TCRAP_Public/140408.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, April 8, 2014, Vol. 17, No. 69


                            Headlines


A U S T R A L I A

HANCOCK PROSPECTING: Faces Court Over Late Filing of Accounts
MARINER CORP: ASIC Takes Civil Action Against Directors


C H I N A

CHINA SHIANYUN: Incurs $382,000 Net Loss in 2013
HENGDELI HOLDINGS: Moody's Downgrades Corp. Family Rating to Ba2


H O N G  K O N G

QUNXING PAPER: Court Appoints FTI Consulting as Interim Receivers


I N D I A

BENARA AUTOS: CARE Reaffirms 'B+' Rating on INR2.50cr Bank Loan
CANOPY ESTATE: CRISIL Reaffirms 'B' Rating on INR500MM Loan
DANKE TECHNOELECTRO: CARE Reaffirms D Rating on INR23.75cr Loans
DIGAMBER CAPFIN: CRISIL Puts B+ Rating on Notice of Withdrawal
DUNAR FOODS: CRISIL Lowers Rating on INR5.78BB Loans to 'B-'

FOCUS COMTRADE: CARE Revises Rating on INR0.50cr Loan to 'B+'
GODRIWALA PLASTICS: CARE Rates INR14.75cr Bank Loan at 'B+'
INDEL MONEY: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR112.7MM Loans
KESHAVA MEDI: CRISIL Reaffirms 'B+' Rating on INR98.6MM Loans

KINGFISHER AIRLINES: Tax Case Proceedings Adjourned to June 6
LAKSHMIGRAHA ENT: CRISIL Reaffirms B+ Rating on INR310MM Loans
MECHVAC FABRICATORS: CARE Revises Rating on INR10.79cr Loan to B+
MEDIBIOS LABORATORIES: CRISIL Ups Rating on INR190.5M Loans to B+
MGI BUILDWELL: CARE Reaffirms 'B+' Rating on INR75.61cr Bank Loan

MODERN STEELS: CRISIL Lowers Rating on INR1.63BB Loans to 'B'
MOSER BAER: CARE Downgrades Rating on INR2381.03cr Loans to 'D'
MOSER BAER PHOTO: CARE Cuts Rating on INR910.48cr Loans to 'D'
MOSER BAER SOLAR: CARE Cuts Rating on INR1241.49cr Loans to 'D'
PARVATI AGRO: CARE Reaffirms 'B+' Rating on INR19.01cr Loan

POLY-MECH COMPONENTS: CARE Reaffirms B Rating on INR8.50cr Loan
SAHARA GROUP: Can't Pay INR10,000 crore for Roy's Bail
SAMRADDHI COT: CARE Revises Rating on INR7.60cr Bank Loan to 'B+'
SANKALP COTTON: CARE Assigns 'B+' Rating to INR6.16cr Bank Loan
SARDA ECO: CRISIL Reaffirms 'B-' Rating on INR168.5MM Loans

SATYAM COTTEX: CARE Assigns 'B+' Rating to INR6.43cr Bank Loan
SHREE AMBICA: CRISIL Assigns 'B+' Rating to INR92MM Loans
SHRI LAKSHMI: CARE Reaffirms 'D' Rating on INR2208.72cr Loans
SHUBHAM GINNING: CARE Reaffirms 'B+' Rating on INR15cr Bank Loan
SNOWBIRD MARKETING: CRISIL Reaffirms 'B' Rating on INR60MM Loan

SRI RAMA: CRISIL Reaffirms 'B+' Rating on INR300MM Loans
URVASHI PULP: CARE Revises Rating on INR15.82cr Bank Loan to 'B+'
VIKRAM LOGISTICS: CARE Lowers Rating on INR633.57cr Loans to 'D'
VINDHYAVASINI AUTOMOBILES: CARE Rates INR8.87cr Bank Loan at 'B+'
WESTERN UP: CRISIL Reaffirms 'D' Rating on INR3.85BB Loan


I N D O N E S I A

SRI REJEKI: S&P Assigns Preliminary 'BB-' CCR; Outlook Stable


N E W  Z E A L A N D

BROOK ASSET: To Wind Down Business
GENEVA FINANCE: Forecasts Up to NZ$4 Million Annual Loss


S R I  L A N K A

BANK OF CEYLON: Fitch Corrects Previous Press Release


X X X X X X X X

* BOND PRICING: For the Week March 31 to April 4, 2014


                            - - - - -


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


HANCOCK PROSPECTING: Faces Court Over Late Filing of Accounts
-------------------------------------------------------------
Hancock Prospecting and two related entities on April 4 faced
court for failing to lodge their annual financial reports on time.

Hancock Prospecting Pty Ltd, Hancock Minerals Pty Ltd and Hope
Downs Iron Ore Pty Ltd appeared in Perth Magistrates Court where
the companies faced a total of 13 counts of breaching section 319
of the Corporations Act 2001.

Under the law, the reports are due within four months of the end
of the relevant financial year.

ASIC alleges that the companies failed to lodge annual reports
within the time period required for the following years:

   * Hancock Prospecting Pty Ltd in 2010, 2011 and 2012
   * Hancock Minerals Pty Ltd in 2008, 2009, 2010, 2011 and 2012,
     and
   * Hope Downs Iron Ore Pty Ltd in 2008, 2009, 2010, 2011 and
     2012.

The matter was adjourned to Perth Magistrates Court for mention on
May 14, 2014.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

The maximum penalty for each offence relating to failing to lodge
financial reports is AUD13,750.


MARINER CORP: ASIC Takes Civil Action Against Directors
-------------------------------------------------------
The Australian Securities and Investment Commission has started
legal action against Mariner Corporation Limited and its current
and former directors. ASIC is seeking financial penalties and
disqualification orders following the company's proposed takeover
bid for listed financial services company Austock Group Limited.

ASIC's civil penalty proceedings in the Federal Court of Australia
are against Mariner, its Chief Executive and Managing Director
Darren Olney-Fraser, current Director Donald Christie and former
Director Matthew Fletcher.

ASIC's concerns relate to an announcement Mariner made to the
market on June 25, 2012, of its intention to make a takeover bid
for Austock.

ASIC alleges that:

   * Mariner was reckless as to whether it could perform its
     obligations under the proposed bid because it did not have
     the financial resources to fund the bid or any commitment
     or assurance from another party to fund the bid at the time
     of the announcement.

   * The announcement was misleading because the proposed bid was
     at a price less than Mariner was permitted to offer and
     because it misled the market as to Mariner's ability to fund
     the bid.

   * The directors breached their duties by failing to give
     sufficient consideration to the steps that needed to be
     taken before making the announcement.

ASIC raised concerns with Mariner about its funding of the
takeover at the time the bid was announced.

The proceedings are listed for a directions hearing in the Federal
Court of Australia in Melbourne on May 12, 2014.

According to The Sydney Morning Herald, Mariner told the ASX that
it and the directors "have been co-operating fully with ASIC's
inquiries since they began after the conclusion of the Takeovers
Panel hearing and will be taking legal advice before making any
further statement."

In February, the company declared a AUD336,000 loss for the six
months to the end of December after suffering a 98 per cent slump
in revenue, SMH recalls.

According to SMH, auditor Drew Townsend of Hall Chadwick qualified
the accounts and said there was a material uncertainty the company
could continue as a going concern.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2008, The Australian said Mariner Corporation has been
under considerable financial distress.  Its share price plunged
91% from AUD2.15 in February 2007 to just 19c on Nov. 26, 2008.

The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights.

Mariner Corporation, according to a TCR-AP report on Oct. 9, 2008,
appointed receivers and managers to its wholly owned subsidiary,
Mariner Treasury Limited.  The fund owes more than AUD22 million
to its noteholders, the Sydney Morning Herald notes.

Based in Australia, Mariner Corporation Limited, formerly known as
Mariner Financial Limited, focuses on originating, structuring and
distributing investment products for Australian investors.



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


CHINA SHIANYUN: Incurs $382,000 Net Loss in 2013
------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss of $381,508 on $2 million of revenues for the year
ended Dec. 31, 2013, as compared with net income of $635,873 on
$6.87 million of revenues in 2012.

As of Dec. 31, 2013, the Company had $4.85 million in total
assets, $5.76 million in total liabilities and a $906,622 total
stockholders' deficit.

Albert Wong & Co., in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has a significant accumulated deficits and negative
working capital that raise substantial doubt about the Company's
ability to continue as a going concern.

A copy of the Form 10-K is available for free at:

                        http://is.gd/YAqLVY

                        About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods, including
herbal teas, health liquors, meal replacement products, and cured
meat using ecological breeding methods in China.  The Company is
based in Shenzhen Guandong Province, China.


HENGDELI HOLDINGS: Moody's Downgrades Corp. Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service, has downgraded Hengdeli Holdings
Limited's corporate family and senior unsecured debt ratings to
Ba2 from Ba1.

The outlook on all ratings remains stable.

Ratings Rationale

"The downgrade has been prompted by the decline in Hengdeli's
profit margin, and which is unlikely to reverse this trend in the
next 12 -- 18 months," says Lina Choi, a Moody's Vice President
and Senior Analyst.

China's fine-watch market is exhibiting weakness as the government
reins in lavish spending and as the economy slows.

In response, Hengdeli has increased discounts it offered on
certain products. This strategy has led to pressure on
profitability.

Lease-adjusted EBITDA in 2013 dropped by 11% year-on-year to
RMB1.91 billion due to the fall in the revenue contribution from
its fine watch segment, which in 2H 2013 showed sales of RMB4.4
billion, down 4.2% year-on-year and down 2.5% from 1H 2013.

Moreover, its Hong Kong operations -- which historically
represented 60-70% of the company's high-end fine-watch sales --
suffered a sales dip in 2H 2013 of 2% from 1H 2013.

In response, Hengdeli has increased its sales effort in mid-market
products and achieved an increase in gross revenue to RMB13.38
billion for 2013, or up 10.4% from 2012.

Moody's believes that the company will show modest revenue growth
in the next 12 -- 18 months, but its lease-adjusted EBITDA,
adversely affected by additional discounts on certain products,
will take more than 12 -- 18 months to recover to the level seen
in FY2012.

"While Hengeli has slowed expansion and kept its debt flat, debt
leverage -- adversely affected by its lower EBITDA -- has exceeded
the level expected for a high Ba credit," says Choi.

The pace of store expansion has also slowed sharply with only 10
new stores opened on the Mainland in 2013 compared with 42 in
2012. All new stores opened in 2013 on the Mainland were part of
its mid-range chain known as Prime Time.

However, lease-adjusted debt/EBITDA ratio deteriorated to 5.6x at
end-2013 from 4.5x at end-2012. Moody's estimates that debt
leverage will remain around 5x -- 5.5x for the next 12 -18 months,
which is inconsistent with a Ba1 rating.

"On the other hand, the company has maintained good working
capital management and a strong liquidity position, which both
support its Ba2 rating," adds Choi.

Hengdeli managed to improve its operating cash flow to RMB411
million in 2013 from RMB246 million in 2012 despite a challenging
2013, reflecting management's focus on improving working capital
management.

The company had a strong cash position of RMB 2.3 billion at end-
2013, fully covering its short-term bank loans of 1.4 billion.
Moreover, it maintains a good funding structure as more than half
of its RMB4.0 billion in gross debt -- excluding lease
capitalization -- comprises long-term senior secured notes due in
2018.

Hengdeli's Ba2 rating reflects its leading position in China's
fast-growing market for luxury and fine watches, strategic
relationships with major suppliers of Swiss watches, and solid
track record of business execution and expansion.

The stable outlook reflects Moody's expectation that Hengdeli will
maintain its leading market position, prudently manage its
expansion, and preserve its strong liquidity.

Near-term rating upgrade pressure will be limited. However,
upgrade pressure could emerge if Hengdeli demonstrates a track
record of debt deleveraging, such that its adjusted debt/EBITDA
falls below 4.5x, EBITDA/interest rises above 4.5x, and RCF/net
debt rises above 15%.

On the other hand, downgrade pressure could emerge if Hengdeli (1)
takes on further material debt-funded acquisitions or aggressive
store expansion; (2) experiences further margin declines, the
economy weakens, or it expands too aggressively; or (3) sees
significant deterioration in its liquidity and/or working capital
positions due to imprudent expansion or poor inventory management.

Credit metrics indicative of downgrade pressure include adjusted
debt/EBITDA above 5.5x - 6.0x, EBITDA/interest below 3.0x, or
RCF/net debt below 10% on a sustained basis.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011.

Founded in 1997 and listed on the Stock Exchange of Hong Kong in
2005, Hengdeli Holding Limited is China's largest retailer and
distributor of fine and luxury watches with over 470 outlets
across Mainland China, Hong Kong,Macau and Taiwan at end- Dec
2013.



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


QUNXING PAPER: Court Appoints FTI Consulting as Interim Receivers
-----------------------------------------------------------------
Enoch Yiu at the South China Morning Post reports that the
Securities and Futures Commission has obtained a Hong Kong court
order to appoint interim receivers to take over the management of
decorative paper maker Qunxing Paper after its major subsidiary
secretly started a bankruptcy proceeding on the mainland.

According to the report, the regulator said that it got an order
from the Court of First Instance, for which it urgently applied on
March 28, to appoint Roderick Sutton --
rod.sutton@fticonsulting.com -- Fok Hei-yu --
vincent.fok@fticonsulting.com -- and John Batchelor --
john.batchelor@fticonsulting.com -- of FTI Consulting to act as
interim receivers to investigate Qunxing's affairs. They could
also suspend the company's board to effectively take over its
management, the report relays.

SCMP relates that the commission escalated its regulatory action
against Qunxing after it found that a mainland court accepted a
restructuring proceeding application under the mainland bankruptcy
law on February 21 from Shandong Qunxing Paper, the wholly owned
subsidiary of Qunxing.

It said commencement of bankruptcy proceedings on the mainland by
Shandong Qunxing was price-sensitive information but the company
did not make the disclosure even after the commission's requests,
the report relates.

"The SFC alleges Qunxing has kept its shareholders, the wider Hong
Kong market and the SFC completely in the dark. Despite being
queried by the SFC, Qunxing continues to fail to inform the
investing public of these matters," it said.

"The SFC considers the events raise grave concerns that the
interests of Qunxing's public shareholders are in jeopardy, hence
the need for an urgent application to appoint receivers and
managers for Qunxing."

Shandong Qunxing is the sole operational arm of Qunxing and held
most of the listed company's CNY3.27 billion (HK$4.1 billion) in
assets, SCMP discloses.



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


BENARA AUTOS: CARE Reaffirms 'B+' Rating on INR2.50cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Benara Autos Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            2.50       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            2.90       CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Benara Autos Private Limited
(BAP) continue to be constrained by its small scale of operations
with low net-worth base, leveraged capital structure, highly
working capital intensive nature of business and weak debt
coverage indicators. The ratings also factor in the exposure to
raw material price volatility and fortunes linked with the
automobile industry. The ratings also take cognizance of
significant decline in PBIDLT margin in FY13 (refers to the period
April 01 to March 31).

The ratings, however, draw strength from the experienced
promoters, long track record of operations and integrated
manufacturing facility.

Going forward, the ability of the company to increase its scale of
operations while improving the profitability margins, effective
working capital management and further improving the capital
structure are the key rating sensitivities.

Benara Autos Private Limited, incorporated in 1985 as a private
limited company was promoted by Mr Ajay Kumar Jain, Mr Sanjay
Benara, Mr Abhay Benara and Ms Prem Lata Jain. The company is
engaged in the manufacturing of bi-metallic/ tri-metallic engine
bearings and bushes etc for automotive, industrial, marine and
agricultural engines. The processes of the company are ISO
9001:2008 certified and manufacturing facility is located at Agra,
Uttar Pradesh.

The main raw materials of the company are steel strips and copper,
which are mainly procured from the domestic market and the company
also imports aluminuim-tin strip from Taiwan. BAP sells its
products in replacement market through a network of retailers and
dealers in India and also exports to United States of America,
China, Dubai, Taiwan and Bangladesh.

BAP reported a PAT of INR0.22 crore on a total operating income of
INR17.39 crore in FY13. Furthermore, the company had achieved a
total operating income of INR15.50 crore in 10MFY14 (provisional
results).


CANOPY ESTATE: CRISIL Reaffirms 'B' Rating on INR500MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Canopy Estate
Pvt Ltd continues to reflect Canopy's weak financial risk profile,
high dependence on customer advances, and exposure to cyclicality
inherent in the real estate business. These rating weaknesses are
partially offset by its promoters' moderate track record in real
estate development and moderate saleability of its ongoing
projects.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------            --------    -------
   Proposed Long Term      500       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Canopy's financial risk profile will remain
constrained over the medium term. The outlook may be revised to
'Positive' if the company improves it operating profitability
while it maintains its saleability or strengthens its capital
structure through equity infusion. Conversely, the outlook may be
revised to 'Negative' if its projects face delays, most likely
because of lack of timely arrangement for funds or a slowdown in
the real estate market.

