TCRAP_Public/150113.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, January 13, 2015, Vol. 18, No. 008


                            Headlines


A U S T R A L I A

LIDI HOLDINGS: First Creditor's Meeting Set For Jan. 19
PIE FACE: Administrators Did Not Get "bona fide" Offer to Buy Co.
ROCKWELL OLIVIER: First Creditor's Meeting Set For Jan. 14
SYDNEY CRANES: First Creditor's Meeting Slated For Jan. 19
WORMS WORK: Administrators Seek Buyers for Assets


C H I N A

KAISA GROUP: Bondholders Said Not to Have Received Payment
KAISA GROUP: Bondholders Dreaming of White Knight
SOLAR POWER: SPI Buys 100% Equity Interest in Xinte for RMB206MM


I N D I A

ABAN OFFSHORE: CARE Ups Rating on INR832.77cr LT Loan to 'BB-'
AGRA OIL: ICRA Reaffirms B+ Rating on INR11cr Fund Based Loans
AGRAWAL GRAPHITE: ICRA Assigns B Rating to INR6cr Term Loan
AMBEY METALLIC: ICRA Reaffirms B+ Rating on INR4.80cr Cash Credit
ANEESH AHMAD: ICRA Reaffirms D Rating on INR3cr Cash Credit

ANTHEM EDUCATION: CARE Assigns 'B' Rating to INR28.90cr LT Loan
APPEAL KIDS: ICRA Withdraws B+/A4 Rating on INR9cr Loan
BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan
BMK HOSPITALITY: ICRA Suspends D Rating on INR20cr Loan
BRAHMAPUTRA METALLICS: ICRA Keeps B- Rating on INR239.65cr Loan

CLASSIC BUILD: CARE Assigns B+ Rating to INR10c LT Bank Loan
COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR22cr FB Loan
CONSTANT ENGINEERING: CARE Cuts Rating on INR11.39cr LT Loan to D
DEV STAR: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan
GARG CASTEELS: CARE Reaffirms B+ Rating on INR1.31cr Bank Loan

GAYATRI HI TECH: ICRA Assigns 'C' Rating to INR395.95cr Term Loan
GOVERDHAN VERMA: ICRA Assigns B+ Rating to INR6.20cr FB Loan
GUJARAT HY-SPIN: CARE Revises Rating on INR37.50cr LT Loan to B+
GURANDITTA MAL: ICRA Assigns B Rating to INR20cr Fund Based Loan
HITECH PRINT: CARE Ups Rating on INR15.38cr LT Loan to 'B'

IVRCL CHENGAPALLI: CARE Cuts Rating on INR797.45cr LT Loan to 'D'
JCT LIMITED: CARE Assigns B Rating to INR20cr Fixed Deposits
MAGADH MICRO: CARE Ups Rating on INR7.5cr LT Bank Loan to 'C'
MEENA DEVELOPERS: CARE Assigns B+ Rating to INR12.45cr LT Loan
MSM STEELS: CARE Reaffirms B+ Rating on INR71cr LT Bank Loan

NITASHA CONSTRUCTIONS: ICRA Reaffirms B INR5cr Cash Loan Rating
OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR9.91cr LT Loan
OSAKA PHARMACEUTICALS: CARE Ups Rating on INR13.83cr Loan to 'B'
R.B. RICE: ICRA Reaffirms B Rating on INR12cr Fund Based Loan
RALLIFAN LIMITED: ICRA Reaffirms B Rating on INR6cr Cash Credit

RAMANJANEYA MODERN: ICRA Reaffirms B+ Rating on INR5cr FB Loan
RISHI ICE: CARE Reaffirms 'B' Rating on INR13.60cr LT Bank Loan
SADHANA PACKAGING: ICRA Ups Rating on INR9.60cr Bank Loan to B
SAHANU SPONGE: CARE Reaffirms B+ Rating on INR13.61cr LT Loan
SAHELI METALS: ICRA Suspends B Rating on INR7.7cr Loan

SATYAM RICE: ICRA Suspends B Rating on INR7cr Long Term Loan
SHIVDHARA INFRA: CARE Assigns B+ Rating to INR28.42cr LT Loan
SHREE RAMDEV: ICRA Suspends B+ Rating on INR10.49cr LT Loan
SHREE YAMUNA: ICRA Reaffirms B Rating on INR4cr Cash Credit
SONA EDUCATIONAL: ICRA Reaffirms B- Rating on INR21cr Bank Loan

SPICEJET LTD: Rescue Plan Maybe Finalized by End of January
SRG ALUMINUM: CARE Lowers Rating on INR5.15cr LT Bank Loan to 'D'
SRI P.V.N: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan
SRI RAMALINGESWARA: CARE Reaffirms B+ Rating on INR22cr LT Loan
TAPOVAN INTERNATIONAL: CARE Reaffirms B+ Rating on INR5.73cr Loan

TELMOS ELECTRONICS: ICRA Suspends B/A4 Rating on INR10cr Loan
ULTRA HOME: CARE Assigns B Rating to INR204.56cr LT Bank Loan
VAIBHAV COTTON: CARE Revises Rating on INR5.08cr LT Loan to 'B+'
VICHOOR BITU: ICRA Assigns B+ Rating to INR5.5cr LT Loan
VIDS OVERSEAS: CARE Revises Rating on INR0.90cr Loan to 'B+'

VIJAY TRADING: ICRA Assigns B+ Rating to INR7.5cr Cash Credit
VINORA INDUSTRIES: ICRA Assigns B+ Rating to INR3cr LT Loan
WISDOM SOCIAL: ICRA Suspends B+ Rating on INR15cr Bank Loan
YASHVEER CERAMICS: ICRA Reaffirms B+ Rating on INR5.25cr Loan


J A P A N

AIFUL CORPORATION: JCR Ups LT Issuer Rating to B-; Outlook Stable
VUZIX CORP: June 2014 Noteholders Waive Anti-Dilution Protection


M A L A Y S I A

1 MALAYSIA DEVELOPMENT: Denies Misled Auditors on Cayman Funds


N E W  Z E A L A N D

NEW ZEALAND ASSOCIATION: Fitch Affirms 'BB+' IDR; Outlook Stable
SHANTON FASHIONS: Goes Into Voluntary Administration


S O U T H  K O R E A

HANJIN GROUP: Has Highest Debt Ratio Among Top 10 Conglomerates


T A I W A N

FIRST INT'L: Facing Licence Cancellation After Declaring Bankr.


X X X X X X X X

* BOND PRICING: For the Week Jan. 5 to Jan. 9, 2015


                            - - - - -


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


LIDI HOLDINGS: First Creditor's Meeting Set For Jan. 19
-------------------------------------------------------
Nicholas Malanos and Christopher Darin of Worrells Solvency &
Forensic Accountants were appointed as administrators of Lidi
Holdings Pty Ltd on Jan. 8, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 3, Level 3, 350
George Street, in Sydney, on Jan. 19, 2015, at 11:30 a.m.


PIE FACE: Administrators Did Not Get "bona fide" Offer to Buy Co.
-----------------------------------------------------------------
SmartCompany reports that the former administrators of retail
franchise Pie Face have hit back at calls for an inquiry into
their management of the voluntary administration process, claiming
they did not receive one "bona fide" offer to purchase the company
that was on par with the outcome delivered to creditors from the
Deed of Company Arrangement (DOCA) in December.

Pie Face emerged from voluntary administration late last month
after creditors voted to support a DOCA to avoid liquidation, the
report notes.  The chain will now be headed up by former director
Andrew Thomson as chairman, with co-founder Wayne Homschek to
remain on the board.

SmartCompany notes that twenty Pie Face outlets closed during the
administration, affecting 130 part-time employees and reducing the
chain's store footprint to approximately 50 stores.

But Stan Gordon, chief executive of the Franchised Food Company,
claimed the administration process was "disgraceful," according to
SmartCompany.

SmartCompany relates that Mr. Gordon said the administration
process was "not all it seems" and described the information
memorandum he received about the business as "atrocious".

Mr. Gordon had previously put his hand up to buy the Pie Face
chain but told SmartCompany in November his calls to
administrators Jirsch Sutherland went unanswered.

He said last week he was contacted by several Pie Face franchisees
once his bid for the company was made public and now believes
there should be an inquiry into how the administration was
managed, the report relates.

"Questions must be raised about the process and the
administrator," the report quotes Mr. Gordon as saying.

But Jirsch Sutherland managing director Sule Arnautovic told
SmartCompany the administrators only received one offer for part
of the Pie Face Group but the offer was not "remotely close" to
the proposed returns of the DOCA.

According to SmartCompany, Mr. Arnautovic said the offer "was not
adequately quantified", did not address employee entitlements
amounting to around AUD3.5 million under the DOCA, or the secured
debt of creditor TCA Global Fund Management and other convertible
note-holders. Outside of the DOCA, arrangements have been made to
pay around AUD2.2 million to TCA Global and around $7.3 million to
other convertible note-holders.

The offer also did not offer any returns to statutory or trade
creditors and did not address the administrators' trading costs
and liabilities, Mr. Arnautovic told SmartCompany.

"The offer party basically only received our information
memorandum, which was only a summary of the proposed sale
transaction," SmartCompany quotes Mr. Arnautovic as saying.

"They never made any subsequent appointments with the
administrators or the Pie Face management team to conduct further
due diligence, which would be necessary to effect a sale of
business."

Mr. Arnautovic said approximately AUD7.5 million is earmarked for
the DOCA funds for the companies in the Pie Face Group, which
includes around AUD2.8 million upfront in cash and trading
receipts and around AUD4.7 million over three year from future
trading, SmartCompany adds.

Of the funds, unsecured creditors of Pie Face Holdings are
expected to receive between 16-18 cents in the dollar over an
eight month period. Unsecured creditors of Pie Face Franchising
will receive between 14-17 in the dollar over a three month
period, while unsecured creditors of Pie Face Pty Ltd can expect
between 14-19 cents in the dollar over a three year period, the
report discloses.

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies, pastries,
cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were
appointed as Joint Administrators of Pie Face Holdings Pty Ltd,
Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to a
number of key Pie Face assets.

The TCR-AP, citing The Australian, reported on Jan. 2, 2015, Pie
Face founder Wayne Homschek has stood down as chief executive of
the fast food chain a day after creditors agreed to a funding deal
that will see it rescued from administration.

The Australian said that following a meeting of the new Pie
Face board on December 31, Kevin Waite, who was head of Australian
operations, has been appointed chief executive of Pie Face's
entire group, replacing the sometimes controversial
Mr. Homschek.


ROCKWELL OLIVIER: First Creditor's Meeting Set For Jan. 14
----------------------------------------------------------
Cliff Stuart Rocke, John Allan Bumbak and Michael Craig Brereton
of KordaMentha were appointed as administrators of Rockwell
Olivier (Perth) Pty Ltd on Jan. 4, 2015.

A first meeting of the creditors of the Company will be held at
Level 10, 40 St Georges Tce, in Perth, on Jan. 14, 2015, at
10:00 a.m.


SYDNEY CRANES: First Creditor's Meeting Slated For Jan. 19
----------------------------------------------------------
Nicholas Malanos and Christopher Darin of Worrells Solvency &
Forensic Accountants were appointed as administrators of Sydney
Cranes Pty Limited on Jan. 8, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 3, Level 3, 350
George Street, in Sydney, on Jan. 19, 2015, at 10:30 a.m.


WORMS WORK: Administrators Seek Buyers for Assets
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the sale of the business and assets of
Worms Work Technologies Pty Ltd.  Worms Work entered
administration on Dec. 19, 2014 with Andrejs Janis Strazdins and
Stuart Otway of BRI Ferrier being appointed as administrators, the
report says.

The company operates a worm based organic compost or recycling
business from Milicent, South Australia. Its assets include a
separate cardboard/paper recycling process as well as
cardboard/plastic/paper organic recycling and composting process
to produce certified organic products obtained from worm castings,
according to Dissolve.com.au.

The report adds that the buyer of the company will get to own a
land with an area of 1.76 hectares that include infrastructures.
The sale also includes intellectual property, equipment and plant.



=========
C H I N A
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KAISA GROUP: Bondholders Said Not to Have Received Payment
----------------------------------------------------------
Christopher Langner and David Yong at Bloomberg News report that
bondholders of Kaisa Group Holdings Ltd.'s dollar-denominated 2020
notes still haven't received a coupon payment due last week, two
people familiar with the matter said Jan. 12.

The Chinese developer's $25.625 million of interest due Jan. 8
hasn't reached noteholders' accounts, though most investors
anticipate Kaisa will make the payment within the 30-day grace
period, the people, asking not to be identified because they
aren't authorized to speak publicly, told Bloomberg. Lin Yikang, a
spokesman for Kaisa, said Jan. 12 that he doesn't know whether the
coupon has been paid. The $500 million of debentures rose.

No Chinese developer has defaulted on dollar bonds and Kaisa would
be the first, according to Standard & Poor's.  Bloomberg says the
Shenzhen-based group already defaulted on a loan last month,
triggered by the departure of its chairman, spreading concern
other Chinese real estate companies may suffer similar payment
difficulties as the world's second-largest economy cools and its
housing market slows.

Bloomberg recalls that Kaisa's Chairman Kwok Ying Shing resigned
Dec. 31, triggering a default on a HK$400 million ($51.6 million)
facility from HSBC Holdings Plc. Days earlier, Chief Financial
Officer Cheung Hung Kwong and Vice Chairman Tam Lai Ling also
quit, the report says.

The builder had CNY79.9 billion ($12.9 billion) of liabilities on
June 30, according to data compiled by Bloomberg, including four
dollar bonds with a face value of $1.95 billion. Its
CNY105.6 billion of assets included CNY9.4 billion of cash,
Bloomberg discloses.

"It looks like since the CFO has resigned they can't even track
their own cashflow," Dilip Parameswaran, the head of Asia
Investment Advisors Ltd., an independent advisory firm, told
Bloomberg.  "How much of the cash they had reported at the end of
the first half which is still available is becoming a real
question right now."

PricewaterhouseCoopers LLP, Kaisa's auditor, declined to comment
about its debt situation, Hong Kong-based spokeswoman Kitty Liu
said by e-mail on Jan. 12, Bloomberg reports.

It's not yet known whether a bondholder committee has or will be
formed, the two people familiar with the matter said.  Also not
clear is whether a restructuring adviser has been hired by Kaisa,
they said, Bloomberg relays.

Kaisa's 10.25 percent 2020 notes rose 0.3 cents to 34.303 cents on
the dollar as of 10:44 a.m., Jan. 12, in Hong Kong, according to
prices compiled by Bloomberg.  The debentures, sold to investors
at par, or 100 cents on the dollar, in January 2013, are climbing
for a third day and reached a record-low of 29.901 cents on the
dollar Jan. 7.

Its $800 million of 8.875 percent 2018 notes, sold at par in March
2013, increased 1.4 cents to 35.368 cents, also climbing for a
third day, adds Bloomberg's Jan. 12 report.

Kaisa will probably have to resort to using offshore cash to pay
its coupon, Asia Investment Advisors' Parameswaran said, Bloomberg
relays. That's because if it wanted to use cash onshore to pay an
offshore debt, it would first have to get approval from China's
State Administration of Foreign Exchange, and that can take
several weeks, Mr. Parameswaran, as cited by Bloomberg, said.

                         About Kaisa Group

Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.

Moody's Investors Service has also downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Caa3
from B3.  The ratings outlook is negative.


KAISA GROUP: Bondholders Dreaming of White Knight
-------------------------------------------------
Christopher Langner and David Yong at Bloomberg News report that
the best hope for Kaisa Group Holdings Ltd.'s offshore debt
holders is a buyer swooping on the Chinese developer and repaying
them, according to CreditSights Inc.

The company hasn't yet honored an interest payment due Jan. 8,
according to four bondholders, after failing to repay a bank loan
on Dec. 31, a deadline triggered by the resignation of its
chairman Kwok Ying Shing, Bloomberg relates.  At least three
financial institutions have applied to a court in Shenzhen to
ringfence Kaisa properties, local media reported Jan. 7, without
citing anyone, according to Bloomberg.

Bloomberg notes that a default would be the first by a homebuilder
in China and Hong Kong, which together issued the most junk bonds
in Asia the past two years. Real estate securities now comprise
about 20 percent of outstanding Asian corporate notes, Bloomberg
says citing Nikko Asset Management Co.

"A white knight is the best case scenario now for bondholders,"
Singapore-based Yinchin Cheong, an analyst with independent
research firm CreditSights told Bloomberg. "Employees, local banks
and even equity holders onshore are likely to get paid before
offshore investors."

Kaisa had assets valued at CNY105.6 billion ($17 billion) as of
June 30, with about a fifth of them guaranteeing bank loans,
Bloomberg discloses citing Kaisa's half-year results.

Once a Chinese company enters bankruptcy, the court liquidates its
assets and pays onshore stake holders, including employees and
stock owners, before it starts paying offshore investors, Hong
Kong-based Charles Chang, a credit strategist at Credit Suisse,
wrote in a Jan. 8 report, Bloomberg relays.

                         About Kaisa Group

Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.

Moody's Investors Service has also downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Caa3
from B3.  The ratings outlook is negative.


SOLAR POWER: SPI Buys 100% Equity Interest in Xinte for RMB206MM
----------------------------------------------------------------
A wholly owned subsidiary of Solar Power, Inc., SPI Solar Power
(Suzhou) Co., Ltd., ("SPI Meitai Suzhou"), a company incorporated
under the laws of the People's Republic of China, entered into an
equity interest purchase agreement with TBEA Xinjiang Sunoasis
Co., Ltd., and a wholly owned subsidiary of TBEA Sunoasis, for the
acquisition (the "Acquisition") of the 100% equity interest in
Gonghe County Xinte Photovoltaic Co., Ltd., a company incorporated
under the laws of the People's Republic of China. Concurrent with
entry into the Equity Interest Purchase Agreement, SPI Meitai
Suzhou separately entered into a share pledge agreement, as
amended, and a mortgage agreement with TBEA Sunoasis and Xinte.

TBEA Sunoasis is a subsidiary of TBEA Co., Ltd., the shares of
which are listed on the Shanghai Stock Exchange under stock code
600089, and a provider of solar photovoltaic products and system
integration services.

Pursuant to the Equity Interest Purchase Agreement, (i) SPI Meitai
Suzhou contemplates to acquire 100% equity interests in Xinte for
an aggregate purchase price of RMB206 million (US$33.1 million) to
be settled in cash and through bank factoring financing in
installments in accordance with the terms and conditions
thereunder, (ii) the closing of the Acquisition will be within 10
business days after the date that all closing conditions are
fulfilled. In connection with the Acquisition, SPI Meitai Suzhou
agreed to pledge 85% of the equity interest in Xinte held by SPI
Meitai Suzhou to TBEA Sunoasis pursuant to the Share Pledge
Agreement, and to mortgage all assets of the 20MW photovoltaic
power station owned by Xinte to TBEA Sunoasis pursuant to the
Mortgage Agreement.

The Acquisition was completed on Dec. 31, 2014.

                        About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of
highquality, low-cost distributed generation and utility-scale SEF
development services. Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor. The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $32.2 million in 2013
following a net loss of $25.4 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $113 million
in total assets, $61.2 million in total liabilities, and
$51.7 million in stockholders' equity.

Crowe Horwath LLP, in San Francisco, California, 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 incurred a current year net loss of $32.2
million, has an accumulated deficit of $56.1 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and a debt facility under which
a bank has declared amounts immediately due and payable.
Additionally, the Company's parent company LDK Solar Co., Ltd has
experienced significant financial difficulties including the
filing of a winding up petition on Feb. 24, 2014. These matters
raise substantial doubt about the Company's ability to continue as
a going concern, the auditors noted.



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ABAN OFFSHORE: CARE Ups Rating on INR832.77cr LT Loan to 'BB-'
--------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Aban
Offshore Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    832.77      CARE BB- Revised from
                                            CARE D

   Short term Bank Facilities   235.00      CARE BB-/CARE A4
                                            Revised from
                                            CARE D/CARE D

   CRPS Issue Series I          105.00      CARE C Reaffirmed

   CRPS Issue Series II         156.00      CARE C Reaffirmed

   CRPS Issue Series III         20.00      CARE C Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Aban Offshore Limited (AOL) takes into account improvement
in capital structure consequent to mobilization of fresh equity
during FY14 (refers to the period April 1 to March 31) and
H1FY15, improvement in the financial performance during FY14 and
H1FY15 and completion of refinancing of debt at the group level.

The ratings continue to be constrained by relatively high leverage
at the consolidated level, high debt in relation to cash accruals,
high utilization of working capital limits, non-deployment of few
of its rigs and inherent risks in the off-shore drilling industry.
The ratings continue to factor in the strong competitive position
of AOL in the industry, experience of promoters and management.

Going forward, timely deployment of rigs going off the contract,
optimum deployment of its fleet, changes in day rates, effective
cash flow management notwithstanding improvement in liquidity
position in the recent past would be key rating sensitivities.

Aban Offshore Limited (AOL), the flagship company of Aban group,
provides offshore drilling services to companies engaged in
exploration and production of oil and gas. AOL is the largest
private player in India in the offshore drilling industry and is
one among the largest in the world. The company and its step-down
subsidiaries had a total of 18 assets by the end of September 2014
including 15 Jack up rigs, 2 drill ships and 1 off shore
production unit.

During FY14 (refers to the period April 1 to March 31), the
company registered PAT of INR180 crore on a total operating
income of INR 831 crore as against net loss of INR13 crore on a
total operating income of INR822 crore during FY13. During
H1FY15, the company registered PAT of INR 122 crore on total
operating income of INR 435 crore.


AGRA OIL: ICRA Reaffirms B+ Rating on INR11cr Fund Based Loans
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR11.10
crore bank limits of Agra Oil & General Industries Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     11.00       [ICRA]B+ reaffirmed
   Term Loans             Nil        [ICRA]B+ reaffirmed
   Unallocated Long
   Term Limits            0.10       [ICRA]B+ reaffirmed

The reaffirmation of rating factors in the small scale and low
value-added nature of the company's operations; the highly
fragmented nature of edible oils industry characterized by the
presence of a large number of unorganized players, which results
in intense competitive pressures and thin profitability margins;
exposure to agro-climatic risks and global edible oil price
movements. The rating also takes into account the entity's weak
financial profile characterized by low profitability, weak
coverage indicators and aggressive capital structure.

The rating however takes comfort from the long experience of the
promoters in the edible oil industry; the entity's competitive
advantage in raw material procurement on account of its proximity
to oilseed producing belt and favorable demand outlook for edible
oil and related products in the domestic market.

Agra Oil & General Industries Limited (AOGIL) was incorporated in
the year 1972 as a proprietorship firm and was 1995 converted into
a private limited company in 1995. The company is engaged in the
manufacturing of mustard oil and mustard cake at its unit located
at Agra, Uttar Pradesh which has a seed crushing capacity of
320000 Qtls per annum.

