TCRAP_Public/150224.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, February 24, 2015, Vol. 18, No. 038


                            Headlines


A U S T R A L I A

CONSULTING ELEMENTS: First Creditors' Meeting Set For Feb. 27
EXCELL GROUP: First Creditors' Meeting Slated For March 3
NONI B: Posts AUD2.4MM Half-Year Loss; Names New Director
TELEZON LIMITED: First Creditors' Meeting Slated For Feb. 27


I N D I A

ADVENTURA TECHNOLOGIES: ICRA Cuts Rating on INR6.06cr Loan to D
ALCOR COLONISERS: CRISIL Assigns B- Rating to INR120MM Term Loan
ASAN MEMORIAL: CARE Revises Rating on INR7.12cr LT Loan to D
BR ELASTICS: CRISIL Reaffirms B Rating on INR137.5MM Cash Loan
D. M. COTTON: CRISIL Assigns B Rating to INR82.5MM Cash Credit

DERBY CLOTHING: CRISIL Raises Rating on INR80MM Cash Credit to B-
EMIRATES TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR1.6B Loan
FAMINA KNITS: CRISIL Cuts Rating on INR100MM Cash Loan to D
FUTURE JEWELS: ICRA Suspends B Rating on INR30cr Bank Loan
GAYATRI PROJECTS: CARE Revises Rating on INR1,107.67cr Loan to B+

GKB OPHTHALMICS: CRISIL Reaffirms D Rating on INR60MM Loan
HANUMAN IMPEX: CRISIL Reaffirms B+ Rating on INR99MM Cash Credit
HANWANT FASTNERS: CARE Assigns B+ Rating to INR5.68cr LT Loan
JAINAM INDUSTRIES: CRISIL Rates INR60MM Cash Credit at B
JOYGURU COLD: CRISIL Ups Rating on INR40.9MM Cash Credit to B-

KAMAKSHI COTTON: ICRA Suspends B Rating on INR18.5cr Loan
LANCO GROUP: Seeks INR1,000cr Debt Restructuring
LAXMI MOULDS: CRISIL Reaffirms D Rating on INR132MM Bank Loan
MARUTHI TUBES: CARE Assigns D Rating to INR7.0cr ST Loan
METROSTAR PRINT: CRISIL Reaffirms B Rating on INR87.2MM Loan

NAVIN CONSTRUCTION: CRISIL Puts B Rating on INR80MM Cash Credit
NEEV TECHNOCAST: ICRA Reaffirms B- Rating on INR5.25cr LOC
P.M. DALL: CARE Revises Rating on INR5.08cr LT Loan to B+
PASSION INDUSTRIES: CRISIL Puts B+ Rating on INR80MM Cash Credit
POLYLACE INDIA: CARE Reaffirms B+ Rating on INR3cr LT Bank Loan

PUNE BUILDTECH: CARE Reaffirms D Rating on INR286cr LT Loan
R. V. RAYANAM: ICRA Suspends B+ Rating on INR20cr LT Loan
RANJAN FABRICS: ICRA Reaffirms B+ Rating on INR8.25cr Bank Loan
RECMET ALLOYS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
SANDOR LIFE: ICRA Rates INR35cr Non Convertible Debentures at B-

SHANTHI HOSPITAL: ICRA Lowers Rating on INR8.18cr LT Loan to B-
SHIRAGUPPI SUGAR: CARE Assigns B Rating to INR195.21cr LT Loan
SHREE SAIKRISHNA: CRISIL Reaffirms B+ Rating on INR40MM Loan
SHREERANGAM PACKAGING: CARE Cuts Rating on INR10.17cr Loan to B+
SMP NAMO: CRISIL Reaffirms B Rating on INR500MM Proposed Loan

SRI KARIGIRI: CRISIL Ups Rating on INR160MM Cash Credit to B+
THANGAVELU SPINNING: CRISIL Reaffirms B Rating on INR91.1MM Loan
VADIM INFRASTRUCTURE: CRISIL Rates INR45MM Cash Credit at B+


J A P A N

SKYMARK AIRLINES: ANA Holdings Mulls Helping Skymark Recover


N E W  Z E A L A N D

AREDDY PRIVATE: Goes Into Liquidation
HIGHFIELD PARK: Faces Liquidation Threat
ROSS ASSET: Receiver Still Confident About Claw Back Claims


X X X X X X X X

* BOND PRICING: For the Week Feb. 16 to Feb. 20, 2015


                            - - - - -


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


CONSULTING ELEMENTS: First Creditors' Meeting Set For Feb. 27
--------------------------------------------------------------
Con Kokkinos & Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Consulting
Elements Pty Ltd on Feb. 18, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Feb. 27, 2015, at 2:30 p.m.


EXCELL GROUP: First Creditors' Meeting Slated For March 3
---------------------------------------------------------
Dino Berardino Calvisi -- dcalvisi@rodgersreidy.com.au -- of
Rodgers Reidy Chartered Accountants was appointed as administrator
of Excell Group Pty. Ltd. on Feb. 19, 2015.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy Chartered Accountants, on March 3, 2015, at
11:30 a.m.


NONI B: Posts AUD2.4MM Half-Year Loss; Names New Director
---------------------------------------------------------
Eli Greenblat at The Australian reports that embattled women's
fashion chain Noni B has attracted veteran retail boss Sue Morphet
to its board as a non-executive director to help it navigate tough
trading conditions.

The Australian says Noni B (NBL), which last year was wrenched
from the control of its founders, the Kindl family, after a
AUD16.4 million takeover grab from investment firm Alceon Group,
on Feb. 23 posted an interim loss of AUD2.356 million, a
turnaround from the AUD1.89 million profit recorded last year.

Sales were down 8.6 per cent to AUD57.04 million, the report
discloses.

According to The Australian, the financial report said Alceon
-- Noni B's largest shareholder -- was committed to providing
financial support to the retailer.

Noni B has also sought and obtained a AUD2 million cash advance
and overdraft facility from ANZ for working capital, the report
relates.

According to The Australian, Alceon is an investment and advisory
firm run by former Babcock & Brown investment bankers and has a
77.5 per cent stake in the fashion chain, with an 11 per cent
blocking stake snatched by Gannet Capital, an investment firm
backed by the Smorgon Family.

As Alceon drags Noni B through a restructure, it has appointed Ms
Morphet, a former Pacific Brands chief executive, as a director,
relays The Australian.

The Australian says Noni B also announced the departure of its
chief financial officer Ann Phillips.

No interim dividend will be paid to shareholders, the report adds.

Noni B Limited (ASX:NBL) -- http://www.nonib.com.au-- is an
Australia-based retailer of women's apparel and accessories. The
Company operates through stores nationally and online and offers
stylish and contemporary clothes through its two brands; NONI B
and Liz Jordan.


TELEZON LIMITED: First Creditors' Meeting Slated For Feb. 27
------------------------------------------------------------
Craig Peter Shepard and Leanne Kylie Chesser of KordaMentha were
appointed as administrators of Telezon Limited and SSB Technology
Pty Ltd on Feb. 17, 2015.

