajan Gupta. The
firm manufactures and exports readymade garments and has its
facility at Ludhiana.


G. N. INDUSTRIES: CRISIL Assigns B+ Rating to INR55MM Term Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' to the long-term bank
facilities of G. N. Industries - Surat.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B+/Stable
   Term Loan               55        CRISIL B+/Stable

The rating reflects initial phase and expected modest scale of
operations, average financial risk profile and exposure to risks
related to fragmentation and intense industry competition. These
weaknesses are mitigated by experience of promoters in the
textile industry and stable and assured demand from the associate
company, G N Textile Pvt Ltd.
Outlook: Stable

CRISIL believes GNI will benefit over the medium term from the
experience of promoters. The outlook may be revised to 'Positive'
if significant and sustained improvement in scale of operations
and profitability leads to sizeable cash accrual. Conversely, the
outlook may be revised to 'Negative' if low cash accrual due to
delayed ramp up in operations, or sizeable working capital
requirement weakens liquidity and financial risk profile.

Established in 2015, Noida based GNI is a partnership of Mr.
Surendra Kumar Arora, Mr. Gautam Arora, Ms Sonal Arora and Mr.
Gokul Arora. The firm commenced operations in October 2016 and
undertakes embroidery and printing on fabrics.


G. V PRATAP: CRISIL Assigns 'B+' Rating to INR40MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating on
the bank facilities of G. V Pratap Reddy.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      40        CRISIL B+/Stable
   Cash Credit             20        CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee          40        CRISIL A4

The ratings reflect the firm's modest scale of operations, its
large working capital requirement, and its exposure to intense
competition in the civil construction industry. These weaknesses
are partially offset by its promoters' extensive experience in
the industry and its healthy order book.
Outlook: Stable

CRISIL believes GVPR will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company registers a substantial and sustained
increase in revenue, while maintaining its profitability, or if
its working capital cycle improves. The outlook may be revised to
'Negative' in case of a steep decline in its profitability, or
significant weakening of its capital structure because of a
stretch in its working capital cycle.

Established in 1985, G.V Pratap Reddy is a Hyderabad based
proprietorship firm engaged in the business of civil
construction. The firm is promoted by Mr. G.V. Pratap Reddy.


HILL TRACK: CRISIL Assigns B+ Rating to INR60MM Overdraft Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Hill Track Constructions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      60        CRISIL B+/Stable

The rating reflects HCPL's small scale of operations in the
intensely competitive civil construction industry, geographical
concentration in revenue profile and large working capital
requirement. These weaknesses are partially offset by the
benefits that HCPL derives from the extensive industry experience
of its promoters and healthy operating profitability.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR11.8 million as on March 31, 2016, extended by promoters,
as 'neither debt nor equity' as these bear nominal interest and
will be maintained in the business over the medium term.
Outlook: Stable

CRISIL believes HCPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if growth in revenues and sustained
profitability leads to sizeable cash accrual along with efficient
working capital management. The outlook may be revised to
'Negative' if low cash accrual or stretch in working capital
cycle or any large debt-funded capital expenditure weakens the
financial risk profile, particularly liquidity.

Established in June 2001, HCPL undertakes contracts for civil
construction work for buildings such as hostels, colleges,
shopping malls and offices. It is promoted by Mr. P A Devasia and
others, and is based in Wayanad (Kerala).


INDTECH INTERIOR: CRISIL Suspends B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Indtech Interior & Contractors Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4
   Secured Overdraft
   Facility                50        CRISIL B+/Stable

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

Indtech, established in 1994 as a proprietorship concern and
reconstituted as a private limited company in 2009, undertakes
civil construction and interior decoration contracts. The
company's daily operations are managed by Mr. Ceen Mathew.


J.V. STEEL: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of J.V. Steel Tubes.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Overdraft Facility        25       CRISIL B/Stable
   Cash Credit               50       CRISIL B/Stable
   Cash Credit-Book Debt     45       CRISIL B/Stable

The rating reflects the firm's weak financial risk profile
because of high gearing and muted debt protection metrics, and
its small scale of operations in the highly competitive pipes
industry. These weaknesses are partially offset by its promoters'
extensive industry experience.
Outlook: Stable

CRISIL believes JVST will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of higher-than-expected growth in revenue, and improvement
in capital structure and profitability. The outlook may be
revised to 'Negative' if cash accrual declines or if the firm
undertakes larger-than-expected, debt-funded capital expenditure,
weakening its financial risk profile.

JVST is a partnership firm formed in 2005 by the Gupta and Bansal
families. The firm manufactures ERW (electric resistance welding)
pipes for the bicycle and automotive industries. It has capacity
to manufacture 1000 tonns per month pipes in sizes of 0.5-2.0
inch at its unit in Ludhiana, Punjab.


KARTHIKEYAN RICE: CRISIL Suspends 'B' Rating on INR30MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Karthikeyan Rice Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Long Term Loan          18        CRISIL B/Stable
   Proposed Cash
   Credit Limit            12        CRISIL B/Stable

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

Set up in 1973, KRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm is promoted
by Mr. Lakshmipathy and his family members.


KATARE COTTON: CRISIL Lowers Rating on INR42.1MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Katare Cotton Waste Spinning Mills to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               42.1      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects delays in servicing term debt and
continuously overdrawn working capital limit for more than 30
days; both the defaults are because of weak liquidity.

The firm also has a small scale of operations in the intensely
competitive cotton industry and weak financial risk profile due
to modest networth and subdued debt protection metrics. However,
it benefits from the extensive experience of its promoters.

Set up in 1974 as a partnership firm by Mr. Kishore Katare and
his family members, KCWSM manufactures cotton yarn at its unit in
Solapur, Maharashtra, which has capacity of 5520 spindles.


KAUR SAIN: CRISIL Reaffirms 'B' Rating on INR210MM LT Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaur Sain Spinning
Mills continue to reflect KSM's below average financial risk
profile; marked by a highly leveraged capital structure however
partially offset by adequate debt protection metrics; high
working capital requirement and small scale of operations amid
intense competition. These weaknesses are partially offset by the
firm's long-standing presence in the partially oriented yarn
(POY) segment.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting
   under Letter of
   Credit                   10       CRISIL A4 (Reaffirmed)

   Cash Credit             100       CRISIL B/Stable (Reaffirmed)

   Letter of Credit         30       CRISIL A4 (Reaffirmed)

   Long Term Loan          210       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       20       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KSM will benefit over the medium term from its
long-standing presence in the POY segment. The outlook may be
revised to 'Positive' if capital infusion or increase in scale of
operations improves the financial risk profile. The outlook may
be revised to 'Negative' if increase in inventory, leading to
large incremental bank borrowings, or large debt-funded capital
expenditure weakens the financial risk profile.

Set up in 1999 as a partnership firm by Mr. Sushil Kumar Mittal
and family, KSM manufactures POY at its plant in Ludhiana
(Punjab). The plant has an installed capacity of 20 tonne per day
(tpd) of texturing yarn.


KPK OILS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of KPK Oils and Proteins India Private Limited.
The rating reflects a below-average financial risk profile, with
high gearing and average debt protection metrics. Gearing remains
high due to considerable dependence on bank limits for meeting
its working capital requirement. These weaknesses are partially
offset by promoter's established relationships with local
suppliers and key customers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      47        CRISIL B/Stable

   Cash Credit             50        CRISIL B/Stable

   Long Term Loan           3        CRISIL B/Stable

Outlook: Stable

CRISIL believes KPK's financial risk profile will remain weak
over the medium due to high gearing. The outlook may be revised
to 'Positive' if revenue and working capital cycle improve,
strengthen profitability and financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the profitability
deteriorates, or stretch in working capital cycle adversely
affects liquidity.

Incorporated in 2007, KPK refines and trades in coconut oil. The
company is promoted by Mr. Kuppuraj Palanisamy.


LAKSHMI SAAI: CRISIL Assigns B+ Rating to INR110MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Lakshmi Saai Agri Cold Storage Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         110        CRISIL B+/Stable
   Proposed Working
   Capital Facility        10        CRISIL B+/Stable

The rating reflects modest scale of operations in a highly
fragmented industry, and subdued financial risk profile. These
weaknesses are mitigated by the promoter's extensive experience
in the agro commodity industry and established customer
relationship.