Recent Results
For the year ended 31st March 2014, AOGIL reported an operating
income of INR67.67 crore and profit after tax of INR0.01 crore as
against an operating income of INR77.56 crore and a profit after
tax of INR0.29 crore for FY13.


AGRAWAL GRAPHITE: ICRA Assigns B Rating to INR6cr Term Loan
-----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR6 crore term loan
and INR3 crore fund based bank limits of Agrawal Graphite & Carbon
Products Private Limited. ICRA has also assigned an [ICRA]A4
rating to INR2.5 crore non fund based bank limits of AGCPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loan                 6           [ICRA]B assigned
   Working Capital           3           [ICRA]B assigned
   Non Fund Based limits     2.5         [ICRA]A4 assigned

The ratings take into account the limited experience of promoters
in the Calcined Petroleum Coke (CPC) industry, and AGCPL's
exposure to stabilisation risk as the manufacturing unit has been
commissioned recently.

The ratings take note of the fact that debt repayments have
commenced from Sep'14 that provide little headroom to stabilise
operations as per stated parameters, and high working capital
intensity of the business that is likely to exert pressure on the
liquidity position of the company. ICRA notes that the project has
been funded through a project gearing of 1.25 times and the
company's reliance on working capital debt is likely to increase
while ramping up the production levels, which would have an
adverse impact on the overall capital structure as well as debt
coverage indicators, at least over the near term.

The ratings take into consideration ballooning debt repayment that
is likely to ease liquidity pressure to some extent in the near
term and the favourable demand outlook of CPC on account of
recently set up large aluminium plants and proposed steel capacity
expansion over the medium term. ICRA notes that off-take risks for
AGCPL is likely to remain low, however, revenue and profit growth
going forward would be contingent upon the wider acceptability of
the product over time. In ICRA's opinion, the ability of the
company to manage its working capital requirements and stabilise
the operations as per stated parameters would be a key rating
sensitivity going forward.

Incorporated in 2009, AGCPL is engaged in manufacturing of
Calcined Petroleum Coke (CPC), with its manufacturing facility
located in Sambalpur, Odisha. The unit has an installed capacity
of 15000 MTPA.


AMBEY METALLIC: ICRA Reaffirms B+ Rating on INR4.80cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR4.80 crore fund-based bank facility of Ambey Metallic Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR15.20 crore (non-fund based bank facilities of AML.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.80        [ICRA]B+ reaffirmed
   Letter of Credit     15.00        [ICRA]A4 reaffirmed
   Bank Guarantee        0.20        [ICRA]A4 reaffirmed

Rating Rationale
The rating reaffirmation continues to take into account the long
standing experience of AML's promoters in the sponge iron
manufacturing business; and the healthy growth in turnover
reported by the company in FY 14 and H1FY15 on the back of
improved capacity utilization levels. The rating is however
constrained by AML's declining operating margins over the last two
years on account of increased raw material costs; company's
weakened coverage indicators in FY 14 on account of increase in
debt and decline in profitability levels; and its exposure to
cyclicality associated with the steel industry.

Incorporated in 2001, AML is engaged in the manufacturing of
sponge iron using iron ore and coal as key raw materials. AML has
an installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) at
its manufacturing facility in Pissurlem, Goa.

Recent Results
For the financial year ended March 31, 2014, the company reported
an operating income of INR54.26 crore and profit after tax of
INR0.36 crore as against an operating income of INR42.99 crore and
profit after tax of INR0.58 crore for the financial year 2012-13.
Further, in the current financial year, for the six months period
ended September 30,2014, the company reported operating income of
INR29.84 crore and profit before tax of INR0.45 crore.


ANEESH AHMAD: ICRA Reaffirms D Rating on INR3cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR4.08 crore (reduced from INR6.63 crore)fund based bank
facilities of Aneesh Ahmad Khan. ICRA has also reaffirmed the
short-term rating of [ICRA]D assigned to the INR3.00 crore non-
fund based bank facility of AAK.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund Based
   Limit-Cash Credit       3.00         [ICRA]D Reaffirmed

   Long Term Fund Based
   Limit-Corporate Loan    1.08         [ICRA]D Reaffirmed

   Short Term Non Fund
   Based Limit-Bank
   Guarantee               3.00         [ICRA]D Reaffirmed

The rating reaffirmation takes into account the firm's ongoing
delays in servicing the debt in the past six months reflecting its
strained liquidity position. The rating also factors in the firm's
modest scale of operations limiting financial flexibility and
economies of scale and its exposure to high geographical and
sectoral concentration risk since its operations are focused on
coal excavation, particularly in Chhindwara, Madhya Pradesh.
Further, the firm's operations continue to remain exposed to
regulatory risks associated with mining operations. The rating
also continues to take into account the vulnerability of
profitability to diesel price variation in the case of diesel
usage being higher than the allowed levels and the presence of
liquidated damage clause in most of the contracts making it
critical to achieve the monthly mining quantities. The rating is
further constrained by the partnership nature of the firm whereby
any substantial withdrawal from the capital account could
adversely affect the capital structure.

However, ICRA takes note of the track record of the firm in
overburden removal and coal mining services and the high entry
barriers for new players on account of stringent technical and
experience criteria.

Aneesh Ahmad Khan (AAK) was established in the year 1994 and is
engaged in the business of overburden removal and coal excavation
contract works. Eight partners belonging to the same family
established the firm. The firm's operations are concentrated in
coal mining areas of Madhya Pradesh, primarily in the district of
Chhindwara.

Recent Results
During the financial year 2013-14 the firm registered a profit
after tax of INR1.05 crore on an operating income of INR35.10
crore.


ANTHEM EDUCATION: CARE Assigns 'B' Rating to INR28.90cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Anthem Education Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     28.90      CARE B Assigned
   Short-term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Anthem Education
Trust (AET) are primarily constrained by the limited experience of
trustees in the education sector, project funding not tied up,
implementation and stabilization risk associated with a newly
setup school. The ratings are further constrained by competition
from the existing schools and regulatory risk associated with the
education sector.

The ratings, however, draw strength from the association of AET
with reputed brand and buoyant prospects of K-12 education segment
in India.

Going forward, successful implementation of the project without
cost and time overrun and the ability of AET to attract and enroll
students as envisaged shall be the key rating sensitivities.

AET was established in December 2011 with an objective to provide
education services. Mr K. K. Agarwal is the president of the
trust. AET is setting up a school up to 12th standard in
Faridabad, Haryana, and has taken land on lease for a period
of 99 years. The trust has entered into an agreement with 'The
Modern School, Delhi' (TMS), wherein the operations and management
aspects of the school will be looked after by TMS. The trust will
be operating school under the brand 'The Modern School'. The
school will be affiliated to Central Board of Secondary Education
(CBSE) and would commence its first academic session (2016-17) up
to standard 8th and expansion up to standard 12th will take place
in the subsequent years. The total cost of project is approx.
INR38.87 crore which is proposed to be funded in by term loan of
INR 28.90 crore and the rest through trustees' contribution. The
commercial operations are expected to start from April, 2016.


APPEAL KIDS: ICRA Withdraws B+/A4 Rating on INR9cr Loan
-------------------------------------------------------
ICRA has withdrawn its ratings of [ICRA]B+ on the long-term scale
and [ICRA]A4 on the short-term scale on the INR9.00 crore bank
facilities of Appeal Kids Dream International Private Limited.
The ratings have been withdrawn at the request of the company as
the facilities have been fully redeemed and there is no amount
pending against the facilities.


BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to the
INR5.61 crore fund based and INR0.17 crore non-fund based bank
facilities of Bansidhar Agarwalla & Company Pvt. Ltd. unit:
Chinsurah Cold Storage (CCS).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital
   Term Loan             1.50         [ICRA]B- reaffirmed

   Seasonal Cash Credit   3.25        [ICRA]B- reaffirmed

   Working Capital Loan   0.86        [ICRA]B- reaffirmed

   Bank Guarantee         0.17        [ICRA]B- reaffirmed

The rating reaffirmation takes into account CCS's adverse capital
structure, depressed coverage indicators, high working capital
intensive nature of operations and the regulated nature of the
industry, making it difficult to pass on increase in operating
costs in a timely manner, leading, in turn, to downward pressures
on profitability. ICRA also notes that the loans extended to
farmers by CCS may lead to delinquency, if potato prices fall to a
low level. The rating also takes into account CCS's exposure to
agro-climatic risks, with its business performance being entirely
dependent upon a single agro commodity, i.e. potato. The rating,
however, derives support from the long track record of the
promoters in the management of cold storages, the locational
advantage of CCS by way of presence of its cold storage units in
West Bengal, a state with large potato production, and the recent
increase in rental by the State Government which is likely to
provide cushion to the profitability of the company in the near to
medium term.

CCS, a cold storage unit of BASPL was set up in 1963 in Chinsurah,
in the Hooghly district of West Bengal. CCS is primarily engaged
in the business of storage and preservation of potatoes and
occasionally carries out trading of potatoes as well. Currently,
CCS has an annual storage capacity of 20,000 tonne.

Recent Results
In FY14, CCS reported a net profit of INR0.01 crore on the back of
an operating income (OI) of INR2.71 crore, as compared to a net
profit of INR0.01 crore on the back of an OI of INR2.71 crore in
FY13.


BMK HOSPITALITY: ICRA Suspends D Rating on INR20cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR20.0
crore, long working capital facilities and term loans of BMK
Hospitality Services Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


BRAHMAPUTRA METALLICS: ICRA Keeps B- Rating on INR239.65cr Loan
---------------------------------------------------------------
ICRA has retained the long term rating assigned to INR239.65 crore
term loans and INR44.49 crore fund based bank limits of
Brahmaputra Metallics Limited at [ICRA]B-. ICRA has also assigned
an [ICRA]A4 rating to INR44.89 crore short term non- fund based
bank limits of BML.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           239.65        Retained at [ICRA]B-
   Working Capital       44.49        [ICRA]B- retained
   Short term non-
   fund based            44.86        [ICRA]A4 assigned

The rating action takes into account BML's continued weak
financial performance as indicated by cash losses, unfavorable
capital structure and depressed coverage indicators. The
significant debt repayment obligations coupled with cash losses is
like to put pressure on the liquidity of the company. The rating
takes note of the company's exposure to the fluctuations in raw
material and billet prices, and high although declining working
capital intensity of the business that further exerts pressure on
the liquidity position of the company.

ICRA notes that despite negative accretion to reserves, the
conversion of unsecured loans from the promoters and payables to
group entities to equity, has had a favourable impact on the
capital structure of the company. Nonetheless, the capital
structure of the company remains adverse, which coupled with weak
operating performance has resulted in depressed debt coverage
indicators. The rating also takes into consideration experience of
the promoters and the key management personnel in the steel and
power businesses, and the presence of captive power plant that
leads to lower cost of power consumption. Moreover, setting up of
additional induction furnaces, with one having commissioned in
H2FY14 and another expected to be operational by March 2016, would
allow BML to utilise its captive power effectively. In ICRA's
opinion, the ability of the company to run its operations
effectively and the support of the promoters in the absence of
adequate cash accruals from the business to repay its debt
obligations in a timely manner would be a key rating sensitivity
going forward.

Incorporated in 2006, Brahmaputra Metallics Limited (BML) is a
joint venture between the North East based Lohia and Jaiswal
Groups which have interests in various businesses including steel,
cement, retail, real-estate and others. Post CDR, the shareholding
of Lohia Group has been increased to around 75%, with the balance
being held by Jaiswal Group. The company has an installed sponge
iron capacity of 1,05,000 tons per annum (tpa) and billet plant of
1,58,400 tons per annum (tpa). The company also has a captive
power plant of around 20 megawatts (MW).

Recent Results
During FY14, BML reported a net loss of INR29.43 crore on the back
of an operating income of INR275.16 crore as against a net loss of
INR63.48 crore on the back of an operating income of INR114.54
crore in FY13.


CLASSIC BUILD: CARE Assigns B+ Rating to INR10c LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Classic
Build Projects Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Classic Build
Projects Private Limited (Classic) is primarily constrained on
account of implementation risk associated with the ongoing real
estate project, project saleability risk in wake of low booking
status and low advance received against booked units and presence
of Classic in a highly fragmented and cyclical real estate
industry which is also sensitive to interest rate movements.
However, the rating derives strength from experienced promoters
and key personnel.

The ability of Classic to successfully complete its on-going real
estate project along with the timely receipt of advances
from customers and sale of balance units at envisaged prices are
the key rating sensitivities.

Incorporated in November 2008, Ahmedabad-based Classic is promoted
by Mr Baracat Narsihndani, Mrs Shamimben Narsihndani and Mr
Shaheer Narsihndani to undertake the business of real estate. The
promoters are engaged in real estate development since 1991.
Before Classic, the group has constructed many residential and
commercial projects, under the name of its proprietary firm
'Silver Construction Company (SCC)'. The promoters have also built
a hotel named "Classic Inn" at Mithakhali Six Road in Ahmedabad.
The group has also constructed a school and a coaching institute -
- "Classic Coaching Institute", "Bachpan School" and Harun Sir
Academy for coaching at Royal Nawab Avenue, Juhapura-
Sarkhej main road, Ahmedabad.


COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR22cr FB Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for INR22.00
crore (enhanced from INR13.00 crore) bank lines of Colossus Trade
Links Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     22.00        [ICRA]B+ (reaffirmed)

The reaffirmation takes into account the intensely competitive and
fragmented nature of the scrap metal trading industry which
coupled with low value added nature of the business has lead to
low operating margins for the company in the past. Moreover, the
company's profitability remains exposed to adverse movements in
the prices of iron and steel scrap as well as cyclicality in the
steel industry. The rating also factors in moderate financial risk
profile of the company as reflected by high gearing, low net worth
and moderate debt protection metrics. The rating is also
constrained by high utilization of fund based limits which results
in low liquidity cushion for the company. Nevertheless, the rating
derives comfort from the experienced promoters of the company and
established relationships with major customers and suppliers.

Colossus Trade Links Ltd. was incorporated in the year 2004 by Mr.
Namit Gulati and his family. The company is engaged in trading of
scrap metal procured from the domestic automobile sector. It
derives its revenues from supplying scrap metal to foundries,
steel plants, traders and electronic original equipment
manufacturers (OEMs). CTLL is headquartered in Delhi and has seven
warehouses (three owned and four rented) across northern India,
with a combined area of over 15,000 square yards and a combined
storage capacity of over 8000 tonnes.

Recent Results
The firm reported a PAT of INR0.55 crore on an operating income of
INR129.78 crore in FY2014 against PAT of INR0.76 crore on an
operating income of INR110.74 crore in FY2013.


CONSTANT ENGINEERING: CARE Cuts Rating on INR11.39cr LT Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Constant Engineering Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.39      CARE D Revised from
                                            CARE B+
   Short-term Bank Facilities     6.15      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Constant Engineering Private Limited (CEPL) was primarily on
account of delays in debt servicing due to its weak liquidity
position.

Establishing a track record of timely debt servicing along with an
improvement in liquidity position are the key rating
sensitivities.

Promoted by Mr Davis Antony Thakolkkaran, CEPL was incorporated in
June, 2005 by taking over the existing business operations of a
proprietorship concern, which was formed by the Thakolkkaran
family in 1987. CEPL is engaged in the execution of construction
projects like cross country piping, steel fabrication and erection
projects, industrial structures, fabrication of tanks & vessels,
equipment shot blasting & painting and other civil structural work
projects. The company is also engaged into trading of consumable
goods, electrodes, industrial gases, power tools which formed
nearly 71% of the total operating income (TOI) during FY14 (refers
to the period April 1 to March 31).

During FY14, CEPL reported the profit after tax of INR0.03 crore
on a TOI of INR14.80 crore as against the net loss of INR0.39
crore on a TOI of INR14.58 crore in FY13. As per the provisional
result of 8MFY15, the company has registered the TOI of INR8
crore.


DEV STAR: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Dev Star
Papers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.50       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Dev Star Papers
Private Limited (DSP) are primarily constrained by its short track
record of operations, weak financial risk profile marked by low
profitability margins, leveraged capital structure and working
capital-intensive nature of operations. The ratings are further
constrained by susceptibility of its margins to volatility in the
prices of raw material and highly competitive nature of paper
industry. These rating constraints are partially offset due to the
support from the experienced promoters and proximity of the
manufacturing facilities to industrial area. Going forward, the
ability of DSP to scale up its operations with improvement in the
profitability margins and capital structure shall be the key
rating sensitivities. Furthermore, efficient receivables
management and any future capital expenditure and its funding
requirements are the key rating sensitivities.

Meerut-based DSP (Uttar Pradesh) was incorporated in June 2012 by
Mr Rakesh Kumar Gupta and his son, Mr Ankit Gupta. DSP is engaged
in the manufacturing of kraft paper which finds its application in
packaging industry. The company sells the product primarily
through dealers to the manufactures of corrugated boxes located in
northern region. The company has its manufacturing facility setup
in Meerut, Uttar Pradesh, with an installed capacity to
manufacture 30,000 metric tonnes of kraft paper per annum. The key
raw material used in manufacturing of kraft paper is waste paper,
which is procured mainly from dealers located in Delhi and Uttar
Pradesh region.

In FY14 (refers to the period April 1 to March 31), DSP has
achieved a total operating income (TOI) of INR23.17 crore with
a profit after tax (PAT) of INR0.004 crore as against TOI and PAT
of INR4.61 crore and INR0.003 crore, respectively, in FY13
(based on 3 months of operations). Furthermore, during FY15, the
company achieved TOI of INR22.50 crore till October 2014.


GARG CASTEELS: CARE Reaffirms B+ Rating on INR1.31cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Garg
Casteels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1.31       CARE B+ Reaffirmed
   Long term/Short term Bank    12.00       CARE B+/CARE A4
   Facilities                               Reaffirmed
   Short term Bank Facilities    3.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Garg Casteels
Private Limited (GCPL) continue to remain constrained on account
of its moderate scale of operations in a highly fragmented mild
steel products segment of the steel industry with low value
addition nature of business and weak financial risk profile marked
by a leveraged capital structure, weak debt coverage and moderate
liquidity position. The ratings are also constrained on account of
vulnerability of profits to fluctuation in the raw material
prices.

The ratings, however, derive benefits from the long operational
track record and experience of the promoters in the steel industry
and integrated operations coupled with increasing focus on high
value-added products which has led to the improvement in profit
margins.

The ability of GCPL to increase its scale of operations through
optimum utilization of its investment casting division along
with improvement in its profitability and capital structure are
the key rating sensitivities.

Incorporated in 1991 as a private limited company, GCPL is engaged
in the business of manufacturing of mild steel (MS) billets, MS
angles, MS channels, MS beams and other such steel structural
products. The company is promoted by Mr Arun Jain, Mr Bineet Kumar
Jain and Mr Mantresh Kumar Jain. GCPL is also engaged in the
manufacturing of investment castings which are suitable for high-
tech applications. However, the contribution of investment casting
division remained small to an extent of 8% of the total operating
income (TOI) during FY14 (refers to the period of April 1 to
March 31).

GCPL's plant is located in Bhavnagar with a total installed
capacity of 30,000 metric tonnes per annum (MTPA) for
manufacturing of billets, 18,000 MTPA for rolling mill and 240
MTPA for manufacturing investment castings as on March 31, 2014
(audited).

As per the audited results for FY14, GCPL reported a PAT of
INR0.09 crore on a TOI of INR59.60 crore as compared with a
PAT of INR0.11 crore on a TOI of INR95.06 crore during FY13.
As per provisional results for H1FY15, the company reported a PAT
of INR0.06 crore on a TOI of INR22.56 crore.


GAYATRI HI TECH: ICRA Assigns 'C' Rating to INR395.95cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C to INR441.00 crore
bank facilities of Gayatri Hi Tech Hotels Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            395.95       [ICRA]C assigned
   Cash Credit           18.00       [ICRA]C assigned
   Long Term Non-Fund
   Based Limits          26.80       [ICRA]C assigned
   Unallocated            0.25       [ICRA]C assigned

The rating factors in the delay in interest servicing by GHHL on
the funded interest term loan following the restructuring of its
term loans under the Corporate Debt Restructuring (CDR) in June
2014. Owing to the slow ramp up in the operations of its 252 rooms
(including 43 service apartments) 5-Star hotel at Banjara Hills in
Hyderabad for which occupancy continued to remain low even as it
entered its third year of operations, the hotel has not able to
generate surplus fund from its operations. As such the debt
servicing currently is contingent upon external funding by the
promoters and this is expected to continue in the medium term as
the hotel occupancy levels in Hyderabad region are expected to
remain subdued owing to oversupply of rooms in last few years and
prolonged demand slowdown. Thus, timely infusion of funds by the
promoters will remain critical to ensure regularity in servicing
its debt obligations in the medium term until the hotel's
occupancy picks up and the operations stabilize.

Gayatri Hi- Tech Hotels Limited (GHHL) has set up a 5-Star luxury
hotel consisting of 209 rooms (including 24 suites) and 43
serviced apartments at Hyderabad. The integrated hotel cum-
serviced apartment project is operational since April 2012 under
the brand name of Park Hyatt with specialty restaurants, lounge,
bar, meeting rooms, board rooms, banqueting facility, swimming
pool, health club and spa. The company has entered into a 25 year
agreement with Hyatt Hotels for operations and marketing of the
hotel.

Promoted by Mr. T Subarami Reddy, GHHL is a closely held public
limited company. The promoter group also has interests in
construction, real-estate development, sugar, chemicals, film
screening and financial services through separate companies.


GOVERDHAN VERMA: ICRA Assigns B+ Rating to INR6.20cr FB Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR6.20
crore fund based bank limits of Goverdhan Verma Punjab Jewellers
Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      6.20        [ICRA]B+; (assigned)

The rating is constrained by the company's weak capital structure
as evidenced by its high gearing, and modest debt protection
indicators. The elevated gearing is primarily due to the company's
high working capital intensity due to the need to maintain high
inventory levels. The rating also factors in GVPJ's modest scale
of operations, as well as the highly fragmented and intensely
competitive nature of the jewellery industry. However, the rating
positively factors in the company's long standing market presence
and the established position of GVPJ's promoters in the field of
jewellery manufacturing and retailing, and the healthy long term
demand prospects for the jewellery retail industry in India.

GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged
in the retailing of gold and diamond jewellery and other similar
items. The company has its showroom at Karol Bagh in Delhi.

Recent Results
GVPJ reported, on a provisional basis, a profit after tax (PAT) of
INR0.17 crore on an operating income of INR33.79 crore in FY 2013-
14 as compared to a PAT of INR0.15 crore on an operating income of
INR27.92 crore in the previous year.