A first meeting of the creditors of the Company will be held at
KordaMentha, Level 24, 333 Collins Street, in Melbourne, on
Feb. 27, at 10:00 a.m.



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


ADVENTURA TECHNOLOGIES: ICRA Cuts Rating on INR6.06cr Loan to D
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR3.14 crore
term loan and INR6.06 crore proposed term loan facilities of
Adventura Technologies (India) Private Limited (ATIPL) from
[ICRA]B to [ICRA]D. ICRA has also downgraded the short term rating
assigned to INR4.0 crore short-term bank facilities of ATIPL from
[ICRA]A4 to [ICRA]D.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan facilities     3.14       [ICRA]D (rating downgraded
                                       and suspended)

   Term Loan facilities     6.06       [ICRA]D (rating downgraded
   (proposed)                          and suspended)

   Short-Term Fund Based    4.00       [ICRA]D (rating downgraded
   facilities                          and suspended)

The rating downgrade takes into account the recent delays in debt
servicing by the company.

ICRA has also suspended the aforesaid [ICRA]D ratings of the bank
facilities of ATIPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

ATIPL, incorporated in June 2010 by Mr. Elavarasan Kathiresan, is
engaged in developing reusable IP core software for mobile storage
and connectivity applications, which serves system architects and
chip design teams in mobile, gaming and desktop computing systems.
The IP core software has the ability to integrate digital, analog
and software components. The Company started operations in July
2010 with offices in Tuticorin (Tamil Nadu) and Bangalore. The
Company acts as research and development arm for ARASAN and
currently ATIPL executes orders exclusively for ARASAN.


ALCOR COLONISERS: CRISIL Assigns B- Rating to INR120MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Alcor Colonisers Pvt Ltd (Alcor).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             120        CRISIL B-/Stable

The rating reflects Alcor's exposure to project-related risks
along with exposure to risks relating to cyclicality in the Indian
real estate industry. These rating weaknesses are partially offset
by the experience of promoters in the real estate business and the
favourable location of its project.

Outlook: Stable

CRISIL believes that Alcor will maintain a stable business risk
profile over the medium term on the back of the experience of the
promoters in the real estate business. The outlook may be revised
to 'Positive' if the company successfully completes the project
before the stipulated deadline and has higher-than-expected
realisations leading to better profitability. Conversely, the
outlook may be revised to 'Negative' in case of any time or cost
overrun that delays the successful completion of Alcor's project
resulting in further weakening of its financial risk profile or
low offtake of the project.

Alcor, a part of the BLG group, was established in 2012 to carry
out real estate development activities. Its registered office is
located in Ajmer (Rajasthan). The company is promoted by Mr. Ram
Kishore Bang, Mr. Krishan Murari Gupta, and Mr. Ketan Gupta, who
have two decades of experience in the real estate industry.


ASAN MEMORIAL: CARE Revises Rating on INR7.12cr LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Asan Memorial
Association.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    7.12        CARE D Revised from
                                            CARE BB

Rating Rationale
The revision in the ratings of Asan Memorial Association (AMA)
factors in the ongoing delays in servicing the debt obligations,
due to liquidity constraints faced by the society.

AMA was founded on October 18, 1965, by Mr A K Gopalan and
registered under the Societies' Registration Act XXI of 1860. The
main objective of AMA was to promote interest in Malayalam
literature and render educational services. AMA manages nine
educational institutions at various locations at Chennai and
Chengelpet in Tamil Nadu, comprising one engineering college, two
management colleges, one arts & science college, three schools, as
well as a dental college and hospital. AMA is managed by the
General Secretary, Ms Shymala.

AMA has achieved a surplus of INR12.23 crore on a total operating
income of INR51.75 crore in FY14 (refers to the period April 1 to
March 31) as compared with a surplus of INR0.20 crore on a total
operating income of INR30.67 crore in FY13.


BR ELASTICS: CRISIL Reaffirms B Rating on INR137.5MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of BR Elastics
India Pvt Ltd (BREPL) continue to reflect BREPL's small scale of
operations in the intensely competitive textile industry, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of BREPL's
promoters, and its moderate financial risk profile.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         137.5       CRISIL B/Stable (Reaffirmed)
   Term Loan            12         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BREPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its established relationships with key customers.
The outlook may be revised to 'Positive' in case of a sustained
improvement in the company's revenue and profitability, resulting
in a substantial increase its cash accruals, or if it improves its
working capital management, leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' if BREPL's
revenue and operating margin decline sharply, or if it undertakes
a large debt-funded capital expenditure programme, thereby
weakening its financial risk profile.

BREPL was originally set up as a proprietorship firm in 2000; the
firm was reconstituted as a private limited company in 2008. The
company, based in Tirupur (Tamil Nadu), manufactures varied types
of elastic including woven elastic, woven jacquard elastic, plain
knitted elastic, fancy frill elastic, and lycra elastic.


D. M. COTTON: CRISIL Assigns B Rating to INR82.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of D. M. Cotton Industries (DMCI).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           82.5       CRISIL B/Stable
   Long Term Loan        16.5       CRISIL B/Stable

The rating reflects DMCI's modest scale of operations in the
highly competitive cotton industry, its large working capital
requirements, and below-average financial risk profile marked by
high gearing and moderate debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
DMCI's promoters in the cotton industry, the proximity of its
cotton ginning unit to the cotton-growing belt in Gujarat, and the
absence of any long-term debt obligations.

Outlook: Stable

CRISIL believes that DMCI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial revenue
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in the firm's revenue and profitability, or
weakening of its working capital management affecting its
liquidity, or large debt-funded capital expenditure, weakening its
financial risk profile.

Incorporated in 2005, DMCI is promoted by the Surendranagar
(Gujarat)-based Shah family. The firm gins and presses cotton and
its promoters have experience of more than a decade in cotton
ginning and have also been associated with cotton farming.


DERBY CLOTHING: CRISIL Raises Rating on INR80MM Cash Credit to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan facility
of Derby Clothing Pvt Ltd (DCPL) to 'CRISIL B-/Stable' from
'CRISIL C', and reaffirmed its rating on the company's short-term
facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Letter of Credit       5        CRISIL A4 (Reaffirmed)


The rating upgrade follows DCPL's timely servicing of its term
debt, supported by infusion of funds by its promoters.
Additionally, the liquidity is supported by moderate business
performance in 2014-15 (refers to financial year, April 1 to March
31) leading to steady cash accruals. CRISIL believes that DCPL
will maintain its business performance, and hence, will generate
sufficient cash accruals to meet its debt obligations over the
medium term.

The ratings reflect DCPL's below-average financial risk profile,
marked by weak debt protection metrics, its large working capital
requirements, and its modest scale of operations with geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the ready-made garments industry.

Outlook: Stable

CRISIL believes that DCPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the company's revenue and profitability
improve significantly leading to better than expected cash
accruals or its working capital management improves thereby
improving its financial risk profile particularly its liquidity.
Conversely, the outlook may be revised to 'Negative' if DCPL's
scale of operations reduces or if its financial risk profile
deteriorates further, most likely because of increased working
capital borrowings, large debt-funded capital expenditure, or
lower-than-expected cash accruals.