Outlook: Stable

CRISIL believes LSA will continue to benefit from promoter's
extensive experience. The outlook may be revised to 'Positive' if
improved scale of operations along with stable profitability
increases cash accrual. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens due to constrained
profitability or large, debt-funded capital expenditure.

Incorporated in 2010, however commenced operations in 2014,
Chennai-based LSA operates a cold storage facility. It is managed
by the director, Mr. C Suresh Kumar.


LIBRA FINANCE: CRISIL Suspends B- Rating on INR80MM Loan
--------------------------------------------------------
CRISIL has suspended its rating on overdraft facility of Libra
Finance Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      80        CRISIL B-/Stable

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

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


LINERS INDIA: CRISIL Suspends 'D' Rating on INR145MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities and fixed
deposits of Liners India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL D
   Cash Credit           125         CRISIL D
   Cash Credit           145         CRISIL D
   Foreign Bill
   Discounting            20         CRISIL D
   Letter of Credit       55         CRISIL D
   Letter of Credit       50         CRISIL D
   Proposed Long Term
   Bank Loan Facility     36.5       CRISIL D
   Term Loan              71         CRISIL D

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

LIL was originally established in 1974 as a partnership firm by
Mr. S Ganesh; the firm was reconstituted as a private limited
company in 1986 and then as a public limited company in 1994. LIL
has two divisions: cylinder liner manufacturing and automobile
components trading. In fiscal 2015, the manufacturing division
accounted for 63% of revenue, and the trading segment for the
rest.

LIL manufactures cylinder liners and cast iron products. It has
manufacturing units in Vijayawada (Andhra Pradesh) and Rudrapur
(Uttarakhand), with total installed capacity of 240 million
liners per annum. Its centrifugally cast cylinder liners are used
in diesel automotive engines. LIL supplies to global original
equipment manufacturers of heavy, medium, and light commercial
vehicles, tractors, and diesel engines.

The company set up the trading division after acquiring Jai
Motors Ltd in January 2009. Under the division, LIL is a
distributor in South India for automotive component manufacturing
companies. It is an exclusive distributor of Shriram Pistons and
Rings Ltd and Allied Nippon Ltd for Andhra Pradesh, Karnataka,
Kerala, and Tamil Nadu. LIL also distributes the products of six
other automotive component manufacturing companies in South
India.


MASTER CONSTRUCTION: CRISIL Assigns 'B+' Rating to INR70MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Master Construction Company.

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

The ratings reflect small scale of operations in a highly
competitive industry, high working capital requirements and
geographical concentration in revenues. The weaknesses are
primarily offset by the extensive experience of its promoters in
the construction industry and moderate order book position.
Outlook: Stable

CRISIL believes that MCC will continue to benefit over the medium
term from the promoter's extensive experience and current
moderate order book position. The outlook may be revised to
Positive if the firm reports substantial growth in its scale of
operations while improving its working capital cycle. Conversely,
the outlook may be revised to Negative in case there is decline
in the firms revenues or significant deterioration in its
profitability, significantly impacting the financial risk
profile.

MCC was set up in 1984 as a partnership firm promoted by Mr.
Sundarlal Sultania. Currently it is being owned and managed by
Mr. Sundarlal Sultania, Mr. Sanjal Sultania and Mrs Kiran
Sultania. The company is engaged in civil construction and
interior works for government. The firm is located in Raurkela,
Orissa and undertakes operations in Orissa only.


NARUVIZHI AMBAL: CRISIL Assigns B+ Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Naruvizhi Ambal Modern Rice Mill Private Limited and
has assigned its 'CRISIL B+/Stable' rating to the facilities of
NAMRMPL.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

CRISIL had suspended the ratings on December 29, 2015, as the
company had not provided the information required for a rating
review. It has now shared the requisite information, enabling
CRISIL to assign ratings to the facilities.

The ratings reflect the weak financial risk profile and modest
scale of operations, amidst intense competition. These weaknesses
are partially offset by extensive experience of promoters in the
rice milling business.
Outlook: Stable

CRISIL expects the firm to continue to benefit from extensive
experience of its management. The outlook may be revised to
'Positive' if substantial growth in revenue strengthens the
financial risk profile. The outlook may be revised to 'Negative,'
if aggressive, debt-funded expansions, or sharp decline in
revenue and profitability, weakens the financial risk profile.

NAMRMPL was set up in 1999, by promoters, Mr. Krishnan and Mr.
Subramanian and their family members. The firm mills and
processes paddy into rice, bran, broken rice and husk. The rice
mill, is located in Thatikonda in Karaikudi (Sivaganga district
of Tamil Nadu), with an installed milling capacity of 8 tonnes
per hour (tph).


OM SAI: CRISIL Raises Rating on INR100MM Cash Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Om Sai Cotton industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       50       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects improvement in OSCI's business risk
profile, driven by substantial and sustained increase in scale of
operations and profitability. CRISIL believes that OSCI will
sustain the improvement in its financial risk profile over the
medium term, on the back of consistent growth in its net worth
and the absence of any large debt-funded capital expenditure
(capex) plan.

The rating continues to reflect the firm's moderate scale of
operations in the fragmented cotton industry and its below-
average financial risk profile marked by modest net worth, high
gearing, and below average debt protection metrics. The rating
also factors in the susceptibility of OSCI's operating margin to
fluctuations in raw material prices. These weaknesses are
partially offset by the extensive industry experience of the
partners.
Outlook: Stable

CRISIL believes OSCI will continue to benefit over the medium
term from the experience of its partners in the cotton industry.
The outlook may be revised to 'Positive' if the firm reports
higher-than-expected revenue while improving its profitability
and improving its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a decline in OSCI's revenue
or profitability, or if it undertakes a large, debt-funded
capital expenditure, resulting in deterioration in the financial
risk profile.

OSCI was set up in 2010 as a partnership firm by Mr. B
Parameswar, Mr. H J Reddy, Mr. H V Reddy, Mrs. C Aruna, and Mrs.
G Swathi. The firm, based in Warangal District (Telangana), is
engaged in cotton ginning and pressing.


P.C.S. APEX: CRISIL Assigns 'B' Rating to INR60MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of P.C.S. Apex.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      60        CRISIL B/Stable

The rating reflects the extensive experience of the proprietor in
the agro-commodities trading industry. This rating strength is
partially offset by the firm's modest scale and working capital
intensity in operations in the intensely competitive agro
commodities trading business, and below-average financial risk
profile.
Outlook: Stable

CRISIL believes PCSA will continue to benefit over the medium
term from its proprietor's extensive experience. The outlook may
be revised to 'Positive' if capital infusion or improvement in
revenue, profitability and cash accrual strengthens financial
risk profile. Conversely, the outlook may be revised to
'Negative', if financial risk profile deteriorates due to
increase in working capital borrowings, or if any change in
government policies on agro commodity trading negatively impacts
operations.

Set up in 2002, and based at Virudhunagar, Tamil Nadu, PCSA
imports and trades in agro commodities such as pulses. The
operations are managed by the proprietor, Ms Latha Govindaraja
Perumal and her husband, Mr. PCS Govindaraja Perumal.


PARV TEX: CRISIL Assigns 'B+' Rating to INR82.5MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Parv Tex India.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              82.5       CRISIL B+/Stable
   Bank Guarantee          2.5       CRISIL A4
   Cash Credit            30         CRISIL B+/Stable

The rating reflects the firm's start-up nature of operations,
significant sales risks, and exposure to intense competition in
the home textiles industry. These weaknesses are partially offset
by the extensive experience of its promoters.
Outlook: Stable

CRISIL believes PTI will continue to benefit over the medium term
from the extensive experience of its promoters in the textile
industry. The outlook may be revised to 'Positive' in case of
successful stabilisation of plant and strong revenue and
profitability. The outlook may be revised to 'Negative' if lower-
than-expected revenue or profitability or significant debt-funded
capital expenditure further weakens financial risk profile.

Set up in February, 2016 as a partnership firm, PTI manufactures
bedsheets at its unit in Barhampur, which is 10 kilometres away
from Panipat, Haryana. Operations began in October 2016.