Canopy, the flagship company of the Canopy group, was incorporated
in 2005 by Mr. Yasir Rizvi. It develops residential real estate in
and around Bengaluru (Karnataka). The group has completed around
one million square feet of residential projects in Bengaluru. It
has three ongoing projects covering a total area of 0.71 million
sq ft, all in Bangalore. The company has entered into a joint
development agreement with land owners for developing these
projects.

For 2012-13 (refers to financial year, April 1 to March 31),
Canopy reported a profit after tax of INR0.4 million (INR0.2
million for 2011-12) on an operating income of INR191.9 million
(INR0.9 million).


DANKE TECHNOELECTRO: CARE Reaffirms D Rating on INR23.75cr Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Danke Technoelectro Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            11.50      CARE D Reaffirmed

   Short-term Bank
   Facilities            12.25      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Danke Technoelectro
Private Limited (DTPL) continue to be constrained on account of
the instances of delays in the debt servicing marked by instances
of bank guarantee (BG) invocation and letter of credit (LC)
devolvement primarily on account of the stretched liquidity
condition.

The ability of DTPL to maintain a clear track record of debt
servicing with improvement in liquidity position are the key
rating sensitivities.

DTPL, promoted by Mr Narendra M Patel and Mr Amit Patel, is
engaged in the designing, manufacturing, supplying and testing of
power and distribution transformers. The company deals in
distribution transformers with a load rating from 10 KVA to 5,000
KVA with a voltage rating of up to 33 KV and power transformers
with a load rating of 50 MVA and voltage rating up to132 KV.

DTPL was established in 1976 as partnership concern by Mr Patel
then named as Danke products, subsequently which was converted
into a private limited company on October 07, 2009. The
manufactured products of DTPL are tested and certified from
Central Power Research Institute (CPRI), Bhopal and Bangalore
before being supplied to the customer. The company provides 3-5
years warranty to government agencies on its products and a
warranty of 1.5 years to private companies.

Besides DTPL, the Danke group of companies also include Danke
Electricals Ltd, which is engaged in the manufacturing of power
and distribution transformers besides undertaking turnkey
projects.

During FY13 (as per the audited results; refers to the period
April 1 to March 31), DTPL reported a total operating income (TOI)
of INR19.29 crore and a Profit after Tax (PAT) of INR0.05 crore.
During 9MFY14 (Provisional) DTPL registered a TOI of INR19.79
crore.


DIGAMBER CAPFIN: CRISIL Puts B+ Rating on Notice of Withdrawal
--------------------------------------------------------------
CRISIL has placed its rating on the bank loan facilities of
Digamber Capfin Ltd on 'Notice of Withdrawal' for the period of 60
days. This is based on DCL's request to withdraw the rating, and
the receipt of no objection certificate from DCL's banker. The
rating will be withdrawn at the end of notice period, in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           150       CRISIL B+/Stable (Notice of
                                   Withdrawal)

   Proposed Cash          83       CRISIL B+/Stable (Notice of
   Credit Limit                    Withdrawal)

   Working Capital         7       CRISIL B+/Stable (Notice of
   Demand Loan                     Withdrawal)

Outlook: Stable

CRISIL believes that DCL will continue to benefit over the medium
term from its promoters' experience in the microfinance business.
However, DCL's operations are expected to remain small in scale
and geographically concentrated over the medium term. The outlook
may be revised to 'Positive' if DCL demonstrates sustained growth
with stable profitability without weakening its asset quality, and
improves its capitalisation and funding profile. Conversely, the
outlook may be revised to 'Negative' if DCL's asset quality and
profitability weaken, weakening its capitalisation.

Incorporated in 1995, DCL is a non-deposit-taking non-banking
financial company registered with the Reserve Bank of India. DCL
lends to joint-liability groups and provides top-up loans to
clients in six districts of Rajasthan. It entered the microfinance
business in 2007, before which it was involved in two-wheeler
financing.


DUNAR FOODS: CRISIL Lowers Rating on INR5.78BB Loans to 'B-'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dunar Foods Ltd to 'CRISIL B-/Negative' from 'CRISIL B+' and
has reaffirmed its rating on Dunar's short-term bank facilities at
'CRISIL A4'; the ratings have been removed from 'Watch with
Negative Implications'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bill Discounting      50        CRISIL A4 (Removed from rating
                                   Watch with Negative
                                   Implications' and rating
                                   reaffirmed)

   Cash Credit          2155       CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+'; Removed from
                                   rating 'Watch with Negative
                                   Implications')

   Export Packing       2065       CRISIL B-/Negative (Downgraded
   Credit                          from 'CRISIL B+'; Removed from
                                   rating 'Watch with Negative
                                   Implications')

   Packing Credit        230       CRISIL A4 (Removed from rating
                                   'Watch with Negative
                                   Implications' and rating
                                   reaffirmed)

   Standby Line of       200       CRISIL B-/Negative (Downgraded
   Credit                          from 'CRISIL B+'; Removed from
                                   rating 'Watch with Negative
                                   Implications')

   Term Loan             364.5     CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+'; Removed from
                                   rating 'Watch with Negative
                                   Implications')

   Warehouse Receipts   1000       CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+'; Removed from
                                   rating 'Watch with Negative
                                   Implications')

The downgrade reflects deterioration in Dunar's business risk
profile on account of attachment of the Dunar brand   (owned by
Dunar's group company PD Agro Processors Pvt Ltd by the Economic
Offences Wing (EOW); this is because of PDAPL's involvement in a
scam on the National Spot Exchange Ltd. The rating downgrade also
reflects significant deterioration in Dunar's management risk
profile on account of arrest of its managing director Mr. Surendar
Gupta by EOW, Mumbai.

CRISIL had downgraded its ratings on Dunar's bank facilities to
'CRISIL B+/CRISIL A4' from 'CRISIL BBB-/Stable/CRISIL A3' on
October 18, 2013, and placed the ratings on 'Rating Watch with
Negative Implications' because of Dunar's alleged involvement in
the NSEL scam through PDAPL.

Outlook: Negative

CRISIL believes that Dunar's credit risk profile will be impacted
significantly in the near term by the ongoing investigation
against its promoter Mr. Surendar Gupta. The ratings may be
downgraded if the company's business and financial flexibility
deteriorate because of the investigation. Conversely, the outlook
may be revised to 'Stable' in case of favourable developments in
the issue, leading to improvement in Dunar's overall credit risk
profile.

Dunar was established as a partnership firm and reconstituted as a
private limited company in 1998, and then as a public limited
company in 2010-11 (refers to financial year, April 1 to
March 31). The business is managed by Mr. Surendar Gupta. Dunar is
engaged in milling, processing, and selling basmati rice. In 2011-
12, International Finance Corporation and IL&FS Trust Company Ltd
invested around INR1.15 billion in Dunar for a 30.5 per cent
equity stake in the company.


FOCUS COMTRADE: CARE Revises Rating on INR0.50cr Loan to 'B+'
-------------------------------------------------------------
CARE revises/reaffirms the rating of bank facilities of Focus
Comtrade Pvt Ltd.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Export Packing Credit     0.50        CARE B+ Revised from
                                         CARE BB-

   Bank Guarantee            6.00        CARE A4 Reaffirmed

Rating Rationale

The rating revision takes into account Focus Comtrade Pvt Ltd's
(FCPL) stressed liquidity position. The ratings also factor in low
profit margin and volatile income profile, small size of
operations, increasingly competitive broking business and highly
volatile commodity market. Furthermore, the ratings take into
consideration the experienced management team. The liquidity
position, growth in business and profitability are the key rating
sensitivities.

Focus Comtrade Pvt Ltd is a Mumbai-based small size commodity
broking company, incorporated in 1999. It is a part of the Focus
group of companies started by Mr Anirudh Baheti, an NRI settled in
USA. FCPL is a member of MCX and NCDEX. At present, the company
has six branches (three in Mumbai, one in Jodhpur, one in Jaipur
and one in Indore) and around 25 franchisees which are shared
among the group companies. FCPL also provides research/technical
report on international commodities to one of its overseas client
and earned income of INR0.85 crore during FY13 ((refers to the
period April 1 to March 31) (FY12: INR 3.66 crore) from the same.

During FY13, FCPL reported a total income of INR3.10 crore with
Profit after Tax (PAT) of INR0.03 crore as compared with PAT of
INR0.23 crore on a total income of INR5.39 crore in FY12. For
9MFY14, FCPL reported PAT of INR0.01 crore on total income of
INR1.61crore.


GODRIWALA PLASTICS: CARE Rates INR14.75cr Bank Loan at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Godriwala
Plastics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            14.75      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Godriwala Plastics
Private Limited is constrained by its small scale of operations in
a fragmented and competitive industry, fluctuating raw material
prices, working capital intensive nature of operations leading to
leveraged capital structure. The rating, however, derives strength
from the experience of the promoter along with their long track
record of operations and established selling arrangement with
diversified product portfolio.

The ability of the company to increase its scale of operations
with improvement in profitability and effective management of the
working capital remains the key rating sensitivities.

Incorporated in March, 2000, Godriwala Plastics Pvt Ltd (GPPL) was
promoted by brothers Mr Satish Kumar Thourani and Mr Rajesh
Thourani based out of Raipur, Chhattisgarh. In 2008, Mr Murlidhar
Thourani has joined the business in place of Mr Rajesh Thourani
(brother of Mr Satish Kumar Thourani and Mr Rajesh Thourani).

GPPL is engaged in the manufacturing of plastic-moulded items with
its sole manufacturing facility located at Raipur, Chhattisgarh
having an installed capacity of 45.72 Lakhs pieces per annum. The
product profile of GPPL includes various types of plastic
furniture like chairs, tables, stools and trolleys, plastic
household. The company markets its products under the brand name
'POOJA' through its established wholesaler network across eight
states.

During FY13 (refers to the period April 1 to March 31), GPPL
reported a total operating income of INR25.1 crore against INR22.2
crore in FY12 and a PAT of INR0.2 crore against PAT of INR0.2
crore in FY12. Moreover, GPPL has achieved gross sales of INR 22.9
crore till November 30, 2013.


INDEL MONEY: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Indel Money Pvt Ltd.

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

The rating reflects Indel Money's small scale of operations with
short track record and its modest earnings profile. These rating
weaknesses are partially offset by Indel Money's adequate
capitalisation.

Outlook: Stable

CRISIL believes that Indel Money will have adequate capitalisation
over the medium term. The outlook may be revised to 'Positive' if
the company substantially increases its scale of operations and
improves its earnings. Conversely, the outlook may be revised to
'Negative' in case of substantial deterioration in the company's
asset quality or if its profitability declines significantly,
thereby impacting its capitalisation.

Indel Money is a non-deposit taking non-banking financial company
incorporated in 1986 as Payal Holdings Pvt Ltd. The promoters,
Indel Corporation, acquired the company in July 2012 and changed
the name in January 2013 to the current one. Indel Money is
primarily engaged in financing against gold jewellery; however, it
also operates in the business loans, vehicle loans, and money
transfer segments.

Indel Corporation is promoted by Mr. Mohanan Gopalakrishnan and
his son, Mr. Umesh Mohanan. Indel Money operates through 20
branches, mainly in Tier-II and Tier-III cities of Kerala.

For 2012-13 (refers to financial year, April 1 to March 31), Indel
Money reported a net loss of INR15.6 million on a total income of
INR0.6 million. For the nine months ended December 31, 2013, Indel
Money reported a loss of INR12.5 million on a total income of
INR4.9 million.


KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR112.7MM Loans
---------------------------------------------------------------
CRISIL's ratings on bank facilities of Keshava Fabrics Pvt Ltd
(KFPL; part of the Keshava group) continue to reflect the Keshava
group's modest scale and working-capital-intensive nature of
operations, and vulnerability of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the group's established regional market
position in the polypropylene (PP) non-woven fabrics and plastic
disposable syringes market, its promoters' extensive industry
experience, and its above-average financial risk profile, marked
by a moderate capital structure and above-average debt protection
metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Bank Guarantee          6.7      CRISIL A4(Reaffirmed)
   Letter of Credit       10        CRISIL A4(Reaffirmed)
   Cash Credit            50        CRISIL B+/Stable(Reaffirmed)
   Long Term Loan         30        CRISIL B+/Stable(Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     32.7      CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KFPL and Keshava Medi Devices Pvt Ltd.
This is because the two companies, together referred to as the
Keshava group, have a common management, synergies in raw material
procurement, and fungible cash flows.

Outlook: Stable

CRISIL believes that the Keshava group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
substantially increases its revenue while maintaining its
profitability, leading to significant improvement in its cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if the Keshava group's cash accruals
decline, of if it undertakes a large debt-funded capital
expenditure (capex) programme, or if its working capital
requirements increase substantially, leading to significant
deterioration in its financial risk profile.

Update
The Keshava group registered an operating income of INR396 million
for the nine months ended December 31, 2013.The group is expected
to maintain its moderate scale of operations over the medium term,
supported by its established regional position in the PP non-woven
fabrics and plastic disposable syringes market. The group is
estimated to have operating margin of 13.2 per cent for the nine
months ended December 31, 2013. The margin remains vulnerable to
volatility in raw material prices as the group has limited ability
to pass on any price increase to its customers because of the
tender-based nature of its business. Its net cash accruals are
expected to be moderate at around INR26 million in 2013-14(refers
to financial year, April 1 to March 31).

The Keshava group's financial risk profile remains above average,
marked by a moderate capital structure and above-average debt
protection metrics. Its capital structure is expected to remain
moderate over the medium term, supported by moderate accretion to
reserves and absence of debt-funded capex.

The Keshava group's operations remain working-capital-intensive,
as reflected in its gross current assets of more than 140 days
over the four years ended March 31, 2013. This is due to its high
inventory and receivables levels. Consequent to the group's
working-capital-intensive operations, its liquidity is stretched
as reflected in high bank limit utilisation at an average of 95.7
per cent during the 12 months through December 2013. However, it
is expected to generate annual cash accruals of around INR35
million over the medium term, which will remain adequate to meet
its term loan repayment obligations.

The Keshava group primarily manufactures PP fabrics and disposable
syringes. The promoters of the group, Mrs.Tanikonda Latha and
Mr.Tanikonda Kesavulu Naidu, have around two decades of experience
in similar lines of business.


KESHAVA MEDI: CRISIL Reaffirms 'B+' Rating on INR98.6MM Loans
-------------------------------------------------------------
CRISIL's ratings on bank facilities of Keshava Medi Devices Pvt
Ltd (KMDPL; part of the Keshava group) continue to reflect the
Keshava group's modest scale and working-capital-intensive nature
of operations, and vulnerability of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the group's established regional market
position in the polypropylene (PP) non-woven fabrics and plastic
disposable syringes market, its promoters' extensive industry
experience, and its above-average financial risk profile, marked
by a moderate capital structure and above-average debt protection
metrics.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)
   Letter of Credit       15       CRISIL A4(Reaffirmed)
   Cash Credit            45       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         40       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     13.6     CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KMDPL and Keshava Fabrics Pvt Ltd. This
is because the two companies, together referred to as the Keshava
group,havea common management, synergies in raw material
procurement, and fungible cash flows.

Outlook: Stable

CRISIL believes that the Keshava group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
substantially increases its revenue while maintaining its
profitability, leading to significant improvement in its cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if the Keshava group's cash accruals
decline, of if it undertakes a large debt-funded capital
expenditure (capex) programme, or if its working capital
requirements increase substantially, leading to significant
deterioration in its financial risk profile.

Update
The Keshava group registered an operating income of INR396 million
for the nine months ended December 31, 2013.The group is expected
to maintain its moderate scale of operations over the medium term,
supported by its established regional position in the PP non-woven
fabrics and plastic disposable syringes market. The group is
estimated to have operating margin of 13.2 per cent for the nine
months ended December 31, 2013. The margin remains vulnerable to
volatility in raw material prices as the group has limited ability
to pass on any price increase to its customers because of the
tender-based nature of its business. Its net cash accruals are
expected to be moderate at around INR26 million in 2013-14(refers
to financial year, April 1 to March 31).

The Keshava group's financial risk profile remains above average,
marked by a moderate capital structure and above-average debt
protection metrics. Its capital structure is expected to remain
moderate over the medium term, supported by moderate accretion to
reserves and absence of debt-funded capex.

The Keshava group's operations remain working-capital-intensive,
as reflected in its gross current assets of more than 140 days
over the four years ended March 31, 2013. This is due to its high
inventory and receivables levels. Consequent to the group's
working-capital-intensive operations, its liquidity is stretched
as reflected in high bank limit utilisation at an average of 95.7
per cent during the 12 months through December 2013. However, it
is expected to generate annual cash accruals of around INR35
million over the medium term, which will remain adequate to meet
its term loan repayment obligations.

The Keshava group primarily manufactures PP fabrics and disposable
syringes. The promoters of the group, Mrs. Tanikonda Latha and Mr.
Tanikonda Kesavulu Naidu, have around two decades of experience in
similar lines of business.