DCPL was incorporated in Chennai in 1999. The company manufactures
and retails men's ready-made garments. It is promoted by Mr. Vijay
Kapoor.


EMIRATES TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR1.6B Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Emirates
Technologies Pvt Ltd (ETPL) continues to reflect ETPL's revenue
dependence on a single property and exposure to risks associated
with the same.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan           1,600        CRISIL B+/Stable (Reaffirmed)

The rating also reflects a tight match between ETPL's revenues
from its lease contracts and its debt servicing commitments. These
rating weaknesses are partially offset by the steady inflow of
lease rentals on account of ETPL's long-term lease agreements with
its key clients, and the financial support that the company is
likely to receive from its parent group.
Outlook: Stable

CRISIL believes that ETPL will maintain its business risk profile
over the medium term, supported by its long-term lease agreements
resulting in stable cash flows. Also, the company is likely to
continue to receive funding support from its promoters to meet its
debt obligations in a timely manner. The outlook may be revised to
'Positive' if ETPL registers significant increase in its lease
rentals leading to more-than-expected cash accruals vis-a-vis its
maturing debt obligations. Conversely, the outlook may be revised
to 'Negative' if ETPL undertakes a larger-than-expected, debt-
funded capital expenditure programme, resulting in deterioration
in its capital structure.

ETPL was established in 2003 by the New Delhi-based Gupta and Goel
families. The company is in the business of selling and leasing
out commercial spaces to information technology companies.
Currently, ETPL is operating a commercial property under the name
Knowledge Boulevard at Sector - 62 in Noida (Uttar Pradesh).


FAMINA KNITS: CRISIL Cuts Rating on INR100MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Famina Knits Ltd (FKL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Negotiation      50        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit          100        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')
   Foreign Bill
   Discounting           40        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Packing Credit        30        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term
   Bank Loan Facility    46        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan              4        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects FKL's prolonged over-utilisation of
its working capital limits for more than 30 consecutive days. The
over-utilisation has been caused by the company's stretched
liquidity driven by delay in realisation of receivables from
customers and foreign exchange losses.

FKL has a small scale of operations in the highly fragmented
knitwear industry, a weak financial profile marked by high
gearing, and large working capital requirements. However, the
company benefits from its promoter's extensive industry
experience.

FKL is a Ludhiana (Punjab)-based company that manufactures cotton-
based knitwear for men, women, and kids. The company is promoted
by Mr. Vijay Miglani, who has been engaged in the knitwear
industry since 1996.


FUTURE JEWELS: ICRA Suspends B Rating on INR30cr Bank Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to the
INR30 crore bank facilities of Future Jewels Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GAYATRI PROJECTS: CARE Revises Rating on INR1,107.67cr Loan to B+
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gayatri Projects Limited.

                                Amount
   Facilities                (INR crore)  Ratings
   ----------                -----------  -------
   Long-term Bank Facilities   1,107.67   CARE B+ Revised from
                                          CARE BB+ to CARE D and
                                          then revised to CARE B+

   Short-term Bank Facilities    300.00   CARE A4 Revised from
                                          CARE A4+ to CARE D and
                                          then revised to CARE A4

   Long-term/Short-term        2,801.00   CARE B+/CARE A4 Revised
   Facilities                             from CARE BB+/CARE A4+
                                          to CARE D and then
                                          revised to
                                          CARE B+/CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of Gayatri
Projects Limited (GPL) to 'CARE D' reflects delays in debt
servicing by the company in Q4FY14 (refers to the period
January 1 to March 31) and Q1FY15 (refers to the period
April 1 to June 30). The ratings were, hence, revised to 'CARE D'
as per CARE's policy of recognizing default. However, following
regularisation of debt servicing the ratings stand revised to
'CARE B+' (Single B Plus) and 'CARE A4' (A Four), respectively.
The ratings are constrained by the stretched liquidity position of
the company leading to restructuring of its loan, increasing debt
levels, high exposure to group companies, client concentration
risk, large, albeit reducing, equity commitments towards power and
the BOT projects which have long gestation periods, high repayment
obligations which in turn impact the liquidity profile of the
company and working capital intensive nature of business. The
ratings are underpinned by the track record of the company and
promoters' experience and satisfactory order book albeit certain
stalled orders and weak order inflow.

The ability of the company to improve its liquidity profile and
capital structure is the key rating sensitivity.

GPL is promoted by Dr T Subbarami Reddy, while the day-to-day
management of the company is currently undertaken by his son and
Managing Director Mr T V Sandeep Kumar Reddy. GPL is engaged in
the execution of civil works including the construction of dams,
roads, bridges, etc.

GPL registered a total operating income of INR1814.87 crore and
net profit of Rs 47.61 crore for FY14 (refers to the period
April 1 to March 31) vis-a-vis income of INR2,023.83 crore in FY13
with a net profit of INR63.09 crore. Furthermore, for
H1FY15, GPL registered a total operating income of INR648.52 crore
with a PAT of INR3.38 crore.


GKB OPHTHALMICS: CRISIL Reaffirms D Rating on INR60MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of GKB Ophthalmics Pvt Ltd
(GKB) continue to reflect instances of delay by GKB in servicing
its term debt. The delays were driven by the company's weak
liquidity, mainly due to stretched receivables mostly from its
group entities.

                         Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee            11        CRISIL D (Reaffirmed)
   Cash Credit               40        CRISIL D (Reaffirmed)
   Export Bill Purchase
   Discounting               20        CRISIL D (Reaffirmed)
   Export Packing Credit     60        CRISIL D (Reaffirmed)
   Letter of Credit          50        CRISIL D (Reaffirmed)
   Term Loan                 50        CRISIL D (Reaffirmed)

GKB also has a modest scale and working-capital-intensive nature
of operations. However, the company benefits from the extensive
experience of its management in the ophthalmic lenses industry.

GKB was incorporated in 1981, and commenced operations in 1983.
The company manufactures ophthalmic lenses such as single-vision
glass lenses, single-vision plastic lenses, bifocal plastic
lenses, and photochromic plastic lenses. It is promoted by Mr. K G
Gupta, along with his sons Mr. Vikram Gupta and Mr. Gaurav Gupta.


HANUMAN IMPEX: CRISIL Reaffirms B+ Rating on INR99MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Hanuman Impex
(HI) continues to reflect HI's average financial risk profile due
to low profitability, and its small scale of operations in the
intensely competitive and fragmented agricultural products
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters and its
established customer relationships.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            99       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if HI reports substantial
growth in its revenue and profitability, leading to an increase in
its cash accruals and hence to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile weakens, most likely due to a
stretch in its working capital cycle or a decline in
profitability.