PK GLOBAL: CRISIL Assigns B+ Rating to INR27MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
long-term bank facilities of PK Global Power Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      3         CRISIL B+/Stable
   Inland/Import
   Letter of Credit       15         CRISIL A4
   Bank Guarantee         35         CRISIL A4
   Cash Credit            27         CRISIL B+/Stable

The rating reflects the extensive experience of the promoter in
the insulator industry, and established relationships with
suppliers and customers. These rating strengths are offset by
modest scale of operations, exposure to intense competition, low
networth, and large working capital requirement.
Outlook: Stable

CRISIL believes that PKGPL will continue to benefit from
experience of its promoter. The outlook may be revised to
'Positive,' if significant improvement in the scale of operations
and profitability, or substantial equity infusion, strengthens
the financial risk profile. The outlook may be revised to
'Negative,' if decline in revenue and margin, or large, debt-
funded capital expenditure, weakens the financial risk profile,
especially liquidity.

PKGPL started operations as a proprietorship firm in 2000 and was
reconstituted as a private limited company in 2016. The company
manufactures electro porcelain disc insulators for high extension
wires. It has been promoted by Mr. Prashant Gupta, based out of
Bhopal.


PRASHANT INDUSTRIAL: CRISIL Assigns B+ Rating to INR300MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Prashant Industrial Corporation (PIC; a part of
Prashant Group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      300       CRISIL B+/Stable

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

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

CRISIL believes that the Prashant group will continue to benefit
over the medium term from the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' if there
is significant increase in the group's scale of operations and
profitability margin resulting in larger cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the group's revenue or profitability, or
in case of large debt-funded capital expenditure, or significant
deterioration in working capital management impacting the
business and financial risk profile of the group.
About the Group

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

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

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


RAJ KUMARI: CRISIL Upgrades Rating on INR140MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Raj Kumari and Ram Gobind Memorial Education Society to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      20        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      40        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              140        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects expectation of 20-25% growth in
revenue, aided by rising occupancy levels and established
presence in Rohtak, complemented by healthy brand recognition of
the new franchisee of 'Shri Educare Limited(The Shri Ram
Schools)' taken by Rajkumari. Expansion in operations till class
12th (vis-a -vis the existing offering of upto class 8) is also
likely to aid growth, as new classes may become operational by
fiscal 2018.

Healthy growth in revenue and sustained operating margin at 42-
45%, over the medium term, are likely to result in adequate cash
accrual against debt obligation. Sizeable capital expenditure of
around INR175 million towards expansion in scale of operations
upto class XII, will largely be funded via bank debt and keep the
debt to equity ratio high over the medium term. The society,
however, receives significant, need-based support from its
promoters/trustees via unsecured loans1.

The rating continues to reflect the modest scale of operations,
which are still nascent, geographical concentration in revenue
profile, weak capital structure and exposure to intense
competition. These weaknesses are partially offset by extensive
experience of promoters in running the educational institute and
healthy demand prospects for education.
Outlook: Stable

CRISIL believes that Rajkumari will continue to benefit from
extensive experience of promoters in the education sector, and
healthy demand prospects. The outlook may be revised to
'Positive' if substantial and sustained improvement in revenue
and profitability, leads to large cash accrual and a stronger
financial risk profile. The outlook may be revised to 'Negative'
if low revenue or decline in margin from current levels, weakens
the financial risk profile.

Rajkumari was formed in 2006 by Mr. Ram Karan Hooda. The society
runs a school, Shree Ram Universal School, in Rohtak (Haryana),
with pre-school, primary and secondary divisions. The school is
affiliated to Central Board of Secondary Education curriculum.
The pre-school and primary school divisions commenced operations
from April 2012.


RANGER COTTON: CRISIL Suspends 'B' Rating on INR185MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ranger
Cotton Mills (India) Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         14.6       CRISIL A4
   Cash Credit           185.0       CRISIL B/Stable
   Term Loan             116.4       CRISIL B/Stable

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

Ranger Cotton was set up in 2004 by Mr. A Arumugam. It
manufactures cotton yarn in counts ranging from 20s to 40s, and
grey cotton. The company's facilities are located at
Gobichettipalayam (Tamil Nadu).


RUKSH GARMENTS: CRISIL Assigns B- Rating to INR49MM Term Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B-/Stable/CRISIL A4' to Ruksh
Garments Private Limited. The ratings reflect working capital-
intensive operations, stretched liquidity and weak financial risk
profile. These weakness are mitigated by promoters' experience.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 49        CRISIL B-/Stable
   Sales Bill Discounting    20        CRISIL A4
   Packing Credit            25        CRISIL A4
   Proposed Fund-Based
   Bank Limits                6        CRISIL B-/Stable

Outlook: Stable

CRISIL believes RGPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if significant increase in revenue or cash accrual,
improved working capital management and capital structure
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if decline in revenue or cash accrual,
large, debt-funded capital expenditure, or stretched working
capital cycle weakens financial risk profile.

RGPL, based in Kanpur (Uttar Pradesh), was set up in February
2014 by Mr. Iftekhar Mohammad and Mr. Mohammad Shahid. It
manufactures worker safety garments and horse riding clothes.


S.M. EDIBLES: CRISIL Assigns B+ Rating to INR200MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of S.M. Edibles Private Limited and assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had suspended the
rating on March 26, 2013, as SMEPL had not provided the necessary
information for a rating view. The company has now shared the
requisite information, enabling CRISIL to assign the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects the company's below-average financial risk
profile, susceptibility of its operating margin to volatility in
sugar prices, and its vulnerability to changes in regulations
regarding the sugar industry. These weaknesses are partially
offset by its promoters' extensive experience in trading in
sugar, its diverse customer base, and adequate scale of
operations in a highly fragmented business.
Outlook: Stable

CRISIL believes SMEPL will maintain its healthy business risk
profile over the medium term. The outlook may be revised to
'Positive' in case of a substantial increase in operating income
or profitability, along with an improvement in working capital
management, leading to a better financial risk profile. The
outlook may be revised to 'Negative' in case of lower-than-
expected operating income or profitability, or a stretch in
working capital cycle, leading to increased debt.

SMEPL, incorporated in 2005, trades in sugar. It is the flagship
company of the SM group, which has interests in sugar trading,
rolling mills, cylinder manufacturing, electronics distribution,
and medical supplies. The company is promoted by Mr. Rakesh Kumar
Agarwal and Mr. Arvind Kumar Agarwal. It has offices in Noida,
Ghaziabad, and Muzaffarnagar in Uttar Pradesh, and in Delhi.

SMEPL's net profit is estimated at INR10.4 million on sales of
INR633.5 million for fiscal 2016, against a net profit of INR7.29
million on sales of INR1240.1 million for fiscal 2015.


SANAA DISTRIBUTORS: CRISIL Assigns 'B' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sanaa Distributors India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Channel Financing      100        CRISIL B/Stable

The rating reflects below-average financial risk profile, modest
scale of operations in a fragmented industry and low operating
margin. These weaknesses are mitigated by promoter's experience
in the distribution business along with established relationships
with principal and customers.
Outlook: Stable

CRISIL believes SDIPL will benefit from the promoters' experience
and established relationship with principal over the medium term.
The outlook may be revised to 'Positive' if financial risk
profile, working capital management and funding support from
promoters improve substantially. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens due to
large working capital requirement or any debt-funded capital
expenditure.

Established in October 2013, SDIPL is an authorised distributor
for Samsung smartphones and accessories in Ernakulam (Kerala).
Mr. Abdul Salam C M is the promoter.


SATMA INDUSTRIES: CRISIL Puts B+ Rating on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has placed its ratings on the cash credit  facilities of
INR70 million, and proposed long term facility of INR 48.5
million of Satma Industries Private Limited on 'Notice of
Withdrawal' for 180 days; the ratings will be withdrawn at the
end of the notice period. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B+/Stable (Notice
                                    of Withdrawal)

   Proposed Long Term     48.5      CRISIL B+/Stable (Notice
   Bank Loan Facility               of Withdrawal)

   Term Loan              10        CRISIL B+/Stable (Reaffirmed)

CRISIL has reaffirmed its rating on the term loan of SIPL at
CRISIL B+/Stable.