KINGFISHER AIRLINES: Tax Case Proceedings Adjourned to June 6
-------------------------------------------------------------
The Times of India reports that a special court for economic
offences on April 3 adjourned to June 6 proceedings in connection
with criminal cases filed by the income-tax department against
Kingfisher Airlines for not remitting the TDS amount to the
government.

This was after an official of Kingfisher Airlines appeared before
the court and an exemption petition was filed on behalf of Vijay
Mallya, accused number 2 in the case and chairman of the company,
the report notes.  According to the report, Jeevan J Neeralgi,
counsel for the IT department, argued that the court cannot treat
the official present in the court as principal officer of the
company.  He told the court that Mr. Mallya's liability cannot be
shifted to another person, the report relates.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.
Bloomberg said Mr. Mirpuri said in an e-mail on January 13 the
airline continues its efforts to recapitalize and restart
services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


LAKSHMIGRAHA ENT: CRISIL Reaffirms B+ Rating on INR310MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakshmigraha
Enterprises continue to reflect its below-average financial risk
profile, marked by a modest net worth, high external indebtedness
and weak debt protection metrics, and low profitability due to its
trading nature of operations. These rating weaknesses are
partially offset by the benefits that LE derives from its
management's extensive industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        2.5        CRISIL A4(Reaffirmed)
   Bill Discounting    200          CRISIL B+/Stable (Reaffirmed)
   Bill Purchase         2.5        CRISIL A4(Reaffirmed)
   Cash Credit         110          CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LE will continue to benefit over the medium
term from its established position as a del credere agent of
Reliance Industries Ltd in South India. The outlook may be revised
to 'Positive' if the firm registers a significant and sustainable
improvement in its debt protection metrics, while maintaining a
healthy revenue growth and margins. Conversely, the outlook may be
revised to 'Negative' if the group records significantly lower
than expected revenues or there is a significant deterioration in
its capital structure on account of larger-than-expected working
capital borrowings.

Update
LE reported revenues of INR 1.59 billion in 2012-13 (refers to
financial year, April 1 to March 31), as compared to INR1.26
billion in 2011-12. The firm has reported sales of around INR 2.5
billion during April to February 2014 and is expected to achieve
around INR 2.7 billion in 2013-14.

The operating margin was around 1.2 per cent during 2012-13 (was
1.0 per cent during 2011-12) and is expected to be around similar
levels over the near term. LE's working capital requirement
continues to remain modest with its gross current assets at 34
days as on March 31, 2013, same as it was a year ago.

The financial risk profile continues to remain below-average with
modest networth, high gearing and subdued debt protection metrics.
The firm has a modest net worth of INR20.9 million as on March 31,
2013. The total outside liabilities to net worth ratio was high at
around 6.52 times as on March 31, 2013 (was 7.76 times a year
ago). The debt comprises primarily working capital borrowings
availed to fund its debtors. The high debt levels has resulted in
debt protection metrics for 2012-13 being subdued with net cash
accruals to term debt and interest coverage ratios at 0.06 times
and 1.5 times respectively; and are expected to remain at similar
levels over the medium term.

LE's cash credit facility has been utilised at an average of 75-80
percent for 12 months ending November 2013. LE is expected to
generate cash accruals of INR 12-13 million in 2014-15.  The firm
had a current ratio of 1.12 times as on March 31, 2013.

LE reported a net profit of INR6.8 million on net sales of INR1.59
billion for 2012-13, as against a net profit of INR4.2 million on
net sales of INR1.26 billion for 2011-12.

LE, setup in 1986, is a partnership firm, with Mrs. R Nandini and
Ms. N Nivedita as its partners. The firm is a del-credere-agent of
RIL for its polyester fibre, including polyester filament yarn,
polyester stable fiber, polyester textured yarn, and related
products.  The firm is based out in South India. The day to day
operations are managed by Ms. N Nivedita and family.


MECHVAC FABRICATORS: CARE Revises Rating on INR10.79cr Loan to B+
-----------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Mechvac Fabricators (I) Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.79      CARE B+ Revised from
   Facilities                       CARE B

   Short-term Bank
   Facilities             7.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of Mechvac Fabricators (I) Private
Limited is on account of an improvement in the operational
performance and liquidity position of the company. However, the
ratings of Mechvac continue to be constrained by its weak
financial profile characterized by the relatively small scale of
operations, low profitability margins and weak debt protection
metrics.

The ratings continue to derive strength from the experienced
management and established relationship with its customers.
Improving the overall scale of operations along with efficient
management of the working capital cycle are the key sensitivities
for Mechvac's credit profile.

Mechvac was incorporated in 2004 by Mr Rajendra Chodankar and
started commercial operations in 2006. During 2012, Neetnav
Realtors Pvt. Ltd. (NRPL) acquired a majority stake in the company
and the directors of NRPL are actively involved in the operations
of the company.

Currently, Mechvac is engaged in the manufacturing of ultra
precision products under their own brand name & also on a job work
basis. Over the years the company has diversified into optical
component manufacturing and flow forming activity. Till FY12
(refers to the period April 1 to March 31), the company used to
deal primarily with Government entities however, in FY13 has
further diversified the customer base to include private players.
However, job work undertaken for the Government entities continue
to form the major portion of the revenue. The manufacturing
facility of Mechvac is located at Nerul, Navi Mumbai.

During FY13, Mechvac reported a total operating income of INR10.58
crore (up by 101.36% vis-...-vis FY11) and PAT of INR0.17 crore
(compared to a loss of INR1.81 crore in FY12). During 9MFY13, the
company marked a total operating income of INR8.98 crore with
PBILDT of INR1.96 crore.


MEDIBIOS LABORATORIES: CRISIL Ups Rating on INR190.5M Loans to B+
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Medibios Laboratories Pvt Ltd (a part of the Medibios group) to
'CRISIL B+/Stable' from 'CRISIL B/Stable', while reaffirming its
short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         --------    -------
   Bank Guarantee         5       CRISIL A4 (Reaffirmed)
   Bill Discounting      10       CRISIL A4 (Reaffirmed)
   Letter of Credit      30       CRISIL A4 (Reaffirmed)
   Cash Credit           70       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')
   Proposed Long Term    51.9     CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')
   Term Loan             68.6     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects improvement in liquidity and financial
risk profile of the Medibios group driven by higher-than-expected
profitability. The group has reported higher-than-expected
profitability margins due to increasing proportion of export
sales, as these orders have higher realisations. The operating
profitability increased to 11.3 per cent in 2012-13 (refers to
financial year, April 1 to March 31) from 6.9 per cent in 2009-10.
In 2013-14, the margin is further expected to increase to around
12.4 per cent, because of higher proportion of export sales during
the year as well as the depreciation in foreign exchange (forex)
rates. This has resulted in healthy cash accruals against
repayments. The group is expected to generate cash accruals of
INR47 million to INR54 million over the medium term against
repayments of INR13 million to INR22 million. However, the group's
operations remain working capital intensive, with gross current
assets of 130 to 205 days in the past, leading to bank limit
utilisation of 92 per cent for the 12 months through January 2014.

The financial risk profile of the Medibios group has been steadily
improving over the past three years because of increasing
profitability margins and equity infusion by promoters. Hence, the
networth is expected to improve to around INR156 million as on
March 31, 2014, from INR119 million a year earlier. Consequently,
the gearing is expected to decline to 1.8 times as on March 31,
2013, from 3.5 times as on March 31, 2011. It is expected to
further improve to 1.4 times as on March 31, 2014. The debt
protection metrics also remain healthy with interest coverage and
net cash accruals to total debt (NCATD) estimated at 3.4 times and
0.22 times in 2013-14.

The Medibios group is undertaking a debt funded capital
expenditure (capex) of INR200 million (majority capex in 2014-15),
funded by debt to the tune of INR140 million, which is expected to
result in moderation in its financial metrics over the medium
term. The gearing in this scenario is expected to increase to 1.8
times, and an interest coverage and NCATD of 2.3 times and 0.17
times. However, the financial risk profile will continue to remain
healthy for the rating category.

The ratings reflect the Medibios group's moderate scale of, and
working-capital-intensive, operations and susceptibility to
intense competition in the pharmaceutical formulations segment.
These rating weaknesses are partially offset by the group's
established presence and long track record in the contract
manufacturing industry and its moderate financial risk profile.

CRISIL has combined the business and financial risk profiles of
MLPL and Emil Pharmaceutical Industries Pvt Ltd (Emil), together
referred to as the Medibios group. This is because both entities
are engaged in a similar line of activity, have common management,
and fungible funds.

Outlook: Stable

CRISIL believes that the Medibios group will benefit over the
medium term from its promoters' extensive industry experience and
its established presence in the pharmaceutical industry. The
outlook may be revised to 'Positive' in case of timely completion
and stabilisation of ongoing capex leading to healthy improvement
in its accruals, or witnesses a reduction in its working capital
cycle leading to sizeable improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is
deterioration in the financial risk profile, particularly
liquidity, led by lower-than-expected cash accruals, lengthening
of its working capital cycle, or time or cost overrun in ongoing
capex.

The Medibios group, promoted by Mr. Tushar Korday and Mr. Rajendra
Gole, was founded in 1985, when Emil was set up. Emil commenced
commercial production of drug formulations in 1987. In 1997, Emil
acquired MLPL, which commenced commercial production of drug
formulations in the same year.

The Medibios group is primarily engaged in contract manufacturing
of pharmaceutical formulations and is a local licensed unit for
multinational and domestic pharmaceutical companies. It has two
manufacturing facilities in Tarapur (Maharashtra).

The Medibios group reported profit after tax (PAT) of INR24.5
million on operating income of INR665.2 million in 2012-13 as
against PAT of INR13.9 million on operating income of INR601.3
million in 2011-12.


MGI BUILDWELL: CARE Reaffirms 'B+' Rating on INR75.61cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
MGI Buildwell Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            75.61      CARE B+ Reaffirmed

Rating Rationale

The rating continues to be constrained by KDPMGI's limited track
record of executing large sized real estate projects, execution
risk associated with the ongoing projects coupled with reliance on
customer advances and geographical concentration risk. The rating
is further constrained by exposure to local demand-supply dynamics
and inherent risks associated with the real estate industry. The
rating, however, continues to draw comfort from acquisition of
land with all requisite approvals in place for ongoing projects,
reasonable project preparedness and debt fully tied up.

Going forward, timely execution and saleability of the projects
and the timely recovery of sales receipts/advances from the
customers would be the key rating sensitivities.

MGI Buildwell Private Limited, formally known as KDP Buildwell
Private Limited was incorporated in May 2006 by Mr Manoj Kumar
Goyal and Mrs Kavita Rani Goyal. The company is engaged in the
development of commercial and residential projects mainly in
National Capital Region (NCR). The company started its first
residential project in September 2011 in Ghaziabad (Uttar Pradesh)
by the name of MGI Gharaunda. The promoters have an experience of
more than a decade in the construction and development of
residential projects with group companies managed
by family members.

KDPMGI reported a PAT of INR0.93 crore on the total income of
INR25.25 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR0.33 crore on the total income of
INR17.96 crore


MODERN STEELS: CRISIL Lowers Rating on INR1.63BB Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Modern Steels Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the rating on the company's short-
term bank loan facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            730      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Funded Interest        102      CRISIL B/Stable (Downgraded
   Term Loan                       from 'CRISIL B+/Stable')

   Letter of Credit       515      CRISIL A4 (Reaffirmed)

   Term Loan              418.8    CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Working Capital        389      CRISIL B/Stable (Downgraded
   Term Loan                       from 'CRISIL B+/Stable')

The rating downgrade reflects MSL's lower-than-expected
profitability because of slowdown in its end-user industry and
delays in implementation of capital expenditure plan by around
four months related to its components division and value-added
products. As a result, the company's liquidity is weaker than
CRISIL's previous expectation, with estimated cash losses of more
than INR70 million in 2013-14 (refers to financial year, April 1
to March 31) against CRISIL's earlier estimated cash accruals of
INR70 million to INR75 million. Successful ramp-up of operations
and profitability from the new capacity remains a key rating
sensitivity factor amid the bleak end-user industry outlook for
2014-15. MSL's liquidity is expected to remain constrained by its
large working capital requirements, marked by expected large gross
current assets of 140 to 160 days over the near term.

The ratings reflect MSL's weak financial risk profile marked by an
average net worth, high gearing, and weak debt protection metrics.
The ratings also reflect the company's large working capital
requirements and its susceptibility to volatility in raw material
prices and foreign exchange (forex) rates. These rating weaknesses
are partially offset by the company's established position in the
steel rolled products industry and recent entry in the business of
manufacturing critical grades of alloy steels for the relatively
stable two-wheeler industry.

Outlook: Stable

CRISIL believes that MSL's financial risk profile will remain weak
over the medium term, because of large working capital
requirements and constrained profitability. The outlook may be
revised to 'Positive' if MSL registers significant improvement in
its scale of operations and profitability, leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if the company's liquidity weakens on account of
larger-than-expected working capital requirements.

MSL was set up in 1974 by Mr. Amarjit Goyal. It is listed on the
Bombay Stock Exchange, with its promoters holding almost 62.33 per
cent of its shares; the company is headed by Mr. Krishan Kumar
Goyal, son of Mr. Amarjit Goyal. MSL manufactures low-alloy and
carbon-steel-rolled products for commercial vehicles such as
trucks and tractors, passenger vehicles, two-wheelers, and
engineering companies.

MSL, on a provisional basis, reported a net loss of around INR75
million on net sales of INR1.97 billion for the nine months ended
December 31, 2013; the company reported a net loss of INR139
million on net sales of INR2.74 billion for 2012-13.


MOSER BAER: CARE Downgrades Rating on INR2381.03cr Loans to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Moser
Baer India Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank      2,026.03     CARE D Revised from
   Facilities                       CARE B

   Short-term Bank       355        CARE D Revised from
   Facilities                       CARE A4

Rating Rationale

The revision in the rating of Moser Baer India Limited (MBIL)
takes into account the delays in servicing of its debt
obligations.

MBIL, promoted in 1983 by Mr Deepak Puri, is one of the world's
largest manufacturers of optical storage media. It is engaged in
the manufacture and sale of optical storage media with a broad
product range comprising floppy disks, Compact Discs (CDs),
Digital Versatile Discs (DVDs), High Definition Digital Versatile
Discs (HD-DVD), Blu-Ray Disc (BDR, next-generation of storage
format), etc. MBIL has reported net losses of INR 459 crore on a
total income of INR1542 crore during FY13. As per the provisional
results the company has reported net losses of INR230 crore on a
total income of INR644 crore in H1FY14.


MOSER BAER PHOTO: CARE Cuts Rating on INR910.48cr Loans to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Moser
Baer Photo Voltaic Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       350.48      CARE D Revised from
   Facilities                       CARE B (SO)

   Long-term/ Short-     50         CARE D/CARE D Revised from
   Term Bank                        CARE B(SO)/CARE A4(SO)
   Facilities


   Short-term Bank      510         CARE D Revised from
   Facilities                       CARE A4(SO)

Rating Rationale

The revision in the rating of Moser Baer Photo Voltaic Limited
(MBPVL) takes into account the delays in servicing of its debt
obligations.

MBPV is a wholly-owned subsidiary of Moser Baer Solar Ltd (MBSL)
and a step-down subsidiary of MBIL. MBPV is primarily engaged in
design, manufacture and export of photo voltaic (PV) cells,
modules and systems. The group's photovoltaic manufacturing
business was established between 2005 and 2007.


MOSER BAER SOLAR: CARE Cuts Rating on INR1241.49cr Loans to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Moser
Baer Solar Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       998.49      CARE D Revised from
   Facilities                       CARE B (SO)

   Short-term Bank      243         CARE D Revised from
   Facilities                       CARE A4(SO)

Rating Rationale

The revision in the rating of Moser Baer Solar Limited (MBSL)
takes into account the delays in servicing of its debt
obligations.

MBSL is a wholly owned subsidiary of MBIL. MBSL's manufacturing
subsidiary is Moser Baer Photo Voltaic Ltd (MBPV). The group's
photovoltaic manufacturing business was established between 2005
and 2007. MBSL is primarily engaged into manufacture, design and
export of thin film and EPC systems, thick film photo voltaic
modules etc.


PARVATI AGRO: CARE Reaffirms 'B+' Rating on INR19.01cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Parvati Agro Plast.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            19.01      CARE B+ Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating continues to factor in the weak financial risk profile
of Parvati Agro Plast (PAP) indicated by weak solvency position,
relatively small scale of operations with low capacity
utilization and constitution of the entity as a proprietorship
firm.

The rating, however, continues to draw strength from the
experience of the proprietor and moderate order book position of
the firm.

The ability of PAP to improve the scale of operations along with
solvency and liquidity position remain the key rating
sensitivities.