GUJARAT HY-SPIN: CARE Revises Rating on INR37.50cr LT Loan to B+
----------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Gujarat Hy-Spin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    37.50       CARE B+ Revised from
                                            CARE B

   Long-term/Short-term Bank     1.60       CARE B+ CARE A4
   Facilities                               Revised from CARE B

   Short-term Bank Facilities    0.18       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Gujarat Hy-Spin Private Limited (GHSPL) primarily
takes into account the timely completion of debt-funded project of
manufacturing of cotton yarn and increase in operating income and
cash accruals with starting up of commercial production in FY14
(refers to the period April 1 to March 31).

The ratings, however, continue to remain constrained on account of
its short track record of operations with presence in highly
fragmented textile industry, modest liquidity with elongated
working capital cycle, leveraged capital structure and weak debt
coverage indicators.

The aforementioned factors far offset the benefits derived from
the experience of the promoters in the cotton industry through its
associate entities.

GHSPL's ability to increase its scale of operations, improvement
in profitability and capital structure in light of stiff
competition within the cotton yarn industry and efficient working
capital management are the key rating sensitivities.

GHSPL was incorporated as private limited company in February 01,
2011 by Mr Maganbhai Parvadia and Mr Chandulal Parvadia. GHSPL has
two group concerns, namely, Gujarat Ginning & Oil Industry
(reaffirmed 'CARE B/CARE A4' in January 2014) and Paras Cotton.
The former is engaged in cotton ginning, pressing and crushing of
oil seeds, while the latter carries out trading of cotton seeds
and cotton bales. GHSPL has implemented a green-field project of
setting up a spinning mill with an installed capacity of 16,320
spindles or 3,256 metric tonnes per annum (MTPA) for manufacturing
of the cotton yarn having combed counts yarn of 30 at its Gondal
plant (Gujarat). The commercial production was commenced from
December 2013.

As per the audited results for FY14, GHSPL reported net profit of
INR0.22 crore on a total operating income (TOI) of INR12.42 crore.
As per the provisional results for 6MFY15, GHSPL registered a
turnover of INR27.04 crore.


GURANDITTA MAL: ICRA Assigns B Rating to INR20cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to INR20.00 crore
(enhanced from INR15.00 crore) fund based facilities of Guranditta
Mal Mohan Lal.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based facilities    20.00       [ICRA]B (Assigned)

The rating action factors in GMML's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating however, favorably takes
into account proximity of the mill to major rice growing area
which results in easy availability of paddy and demand prospects
of rice that is expected to remain good as rice is a staple food
grain and the position of India is world's second largest producer
and consumer of rice.

Guranditta Mal Mohan Lal (GMML) is a partnership firm, was set up
in 1978 by Mr. Roshan Lal and Mr. Adarsh Kumar. GMML is engaged in
processing and export of basmati rice to countries in the Middle
East. The plant is located at Fazilka (Punjab) which has a milling
capacity of 4 tonnes per hour and a sortex machinery with a
capacity of 4 ton/hr.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.15 crore on an operating income of
INR43.05 crore as against PAT of INR0.09 on an operating income of
INR23.90 crore in FY13.


HITECH PRINT: CARE Ups Rating on INR15.38cr LT Loan to 'B'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Hitech Print Systems Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15.38      CARE B Revised from
                                            CARE D

   Short term Bank Facilities     3.50      CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings take into account the regularization
of debt servicing with improvement in the liquidity profile
of the company led by improved working capital position with
realization of past debtor dues and financial support
provided by the promoters. The ratings also factor in the
satisfactory experience of the promoters and moderate order
book position. The ratings are, however, constrained by the
relatively small scale of operation, low profit level and cash
accruals, working capital intensive nature of operation and
intense competition in the industry. The ability of the
company to expand the scale of operation with an improvement in
profitability and liquidity are the key rating sensitivities.

Incorporated in 1986, Hitech Print Systems Ltd (HPSL) is an ISO
9001-2008 certified entity (Quality Certification) engaged
in the printing business at its manufacturing facility (capacity:
37.6 MTPA) located at Peddavutapalli Village in Krishna District.
The product portfolio includes high security documents like cheque
books, interest and dividend warrants, utility bills, OMR sheets
and question papers for educational institutions. HPSL is also
involved in printing customized business stationary like gift
vouchers, food vouchers, onserts for newspapers, etc. The company
is approved by Indian Banking Association and is also a member of
Print Services Distribution Association.

HPSL became a wholly-owned subsidiary of Hyderabad-based Anjani
Projects & Constructions Ltd (APCL) during FY14 (refers to the
period April 1 to March 31) after the entire shareholding held by
Anjani Portland Cement Ltd [APL, rated CARE AA-(SO)/CARE A1+(SO)]
was transferred to APCL.

During FY14, HPSL posted a PBILDT of INR6.02 crore (FY13: INR5.83
crore) and a PAT of INR0.77 crore (FY13: INR0.72 crore) on a total
operating income of INR44.66 crore (FY13: INR38.26 crore).


IVRCL CHENGAPALLI: CARE Cuts Rating on INR797.45cr LT Loan to 'D'
-----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of IVRCL
Chengapalli Tollways Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    797.45      CARE D Revised from
                                            CARE BBB-
                                            and removed from
                                            Credit Watch

The revision in the rating is on account of delay in servicing of
Interest During Construction (IDC) on term loans, owing to delay
in project completion resulting in substantial cost and time
overrun coupled with the weak liquidity position of the sponsor.

IVRCL Chengapalli Tollway Limited (ICTL), incorporated in February
2010, is a Special Purpose Vehicle (SPV) promoted by IVRCL Limited
(IVRCL), through its subsidiary IVRCL Assets & Holdings Limited
(IAHL), which has now been merged with IVRCL. ICTL is implementing
a road project (under NHDP Phase-II programme) envisaging 4/6
laning of the road in Chengapalli-Coimbatore-Walayar of NH-47 in
the state of Tamilnadu (Total length: 54.83 km) on Design, Build,
Finance, Operate and Transfer (DBFOT) toll basis for a concession
period of 27 years. ICTL has to pay a premium of INR36 crore per
annum to NHAI, from the first year of operations, with an annual
increase of 5%. The project stretch is divided into two sections;
from Km 102.03 to Km 144.74 of 42.70 kms (Section I) and from Km
170.94 to Km 183.06 of 12.12 Kms (Section II).

The Scheduled Project Completion Date (SPCD) for the project was
December 31, 2103. However, there is a delay in project completion
on account of delay in receipt of Right of Way (RoW).


JCT LIMITED: CARE Assigns B Rating to INR20cr Fixed Deposits
------------------------------------------------------------
CARE assigns 'CARE B (FD)' rating to the fixed deposit issue of
JCT Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Medium-term Instrument-
   Fixed Deposits                 20        CARE B Assigned

Rating Rationale

The rating assigned to the fixed deposit issue of JCT Limited
(JCT) is constrained on account of weak financial risk profile
marked by accumulated losses, highly leveraged capital structure
and strained liquidity position. The rating also factors in
the past delays in repayment of its debt obligations,
restructuring of debt under CDR mechanism and default in
repayment of FCCBs.

The rating, however, derives strength from the promoters'
experience, JCT's established position in Indian textile industry,
diversified product mix and wide distribution network. The rating
also factors in the improvement in the operational and financial
performance of the company during H2FY14 and H1FY15.

The ability of the company to improve its capacity utilization and
profitability levels and its ability to arrange funds for the
repayment of FCCBs are the key rating sensitivities.

JCT was incorporated as Jagatjit Cotton Textile Mills Limited in
October 1946 and subsequently renamed to JCT in 1989. JCT is the
part of the Punjab-based Thapar group and is engaged in the
manufacturing of cotton, synthetic and blended fabrics and nylon
filament yarn at its integrated textile facility in Phagwara
(Punjab) and filament yarn facilities in Hoshiarpur (Punjab). The
company has capacity of 100,000 meters of cotton/blended fabrics
and also 40,000 meters of 100% synthetic fabrics at its plant at
Phagwara and around 42 MT/day of nylon filament yarn at Hoshiarpur
plant.

JCT has booked PAT of INR3.34 crore on a total income of INR474.01
crore during 6 months period ended March 31, 2104. Based on
provisional financials, JCT has booked PAT of INR3.11 crore on a
total operating income of INR480.01 crore during H1FY15.


MAGADH MICRO: CARE Ups Rating on INR7.5cr LT Bank Loan to 'C'
-------------------------------------------------------------
CARE revises rating assigns to the bank facilities of Magadh Micro
Towers & Transmission Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.5       CARE C Revised from
                                            CARE D

   Short-term Bank Facilities     0.5       CARE A Revised from
                                            CARE D

Rating Rationale

The revision in the ratings of Magadh Micro Towers & Transmission
Pvt. Ltd. (MTL) takes into cognizance satisfactory debt servicing
track record for more than a year However, the rating continued to
remain constrained by its small scale of operation with limited
geographical presence, high working capital requirement & strained
liquidity, declining & concentrated order book position, risk of
delay in project execution and fragmented nature of the business
leading to intense competition.

The rating, however, continues to derive strength from its long
track record of operation and the long experience of the promoter
in the electrical infrastructure business.

Going forward, the ability of the company to grow its scale of
operations while sustaining the profitability margins and manage
working capital requirements shall remain the key rating
sensitivities.

Magadh Micro Towers & Transmission Pvt. Ltd. (MTL) was
incorporated in March, 1988 by Mr Rama Shankar Tiwari and Mr Ashok
Kumar of Gaya district of Bihar. The company is engaged in the
work of electrical infrastructure supply, erection and
installation on a turnkey basis. Over the years, the company has
completed a good number of small and few medium sized projects on
turnkey basis for government entities, mainly Bihar State
Electricity Board (BSEB), Bihar State Holding Co. Ltd. (BSPHCL)
and Jharkhand State Electricity Board (JSEB) and established good
relationship with them.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR237.84 lakh (FY13:
INR541.83 lakh) and a PAT of INR3.83 lakh (FY13: INR9.76 lakh).
Furthermore in 8MFY15, the entity has achieved TOI of INR215 lakh.


MEENA DEVELOPERS: CARE Assigns B+ Rating to INR12.45cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Meena
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.45       CARE B+ Assigned

The rating assigned by CARE is based on 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
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 Meena Developers is
constrained on account of limited experience of the partners in
the real estate business, marketing risk for unsold portion of the
mall, risk pertaining to conversion of Memorandum of Understanding
(MOU) to lease deeds and partnership nature of constitution.

The rating, however, derives comfort from the prime location of
the mall with the advantage of being the only mall in Solapur,
financial closure achieved for the project, and favourable growth
prospects for the retail sector in tier-2 cities.

The ability of the firm to complete the project within the
envisaged time and cost parameters, and improve its booking is
a key rating sensitivity.

Established in the year 2012, Solapur-based, Meena Developers (MD)
is a partnership formed by the members of the Gandhi family. The
partners of MD are Mr Shantanu Gandhi, Mr Siddhartha Gandhi and Mr
Harshwardhan Gandhi, each holding 33.33% stake.

The firm is currently constructing a shopping mall named 'Oasis'
in Solapur, Maharashtra. The mall is being constructed on the
land, which was earlier occupied by 'Meena Talkies'. 'Meena
Talkies' was owned and controlled by the Gandhi family. It was
demolished for the construction of the mall.

'Oasis' will be a four-storeyed shopping mall with a total
saleable area of 76,138 square feet. The project cost is estimated
to be INR22.69 crore, to be funded by the promoters funds of
INR5.50 crore, term loan of INR9.86 crore and customer advances of
INR7.33 crore. The firm envisages selling 50% of the area & plans
to give remaining on lease. Till October 31, 2014, 88% of the
project cost has been incurred, and the mall is expected to be
operational from September 2015.


MSM STEELS: CARE Reaffirms B+ Rating on INR71cr LT Bank Loan
------------------------------------------------------------
CARE reaffirmed the ratings to bank facilities of MSM Steels
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     71.00      CARE B+ Reaffirmed
   Short term Bank Facilities     6.80      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of MSM Steels Private Limited
(MSM) continue to be constrained by short track record of
operations, exposure to fluctuation in the sponge iron and MS
scrap prices, continued highly working capital intensive nature of
business, leveraged capital structure and intense competition from
organised and unorganised sector. The ratings, however, derive
strength from the experienced and resourceful promoters,
diversified customer and established supplier base, financial risk
profile marked by healthy revenue growth and improved
profitability indicators in FY14 (refers to the period April 1 to
March 31) and stabilisation of operations.

The ability of the company to maintain profitability margins and
manage working capital cycle effectively and with continued
financial support from the promoter remains the key rating
sensitivity.

MSM is a part of the Latur-based, (Maharashtra) 'Malang Group'.
MSM was incorporated in 2009 as a partnership firm and the
constitution was subsequently changed to private limited in 2010.
The company started steel rolling end of FY12 and FY13 was its
first full year of operations. The company in FY13 has also set up
MS Billets rolling plant. The TMT bars are sold under the brand
name as Gajraj 500 TMX bars. The company has a total installed
capacity of 105,000 metric tonnes per annum (MTPA) of TMT Bars and
90,000 MTPA of MS billets ending FY14. The products find
applications in building construction, infrastructure companies
largely to the real estate sector.

During FY14, the company reported a total operating income of
INR232.06 crore and a PBILDT and PAT of INR21.78 crore and INR7.99
crore, respectively, as against a total operating income of
INR133.55 crore and a PBILDT and PAT of INR5.75 crore and INR1.98
crore, respectively, in FY13.


NITASHA CONSTRUCTIONS: ICRA Reaffirms B INR5cr Cash Loan Rating
---------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR5.0 crore fund
based facilities of Nitasha Constructions. ICRA has also
reaffirmed the short term rating of [ICRA] A4 on the INR4.25 crore
non fund based facilities of NIC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   credit                5.0          [ICRA]B; (Reaffirmed)

   Non Fund Based-
   Bank Guarantee        4.25         [ICRA]A4; (Reaffirmed)

The ratings reaffirmation continues to derive comfort from the
extensive experience of NIC's promoters in the field of civil
construction and also the low counterparty risk, as majority of
the contracts are undertaken for Military Engineering Services
(MES). The ratings favourably factor in the moderate order book
position of the firm which provides revenue visibility over the
medium term. Further, the ratings are supported by the moderate
capital structure of the firm characterized by gearing of 1.01
times and TOL/TNW* of 1.39 times as on March 31, 2014.
The ratings however remain constrained by the firm's elongated
working capital cycle due to high inventory days and its stretched
liquidity as evident from the high utilization of its working
capital limits. While the firm's order book has a fair geographic
diversity, the firm remains dependent on MES for its orders, thus
leading to client concentration risks. ICRA also notes that all
the orders of the firm do not have a price escalation clause
inbuilt in them, which renders the firm's profitability vulnerable
to adverse fluctuations in raw material prices. The ratings also
factor in the firm's modest scale of operations and its
partnership constitution which subjects it to risk of capital
withdrawals, risk of dissolution etc.

Going forward, a sustained growth in the firm's operating income,
reduction in working capital intensity and improvement in
liquidity position will be the key rating sensitivities.

Based in Chandigarh, Nitasha Constructions was established as a
proprietorship concern in 1987 by Mr. Prakash Bhambhani. In
April 2012, the firm was converted into a partnership with Mr.
Prakash Bhanbhani and Mr. Ashish Bhambhani as the partners. The
firm is listed as an 'S' class contractor with MES which enables
it to bid for contracts with value upto INR15 crore. The main line
of operations of the firm involves setting up sewerage treatment
plant and air conditioning planta for MES and other bodies like
the Central Public Works Department.

Recent Results
The firm reported an operating income of INR16.37 crore and a net
profit of INR0.89 crore for 2013-14 as against an operating income
of INR13.16 crore and a net profit of INR0.62 crore for the
previous year.


OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR9.91cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Oceanic
Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.91       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Oceanic Buildcon
Private Limited (OBPL) continue to remain constrained by the risk
associated with non-occupancy of the vacant space in its sole
commercial property coupled with uncertainty regarding renewal of
lease agreement post expiration of the lease contract of its
tenants, small revenue base, weak capital structure and debt
protection metrics and its restricted regional presence in the
city of Vadodara, Gujarat.

The rating however favourably takes into account the wide
experience of the promoters in the real estate development
business, its presence in the prime area of Vadodara and increase
in lease rentals with the implementation of lease escalation
clause from FY14 (refers to the period April 1 to March 31) with
the tenants.

Timely receipt of lease rentals and re-lease or sale of spaces in
the property in the event of non-renewal of lease agreements
remains the key rating sensitivity.

Incorporated in 2006, OBPL is a Vadodara-based (Gujarat) closely
held private limited company promoted by Mr Sachin Patel and Mr
Vinay Vaghani. The company is engaged in real estate development
business and currently has only one commercial shopping complex,
'Cine Mall' at Race Course Road (Vadodara) which houses basement
and four floors with a total saleable area of 42,250 square feet.

The primary source of income for OBPL is the lease rental income
received from the total saleable area of the shopping complex,
maintenance charges payable by the lessees for the same. In
addition to this, parking charges and advertisement revenue are
secondary sources of income.

During FY14, OBPL reported a net profit of INR0.18 crore on a
total operating income (TOI) of INR3.58 crore as against a
net profit of INR0.17 crore on a TOI of INR3.61 crore in FY13.


OSAKA PHARMACEUTICALS: CARE Ups Rating on INR13.83cr Loan to 'B'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Osaka
Pharmaceuticals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.83      CARE B Revised from
                                            CARE D

   Short term Bank Facilities    10.00      CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Osaka Pharmaceuticals Private Limited (OPPL) is on account of
timely servicing of term loan repayments.  The ratings continues
to be constrained by the relatively modest scale of operations,
moderate profitability margins, moderately leveraged capital
structure and debt coverage indicator and working capital
intensive nature of operations.  The ratings further continue to
be constrained by vulnerability of profitability margins to
volatility in the raw material prices & foreign exchange
fluctuations and presence in the highly competitive and fragmented
industry.  The aforesaid constraints, however, are partially
offset by the strength derived from the established track record
of the promoters.

Ability of OPPL to improve its liquidity position along with
efficient management of working capital cycle are the key
rating sensitivities.

Incorporated in 2004, Osaka Pharmaceuticals Private Limited (OPPL)
is engaged in manufacturing and export of pharmaceutical
formulations (injectable, tablets, capsules and oral liquids)
across various therapeutic categories viz. antiinfectives,
anti-diabetic, cardiovascular, gastro-intestinal, neutraceuticals,
respiratory, anti-allergic, neuro-psychiatric and veterinary
division. The company undertakes contract manufacturing for
domestic and global pharmaceutical companies on a Principal to
Principal (P2P) basis. OPPL primarily earns its revenues from the
overseas markets primarily from the semi-regulated markets of
South-East Asia, Africa and Central America. The company has its
manufacturing facility located at Vadodara (Gujarat) and is WHO-
GMP (Certificate of Good manufacturing Practices) compliant. The
OPPL has completed the project for ointment plant within the
envisaged cost and time.

During FY14 (refers to the period April 1 to March 31), OPPL
reported a total operating income of INR92.86 crore (vis-a-vis
INR74.75 crore in FY13) and PAT of INR3.34 crore (vis-a-vis
INR1.76 crore in FY13). As per H1FY15 provisional results, OPPL
has achieved the total operating income of INR56.06 crore.


R.B. RICE: ICRA Reaffirms B Rating on INR12cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR12.0
crore bank lines of R.B. Rice Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits    12.00         [ICRA]B (reaffirmed)

The rating action factors in weak financial profile and stretched
liquidity position of the firm as reflected by low profitability,
high working capital limits utilization and high gearing level.
The rating continues to be constrained by high intensity of
competition in the industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
ICRA has also taken note of the risks inherent in a partnership
firm like limited ability to raise equity capital, risk of
dissolution due to death/retirement/insolvency of partners etc.
The rating, however favorably takes into account long standing
experience of promoters in rice industry and the proximity of the
mill to major rice growing area which results in easy availability
of paddy.

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based out of Fazilka, Ferozepur, Punjab
with an installed capacity of 4 tons/hr. The firm purchases paddy
from the local markets in and around Jalalabad. The firm is also
involved in export of rice to countries like Iran, UAE and Iraq.

Recent Results
The firm reported a PAT of INR0.19 crore on an operating income of
INR53.22 crore in FY2014 against PAT of INR0.15 crore on an
operating income of INR29.92 crore in FY2013.


RALLIFAN LIMITED: ICRA Reaffirms B Rating on INR6cr Cash Credit
---------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B for the
INR6.00 crore fund based cash credit limits of Rallifan Limited.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           6.00         [ICRA]B re-affirmed

The rating reaffirmation takes into account RL's weak financial
profile as reflected by low and declining profits, high gearing
and depressed coverage indicators, which deteriorated further in
2013-14. ICRA also takes into account the high working capital
intensity of operations leading to a stretched liquidity position
for RL as reflected by high utilisation of the bank limits
restricting the company's financial flexibility and the small
scale of its current operations amidst intense competition on
account of fragmented nature of electric fan industry. The company
is also exposed to geographic concentration risk as around 97% of
the sales are derived from a single state West Bengal. The rating
reaffirmation, however, takes into account the experience of the
promoters in the electric fan industry and the company's
established dealership network, particularly in West Bengal. Going
forward, RL's ability to grow its business and improve
profitability without significantly increasing the debt levels
arising out of higher working capital requirements would remain a
key rating sensitivity.

Rallifan Limited (formerly Poddar Nuddea International Limited and
Unique Global Limited), is promoted by Kolkata based Poddar HMP
Group and was incorporated in the year 1983. The brand Rallifan
was acquired from the Tata Group during the year 1990. The company
is currently engaged in trading of electric fans such as pedestal,
ceiling and table fans.

Recent Results
Rallifan Limited reported a profit after tax of INR0.01 crore
during the financial year 2013-14 on an operating income of
INR22.23 crores, as against a profit after tax of INR0.04 crore on
an operating income of INR21.97 crores during the financial year
2012-13.


RAMANJANEYA MODERN: ICRA Reaffirms B+ Rating on INR5cr FB Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR5.00 crore fund based limits of Ramanjaneya Modern Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     5.00         [ICRA]B+ reaffirmed

The reaffirmation of rating factors in the modest scale of
operations in the rice industry with revenues of INR21.24 crore in
FY2014; moderate financial profile of the firm characterized by
low profitability of 2.81%, low gearing levels at 0.59 times and
modest coverage indicators at 1.21 times in FY2014; and risks
inherent to a partnership firm. This apart, the rating is also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impact the availability of paddy in
adverse weather conditions and intensely competitive nature of
rice industry with presence of several small-scale players which
puts pressure on the operating margins. The rating, however, takes
comfort from the long track record of the promoters in the rice
mill business, presence in major rice growing area results in easy
availability of paddy and favorable demand prospects for rice with
India being the second largest producer and consumer of rice
internationally.

Going forward, the ability of the firm to improve its
profitability and efficiently managing its working capital
requirements remains the key rating sensitivity.