The rating continues to reflect the extensive experience of
promoters in the tyre trading industry and moderate risk
management policies. These strengths are mitigated by modest
scale of operations and working capital-intensive operations.
Outlook: Stable

CRISIL believes SIPL will benefit over the medium term from the
extensive experience of promoters. The outlook may be revised to
'Positive' if revenue increases substantially along with stable
profitability and capital structure. The outlook may be revised
to 'Negative' if decline in profitability or revenue, stretched
working capital cycle, or large debt-funded capital expenditure
weakens financial risk profile, particularly liquidity.

Incorporated in 2013, SIPL has its registered office in Lucknow.
An authorised dealer of Michelin, Bridgestone, MRF, Apollo, Ceat
and Birla Tyres, the company trades in truck tyres, four wheeler
and two wheeler tyres and tubes. The operations are managed by
Mr. Naveen Kumar Jain and his wife, Mrs. Shikha Jain. It also
trades in ophthalmic lenses. SIPL has two retail outlets, Satma
Tyre House and Satma Vision Centre located in Lucknow.


SHAKTI VEGETABLES: CRISIL Ups Rating on INR97.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shakti Vegetables and Fruits Storage to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan              97.5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects timely commercialisation of operations and
expected scaling up of operations over the medium term, with
improvement in profitability. Revenue in fiscal 2016 was INR34.8
million, with operating profit margin of 33%. With expected
scale-up of operations, operating margin will likely improve on
account of better capacity utilisation, leading to higher cash
accrual to INR10 million in fiscal 2017 from INR3.7 million in
fiscal 2016.

The rating reflects SVFS's modest scale of operations in a highly
fragmented agriculture industry and average financial risk
profile, with a small networth, modest gearing, and below-average
debt protection metrics. These weaknesses are partially offset by
the promoters' extensive experience.
Outlook: Stable

CRISIL believes SVFS will benefit over the medium term from the
promoters' extensive experience, and average financial risk
profile. The outlook may be revised to 'Positive' if scale of
operations and profitability increase significantly, thereby
considerably improving accrual and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if
profitability declines steeply because of intense competition, or
if promoters withdraw substantial capital, or if working capital
requirement increases significantly, weakening the capital
structure.

Set up in 2014, SVFS provides cold storage facilities for
potatoes and fruits on rent. Its facility is in Palanpur
(Gujarat), with 5000 tonne capacity, and is promoted by Mr.
Shamalbhai Patel and his family. The facility started operations
in March 2015.



SHREE NAMOKAR: CRISIL Assigns B+ Rating to INR85MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its CRISIL B+/Stable' rating to the bank
facilities of Shree Namokar International Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             85        CRISIL B+/Stable

The rating reflects SNIPL's limited pricing power and commodity
nature of business leading to constrained margins. The rating
also factors in moderate financial risk profile, marked by high
total outside liabilities to tangible networth ratio. These
weaknesses are partially offset by the extensive experience of
the promoters in the agricultural commodities products trading
industry, and the company's moderate risk management policies.
Outlook: Stable

CRISIL believe SNIPL will continue to benefit over the medium
term from the extensive experience of the promoters in
agricultural commodities trading. The outlook may be revised to
'Positive' if higher-than-expected cash accrual - backed by
improvement in revenue - helps strengthen liquidity and capital
structure. The outlook may be revised to 'Negative' if low cash
accrual, or sizeable debt or working capital requirement weakens
financial risk profile.

Set up in August 2015, SNIPL is an agri-commodities trading
company. It commenced operations in October 2015. The promoters
have extensive experience in procurement, primary processing,
warehousing and supply chain of agro-commodities, and healthy
relationships with customers and suppliers in the UAE, US, China
and South East Asia. The company trades in cumin seed, methi, and
maze, and imports dry fruit.


SHREERAM POLYPLAST: CRISIL Suspends 'D' Rating on INR49.3MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shreeram Polyplast.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.5        CRISIL D
   Cash Credit           14          CRISIL D
   Letter of Credit       2.5        CRISIL D
   Long Term Loan        49.3        CRISIL D
   Proposed Long Term
   Bank Loan Facility    41.7        CRISIL D
   Standby Line of
   Credit                 2.0        CRISIL D

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

Shreeram Polypast, established in 1975, is promoted by Mr. G K
Basha. The firm designs, fabricates, and processes components
from PU, and has a manufacturing unit at Chennai. The firms'
products are used in various industries such as steel, aluminum,
oil field, automobile, and material handling operations. Mr. G K
Basha and his son, Mr. A N Basha manage the firm's day-to-day
operations.


SRI BALAJI: CRISIL Assigns 'B' Rating to INR62.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sri Balaji Paraboiled Rice Mills Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             22.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      62.5      CRISIL B/Stable

The rating reflects the company's modest scale of operations in
the intensely competitive rice-milling industry, and
susceptibility of its operating profitability to volatile raw
material prices and to unfavorable government regulations. The
rating also factors in below-average financial risk profile,
marked by modest net worth, moderate capital structure, and weak
debt protection metrics. These weaknesses are partially offset by
the promoters' extensive experience and established customer and
supplier relationships.

Outlook: Stable

CRISIL believes SBPRMPL will continue to benefit from the
extensive experience of its promoters in the rice milling
industry. The outlook may be revised to 'Positive' if the company
registers more than expected revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates because of low revenue and
profitability, decline in working capital management, or higher-
than-expected debt funded capital expenditure.

Incorporated in 1999, SBPRMPL mills and processes paddy into
rice. The manufacturing plant is in Nalagonda district,
Telangana. Mr. Gouru Srinivas and Mr. Gouru Saroja and their
family members are the promoters.


SUNLIFE INFRATECH: CRISIL Assigns B+ Rating to INR100MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sunlife Infratech.

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

The rating reflects the firm's exposure to risks relating to
saleability and funding on the ongoing residential project,
especially because of low customer advances against booking of
units, and cyclicality inherent in the Indian real estate
industry. These weaknesses are partially offset by the extensive
experience of the promoters, and their established track record
in the real estate sector in Gwalior, Madhya Pradesh.
Outlook: Stable

CRISIL believes Sunlife will benefit over the medium term from
its promoters' extensive experience. The outlook may be revised
to 'Positive' if healthy sale of units and timely receipt of
customer advances result in healthy cash inflow. Conversely, the
outlook may be revised to 'Negative' if time and cost overruns,
lower-than expected sales, or delays in receipt of customer
advances lead to low cash inflow, and weak liquidity.

Sunlife was set up in 2014 by Mr. Yogesh Khandelwal. The firm is
part of the Khandelwal group, which develops residential real
estate, largely in Gwalior. Its ongoing project, Sun Valley, has
716 residential units.


UNIVA AUTOMOBILES: CRISIL Suspends B- Rating on INR75MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Univa Automobiles Private Limited.

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Proposed Cash Credit Limit    45       CRISIL B-/Stable
   Term Loan                     75       CRISIL B-/Stable

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

Incorporated in 2014, Univan Automobiles Pvt Ltd (UAPL) is
setting up auto-dealership business for Hyundai at Whitefiled
Main Road, Bangalore (Karnataka). The company is promoted by Mr.
Gopala D.A. The company is expected to commence operations from
June 2015.


WESTERN LUMBERS: CRISIL Assigns 'C' Rating to INR250MM Term Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the long-term
bank facilities of Western Lumbers (part of the Darvesh group)
and has assigned its 'CRISIL C/CRISIL A4' rating to the bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Funded Interest         62.5      CRISIL C (Assigned;
   Term Loan                         Suspension Revoked)

   Working Capital        250.0      CRISIL C (Assigned;
   Term Loan                         Suspension Revoked)

   Letter of Credit       150.0      CRISIL A (Assigned;
                                     Suspension Revoked)

The rating was 'Suspended' on September 26, 2013, since WL had
not provided necessary information required to take the rating
review. WL has now shared the requisite information.