Update
HI registered a 41-per-cent year-on-year growth in its revenue to
around INR1000 million in 2013-14 (refers to financial year, April
1 to March 31); the high growth was on account of the firm's
increased product offering and diversified customer profile. It
has also started trading in stone chips and rice bran de-oiled
cakes apart from its existing products of maize and soya bean de-
oiled cakes. The firm's topline is expected at INR1200 million to
INR1250 million for 2014-15. Its operating margin has remained low
at 2 to 3 per cent due to the trading nature of its business, and
is expected to remain at this level over the medium term.

HI has efficient working capital management, with gross current
assets (GCAs) expected at 53 days as on March 31, 2015, driven by
low inventory and debtors, expected at 10 days and 40 days,
respectively, as on this date. The GCAs have remain at 49 to 78
days in the three years ended March 31, 2014. Efficient working
capital management has translated into moderate dependence on
working capital debt to fund the firm's working capital
requirements; its cash credit limit was utilised at an average of
84 per cent during the 12 month through December 2014. However,
CRISIL believes that HI will require higher bank lines to fund its
incremental working capital requirements given its growing scale
of operations; timely enhancement of its cash credit limit will
remain a key rating driver over the medium term.

HI's net worth is estimated to remain small at around INR35
million over the medium term; the small net worth is expected to
result in a high total outside liabilities to tangible net worth
ratio of around 3.6 times over the period. However, the firm is
expected to have a moderate interest coverage ratio of 2.6 times
over the medium term. HI's financial risk profile is expected to
remain below average over this period, marked by a small net worth
and a leveraged capital structure.

HI reported a book profit and net sales of INR12.1 million and
INR1.0 billion, respectively, for 2013-14, against a book profit
of INR10.9 million on net sales of INR712 million for 2012-13.

HI, a proprietorship firm, was set up in 2005 by Mr. Rajeev Gupta
in Raxual (Bihar). It trades in animal feed products such as soya
bean de-oiled cakes and maize. It purchases products from
companies such as Ruchi Soya Industries Ltd and Adani Wilmar Ltd,
and sells them to poultry farmers across India and Nepal.


HANWANT FASTNERS: CARE Assigns B+ Rating to INR5.68cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Hanwant
Fastners Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.68       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Hanwant Fastners
Private Limited (HFPL) is primarily constrained by its small scale
of operations with low net worth base, working capital-intensive
nature of operations, leveraged capital structure and weak debt
service coverage indicators. The rating is further constrained by
highly competitive market due to presence of several organised and
unorganised players.

The rating, however, draws strength from the experienced promoters
and moderate profitability margins. Going forward, HFPL's ability
to grow its scale of operations, improving its profitability
margins and capital structure with efficient management of working
capital requirements shall be the key rating sensitivities.

HFPL was incorporated in September 1994 and started its commercial
operations in March 1995. The company is currently being managed
by Mr Mahavir Singh and Mr Hari Singh. The company is engaged in
the manufacturing of fasteners, mainly bolts. The company has its
manufacturing facility located at Rohtak, Haryana, with installed
capacity of 276 metrics tonnes per annum (MTPA) as on March 31,
2014. The company manufactures the products as per specific design
and requirements of the customers and the same are sold to the
manufacturers of auto-parts (mostly vendors of automobile
companies) in the domestic market.

For FY14 (refers to the period April 1 to March 31), HFPL achieved
a total operating income of INR12.33 crore with PBILDT and PAT of
INR1.25 crore and INR0.14 crore, respectively, as against total
operating income of INR11.37 crore with PBILDT and PAT of INR1.18
crore and INR0.13 crore, respectively, for FY13. During FY15, the
company has achieved TOI of approximately INR14.10 crore till
December 31, 2014.


JAINAM INDUSTRIES: CRISIL Rates INR60MM Cash Credit at B
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Jainam Industries Pvt Ltd (JIPL). The rating
reflects JIPL's average financial risk profile, and intense
competition in the industry leading to low profitability. These
rating weaknesses are partially offset by extensive industry
experience of promoters of JIPL.

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

Outlook: Stable

CRISIL believes that JIPL will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if the company registers a sizeable increase
in scale of operations and profitability resulting substantial
cash accruals. Conversely, the outlook may be revised to
'Negative' if the company's liquidity weakens with significantly
low cash accruals because of a decline in revenue or
profitability, or sizeable working capital requirements.

Incorporated in 2001, Ahmedabad-based JIPL is owned and managed by
Mr. Pravin Jain and Mr. Kirti Jain. The company trades in
petroleum-based products such as furnace oil, fuel oil, and fatty
oil, and has a distillation plant in Udaipur (Rajasthan), to
recover different grades of valuable products.

JIPL reported a net profit of INR1.7 million on net sales of
INR660.3 million for 2013-14 (refers to financial year, April 1 to
March 31), as compared to a net profit of INR2.0 million on net
sales of INR636.1 million for 2012-13.


JOYGURU COLD: CRISIL Ups Rating on INR40.9MM Cash Credit to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Joyguru Cold Storage Pvt Ltd (Joyguru) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       0.7        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit         40.9        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan           22          CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital      7.4        CRISIL B-/Stable (Upgraded
   Loan                            from 'CRISIL D')

The rating upgrade reflects Joyguru's improved liquidity, marked
by timely payment of interest over the past three months. In
addition, cash accruals are expected to increase, driven by an
improvement in the business risk profile and supported by better
operating income and margin. The accruals are likely to be
sufficient cash accruals to meet the company's debt obligations
over the medium term. CRISIL, however, believes that Joyguru's
liquidity, though improved, will remain constrained over the
medium term by modest profitability and large working capital
requirements.

The ratings reflect Joyguru's below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics. Furthermore, the company's operating
performance is exposed to a highly regulated and fragmented cold
storage industry in West Bengal. These rating weaknesses are
partially offset by the benefits the company derives from its
promoters' extensive experience in the cold-storage business.

Outlook: Stable

CRISIL believes that Joyguru will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage and potato trading business. However, the company's
financial risk profile is expected to remain under pressure over
the medium term because of its high gearing and modest net worth
owing to its large working capital requirements. The outlook may
be revised to 'Positive' if Joyguru's financial risk profile
improves, most likely driven by sizeable equity infusion or
larger-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity weakens further,
most likely because of an increase in working capital
requirements.

Incorporated in 1989, Joyguru provides its cold-storage facilities
to potato farmers and traders. The company is owned by West
Bengal-based Nandi family, which has experience of two and a half
decades in the same line of business. Joyguru's cold storage is
located in Bankura (West Bengal).


KAMAKSHI COTTON: ICRA Suspends B Rating on INR18.5cr Loan
---------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B to INR18.50 crore
fund based limits of Kamakshi Cotton Industries Ginning & Pressing
Unit. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Kamakshi Cotton Industries Ginning & Pressing Unit (KCI) was set
up as a partnership firm on April 22, 2008 by Mr. Jadala Bhaskar
Rao along with Mr. Jadala Srinivas. It is engaged in ginning and
pressing of Kapas (raw cotton) and trading of cotton lint. Based
at Jammikunta in Karimnagar district of Andhra Pradesh, the firm
has a capacity of 24 gins and 1 bale press.