Founded in the year 2002 as a partnership firm, Ramanjaneya Modern
Rice Mill (RMRM) is engaged in the milling of paddy and produces
raw rice. The rice mill is located at Cherukuwada village of West
Godavari district, Andhra Pradesh. The installed production
capacity of the rice mill is 5 tons per hour.

Recent Results
For FY2014, the firm reported profit after tax of INR0.06 crore
for operating income of INR21.24 crore as against profit after tax
of INR0.04 crore for operating income of INR19.93 crore in FY2013.


RISHI ICE: CARE Reaffirms 'B' Rating on INR13.60cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Rishi Ice and Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.60      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Rishi Ice and Cold
Storage Private Limited (RICSPL) continues to be constrained
by the relatively small scale of operations, leveraged capital
structure and weak debt coverage indicators. The rating further
continues to be constrained by working capital intensive nature of
operation and existence in the highly competitive & fragmented
industry.

The rating, however, continues to derive strength from the wide
experience of the promoters in the industry and healthy
profitability margins.

Ability of the entity to improve its overall scale of operation
and profitability amidst intense competition along with efficient
management of the working capital cycle would be the key rating
sensitivities.

Incorporated in the year 2002 & commenced commercial operations in
March 2006, Rishi Ice and Cold Storage Private Limited (RICSPL) is
engaged in the business of providing cold and dry storage service
for various products such as grains, spices, dates, dry fruits and
milk products. RICSPL has both its multi-purpose storage facility
(having storage capacity of 20,000 MTPA, and average utilization
level of 75% in FY14 refers to the period April 1 to March 31) and
controlling office located in Mumbai.

During FY14, the total operating income of RICSPL stood at INR7.20
crore (compared to INR7.41 crore in FY13) while net profit of the
entity stood at INR0.41 crore (compared to INR0.58 crore in FY13).


SADHANA PACKAGING: ICRA Ups Rating on INR9.60cr Bank Loan to B
--------------------------------------------------------------
ICRA has upgraded its long-term rating on the INR9.601 crore
(enhanced from INR8.50 crore) fund-based bank facilities of
Sadhana Packaging Private Limited to [ICRA]B from [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank       9.60         [ICRA]B; upgraded
   Facilities

The rating revision is driven by SPPL's ability to add established
players in the cement industry to its client base which has
enabled it to ramp up its operations within a short span of time,
since commencement of commercial operations in November 2012. The
company has been able to increase its capacity utilization to 84%
in the recent months. Over the past two years, the company has
been able to add customers like Prism Cement Limited (rated
[ICRA]A-(Stable)/[ICRA]A1) and Shree Cements Limited. The rating
continues to favorably factor in the extensive experience of the
promoters in the plastics industry.

However despite the increase in operating scale, SPPL's operating
profitability remains low, which coupled with high interest
expense and scheduled repayments, has kept its liquidity under
pressure. Low profitability and accruals have necessitated
external funding support to meet the debt repayments and
incremental working capital requirements, which have been met
through working capital borrowings as well as promoter funds. The
company's profitability is expected to remain constrained given
its presence in a highly fragmented and competitive industry with
low entry barriers and limited product differentiation. The rating
is also constrained by the high sector and customer concentration
with the cement sector accounting for the company's entire sales
and its top three customers account for ~90% of the total sales.
The ratings also factor in the vulnerability of the company's
profitability to volatility in the prices of raw materials i.e.
polymers, and limited ability to pass on the hikes in input costs
in a timely manner. The rating also factors in the proposed debt
funded capital expenditure for increasing the capacity which would
keep the company's financial profile and liquidity stretched.

Going forward, the company's ability to improve its profitability
to generate sufficient accruals, maintain high capacity
utilization, along with the quantum of capital expenditure and the
funding mix thereof, will be the key rating sensitivities.

SPPL, incorporated in 2011, is a manufacturer and supplier of
woven packaging material, specializing in Polypropylene (PP) sacks
for use in the cement industry. The company started commercial
production in November 2012. The company's manufacturing facility
located in Richhai Industrial Area in Jabalpur, Madhya Pradesh is
equipped with an installed capacity of 3600 metric tonnes per
annum.

SPPL is being managed by Mr. Narendra Kulkarni who has more than
25 years of experience in the plastics and packaging industry. He
has been earlier associated with industrial units in Madhya
Pradesh which were engaged in the reprocessing of PP granules.

Recent Results
In 2013-14, its first full year of operations, SPPL reported an
Operating Income of INR31.50 crore and a Net Loss of INR0.02
crore.


SAHANU SPONGE: CARE Reaffirms B+ Rating on INR13.61cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Sahanu
Sponge and Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.61      CARE B+ Reaffirmed
   Short term Bank Facilities     0.30      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained due to the limited
track record of operations of Sahanu Sponge & Power Limited (SSPL)
in the highly competitive and fragmented steel bars segment. The
ratings further continue to remain constrained on account of its
weak financial profile characterized by leveraged capital
structure and weak debt coverage indicators, working capital
intensive nature of operations, cyclical nature of the steel
sector and exposure to volatile raw material prices.

The ratings, however, continue to take into account the long
experience of the promoters in the steel sector, coupled with
moderate capacity utilization and its diversified customer base.

Ability of the company to stabilize its operations, utilize the
installed capacity optimally and manage volatility in raw material
prices remains the key rating sensitivity.

Goa-based, SSPL was incorporated in 2003 for the manufacturing of
sponge iron and generation of electricity. The company remained
dormant up to May 2012 and in June 2012 acquired the production
facilities of Srithik Rolling Private Limited. SSPL restarted
commercial production of steel Thermo Mechanically Treated (TMT)
bars, under the new management team comprising of Mr Sunil Garg,
Mr. Pawan Bansal, Mr Rajendra Singhal and Mr Tushar Garg. SSPL
manufactures Steel TMT bars of various specifications and markets
the same as "GOA GOLD TMT". SSPL's facilities, which commenced
operations from July 2012, are ISO certified and have an annual
capacity of 45,000 Metric Tonnes Per Annum (MTPA).

During FY14 (refers to the period April 1 to March 31), SSPL
earned PAT of INR0.35 crore on a total operating income of
INR70.33 crore against PAT of INR0.21 crore on a total operating
income of INR48.76 crore during FY13.


SAHELI METALS: ICRA Suspends B Rating on INR7.7cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR7.70 crore working capital facilities of Saheli Metals
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SATYAM RICE: ICRA Suspends B Rating on INR7cr Long Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR7.00 crore fund based bank facilities of Satyam Rice Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits          7.00         [ICRA]B; Suspended

The rating was suspended due to lack of cooperation by the client
to provide any further information.

Satyam Rice Mills was established in the year 1993 as a
partnership firm with Mr. Sushil Garg and Mr. Satish Garg as
partners. Milling capacity of the plant is 3 tonnes/hr of paddy.
Satyam Rice Mill is engaged in the business of processing and
trading of rice in domestic market. No export sales are made by
the firm. As per the management they also perform custom milling
operations for. The entire raw material requirement is purchased
from mandi in Uttar Pradesh and Haryana. Company is having its
manufacturing unit at Jind Road, Karnal, Haryana.


SHIVDHARA INFRA: CARE Assigns B+ Rating to INR28.42cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shivdhara
Infra.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    28.42       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shivdhara Infra
(Shivdhara) is primarily constrained on account of the saleability
risk associated with the ongoing real estate project, partnership
nature of constitution and its presence in a highly fragmented and
cyclical real estate industry which is currently facing a subdued
scenario.

However, the rating derives strength from experienced promoters,
established track record of operations of the group and advanced
stage of implementation of the project.

The ability of Shivdhara to successfully complete on-going real
estate project and timely receipt of sale proceeds from customers
are the key rating sensitivities.

Shivdhara is a partnership firm formed in March 2012 by 8 partners
viz. Mr. Kishorbhai Savaj, Mr.Vipulkumar Hirpara, Mr. Ashokbhai
Jodhani, Mr.Rameshbhai Savaliya, Mrs Harshaben Desai, Mr Nitinbhai
Mistry, Mr. Dalsukhbhai Chovatiya and Mr.Vipulbhai Desai.
Shivdhara is involved in construction of residential and
commercial complexes in Surat region.


SHREE RAMDEV: ICRA Suspends B+ Rating on INR10.49cr LT Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR10.49
crore long term loans & working capital facilities of Shree Ramdev
Cotton Ginning. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the firm.

Established in 2007 as a proprietorship concern, Shree Ramdev
Cotton Ginning (SRCG) was converted into a partnership firm in
2009. The firm is owned and managed by Mr. Vallabhbhai Manjibhai,
Mr. Sanjaybhai Kapuriya and Mrs. Sangitaben Kapuriya. The firm is
engaged in cotton ginning and pressing operations located at
Bhunava in Rajkot district of Gujarat. The firm currently has 24
ginning machine and 1 pressing machine with the installed capacity
of producing 250 cotton bales per day (24 hours operation).


SHREE YAMUNA: ICRA Reaffirms B Rating on INR4cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR2.16
crore (reduced from INR2.40 crore) term loan and INR4.00 crore
fund based cash credit facilities of Shree Yamuna Ginning and
Pressing Factory at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit     4.00         [ICRA]B reaffirmed

   Long Term Fund
   Based-Term Loan       2.16         [ICRA]B reaffirmed

The rating reaffirmation takes into account the small scale and
limited track record of the firm with operations commencing in
October 2013. The ratings continue to factor in the vulnerability
of profitability to adverse movements in raw cotton which are
subject to seasonality and crop harvest; the regulatory risk with
regard to MSP; and the firm's low bargaining power given the
limited value addition and the highly competitive & fragmented
industry structure due to low entry barriers. The rating is
further constrained by the firm's weak financial profile
characterized by thin margins and highly leveraged capital
structure on account of primarily debt funded nature of the
project resulting in modest debt coverage indicators. ICRA also
notes that SYGPF is a partnership firm and any significant
withdrawals from the capital account could affect its net worth
and thereby its capital structure.

The rating, however, favourably factors in the longstanding
experience of the promoters in the cotton industry through other
associate concerns and the established business relations of the
promoters with spinning mills in the state and in South India. The
ratings also consider the favourable location of the firm in
Jamnagar, Gujarat in proximity to raw material suppliers and
downstream processing units.

Established in August 2012 as a partnership firm, Shree Yamuna
Ginning and Pressing Factory (SYGPF) is engaged in ginning and
pressing of raw cotton. The manufacturing facility is located in
Jamnagar, Gujarat and is equipped with 18 ginning machines with an
input capacity of 100 MT/day to produce 200 bales with 24 hours of
operations. The commercial operations commenced in October 2013.
The firm is promoted and managed by Mr. Sumit Asani, Mr. Rasikbhai
Pabari and Mr. Prabhudas Sutaria along with other family members
and relatives.

Recent Results
During FY 2014 (6M), the company reported an operating income of
INR17.92 crore and profit before tax of INR0.13 crore. Further
during the first eight months of FY 2015, the company reported an
operating income of INR19.86 crore and profit before depreciation
and tax of INR0.24 crore (as per provisional unaudited
financials).


SONA EDUCATIONAL: ICRA Reaffirms B- Rating on INR21cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR21.001 crore
fund-based bank facilities of Sona Educational Society at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank
   facilities           21.00         [ICRA]B-; reaffirmed

ICRA's rating is constrained by the time and cost overruns in the
society's ongoing school project, which render challenging the
society's ability to successfully launch the school to cover
academic session 2015-16 and would require timely funding support
from the society members for project completion. The rating
continues to factor in the society's plan to operate the school
under its own brand, which coupled with its location in an area
with low population and high competition from established schools
in Gurgaon (Haryana), could put pressure on enrollments/fee
pricing flexibility of the school. ICRA also notes that lower than
targeted enrollments can adversely impact the cash flows, debt
servicing ability, increase the gestation period and could
necessitate further funding support from the society members.
The rating positively factors in the premium infrastructure and
technical facilities planned to be offered by the school as the
campus is being established in a 20 acre area which gives it an
edge over schools located in populated areas, where availability
of large land tracts is limited. ICRA views the upcoming
residential developments in the vicinity positively, but believes
that these provide prospects only over a long term horizon.
Going forward, timely completion of the project, quick ramp-up of
student enrollments and timely funding of any cash shortfalls by
the promoters, would be the key rating sensitivities.

SES is a charitable trust incorporated in August 2008 and is
managed by Mr. Rishi Raj Jain. SES is currently developing a K-12
school on a 20 acre plot located at a distance of 25 kms from
Gurgaon, Haryana on the Gurgaon-Sohna Road. The construction of
Phase-1 of the project started in April 2013, and envisages
setting-up a primary school, at an estimated project cost of
INR38.0 crore. The school which is scheduled to be operational for
the academic year 2015-16, will operate under the society's own
brand name "SCZ World School". SES plans to add facilities for
secondary and senior secondary classes subsequently.


SPICEJET LTD: Rescue Plan Maybe Finalized by End of January
-----------------------------------------------------------
A package to bail out SpiceJet Ltd could be finalised as early as
this month, two sources with direct knowledge of the deal told
Reuters, raising the prospect of a last-minute rescue for the
indebted carrier.

SpiceJet, India's second largest budget airline, was forced to
ground its fleet briefly last month after it ran out of cash to
pay creditors and its majority owner, billionaire Kalanithi
Maran's Sun Group, said it would not put up any more money,
according to Reuters.

Two days later, SpiceJet co-founder Ajay Singh said he was working
on a financial plan with US private equity investors, under which
the current owners would sell their stake and fresh capital would
be injected into the airline, Reuters relates.

According to Reuters, Mr. Singh and his partners last week handed
the government a more detailed plan, and a package could be ready
as early as the end of January once due diligence is completed, a
senior civil aviation ministry official and a source close to the
situation said.  Both individuals spoke on the condition of
anonymity, Reuters notes.

Reuters says the government is keen to avoid what would be the
second collapse of an airline since 2012, following the grounding
of Kingfisher Airlines Ltd less than two and a half years ago.

Loss-making SpiceJet, which began life in 2005, employs around
5,000 people and operates 230 flights a day in a market where
demand for air travel is rising rapidly but making a profit has
proven difficult for most major airlines.

SpiceJet will also start paying money it owes the airport
regulator, the aviation ministry official said, Reuters relays.

Reuters adds that the carrier had been granted several extensions,
the latest of which expires on Saturday, while talks with
potential investors continue.

                         About SpiceJet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


SRG ALUMINUM: CARE Lowers Rating on INR5.15cr LT Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of SRG Aluminum
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.15       CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of SRG
Aluminum Private Limited (SRG) primarily factors in the
irregularity in servicing of its debt obligations due to weak
liquidity position.

Incorporated in November 2010, SRG is engaged in the manufacturing
of aluminium alloy ingots from metal scraps (which it procures
from Middle East, African and European countries). The aluminium
ingots find usage in automobile, railways and electrical
appliances sectors. The manufacturing facility is located at
Tansen Road, Gwalior (Madhya Pradesh) with an installed capacity
of 7,000 metric tonnes per annum as on
March 31, 2013. SRG started commercial operations from August
2011, and therefore, FY13 (refers to the period April 1 to
March 31) was the first full year of operations. The capacity
utilization remained at 65% during FY13.


SRI P.V.N: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to INR15.00
crore bank facilities of Sri P.V.N Raw & Boiled Rice Mill. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


SRI RAMALINGESWARA: CARE Reaffirms B+ Rating on INR22cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Sri
Ramalingeswara Rice and Oil Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.00      CARE B+ Re-affirmed
   Short term Bank Facilities     1.08      CARE A4 Re-affirmed

Rating Rationale

The ratings continue to remain constrained by the relatively low
profitability, leveraged capital structure with stretched debt
coverage indictors, seasonality in the availability of raw
material which leads to low capacity utilization, working capital
intensive nature of operation and regulated and fragmented nature
of the industry. The ratings also factors in the subdued financial
performance in FY14 (refers to the period April 1 to March 31)
with a sharp decline in operating income, profit level, and cash
accrual during the year. The ratings are, however, underpinned by
the long experience of the promoter, proximity to major paddy
growing and processing region and increased production volume
during FY14.  The ability of the firm to improve profitability and
capital structure and effectively manage its working capital
requirements are the key rating sensitivities.

Set up in 1950 as a partnership firm by Mr Pattabhi Chowdary, Sri
Ramalingeswara Rice and Oil Mills (SRR) is engaged in milling,
trading & exports of raw and boiled rice. The firm has rice
milling/processing unit (capacity of 40 MT per day) located at
Velpur in West Godavari district of Andhra Pradesh (A.P.).

The firm has three managing partners; Mr Banda Ramchandra Rao, Mr
Banda Venkata Krishna Rao and Mr Banda Veera Venkata Satya Krishna
Govind each having a share of 44%, 28% and 28% respectively.

During FY14, SRR posted PBILDT of INR10.72 crore (FY13: INR20.72
crore) and PAT (after deferred tax) of INR0.66 crore (FY13:
INR7.62 crore) on a total operating income of INR300.99 crore
(FY13: INR595.71 crore).

As per the unaudited working results for H1FY15 (refers to the
period April 1, 2014 to September 30, 2014), SRR achieved a total
operating income of INR123 crore.


TAPOVAN INTERNATIONAL: CARE Reaffirms B+ Rating on INR5.73cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Tapovan
International School.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.73       CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the Tapovan International School (TIS)
continues to remain constrained on account of its weak financial
risk profile marked by highly leveraged capital structure, below
moderate debt coverage indicators and dependence on external
sources for debt repayment.

The rating, however, continues to derive strength from the strong
group support, high operating margin, long-term revenue
visibility of TIS due to rental agreement with Madhav Education
Trust (MET) and other sources of income of the proprietor. The
rating also derived strength from the increased scale of
operations of MET.

The ability of TIS to increase its rental inflow and continued
inflow from other income sources is the key rating sensitivity.

TIS was started in May 2010 by Mr Chirag Patel. The school is
managed and run by MET which was established in 2010 to
run TIS by the promoter and founder (Mr Dashrathbhai V Patel) of
Gujarat Multi Gas Base (GMGB) Group which is engaged
in manufacturing of different grades of specialty chemicals. Mr
Chirag Patel, who is a trustee in MET and proprietor of TIS,
has constructed the school building which has been leased out to
MET. TIS has taken term loan for the construction of school
building and will be servicing the loan from rental income from
MET.

The school is spread over 23 acres of land in Mehsana. It is a day
boarding-cum-residential school with hostel facility for
the students not belonging to Mehsana. The school is co-
educational and English medium affiliated to the Central Board of
Secondary Education (CBSE).

Key Updates
Growth in the total operating income and net profit
In FY14 (refers to the period April 1 to March 31), the Total
Operating Income (TOI) of TIS increased by 34% mainly due to an
increase in the rent received. In FY14, the rent amount increased
to INR2.40 crore per annum as compared to INR1.44 crore per
annum in FY13. Moreover, the PBILDT margin remained strong as no
major operational expenses are incurred in TIS. In FY14 it
reported PBILDT margin of 96.43% as compared to 96.32% in FY13.
Moreover in FY14 it reported positive net profit for the first
time with a PAT margin of 6.25% due to lower interest and
depreciation expenses. The GCA level sharply improved to INR1.70
crore in FY14 as against INR0.65 crore in FY13.

Improvement in operations of MET
The total number of students increased to 791 in the Academic Year
(AY) 13-14 as compared to 598 students in AY12-13. The average
annual fees charged per student increased to INR58, 072 in AY 13-
14 as against INR57,361 in AY 12-13. Moreover during AY 14-15, the
total student strength increased to 1024 and average fees charged
were INR63,983. The increased in the total student in AY13-14 and
AY14-15 were primarily due to commencement of standard X and XI
respectively.

Marginal improvement in the capital structure albeit remained
highly leveraged

The capital structure of TIS continued to remain highly leveraged
due to high borrowing and low net worth base. As the cash
flow of TIS is not sufficient to repay its debt obligations, it is
highly dependent on the unsecured loan received from friends
and relatives. Apart from this, TIS has executed few debts funded
capex in the past which is also one of the reasons for the
high debt level. As on March 31, 2014 total debt level was
INR14.16 crore which included term loan of INR6.24 crore, loans
and advances from related parties of INR7.92 crore. The gearing
level remained high at 13.66 times as on March 31, 2014 as against
15.97 times as on March 31, 2013. During FY14, the debt coverage
indicators, however, improved to moderate level marked
by interest coverage ratio of 2.04 times as against 1.35 times in
FY13 and total debt to GCA level at 8.31 times as against 22.09
times in FY13.


TELMOS ELECTRONICS: ICRA Suspends B/A4 Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 rating assigned to the INR10.0
crore, long working capital facilities and non fund based limits
of Telmos Electronics. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


ULTRA HOME: CARE Assigns B Rating to INR204.56cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Ultra Home
Construction Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    204.56      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ultra Home
Construction Private Limited (UHC) is constrained by off-take risk
associated with leasing of commercial space and IT Park along with
demand off-take risk for hotel. The rating is also constrained due
to slowdown in real estate. The rating, however, derives strength
from the experienced and resourceful promoters, substantial
completion of the project under development and collaboration
agreement for hotel property already executed.

Going forward, timely recovery of sales receipts, achievement of
estimated lease rentals from commercial space and timely
commencement of hotel operations would be the key rating
sensitivities.

UHC was incorporated in April 2004 as a private limited company to
carry out real estate development in both residential and
commercial segment. UHC founded by Mr Anil Kumar Sharma is the
flagship company of the Amrapali group; the group has more than 16
years of experience with completed projects (both residential and
commercial) spread over 100 acres in Delhi-NCR and Greater Noida
market. As on March 31, 2014, the group has executed 20 projects
and has 6 projects under execution.

UHC had undertaken a commercial project Amrapali Tech-Park located
in Greater Noida in April 2010. As on March 31, 2014, UHC had
completed the said project at a total cost of INR722 crore. The
company is in the process of leasing the commercial space of IT
park. Moreover, the hotel under the said project is proposed to
commence commercial operational from Q4FY15.


VAIBHAV COTTON: CARE Revises Rating on INR5.08cr LT Loan to 'B+'
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Vaibhav Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.08       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Vaibhav Cotton Industries (VCI) is primarily due to increase in
the total operating income (TOI) during FY14 (refers to the period
April 1 to March 31), improvement in the capital structure, debt
coverage indicators and working capital cycle. The rating,
however, continues to be constrained by its presence in lowest
segment of the textile value chain with limited value addition in
the cotton ginning business and seasonality associated with
procurement of raw material resulting into working-capital
intensive nature of operations.

The rating also takes into account decline in operating profit
margins during FY14.

The rating continues to take comfort from the wide experience of
the partners of VCI in the cotton industry coupled with locational
advantage in terms of proximity to the cotton-growing region in
Gujarat.

The ability of VCI to increase its scale of operations, improving
its profit margins, capital structure and better working capital
management in light of the competitive nature of the industry
remain the key rating sensitivities.