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

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

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



===============
M A L A Y S I A
===============


MALAYAN BANKING: S&P Affirms 'BB+' Preferred Stock Rating
---------------------------------------------------------
S&P Global Ratings said that it affirmed the ratings on the
following seven Malaysian financial institutions:

Malayan Banking Bhd. (Maybank)
Issuer Credit Rating                      A-/Stable/A-2
ASEAN Regional Scale                      axAA/axA-1

Public Bank Bhd.
Issuer Credit Rating                      A-/Stable/A-2
ASEAN Regional Scale                      axAA/axA-1

CIMB Bank Bhd.
Issuer Credit Rating                      A-/Stable/A-2
ASEAN Regional Scale                      axAA/axA-1

CIMB Investment Bank Bhd. (CIMBIB)
Issuer Credit Rating                      A-/Stable/A-2
ASEAN Regional Scale                      axAA/axA-1

RHB Bank Bhd.
Issuer Credit Rating                      BBB+/Stable/A-2
ASEAN Regional Scale                      axA+/axA-1

RHB Investment Bank Bhd. (RHBIB)
Issuer Credit Rating                      BBB+/Stable/A-2
ASEAN Regional Scale                      axA+/axA-1

AmBank (M) Bhd. (AmBank)
Issuer Credit Rating                      BBB+/Stable/A-2
ASEAN Regional Scale                      axA+/axA-1

S&P affirmed the ratings because it believes Malaysian banks are
in a position of strength and have sufficient buffers against
downside risks in S&P's base-case scenario.  In S&P's view,
although the banks' asset quality is likely to deteriorate
slightly and their revenue growth has continued to decelerate,
the deterioration should be manageable.

The Malaysia economy has lost some momentum due to a weak energy
sector, tighter domestic spending, and weaker global demand.
However, S&P's ratings incorporate normal credit cycle turns,
nonperforming loans (NPLs) are coming from a low base, and loan-
loss reserves are strong.  S&P's base-case assumptions
incorporates these:

   -- A minor recovery in economic growth of 4.3% in 2016 and
      4.5% in 2017.

   -- An accommodative monetary policy and low unemployment
      conditions, which will continue to support private sector
      debt repayment

Profitability has been affected on two fronts.  Increasing credit
costs due to weaker asset quality should weigh on the bottom
line, particularly for banks with exposure to emerging markets,
such as Indonesia.  Meanwhile, net interest margins have
continued their downward trajectory of 5-10 basis points per
year.  The introduction of more stringent liquidity requirements
under Basel III has also sparked a wave of deposit campaigns,
leading to higher funding costs.

Malaysia banks have adopted a defensive strategy against these
headwinds.  S&P expects loan growth for the industry to slow to
just 3%-5% for 2016 from 8.1% in 2015, which would offset
downward capital pressure from lower retained earnings.  Banks
have tightened underwriting standards and decelerated regional
expansion, particularly into emerging markets such as Indonesia.
In S&P's view, Malaysian banks will continue to focus on cost
control and asset quality preservation in 2017 to ride out this
cyclical downturn.

                              MAYBANK

S&P affirmed the ratings on Maybank because S&P believes the bank
will continue to have a strong market position, good capital
base, and ample funding and liquidity position for at least the
next 18-24 months.  Maybank has a solid capital buffer, an
earning capacity that is better than the peer group average, and
a diversified loan portfolio.  These strengths should help to
absorb rising credit risks, given slower regional growth and the
bank's exposure to some cyclical sectors that may undermine asset
quality.

The stable rating outlook on Maybank for the next 24 months
reflects S&P's expectation that the bank will maintain its
satisfactory financial profile and track record of consistent
profitability over the next two years.  The ratings on Maybank
qualify for uplift for extraordinary government support, given
the bank's high systemic importance, which is currently not
incorporated in the rating because its  stand-alone credit
profile is 'a-', the same level as the foreign-currency sovereign
credit rating.  The ratings and outlook will move in tandem with
the sovereign credit rating on Malaysia (foreign currency A-
/Stable/A-2; local currency A/Stable/A-1; axAAA/axA-1+).

S&P is highly unlikely to downgrade Maybank in the next 18-24
months.  A downgrade would be contingent on the bank's SACP
declining by three notches, which is not S&P's base-case
scenario. Similarly, S&P sees limited upside for an upgrade
during its forecast period because the rating is the same as the
'A-' long-term foreign currency sovereign credit rating on
Malaysia.

                            PUBLIC BANK

S&P affirmed the rating on Public Bank because S&P expects the
bank to maintain a consistently strong financial profile
throughout economic cycles.  In addition, S&P believes the bank
has competitive advantages in the domestic small to midsize
enterprise (SME) and retail sectors.  S&P believes Public Bank
will be able to maintain its market leadership and good interest
margin over the next 18-24 months.  While S&P expects the bank's
historically low credit costs to normalize as the credit cycle in
Malaysia unfolds, the increase will most likely be gradual and
from a low base.

The stable outlook on Public Bank reflects S&P's expectation that
the bank will maintain its high systemic importance in Malaysia
and that its SACP will remain 'a-' over the next one to two
years. The ratings and outlook will move in tandem with the
sovereign credit rating on Malaysia.

S&P believes that the ratings on Public Bank have limited upside
potential over the next two years since they are the same as the
'A-' long-term foreign currency sovereign credit rating on
Malaysia.  Likewise, S&P sees no downside risk to the current
rating on the bank in our forecast period since the bank's 'a-'
SACP would need to decline by three notches for a downgrade to
happen.

                         CIMB BANK AND CIMBB

S&P affirmed its ratings on CIMB Bank to reflect S&P's view of a
high likelihood of extraordinary support from the Malaysian
government if needed.  S&P also believes CIMB Bank will continue
to derive benefits from its established franchise in Malaysia,
its track record of profitable operations, and stable funding
capacity, supporting its 'bbb+' SACP.  In S&P's view, the bank's
core focus on asset quality and cost management should mitigate
the continued challenges in the external environment.

These strengths are tempered by CIMB Bank's exposure to emerging
markets, particularly Thailand, and its slightly weaker
capitalization than major peers'.  S&P affirmed the rating on
CIMBIB to reflect the bank's core group status in CIMB Group.

The stable outlook on CIMB Bank reflects S&P's view that the SACP
will remain resilient over the next two years despite asset
quality pressure due to the economic slowdown.  S&P believes that
any extraordinary government support is likely to flow through
CIMB Bank as the main operating subsidiary in Malaysia rather
than any other group entities.  The outlook therefore reflects
S&P's expectation that the ratings will continue to incorporate a
one-notch uplift above the 'bbb+' SACP for extraordinary
government support, in line with S&P's assessment of the bank as
a highly systemic institution in Malaysia.

S&P could lower the ratings on CIMB Bank if the bank's SACP
declines to 'bbb-' from 'bbb+', but this is an unlikely scenario
in our base case.  S&P is also unlikely to raise the ratings on
CIMB Bank over the next two years since they are same as the 'A-'
long-term foreign currency sovereign credit rating on Malaysia.

The stable outlook on CIMBIB reflects the stable outlook on CIMB
Bank.  The outlook also reflects S&P's expectation that CIMBIB
will remain a core entity of CIMB Group.  S&P expects the rating
on CIMBIB to move in tandem with the rating on CIMB Bank.

                         RHB BANK AND RHBIB

S&P affirmed its ratings on RHB Bank because the bank's capital
position has noticeably strengthened following the group
restructuring in early 2016.  In S&P's view, the bank is now in a
better position amid the challenging operating environment.
While S&P expects RHB Bank's asset quality to come under downward
pressure and the net interest margin to remain tight, the
moderating asset growth and stronger capital base should help the
bank to withstand such headwinds.  S&P affirmed the ratings on
RHBIB to reflect the bank's core group status, based on parental
support.

The stable outlook on RHB Bank reflects S&P's view that the bank
will maintain consistent profitability, a stronger capital
buffer, and continuous government support, despite the rising
credit challenges from the economic slowdown.  As a result, its
financial risk profile should remain resilient over the next 24
months.

S&P could raise RHB Bank's 'bbb' SACP by one notch if it
forecasts that the risk-adjusted capital (RAC) ratio will
increase to above 10% on a sustainable basis.  The bank has made
notable progress in strengthening its capital position following
a group reorganization completed in the first half of this year;
its RAC ratio improved to 8.5% in June 2016 from 8.0% in December
2015.  S&P anticipates that the ratio will remain 8.0%-9.0% in
our forecast period because of lower credit growth and a stable
dividend payout ratio.

S&P could upgrade RHB Bank if we raise its SACP by two notches,
which is not S&P's base-case scenario for the forecast period.
S&P could downgrade RHB Bank if the bank's SACP declines by a
notch, which S&P considers an unlikely scenario, given the bank's
more comfortable capital buffer and prudent growth strategy.