Parvati Agro Plast (PAP) is an ISO 9001:2008 certified
proprietorship firm formed in 1994 by Mr Pramod Kumar Sarda. The
firm is engaged in the manufacturing of rigid PVC pipes & HDPE
pipes. PAP has two manufacturing units located at Sangli,
Maharashtra, with an installed capacity of manufacturing 18,500
metric tonnes of PVC and HDPE pipes per annum. PAP manufactures
ISI marked pipes and sell its products under the brand name of
'PARVATI', 'MOVILEX', 'SUNBLESS' & 'VASANT' which mainly find
application in irrigation, water supply & chemical industry. The
firm sells its products majorly through dealers. PAP is a
registered supplier for water supply schemes in Maharashtra &
Karnataka under Maharashtra Jeevan Pradhikaran and Jal Nirmal. The
firm mainly caters to western Maharashtra, Marathwada, Vidarbha
and some parts of Karnataka state. PAP mainly requires PVC resin
as a raw material which is procured from the domestic market.

In FY13 (refer to the period April 01 to March 31), PAP registered
a PAT of INR 1.24 crore against the total operating income of
INR43.96 crore.


POLY-MECH COMPONENTS: CARE Reaffirms B Rating on INR8.50cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Poly-Mech Components Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            8.50       CARE B Reaffirmed

   Short-term Bank
   Facilities            3.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Poly-Mech
Components Private Limited continue to be constrained by the small
scale of operations, leveraged capital structure and weak coverage
indicators. The ratings further continue to be constrained by the
stretched working capital cycle, customer concentration risk and
operations in the highly fragmented auto component and
construction hardware parts industry.

The ratings, however, continue to derive strength from the
experienced and qualified promoter with long track record of
operations.

The ability of PMCPL to scale up its operations along with
maintaining profitability margins amidst the intense competition
and efficient management of the working capital cycle and thereby
capital structure would be the key rating sensitivities.

Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited (PMCPL) is, engaged in the manufacturing of auto
components and construction hardware parts at its plant located at
Asangaon, Thane. PMCPL manufactures various products (such as hose
clamps, circlips, bearing pullers, washers, snap ring, spring
steel parts, sheet metal components, steel clamps, pipe clamps,
sanitary clamps) which find applications in the automobiles,
construction and engineering sectors. The auto components segment
contributed around 60% of the total income of PMCPL in FY13
(refers to the period April 01 to March 31).

During FY13, PMCPL reported a total operating income of INR37.45
crore (up by 19% vis-...-vis FY12) and PAT of INR0.31 crore (down by
41% vis-a-vis FY12). Furthermore during 11MFY14, the company
booked revenue of INR32 crore and has an order book of INR4 crore
expected to be executed by March 2014.


SAHARA GROUP: Can't Pay INR10,000 crore for Roy's Bail
------------------------------------------------------
The Times of India reports that Sahara group on April 3 expressed
its inability before the Supreme Court to immediately pay
INR10,000 crore for securing bail of its chief Subrata Roy and its
two directors, who have been in jail since March 4.

The group told a bench of Justices KS Radhakrishnan and JS Khehar
that it can pay INR2,500 crore immediately and the rest of
INR2,500 crore in cash within three weeks after release of Roy and
two directors, Ravi Shankar Dubey and Ashok Roy Choudhary,
according to the report.

TOI says the apex court had earlier imposed a condition that Roy
will be freed on bail only if he pays INR10,000 crore out of which
INR5,000 crore has to be in bank guarantee and the rest of
INR5,000 crore in cash.

The court, however, asked Sahara to file its proposal before the
Registry and then it will consider it, TOI relates.

According to the report, Roy and the other two directors of the
Group have been in judicial custody since March 4 for not abiding
by the apex court's order for depositing INR20,000 crore of
investors money with Sebi.

65-year-old Roy had earlier submitted that the apex court's order
for detaining him for not paying INR20,000 of investors' money
with Sebi was illegal and unconstitutional and sought quashing of
the order, the report relates.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said Sebi on Feb. 13, 2013,
seized bank accounts and properties of two Sahara Group companies
and its promoter, Subrata Roy.  The move comes following the
group's failure to refund INR24,000 crore to investors as directed
by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SAMRADDHI COT: CARE Revises Rating on INR7.60cr Bank Loan to 'B+'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Samraddhi Cot Fibers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.60       CARE B+ Revised from
   Facilities                       CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Samraddhi Cot Fibers Private Limited (SCFPL) is primarily on
account of stabilization of operations coupled with improvement in
performance during FY14 (refers to the period April 1 to March
13).

The ratings continue to remain constrained on account of its
financial risk profile marked by leveraged capital structure and
moderate debt coverage indicators. The ratings are further
constrained by its presence in the highly fragmented cotton
ginning and pressing industries and susceptibility of operating
margins to volatile raw cotton prices, seasonality associated with
cotton availability and regulatory risk.

The ratings, however, continue to take into account the wide
experience of the promoters in the agro-based industries and
proximity to the cotton producing region of Madhya Pradesh.

The ability of SCFPL to increase its scale of operations with
stabilization of newly set up oil mill and improvement in profit
margins as well as capital structure remains the key rating
sensitivities.

SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr Prakash Mittal and the
company is involved in the business of cotton ginning and
pressing. SCFPL operates from its plant located in Sendhwa, Madhya
Pradesh, with a capacity of processing raw cotton for producing
200 bales per day and is currently utilizing 80% of its total
capacity. SCFPL procures its raw cotton locally through brokers
and mandis.

During FY13, SCFPL reported a total operating income of INR9.74
crore with a PAT of INR0.12 crore As per FY14 provisional results
(till March 13, 2014), SCFPL reported a total operating income of
INR24.95 crore and PBDT of INR0.15 crore.


SANKALP COTTON: CARE Assigns 'B+' Rating to INR6.16cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sankalp
Cotton & Oil Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6.16      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Sankalp Cotton & Oil
Industries is constrained by its nascent stage of operations,
highly fragmented nature of the industry and vulnerability of the
firm's profitability to movement in cotton prices which are
subject to seasonality and government regulations.

The rating, however, favourably takes into account the experience
of the partners in the cotton industry and locational advantage in
terms of proximity to the cotton-growing regions in Gujarat.
The ability of Sankalp to achieve the projected level of sales and
envisaged profit margins while managing working capital
efficiently is the key rating sensitivity.

Sankalp Cotton & Oil Industries was setup as a partnership firm in
September 2012 by eight partners of Rajkot, Gujarat. The firm is
engaged in the business of cotton ginning and pressing as well as
cotton oil extraction. The manufacturing unit of the entity is
located at Tankara, Gujarat. The unit commenced commercial
production from April, 2013 with an installed capacity to produce
4,950 Metric Tonne Per Annum (MTPA) for cotton bales and 1,238
MTPA for cotton oil. The processing facility of the firm was setup
at an aggregate cost of INR2.90 crore, which was financed by way
of partner's capital/ unsecured loans of INR1.40 crore and debt of
INR1.50 crore (at a debt equity mix of 1.07:1).

In 10MFY14 (provisional; refers to the period April 1 to
January 31)), the firm has achieved a total operating income of
INR4.65 crore.


SARDA ECO: CRISIL Reaffirms 'B-' Rating on INR168.5MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarda Eco Power Limited
continue to reflect SEPL's revenue concentration in a single
project, its large working capital requirements, and its exposure
to intense competition in the construction industry. These rating
weaknesses are partially offset by the benefits that SEPL derives
from its promoters' extensive experience in the construction
industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         90       CRISIL A4 (Reaffirmed)
   Cash Credit            60       CRISIL B-/Stable (Reaffirmed)
   Proposed Working
   Capital Facility      108.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
sustained diversity in its revenue profile, or there is a
substantial improvement in its working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the company's profitability margins, or significant
deterioration in its financial risk profile most likely because of
a stretch in its working capital cycle or large debt-funded
capital expenditure.

SEPL was set up in 2007 by Mr. Ashok Jajodia who later sold his
stake in the company to Mr. Ashok Reddy. SEPL is an engineering,
procurement and construction (EPC) contractor and is currently
executing the contract for Assam Power Generation Corporation Ltd
towards constructing a 9-megawatt hydel power project on Myntriang
river in Assam. The company is based in Hyderabad, Andhra Pradesh.


SATYAM COTTEX: CARE Assigns 'B+' Rating to INR6.43cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Satyam
Cottex.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           6.43        CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Satyam Cottex is
constrained by its nascent stage of operations, highly fragmented
nature of the industry and vulnerability of the firm's
profitability to movement in cotton prices which are subject to
seasonality and government regulations.

The rating, however, favourably takes into account the experience
of the partners in the cotton industry and locational advantage in
terms of proximity to the cotton-growing regions in Gujarat.
The ability of Satyam to achieve the projected level of sales and
envisaged profit margins while managing working capital
efficiently are the key rating sensitivities.

Satyam Cottex (Satyam) was setup as a partnership firm in April
2013 by nine partners of Rajkot, Gujarat. The firm is engaged in
the business of cotton ginning and pressing to produce cotton
bales and cotton seeds. The products are mainly used in the
manufacturing of cotton yarn in the textile industry and oil
extraction companies. The manufacturing unit of the firm is
located at Tankara, Gujarat. The unit commenced commercial
production from November 15, 2013, with an installed capacity to
produce 5,850 Metric Tonne Per Annum (MTPA) for cotton bales and
11,925 MTPA for cotton seeds. The cotton ginning and pressing unit
was setup at an aggregate cost of INR2.66 crore, which was
financed by way of partner's capital/ unsecured loans of INR1.23
crore and debt of INR1.43 crore (at a debt equity mix of 1.16:1).


SHREE AMBICA: CRISIL Assigns 'B+' Rating to INR92MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Ambica Decoprints Pvt Ltd.  The
ratings reflect SADPL's working-capital-intensive operations and
modest scale of operations. These rating weaknesses are partially
offset by promoters' extensive experience in the decorative
ceramic tiles segment, leading to strong brand image in niche
product segment.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Term Loan              10.2       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     25.1       CRISIL B+/Stable (Assigned)

   Cash Credit            56.7       CRISIL B+/Stable (Assigned)

   Inland Guarantees       8.0       CRISIL A4 (Assigned)

Outlook: Stable

CRISIL believes that SADPL will benefit over the medium term from
its promoters' industry. The outlook may be revised to 'Positive'
if SADPL improves its scale of operations significantly while
maintaining its profitability, leading to larger-than-expected
cash accruals, or if its working capital cycle improves.
Conversely, the outlook maybe revised to 'Negative' if the
company's accruals are lower than expectations due to reduced
order flow or profitability, or if it's financial risk profile
deteriorates, most likely because of a stretch in its working
capital cycle or substantial debt-funded capital expenditure.

SADPL, established in 1992, is promoted by Ahmedabad (Gujarat)-
based Shah family and others. The company is engaged in the
printing of decorative ceramic tiles, with a printing capacity of
2000 square meter per day.

For 2012-13 (refers to financial year, April 1 to March 31), SADPL
reported a net profit of INR3.8 million on net sales of INR114.2
million, against a net profit of INR3.9 million on net sales of
INR85.7 million for 2011-12.


SHRI LAKSHMI: CARE Reaffirms 'D' Rating on INR2208.72cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Shri
Lakshmi Cotsyn Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          1,988.72     CARE D Reaffirmed

   Short-term Bank
   Facilities            180        CARE D Reaffirmed

   Non-Convertible
    Debenture (NCD)       40        CARE D Reaffirmed

Rating Rationale

The rating takes into account the ongoing delays in servicing of
the company's debt obligations.

Incorporated in 1988, Shri Lakshmi Cotsyn Ltd (SLCL) was promoted
by Dr MP Agarwal, a first generation entrepreneur, having a
doctorate in textile costing and over three decades of experience.

SLCL is engaged in the manufacturing of blended suiting, shirting
and dress material, denim, terry towels, microdot fusible
interlining, industrial fabric (defence), embroidery, lace fabric,
quilted fabric, wider width sheeting fabrics and bottom wear
fabrics.

The company has eight manufacturing facilities (six in UP, one in
Uttaranchal and one in Haryana).

As on June 30, 2013, the company had an installed capacity of 30
million meters per annum (MMPA) for suiting and shirting, 40 MMPA
for denim, 30 MMPA for wider width fabric and 15,000 tonnes for
terry towel.

In FY13 (refers to the period July 1 to June 30), SLCL posted a
net loss of INR415.54 crore on the total operating income of
INR1,946.54 crore vis-...-vis a PAT of INR110.47 crore on a total
income of INR2,422.13 crore during FY12. On a provisional basis,
SLCL has reported a net loss of INR102.62 crore on the total
income of INR322.54 crore in Q1-FY14.


SHUBHAM GINNING: CARE Reaffirms 'B+' Rating on INR15cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shubham Ginning Pressing Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            15         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shubham Ginning
Pressing Private Limited (SGPL) continues to remain constrained on
account of its thin profitability, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by susceptibility of its profitability to raw material price
fluctuation and seasonality associated with the cotton industry
coupled with susceptibility of the operations to government
regulation.

The rating, however, continues to take into account the experience
of the promoters in the cotton ginning & pressing business and
strategic location of SGPL within the cotton producing belt of
Gujarat.

The ability of SGPL to move up in the textile value chain and
increase its scale of operations in light of the volatile cotton
prices and rationalization of debt levels would be the key rating
sensitivities.

Jasdan-based (Gujarat) SGPL was incorporated in 2007 by Mr Sanjay
Harkhani and Mr Hardik Harkhani to undertake the business of
cotton ginning & pressing. It operates from its sole
manufacturing plant located at Jasdan (Gujarat) with an installed
capacity of 400 bales per day for cotton bales and 27,885 metric
tonnes per annum (MTPA) for cotton seeds as on March 31, 2013.
During FY13 (as per the audited results; refers to the period
April 1 to March 31), SGPL reported a total operating income (TOI)
of INR65.97 crore and a Profit after Tax (PAT) of INR0.24 crore.
During 11MFY14 (provisional) SGPL registered a TOI of INR93.21
crore.


SNOWBIRD MARKETING: CRISIL Reaffirms 'B' Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Snowbird
Marketing Pvt Ltd continues to reflect the high customer and
geographical concentration in Snowbird's revenue profile, and the
susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the fabric-
trading industry, and the funding support it receives from them.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            60        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Snowbird will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves a
substantial increase in its revenues and profitability, leading to
improvement in is cash accruals and hence in its liquidity.
Conversely, the outlook may be revised to 'Negative' if Snowbird's
financial risk profile deteriorates, most likely because of lower-
than-expected improvement in its profitability.

Snowbird was set up in 2008 by the Jain family of Delhi. The
company trades in cotton, printed, lining, sofa (handloom), grey,
and other fabrics. The Jain family has over 26 years of experience
in the fabric-trading business through group entities.

For 2012-13 (refers to financial year, April 1 to March 31),
Snowbird reported a profit after tax (PAT) of INR2 million on net
sales of INR1.3 billion, against a PAT of INR1.2 million on net
sales of INR1.3 billion for 2011-12.


SRI RAMA: CRISIL Reaffirms 'B+' Rating on INR300MM Loans
--------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Rama Modern &
Paraboiled Rice Mill continues to reflect Sri Rama's below-average
financial risk profile marked by its small net worth, high gearing
and weak debt protection metrics. The rating also factors in the
firm's large working capital requirements, and the susceptibility
of its profitability margins to unfavorable regulatory changes, if
any, and to volatility in paddy prices. These rating weaknesses
are partially offset by Sri Rama's promoters' extensive experience
in the rice milling industry, and the firm's established
distribution network.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           250        CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           20        CRISIL B+/Stable (Reaffirmed)

   Term Loan              30        CRISIL B+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that Sri Rama will continue to benefit over the
medium term from its promoters extensive industry experience and
its established distribution network. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in the firm's revenues and profitability margins, or there is
substantial improvement in its capital structure on the back of
capital additions by its partners. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in the firm's
profitability margins, or there is a significant deterioration in
its capital structure on account of larger-than-expected working
capital requirements or large debt-funded capex.

Sri Rama, a partnership firm, mills and processes paddy into rice;
it also generates by-products, such as broken rice, bran, and
husk. The firm sells its rice under the brand - 'Anmol'. The firm
is based in Nizamabad (Andhra Pradesh) and has four partners - Mr.
Kailash Goenka, his mother, Mrs. Geetabai Goenka, and his sisters,
Ms. Rajkumari Goenka and Ms. Anitha Goenka.


URVASHI PULP: CARE Revises Rating on INR15.82cr Bank Loan to 'B+'
-----------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Urvashi Pulp & Paper Mills Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        15.82      CARE B+ Revised from
   Facilities                       CARE B

   Long-term/Short-term   1         CARE B+/ CARE A4 Revised
   Bank Facilities                  From CARE B/CARE A4

   Short-term Bank
   Facilities             5.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of Urvashi Pulp & Paper Mill Private Limited (UPPMPL)
was on account of the increase in its total operating income,
gross cash accruals and improvement in its capital structure and
debt coverage indicators during FY13 (refers to the period
April 1 to March 31).

The ratings, however, continue to remain constrained by its low
profitability, leveraged capital structure, weak liquidity
indicators and its presence in the highly fragmented and
competitive paper industry.

The ratings continue to derive strength from the established
manufacturing facilities, experienced promoters and stable demand
indicators from the end-user industries especially packaging.
The company's ability to increase the scale of operations along
with an improvement in the profitability amidst strong competition
and improvement in the capital structure and liquidity position
are the key rating sensitivities.