VCI was established during April 2009 by 11 partners with unequal
profit and loss sharing agreement between them and commenced
commercial operations from November 2009. All the key activities
of the firm are mainly controlled by managing partner Mr Satish
Gojaria. VCI is engaged in cotton ginning and pressing activity
and it has an installed capacity of 4,250 metric tonnes per annum
(MTPA) for cotton bales and 7,500 MTPA for cotton seeds as on
March 31, 2014, at its sole manufacturing facility located at
Amreli (Gujarat).

During FY14, VCI reported TOI of INR26.27 crore and PAT of INR0.06
crore as against TOI of INR18.89 crore and PAT of INR0.04 crore
during FY13.


VICHOOR BITU: ICRA Assigns B+ Rating to INR5.5cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.50
crore fund based facilities of Vichoor Bitu Chemicals.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term, Fund Based     5.50         [ICRA]B+ Assigned

For arriving at the ratings, ICRA has taken a consolidated view of
Vichoor along with group company -- Vinora Industries -- as they
operate in same line of business, have operational linkages and
share a common management.

The rating takes into consideration the competition in the highly
fragmented bitumen market, which limits pricing flexibility,
resulting in thin margins; the firm's highly leveraged capital
structure; and risks associated with being a partnership firm. The
rating however, favourably considers the long-standing experience
of the promoters in the bitumen industry; the firm's established
relationship with suppliers and customers; and the fleet of trucks
owned by Vichoor and group entity -- Vinora Transports, enabling
timely delivery of products and furthering the firm's reach.

Vichoor Bitu Chemicals was established in 2002 as a partnership
firm by Mr. S. Rajan and his spouse Ms. Uma Maheshwari. Vichoor is
engaged in the manufacture of industrial grade bitumen of various
softening and penetration specifications, such as B85/25, B90/15
and B115/15. The firm is also engaged in the trading of straight
grade bitumen such as VG10 and VG 30. While straight grade bitumen
finds direct use in road constructions as a binding agent,
industrial grades find use in waterproofing and anti-corrosive
applications, paint manufacture, and other related fields. Vichoor
has manufacturing facilities located at SIDCO Industrial Estate --
Chennai and Samayapuram, Trichy.

Other group entities where the promoter has interest include --
Vinora Industries -- engaged in the manufacture of steel barrels
and bitumen emulsions, Vinora Transports -- engaged in the
transportation of bitumen and other heavy liquids and Moogambika
Constructions and Vinora Infrastructure, both involved in road
construction.

For FY 2013-14, Vichoor reported a PAT of INR1.37 crore on net
sales of INR107.97 crore as against a PAT of INR1.74 crore on net
sales of INR123.8 crore in FY 2012-13.


VIDS OVERSEAS: CARE Revises Rating on INR0.90cr Loan to 'B+'
------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Vids Overseas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     0.90       CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities    7.50       CARE A4+ Reaffirmed

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 capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of Vids Overseas (VO) factors in the improvement in the
capital structure and debt coverage indicators.

The ratings continue to be constrained by relatively small scale
of operation, low capitalization and stretched working capital
cycle. The ratings are further constrained by presence in highly
fragmented industry leading to intense competition, susceptibility
of profitability margins to volatile prices of traded material,
customer and supplier concentration risk and constitution of
entity as a partnership firm.

The aforesaid constraints are partially offset by the strengths
derived from the experienced partners along with their financial
support in past.

Ability of VD to achieve the envisaged turnover and profitability
amidst the intense competition and efficiently manage its working
capital cycle are the key rating sensitivities.

Vids Overseas (VD) was established in 2005 as a partnership firm
by Mr. Anand Agarwal and Mr. Sandeep Goyal. VD is
engaged into trading of fabrics (polyester, denim, viscose and
others). During FY14, VD earned its entire revenue from domestic
market (majorly Mumbai) whereas purchases included 20% imports (of
total purchases) mainly from China and Korea. VD has its owned
warehouse located at Bhiwandi (Thane).

During FY14 (refers to period April 1 to March 31), VD reported
total income of INR18.33 crore (vis-a-vis INR20.22 crore) and PAT
of INR0.11 crore (vis-a-vis INR0.13 crore in FY13). Furthermore as
per H1FY15 (provisional) results, the firm has reported total
income of INR18.90 crore and PAT of INR0.15 crore. Moreover for
7MFY15, VD has achieved total income of INR 21.74 crore.


VIJAY TRADING: ICRA Assigns B+ Rating to INR7.5cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR7.50
Crore bank facilities of M/s Vijay Trading Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7.50        [ICRA]B+; assigned

ICRA's rating factors in the low value additive nature of the
firm's operations, its thin profitability resulting from high
fragmentation and high competitive intensity in the industry and
the vulnerability of VTC's profitability to adverse movements in
the prices of traded goods (cotton and mustard oil seeds, oils and
cakes). The rating also factors in the firm's weak financial
profile characterized by a stretched liquidity position, low
return indicators, and weak coverage indicators as reflected in
interest coverage of 1.3 times and Net Cash Accruals/Total debt of
4.8% for 2013-14. The rating, however, favorably factors in the
established track record of the promoters in trading of edible
oils and oil seeds; the favorable demand outlook for edible oils
in the domestic market and the location advantage the firm enjoys
by virtue of its proximity to the main cotton and mustard
producing belts of the country. The ability of the company to
improve its profitability and maintain adequate liquidity will be
the key rating sensitivities going forward.

Vijay Trading Company was promoted by Mrs. Sita Rani as a
proprietorship firm and was converted into a partnership firm in
March 2014 with her son Mr. Rakesh Kumar joining the business. The
firm is engaged in the trading of cotton and mustard seeds, oils
and cakes. The firm operates out of its office in Muktsar, Punjab.

Recent Results
VTC reported an operating income of INR21.9 crore and profit after
tax (PAT) of INR0.1 crore in 2013-14 as against an operating
income of INR13.7 crore and PAT of INR0.1 crore in the previous
year.


VINORA INDUSTRIES: ICRA Assigns B+ Rating to INR3cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR3.00
crore long-term fund based limits of Vinora Industries. ICRA has
also assigned a short-term rating of [ICRA] A4 to the INR3.80
crore short-term non-fund based facilities of Vinora.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term, Fund Based     3.00        [ICRA]B+ Assigned
   Short-term, Non-fund
   Based                     3.80        [ICRA]A4 Assigned

For arriving at the ratings, ICRA has taken a consolidated view of
Vinora along with group company -- Vichoor Bitu Chemicals -- as
they operate in same line of business, have operational linkages
and share a common management.

The ratings take into consideration Vinora's small scale of
operations; high competition in the industry which limits pricing
flexibility and exposes the company to fluctuations in raw
material prices, resulting in moderate margins; the firm's highly
leveraged capital structure; and the risks associated with being a
proprietorship concern. The ratings however, favourably consider
the long-standing experience of the promoter in the industry; and
the firm's established relationship with its customers and
suppliers.

Vinora Industries, established in 2004 as a proprietorship concern
by Mr. S. Rajan, is engaged in the manufacture of steel barrels
and containers which are used in the transportation of heavy
liquids, chemicals, food grade products, etc. The firm is also
engaged in the manufacture of CRMB (Crumbled Rubber Modified
Bitumen) and bitumen emulsions, which finds use majorly in the
surfacing of heavy duty and high traffic roads as a reinforcing
agent. The firm has a manufacturing unit at SIDCO industrial
estate, Chennai.

Other group entities where the promoter has interest include --
Vichoor Bitu Chemicals -- engaged in the manufacture and trading
of bitumen, Vinora Transports -- engaged in the transportation of
bitumen and other heavy liquids and Moogambika Constructions and
Vinora Infrastructure, both involved in road construction.
For FY 2013-14, Vinora reported a PAT of INR0.75 crore on net
sales of INR17.03 crore as against a PAT of INR1.00 crore on net
sales of INR13.35 crore in FY 2012-13.


WISDOM SOCIAL: ICRA Suspends B+ Rating on INR15cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.0
crore bank lines of Wisdom Social Welfare Trust. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


YASHVEER CERAMICS: ICRA Reaffirms B+ Rating on INR5.25cr Loan
-------------------------------------------------------------
A rating of [ICRA]B+ has been reaffirmed to INR5.25 crore term
loans and INR3.00 crore cash credit facility of Yashveer Ceramics.
ICRA has also reaffirmed [ICRA]A4 rating to INR2.00 crore short-
term non-fund based facilities (enhanced from INR1.00 crore) of
YC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit     3.00         [ICRA]B+; reaffirmed

   Long Term Fund
   Based-Term loan       5.25         [ICRA]B+; reaffirmed

   Short Term Non
   Fund Based-Bank
   Guarantee             2.00         [ICRA]A4; reaffirmed

The ratings continue to be constrained by YC's stressed financial
profile characterized by low profitability and return indicators.
ICRA also takes into account the firm's limited economies of scale
given it's relatively small scale of operations and highly
competitive and fragmented nature of the industry; and
susceptibility of margins to raw material price volatility &
increasing prices of gas, as it is the major source of fuel. .
ICRA also notes the dependence of operations and cash flows of the
company on the performance of the real estate industry which is
the main consumer sector.

The ratings however have favorably considers the experience of the
key promoters in the ceramic industry, diversified product profile
with presence in digital tile printing segment, and location
advantage enjoyed giving it easy access to raw material.

Yashveer Ceramic (YC) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in 2010, and
commenced commercial operations from May 2011. Yashveer Ceramics
is promoted by Mr. Vipul Patel having 10 years of experience in
ceramic industry along with other partners. The plant has an
installed capacity of 40000 TPA. It currently manufactures wall
tiles of sizes 18" x 12" and 12" x 24" with the current set of
machineries and production facilities.

Recent Results
For the year ended 31st March 2014, the company reported an
operating income of INR13.42 crore and profit after tax of INR0.30
crore.



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


AIFUL CORPORATION: JCR Ups LT Issuer Rating to B-; Outlook Stable
-----------------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) upgraded Long-term Issuer
Rating on AIFUL Corporation from #CCC/Positive to B- with Stable
Outlook and upgraded rating on Bonds from #CCC/Positive to B

JCR announces the following credit rating.

Rationale

(1) AIFUL Corporation on June 13 this year announced that each
    participating creditor under the consensual business
    revitalization alternative dispute resolution procedures had
    consented to its proposed partial repayment of debts and
    agreed to continue financial supports to it. JCR on the same
    date placed the ratings on the Company under Credit Monitor
    with "Positive" direction in order to confirm that the
    continual financial supports will stabilize the financing and
    business operations and also examine the impact of interest
    refund claims, which have not been steadily decreasing.

(2) The Company is in a better situation for financing as its
    main banks have extended new loans through syndicated loans,
    etc. to make their supporting stance clear. The balance of
    unsecured loans, the Company's main business, has turned
    around as of September 30, 2014 to increase 0.8% from a year
    earlier as loans to new and existing customers are
    increasing, indicating that the operating bases are not
    likely to shrink further. Increasing retained earnings pushed
    up consolidated net assets to 141.6 billion yen as of
    September 30, 2014 from 123.1 billion yen a year earlier and
    boosted consolidated equity capital ratio to 26.3% from
    21.1%. Attention should be paid to the fact that the number
    of interest refund claims stays at a high level. The
    Company's profits may not be sufficient to absorb the costs
    of the refunds in the case where future claims increase more
    than it projects. This factor, along with the ongoing
    financial aid, constrains the ratings, resulting in JCR's
    action to upgrade the long-term issuer rating only one notch.

(3) The rating on the Bonds no.51 is higher than the long-term
    issuer rating as the bond redemption was not rescheduled
    under the continued financial supports and the bondholders
    are likely to be protected.

Rating
Issuer: AIFUL CORPORATION (security code: 8515)

Long-term Issuer Rating: B- (from #CCC/Positive) Outlook: Stable

Issue    Amount   Issue Date   Due Date   Coupon  Rating
-----    ------   ----------   --------   ------  ------
bonds    JPY10BB  10/19/2005   10/19/2015  1.99%  B (from
no.51                                             #CCC/Positive)


VUZIX CORP: June 2014 Noteholders Waive Anti-Dilution Protection
----------------------------------------------------------------
As previously disclosed in a current report on Form 8-K filed by
Vuzix Corporation with the U.S. Securities and Exchange Commission
on Jan. 2, 2015, in connection with the closing by the Company of
the sale to Intel Corporation of an aggregate of 49,626 shares of
the Company's Series A Convertible Preferred Stock, at a purchase
price of $500 per share, for aggregate gross proceeds of
$24,813,000, each of the holders of notes issued by the Company on
June 3, 2014, agreed to irrevocably waive their rights to anti-
dilution protection under Section 5(b) of the June Notes in the
event the Company issues additional securities at a per share
price lower than the conversion price of the June Notes. The
obligations of the holder of the June Notes under the June Note
Waiver will be binding on all assignees of the June Notes.

Also in connection with the Offering, as previously disclosed,
holders of approximately 86% of outstanding warrants issued by the
Company in its public offering on July 30, 2013, and in connection
with the conversion by certain holders of the Company's
outstanding debt in connection with the Company's public offering
agreed to irrevocably waive their rights to anti-dilution
protection under Section 2(b) of the July 2013 Warrants in the
event the Company issues additional securities at a per share
price lower than the exercise price of the July 2013 Warrants. The
obligations of the holder of the July 2013 Warrants under the July
2013 Warrant Waiver will be binding on all assignees of the July
2013 Warrants.

As a result of the foregoing, the Company's stockholder equity
(deficit) increased from ($9,973,188) to $22,970,939 and
$8,384,127 in derivative liability was removed from the Company's
balance sheet, as of Sept. 30, 2014, on a pro forma basis.

                     About Vuzix Corporation

Vuzix -- http://www.vuzix.com-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field. Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

As of Sept. 30, 2014, the Company had $3.94 million in total
assets, $13.9 million in total liabilities and a $9.97 million
stockholders' deficit.

The Company's independent registered public accounting firm, EFP
Rotenberg, LLP, in Rochester, New York, included in its report on
the consolidated financial statements for the years ended
Dec. 31, 2013, and 2012 an explanatory paragraph describing the
existence of conditions that raise substantial doubt about the
Company's ability to continue as a going concern, including
continued operating losses and the potential inability to pay
currently due debts. The Company has incurred a net loss from
continuing operations consistently over the last 2 years. The
Company incurred annual net losses from its continuing operations
of $10,146,228 in 2013 and $4,747,387 in 2012, and has an
accumulated deficit of $36,292,532 as of Dec. 31, 2013. The
Company's ongoing losses have had a significant negative impact on
the Company's financial position and liquidity, EFP Rotenberg
said.



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


1 MALAYSIA DEVELOPMENT: Denies Misled Auditors on Cayman Funds
--------------------------------------------------------------
malaymail online reports that funds deposited by 1 Malaysia
Development Bhd (1MDB) in the Cayman Islands have been redeemed,
the state investor said on Jan. 11 to dismiss a DAP lawmaker's
suggestion that its stated timeline to repatriate the billions was
only meant to satisfy auditors.

malaymail, citing a report by news portal Malaysiakini, relates
that 1MDB reiterated that it has already brought home over
MYR4 billion from the tax haven, with the remainder of the US$2.3
billion (MYR8.3 billion at current exchange rates) in the process
of being redeemed.

It further explained that the US$2.3 billion had previously been
valued at MYR7.7 billion in its accounts finalised last March due
to the ringgit's higher value then, the report relays.

malaymail notes that the ringgit has fallen from a high of
MYR3.10 last year to MYR3.55 against the dollar following a sharp
decline in oil price that triggered concerns over the country's
finances.

"The process to do so has already commenced, and we will make an
announcement as soon as this has been completed," 1MDB was quoted
as saying in the Malaysiakini report, says malaymail.

On Jan. 9, Petaling Jaya Utara MP Tony Pua asked if 1MDB had
misled Deloitte Malaysia by stating that it will repatriate
MYR4 billion from its Cayman deposits by November simply to close
its books for the 2013 financial year, which was already months
delayed.

According to the report, new 1MDB president Arul Kanda asserted
that 1MDB missed its stated timeline to repatriate billions of
ringgit parked in the Cayman Islands due to the magnitude and
complexity of the funds.

1MDB previously stated said the funds held by a Segregated
Portfolio Company (SPC) in the Cayman Islands would be redeemed no
later than December 31, 2014.

Deputy Finance Minister Datuk Ahmad Maslan also told Parliament
last November that all the money parked in the Cayman Islands
would be brought back to Malaysia by the end of last year,
malaymail says.

1MDB, a brainchild of Prime Minister Datuk Seri Najib Razak, has
come under intense opposition scrutiny following revelations of
its growing debt pile.

Financial daily The Edge recently reported that the investment
arm, which started as Terengganu's oil investment fund, had fail
to pay a short term debt amounting to RM2 billion, prompting
warnings of a rating downgrade.

But on Jan. 6, Bloomberg reported Kanda defending the investment
company's credentials, insisting that it has been a "responsible
borrower".

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


NEW ZEALAND ASSOCIATION: Fitch Affirms 'BB+' IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed New Zealand Association of Credit
Unions' (trading as Co-op Money NZ) Long- and Short-Term Issuer
Default Ratings (IDR) at 'BB+' and 'B' respectively.  The Outlook
on the Long-Term IDR is Stable.

KEY RATING DRIVERS - IDRS

Co-op Money NZ's ratings are constrained by its limited franchise
and customer base, which is concentrated within New Zealand's
credit union and building society sector.  Co-op Money NZ's
members account for less than 1% of the financial system and are
unlikely to reach investment grade due to their level of
geographical concentration and limited loss absorption capacity.
In addition, absolute levels of profit and capital are also
relatively low.

Co-op Money NZ's low credit and market risk levels partially
offset some of these factors.  The outstanding legacy loan
exposure of NZD399,000 was repaid in 1H15 and further recoveries
are expected by FYE15.  There are no plans to undertake further
lending to end customers.  The association mainly provides
services to its member credit unions and building societies.
Outside of its wholly owned insurance subsidiary, Credit Union
Insurance Limited (IFS: BB+/Stable), trading as Co-op Insurance
NZ, there is no direct exposure to its members' end customers.
There is however some counterparty risk evident in the
association's 'central banking' operations, which provide
centralized liquidity management for members, giving them access
to investments and returns they may not be able to obtain on a
standalone basis.

The provision of 'central banking' operations remains a dominant
part of Co-op Money NZ's balance sheet, accounting for 95% of
assets at FYE14 and all non-equity balance sheet funding.
Concentration and liquidity risk remain evident, with the two
largest depositors accounting for 53% of total deposits at FYE14.
However the underlying member depositors appear to have reasonable
levels of liquidity outside their Co-op Money NZ holdings.  The
association's investments are of reasonably high quality, with the
majority (FYE14: 98%) being investment grade and the remainder
pertaining to unrated local councils.

FY14 operating profit was up 17%, though after adjusting for an
unscheduled dividend from Co-op Insurance NZ, profitability was
similar to FY13.  Absolute profitability levels are low and since
2010 there has been some volatility in earnings.  This has been
driven in part by the performance of the legacy loan portfolio but
also includes discounts and other benefits provided by Co-op Money
NZ to full members.  The expansion of the association's non-member
customer base and additional arms-length revenue sources should
result in improvements to overall profitability.

Co-op Money NZ's capitalization is modest for a non-bank, with
tangible common equity to tangible assets ratio improving to 9.40%
at FYE14, and the absolute level remains small.  Distributions to
base capital noteholders are not directly related to
profitability, which could result in some volatility in capital
generation.

Co-op Money NZ is a trade organisation and service provider made
up of 17 members and five associate members within the credit
union and building society sector at FYE14.  It provides
transactional, IT and liquidity services, offering economies of
scale benefits for customers.  It also owns Co-op Insurance NZ,
which currently provides life and non-life products to customers
of Co-op Money NZ's members.  However, Co-op Insurance NZ is
seeking to expand its customer base to direct customers.

RATING SENSITIVITES - IDRs

Co-op Money NZ's IDRs are sensitive to developments in New
Zealand's credit union and building society sector.  If conditions
were to materially weaken, or larger members encounter
difficulties, Co-op Money NZ's ratings would face downward
pressure.  Negative pressure would also be placed on ratings by
loss of member confidence leading to member exits.

A significant diversification of Co-op Money NZ's customer base
and substantial increase in absolute capital and profitability
levels would be required for positive rating momentum, which is
considered unlikely in the short- to medium-term.

The ratings are:

New Zealand Association of Credit Unions:
Long-Term IDR affirmed at 'BB+'; Outlook Stable; and
Short-Term IDR affirmed at 'B'.


SHANTON FASHIONS: Goes Into Voluntary Administration
----------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the Shanton
chain of women's clothing stores has gone into voluntary
administration just over two years after it was bought out of
receivership.

The Herald relates that the administrator, Bryan Williams, said
the 240 staff at the 37 Shanton stores across New Zealand would
continue to get paid and that it was too early to tell whether or
not there would be redundancies.

He said his appointment did suppose some "refinements" but that he
was mindful of staff and would work to minimise this, the Herald
says.

The report relates that the businesses will continue to trade
normally, though Mr. Williams said gift vouchers and lay-by
purchases will need to be dealt with through his office.
Voluntary administration, according to Mr. Williams, allows the
possibility for "a workout from difficult economic circumstances,"
the report relays.

"Liquidation is terminal in the company's life whereas VA
[voluntary administration] offers hope of commercial revival
brought about through the skills of the administrator to focus and
harmonise all the resources of the company into a recovery plan,"
the report quotes Mr. Williams as saying.

The directors of the chain's owner, Shanton Fashions, appointed
Mr. Williams after the company's credit facilities were withdrawn
and demands made for repayment of the overdrawn balance, the
Herald notes.

According to the report, Mr. Williams said the company had
discounted its stock to meet the market and that had come at the
expense of its margins.

"Despite the company having its liquidity greatly reduced, the
directors are still of the view that the business can continue and
the brand survive. They are highly motivated to achieve this
outcome, which is why they have elected voluntary administration,"
Mr. Williams, as cited by the Herald, said.

It is not yet known how much the company owes creditors but this
is likely to be discovered this week.

Shanton Fashions purchased the chain as a going concern from the
receivers of its previous owners in December 2012, the Herald
discloses.



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


HANJIN GROUP: Has Highest Debt Ratio Among Top 10 Conglomerates
---------------------------------------------------------------
Kim Eun-jung at Yonhap News Agency reports that Hanjin Group, the
operator of South Korea's No. 1 airline, had the highest debt
ratio among the country's top 10 business groups as of end-2013
due to its money-losing shipping affiliate, data showed on
Jan. 12, fueling concerns over the family-run conglomerate
planning to switch to a holdings company structure.

The debt-to-equity ratio of Hanjin Group, composed of six listed
companies, snowballed to 452.4 percent as of the end of 2013, the
highest among the 10 largest local conglomerates, Yonhap relates
citing data compiled by Chaebul.com, an online corporate research
firm.