The stable outlook on RHBIB reflects the outlook on RHB Bank.
The outlook also reflects S&P's expectation that RHBIB will
remain a core entity of the group.  S&P therefore expects the
rating on the investment bank to move in tandem with the rating
on RHB Bank.  The SACP is 'bb+'.

                              AMBANK

S&P affirmed the ratings on AmBank because S&P believes the risks
stemming from weak growth prospects and profitability strain are
mitigated by the bank's solid capital buffer and the improving
asset quality profile of its retail portfolio.  In S&P's view,
the bank's overall impaired loan ratio will only inch up given
some weakened corporate exposure. However, general credit risks
should be contained based on AmBank's currently prudent growth
strategy and the well-secured nature of the corporate credits.

The stable outlook on AmBank reflects S&P's belief that the bank
will maintain its moderate systemic importance in Malaysia and
its SACP in the 'bbb' category over the 18-24 months.  The bank's
satisfactory financial profile is underpinned by its adequate
capitalization and sound underwriting standards.  As the economy
slows down, S&P expects incremental increases in credit costs
from historically low levels, but the credit risk profile of
AmBank should remain within manageable levels.

S&P could downgrade AmBank if the bank's SACP declines by a
notch, which S&P considers an unlikely scenario, given the bank's
de-risking strategy and cautious growth.  S&P could raise the
rating if it raises the bank's SACP by two notches, which is also
an unlikely event.

RATINGS LIST

Ratings Affirmed

AmBank (M) Bhd.
RHB Investment Bank Bhd.
RHB Bank Bhd.
Counterparty Credit Rating             BBB+/Stable/A-2
ASEAN Regional Scale                   axA+/--/axA-1

CIMB Bank Bhd.
Public Bank Bhd.
Malayan Banking Bhd.
CIMB Investment Bank Bhd.
Counterparty Credit Rating             A-/Stable/A-2
ASEAN Regional Scale                   axAA/--/axA-1

AmBank (M) Bhd.
Senior Unsecured                       BBB+

CIMB Bank Bhd.
Senior Unsecured                       A-

Malayan Banking Bhd.
Senior Unsecured                       A-
Senior Unsecured                       A-2
Senior Unsecured                       cnAA
Subordinated                           BBB
Subordinated                           BBB+
Preferred Stock                        BB+

RHB Bank Bhd.
Senior Unsecured                       BBB+
Subordinated                           axA



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


WINDFLOW TECHNOLOGY: Auditors Doubt About Company's Future
----------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that Windflow Technology
averted an NZX threat to suspend share trading when it finally
published its annual report on Nov. 2.

Stuff.co.nz relates that founder Geoff Henderson, based in
Christchurch, said auditors had made additional queries and there
was "no drama".

However, KPMG auditors said the company's future depended on
major shareholder and funder David Iles, further sales of
turbines in the UK, licensing revenue, more finance, or equity
from shareholders.

According to Stuff.co.nz, KPMG said "multiple uncertainties"
meant there was insufficient evidence to provide an audit opinion
on the financial statements.

Windflow directors "expected to undertake significant capital
raising in 2016," the report, as cited by Stuff.co.nz, said.
Stuff.co.nz notes that down-scaling of UK government incentives
and a collapse in the price of electricity there meant Windflow's
two UK staff members would be restricted to maintaining the eight
turbines the company built in Scotland in 2010.

According to Stuff.co.nz, Mr. Henderson said that as a result of
the post-Brexit fall in the UK exchange rate, earnings there were
worth 20% less than previously.

It was frustrating given the reduced visual impact of Windflow's
turbines, their ability to handle turbulence, and the use of a
synchronous generator that was less likely to fail in power
surges, Mr. Henderson said, Stuff.co.nz relays.

Stuff.co.nz meanwhile reports that Windflow has settled all
warranty issues with Windfarms Limited, which operates 97
turbines, for a consideration of NZ$1 million and a 9.9% stake in
Windflow.

For the year ending June 2016 Windflow made a gross profit of
NZ$1.2 million but costs and overheads reduced this to a
NZ$3.7 million loss. It had negative equity of NZ$2.8 million,
Stuff.co.nz discloses. The shares last traded at 1c.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



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


PAKISTAN: S&P Raises Sovereign Credit Ratings to 'B'
----------------------------------------------------
S&P Global Ratings raised its long-term sovereign credit ratings
on the Islamic Republic of Pakistan to 'B' from 'B-'. At the same
time, S&P affirmed the 'B' short-term rating.  The outlook on the
long-term rating is stable.

                              RATIONALE

Pakistan's improved policymaking, in S&P's view, has improved the
performance of the economy and the prospects for the country's
fiscal and external positions.  That said, many of Pakistan's
structural weaknesses remain: a narrow tax base, as well as
domestic and external security risks, that weaken the
government's effectiveness and weigh on the business climate.
Notwithstanding the recent terrorist attacks in Quetta, however,
S&P sees even these structural weaknesses as having improved over
the past few years.  Combined, these factors motivated the
upgrade.

Pakistan continues to benefit from improving governance under its
democratically elected government, led by Prime Minister Nawaz
Sharif.  A now completed three-year reform program, supported by
an Extended Fund Facility (EFF) arrangement with the
International Monetary Fund (IMF), has further helped to restore
macroeconomic stability, reduce fiscal and external
vulnerabilities, and promote growth-supporting reforms that have
the potential to improve living standards.  In September 2016,
the IMF disbursed a final tranche of about US$102 million under
the US$6 billion EFF.

S&P estimates Pakistan's GDP per capita to be US$1,500 in 2016.
S&P has revised upward its forecasts of average annual GDP growth
to 5% (2.9% in real GDP per capita growth terms) over 2016-2019
from our earlier estimate of 4.7% (2.7%).  This revision reflects
improved construction and services sector activity, low-cost oil
and finance, and high investment associated with the China-
Pakistan Economic Corridor (CPEC).  That said, downside risks to
growth stem from the real appreciation of the rupee and an
uncertain outlook for exports, remittances, and foreign direct
investment (FDI).  Inadequate infrastructure, mainly in
transportation and energy, add further downside risks to S&P's
growth outlook.

Pakistan's government has been closing infrastructure shortfalls
through reforms to the energy sector, such as changes to tariff
structures that have cut energy subsidies and reduced power
outages for industrial consumers.  The lower energy subsidies
have contributed to better fiscal performance.  Pakistan's
general government fiscal deficit (including foreign grants) fell
to 4.3% of GDP in the fiscal year ended June 30, 2016, from a
recent peak of 8.1% of GDP in 2013.  S&P expects further gradual
gains in fiscal consolidation will lead to fiscal deficits of
below 3% of GDP by 2018 through tax changes (mainly a reduction
in tax concessions and exemptions, broaden the tax base though
improvements in tax compliance and enforcement), and address
expenditure-side rigidities (such as through lowering energy
subsidies and improved targeting of social and capital spending).
These measures are largely in line with the reforms enacted under
the EFF arrangement.

S&P forecasts Pakistan's gross general government debt to fall
below 60% of GDP by 2018 and for the ratio of net general
government debt to GDP to decline only modestly from 58%
currently.  Interest expense consumes nearly a third of
government revenues and the ratio will likely fall modestly over
the period.

A full implementation of the government's revised fiscal
responsibility framework would lead to better outcomes than S&P's
forecasts.  This should buttress the government's ability to
undertake countercyclical fiscal policy and likely further
improve its credit standing.

Cyclical and structural developments continue to affect
Pakistan's external performance.  Low oil prices have offset weak
exports of manufactured goods.  Remittances (principally from the
Gulf states) remain strong.  S&P estimates the current account
deficit will remain at around 1% of GDP in 2016.  S&P expects
Pakistan's current account deficit to average 1.7% of GDP over
the next four years, partly reflecting higher imports of capital
goods, industrial raw materials, and professional services (such
as accounting, IT, and engineering), combined with continued weak
export performance.  Gross foreign exchange reserves of the State
Bank of Pakistan (SBP, the central bank) tripled over the three
year EFF to US$19.3 billion as of October 2016.  Usable reserves
are slightly less than gross foreign exchange reserves and cover
just under three months of current account payments, or 130% of
short-term external debt by remaining maturity.