UPPMPL was promoted by Mr Mahendra Shah in 1976 and commenced
operations in 1983. The company is engaged in manufacturing of
kraft paper and paper boards. UPPMPL's plant is located
at Ankleshwar, Gujarat with an installed capacity of 24,000 Metric
Tonnes Per Annum (MTPA) as on March 31, 2013. The company is
mainly catering to Gujarat and Maharashtra.

During FY13, UPPMPL reported a PAT of INR0.44 crore on a total
operating income (TOI) of INR45.39 crore as against a PAT of
INR0.17 crore on a TOI of INR44.69 crore in FY12. During 11MFY14
(provisional), UPPMPL has achieved gross sales of INR50.43 crore.


VIKRAM LOGISTICS: CARE Lowers Rating on INR633.57cr Loans to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Vikram
Logistics And Maritime Services Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       628.57      CARE D Revised from
   Facilities                       CARE B-

   Short-term Bank        5.00      CARE D Revised from
   Facilities                       CARE A4

Rating Rationale

The revision in rating of Vikram Logistics and Maritime Services
Pvt. Ltd. takes into account the delays in servicing of its debt
obligations.

Vikram Logistics & Maritime Services Private Ltd. (VLMS) is a
multimodal integrated logistics service provider. VLMS initially
started with material handling, primarily steel movement for
TISCO in 1975.  It owns and operates a fleet of 143 trailers along
with over 300 containers and 30 handling equipment like Reach
stackers, RTGs, Cranes, Forklifts and owns an ICD (Inland
Container Depot) at Hassan, Karnataka.

In FY13 (refers to the period April 1 to March 31), the company
reported a total operating income of INR22.59 crore and net loss
of INR5.52 crore as against a total operating income of INR20.45
crore and a net loss of INR14.35 crore in FY12.


VINDHYAVASINI AUTOMOBILES: CARE Rates INR8.87cr Bank Loan at 'B+'
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Vindhyavasini Automobiles Pvt Ltd.


                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             8.87      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Vindhyavasini
Automobiles Pvt Ltd (VAPL) are constrained by its small scale of
business with short track record, risk of non-renewal of
dealership agreement from Maruti Suzuki India Ltd (MSIL), supplier
concentration risk and linkage to the fortunes of MSIL, pricing
constraints and margin pressure arising out of competition from
other auto dealers in the market and working capital intensive
nature of operation. The aforesaid constraints are partially
offset by the experience of the pro moters, authorised dealer of
MSIL, the leading player in the passenger car segment in India and
integrated nature of business.

The ability of VAPL to improve its scale of operation along with
profit levels and efficient management of working capital are the
key rating sensitivities.

Incorporated on December 2010, Sasaram-based (Bihar) Vindhyavasini
Automobiles Pvt Ltd (VAPL) is promoted by Mr Bhupendra Singh. VAPL
is an authorised dealer of Maruti Suzuki India Limited (MSIL) for
its passenger car vehicles (Alto, Zen, Estilo, Swift, etc) for
Sasaram, the administrative headquarter of the Rohtas district of
Bihar. It also offers spare parts & after sales services (repair
and refurbishment) for its vehicle sold.

VAPL has two other showrooms at Mohania and Buxar district in
Bihar. It offers passenger vehicles of MSIL through its showrooms
equipped with 3-S facilities (Sales, Service and Spare-parts).
Apart from this, the company also purchases and sells pre-owned
cars under Maruti True value. The company receives a small portion
of its revenue from finance and insurance companies in the form of
commission for bundled marketing of their products.

The day-to-day affairs of the company are looked after by Mr
Bhupendra Singh, MD, with adequate support from other two
directors and a team of experienced personnel.
During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR1.6 crore (Rs.0.6 crore in 4MFY12)
and PAT of INR0.2 crore (Rs.0.1 crore in 4MFY12) on a total income
of INR22.3 crore (Rs.8.2 crore in 4MFY12). Furthermore, the
company has earned an operating income of INR20.02 crore in
8MFY14.


WESTERN UP: CRISIL Reaffirms 'D' Rating on INR3.85BB Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of Western UP
Tollway Ltd continues to reflect delays by WUPTL in repayment of
principal and interest obligations on its rated debt.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Long Term Loan       3,850      CRISIL D (Reaffirmed)

WUPTL's improved quarterly toll revenues of INR 225 million
coupled with a grant of INR31 million from National Highways
Authority of India (NHAI) are now adequate to meet its quarterly
debt servicing obligations of INR170 million and operating
expenses of INR30 million. However, the company is unable to repay
its debt obligation in time due to accumulation of previous dues
coupled with loss in revenues on account of stoppage in toll
collection for about 36 days in November and December 2012.

CRISIL believes that annual tariff increase in every July and
gradually increasing traffic, and compensation, if any, for the
loss in toll revenues, will eventually help WUPTL manage its cash
flow mismatches.

WUPTL is a special-purpose vehicle promoted by NCC Ltd (rated
'CRISIL BB+/Negative/ CRISIL A4+'), which holds 51 per cent stake
and Gayatri Projects Ltd which holds 49 per cent stake. The
company has signed a 20-year concession agreement with NHAI for
constructing and maintaining a road on a build, operate, and
transfer basis at a total cost of INR7.56 billion. The project
involves widening and improving the two-lane, 79-kilometre (km)
stretch of National Highway 58, between Meerut and Muzaffarnagar
(both in Uttar Pradesh). WUTPL commenced tolling from April 18,
2011, on a partial stretch of 58 km; it has been collecting toll
for the full stretch of 79 km only from October 21, 2011. The
company has kept its provisional commercial operation date (PCOD)
but is yet to receive the completion certificate for the punch-
list items.



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


SRI REJEKI: S&P Assigns Preliminary 'BB-' CCR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
preliminary 'BB-' long-term corporate credit rating to PT Sri
Rejeki Isman Tbk. (Sritex), an Indonesia-based integrated textile
and garment producer.  The outlook is stable.

At the same time, S&P assigned its preliminary 'BB-' long-term
issue rating to proposed senior unsecured notes of up to US$300
million that Sritex will guarantee. Golden Legacy Pte. Ltd., a
special purpose vehicle, will issue the notes.  The issue rating
is subject to our review of the final issuance documentation.

The preliminary rating is contingent upon Sritex issuing senior
unsecured notes to refinance its debt maturities, fund capacity
expansion and working capital, and for general corporate purposes.
We assess the company's business risk profile as "fair" and its
financial risk profile as "aggressive."

"Our assessment of Sritex's business risk profile reflects the
company's exposure to volatility in raw material prices, its debt-
funded capacity expansion, and the highly competitive and
fragmented global textile industry," said Standard & Poor's credit
analyst Wee Khim Loy.  "Sritex's good operating efficiency,
increasingly integrated textile operations, and high share of
revenue from repeat customers temper these weaknesses."

Sritex's lower costs than peers support its competitive position.
S&P believes Sritex is in a good position to benefit from a trend
where textile and garment buyers are diversifying their sourcing
geographically.  This is because of the company's low costs and
integrated operations. Sritex has a long track record of securing
recurring revenue from a diversified customer base.

S&P expects Sritex's acquisition of PT Sinar Pantja Djaja (SPD) in
October 2013 to improve its EBITDA margin to 14%-16% in the next
one to two years, compared with an average of 12% over 2010-2012.
The acquisition significantly increased Sritex's yarn and garment
production capacities.  The company's strategy to focus on
increasing the proportion of the higher-margin garment business in
its integrated textile operation will also support improvement in
EBITDA margins.

Sritex's financial risk profile reflects the company's use of
sizable debt to fund its expansion.  S&P estimates the company's
negative free operating cash flow to be Indonesian rupiah (IDR)
400 billion-IDR 700 billion over the coming two years.  In
addition, the company's cash flows are sensitive to any lag in
passing of raw-material-price increases to customers, and to
working capital cycles.  Sritex's working capital cycle is fairly
long because of the company's vertically integrated operations.

"The stable outlook reflects our view that Sritex will maintain
its adequate competitive advantage in the global textile industry
over the next 12-24 months as it increases its scale and business
integration," said Ms. Loy.  "We also anticipate that the company
will not make any further sizable debt-financed external growth or
shareholder returns and maintain a ratio of funds from operations
to debt at close to 20%."

S&P could lower the rating if Sritex's revenue growth and
profitability are materially weaker its expectation.  This could
happen if demand for its products falls short of S&P's current
expectations, or the company faces a delay in passing on cost
increases to customers.  A ratio of funds from operations to debt
sustainably less than 15% or EBITDA margin below 12% could trigger
a downgrade.

S&P may upgrade Sritex if the company's business position improves
substantially more than its current assumptions, leading to a
substantially improved financial performance as compared with its
base case.  S&P considers the possibility of such an occurrence to
be low over the coming 12 months.



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


BROOK ASSET: To Wind Down Business
----------------------------------
Rob Stock at Fairfax NZ News reports that Brook Asset Management
is to close completing the collapse which began with the departure
of its star fund managers in 2008.

Fairfax NZ News recalls that at the time the wealth management
firm was flying high with over NZ$1 billion of funds under
management, and had a mandate from the NZ Super Fund to invest New
Zealand shares for it.

But the 2008 departures of Simon Botherway and Paul Glass dealt it
a blow from which it could not recover following its sale earlier
that year to Australian investment bank Macquarie, the report
relates.

Following their departure investors pulled their money out, much
of it transferring to Devon Funds Management, which was set up by
Mr. Glass in 2010 after his non-compete contract on the sale of
Brook had expired, according to Fairfax NZ News.

Brooks' head of business development Katrina Kruger confirmed the
closure but would make no comment, the report notes.

No attempt will be made to sell the business, with the closure
being described as a managed wind-down of the funds, Fairfax NZ
News says.

The report notes that an amended prospectus for the group's funds,
posted with the Companies Office on April 3 reads: "From 3 April
2014 no further offers will be made and no member of the public
will be able to subscribe for units in the Funds."

According to the report, Macquarie said in a statement that the
decision to wind up Brook followed a strategic review of the
company which concluded that "expectations for achieving a
business of scale are not possible in the medium term".

It will provide operational support and funding for the business
to ensure an orderly wind-up, but could not yet give details of
what options KiwiSavers and investors in its other funds will be
given, the report relays.

Macquarie said its other New Zealand businesses, including its
wealth management service, would not be affected by the closure of
Brook, Fairfax NZ News reports.

Brook Asset Management Limited is a specialist investment and
portfolio management company based in Auckland, New Zealand.


GENEVA FINANCE: Forecasts Up to NZ$4 Million Annual Loss
--------------------------------------------------------
Niko Kloeten at Fairfax NZ News reports that Geneva Finance has
announced a profit downgrade, forecasting a loss of NZ$3 million
to NZ$4 million in the year to March 31.

According to the report, the lender, which came out of a six-year
moratorium last year, reviewed expected cash flows from its old
business receivables (debts owed) ledger and found it would need
to take extra provisioning against them.

Although the new business lending operation and the group's
insurance operation were both expected to deliver profits, these
wouldn't be enough to offset the losses from the old debts, the
report says.

Fairfax NZ News says Geneva has proposed a NZ$6.1 million rights
issue, of which it plans to use NZ$3 million - NZ$4 million to
recapitalise this part of the business and reduce debt-funding
costs.

Shareholders will be offered 11 new shares for every 18 shares,
with up to 202 million new shares being issued at 3 cents each,
the report notes.

Shares in the company, which is listed on the NZX alternative
market, last traded at 3.9c each, giving Geneva a market
capitalisation of NZ$10.6 million, the report adds.

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 8, 2011, Standard & Poor's Ratings Services said it has
lowered its long-term counterparty credit rating on New Zealand
finance company Geneva Finance Ltd. to 'SD' from 'CC'.  The
rating was also removed from CreditWatch with negative
implications, where it was placed on March 17, 2011.  At the same
time, the insurer financial strength rating on Geneva's captive
insurer, Quest Insurance Group Ltd., was affirmed at 'CC' and
removed from CreditWatch with developing implications.  A
positive rating outlook has been assigned on the Quest rating.



================
S R I  L A N K A
================


BANK OF CEYLON: Fitch Corrects Previous Press Release
-----------------------------------------------------
This announcement corrects the version published on March 25, 2014
to include disclosure language relating to Bank of Ceylon's
shareholding in Fitch Ratings Lanka Ltd that was missing from the
previous version.

Fitch Ratings has affirmed Bank of Ceylon's (BOC) Long-Term
Foreign Currency and Local Currency Issuer Default Ratings (IDRs)
at 'BB-' with a Stable Outlook.  The agency has also affirmed
BOC's Viability Rating (VR) at 'b+'. BOC's National Long-Term
rating has also been affirmed at 'AA+(lka)' with a Stable Outlook.
A full list of rating actions is at the end of this rating action
commentary.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS AND DEBT

BOC's IDRs and National Long-Term rating reflect the government of
Sri Lanka's (BB-/Stable) high propensity but moderate ability to
provide support to the bank under extraordinary situations.  The
state's high propensity stems from BOC's high systemic importance
as the largest bank in Sri Lanka, its quasi-sovereign status, its
role as a key lender to the government and full government
ownership.  The state's moderate ability to provide support is
reflected in the sovereign rating.

The Stable Outlook on BOC's IDRs and National Long-Term rating
reflects the Stable Outlook on Sri Lanka's sovereign rating.  The
US dollar senior unsecured notes are rated at the same level as
BOC's Long-Term Foreign Currency IDR as they constitute direct,
unsubordinated and unsecured obligations of the bank, and rank
equally with all its other unsecured and unsubordinated
obligations.

BOC's Sri Lanka rupee-denominated subordinated debt is rated one
notch below its National Long-Term rating to reflect its gone-
concern loss-absorption quality in the event of liquidation.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND DEBT

Any change in Sri Lanka's sovereign rating or the perception of
state support to BOC could result in a change in BOC's IDRs,
National Long-Term rating, and issue ratings.  Visible
demonstration of preferential support for BOC in the form of an
explicit guarantee will be instrumental to an upgrade of its
National Long-Term rating.

KEY RATING DRIVERS - VIABILITY RATING

The bank's VR remains under pressure due to its thin
capitalisation and declining asset quality.  The VR also takes
into consideration BOC's strong domestic funding franchise that is
underpinned by its state linkages.

Increased delinquencies in BOC's gold backed loans portfolio,
which expanded rapidly since 2010, have been the main contributor
to the increase in non-performing loans (NPL), a phenomenon that
has been seen across the sector.  BOC has concentration risk
arising from high exposure to the state sector (state and state-
owned entities).  Of the bank's total state sector exposure at
end-2013, about 40% is guaranteed by the state.

Reported Tier 1 regulatory capital adequacy ratio (CAR) stood at
8.0% at end-2013 and benefited from exposures that are zero-risk
weighted according to local regulatory requirements.  If risk
weights of 100% and 50% were applied on foreign currency
denominated state sector and gold backed exposures respectively,
BOC's Tier 1 CAR would be much lower.  The pace of loan growth
slowed to 6% in 2013 from 27% a year earlier.  This supported a
reduction in the loans-to-deposits ratio to 91% at end-2013 from
105% at end-2012.

RATING SENSITIVITIES - VR

A continued decline in capitalisation through a surge in lending
or a further decline in asset quality alongside high dividend
payouts could place downward pressure on the bank's VR.  A timely
capital infusion would support the VR.

BOC is the largest bank in Sri Lanka in terms of assets. BOC has
13 subsidiaries and five associates and has branches in Chennai,
India, Male, Maldives and the Seychelles: and a fully owned
subsidiary, Bank of Ceylon (UK) Ltd, in the UK.