LANCO GROUP: Seeks INR1,000cr Debt Restructuring
------------------------------------------------
The Press Trust of India reports that Lanco Group has approached
lenders to reschedule INR1,000 crore debt of two of its gas-based
power plants in Andhra Pradesh till January 2018.

The news agency relates that a senior executive of Lanco said the
infra major has also sought similar reprieve from lenders for some
of its power plants under Reserve Bank of India's 5/25 formula.

According to the report, T Adibabu, Chief Operating Officer of
Lanco Infratech, said the consortium of lenders led by Axis Bank
is likely to give nod for the restructuring of loan for the two
plants in a few days.

Lanco Kondapalli Power Limited (LKPL) operates three gas-based
power plants in Andhra Pradesh, the report notes.

Two plants -- Unit-II and III -- are not able to operate due to
lack of gas supplies from KG Basin. Unit III is yet to declare
Commercial Operation Date, says PTI.

"Between these two units the debt is around INR2,400 crore for a
capacity of 1,100 MW. We are seeking restructuring of INR1,000
crore debt from the lenders. The lead lender Axis Bank is actively
considering the proposal. They may approve the proposal shortly,"
Adibabu told PTI.

Justifying the restructuring of debt, he said they expect the gas
supply situation is expected to improve by 2017 and by then the
Unit III would also start operations with at least 25 to 30 per
cent capacity, according to the report.

"Because of this uncertainty, what we have requested the lenders
is to restructure the loan till January 2018 so that there will
not be any repayment pressure. We will service the interest
component. Without operations servicing the interest itself is a
big challenge," Adibabu, as cited by PTI, added.

He said the Group is also in the process of approaching lenders to
rescheduling of loans of some of its power plants under the
Reserve Bank's 5/25 Rule, PTI relays.

This rule enables a bank to extend loans to an infra developer for
25 years with an option to rewrite or reset the terms of the loan
or transfer it to another bank or financial institution after five
years, the report states.

On the Udipi Power plant which the company has an agreement to
sell to Adani, Adibabu said the deal is expected to be closed by
March 2015, adds PTI.


LAXMI MOULDS: CRISIL Reaffirms D Rating on INR132MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Laxmi Moulds Industries
Pvt Ltd (LMI) continue to reflect instances of delay by LMI in
servicing its term debt. The delays are caused by the company's
weak liquidity.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility     132         CRISIL D (Reaffirmed)

   Rupee Term Loan         16.9       CRISIL D (Reaffirmed)

   Term Loan               41.1       CRISIL D (Reaffirmed)

The rating also reflects LMI'S weak financial risk profile,
especially capital structure, and small scale of operations in the
intensely competitive industry, and large working capital
requirements. These rating weaknesses are partially offset by the
benefits that LMI derives from the extensive experience of its
promoters in the tire mould industry.

LMI was set up as a proprietorship concern, Laxmi Moulds
Industries, in 1981 by Mr. Nobukumar Manna; the firm's operations
were transferred to LMI on April 1, 2011. LMI manufactures tyre
moulds for tyres used in motorcycles, trucks, tractors, and buses.
The company's manufacturing facility is located in Bhayander
(Maharashtra). LMI is actively managed by Mr. Nobukumar Manna and
his son, Mr. Shankar Manna.


MARUTHI TUBES: CARE Assigns D Rating to INR7.0cr ST Loan
--------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Maruthi
Tubes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    5.65        CARE D Assigned
   Short term Bank Facilities   7           CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Maruthi Tubes
Private Limited (MTPL) factors in the ongoing delays in the debt
servicing on account of the stressed liquidity position of the
company.

Establishing a clear debt servicing track record with improvement
in its liquidity position is the key rating sensitivity.

Maruthi Tubes Private Limited (MTPL) was incorporated in March
1995 by Mr M Raaghavendra, Mr M Nagesh Kumar and Mr M Chandraiah.
Directors have four decades of experience in pipe, borewell and
civil construction industry. MTPL is engaged in civil construction
work and manufacturing of High Density Polyethylene (HDPE) pipes.
The company has started manufacturing HDPE Pipes under the brand
name "SUPER FLOW" with an initial capacity of 430 tons per annum.
Presently, it has scaled up the capacity to 4000 tons per annum as
on March 31, 2014. The company undertakes projects on a tender
basis from the public sector, private sector and government
department. MTPL has special class (civil) contract license from
the government of A.P. MTPL has BIS license no.CM/L-6116958 and
ISO 9001:2008 certification for its quality systems. About 75% of
the total revenue in FY14 (refers to the period April 1 to March
31) was from civil construction works and the rest 25% from sale
of HDPE pipes.

During FY14, MTPL reported a PAT of INR0.13 crore on a total
operating income of INR21.94 crore.


METROSTAR PRINT: CRISIL Reaffirms B Rating on INR87.2MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
Metrostar Print Solutions Pvt Ltd (MPSPL) continues to reflect
MPSPL's exposure to stabilisation and offtake risks associated
with its ongoing project. This rating weakness is partially offset
by the extensive experience of MPSPL's promoters in the printing
consumables industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          12.8        CRISIL B/Stable (Reaffirmed)
   Term Loan            87.2        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
stabilises its operations as per schedule and considerably
improves its cash accruals and debt servicing metrics. Conversely,
the outlook may be revised to 'Negative' if there is a significant
cost or time overrun in the project execution, or a delay in
stabilising operations at the unit, resulting in weakening of
MPSPL's debt servicing ability.

Update
In 2013-14 (refers to financial year, April 1 to March 31), MPSPL
started work on setting up a facility for manufacturing offset
printing plates that are used in the printing industry. Work on
the project was delayed by over a year and production is now
expected to commence from August 2015. Though there has been a
time overrun, the cost of the project and the debt component have
remained unchanged. The project is estimated to cost INR139
million and is being debt-funded to the extent of INR87 million.
About INR67 million of project work has been completed, for which
a term loan of about INR15 million has been drawn down. The bank
has also sanctioned a cash credit facility of INR16 million and
bank guarantee of INR2 million for the company's working capital
requirements on commencement of operations, which will ensure that
the initial working capital requirements are adequately funded.

MPSPL, incorporated in 2011, is setting up a unit for
manufacturing offset printing plates that are used in the printing
industry. The proposed facility is located at Taloja
(Maharashtra). The company is promoted by Mr. Mukund Bhuta and his
wife, Mrs. Hetal Bhuta.


NAVIN CONSTRUCTION: CRISIL Puts B Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRSIL A4' ratings to the
bank facilities of Navin Construction Corporation (Navin).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        40        CRISIL A4
   Cash Credit           80        CRISIL B/Stable

The ratings reflect Navin's small scale of operations in the
intensely competitive and highly fragmented civil construction
industry, working capital intensive nature of operations and
revenue concentration risks. The ratings also reflect the weak
financial risk profile of the company, marked by high gearing,
modest debt protection metrics and a small net worth. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the civil construction industry.
Outlook: Stable

CRISIL believes that Navin will continue to benefit over the
medium term from the industry experience of its promoters in the
construction industry. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations and profitability resulting in higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative', if the company undertakes larger-than-expected debt-
funded capital expenditure or in case of decline in revenues and
profitability leading to deterioration in its financial risk
profile.