S&P expects Pakistan's external debt net of public and financial
sector assets to remain moderate at just under the sum of current
account receipts (CARs; to average 86% over 2016-2018) and for
Pakistan's gross external financing needs over 2016-2018 to
average just over CARs plus usable reserves.  There is some
upside to these forecasts if the government's reform program
induces more foreign direct investment (such as under the CPEC)
than S&P currently expects or if quicker progress in building the
nation's energy infrastructure boosts exports of manufactured
goods.  At the same time, S&P notes that the real effective
exchange rate of the rupee (about 16% higher over the past three
years) may further erode export competitiveness.

Pakistan's banking system appears sound, reflecting its high
profitability, improving liquidity and strong capitalization.  A
nonperforming loan ratio of 11% as of June 2016 and the
industry's still-developing risk assessment continue to pose some
risks. Nevertheless, combining our view of Pakistan's government-
related entities and its financial system, we view the country's
contingent fiscal risks as limited.

S&P believes the SBP's autonomy and performance will strengthen
through the monetary policy council for rate setting (January
2016) and planned administrative measures.  The SBP's interest
rate corridor should improve the monetary transmission mechanism
by providing a stronger direction for short-term market interest
rates and boost liquidity management and activity in the
interbank market.  The ceiling of the interest rate corridor (the
reverse repo rate) is currently 6.25% while the floor (the repo
rate) is 4.25%, and the new policy rate (the target for short-
term money-market rates within the corridor) is 5.75%.  This
framework, combined with the cyclical boost from lower food and
energy prices, should keep inflation in check, averaging about 5%
over 2016-2018.  Reduced budget financing by the SBP should also
assist in reducing inflation pressures.

                              OUTLOOK

The stable rating outlook balances the potential benefits of the
government's reform efforts in bolstering Pakistan's fiscal and
external buffers against the risks that the reform program stalls
or domestic security deteriorates during the next 12 months.

S&P may raise its ratings on Pakistan if the country's security
environment settles to an extent that economic growth trends
higher, strengthening the country's fiscal and external
positions.

Conversely, S&P may lower its ratings if the government backs
away from its reform program or if internal security worsens to
the point of reversing recent gains in macroeconomic stability,
such that fiscal and external buffers weaken materially.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that while all key rating factors were
unchanged, a positive transition is underway in Pakistan's
economic, fiscal, and external metrics.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Upgraded; Ratings Affirmed
                                        To             From
Pakistan (Islamic Republic of)
Sovereign Credit Rating            B/Stable/B         B-/Pos./B
Transfer & Convertibility Assessment
  Local Currency                    B                  B-

Pakistan (Islamic Republic of)
Senior Unsecured
  Foreign and Local Currency        B                   B-
Short-Term Debt
  Local Currency                    B                   B-

Second Pakistan International Sukuk Co. Ltd. (The)
Senior Unsecured
  Foreign Currency*                  B                  B-

*Guaranteed by the Islamic Republic of Pakistan.



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


PUMA ENERGY: Moody's Affirms Corporate Family Rating at Ba2
-----------------------------------------------------------
Moody's Investors Service has affirmed Puma Energy Holdings Pte.
Ltd's corporate family rating at Ba2 and probability of default
rating (PDR) at Ba2-PD.  Concurrently, Moody's has upgraded the
rating on the senior unsecured notes due 2021 to Ba2 from Ba3.
These notes are issued by Puma International Financing S.A. and
are guaranteed by Puma Energy, Puma Energy Group Pte. Ltd. and
Puma Corporation S.a r.l.  The outlook on all ratings remains
stable.

                       RATINGS RATIONALE

The affirmation of the Ba2 CFR reflects the positive
characteristics of Puma Energy's business profile, which benefits
from a high level of vertical integration between its midstream
and downstream oil activities, leading market positions in the
various countries in which it operates and significant
diversification in terms of geographies, customer base and end-
industry exposure.  The upgrade of the rating on the senior notes
due 2021 to Ba2 from Ba3 reflects the shift of the funding
strategy of the group towards HoldCo debt as evidenced by the
reduction in OpCo debt versus HoldCo debt from 75% in Dec 2013 to
17% in June 2016 and reduction of secured debt versus total debt
from 65% in Dec 2013 to 5% in June 2016.  This reduces the amount
of priority debt at various operating subsidiaries of the group,
effectively ranking the bondholders pari passu with debt at the
OpCo level.

Moody's also views positively the development of Puma's global
sourcing platform, sizeable and strategically located storage
capacity and import terminals and extensive retail and
distribution networks, which generate significant economies of
scale and underpin the efficiency of the group's supply chain and
cost base.  Puma Energy further benefits from its strong
relationship with Trafigura (unrated), its major shareholder with
a 49.8% stake and also a supplier of approximately two-thirds of
the refined oil products distributed and marketed by Puma Energy,
which underpins Puma's reliability and consistent quality of its
supplies.

Moody's believes that the company should be able to grow
organically in 2017-18 and reap the benefits of high capex and
acquisition spend in the past years, more specifically, the
acquisition of petroleum assets in the UK, bitumen assets in
Australia, aviation business in Puerto Rico and the acquisition
of retail distributors in South Africa, Colombia and Peru in
2015. Moody's expects Puma to remain free cash flow (FCF)
negative in 2016, however the company should be able to generate
marginal positive FCF in 2017 and around $200-250 million in
2018, assuming the company reduces its capex in 2017-18 from its
historic high levels and no major acquisitions.  Moody's adjusted
debt/EBITDA ratio is expected to peak at around 4.5x in 2016,
however, should reduce to around 4.3x in 2017 and below 4.0x in
2018, assuming reduced capex and acquisition spending.

The Ba2 rating also reflects Puma's dominant presence in emerging
markets mainly in Africa, Latin America and Asia-Pacific, which
tend to display higher country and business risks.  However, the
company should also benefit from the favorable demographics and
rising living standards in these regions which drive above-
average growth in demand for refined oil products.  The rating
also reflects the company's fuel distribution activities
inherently exposed to the price volatility of refined oil
products, which impacts its cost of sales and an acquisition-led
growth strategy that increases execution and leverage risk.
However, Puma Energy largely operates in fully or partly
regulated markets with margin protection and in free markets
where it hedges its price exposure, which supports the resilience
and stability of operating profits and cash flow generation.  In
addition, the group regularly upstreams cash flows from local
operating subsidiaries via collection of trade receivables
related to oil product and equipment supplies, rather than
relying solely on dividends.

Liquidity

Moody's considers the liquidity profile of Puma Energy as
adequate.  The company has access to $1.55 billion under its
Senior Facility Agreement (SFA) and $1.2 billion of undrawn
committed credit facilities as of June 2016, which includes
availabilities under the SFA and other credit facilities.  In
addition to this, the company has access to $1.5 billion of
shareholder loan from Trafigura, fully undrawn as of June 2016,
out of which $500 million is a committed RCF and $1.0 billion is
an uncommitted RCF.  The company's internal cash flow generation
combined with its cash balance of $326 million as of June 2016
and availabilities under its credit facilities should be
sufficient to fulfill its liquidity needs in the coming 18
months.

Puma Energy's working capital requirements (including margin
calls) are subject to fluctuating refined oil product prices.  In
this context, Moody's views the group's limited access to multi-
year committed bank facilities as a constraining factor on its
liquidity which is mitigated to some extent by the liquid nature
of the collateral.

Structural Considerations

The upgrade of the rating on the senior notes to Ba2 from Ba3
reflects the pari passu ranking of the bondholders to other debt
at various operating subsidiaries of the group.  It reflects the
shift of the funding strategy of the group towards HoldCo debt as
evidenced by the reduction in OpCo debt versus HoldCo debt from
75% in Dec 2013 to 17% in June 2016 and reduction of secured debt
versus total debt from 65% in Dec 2013 to 5% in June 2016.  The
Ba2 rating also reflects that this shift towards HoldCo debt will
increase as $345 million of OpCo debt will mature in the coming
12 months.  This change in the funding strategy reduces the
amount of priority debt at various operating subsidiaries of the
group, effectively ranking the bondholders pari passu with debt
at the OpCo level.