The ratio is more than triple that of Hanwha Group, the second-
most indebted business group, whose rate was 144.8 percent, data
showed, Yonhap relays. Six in the top 10 list had ratios of below
100 percent.

Hanjin's debt ratio had not eased over the three preceding years,
Yonhap notes. It rose from 248.3 percent in 2010 to 381.9 percent
in 2011 and 437.3 percent 2012. It added KRW8.5 trillion of
liabilities during the period.

According to Yonhap, corporate watchers said the situation for
Hanjin may not have improved much since 2013.

Hanjin says the debt for Korean Air Lines Co., the group's
flagship unit, ballooned especially after acquiring Hanjin
Shipping Co, a shipping and logistics unit, last year.

The report relates that the air carrier's debt ratio shot up to
837 percent as of end-September, a 13.7 hike from the end of 2013,
and it is expected to reach close to 1,000 percent when it posts
its fourth-quarter earnings later this month. Hanjin Shipping's
debt ratio reached 1,108 percent in the third quarter, the report
notes.

Grappling with high interest costs due to low credit ratings,
Korean Air last week announced plans to issue new shares worth of
KRW500 billion (US$461.6 million) to try to improve its finances,
according to Yonhap.  The latest funding plan came after Hanjin
sold all KRW2 trillion worth of stake in S-Oil, the nation's No. 3
oil refiner, last July, says Yonhap.

"Korean Air's debt ratio will go down if its operating earnings
improve and it acquires cash from the stake sale in S-Oil and
successfully issues new shares," Yonhap quotes Kim Yong-geon, an
official at the Korea Investors Service Inc., a Korean credit
rating agency affiliated with Moody's, as saying.

Yonhap notes that despite its efforts to improve the balance
sheet, concerns remain over Hanjin's preparations to switch to a
holding company structure to unwind cross-shareholding, a move
associated with better corporate transparency but also with
ownership succession to the third generation of the owner family,
with its deadline slated for July.

Hanjin is the ninth-largest conglomerate in South Korea, well
known for its flagship affiliate Korean Air Lines Co. and
logistics unit Hanjin Shipping Co.



===========
T A I W A N
===========


FIRST INT'L: Facing Licence Cancellation After Declaring Bankr.
---------------------------------------------------------------
Telegeography reports that following confirmation that First
International Telecom (Fitel) has been declared bankrupt, the
National Communications Commission (NCC) has revealed that
telephone numbers assigned to the operator will now be reassigned
to some of the nation's 4G providers.  Citing the Taipei Times,
Telegeography relates that the regulator has said it intends to
assist those individuals still using Fitel's services to migrate
to other providers under the number portability policy.

With Fitel having been declared bankrupt at last month by the
Taipei District Court, it was also noted that the company only had
until Jan. 5 to appeal the court's ruling. "If it becomes clear
that the company will not be able to continue operations, the
commission will have to cancel its license to offer the PHS
service, as well as the license to use the frequency," the report
quotes NCC spokesperson Yu Hsiao-cheng as saying.

Meanwhile, Telegeography says around two million mobile numbers
that had been earmarked for Fitel will be reclaimed by the
authorities and reassigned to five other operators, those being:
Chunghwa Telecom, Taiwan Mobile, Far EasTone Telecommunications,
Asia Pacific Telecom and Taiwan Star Cellular.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, The China Post said First International Telecom
Corp. (Fitel) was declared bankrupt by the Taipei District
Court on Dec. 26, 2014.  The announcement was made after the
company's five-year restructuring efforts failed. Nevertheless,
the company said it will try its best to keep its 1,900MHz
frequency network running in the interest of the company's
customers.

Established in 1997, First International Telecom Corp. launched
the PHS service in 2001. It was once a popular company in Taiwan,
and had more than one million customers at its peak.



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


* BOND PRICING: For the Week Jan. 5 to Jan. 9, 2015
---------------------------------------------------

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


  AUSTRALIA
  ---------


ANTARES ENERGY L     10.00    10/30/23      AUD     1.96
BOART LONGYEAR M      7.00    04/01/21      USD    74.00
BOART LONGYEAR M      7.00    04/01/21      USD    80.70
CRATER GOLD MINI     10.00    08/18/17      AUD    23.50
GRIFFIN COAL MIN      9.50    12/01/16      USD    71.00
GRIFFIN COAL MIN      9.50    12/01/16      USD    71.00
KBL MINING LTD       10.00    02/16/17      AUD     0.21
MIDWEST VANADIUM     11.50    02/15/18      USD    11.00
MIDWEST VANADIUM     11.50    02/15/18      USD    11.00
RESOLUTE MINING      10.00    12/04/17      AUD     0.95
ST BARBARA LTD        8.88    04/15/18      USD    81.50
ST BARBARA LTD        8.88    04/15/18      USD    81.00
STOKES LTD           10.00    06/30/17      AUD     0.45
TREASURY CORP OF      0.50    11/12/30      AUD    64.50


CHINA
-----

CHANGCHUN CITY D      6.08    03/09/16      CNY    69.97
CHANGCHUN CITY D      6.08    03/09/16      CNY    70.40
CHANGZHOU INVEST      5.80    07/01/16      CNY    70.10
CHANGZHOU INVEST      5.80    07/01/16      CNY    70.09
CHINA GOVERNMENT      1.64    12/15/33      CNY    69.03
CHINA NATIONAL E      5.65    09/26/17      CNY    62.62
DANYANG INVESTME      6.30    06/03/16      CNY    70.28
HANGZHOU XIAOSHA      6.90    11/22/16      CNY    70.18
HANGZHOU XIAOSHA      6.90    11/22/16      CNY    70.59
HEILONGJIANG HEC      7.78    11/17/16      CNY    71.25
HEILONGJIANG HEC      7.78    11/17/16      CNY    70.50
HUAIAN CITY URBA      7.15    12/21/16      CNY    70.23
JIANGSU HUAJING       5.68    09/28/17      CNY    74.02
JIANGSU LIANYUN       7.85    07/22/15      CNY    70.78
KUNSHAN ENTREPRE      4.70    03/30/16      CNY    69.70
KUNSHAN ENTREPRE      4.70    03/30/16      CNY    69.72
NANJING PUBLIC H      5.85    08/08/17      CNY    64.77
NANTONG STATE-OW      6.72    11/13/16      CNY    64.79
NANTONG STATE-OW      6.72    11/13/16      CNY    70.99
NINGDE CITY STAT      6.25    10/21/17      CNY    60.23
OCEAN RIG UDW IN      7.25    04/01/19      USD    69.50
OCEAN RIG UDW IN      7.25    04/01/19      USD    69.25
PANJIN CONSTRUCT      7.70    12/16/16      CNY    71.79
PANJIN CONSTRUCT      7.70    12/16/16      CNY    71.90
QINGZHOU HONGYUA      6.50    05/22/19      CNY    50.39
QINGZHOU HONGYUA      6.50    05/22/19      CNY    53.27
WUXI COMMUNICATI      5.58    07/08/16      CNY    49.94
WUXI COMMUNICATI      5.58    07/08/16      CNY    50.09
XIANGTAN JIUHUA       6.93    12/16/16      CNY    69.80
XIANGTAN JIUHUA       6.93    12/16/16      CNY    70.55
YANGZHOU URBAN C      5.94    07/23/16      CNY    70.28
YANGZHOU URBAN C      5.94    07/23/16      CNY    70.48
YIYANG CITY CONS      8.20    11/19/16      CNY    71.83
ZHENJIANG CITY C      5.85    03/30/15      CNY    69.83
ZHENJIANG CITY C      5.85    03/30/15      CNY    69.98
ZHUCHENG ECONOMI      7.50    08/25/18      CNY    48.98
ZIBO CITY PROPER      5.45    04/27/19      CNY    59.92
ZOUCHENG CITY AS      7.02    01/12/18      CNY    61.34


INDONESIA
---------

BERAU COAL ENERG      7.25    03/13/17      USD    48.50
BERAU COAL ENERG      7.25    03/13/17      USD    44.49
DAVOMAS INTERNAT     11.00    12/08/14      USD    19.50
DAVOMAS INTERNAT     11.00    12/08/14      USD    19.50
PERUSAHAAN PENER      6.75    04/15/43      IDR    74.80
PERUSAHAAN PENER      6.10    02/15/37      IDR    70.50


INDIA
-----

3I INFOTECH LTD       5.00    04/26/17      USD    32.13
BLUE DART EXPRES      9.30    11/20/17      INR    10.15
BLUE DART EXPRES      9.40    11/20/18      INR    10.20
BLUE DART EXPRES      9.50    11/20/19      INR    10.26
CORE EDUCATION &      7.00    05/07/15      USD     9.00
COROMANDEL INTER      9.00    07/23/16      INR    15.72
GTL INFRASTRUCTU      3.03    11/09/17      USD    29.13
INCLINE REALTY P     10.85    04/21/17      INR    13.20
INCLINE REALTY P     10.85    08/21/17      INR    16.34
INDIA GOVERNMENT      0.25    01/25/35      INR    22.27
INDIA GOVERNMENT      1.44    06/05/23      INR    83.00
JAIPRAKASH ASSOC      5.75    09/08/17      USD    73.14
JCT LTD               2.50    04/08/11      USD    18.13
MASCON GLOBAL LT      2.00    12/28/12      USD     3.93
ORIENTAL HOTELS       2.00    11/21/19      INR    71.11
PRAKASH INDUSTRI      5.25    04/30/15      USD    67.13
PYRAMID SAIMIRA       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


JAPAN
-----

AVANSTRATE INC        3.02    11/05/15      JPY    39.13
AVANSTRATE INC        5.00    11/05/17      JPY    30.75
ELPIDA MEMORY IN      0.50    10/26/15      JPY    12.88
ELPIDA MEMORY IN      0.70    08/01/16      JPY    17.00
ELPIDA MEMORY IN      2.10    11/29/12      JPY    17.00
ELPIDA MEMORY IN      2.03    03/22/12      JPY    17.00
ELPIDA MEMORY IN      2.29    12/07/12      JPY    17.00


KOREA
-----

2014 KODIT CREAT      5.00    12/25/17      KRW    30.26
2014 KODIT CREAT      5.00    12/25/17      KRW    30.26
DONGBU CORP           4.00    06/29/15      KRW   104.91
DONGBU CORP           8.95    02/28/15      KRW   100.51
DONGBU CORP           8.95    06/10/15      KRW    97.82
DONGBU METAL CO       5.20    09/12/19      KRW    55.56
EXPORT-IMPORT BA      0.50    12/22/17      BRL    70.72
EXPORT-IMPORT BA      0.50    11/21/17      BRL    72.03
HYUNDAI HEAVY IN      4.90    12/15/44      KRW    59.35
HYUNDAI HEAVY IN      4.80    12/15/44      KRW    60.41
HYUNDAI MERCHANT      7.05    12/27/42      KRW    39.22
KIBO ABS SPECIAL      5.00    03/29/18      KRW    30.06
KIBO ABS SPECIAL     10.00    09/04/16      KRW    32.53
KIBO ABS SPECIAL     10.00    02/19/17      KRW    31.09
KIBO ABS SPECIAL     10.00    08/22/17      KRW    30.42
KIBO ABS SPECIAL      5.00    01/31/17      KRW    30.15
KIBO GREEN HI-TE     10.00    03/20/15      KRW    69.58
KIBO GREEN HI-TE     10.00    12/21/15      KRW    33.41
LSMTRON DONGBANG      4.53    11/22/17      KRW    29.99
POSCO ENERGY COR      4.66    08/29/43      KRW    73.17
POSCO ENERGY COR      4.72    08/29/43      KRW    72.62
SINBO SECURITIZA      5.00    07/26/16      KRW    30.71
SINBO SECURITIZA      5.00    12/07/15      KRW    29.75
SINBO SECURITIZA      5.00    06/29/16      KRW    30.94
SINBO SECURITIZA     10.00    12/27/15      KRW    32.54
SINBO SECURITIZA      5.00    07/19/15      KRW    32.10
SINBO SECURITIZA      5.00    10/05/16      KRW    27.38
SINBO SECURITIZA      5.00    05/27/16      KRW    31.17
SINBO SECURITIZA      5.00    05/27/16      KRW    31.17
SINBO SECURITIZA      5.00    10/05/16      KRW    30.42
SINBO SECURITIZA      5.00    09/28/15      KRW    31.64
SINBO SECURITIZA      5.00    02/02/16      KRW    15.33
SINBO SECURITIZA      8.00    02/02/16      KRW    32.00
SINBO SECURITIZA      5.00    01/19/16      KRW    17.90
SINBO SECURITIZA      5.00    12/13/16      KRW    30.04
SINBO SECURITIZA      5.00    07/26/16      KRW    30.71
SINBO SECURITIZA      9.00    07/27/15      KRW    35.20
SINBO SECURITIZA      4.60    06/29/15      KRW    34.96
SINBO SECURITIZA      4.60    06/29/15      KRW    34.96
SINBO SECURITIZA      5.00    01/29/17      KRW    29.84
SINBO SECURITIZA      5.00    08/31/16      KRW    30.51
SINBO SECURITIZA      5.00    09/13/15      KRW    31.16
SINBO SECURITIZA      5.00    09/13/15      KRW    26.86
SINBO SECURITIZA      8.00    03/07/15      KRW    68.35
SINBO SECURITIZA      5.00    08/24/15      KRW    31.83
SINBO SECURITIZA      5.00    03/14/16      KRW    29.41
SINBO SECURITIZA      5.00    08/31/16      KRW    30.51
SINBO SECURITIZA      5.00    02/21/17      KRW    29.70
SINBO SECURITIZA      5.00    10/01/17      KRW    29.97
SINBO SECURITIZA      5.00    10/01/17      KRW    29.97
SINBO SECURITIZA      5.00    10/01/17      KRW    29.97
SINBO SECURITIZA      5.00    03/13/17      KRW    29.60
SINBO SECURITIZA      5.00    03/13/17      KRW    29.60
SINBO SECURITIZA      5.00    02/11/18      KRW    30.00
SINBO SECURITIZA      5.00    02/11/18      KRW    30.00
SINBO SECURITIZA      5.00    02/21/17      KRW    29.70
SINBO SECURITIZA      5.00    12/25/16      KRW    30.33
SINBO SECURITIZA      5.00    06/07/17      KRW    26.09
SINBO SECURITIZA      5.00    01/15/18      KRW    30.26
SINBO SECURITIZA      5.00    08/16/17      KRW    30.35
SINBO SECURITIZA      5.00    08/16/17      KRW    30.35
SINBO SECURITIZA      5.00    08/16/16      KRW    30.74
SINBO SECURITIZA      5.00    06/07/17      KRW    26.09
SINBO SECURITIZA      5.00    07/08/17      KRW    30.52
SINBO SECURITIZA      5.00    07/08/17      KRW    30.52
SINBO SECURITIZA      5.00    03/12/18      KRW    30.09
SINBO SECURITIZA      5.00    03/12/18      KRW    30.09
SINBO SECURITIZA      5.00    01/15/18      KRW    30.26
SK TELECOM CO LT      4.21    06/07/73      KRW    70.25
STX OFFSHORE & S      3.00    09/06/15      KRW    71.53
TONGYANG CEMENT       7.30    06/26/15      KRW    70.00
TONGYANG CEMENT       7.50    09/10/14      KRW    70.00
TONGYANG CEMENT       7.30    04/12/15      KRW    70.00
TONGYANG CEMENT       7.50    07/20/14      KRW    70.00
TONGYANG CEMENT       7.50    04/20/14      KRW    70.00
U-BEST SECURITIZ      5.50    11/16/17      KRW    30.39
WOONGJIN ENERGY       2.00    12/19/16      KRW    65.79


MALAYSIA
--------

BANDAR MALAYSIA       0.35    12/29/23      MYR    68.97
BANDAR MALAYSIA       0.35    02/20/24      MYR    68.50
BIMB HOLDINGS BH      1.50    12/12/23      MYR    68.71
BRIGHT FOCUS BHD      2.50    01/22/31      MYR    62.02
BRIGHT FOCUS BHD      2.50    01/24/30      MYR    63.92
LAND & GENERAL B      1.00    09/24/18      MYR     0.38
SENAI-DESARU EXP      0.50    12/31/47      MYR    69.82
SENAI-DESARU EXP      0.50    12/31/38      MYR    60.30
SENAI-DESARU EXP      0.50    12/31/40      MYR    63.12
SENAI-DESARU EXP      0.50    12/29/45      MYR    68.09
SENAI-DESARU EXP      0.50    12/31/42      MYR    65.40
SENAI-DESARU EXP      0.50    12/30/44      MYR    67.36
SENAI-DESARU EXP      0.50    12/30/39      MYR    61.91
SENAI-DESARU EXP      0.50    12/31/43      MYR    66.47
SENAI-DESARU EXP      0.50    12/31/41      MYR    64.16
SENAI-DESARU EXP      0.50    12/31/46      MYR    69.03
SENAI-DESARU EXP      1.35    06/29/29      MYR    52.90
SENAI-DESARU EXP      1.35    12/29/28      MYR    53.98
SENAI-DESARU EXP      0.65    06/30/20      MYR    74.98
SENAI-DESARU EXP      1.35    06/30/28      MYR    55.08
SENAI-DESARU EXP      1.10    06/30/21      MYR    73.33
SENAI-DESARU EXP      1.10    12/31/21      MYR    71.46
SENAI-DESARU EXP      1.10    06/30/22      MYR    69.75
SENAI-DESARU EXP      1.15    12/30/22      MYR    68.41
SENAI-DESARU EXP      1.15    06/30/23      MYR    66.80
SENAI-DESARU EXP      1.15    12/29/23      MYR    65.20
SENAI-DESARU EXP      1.15    06/28/24      MYR    63.68
SENAI-DESARU EXP      1.15    12/31/24      MYR    62.15
SENAI-DESARU EXP      1.15    06/30/25      MYR    60.72
SENAI-DESARU EXP      1.35    12/31/25      MYR    60.93
SENAI-DESARU EXP      1.35    06/30/26      MYR    59.68
SENAI-DESARU EXP      1.35    12/31/26      MYR    58.49
SENAI-DESARU EXP      1.35    06/30/27      MYR    57.32
SENAI-DESARU EXP      1.35    12/31/27      MYR    56.20
SENAI-DESARU EXP      1.35    12/31/29      MYR    51.84
SENAI-DESARU EXP      1.35    06/28/30      MYR    50.79
SENAI-DESARU EXP      1.35    12/31/30      MYR    49.73
SENAI-DESARU EXP      1.35    06/30/31      MYR    48.76
UNIMECH GROUP BH      5.00    09/18/18      MYR     1.25


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

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


SINGAPORE
---------

BAKRIE TELECOM P     11.50    05/07/15      USD     8.55
BAKRIE TELECOM P     11.50    05/07/15      USD     8.25
BERAU CAPITAL RE     12.50    07/08/15      USD    49.00
BERAU CAPITAL RE     12.50    07/08/15      USD    47.50
BLD INVESTMENTS       8.63    03/23/15      USD    14.13
BUMI CAPITAL PTE     12.00    11/10/16      USD    24.20
BUMI CAPITAL PTE     12.00    11/10/16      USD    21.50
BUMI INVESTMENT      10.75    10/06/17      USD    16.00
BUMI INVESTMENT      10.75    10/06/17      USD    20.79
ENERCOAL RESOURC      6.00    04/07/18      USD    19.00
INDO INFRASTRUCT      2.00    07/30/10      USD     1.88
OSA GOLIATH PTE      12.00    10/09/18      USD    72.75