Based in Cochin, Navin undertakes civil construction works in
Kerala. The company is promoted by Mr.N Sugathan and his family
members.

For 2013-14 (refers to the financial year April 1 to March 31),
Navin reported a profit after tax (PAT) of INR6.5 million on a net
sales of INR127 million against a PAT of INR5.8 million against a
net sales of INR117 million for 2012-13.


NEEV TECHNOCAST: ICRA Reaffirms B- Rating on INR5.25cr LOC
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR5.25 crore of Project Letter of Credit, INR0.60 crore of
cash credit facility and INR3.93 crore of term loan facility
(sublimit of Project Letter of Credit) of Neev Technocast Private
Limited.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Project Letter of
   Credit                  5.25        [ICRA]B- reaffirmed

   Cash Credit             0.60        [ICRA]B- reaffirmed

   Term Loan               3.93        [ICRA]B- reaffirmed

The reaffirmation of rating continues to factors in NTPL's small
scale of operations; weak financial profile characterized by low
profitability, meager cash accruals, weak coverage indicators,
highly working capital intensive operations and weak capital
structure. The ratings continue to remain constrained by the tight
liquidity position of the company as indicated by near full
utilization of working capital limits; company's limited
bargaining power with raw material suppliers; huge debt repayment
obligations in near term and the high competitive intensity in the
industry.

The rating, however, continues to positively consider the moderate
experience of the promoters in the aluminium pressing and casting
industry though relatively new in sand mould casting and the
technical ability to manufacture complex patterns with detailed
specifications and a short lead time.

Incorporated in August 2012, Neev Technocast Pvt Ltd (NTPL) is
engaged in manufacturing of sand moulds and aluminium castings at
Rajkot, Gujarat. The company is promoted by Mr. Sagar Parsana and
Mrs. Nisha Parsana who have over 5 years of experience in
aluminium pressing and casting manufacturing. The company has
installed German machinery which employs 3D printing of sand
moulds and has an installed capacity of 720 patterns annually with
maximum build volume of 1800mm x 1000mm x 700mm (W x D x H).

Recent Results
For the year ended on March 31, 2014, the company reported an
operating income of INR0.23 crore and net loss of INR1.10 crore.
Further during first 10 months of FY 2015 the company has reported
operating income of INR0.58 crore and profit before tax and
depreciation of INR0.41 crore (provisional unaudited financials).


P.M. DALL: CARE Revises Rating on INR5.08cr LT Loan to B+
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of P.M.
Dall Mills Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of P. M. Dall Mills
Private Limited (PMDMPL) was revised on account of the increase in
its scale of operations and improvement in its net profit margin,
capital structure and debt coverage indicators during FY14 (refers
to the period April 1 to March 31).

The rating continues to remain constrained on account of its
modest scale of operations and its weak financial risk profile
characterised by low profitability, leveraged capital structure
and weak debt coverage indicators. The rating further continues to
remain constrained on account of its presence in highly
competitive and fragmented agro processing industry and
vulnerability of its profit margins to commodity price
fluctuations.

The rating continues to draw strength from the experience of the
promoters and financial support extended in the form of unsecured
loans.

The ability of PMDMPL to increase its scale of operations, improve
profitability and capital structure with the efficient management
of working capital requirements are the key rating sensitivities.

Established as proprietorship firm in 1980, PMDPL resumed its
current name on February 04, 2010. It is engaged in processing and
trading of Arhar dal and ArharChunni. PMDPL sells its products
under various brand names like Nawab, Mitha, Mira, Hariyali and
Motidana. PMDPL procures the raw material primarily from domestic
market through various brokers & the entire revenue is also earned
from the domestic market. The processing unit of PMDPL is located
at Katni, Madhya Pradesh, with total capacity of 1.2 lakh quintals
per annum.

During FY14, PMDMPL reported a total operating income (TOI) of
INR63.51 crore (FY13: INR54.65 crore) and PAT of INR0.29
crore (FY13: PAT INR0.16 crore).


PASSION INDUSTRIES: CRISIL Puts B+ Rating on INR80MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Passion Industries Pvt Ltd (PIPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------           ---------     -------
   Term Loan               12.5       CRISIL B+/Stable

   Proposed Short Term
   Bank Loan Facility       2.5       CRISIL A4

   Cash Credit             80         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      30         CRISIL B+/Stable

The ratings reflect PIPL's working-capital-intensive operations,
and weak financial risk profile, marked by high gearing and weak
debt protection metrics. These ratings weaknesses are partially
offset by the company's established relationships with customers
and suppliers.

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if the company
reports a considerable increase in its sales and profitability,
leading to a significant improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PIPL's sales and profitability decline, or its working capital
requirements increase substantially, or it undertakes a large
debt-funded capital expenditure programme, leading to further
deterioration in its financial risk profile.

PIPL was originally set up as a proprietorship firm, Passion
Steels (PS) in 2009; PS was reconstituted as a private limited
company with the current name in September 2013. The company
manufactures alloy steel wires at its facility in Rohtak
(Haryana). It is managed by Mr. Navdeep Singh and his family.

PIPL reported a net profit of INR2.0 million on net sales of
INR333 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net profit of INR1.6 million on net sales of
INR261 million for 2012-13.


POLYLACE INDIA: CARE Reaffirms B+ Rating on INR3cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Polylace India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    3.00        CARE B+ Reaffirmed
   Long-term/Short-term Bank   19.24        CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale
The ratings continue to be constrained by the execution risk
associated with Polylace India Private Limited (PIPL)'s debt-
funded project, its weak financial risk profile marked by small
scale of operations coupled with deterioration in capital
structure and weak coverage indicators. The ratings also take
cognizance of increase in PIPL's inventory holding days resulting
in deterioration in working capital cycle.

The ratings, however, continue to favourably take into account the
experienced and resourcefulness of the promoters.
Going forward, stabilisation of the production process of the
newly set up manufacturing activities, its ability to scale up its
operations with improvement in profitability margins and capital
structure shall be the key rating sensitivities.

PIPL was initially incorporated as a proprietorship firm by Mr
Rajinder Sharma and Mr Sanjeev Kalra. The firm was later converted
into a private limited company in January 1993. The company is
currently engaged in the manufacturing of zip fasteners, commonly
known as zippers. PIPL manufactures a wide range of zippers which
find its usage in different industries like garments, automobiles
seat covers, shoes, etc. PIPL has a manufacturing facility located
in Wazirpur (New Delhi) having five different units with an
aggregate installed capacity of 1,800,000 kg per annum as on March
31, 2014. The company sells its products all over India through an
established network of 50 wholesale distributors under the brand
name 'TONI' all over India. The main raw materials used for
manufacturing zippers are monofilament yarn, polyester yarn,
aluminum wire and brass wire, which are mainly procured
domestically (around 95% of the total raw material purchased) from
Gujarat. The company also uses imported raw material from Taiwan
and China (around 5% of the total raw material purchased is
imported during the last 2 years).