The full list of rating actions follows:

Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local Currency IDR affirmed at 'BB-'; Outlook Stable
Short-Term Foreign Currency IDR assigned at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB-'
US dollar senior unsecured notes affirmed at 'BB-'
National Long-Term rating affirmed at 'AA+(lka)'; Outlook Stable
Sri Lanka rupee-denominated subordinated debentures affirmed at
'AA(lka)'



===============
X X X X X X X X
===============


* BOND PRICING: For the Week March 31 to April 4, 2014
------------------------------------------------------

Issuer            Coupon    Maturity   Currency    Price
------             ------   --------   --------    -----


  AUSTRALIA
  ---------

COMMONWEALTH B     1.50     04/19/22      AUD      73.53
GRIFFIN COAL M     9.50     12/01/16      USD      73.88
GRIFFIN COAL M     9.50     12/01/16      USD      73.88
MIDWEST VANADI    11.50     02/15/18      USD      59.97
MIDWEST VANADI    11.50     02/15/18      USD      46.75
MIRABELA NICKE     8.75     04/15/18      USD      21.63
MIRABELA NICKE     8.75     04/15/18      USD      25.00
NEW SOUTH WALE     0.50     09/14/22      AUD      70.63
NEW SOUTH WALE     0.50     10/07/22      AUD      70.41
NEW SOUTH WALE     0.50     10/28/22      AUD      70.20
NEW SOUTH WALE     0.50     12/16/22      AUD      69.92
NEW SOUTH WALE     0.50     11/18/22      AUD      70.01
NEW SOUTH WALE     0.50     03/30/23      AUD      69.42
NEW SOUTH WALE     0.50     02/02/23      AUD      69.97
TREASURY CORP      0.50     08/25/22      AUD      71.14
TREASURY CORP      0.50     11/12/30      AUD      46.50
TREASURY CORP      0.50     03/03/23      AUD      70.24


CHINA
-----

CHINA GOVERNME     1.64     12/15/33      CNY      59.55
CHINA DEVELOPM     3.80     10/30/36      CNY      72.82


INDIA
-----

3I INFOTECH LT     5.00     04/26/17      USD      35.13
CORE EDUCATION     7.00     05/07/15      USD      31.00
COROMANDEL INT     9.00     07/23/16      INR      15.61
DAVOMAS INTERN    11.00     12/08/14      USD      19.38
DAVOMAS INTERN    11.00     12/08/14      USD      19.38
DEWAN HOUSING      5.50     09/24/23      INR      71.53
GTL INFRASTRUC     2.53     11/09/17      USD      25.63
INDIA GOVERNME     0.23     01/25/35      INR      17.96
INDONESIA TREA     6.38     04/15/42      IDR      74.58
JCT LTD            2.50     04/08/11      USD      20.00
MASCON GLOBAL      2.00     12/28/12      USD      10.00
PERUSAHAAN PEN     6.10     02/15/37      IDR      74.39
PRAKASH INDUST     5.25     04/30/15      USD      49.88
PRAKASH INDUST     5.63     10/17/14      USD      55.25
PYRAMID SAIMIR     1.75     07/04/12      USD       1.00
REI AGRO LTD       5.50     11/13/14      USD      55.88
REI AGRO LTD       5.50     11/13/14      USD      55.88
SHIV-VANI OIL      5.00     08/17/15      USD      26.25
SUZLON ENERGY      5.00     04/13/16      USD      47.77
SUZLON ENERGY      7.50     10/11/12      USD      61.25
VIDEOCON INDUS     6.75     12/16/15      USD      74.81


JAPAN
-----

ELPIDA MEMORY      0.70     08/01/16      JPY       9.75
ELPIDA MEMORY      0.50     10/26/15      JPY      12.75
ELPIDA MEMORY      2.29     12/07/12      JPY      15.38
ELPIDA MEMORY      2.10     11/29/12      JPY      12.75
ELPIDA MEMORY      2.03     03/22/12      JPY      14.00
JAPAN EXPRESSW     0.50     03/18/39      JPY      70.72
JAPAN EXPRESSW     0.50     09/17/38      JPY      71.24
TOKYO ELECTRIC     2.37     05/28/40      JPY      74.50