THAILAND
--------

G STEEL PCL           3.00    10/04/15      USD     3.63
MDX PCL               4.75    09/17/03      USD    25.00


TAIWAN
------

ADVANCED SEMICON      1.45    08/19/16      TWD     1.30
ADVANCED SEMICON      1.45    08/19/16      TWD     1.50
ADVANCED SEMICON      1.45    08/19/16      TWD     1.10
ADVANCED SEMICON      1.45    08/19/16      TWD     1.30
ADVANCED SEMICON      1.45    08/19/16      TWD     1.05
AGRICULTURAL BAN      3.28    06/30/15      TWD     3.28
AGRICULTURAL BAN      1.43    10/17/19      TWD     1.53
AGRICULTURAL BAN      1.53    10/17/22      TWD     1.53
ASIA CEMENT CORP      1.36    05/23/19      TWD     1.45
BANK OF KAOHSIUN      3.40    01/20/16      TWD     1.89
BANK OF PANHSIN       3.00    12/02/17      TWD     3.00
BANK OF PANHSIN       3.25    11/05/16      TWD     3.25
BANK OF PANHSIN       3.00    03/21/18      TWD     3.00
BANK OF PANHSIN       3.00    11/12/18      TWD     3.00
BANK OF PANHSIN       3.00    06/06/20      TWD     3.00
BANK OF TAIWAN        1.70    06/27/24      TWD     1.70
BANK SINOPAC          2.18    08/18/21      TWD     2.18
BANK SINOPAC          1.85    11/04/18      TWD     1.45
BANK SINOPAC          3.20    03/25/15      TWD     2.32
BANK SINOPAC          1.92    03/11/18      TWD     1.92
BANK SINOPAC          1.53    09/18/19      TWD     1.68
BANK SINOPAC          2.70    06/23/15      TWD     1.30
BANK SINOPAC          2.90    06/23/17      TWD     2.90
BANK SINOPAC          2.05    09/30/24      TWD     2.05
BANK SINOPAC          1.80    12/09/17      TWD     1.38
BANK SINOPAC          1.95    08/18/18      TWD     1.46
BANK SINOPAC          1.65    09/18/22      TWD     1.65
BANK SINOPAC          2.80    04/29/16      TWD     2.80
CATHAY FINANCIAL      3.10    12/24/15      TWD     1.00
CATHAY FINANCIAL      2.65    10/08/16      TWD     1.21
CATHAY UNITED BA      1.85    05/19/24      TWD     1.85
CATHAY UNITED BA      1.70    04/24/23      TWD     1.90
CATHAY UNITED BA      1.65    08/07/22      TWD     1.60
CATHAY UNITED BA      1.65    06/06/22      TWD     1.80
CATHAY UNITED BA      1.48    06/06/19      TWD     1.48
CATHAY UNITED BA      1.55    04/24/20      TWD     1.55
CATHAY UNITED BA      1.70    05/19/21      TWD     1.70
CHAILEASE FINANC      2.05    10/30/21      TWD     2.05
CHAILEASE FINANC      2.30    10/30/24      TWD     2.30
CHAILEASE FINANC      1.60    07/22/18      TWD     1.43
CHAILEASE FINANC      1.50    06/05/17      TWD     1.29
CHAILEASE FINANC      1.50    06/16/19      TWD     1.50
CHANG HWA COMMER      3.05    12/15/15      TWD     3.05
CHANG HWA COMMER      3.10    05/19/15      TWD     0.89
CHANG HWA COMMER      2.30    09/15/16      TWD     1.26
CHANG HWA COMMER      1.65    03/11/18      TWD     1.64
CHANG HWA COMMER      1.72    03/11/21      TWD     1.72
CHANG HWA COMMER      1.70    04/16/21      TWD     1.70
CHANG HWA COMMER      1.85    04/16/24      TWD     1.85
CHENG SHIN RUBBE      1.40    07/18/19      TWD     1.40
CHENG SHIN RUBBE      1.55    08/19/18      TWD     1.40
CHENG SHIN RUBBE      1.38    09/03/15      TWD     0.88
CHENG SHIN RUBBE      1.38    09/03/15      TWD     0.88
CHENG SHIN RUBBE      1.38    09/03/15      TWD     0.88
CHENG SHIN RUBBE      1.38    09/03/15      TWD     1.32
CHENG SHIN RUBBE      1.38    09/03/15      TWD     1.32
CHINA AIRLINES L      1.85    01/17/20      TWD     1.85
CHINA AIRLINES L      1.60    01/17/18      TWD     1.60
CHINA AIRLINES L      1.35    05/20/16      TWD     1.28
CHINA AIRLINES L      1.35    05/20/16      TWD     1.39
CHINA AIRLINES L      1.35    05/20/16      TWD     1.35
CHINA DEVELOPMEN      1.80    03/01/15      TWD     1.13
CHINA DEVELOPMEN      3.40    06/18/15      TWD     3.40
CHINA DEVELOPMEN      2.00    03/01/17      TWD     1.45
CHINA DEVELOPMEN      1.42    03/07/19      TWD     1.39
CHINA DEVELOPMEN      1.32    03/07/17      TWD     1.19
CHINA DEVELOPMEN      1.37    05/23/18      TWD     1.37
CHINA DEVELOPMEN      3.00    01/30/15      TWD     3.00
CHINA STEEL CORP      2.30    12/29/15      TWD     0.64
CHINA STEEL CORP      1.75    01/23/21      TWD     1.60
CHINA STEEL CORP      1.50    08/03/22      TWD     1.74
CHINA STEEL CORP      1.60    07/12/23      TWD     1.84
CHINA STEEL CORP      1.95    01/23/24      TWD     1.90
CHINA STEEL CORP      1.57    10/19/18      TWD     1.35
CHINA STEEL CORP      1.88    07/12/28      TWD     1.89
CHINA STEEL CORP      1.37    08/10/19      TWD     1.66
CHINA STEEL CORP      2.15    01/23/29      TWD     2.16
CHINA STEEL CORP      1.36    10/19/16      TWD     0.95
CHINA STEEL CORP      1.44    07/12/20      TWD     1.56
CHINESE MARITIME      1.40    06/08/17      TWD     1.40
CHINESE MARITIME      1.40    06/08/17      TWD     1.39
CHINESE MARITIME      1.40    06/08/17      TWD     1.40
CHINESE MARITIME      1.40    06/08/17      TWD     1.35
COTA COMMERCIAL       3.20    03/29/18      TWD     3.20
CPC CORP/TAIWAN       1.41    12/22/19      TWD     1.40
CPC CORP/TAIWAN       1.22    06/07/17      TWD     1.12
CPC CORP/TAIWAN       1.88    12/24/24      TWD     1.88
CPC CORP/TAIWAN       2.60    12/15/15      TWD     0.60
CPC CORP/TAIWAN       1.85    09/12/24      TWD     1.85
CPC CORP/TAIWAN       1.29    11/01/17      TWD     1.00
CPC CORP/TAIWAN       1.68    12/23/21      TWD     1.68
CPC CORP/TAIWAN       1.65    09/12/21      TWD     1.65
CPC CORP/TAIWAN       1.18    09/19/17      TWD     1.00
CPC CORP/TAIWAN       1.40    12/03/16      TWD     0.91
CPC CORP/TAIWAN       1.60    09/22/18      TWD     1.18
CPC CORP/TAIWAN       1.41    09/12/19      TWD     1.41
CPC CORP/TAIWAN       1.65    12/04/19      TWD     1.36
CPC CORP/TAIWAN       1.30    07/25/18      TWD     1.13
CPC CORP/TAIWAN       1.43    10/27/20      TWD     1.51
CPC CORP/TAIWAN       1.49    10/28/18      TWD     1.31
CPC CORP/TAIWAN       1.40    09/19/16      TWD     0.93
CPC CORP/TAIWAN       1.08    10/29/15      TWD     0.56
CPC CORP/TAIWAN       1.75    10/28/20      TWD     1.56
CPC CORP/TAIWAN       1.70    09/21/21      TWD     1.60
CPC CORP/TAIWAN       1.68    07/22/23      TWD     1.69
CPC CORP/TAIWAN       1.46    07/19/20      TWD     1.45
CPC CORP/TAIWAN       1.85    10/25/23      TWD     1.86
CPC CORP/TAIWAN       1.36    06/08/19      TWD     1.29
CPC CORP/TAIWAN       1.49    06/11/22      TWD     1.50
CPC CORP/TAIWAN       1.29    09/21/19      TWD     1.40
CPC CORP/TAIWAN       1.42    09/20/22      TWD     1.70
CTBC BANK CO LTD      3.10    04/25/15      TWD     0.92
CTBC BANK CO LTD      3.49    04/10/23      TWD     1.80
CTBC BANK CO LTD      2.00    06/26/29      TWD     2.00
CTBC BANK CO LTD      1.80    09/27/18      TWD     1.49
CTBC FINANCIAL H      1.66    02/20/19      TWD     1.58
CTBC FINANCIAL H      1.80    02/20/22      TWD     1.80
DA-LI CONSTRUCTI      1.42    06/23/19      TWD     1.42
DRAGON STEEL COR      1.75    06/10/21      TWD     1.72
DRAGON STEEL COR      1.40    06/10/19      TWD     1.45
E.SUN COMMERCIAL      1.70    05/24/23      TWD     1.70
E.SUN COMMERCIAL      1.80    03/07/21      TWD     1.70
E.SUN COMMERCIAL      3.10    02/15/15      TWD     2.30
E.SUN COMMERCIAL      1.80    10/28/18      TWD     1.50
E.SUN COMMERCIAL      2.35    10/20/16      TWD     1.34
E.SUN COMMERCIAL      3.15    10/24/15      TWD     3.15
E.SUN COMMERCIAL      1.95    03/07/24      TWD     1.95
E.SUN COMMERCIAL      2.50    04/03/16      TWD     2.50
E.SUN COMMERCIAL      2.20    07/13/17      TWD     2.20
E.SUN COMMERCIAL      2.20    05/28/17      TWD     1.45
E.SUN COMMERCIAL      1.58    04/27/19      TWD     1.58
E.SUN COMMERCIAL      1.68    06/28/22      TWD     1.88
E.SUN COMMERCIAL      1.50    08/27/19      TWD     1.57
E.SUN COMMERCIAL      1.55    05/24/20      TWD     1.55
E.SUN COMMERCIAL      1.62    08/27/22      TWD     1.62
E.SUN COMMERCIAL      1.75    08/28/20      TWD     1.75
E.SUN COMMERCIAL      1.85    12/19/20      TWD     1.85
E.SUN FINANCIAL       1.75    06/29/19      TWD     1.65
E.SUN FINANCIAL       2.70    04/28/17      TWD     1.87
ENTIE COMMERCIAL      3.25    12/16/17      TWD     3.25
ENTIE COMMERCIAL      3.25    08/23/17      TWD     1.97
EVA AIRWAYS CORP      1.21    01/20/16      TWD     1.21
EVA AIRWAYS CORP      1.15    06/14/18      TWD     1.20
EVA AIRWAYS CORP      1.15    06/14/18      TWD     1.20
EVA AIRWAYS CORP      1.21    01/20/16      TWD     1.26
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.18
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.18
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.27
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.29
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.27
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.18
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.27
EVA AIRWAYS CORP      1.22    05/31/17      TWD     1.27
EVA AIRWAYS CORP      1.15    06/14/18      TWD     1.20
EVA AIRWAYS CORP      1.15    06/14/18      TWD     1.20
EVA AIRWAYS CORP      1.15    06/14/18      TWD     1.25
EVA AIRWAYS CORP      1.44    08/31/16      TWD     1.05
EVA AIRWAYS CORP      1.21    01/20/16      TWD     1.21
EVA AIRWAYS CORP      1.21    01/20/16      TWD     1.26
EVA AIRWAYS CORP      1.21    01/20/16      TWD     1.31
EVA AIRWAYS CORP      1.44    08/31/16      TWD     1.06
EVA AIRWAYS CORP      1.44    08/31/16      TWD     1.28
EVA AIRWAYS CORP      1.44    08/31/16      TWD     1.28
EVA AIRWAYS CORP      1.44    08/31/16      TWD     1.28
EVA AIRWAYS CORP      1.44    08/31/16      TWD     1.01
EVERGREEN MARINE      1.28    04/26/17      TWD     1.18
EVERGREEN MARINE      1.28    04/26/17      TWD     1.31
EXPORT-IMPORT BA      0.88    02/12/16      TWD     0.74
EXPORT-IMPORT BA      0.90    06/24/17      TWD     0.90
EXPORT-IMPORT BA      0.90    01/28/16      TWD     0.80
EXPORT-IMPORT BA      0.68    06/20/16      TWD     0.68
EXPORT-IMPORT BA      1.25    05/30/17      TWD     1.25
EXPORT-IMPORT BA      0.80    10/16/16      TWD     0.80
FAR EASTERN DEPA      1.38    09/07/15      TWD     1.16
FAR EASTERN INTE      1.75    06/27/19      TWD     1.59
FAR EASTERN INTE      2.10    11/06/20      TWD     1.81
FAR EASTERN INTE      2.10    09/29/17      TWD     1.47
FAR EASTERN INTE      2.98    05/18/17      TWD     2.98
FAR EASTERN INTE      1.95    11/10/18      TWD     1.80
FAR EASTERN INTE      2.05    12/23/21      TWD     2.05
FAR EASTERN NEW       1.68    05/27/15      TWD     0.90
FAR EASTERN NEW       1.45    12/23/18      TWD     1.44
FAR EASTERN NEW       1.59    09/16/15      TWD     0.94
FAR EASTERN NEW       1.47    12/04/19      TWD     1.47
FAR EASTERN NEW       1.36    02/15/17      TWD     1.18
FAR EASTERN NEW       1.55    09/29/16      TWD     1.03
FAR EASTERN NEW       1.30    11/26/17      TWD     1.21
FAR EASTERN NEW       1.35    06/07/17      TWD     1.21
FAR EASTERN NEW       1.47    08/21/19      TWD     1.46
FAR EASTONE TELE      1.58    10/15/18      TWD     1.61
FAR EASTONE TELE      1.33    06/27/20      TWD     1.47
FAR EASTONE TELE      1.58    12/24/19      TWD     1.55
FAR EASTONE TELE      1.27    12/24/17      TWD     1.16
FAR EASTONE TELE      1.46    10/15/17      TWD     1.38
FAR EASTONE TELE      1.17    12/24/16      TWD     1.17
FIRST COMMERCIAL      1.47    09/25/19      TWD     1.45
FIRST COMMERCIAL      3.02    10/21/15      TWD     1.20
FIRST COMMERCIAL      3.10    06/23/15      TWD     2.95
FIRST COMMERCIAL      1.43    12/27/19      TWD     1.57
FIRST COMMERCIAL      1.92    09/28/17      TWD     1.59
FIRST COMMERCIAL      3.00    12/24/15      TWD     3.00
FIRST COMMERCIAL      1.65    06/24/18      TWD     1.65
FIRST COMMERCIAL      3.16    12/24/17      TWD     3.16
FIRST COMMERCIAL      1.65    03/30/18      TWD     1.26
FIRST COMMERCIAL      1.50    09/28/17      TWD     1.38
FIRST COMMERCIAL      1.72    03/30/21      TWD     1.72
FIRST COMMERCIAL      1.59    09/25/22      TWD     1.56
FIRST COMMERCIAL      1.72    06/24/21      TWD     1.72
FIRST FINANCIAL       1.60    07/22/15      TWD     0.90
FIRST FINANCIAL       2.25    07/22/17      TWD     1.41
FORMOSA CHEMICAL      1.38    10/31/16      TWD     1.16
FORMOSA CHEMICAL      1.56    06/29/15      TWD     0.77
FORMOSA CHEMICAL      1.24    07/08/18      TWD     1.30
FORMOSA CHEMICAL      1.23    12/07/17      TWD     1.25
FORMOSA CHEMICAL      1.50    01/22/23      TWD     1.80
FORMOSA CHEMICAL      1.44    06/10/16      TWD     0.91
FORMOSA CHEMICAL      1.29    07/26/17      TWD     1.14
FORMOSA CHEMICAL      1.34    01/22/20      TWD    99.19
FORMOSA CHEMICAL      1.51    12/07/22      TWD     1.53
FORMOSA CHEMICAL      1.52    07/29/15      TWD     0.59
FORMOSA CHEMICAL      1.36    12/07/19      TWD     1.57
FORMOSA CHEMICAL      1.52    07/08/23      TWD     1.54
FORMOSA CHEMICAL      1.40    07/26/19      TWD     1.47
FORMOSA CHEMICAL      1.38    07/08/20      TWD    99.05
FORMOSA CHEMICAL      1.81    07/04/24      TWD     1.84
FORMOSA CHEMICAL      2.03    07/04/29      TWD     2.04
FORMOSA PETROCHE      1.30    06/20/17      TWD     1.22
FORMOSA PETROCHE      1.43    09/12/19      TWD     1.43
FORMOSA PETROCHE      1.40    04/20/16      TWD     0.72
FORMOSA PETROCHE      1.33    10/14/15      TWD     0.72
FORMOSA PETROCHE      1.25    03/12/18      TWD     1.31
FORMOSA PETROCHE      1.42    05/25/16      TWD     0.82
FORMOSA PETROCHE      1.55    04/27/15      TWD     0.73
FORMOSA PETROCHE      1.44    07/27/19      TWD     1.47
FORMOSA PETROCHE      1.99    09/12/26      TWD     1.99
FORMOSA PETROCHE      1.54    05/25/15      TWD     0.72
FORMOSA PETROCHE      1.54    07/15/15      TWD     0.72
FORMOSA PETROCHE      1.41    06/26/20      TWD     1.53
FORMOSA PETROCHE      1.28    06/26/18      TWD     1.30
FORMOSA PETROCHE      1.44    06/20/19      TWD     1.58
FORMOSA PETROCHE      1.37    03/12/20      TWD     1.41
FORMOSA PETROCHE      1.35    07/27/17      TWD     1.10
FORMOSA PETROCHE      1.90    09/12/24      TWD     1.90
FORMOSA PLASTICS      1.55    06/21/15      TWD     0.73
FORMOSA PLASTICS      1.40    09/12/19      TWD     1.45
FORMOSA PLASTICS      1.34    11/16/16      TWD     0.73
FORMOSA PLASTICS      1.39    11/05/19      TWD     1.44
FORMOSA PLASTICS      1.83    05/21/24      TWD     1.86
FORMOSA PLASTICS      1.26    05/22/17      TWD     1.24
FORMOSA PLASTICS      1.92    05/21/26      TWD     1.94
FORMOSA PLASTICS      1.23    06/10/17      TWD     1.30
FORMOSA PLASTICS      1.25    11/05/17      TWD     1.23
FORMOSA PLASTICS      1.28    09/12/17      TWD     1.15
FORMOSA PLASTICS      1.42    11/08/18      TWD     1.47
FORMOSA PLASTICS      1.52    06/10/23      TWD     1.54
FORMOSA PLASTICS      1.42    05/22/19      TWD     1.49
FORMOSA PLASTICS      1.94    11/08/23      TWD     1.96
FORMOSA PLASTICS      1.53    11/05/22      TWD     1.55
FUBON FINANCIAL       1.60    12/18/20      TWD     1.65
FUBON FINANCIAL       1.72    07/21/21      TWD     1.72
FUBON FINANCIAL       1.42    12/18/18      TWD     1.45
FUBON FINANCIAL       1.56    08/23/15      TWD     0.70
FUBON FINANCIAL       1.70    01/28/15      TWD     0.48
FUBON FINANCIAL       1.58    08/28/20      TWD     1.58
FUBON FINANCIAL       1.45    08/28/18      TWD     1.36
FUBON FINANCIAL       2.60    01/27/17      TWD     1.32
FUBON FINANCIAL       1.90    01/28/17      TWD     1.40
FUBON FINANCIAL       2.60    01/28/17      TWD     1.46
FUBON FINANCIAL       1.45    08/15/19      TWD     1.47
FUBON FINANCIAL       1.35    08/15/17      TWD     1.06
FUBON FINANCIAL       1.40    11/15/16      TWD     0.72
GOLDSUN DEVELOPM      1.40    12/25/19      TWD     1.40
GTM HOLDINGS COR      1.30    07/24/18      TWD     1.31
HIYES INTERNATIO      1.40    09/23/17      TWD     1.40
HON HAI PRECISIO      1.43    12/27/15      TWD     0.90
HON HAI PRECISIO      1.66    06/14/18      TWD     1.32
HON HAI PRECISIO      1.33    01/30/18      TWD     1.26
HON HAI PRECISIO      2.02    10/08/24      TWD     2.02
HON HAI PRECISIO      1.95    07/08/24      TWD     1.95
HON HAI PRECISIO      1.80    10/08/21      TWD     1.80
HON HAI PRECISIO      1.45    10/18/16      TWD     1.04
HON HAI PRECISIO      1.17    05/21/17      TWD     1.14
HON HAI PRECISIO      1.75    03/18/21      TWD     1.74
HON HAI PRECISIO      1.43    05/23/17      TWD     1.12
HON HAI PRECISIO      1.85    12/17/20      TWD     1.70
HON HAI PRECISIO      1.35    10/11/17      TWD     1.50
HON HAI PRECISIO      1.45    01/30/20      TWD    99.66
HON HAI PRECISIO      1.35    12/17/16      TWD     1.07
HON HAI PRECISIO      1.50    12/17/18      TWD     1.50
HON HAI PRECISIO      1.40    03/18/19      TWD     1.40
HON HAI PRECISIO      1.18    08/06/15      TWD     1.20
HON HAI PRECISIO      1.70    07/08/21      TWD     1.70
HON HAI PRECISIO      1.23    03/18/17      TWD     1.16
HON HAI PRECISIO      1.95    05/21/24      TWD     1.95
HON HAI PRECISIO      1.47    03/08/16      TWD     0.89
HON HAI PRECISIO      1.51    07/18/16      TWD     0.98
HON HAI PRECISIO      1.43    06/14/16      TWD     1.25
HON HAI PRECISIO      1.82    06/14/21      TWD     1.78
HON HAI PRECISIO      1.45    10/08/19      TWD     1.45
HON HAI PRECISIO      2.15    10/08/26      TWD     2.15
HON HAI PRECISIO      1.37    05/21/19      TWD     1.37
HON HAI PRECISIO      1.70    05/21/21      TWD     1.70
HON HAI PRECISIO      2.00    03/18/24      TWD     2.00
HSBC BANK TAIWAN      1.40    03/10/15      TWD     0.53
HSBC BANK TAIWAN      1.40    01/31/19      TWD     1.27
HSBC BANK TAIWAN      1.48    02/05/23      TWD     1.48
HSBC BANK TAIWAN      1.55    03/10/16      TWD     0.60
HSBC BANK TAIWAN      1.23    02/05/18      TWD     1.20
HSBC BANK TAIWAN      1.34    02/05/20      TWD     1.47
HSBC BANK TAIWAN      1.25    01/31/17      TWD     1.11
HUA NAN COMMERCI      1.98    12/19/24      TWD     1.98
HUA NAN COMMERCI      2.60    12/29/19      TWD     2.60
HUA NAN COMMERCI      3.10    04/18/15      TWD     0.88
HUA NAN COMMERCI      3.08    01/16/18      TWD     3.08
HUA NAN COMMERCI      2.60    04/24/17      TWD     2.60
HUA NAN COMMERCI      3.20    05/16/16      TWD     3.20
HUA NAN COMMERCI      1.98    09/26/24      TWD     1.98
HUA NAN COMMERCI      1.83    12/19/21      TWD     1.83
HUA NAN COMMERCI      1.85    03/28/24      TWD     1.85
HUA NAN COMMERCI      2.45    07/16/17      TWD     1.62
HUA NAN COMMERCI      1.65    11/23/20      TWD     1.65
HUA NAN COMMERCI      1.63    12/06/18      TWD     1.52
HUA NAN COMMERCI      1.43    11/06/19      TWD     1.45
HUA NAN COMMERCI      1.55    11/06/22      TWD     1.55
HUA NAN COMMERCI      1.83    09/26/21      TWD     1.83
HUA NAN FINANCIA      1.55    01/21/20      TWD     1.56
HUA NAN FINANCIA      1.23    01/21/18      TWD     1.33
HWATAI BANK LTD       2.70    11/15/19      TWD     2.70
INDUSTRIAL BANK       2.30    10/28/18      TWD     1.80
INDUSTRIAL BANK       2.30    08/26/18      TWD     1.59
INDUSTRIAL BANK       3.00    04/12/17      TWD     3.00
INDUSTRIAL BANK       1.95    05/30/20      TWD     1.95
INDUSTRIAL BANK       1.85    08/17/19      TWD     1.83