Key Updates Status update on expansion project PIPL has undertaken
debt-funded expansion project in Bawal, Haryana, to install a
zipper manufacturing facility. The project started in May 2011.
The cost of the project was INR78.61 crore and was funded through
debt equity mix of 1.27x. According to the management, the cost
incurred till December 31, 2014, was INR71.08 crore. The company
has deferred import of machinery as envisaged in the project due
to global slowdown. The incurred cost is financed with equity of
INR27.01 crore, unsecured loans of INR24.64 crore and the rest
with bank term loans. There has been a cost overrun by INR7.37
crore in the project majorly in form building and miscellaneous
fixed assets due to increase in price of steel and cement. The
same is being funded by infusion from the promoters in form on
unsecured loans. However, company has started its operational
activity with the existing machinery and some machinery purchased
from the local market w.e.f
August 16, 2013. Going forward, being a new unit, the
stabilisation of production remains to be seen.

Weak financial risk profile The financial risk profile of the
company was weak in FY14 (refers to the period April 1 to
March 31) marked by small scale of operations with moderate
profitability margins, leveraged capital structure and weak debt
coverage indicators.

The total operating income of the company has been increasing on
y-o-y basis and it increased from INR23.38 crore in FY12 to
INR25.60 crore in FY14 at a CAGR of 4.63%. However, the scale of
operations continues to remain small which limits PIPL's financial
flexibility in times of stress and deprives it from scale
benefits. Furthermore, the company had achieved total operating
income of around INR19.23 crore in 9MFY15.


PUNE BUILDTECH: CARE Reaffirms D Rating on INR286cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Pune
Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    286.00      CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Pune Buildtech
Private Limited (PBPL) takes into account the stressed liquidity
position resulting in delays (on-going) in servicing of its debt
obligations.

The ability of PBPL to receive the revised approvals on time as
well as timely launch of the project for sale, so that the
liquidity position of the company is improved, are the key rating
sensitivities.

PBPL, is a wholly-owned subsidiary of Marine Drive Hospitality &
Realty Pvt Ltd (MDHRPL), a company promoter by the DB group. The
DB group is one of the leading well-diversified business groups in
India with interests in real estate and hospitality. MDHRPL is a
private limited company incorporated with an object of setting up
chain of hotels across the country under 5 star deluxe, 5 star, 4
star and construction of real estate buildings. Currently, it
operates two hotel properties.

PBPL owns a land parcel admeasuring 14,368 square metres (sq.m)
near Pune airport. PBPL had initial plans to develop a residential
project but to tap in the demand for the commercial space, PBPL
has now planned to develop the project as a mix of residential and
commercial. The total saleable area potential of the project is
6.1 lsf. As on December 31, 2014, PBPL has incurred INR155 crore
(30%) out of the total project cost of INR523 crore.


R. V. RAYANAM: ICRA Suspends B+ Rating on INR20cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR20.00 crore,
long term limits of R.V.Rayanam.  The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

R. V. Rayanam (RVR) is a partnership firm which was incorporated
in 2005. The firm is a special class Kakinada based construction
firm promoted by Mr. R V Rayanam, who has over four decades of
experience in civil construction. RVR is in the business of
execution of civil, electrical, mechanical and engineering
contracts as well as construction and sale of flats, houses and
commercial complexes. From its inception, the firm has only
executed central and state government department works. The
managing partner of the firm, Mr R V Rayanam, is a registered
class I contractor since 1970 and has 40 years of experience in
all types of civil engineering works like building and
constructions, road work, pipeline works, construction of over
head tanks and slumps.


RANJAN FABRICS: ICRA Reaffirms B+ Rating on INR8.25cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR8.25 crore (enhanced from 6.30) fund-based bank facilities of
Ranjan Fabrics Private Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based bank
   facilities              8.25         [ICRA]B+ reaffirmed

The rating continues to remain constrained by the continued
subdued profitability margins of the company, owing to high
competitive intensity and the fragmented nature of the weaving
industry. This, coupled with the working capital intensive nature
of operations, on account of high receivables and inventory, and
limited equity infusion have led to continued weak financial
profile of the company, as reflected in TOL/TNW of 2.50 times as
on March 31, 2014 and TD/OPBDITA of 4.13 times for FY2014.
However, ICRA's rating continues to derive comfort from the long
track record of the promoters in the textile industry as well as
the favourable location of RFPL's weaving facilities, which
provides easy accessibility to raw materials and processing
houses.

In ICRA's view, the ability of the company to improve
profitability and reduce its working capital cycle will be key
determinants of its debt coverage indicators and liquidity and
hence will be the key rating sensitivities. Any large debt funded
capex will also be a key monitorable.

Based in Bhilwara, Rajasthan, RFPL manufactures processed finished
fabric for sale under its own brand as well as for private labels.
The company is promoted by Mr. P. M Beswal who has been in this
line of business for more than three decades.

Recent Results
RFPL reported a net profit of INR0.69 crore on an operating income
of INR41.85 crore in FY2014 as against a net profit of INR0.53
crore on an operating income of INR35.99 crore in FY2013. As per
provisional results, the company achieved sales of INR27.00 crore
in 9M FY2015, as compared to sales of INR29.57 crore in the
corresponding period, last fiscal.


RECMET ALLOYS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Recmet Alloys Pvt Ltd (RAPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable
   Cash Term Loan        55        CRISIL B+/Stable

The rating reflects RAPL's start-up phase and expected modest
scale of operations in the highly fragmented lead recycling and
smelting industry. The rating also factors in the company's large
expected working capital requirements. These rating weaknesses are
partially offset by the extensive experience of RAPL's promoters
in the lead manufacturing industry, the favourable location of its
upcoming factory, and the comfortable funding mix for its project.

Outlook: Stable

CRISIL believes that RAPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' in case of improvement in the
company's financial risk profile, most likely due to a substantial
increase in its cash accruals, efficient working capital
management, and funding support from promoters. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
RAPL's financial risk profile, particularly its liquidity, most
likely because of low cash accruals, large working capital
requirements, or debt-funded capital expenditure.

RAPL, incorporated in 2010, has its registered office in New Delhi
but all its operations are carried out from its Vadodara (Gujarat)
office as this is near its plant in Jambusar, Bharuch district
(Gujarat). The company is setting up a unit for recycling and
smelting of lead.


SANDOR LIFE: ICRA Rates INR35cr Non Convertible Debentures at B-
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to INR35.00
crore* Non Convertible Debentures (NCD) programme of Sandor Life
Sciences Private Limited (SLSPL).

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Non Convertible
   Debentures              35.00        [ICRA]B- assigned

The assigned rating is constrained by SLSPL's small scale of
operations in the medical diagnostic service industry; weak
financial profile of the company reflected by operating losses in
FY 2014 & 6mFY2015 owing to high employee expenses and erosion of
net worth on the back of net losses in the past 2 years. ICRA
notes that the NCD redemption after 5 years is contingent upon the
promoter plans of diluting equity from group companies or
refinancing of these NCD's including the accrued interest amount.