KOREA
------

2013 KIBO SECURIT   10.00   09/04/16       KRW      30.11
2013 KIBO SECURIT   10.00   02/19/17       KRW      29.49
ACE AUTO INVEST S    3.15   05/17/16       KRW      68.95
ACE AUTO INVEST S    3.20   07/15/16       KRW      40.05
ACE AUTO INVEST S    2.86   11/17/14       KRW      68.07
ACE AUTO INVEST S    3.05   11/17/15       KRW      13.99
ACE AUTO INVEST S    2.84   10/17/14       KRW      80.10
ACE AUTO INVEST S    2.79   09/05/14       KRW      37.55
ACE AUTO INVEST S    2.79   08/22/14       KRW      73.25
ACE AUTO INVEST S    2.81   09/24/14       KRW      77.67
ACE AUTO INVEST S    2.84   11/24/14       KRW      71.01
ACE AUTO INVEST S    2.85   12/24/14       KRW       6.34
ACE AUTO INVEST S    2.87   01/23/15       KRW       8.57
ACE AUTO INVEST S    2.88   02/24/15       KRW      55.82
ACE AUTO INVEST S    2.89   03/24/15       KRW      59.53
ACE AUTO INVEST S    3.03   11/24/15       KRW      27.49
ACE AUTO INVEST S    2.92   05/22/15       KRW      40.23
ACE AUTO INVEST S    2.94   06/24/15       KRW       2.95
ACE AUTO INVEST S    3.08   01/22/16       KRW       0.95
ACE AUTO INVEST S    2.88   07/22/14       KRW      81.24
ACE AUTO INVEST S    2.91   10/22/14       KRW      86.55
ACE AUTO INVEST S    2.92   12/22/14       KRW      71.90
ACE AUTO INVEST S    2.86   09/26/14       KRW      89.13
ACE AUTO INVEST S    2.87   10/27/14       KRW      62.64
ACE AUTO INVEST S    2.88   12/26/14       KRW      18.79
ACE AUTO INVEST S    2.91   04/27/15       KRW      77.12
ACE AUTO INVEST S    2.95   02/17/15       KRW      22.59
ACE AUTO INVEST S    2.80   10/07/14       KRW      68.22
ACE AUTO INVEST S    2.83   12/05/14       KRW      15.74
ACE AUTO INVEST S    2.84   01/07/15       KRW      56.58
ACE AUTO INVEST S    2.85   02/06/15       KRW      15.84
ACE AUTO INVEST S    2.87   03/06/15       KRW      89.86
ACE AUTO INVEST S    2.89   04/07/15       KRW      60.55
ACE AUTO INVEST S    2.94   06/05/15       KRW       7.98
ACE AUTO INVEST S    2.96   07/07/15       KRW      61.52
ACE AUTO INVEST S    3.11   01/07/16       KRW       3.24
ACE AUTO INVEST S    2.90   12/22/14       KRW      59.69
ACE AUTO INVEST S    2.96   03/20/15       KRW       4.49
ACE AUTO INVEST S    3.19   02/22/16       KRW       1.30
ACE AUTO INVEST S    2.92   12/05/14       KRW      25.01
ACE AUTO INVEST S    3.00   04/06/15       KRW      36.83
ACE AUTO INVEST S    3.04   06/05/15       KRW      60.61
ACE AUTO INVEST S    3.07   07/06/15       KRW      17.54
ACE AUTO INVEST S    2.88   11/21/14       KRW      11.36
ACE AUTO INVEST S    2.94   02/17/15       KRW       5.00
ACE AUTO INVEST S    3.30   06/22/16       KRW      31.81
ACE AUTO INVEST S    2.93   01/06/15       KRW      33.86
ACE AUTO INVEST S    2.96   02/06/15       KRW      69.41
ACE AUTO INVEST S    2.82   08/06/14       KRW      74.36
ACE AUTO INVEST S    2.86   09/05/14       KRW      60.14
ACE AUTO INVEST S    2.89   11/06/14       KRW      42.83
ACE AUTO INVEST S    3.22   01/06/16       KRW      71.75
ACE AUTO INVEST S    3.30   04/06/16       KRW      43.41
ACE AUTO INVEST S    2.89   01/16/15       KRW      61.45
ACE AUTO INVEST S    2.91   02/17/15       KRW      33.34
ACE AUTO INVEST S    2.95   04/17/15       KRW      65.11
ACE AUTO INVEST S    2.99   07/17/15       KRW      39.76
ACE AUTO INVEST S    2.99   08/17/15       KRW      78.15
AJU CAPITAL CO LT    5.75   06/29/14       KRW      24.64
AJU CAPITAL CO LT    3.95   02/03/17       KRW      27.83
AUTOPIA SECURITIZ    3.00   07/18/15       KRW       0.90
AUTOPIA SECURITIZ    3.02   08/18/15       KRW      17.83
AUTOPIA SECURITIZ    3.04   09/18/15       KRW       3.70
AUTOPIA SECURITIZ    3.09   12/18/15       KRW      12.59
AUTOPIA SECURITIZ    3.10   01/18/16       KRW      35.24
AUTOPIA SECURITIZ    3.12   02/18/16       KRW      17.65
AUTOPIA SECURITIZ    3.14   03/18/16       KRW       0.48
AUTOPIA SECURITIZ    3.16   04/18/16       KRW       9.12
AUTOPIA SECURITIZ    3.18   05/18/16       KRW       0.55
AUTOPIA SECURITIZ    3.20   06/18/16       KRW       0.97
AUTOPIA SECURITIZ    3.22   07/18/16       KRW       0.50
AUTOPIA SECURITIZ    3.23   08/18/16       KRW       7.13
AUTOPIA SECURITIZ    3.24   09/18/16       KRW       0.83
AUTOPIA SECURITIZ    3.25   10/18/16       KRW       0.96
AUTOPIA SECURITIZ    3.26   11/18/16       KRW       0.50
AUTOPIA SECURITIZ    3.27   12/18/16       KRW       5.50
AUTOPIA SECURITIZ    3.27   01/18/17       KRW       1.41
AUTOPIA SECURITIZ    3.28   02/18/17       KRW       0.38
AUTOPIA SECURITIZ    3.29   03/18/17       KRW       0.50
AUTOPIA SECURITIZ    3.30   04/18/17       KRW       4.25
AUTOPIA SECURITIZ    3.31   05/18/17       KRW       1.37
AUTOPIA SECURITIZ    3.32   06/18/17       KRW       1.15
AUTOPIA SECURITIZ    3.32   07/18/17       KRW      10.89
AUTOPIA SECURITIZ    2.90   07/18/15       KRW       0.86
AUTOPIA SECURITIZ    2.91   08/18/15       KRW      16.70
AUTOPIA SECURITIZ    2.92   09/18/15       KRW       0.68
AUTOPIA SECURITIZ    2.93   10/18/15       KRW       0.45
AUTOPIA SECURITIZ    2.96   12/18/15       KRW       1.07
AUTOPIA SECURITIZ    2.97   01/18/16       KRW      17.92
AUTOPIA SECURITIZ    2.98   02/18/16       KRW       2.02
AUTOPIA SECURITIZ    2.99   03/18/16       KRW      15.65
AUTOPIA SECURITIZ    3.00   04/18/16       KRW       7.59
AUTOPIA SECURITIZ    3.01   05/18/16       KRW       0.51
AUTOPIA SECURITIZ    3.03   06/18/16       KRW       0.91
AUTOPIA SECURITIZ    3.04   07/18/16       KRW       0.46
AUTOPIA SECURITIZ    3.04   08/18/16       KRW       5.46
AUTOPIA SECURITIZ    3.06   11/18/16       KRW       1.34
AUTOPIA SECURITIZ    3.05   09/18/16       KRW       0.35
AUTOPIA SECURITIZ    3.05   10/18/16       KRW       0.46
AUTOPIA SECURITIZ    3.06   12/18/16       KRW       3.95
AUTOPIA SECURITIZ    3.07   01/18/17       KRW       1.30
AUTOPIA SECURITIZ    3.07   02/18/17       KRW       0.35
AUTOPIA SECURITIZ    3.08   04/18/17       KRW       0.46
AUTOPIA SECURITIZ    3.09   05/18/17       KRW      14.88
AUTOPIA SECURITIZ    3.08   03/18/17       KRW       0.55
AUTOPIA SECURITIZ    3.09   06/18/17       KRW       1.00
AUTOPIA SECURITIZ    2.89   06/18/15       KRW       0.84
AUTOPIA SECURITIZ    6.25   06/18/14       KRW      26.98
AUTOPIA SECURITIZ    6.29   07/18/14       KRW      76.66
AUTOPIA SECURITIZ    6.32   08/18/14       KRW      47.04
AUTOPIA SECURITIZ    6.36   09/18/14       KRW      22.99
AUTOPIA SECURITIZ    6.39   10/18/14       KRW      30.34
AUTOPIA SECURITIZ    6.45   01/18/15       KRW       1.80
AUTOPIA SECURITIZ    6.48   02/18/15       KRW      78.67
AUTOPIA SECURITIZ    6.50   03/18/15       KRW       2.31
AUTOPIA SECURITIZ    6.52   04/18/15       KRW       5.46
AUTOPIA SECURITIZ    2.77   08/18/14       KRW      80.07
AUTOPIA SECURITIZ    2.81   11/18/14       KRW      52.21
AUTOPIA SECURITIZ    2.90   05/18/15       KRW      93.62
AUTOPIA SECURITIZ    2.98   08/18/15       KRW      37.41
AUTOPIA SECURITIZ    3.11   02/18/16       KRW       4.78
AUTOPIA SECURITIZ    3.15   05/18/16       KRW      56.85
AUTOPIA SECURITIZ    3.22   08/18/16       KRW      19.88
AUTOPIA SECURITIZ    3.29   11/18/16       KRW       8.81
AUTOPIA SECURITIZ    3.33   02/18/17       KRW      11.87
AUTOPIA SECURITIZ    3.37   05/18/17       KRW      13.31
AUTOPIA SECURITIZ    3.41   08/18/17       KRW      13.52
AUTOPIA SECURITIZ    3.45   11/18/17       KRW       2.01
AUTOPIA SECURITIZ    3.59   02/18/18       KRW      65.79
AUTOPIA SECURITIZ    4.42   05/18/18       KRW       1.54
BS CAPITAL CO LTD    3.13   05/22/15       KRW      46.21
BUSAN METROPOLITA    3.23   05/26/15       KRW      51.31
CHEJU BANK LTD       4.14   01/19/19       KRW      73.85
CJ KOREA EXPRESS     2.93   06/21/18       KRW      16.00
COMMERCIAL AUTO A    5.14   07/18/14       KRW      15.59
COMMERCIAL AUTO A    5.19   09/18/14       KRW      65.26
COMMERCIAL AUTO A    5.21   10/18/14       KRW      29.05
COMMERCIAL AUTO A    5.25   11/18/14       KRW      13.36
COMMERCIAL AUTO A    5.27   12/18/14       KRW       1.88
COMMERCIAL AUTO A    5.34   03/18/15       KRW       1.80
COMMERCIAL AUTO A    5.37   04/18/15       KRW       4.71
COMMERCIAL AUTO A    5.41   06/18/15       KRW       0.96
COMMERCIAL AUTO A    4.88   09/18/14       KRW      22.01
COMMERCIAL AUTO A    4.90   10/18/14       KRW      28.72
COMMERCIAL AUTO A    4.95   12/18/14       KRW      55.98
COMMERCIAL AUTO A    4.97   01/18/15       KRW       1.39
COMMERCIAL AUTO A    5.00   03/18/15       KRW       1.46
COMMERCIAL AUTO A    5.02   04/18/15       KRW      10.75
COMMERCIAL AUTO A    5.05   06/18/15       KRW       3.05
COMMERCIAL AUTO A    4.78   05/18/14       KRW      75.84
COMMERCIAL AUTO A    4.81   06/18/14       KRW      79.41
COMMERCIAL AUTO A    4.86   08/18/14       KRW       9.24
COMMERCIAL AUTO A    2.82   08/18/14       KRW      67.79
COMMERCIAL AUTO A    2.86   11/18/14       KRW      47.84
COMMERCIAL AUTO A    2.92   02/18/15       KRW      53.10
COMMERCIAL AUTO A    2.97   05/18/15       KRW      31.56
COMMERCIAL AUTO A    3.05   08/18/15       KRW      32.33
COMMERCIAL AUTO A    3.39   11/18/16       KRW       9.02
COMMERCIAL AUTO A    3.44   02/18/17       KRW      12.66
COMMERCIAL AUTO A    3.18   02/18/16       KRW      61.73
COMMERCIAL AUTO A    3.23   05/18/16       KRW       5.31
COMMERCIAL AUTO A    3.31   08/18/16       KRW      10.67
COMMERCIAL AUTO A    3.50   05/18/17       KRW       5.14
COMMERCIAL AUTO A    3.55   08/18/17       KRW      77.86
COMMERCIAL AUTO A    3.61   11/18/17       KRW      11.33
COMMERCIAL AUTO A    6.90   05/18/18       KRW      16.56
COMMERCIAL AUTO A   10.00   08/18/18       KRW       4.95
COMMERCIAL AUTO A   10.00   08/18/18       KRW      28.48
DAEGU BANK           4.37   01/08/19       KRW      23.54
DAPSIMNI SECURITI    3.26   10/11/14       KRW      59.34
DOOSAN CAPITAL SE    3.11   03/13/15       KRW      38.48
DOOSAN CAPITAL SE    3.08   12/15/14       KRW      65.43
DOOSAN CAPITAL SE    3.75   09/02/16       KRW       2.23
DOOSAN CAPITAL SE    3.08   10/02/14       KRW      80.79
DOOSAN CAPITAL SE    3.36   12/04/15       KRW      35.12
DOOSAN CAPITAL SE    3.43   03/04/16       KRW       8.01
DOOSAN CAPITAL SE    3.52   06/03/16       KRW      65.97
DY CHANGJEON 3 SE    3.84   04/25/17       KRW      10.21
EXPORT-IMPORT BAN    0.50   01/25/17       TRY      72.36
EXPORT-IMPORT BAN    0.50   10/23/17       TRY      66.92
EXPORT-IMPORT BAN    0.50   12/22/17       BRL      64.14
EXPORT-IMPORT BAN    0.50   12/22/17       TRY      66.95
EXPORT-IMPORT BAN    0.50   10/27/16       BRL      73.98
EXPORT-IMPORT BAN    0.50   11/21/17       BRL      64.31
EXPORT-IMPORT BAN    0.50   11/28/16       BRL      73.34
EXPORT-IMPORT BAN    0.50   09/28/16       BRL      74.70
EXPORT-IMPORT BAN    0.50   12/22/16       BRL      73.03
FN GODEOK ABS SPE    4.64   04/29/16       KRW      81.70
FN HYUNSEOK SECUR    3.35   03/20/16       KRW      32.60
FN JOONGDONG3 SEC    3.10   08/29/14       KRW      53.60
FN SIN-GIL ABS SP    4.74   07/30/14       KRW      43.95
GARDEN PARK ABS S    3.55   10/02/16       KRW       8.74
GREAT KODIT SECUR   10.00   09/29/14       KRW      63.87
GS CALTEX CORP       3.09   03/21/18       KRW      11.74
HAN KOOK CAPITAL     3.35   07/23/14       KRW      80.88
HAN KOOK CAPITAL     3.95   01/23/15       KRW      53.40
HANA SK CARD CO L    4.81   01/02/18       KRW       4.11
HANA SK CARD CO L    3.88   06/22/17       KRW      20.47
HANA SK CARD CO L    5.00   01/09/17       KRW      13.11
HANA SK CARD CO L    3.69   06/22/15       KRW      25.61
HANA SK CARD CO L    5.34   02/14/17       KRW      30.38
HANA SK CARD CO L    5.62   01/24/17       KRW      14.30
HANA SK CARD CO L    5.62   01/31/17       KRW      48.59
HC SANGSOO ABS SP    3.42   12/28/14       KRW      44.61
HYUNDAI CAPITAL S    3.38   03/15/19       KRW      43.84
HYUNDAI CAPITAL S    3.11   01/29/16       KRW      99.91
HYUNDAI CAPITAL S    3.56   02/01/19       KRW       5.71
HYUNDAI CAPITAL S    3.31   03/21/18       KRW      12.68
HYUNDAI CAPITAL S    3.08   03/21/18       KRW      46.54
HYUNDAI CAPITAL S    4.70   06/21/16       KRW      10.89
HYUNDAI CAPITAL S    4.46   10/06/16       KRW      19.78
HYUNDAI CAPITAL S    3.25   11/04/16       KRW       1.72
HYUNDAI CAPITAL S    3.29   04/02/18       KRW      28.49
HYUNDAI CAPITAL S    3.31   03/20/18       KRW      54.17
HYUNDAI CAPITAL S    3.25   04/02/18       KRW      25.75
HYUNDAI CAPITAL S    3.16   04/02/18       KRW       2.08
HYUNDAI CAPITAL S    3.17   04/03/18       KRW       3.56
HYUNDAI CAPITAL S    4.46   12/18/14       KRW       7.38
HYUNDAI CAPITAL S    4.40   03/20/16       KRW       8.46
HYUNDAI CAPITAL S    3.57   02/16/15       KRW      33.84
HYUNDAI CAPITAL S    4.74   06/20/16       KRW      27.26
HYUNDAI CAPITAL S    3.21   03/04/16       KRW       8.23
HYUNDAI CAPITAL S    2.78   04/24/15       KRW       4.36
HYUNDAI CAPITAL S    3.26   09/21/17       KRW      26.61
HYUNDAI CAPITAL S    2.89   06/21/18       KRW       2.34
HYUNDAI CAPITAL S    3.19   05/13/16       KRW      23.76
HYUNDAI CAPITAL S    3.75   06/22/15       KRW      15.02
HYUNDAI CAPITAL S    3.02   10/30/15       KRW      48.57
HYUNDAI CAPITAL S    3.44   09/22/17       KRW      16.63
HYUNDAI CAPITAL S    3.31   01/06/17       KRW      37.48
HYUNDAI CAPITAL S    3.32   02/09/17       KRW      21.80
HYUNDAI CAPITAL S    3.50   01/12/18       KRW      16.07
HYUNDAI CAPITAL S    4.20   12/21/16       KRW       2.65
HYUNDAI CAPITAL S    3.71   01/11/19       KRW       4.92
HYUNDAI CAPITAL S    3.25   08/05/16       KRW      42.75
HYUNDAI CAPITAL S    3.11   05/02/18       KRW      14.35
HYUNDAI CAPITAL S    3.41   01/14/17       KRW       9.22
HYUNDAI CAPITAL S    3.65   01/18/19       KRW      12.88
HYUNDAI CAPITAL S    4.84   06/22/16       KRW      39.22
HYUNDAI CAPITAL S    3.07   05/02/18       KRW       0.92
HYUNDAI CARD CO L    3.16   03/24/17       KRW       8.69
HYUNDAI CARD CO L    3.00   03/25/16       KRW      11.85
HYUNDAI CARD CO L    3.19   11/28/16       KRW      27.25
HYUNDAI CARD CO L    3.17   03/10/17       KRW      21.06
HYUNDAI CARD CO L    3.65   06/23/15       KRW      37.80
HYUNDAI CARD CO L    3.81   09/21/17       KRW      18.33
HYUNDAI CARD CO L    3.16   04/02/18       KRW       1.10
HYUNDAI CARD CO L    4.05   12/22/14       KRW      67.28
HYUNDAI CARD CO L    3.23   01/06/17       KRW      71.11
HYUNDAI CARD CO L    3.23   01/20/17       KRW      24.39
HYUNDAI CARD CO L    3.27   04/03/17       KRW       8.02
HYUNDAI CARD CO L    3.19   05/13/16       KRW      23.76
HYUNDAI CARD CO L    3.10   01/15/16       KRW      38.10
HYUNDAI CARD CO L    3.40   01/10/17       KRW      33.81
HYUNDAI CARD CO L    3.47   06/09/17       KRW      27.56
HYUNDAI CARD CO L    3.51   07/13/17       KRW      28.59
HYUNDAI CARD CO L    3.13   01/15/16       KRW      34.40
HYUNDAI CARD CO L    3.16   05/29/18       KRW       0.93
HYUNDAI CARD CO L    3.58   09/21/18       KRW      22.78
HYUNDAI CARD CO L    4.03   03/23/15       KRW      59.01
HYUNDAI COMMERCIA    3.32   03/22/18       KRW      51.46
HYUNDAI COMMERCIA    3.22   12/04/15       KRW      35.17
HYUNDAI COMMERCIA    3.37   12/21/17       KRW       2.05
HYUNDAI HYSCO CO     3.09   03/21/18       KRW      11.01
HYUNDAI MERCHANT     7.05   12/27/42       KRW      44.72
HYUNDAI SECURITIE    3.13   03/21/18       KRW       1.25
HYUNDAI SECURITIE    3.16   03/22/18       KRW      46.66
HYUNDAI STEEL CO     3.27   03/21/18       KRW       1.34
INCHEON DEVELOPME    4.25   07/13/15       KRW       1.21
INCHEON DEVELOPME    3.60   12/21/17       KRW      12.81
INCHEON DEVELOPME    3.28   06/10/14       KRW       9.80
IPARK SAM-SONG SE    3.36   01/10/16       KRW      48.45
IPARK SAM-SONG SE    3.18   04/10/15       KRW      82.32
IPARK SAM-SONG SE    3.27   08/10/15       KRW      46.50
IPARK SAM-SONG SE    3.37   02/10/16       KRW      78.51
JB WOORI CAPITAL     2.82   08/14/14       KRW      12.62
JB WOORI CAPITAL     2.95   05/15/15       KRW      16.88
JB WOORI CAPITAL     3.01   08/14/15       KRW      11.75
JB WOORI CAPITAL     2.91   09/26/14       KRW      51.90
JB WOORI CAPITAL     2.86   07/25/14       KRW      54.04
JB WOORI CAPITAL     3.09   06/26/15       KRW      18.92
JB WOORI CAPITAL     3.27   05/28/15       KRW      51.14
JB WOORI CAPITAL     3.22   11/30/14       KRW      72.81
JEONBUK BANK         3.41   01/06/19       KRW      30.02
JOINK SECURITIZAT    3.86   10/21/14       KRW      62.07
KB KOOKMIN CARD C    3.92   03/24/15       KRW      88.85
KB KOOKMIN CARD C    4.18   03/22/17       KRW      10.71
KB KOOKMIN CARD C    3.93   06/20/17       KRW      16.97
KB KOOKMIN CARD C    3.24   12/21/17       KRW      89.37
KB KOOKMIN CARD C    3.88   06/22/17       KRW      28.22
KB KOOKMIN CARD C    3.30   03/21/18       KRW      60.44
KB KOOKMIN CARD C    4.00   12/22/14       KRW      90.57
KB KOOKMIN CARD C    3.25   03/21/18       KRW       1.61
KB KOOKMIN CARD C    3.46   09/21/17       KRW      34.88
KB KOOKMIN CARD C    3.65   06/22/15       KRW      34.74
KB KOOKMIN CARD C    3.65   06/23/15       KRW      28.82
KB KOOKMIN CARD C    3.07   02/08/15       KRW      42.38
KB KOOKMIN CARD C    3.75   09/21/17       KRW       1.00
KB KOOKMIN CARD C    3.33   09/22/17       KRW       2.86
KB KOOKMIN CARD C    3.18   12/11/15       KRW      75.46
KB KOOKMIN CARD C    3.13   03/21/18       KRW      14.01
KB KOOKMIN CARD C    3.10   05/02/18       KRW      14.08
KB KOOKMIN CARD C    3.05   03/21/18       KRW       4.12
KB KOOKMIN CARD C    3.32   02/17/17       KRW      10.61
KDB CAPITAL CORP     3.14   12/22/14       KRW      73.20
KDB CAPITAL CORP     3.05   09/29/14       KRW      92.37
KDB CAPITAL CORP     3.01   07/14/14       KRW      84.77
KDB CAPITAL CORP     3.25   12/24/15       KRW      51.52
KOREA DEVELOPMENT    3.70   02/29/24       KRW      22.22
KOREA EXPRESSWAY     3.52   01/19/19       KRW      37.29
KOREA EXPRESSWAY     2.96   03/20/18       KRW      74.34
KOREA HOUSING FIN    2.94   09/15/18       KRW       1.24
KOREA LAND & HOUS    3.99   03/26/44       KRW      68.09
KOREA LAND & HOUS    2.87   06/21/18       KRW      38.70
KOREA LAND & HOUS    2.95   11/16/15       KRW      60.29
KOREA LAND & HOUS    3.30   12/21/18       KRW       2.74
KOREA LAND & HOUS    3.40   09/21/18       KRW       1.51
KOREA LAND & HOUS    2.76   06/21/18       KRW      19.98
KOREA LAND & HOUS    2.86   06/21/18       KRW      15.33
KOREA LAND & HOUS    3.45   09/21/18       KRW       5.35
KOREA LAND & HOUS    3.44   10/21/18       KRW       4.37
KOREA LAND & HOUS    3.33   12/21/18       KRW       2.81
KOREA LAND & HOUS    3.17   10/02/17       KRW       1.38
KOREA LAND & HOUS    2.93   03/20/18       KRW       7.61
KT CAPITAL CORP/K    3.47   03/22/18       KRW      50.74
KT CAPITAL CORP/K    3.65   09/22/17       KRW       3.21
KT CAPITAL CORP/K    3.43   10/11/17       KRW      23.84
KT RENTAL CORP       2.98   06/21/18       KRW      38.04
KT RENTAL CORP       3.26   03/21/18       KRW      52.27
LG ELECTRONICS IN    3.11   03/21/18       KRW      11.93
LG ELECTRONICS IN    3.29   05/24/20       KRW       1.74
LG HAUSYS LTD        3.11   06/21/18       KRW       2.60
LOTTE CAPITAL CO     3.67   02/25/19       KRW       7.06
LOTTE CAPITAL CO     3.45   02/26/18       KRW       1.20
LOTTE CAPITAL CO     3.00   06/21/18       KRW      37.76
LOTTE CAPITAL CO     3.40   12/16/16       KRW      68.18
LOTTE CAPITAL CO     4.54   03/22/17       KRW     104.09
LOTTE ENGINEERING    4.33   09/13/16       KRW      12.56
NATIONAL FEDERATI    2.75   12/01/14       KRW      27.40
NATIONAL FEDERATI    2.75   12/01/14       KRW      84.58
NEW STAR ABS SPEC    3.93   01/26/17       KRW      11.36
NEW STAR SUKKWAN     4.92   03/30/15       KRW     100.73
NEWSTAR SIN-GIL A    4.84   01/30/15       KRW      53.51
NH CAPITAL CO LTD    5.02   01/14/18       KRW      73.91
NH CAPITAL CO LTD    5.88   01/14/17       KRW       8.65
NONGHYUP BANK        4.06   05/28/22       KRW       7.12
NONGHYUP BANK        3.33   10/15/20       KRW       8.71
OLLEHKT SECURITIZ    3.07   08/29/14       KRW      37.50
OLLEHKT SECURITIZ    3.08   09/30/14       KRW      68.52
OLLEHKT SECURITIZ    3.09   11/28/14       KRW      74.09
OLLEHKT SECURITIZ    3.09   12/31/14       KRW      56.54
OLLEHKT SECURITIZ    3.19   01/30/15       KRW      12.56
OLLEHKT SECURITIZ    3.11   02/27/15       KRW      66.51
OLLEHKT SECURITIZ    3.12   03/31/15       KRW      18.74
OLLEHKT SECURITIZ    3.13   04/30/15       KRW      44.20
OLLEHKT SECURITIZ    3.13   05/29/15       KRW       5.78
OLLEHKT SECURITIZ    3.12   08/26/14       KRW      79.30
OLLEHKT SECURITIZ    3.05   08/01/14       KRW      61.21
OLLEHKT SECURITIZ    3.19   05/03/16       KRW      65.66
OLLEHKT SECURITIZ    3.15   10/24/14       KRW      92.07
OLLEHKT SECURITIZ    3.15   11/26/14       KRW      77.57
OLLEHKT SECURITIZ    3.17   01/26/15       KRW      39.75
OLLEHKT SECURITIZ    3.17   02/26/15       KRW      87.75
OLLEHKT SECURITIZ    3.20   04/24/15       KRW      53.92
OLLEHKT SECURITIZ    3.20   05/26/15       KRW      27.80
OLLEHKT SECURITIZ    3.06   11/03/14       KRW      68.34
OLLEHKT SECURITIZ    3.07   01/02/15       KRW      85.69
OLLEHKT SECURITIZ    3.08   02/03/15       KRW      69.58
OLLEHKT SECURITIZ    3.10   04/03/15       KRW      52.30
OLLEHKT SECURITIZ    3.72   08/29/14       KRW      77.24
OLLEHKT SECURITIZ    3.73   09/30/14       KRW      47.25
OLLEHKT SECURITIZ    3.73   10/30/14       KRW      20.47
OLLEHKT SECURITIZ    3.74   11/28/14       KRW      76.02
OLLEHKT SECURITIZ    3.77   12/30/14       KRW      62.17
OLLEHKT SECURITIZ    3.80   02/27/15       KRW      26.81
OLLEHKT SECURITIZ    3.91   01/29/16       KRW      81.75
OLLEHKT SECURITIZ    2.96   07/28/14       KRW      88.44
OLLEHKT SECURITIZ    2.99   09/26/14       KRW      82.94
OLLEHKT SECURITIZ    3.01   11/28/14       KRW      77.41
OLLEHKT SECURITIZ    3.05   01/28/15       KRW      40.03
OLLEHKT SECURITIZ    3.07   02/27/15       KRW      87.59
OLLEHKT SECURITIZ    3.09   03/27/15       KRW      68.24
OLLEHKT SECURITIZ    3.11   04/28/15       KRW      53.69
OLLEHKT SECURITIZ    3.13   05/28/15       KRW      28.22
OLLEHKT SECURITIZ    3.16   07/28/15       KRW      83.29
OLLEHKT SECURITIZ    3.15   06/26/15       KRW      49.21
OLLEHKT SECURITIZ    3.17   08/28/15       KRW      53.81
OLLEHKT SECURITIZ    3.20   10/28/15       KRW      54.88
OLLEHKT SECURITIZ    3.21   11/27/15       KRW      39.00
OLLEHKT SECURITIZ    3.25   01/28/16       KRW      86.28
OLLEHKT SECURITIZ    3.43   01/26/17       KRW       2.17
OLLEHKT SECURITIZ    3.72   10/28/14       KRW      75.20
OLLEHKT SECURITIZ    3.72   11/28/14       KRW      68.90
OLLEHKT SECURITIZ    3.73   12/26/14       KRW      45.54
OLLEHKT SECURITIZ    3.77   03/27/15       KRW      89.76
OLLEHKT SECURITIZ    3.36   03/29/17       KRW       4.88
OLLEHKT SECURITIZ    2.79   06/27/14       KRW      90.32
OLLEHKT SECURITIZ    2.85   01/29/15       KRW      57.66
OLLEHKT SECURITIZ    2.86   02/27/15       KRW      80.95
OLLEHKT SECURITIZ    2.80   07/29/14       KRW      86.81
OLLEHKT SECURITIZ    2.88   03/27/15       KRW      28.89
OLLEHKT SECURITIZ    2.90   04/29/15       KRW      19.32
OLLEHKT SECURITIZ    2.94   06/29/15       KRW      15.28
OLLEHKT SECURITIZ    2.82   09/29/14       KRW      89.23
OLLEHKT SECURITIZ    2.96   07/29/15       KRW      23.13
OLLEHKT SECURITIZ    2.98   08/28/15       KRW      25.66
OLLEHKT SECURITIZ    2.82   10/29/14       KRW      46.43
OLLEHKT SECURITIZ    2.84   11/28/14       KRW      64.79
OLLEHKT SECURITIZ    3.01   10/29/15       KRW       9.84
OLLEHKT SECURITIZ    3.06   12/29/15       KRW      46.91
OLLEHKT SECURITIZ    2.84   12/29/14       KRW      18.96
OLLEHKT SECURITIZ    3.18   05/27/16       KRW      74.92
OLLEHKT SECURITIZ    2.96   02/24/15       KRW      69.89
OLLEHKT SECURITIZ    2.99   04/24/15       KRW      29.47
OLLEHKT SECURITIZ    3.00   05/22/15       KRW      97.13
OLLEHKT SECURITIZ    3.05   08/24/15       KRW      51.83
OLLEHKT SECURITIZ    3.14   04/22/16       KRW      10.59
OLLEHKT SECURITIZ    3.16   05/24/16       KRW      72.91
OLLEHKT SECURITIZ    3.20   07/22/16       KRW      41.34
OLLEHKT SECURITIZ    3.42   07/24/17       KRW       4.40
OLLEHKT SECURITIZ    2.87   10/24/14       KRW      80.01
OLLEHKT SECURITIZ    2.89   11/24/14       KRW      68.10
OLLEHKT SECURITIZ    2.94   01/23/15       KRW      87.87
OLLEHKT SECURITIZ    3.25   09/23/16       KRW      24.86
OLLEHKT SECURITIZ    2.85   06/26/14       KRW      94.75
OLLEHKT SECURITIZ    2.88   10/24/14       KRW      40.33
OLLEHKT SECURITIZ    2.89   12/26/14       KRW      18.47
OLLEHKT SECURITIZ    2.90   01/26/15       KRW      27.11
OLLEHKT SECURITIZ    2.90   03/26/15       KRW      64.40
OLLEHKT SECURITIZ    2.92   06/26/15       KRW      96.48
OLLEHKT SECURITIZ    2.97   12/24/15       KRW      31.93
OLLEHKT SECURITIZ    3.04   10/26/16       KRW      54.66
OLLEHKT SECURITIZ    2.91   04/24/15       KRW      49.03
OLLEHKT SECURITIZ    2.95   05/29/15       KRW       5.60
OLLEHKT SECURITIZ    2.97   06/30/15       KRW      55.63
OLLEHKT SECURITIZ    2.90   01/30/15       KRW      67.26
OLLEHKT SECURITIZ    3.07   02/29/16       KRW      73.41
OLLEHKT SECURITIZ    3.09   03/31/16       KRW       1.78
OLLEHKT SECURITIZ    2.91   02/27/15       KRW      62.97
OLLEHKT SECURITIZ    3.28   05/31/17       KRW       2.09
OLLEHKT SECURITIZ    2.80   08/29/14       KRW      37.18
OLLEHKT SECURITIZ    2.86   11/28/14       KRW      17.70
OLLEHKT SECURITIZ    2.88   12/31/14       KRW      56.24
OLLEHKT SECURITIZ    3.04   12/31/15       KRW      41.64
OLLEHKT SECURITIZ    2.93   03/31/15       KRW      46.49
OLLEHKT SECURITIZ    2.81   05/26/14       KRW      89.44
OLLEHKT SECURITIZ    2.82   08/26/14       KRW      63.01
OLLEHKT SECURITIZ    2.82   09/26/14       KRW      68.12
OLLEHKT SECURITIZ    2.83   10/24/14       KRW      19.48
OLLEHKT SECURITIZ    2.83   11/26/14       KRW      68.30
OLLEHKT SECURITIZ    2.83   12/26/14       KRW      68.06
OLLEHKT SECURITIZ    2.83   02/26/15       KRW       7.30
OLLEHKT SECURITIZ    2.83   03/26/15       KRW      55.98
OLLEHKT SECURITIZ    2.83   04/24/15       KRW      57.28
OLLEHKT SECURITIZ    2.83   05/26/15       KRW      40.22
OLLEHKT SECURITIZ    2.83   06/26/15       KRW       3.41
OLLEHKT SECURITIZ    2.84   08/26/15       KRW       1.11
OLLEHKT SECURITIZ    2.91   11/25/16       KRW      25.85
OLLEHKT SECURITIZ    2.72   06/27/14       KRW      73.66
OLLEHKT SECURITIZ    2.77   09/26/14       KRW      52.30
OLLEHKT SECURITIZ    2.81   12/26/14       KRW       4.79
OLLEHKT SECURITIZ    2.85   02/27/15       KRW       2.51
OLLEHKT SECURITIZ    2.85   03/27/15       KRW       2.03
OLLEHKT SECURITIZ    2.88   06/26/15       KRW      80.58
OLLEHKT SECURITIZ    2.95   11/27/15       KRW      11.53
OLLEHKT SECURITIZ    3.89   08/26/14       KRW      82.95
OLLEHKT SECURITIZ    3.91   10/24/14       KRW      76.08
OLLEHKT SECURITIZ    3.94   11/26/14       KRW      61.09
OLLEHKT SECURITIZ    3.70   07/28/14       KRW      70.44
OLLEHKT SECURITIZ    3.04   06/28/16       KRW       2.39
OLLEHKT SECURITIZ    3.06   08/26/16       KRW      19.53
OLLEHKT SECURITIZ    3.03   05/27/16       KRW       0.78
OLLEHKT SECURITIZ    3.09   09/28/16       KRW       5.01
PLAN-UP BOK-HYUN     3.99   08/10/14       KRW      67.99
PURUN WOORI SECUR    3.63   03/20/15       KRW      64.72
SAENGGAKDAERO T S    5.50   11/30/15       KRW      33.03
SAENGGAKDAERO T S    3.93   12/31/15       KRW      33.64
SAENGGAKDAERO T S    3.38   02/29/16       KRW      44.29
SAENGGAKDAERO T S    3.87   01/29/16       KRW     100.85
SAMSUNG CARD CO L    3.08   02/28/15       KRW      24.95
SAMSUNG CARD CO L    3.50   05/30/19       KRW       2.14
SAMSUNG CARD CO L    3.17   12/20/17       KRW       3.23
SAMSUNG CARD CO L    3.14   03/21/18       KRW       0.91
SAMSUNG CARD CO L    3.16   09/21/17       KRW      71.16
SBY BUPYEONG5 SEC    3.20   01/29/15       KRW      66.38
SH CORP OF THE SE    3.12   07/03/15       KRW      62.44
SH CORP OF THE SE    2.88   10/24/14       KRW      18.62
SH CORP OF THE SE    3.10   01/22/16       KRW     100.50
SHINHAN CAPITAL C    4.51   09/22/14       KRW      94.88
SHINHAN CAPITAL C    4.48   09/22/14       KRW      68.82
SHINHAN CAPITAL C    3.19   11/27/15       KRW      49.02
SHINHAN CAPITAL C    3.51   12/09/16       KRW      67.95
SHINHAN CARD CO L    3.46   06/20/19       KRW      17.12
SHINHAN CARD CO L    3.27   03/26/18       KRW      52.64
SHINHAN CARD CO L    4.18   03/21/17       KRW      10.72
SHINHAN CARD CO L    3.88   06/22/17       KRW      39.47
SHINHAN CARD CO L    3.74   06/23/15       KRW       9.94
SHINHAN CARD CO L    3.35   09/02/16       KRW      20.65
SHINHAN CARD CO L    2.93   06/21/18       KRW      15.38
SHINHAN CARD CO L    2.78   06/21/18       KRW      13.73
SHINHAN CARD CO L    3.56   02/07/19       KRW      12.21
SHINHAN CARD CO L    2.87   10/02/17       KRW      15.34
SHINHAN CARD CO L    3.31   12/22/17       KRW       2.61
SHINHAN CARD CO L    3.17   12/20/17       KRW      13.51
SHINHAN CARD CO L    3.30   09/22/17       KRW      35.15
SHINHAN CARD CO L    3.19   09/20/17       KRW       3.50
SHINHAN CARD CO L    3.24   09/22/17       KRW      16.36
SHINHAN CARD CO L    3.16   09/21/17       KRW      15.21
SINBO CONSTRUCTIO   10.00   09/29/14       KRW      63.87
SINBO SECURITIZAT    5.00   06/07/17       KRW      28.39
SINBO SECURITIZAT    5.00   06/07/17       KRW      28.39
SINBO SECURITIZAT    5.00   01/29/17       KRW      29.36
SINBO SECURITIZAT    5.00   01/19/16       KRW      72.30
SINBO SECURITIZAT    4.60   06/29/15       KRW      72.26
SINBO SECURITIZAT    4.60   06/29/15       KRW      72.26
SINBO SECURITIZAT    5.00   12/07/15       KRW      72.36
SINBO SECURITIZAT    5.00   03/14/16       KRW      29.33
SINBO SECURITIZAT    5.00   09/28/15       KRW      70.55
SINBO SECURITIZAT    5.00   12/13/16       KRW      29.44
SINBO SECURITIZAT    5.00   07/19/15       KRW      70.71
SINBO SECURITIZAT    5.00   08/24/15       KRW      70.59
SINBO SECURITIZAT    5.00   05/27/16       KRW      29.91
SINBO SECURITIZAT    5.00   05/27/16       KRW      29.91
SINBO SECURITIZAT    5.00   06/29/16       KRW      29.80
SINBO SECURITIZAT    8.00   02/02/15       KRW      74.71
SINBO SECURITIZAT    5.00   02/02/16       KRW      72.89
SINBO SECURITIZAT    8.00   03/07/15       KRW      74.03
SINBO SECURITIZAT    5.00   08/31/16       KRW      29.61
SINBO SECURITIZAT    5.00   08/31/16       KRW      29.61
SINBO SECURITIZAT    5.00   10/05/16       KRW      29.60
SINBO SECURITIZAT    5.00   10/05/16       KRW      29.60
SINBO SECURITIZAT    5.00   09/13/15       KRW      72.91
SINBO SECURITIZAT    5.00   09/13/15       KRW      61.19
SINBO SECURITIZAT    5.00   03/13/17       KRW      29.26
SINBO SECURITIZAT    5.00   02/21/17       KRW      27.77
SINBO SECURITIZAT    5.00   02/21/17       KRW      29.27
SINBO SECURITIZAT    5.00   07/26/16       KRW      29.70
SINBO SECURITIZAT    5.00   07/26/16       KRW      29.70
SINBO SECURITIZAT    5.00   03/13/17       KRW      29.26
SJ BUPYUNG 5 SECU    3.11   01/29/15       KRW      11.50
SJ SIN-GIL 11 ABS    4.34   10/27/14       KRW      25.73
SMALL & MEDIUM BU    5.15   12/09/15       KRW      48.46
SMALL & MEDIUM BU    3.17   03/15/17       KRW       0.98
SMALL & MEDIUM BU    3.69   02/08/24       KRW       6.87
SMALL & MEDIUM BU    5.24   12/09/14       KRW      52.90
SMALL & MEDIUM BU    5.16   12/09/14       KRW      40.19
SMALL & MEDIUM BU    4.77   12/09/15       KRW      47.21
SMORE SECURITIZAT    3.09   02/29/16       KRW      31.27
SMORE SECURITIZAT    2.93   02/28/15       KRW       6.42
SYSINGIL ABS SPEC    3.95   08/22/15       KRW       4.03
TONGYANG CEMENT &    7.50   04/20/14       KRW      70.00
TONGYANG CEMENT &    7.50   07/20/14       KRW      70.00
TONGYANG CEMENT &    7.30   04/12/15       KRW      70.00
TONGYANG CEMENT &    7.50   09/10/14       KRW      70.00
TONGYANG CEMENT &    7.30   06/26/15       KRW      70.00
UPLUS LTE SECURIT    2.96   04/03/15       KRW      42.25
UPLUS LTE SECURIT    3.20   08/05/16       KRW      62.26
UPLUS LTE SECURIT    2.90   10/10/14       KRW      40.97
UPLUS LTE SECURIT    2.94   04/10/15       KRW       7.88
UPLUS LTE SECURIT    2.97   08/12/15       KRW       0.49
UPLUS LTE SECURIT    3.11   12/05/14       KRW      87.77
UPLUS LTE SECURIT    3.16   06/05/15       KRW      47.66
UPLUS LTE SECURIT    3.19   06/03/16       KRW      66.25
UPLUS LTE SECURIT    2.82   12/05/14       KRW      25.71
UPLUS LTE SECURIT    2.93   06/05/15       KRW      93.68
UPLUS LTE SECURIT    3.07   12/04/15       KRW       8.27
UPLUS LTE SECURIT    3.23   06/03/16       KRW      16.91
UPLUS LTE SECURIT    3.35   02/06/17       KRW      13.63
UPLUS LTE SECURIT    2.64   06/05/14       KRW      75.18
UPLUS LTE SECURIT    2.69   02/06/15       KRW       7.66
UPLUS LTE SECURIT    2.72   08/07/15       KRW      17.44
UPLUS LTE SECURIT    2.77   02/05/16       KRW       4.85
UPLUS LTE SECURIT    2.78   10/07/16       KRW       0.78
UPLUS LTE SECURIT    2.88   10/02/14       KRW      64.95
UPLUS LTE SECURIT    3.03   12/04/15       KRW      37.95
UPLUS LTE SECURIT    3.00   12/11/15       KRW       1.92
UPLUS LTE SECURIT    3.01   06/05/15       KRW      36.58
UPLUS LTE SECURIT    3.27   06/03/16       KRW      65.46
UPLUS LTE SECURIT    3.54   06/05/17       KRW       2.53
UPLUS LTE SECURIT    2.89   12/05/14       KRW      19.77
UPLUS LTE SECURIT    3.15   12/04/15       KRW      38.54
UPLUS LTE SECURIT    3.32   08/05/16       KRW      27.50
UPLUS LTE SECURIT    2.86   12/05/14       KRW      35.41
UPLUS LTE SECURIT    2.89   02/06/15       KRW      82.73
UPLUS LTE SECURIT    2.95   06/05/15       KRW      36.68
UPLUS LTE SECURIT    3.08   02/05/16       KRW      96.93
WOONGJIN ENERGY C    2.00   12/19/16       KRW      59.02
WOORI CARD CO LTD    3.07   09/04/15       KRW      75.64
WOORI CARD CO LTD    3.39   11/11/16       KRW      31.45
WOORI CARD CO LTD    3.15   03/04/16       KRW      44.67
WOORI FINANCIAL C    3.09   03/28/16       KRW      73.36
WOORI FINANCIAL C    3.20   01/11/16       KRW       0.83
WOORI FINANCIAL C    3.42   12/22/17       KRW      14.33
WOORI FINANCIAL C    2.96   12/19/14       KRW      88.68
WOORI FINANCIAL C    5.70   01/10/19       KRW      24.11