INDUSTRIAL BANK       3.20    12/28/16      TWD     2.24
INDUSTRIAL BANK       1.85    06/26/21      TWD     1.85
INDUSTRIAL BANK       1.95    03/27/21      TWD     1.95
INDUSTRIAL BANK       1.95    09/26/21      TWD     1.95
JIH SUN INTERNAT      2.18    04/30/19      TWD     2.18
KGI SECURITIES C      1.15    03/15/15      TWD     0.72
KINDOM CONSTRUCT      1.55    08/28/19      TWD     1.55
KINDOM CONSTRUCT      1.40    12/15/16      TWD     1.28
KINDOM CONSTRUCT      1.60    09/26/18      TWD     1.60
KINDOM CONSTRUCT      1.41    06/25/17      TWD     1.41
KINDOM CONSTRUCT      1.30    06/18/18      TWD     1.30
KINDOM CONSTRUCT      1.40    10/28/16      TWD     1.40
LAND BANK OF TAI      3.00    04/15/15      TWD     0.90
LAND BANK OF TAI      1.53    12/15/17      TWD     1.38
LAND BANK OF TAI      2.80    12/29/15      TWD     1.00
LAND BANK OF TAI      2.00    06/29/17      TWD     1.61
LAND BANK OF TAI      1.55    04/13/19      TWD     1.60
LAND BANK OF TAI      1.64    10/20/18      TWD     1.42
LAND BANK OF TAI      1.98    12/25/24      TWD     1.98
LAND BANK OF TAI      1.60    12/29/18      TWD     1.54
LAND BANK OF TAI      1.43    12/26/19      TWD     1.47
LAND BANK OF TAI      1.72    12/26/20      TWD     1.72
LAND BANK OF TAI      1.43    10/22/19      TWD     1.43
LAND BANK OF TAI      1.50    06/26/19      TWD     1.45
LAND BANK OF TAI      1.55    12/26/22      TWD     1.55
MAI-LIAO POWER C      1.37    12/19/19      TWD    99.37
MAI-LIAO POWER C      1.25    12/19/17      TWD     1.25
MAYWUFA CO LTD        1.43    07/17/19      TWD     1.43
MEGA FINANCIAL H      3.26    12/26/15      TWD     1.46
MEGA INTERNATION      1.53    12/24/17      TWD     1.37
MEGA INTERNATION      2.90    03/20/15      TWD     2.90
MEGA INTERNATION      1.65    06/24/21      TWD     1.65
MEGA INTERNATION      3.00    09/29/15      TWD     0.95
MEGA INTERNATION      1.65    04/15/18      TWD     1.40
MEGA INTERNATION      3.10    06/26/15      TWD     0.90
MEGA INTERNATION      3.00    12/23/15      TWD     1.18
MEGA INTERNATION      1.62    11/24/18      TWD     1.38
MEGA INTERNATION      1.48    05/18/19      TWD     1.48
MEGA INTERNATION      1.70    03/28/21      TWD     1.70
NAN YA PLASTICS       1.45    08/05/18      TWD     1.28
NAN YA PLASTICS       2.04    06/24/29      TWD     2.04
NAN YA PLASTICS       1.93    11/11/24      TWD     1.93
NAN YA PLASTICS       1.98    12/18/23      TWD     1.94
NAN YA PLASTICS       1.36    02/25/20      TWD     1.51
NAN YA PLASTICS       1.45    11/11/19      TWD     1.45
NAN YA PLASTICS       1.36    07/04/17      TWD     1.13
NAN YA PLASTICS       1.27    11/12/15      TWD     0.93
NAN YA PLASTICS       1.56    08/30/15      TWD     0.68
NAN YA PLASTICS       1.35    11/07/16      TWD     1.20
NAN YA PLASTICS       1.56    06/25/15      TWD     0.90
NAN YA PLASTICS       1.40    08/05/17      TWD     1.21
NAN YA PLASTICS       1.55    08/05/20      TWD     1.54
NAN YA PLASTICS       1.25    09/07/17      TWD     1.22
NAN YA PLASTICS       1.37    09/07/19      TWD     1.47
NAN YA PLASTICS       1.45    07/04/19      TWD     1.38
NAN YA PLASTICS       1.50    02/25/23      TWD     1.52
NAN YA PLASTICS       2.08    12/18/25      TWD     2.10
PACIFIC CONSTRUC      1.50    05/06/16      TWD     1.50
PRINCE HOUSING &      1.33    07/12/17      TWD     1.33
PRINCE HOUSING &      1.55    11/21/18      TWD     1.55
RUN LONG CONSTRU      1.70    05/07/19      TWD     1.37
RUN LONG CONSTRU      1.60    08/01/19      TWD     1.37
SAN FAR PROPERTY      1.55    10/23/18      TWD     1.58
SHANGHAI COMMERC      3.05    12/26/15      TWD     3.05
SHANGHAI COMMERC      3.15    06/10/15      TWD     0.90
SHANGHAI COMMERC      1.85    03/25/24      TWD     1.85
SHANGHAI COMMERC      1.50    12/15/17      TWD     1.50
SHANGHAI COMMERC      1.43    11/15/19      TWD     1.43
SHANGHAI COMMERC      1.55    11/15/22      TWD     1.55
SHANGHAI COMMERC      1.48    04/10/19      TWD     1.45
SHANGHAI COMMERC      1.54    05/22/19      TWD     1.60
SHANGHAI COMMERC      1.43    12/27/19      TWD     1.57
SHANGHAI COMMERC      1.83    11/25/21      TWD     1.83
SHANGHAI COMMERC      1.70    03/25/21      TWD     1.65
SHIHLIN DEVELOPM      1.60    07/31/19      TWD     1.34
SHIN KONG FINANC      3.65    09/29/15      TWD     0.96
SHINING BUILDING      1.60    11/10/17      TWD     1.60
SINYI REALTY INC      1.48    06/27/19      TWD     1.48
SOLAR APPLIED MA      1.75    11/10/15      TWD     1.80
SUNNY BANK LTD        3.25    04/30/17      TWD     3.25
SUNNY BANK LTD        2.45    12/30/21      TWD     2.45
SUNNY BANK LTD        2.85    06/27/18      TWD     2.85
SUNNY BANK LTD        3.25    10/29/17      TWD     3.25
SUNNY BANK LTD        2.45    04/30/20      TWD     2.45
SUNNY BANK LTD        2.45    05/30/19      TWD     2.45
SUNNY BANK LTD        2.35    03/31/21      TWD     2.35
SUNNY BANK LTD        2.35    08/26/21      TWD     2.35
TA CHONG BANK LT      3.25    01/05/17      TWD     3.25
TA CHONG BANK LT      3.50    02/26/17      TWD     3.50
TA CHONG BANK LT      3.00    03/09/18      TWD     1.92
TA CHONG BANK LT      3.75    03/05/17      TWD     3.75
TA CHONG BANK LT      2.15    03/30/19      TWD     2.15
TA CHONG BANK LT      1.90    12/27/19      TWD     1.90
TA CHONG BANK LT      2.05    06/22/19      TWD     2.05
TA CHONG BANK LT      2.00    11/19/21      TWD     2.00
TA CHONG BANK LT      2.00    09/26/21      TWD     2.00
TA CHONG BANK LT      2.05    03/21/21      TWD     2.05
TAIPEI FUBON COM      1.60    05/20/15      TWD     1.14
TAIPEI FUBON COM      3.05    03/28/15      TWD     3.05
TAIPEI FUBON COM      1.98    09/25/24      TWD     1.98
TAIPEI FUBON COM      1.65    03/18/18      TWD     1.65
TAIPEI FUBON COM      2.20    12/22/16      TWD     1.17
TAIPEI FUBON COM      3.14    06/20/15      TWD     3.15
TAIPEI FUBON COM      1.60    03/01/15      TWD     0.65
TAIPEI FUBON COM      1.65    12/01/18      TWD     1.46
TAIPEI FUBON COM      2.05    08/20/20      TWD     2.05
TAIPEI FUBON COM      3.09    05/30/15      TWD     3.10
TAIPEI FUBON COM      1.95    08/20/17      TWD     1.60
TAIPEI FUBON COM      1.85    05/15/24      TWD     1.85
TAIPEI FUBON COM      2.50    01/25/20      TWD     2.50
TAIPEI FUBON COM      2.30    01/29/17      TWD     2.30
TAIPEI FUBON COM      2.20    01/25/17      TWD     1.14
TAIPEI FUBON COM      1.50    11/15/17      TWD     1.56
TAIPEI FUBON COM      1.70    08/05/18      TWD     1.45
TAIPEI FUBON COM      1.55    10/15/20      TWD     1.55
TAIPEI FUBON COM      1.70    05/20/17      TWD     1.70
TAIPEI FUBON COM      1.80    03/01/17      TWD     1.48
TAIPEI FUBON COM      2.50    03/02/20      TWD     2.50
TAIPEI FUBON COM      1.68    05/25/22      TWD     1.62
TAIPEI FUBON COM      1.48    04/05/19      TWD     1.48
TAIPEI FUBON COM      1.52    08/01/20      TWD     1.52
TAIPEI FUBON COM      1.70    08/01/23      TWD     1.70
TAIPEI FUBON COM      1.70    05/15/21      TWD     1.70
TAISHIN FINANCIA      2.00    05/15/19      TWD     1.85
TAISHIN FINANCIA      2.20    10/05/18      TWD     2.20
TAISHIN FINANCIA      2.30    12/17/17      TWD     1.65
TAISHIN FINANCIA      2.20    08/05/18      TWD     1.61
TAISHIN INTERNAT      1.95    05/16/24      TWD     1.95
TAISHIN INTERNAT      2.65    04/12/17      TWD     2.65
TAISHIN INTERNAT      1.53    10/19/19      TWD     1.53
TAISHIN INTERNAT      1.65    10/19/22      TWD     1.65
TAISHIN INTERNAT      1.53    12/14/19      TWD     1.53
TAISHIN INTERNAT      1.65    12/14/22      TWD     1.65
TAIWAN ACCEPTANC      1.25    10/17/17      TWD     1.25
TAIWAN ACCEPTANC      1.12    06/20/17      TWD     1.16
TAIWAN BUSINESS       2.50    12/18/16      TWD     1.36
TAIWAN BUSINESS       2.35    08/27/15      TWD     1.98
TAIWAN BUSINESS       1.92    11/25/20      TWD     1.82
TAIWAN BUSINESS       2.32    03/05/17      TWD     2.32
TAIWAN BUSINESS       1.92    09/02/17      TWD     1.47
TAIWAN BUSINESS       1.68    03/25/20      TWD     1.71
TAIWAN COOPERATI      1.70    07/28/18      TWD     1.41
TAIWAN COOPERATI      1.70    05/26/21      TWD     1.70
TAIWAN COOPERATI      1.85    05/26/24      TWD     1.85
TAIWAN COOPERATI      3.00    05/28/15      TWD     0.89
TAIWAN COOPERATI      1.72    12/25/20      TWD     1.72
TAIWAN COOPERATI      1.43    12/25/19      TWD     1.43
TAIWAN COOPERATI      1.48    03/28/20      TWD     1.58
TAIWAN COOPERATI      1.65    06/28/22      TWD     1.60
TAIWAN COOPERATI      1.55    12/25/22      TWD     1.55
TAIWAN COOPERATI      1.45    10/25/17      TWD     1.28
TAIWAN LAND DEVE      1.36    04/25/17      TWD     1.36
TAIWAN MOBILE CO      1.29    04/25/18      TWD     1.21
TAIWAN MOBILE CO      1.34    12/20/19      TWD     1.44
TAIWAN POWER CO       1.38    06/01/15      TWD     0.68
TAIWAN POWER CO       2.15    12/28/19      TWD     1.42
TAIWAN POWER CO       1.30    11/17/16      TWD     0.98
TAIWAN POWER CO       1.10    05/30/17      TWD     0.98
TAIWAN POWER CO       1.23    12/27/16      TWD     0.95
TAIWAN POWER CO       1.37    08/20/15      TWD     0.60
TAIWAN POWER CO       1.39    08/16/19      TWD     1.42
TAIWAN POWER CO       1.29    06/15/17      TWD     0.94
TAIWAN POWER CO       2.62    11/25/15      TWD     0.63
TAIWAN POWER CO       1.46    12/17/17      TWD     1.10
TAIWAN POWER CO       1.46    12/30/18      TWD     1.35
TAIWAN POWER CO       1.46    12/15/19      TWD     1.46
TAIWAN POWER CO       2.99    07/21/15      TWD     0.58
TAIWAN POWER CO       1.95    10/22/19      TWD     1.40
TAIWAN POWER CO       1.78    11/20/19      TWD     1.36
TAIWAN POWER CO       1.32    12/19/16      TWD     0.95
TAIWAN POWER CO       2.74    06/16/15      TWD     0.53
TAIWAN POWER CO       1.69    04/22/21      TWD     1.50
TAIWAN POWER CO       1.39    07/21/15      TWD     0.56
TAIWAN POWER CO       2.75    04/18/15      TWD     0.51
TAIWAN POWER CO       1.98    07/21/24      TWD     1.99
TAIWAN POWER CO       1.30    06/17/18      TWD     1.28
TAIWAN POWER CO       1.50    11/22/18      TWD     1.28
TAIWAN POWER CO       2.02    12/15/24      TWD     2.02
TAIWAN POWER CO       1.40    05/30/19      TWD     1.42
TAIWAN POWER CO       2.99    09/17/15      TWD     0.65
TAIWAN POWER CO       1.24    11/21/16      TWD     0.93
TAIWAN POWER CO       1.75    12/30/20      TWD     1.66
TAIWAN POWER CO       1.99    10/16/24      TWD     1.99
TAIWAN POWER CO       1.37    04/23/19      TWD     1.50
TAIWAN POWER CO       1.94    11/22/23      TWD     1.89
TAIWAN POWER CO       1.40    03/17/19      TWD     1.42
TAIWAN POWER CO       1.47    09/23/17      TWD     1.08
TAIWAN POWER CO       1.53    05/03/23      TWD     1.96
TAIWAN POWER CO       1.95    12/30/23      TWD     1.88
TAIWAN POWER CO       1.55    11/20/16      TWD     0.98
TAIWAN POWER CO       1.87    04/28/16      TWD     0.89
TAIWAN POWER CO       1.58    12/21/21      TWD     1.41
TAIWAN POWER CO       1.50    04/24/22      TWD     1.75
TAIWAN POWER CO       1.92    03/17/24      TWD     1.93
TAIWAN POWER CO       2.85    11/04/15      TWD     0.60
TAIWAN POWER CO       1.23    04/23/17      TWD     1.44
TAIWAN POWER CO       2.35    12/30/18      TWD     1.27
TAIWAN POWER CO       1.60    12/15/20      TWD     1.52
TAIWAN POWER CO       2.84    04/18/18      TWD     1.25
TAIWAN POWER CO       1.38    04/21/15      TWD     0.54
TAIWAN POWER CO       1.31    10/31/19      TWD     1.44
TAIWAN POWER CO       1.77    10/16/21      TWD     1.77
TAIWAN POWER CO       1.10    12/15/17      TWD     1.10
TAIWAN POWER CO       1.75    07/21/21      TWD     1.67
TAIWAN POWER CO       1.33    06/28/16      TWD     0.90
TAIWAN POWER CO       1.39    05/06/20      TWD     1.70
TAIWAN POWER CO       1.75    07/23/23      TWD     1.76
TAIWAN POWER CO       1.27    11/30/19      TWD     1.43
TAIWAN POWER CO       1.65    07/19/17      TWD     1.10
TAIWAN POWER CO       1.55    06/28/18      TWD     1.23
TAIWAN POWER CO       1.64    09/21/20      TWD     1.61
TAIWAN POWER CO       1.55    07/22/20      TWD     1.65
TAIWAN POWER CO       1.43    06/15/19      TWD     1.41
TAIWAN POWER CO       1.42    07/21/19      TWD     1.44
TAIWAN POWER CO       1.77    12/17/21      TWD     1.77
TAIWAN POWER CO       1.10    10/16/17      TWD     1.10
TAIWAN POWER CO       1.48    11/21/18      TWD     1.32
TAIWAN POWER CO       1.51    10/21/18      TWD     1.29
TAIWAN POWER CO       1.65    10/20/21      TWD     1.50
TAIWAN POWER CO       1.79    07/21/20      TWD     1.52
TAIWAN POWER CO       1.64    08/20/17      TWD     1.10
TAIWAN POWER CO       1.71    08/23/20      TWD     1.56
TAIWAN POWER CO       1.65    07/19/18      TWD     1.25
TAIWAN POWER CO       1.64    06/28/21      TWD     1.59
TAIWAN POWER CO       1.75    06/01/17      TWD     1.10
TAIWAN POWER CO       1.83    06/01/20      TWD     1.43
TAIWAN POWER CO       1.60    04/22/18      TWD     1.36
TAIWAN POWER CO       1.75    04/23/17      TWD     1.20
TAIWAN POWER CO       1.85    04/22/20      TWD     1.50
TAIWAN POWER CO       1.43    10/31/22      TWD     1.42
TAIWAN POWER CO       1.28    05/06/18      TWD     1.30
TAIWAN POWER CO       1.39    12/26/22      TWD     1.49
TAIWAN POWER CO       1.52    06/15/22      TWD     1.52
TAIWAN POWER CO       1.41    11/28/22      TWD     1.41
TAIWAN POWER CO       1.49    08/15/22      TWD     1.84
TAIWAN POWER CO       1.45    06/17/20      TWD     1.55
TAIWAN POWER CO       1.35    09/26/16      TWD     0.89
TAIWAN POWER CO       1.75    05/30/21      TWD     1.69
TAIWAN POWER CO       1.42    10/16/19      TWD     1.42
TAIWAN POWER CO       1.95    05/28/24      TWD     1.96
TAIWAN POWER CO       1.10    03/18/17      TWD     0.98
TAIWAN POWER CO       1.74    03/17/21      TWD     1.74
TAIWAN SEMICONDU      1.23    01/04/18      TWD     1.11
TAIWAN SEMICONDU      1.40    09/28/16      TWD     0.81
TAIWAN SEMICONDU      1.29    01/11/17      TWD     0.97
TAIWAN SEMICONDU      1.35    01/04/20      TWD     1.56
TAIWAN SEMICONDU      1.28    08/02/17      TWD     1.12
TAIWAN SEMICONDU      1.28    09/26/17      TWD     1.09
TAIWAN SEMICONDU      1.23    02/06/18      TWD     1.10
TAIWAN SEMICONDU      1.50    07/16/20      TWD     1.62
TAIWAN SEMICONDU      1.63    09/28/18      TWD     1.30
TAIWAN SEMICONDU      1.45    09/25/17      TWD     1.47
TAIWAN SEMICONDU      1.49    01/04/23      TWD    97.62
TAIWAN SEMICONDU      1.35    09/25/16      TWD     1.38
TAIWAN SEMICONDU      1.46    01/11/19      TWD     1.46
TAIWAN SEMICONDU      1.34    08/09/17      TWD     1.34
TAIWAN SEMICONDU      1.39    09/26/19      TWD    99.72
TAIWAN SEMICONDU      1.50    02/06/23      TWD     1.91
TAIWAN SEMICONDU      2.10    09/25/23      TWD     2.03
TAIWAN SEMICONDU      1.52    08/09/19      TWD     1.52
TAIWAN SEMICONDU      1.53    10/09/22      TWD     1.53
TAIWAN SEMICONDU      1.38    02/06/20      TWD    99.41
TAIWAN SHIN KONG      2.10    12/15/24      TWD     2.10
TAIWAN SHIN KONG      2.50    12/18/16      TWD     1.45
TAIWAN SHIN KONG      1.95    09/26/21      TWD     1.55
TAIWAN SHIN KONG      1.80    09/26/18      TWD     1.80
TAIWAN SHIN KONG      1.85    03/30/18      TWD     1.85
TAIWAN SHIN KONG      1.63    12/28/22      TWD     1.63
TAIWAN SHIN KONG      1.51    12/28/19      TWD     1.51
U-MING MARINE TR      1.32    08/22/17      TWD     1.32
UNION BANK OF TA      2.78    06/15/18      TWD     2.78
UNION BANK OF TA      2.32    03/01/19      TWD     2.32
UNION BANK OF TA      2.10    12/19/20      TWD     2.10
UNI-PRESIDENT EN      1.28    10/29/17      TWD     1.20
UNI-PRESIDENT EN      1.78    06/23/24      TWD     1.81
UNI-PRESIDENT EN      1.39    02/18/19      TWD     1.42
UNI-PRESIDENT EN      1.35    06/18/17      TWD     1.11
UNI-PRESIDENT EN      1.22    02/26/18      TWD     1.26
UNI-PRESIDENT EN      1.62    06/23/21      TWD     1.58
UNI-PRESIDENT EN      1.39    10/29/19      TWD     1.53
UNI-PRESIDENT EN      1.43    06/17/16      TWD     1.00
UNI-PRESIDENT EN      1.23    10/27/15      TWD     1.28
UNI-PRESIDENT EN      1.57    06/25/15      TWD     0.90
UNI-PRESIDENT EN      1.29    06/23/19      TWD     1.34
UNITED MICROELEC      1.43    06/07/17      TWD     1.20
UNITED MICROELEC      1.35    03/15/18      TWD     1.35
UNITED MICROELEC      1.50    03/15/20      TWD     1.58
UNITED MICROELEC      1.63    06/07/19      TWD     1.50
UNITED MICROELEC      1.95    06/18/24      TWD     1.95
UNITED MICROELEC      1.70    06/18/21      TWD     1.71
USI CORP              1.52    01/19/16      TWD     1.58
USI CORP              1.55    06/24/16      TWD     1.34
WAN HAI LINES LT      1.95    08/14/21      TWD     1.95
WAN HAI LINES LT      1.65    08/14/19      TWD     1.65
WAN HAI LINES LT      1.65    06/22/16      TWD     1.25
WAN HAI LINES LT      1.85    06/24/18      TWD     1.55
YANG MING MARINE      2.45    11/01/20      TWD     2.45
YANG MING MARINE      1.30    12/27/16      TWD     1.15
YANG MING MARINE      2.20    11/01/18      TWD     1.90
YANG MING MARINE      1.42    05/20/15      TWD     1.45
YANG MING MARINE      1.30    12/27/16      TWD     1.05
YANG MING MARINE      1.42    05/20/15      TWD     1.35
YANG MING MARINE      1.42    05/20/15      TWD     1.23
YANG MING MARINE      1.42    05/20/15      TWD     1.42
YANG MING MARINE      1.42    05/20/15      TWD     1.46
YANG MING MARINE      1.42    05/20/15      TWD     1.31
YANG MING MARINE      1.42    05/20/15      TWD     1.31
YANG MING MARINE      1.42    05/20/15      TWD     1.38
YANG MING MARINE      1.30    12/27/16      TWD     1.34
YANG MING MARINE      1.30    12/27/16      TWD     1.26
YANG MING MARINE      1.30    12/27/16      TWD     1.16
YANG MING MARINE      1.30    12/27/16      TWD     1.14
YANG MING MARINE      1.30    12/27/16      TWD     1.11
YANG MING MARINE      1.30    12/27/16      TWD     1.15
YFY INC               1.40    06/28/15      TWD     1.40
YFY INC               1.40    06/28/15      TWD     0.95
YUAN DING INVEST      1.35    05/26/19      TWD     1.43
YUAN DING INVEST      1.35    11/25/16      TWD     1.14
YUAN DING INVEST      1.62    07/19/15      TWD     1.45
YUAN DING INVEST      1.50    07/20/16      TWD     1.27
YUAN DING INVEST      1.45    12/15/16      TWD     1.40
YUAN DING INVEST      1.40    08/06/17      TWD     1.20
YUAN DING INVEST      1.25    08/06/15      TWD     1.30
YUANTA COMMERCIA      2.00    09/04/24      TWD     2.00
YUANTA COMMERCIA      1.85    08/22/18      TWD     1.55
YUANTA COMMERCIA      1.75    06/27/18      TWD     1.53
YUANTA COMMERCIA      2.30    06/10/17      TWD     1.38
YUANTA COMMERCIA      1.80    10/27/18      TWD     1.80
YUANTA COMMERCIA      1.95    10/27/21      TWD     1.95
YUANTA COMMERCIA      1.85    10/29/21      TWD     1.85
YUANTA COMMERCIA      1.80    09/04/21      TWD     1.80
YUANTA FINANCIAL      1.50    06/29/16      TWD     1.12






                             *********

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 2015.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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