Rating Outlook

Moody's adjusted debt/EBITDA ratio is expected to peak at around
4.5x in 2016 and subsequently fall below 4.0x.  The stable
outlook reflects Moody's expectation that Puma Energy should be
able to improve FCF generation due to organic growth and lower
capex requirements in 2017 which should help in deleveraging.
The outlook also reflects the ongoing support from the
shareholders for Puma's growth strategy demonstrated historically
by injection of equity.

What Could Change the Rating - Up

Continued expansion and diversification geographically with
positive FCF generation and sustained Moody's adjusted
debt/EBITDA reduction below 3.5x could lead to an upgrade.  Given
inter-linkages between Puma Energy and its shareholders, any
upgrade would also have to be considered if there is a change in
the shareholder support currently enjoyed by Puma.

What Could Change the Rating - Down

The Ba2 rating could however come under pressure should (i) Puma
Energy's financial performance be materially affected by some
deterioration in operating conditions in some of its major
geographies and/or (ii) its financial leverage increase
significantly as a result of debt funded growth investments,
which would result in Moody's adjusted debt to EBITDA exceeding
4.0x times for a prolonged period of time.

The principal methodology used in these ratings was Global
Midstream Energy published in December 2010.

Puma Energy Holdings Pte. Ltd is an integrated midstream and
downstream oil products group active in Africa, Latin America,
North East Europe, the Middle East and Asia-Pacific.  Trafigura
Beheer BV, a global commodity and logistics firm, established
Puma Energy in 1997 as a storage and distribution network in
Central America, and the company has since grown into a global
network operating across 47 countries worldwide, with
approximately 7.8 million m3 of storage capacity and a network of
approximately 2,419 retail service stations across Africa, Latin
America, and Australia.  In the twelve months to the end of June
2016, Puma Energy sold over 21 million m3 of oil products and its
facilities handled almost 19.4 million m3 of petroleum products.

Trafigura (not rated), a global commodities trader, continues to
own 49.8% of Puma Energy.  Sonangol (not rated), the state oil
company of Angola, is the other major shareholder with a 27.8%
stake, Cochan Holdings LLC owns 15.5% and the remaining is owned
by private investors.


RICKMERS MARITIME: Unit Holders Approve Issue of New Units
----------------------------------------------------------
Marissa Lee at The Strait Times reports that units in Rickmers
Maritime surged nearly 30% on Oct. 31 after unit holders approved
a plan to help get the company out of a tight spot.  But more bad
news emerged after the market closed, with Rickmers reporting it
remained stuck in the red in the third quarter.

According to The Strait Times, the business trust posted a net
loss of US$74.7 million (SGD103.9 million) in the three months
ended Sept. 30, compared with a net profit of US$9 million a year
earlier, after a non-cash impairment of US$69.1 million was
applied to 15 vessels in the fleet. In the second quarter,
Rickmers had reported a net loss of US$55.6 million.

Third-quarter revenue fell 43% year on year to US$15.6 million in
a depressed charter market, The Strait Times discloses.

It decommissioned three idling vessels in August and two in
September, to reduce vessel operating expenses and management
fees, the report says.

But even excluding the decommissioned vessels, fleet utilisation
was 85.3% in the quarter, from 99.9% a year earlier, the report
states.

"Although almost twice as much container shipping capacity has
been scrapped year-to-date 2016 as during full year 2015, there
is still too much capacity . . . ," the report quotes the trust
manager as saying. "The bankruptcy of Hanjin Shipping added to
the available shipping capacity as vessels previously employed by
Hanjin entered the charter market." It added that time charter
rates are expected to stay depressed in the coming months.

The Strait Times says the trust also reported total bank debt of
US$276.9 million remaining as at Sept. 30, of which US$179.7
million is due in March next year - a repayment profile that is
not sustainable, it said.

At an extraordinary meeting earlier on Oct. 31, Rickmers unit
holders approved the proposed issue of 1.3 billion new units in
Rickmers to note holders as partial redemption of $60 million of
the $100 million notes due in May 2017. The units shot up 0.8
cent or 29.6 per cent to close at 3.5 cents on the news, says The
Strait Times.

According to the report, Rickmers will convene a note holders'
meeting next Wednesday [Nov. 9] to seek their approval for the
partial redemption and an extension of the maturity of the other
$40 million in principal to November 2023, among other requests
for waivers and amendments.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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


POSCO ENGINEERING: Moody's Withdraws Ba1 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn POSCO Engineering &
Construction Co., Ltd.'s Ba1 corporate family rating and its
stable outlook.

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

POSCO Engineering & Construction Co., Ltd. is one of the major
construction companies in Korea.  During 2015, it was the fourth
largest construction company in Korea in terms of construction
capacity.  It is 52%-owned by POSCO, a leading steelmaker in
Korea.



=============
V I E T N A M
=============


VINGROUP: S&P Affirms 'B' CCR & Revises Outlook to Positive
-----------------------------------------------------------
S&P Global Ratings revised its rating outlook on Vingroup Joint
Stock Co. to positive from stable.  At the same time, S&P
affirmed its 'B' long-term corporate credit rating and its 'axBB-
' ASEAN regional scale rating on the Vietnam-based property
developer.  S&P also affirmed its 'B' long-term issue rating on
the senior unsecured notes that Vingroup issued.

S&P revised the outlook to reflect its view of the potential for
Vingroup's capital structure to strengthen on sound operating
cash flow, despite hefty outlays to support growth.

Vingroup's brand name and execution record ensures its lead
position in Vietnam's property market.  The developer's property
sales in January to July 2016 totaled Vietnamese dong (VND) 40
trillion, with most of its current projects under construction at
least 60% sold.  This is similar to sales during the same period
one year ago of about VND44 trillion.

The company's projects now look more diversified between Hanoi
and Ho Chi Minh City after the launch of Vinhomes Central Park
and Vinhomes Golden River in Ho Chi Minh City.  Beyond property
development, Vingroup is expanding its retail mall portfolio.
Currently it has about 25 operating projects, up from nine a year
ago, with plans to increase to 66 by end-2017.

"The company is aggressively growing its consumer retail
footprint in various formats," said S&P Global Ratings credit
analyst Kah Ling Chan.  "On top of better earnings diversity,
consumer retail adds stability in cash flow and income to
Vingroup's portfolio. Vingroup has indicated that, in the longer
term, it targets to have 50% of revenue from more stable
recurring income sources."

Given the aggressive expansion in various divisions, S&P expects
Vingroup's capital expenditure needs to remain elevated at close
to VND100 trillion over the 2016-2018 period, mostly for land
purchases.  S&P believes Vingroup will partly finance the
spending using its growing cash flows and reported debt will peak
in 2017 at about VND53 trillion.

"We affirmed the rating because Vingroup continues to have
significant exposure to cyclical and volatile cash flows from
development properties, even as its property investment and
consumer retail activities continue to grow," Ms. Chan said.
However, the group has shown the ability to weather a property
downturn in 2012-2014, owing to differentiated projects,
including complementary services, such as schools, retail, and
hospitals for a comprehensive lifestyle for Vietnam's young
population and rising middle class.

"In our view, Vingroup can weather any potential regulatory
headwinds in the domestic market, Ms. Chan said.  "The group has
some cushion under its credit metrics and sizable presold
properties."

The positive outlook reflects the prospects for an upgrade in the
next 12-18 months if Vingroup consolidates its record of rolling
out its property development and retail operations, translating
into a more prudent and predictable leverage.

S&P may revise the outlook to stable if Vingroup's risk appetite
does not abate, i.e., if the company keeps allocating excess cash
flow for use in its operations rather than to partially debt
reduction.  Downward pressure could also emerge if Vingroup's
property sales fall substantially short of S&P's expectations,
with continued, debt-funded capital spending or acquisitions
without commensurate incremental cash flows.

S&P may raise the rating if it believes Vingroup will maintain
more cautious financial policies while pursuing its growth
strategy.  S&P may upgrade the company if it strengthens its
operating scale and project diversity while maintaining good
operating performance.  A more disciplined financial policy,
including reduced capital expenditure, acquisitions, and debt
would likely translate into a sustainable EBITDA interest
coverage above 3x.



                             *********

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,
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Information contained herein is obtained from sources believed
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