SRI LANKA
---------

SRI LANKA GOVERNM    5.35   03/01/26       LKR      64.96


  MALAYSIA
  --------

BANDAR MALAYSIA S    0.35   02/20/24       MYR      63.50


PHILIPPINES
-----------

BAYAN TELECOMMUNI   13.50   07/15/06       USD      22.75
BAYAN TELECOMMUNI   13.50   07/15/06       USD      22.75

SINGAPORE
---------

BAKRIE TELECOM PT   11.50   05/07/15       USD      11.97
BAKRIE TELECOM PT   11.50   05/07/15       USD      12.88
BLD INVESTMENTS P    8.63   03/23/15       USD      30.13
BUMI CAPITAL PTE    12.00   11/10/16       USD      60.14
BUMI CAPITAL PTE    12.00   11/10/16       USD      59.63
BUMI INVESTMENT P   10.75   10/06/17       USD      60.42
BUMI INVESTMENT P   10.75   10/06/17       USD      59.33
ENERCOAL RESOURCE    9.25   08/05/14       USD      54.81
INDO INFRASTRUCTU    2.00   07/30/10       USD       1.88


THAILAND
--------

G STEEL PCL          3.00   10/04/15       USD      13.50
MDX PCL              4.75   09/17/03       USD      17.13


TAIWAN
------

TAIWAN GOVERNMENT    2.13   02/26/44       TWD      74.76


  VIETNAM
  -------

BANK FOR INVESTME   10.33   05/19/16       VND      20.00
DEBT AND ASSET TR    1.00   10/10/25       USD      49.65



                             *********

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 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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