This risk is partly mitigated by the demonstrated ability of the
promoter to raise equity from investors like TATA Capital
Healthcare Fund into SNSPL, Leonardo Investments Limited into SMPL
and SP Biotech Private Limited in to SLSPL in the past.

The assigned rating, however positively factors in significant
experience of the promoter group companies in medical diagnostic
industry and exclusive dealership of medicines and medical devices
manufactured by reputed pharmaceutical companies including Genzyme
Corporation and Medivators Inc in the gr oup company SMPL.

Sandor Life Sciences Private Limited (SLSPL) is promoted by Mr.
Rajeev Sindhi who is also the promoter of Sandor Medicaids Private
Limited in 2004 which is mainly in to medical device and drugs
marketing & distribution and primarily focuses on distribution of
high-tech biomedical and biotechnology products in India. SLSPL
provides services in medical genetics, cellular biology,
proteomics, genomics, and animal biotechnology etc. Mr. Shapoorji
Palloonji Mistry along with S.P. Bio Sciences Private Limited
jointly hold 62% stake in SLSPL while Mr. Rajeev Sindhi holds 15%
stake in SLSPL. The proposed NCD of INR35.00 crore will be used to
repay the loans availed from director promoter, Mr. Rajeev Sindhi
and to acquire 31% share holding of SMPL from Leonardo Investments
Limited. Of the loan amount proposed to be repaid to Mr. Rajeev
Sindhi, majority of the amount will be used for buying back the
62%of equity and preference shares held by Mr. Shapoorji Palloonji
Mistry and his group company in SLSPL. Post the transaction, SLSPL
will hold 31% shareholding of SMPL and Mr. Rajeev Sindhi will be
the major shareholder in SLSPL after buyback of shares from SP
group.

Recent Results
The company has reported net loss of INR1.89 crore for an
operating income of INR9.00 crore during FY 2014. As per
provisional statements for 6mFY2015, the company has reported net
loss of INR2.12 crore for an operating income of INR3.53 crore.


SHANTHI HOSPITAL: ICRA Lowers Rating on INR8.18cr LT Loan to B-
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR8.18
crore term loan (reduced from INR9.48 crore) of Shanthi Hospital
and Research Centre Private Limited (SHRC) from [ICRA] B+ to
[ICRA] B-.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund          8.18         [ICRA]B- (revised
   Based Facilities                     from [ICRA]B+)

The rating revision factors in SHRC's continued weak financial
performance as reflected by net losses and weak capital structure
marked by erosion of the net worth. ICRA also takes note of the
continued subdued occupancy levels which has marginally improved
from 34% in FY13 to 37% in FY14, however, still remains at sub-par
level in comparison to peers resulting in inadequate cash flows to
cover the debt repayment obligations. Moreover, SHRC is exposed to
high competitive intensity from the other established units
(including Apollo, Fortis, Sagar, Cradle, among others) in and
around SHRC's primary catchment zone.

The rating, however, continues to favorably factor in the
financial support derived by SHRC from the main investor which has
regularly infused funds in the hospital in the past in the form of
equity and the fact that all the facilities are fully operational
with no major capital expenditure expected to be incurred in the
near term. Besides, the rating is also supported by the fact that
SHRC is a multispecialty hospital and its revenue is diversified
across various specialties with significant portion coming from
Orthopedics (41%), OBG (25%), and General Surgery (16%). Further,
the presence of experienced consultants in the company's panel of
doctors is likely to have a positive impact on the occupancy
levels of the hospital as well as improve its brand visibility.
Going forward, SHRC's ability to attain optimum occupancy levels
and generate sufficient cash flows to service the debt repayment
obligations would be the key rating sensitive factors. Besides,
the timely servicing of debt through group support in case of any
shortfall will also be a key monitorable.

SHRC was incorporated in the year 2003 by Dr. Sanjay Gururaj, a
third generation physician to run a multi speciality hospital in
South Bangalore at 8th Block, Jayanagar which commissioned
operations in June 2010.SHRC is a multi-specialty hospital
providing medical services in the field of General Surgery,
Obstetrics Gynaecology (OBG), Orthopedics, Urology, and
Pediatrics. The hospital also receives funding support by an
investor belonging to Nadathur Group. The hospital is a
comprehensive primary and secondary healthcare unit with a built-
up area of 37,000sft and has a total of 40 beds, which includes 6
ICU beds and 3 operation theatres.

The Nadathur group was founded in the year 2000 by Mr. N. S.
Raghavan -- cofounder Infosys Technologies. Nadathur group is a
family backed private investment fund with an investment portfolio
of over USD 600 million across several asset classes -- more than
$50 million has been invested in the Life-sciences and Healthcare
platform.

Recent Results
In the eight months ended November' 2014 of the financial year
2014-15, the company reported a net loss of INR1.67 crore on an
operating income of INR8.41 crore (as per the provisional
results). For the financial year 2013-14, the company's net loss
stood at INR3.89 crore on an operating income of INR12.19 crore,
as against a net loss of INR5.39 crore on an operating income of
INR10.20 crore for the financial year 2012-13.


SHIRAGUPPI SUGAR: CARE Assigns B Rating to INR195.21cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shiraguppi
Sugar Works Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    195.21      CARE B Assigned
   (Fund-based)

Rating Rationale
The rating assigned to the bank facilities of Shiraguppi Sugar
Works Limited (SSWL) is constrained by its financial risk profile
marked by losses in FY14 (refers to the period of April 1 to Match
31), highly leveraged capital structure, working capital intensive
nature of operations and seasonal and cyclical nature of the sugar
industry. The rating also factors in the absence of long-term
power purchase agreement (PPA) for co-generation unit of SSWL.

The rating, however, derives strength from its qualified and
resourceful promoters, partially-integrated business model of
sugar mill resulting in de-risking of the core sugar business to a
certain extent and strategic location of the sugar factory in the
area of high recovery sugar cane.

The ability of SSWL to procure the envisaged volume of sugar cane
at the envisaged price, improve its profitability margins and
effectively manage working capital cycle are the key rating
sensitivities.

Shiraguppi Sugar Works Limited (SSWL) was incorporated in May 1995
by Mr Kallappa Parisa Magennavar to undertake sugar & sugar
related production. In March 2006, Doddanvar Brothers (DB) joined
the company as directors, by acquiring 95% shareholding of the
company, the remaining 5% been held by Mr Kallappa Parisa
Magennavar & Family. Post financial closure and land acquisition
in the year 2010, SSWL commenced project implementation activities
and successfully implemented the partially integrated sugar
factory with a crushing capacity of 5,000 tonnes of cane crushed
per day (TCD) and co-generation unit of 20 mega-watt (MW) in the
year 2012-13. The partially integrated sugar plant of SSWL is
located in village Kagwad, Taluka Athani, Dist. Belgaum Karnataka.
Presently the company is spearheaded by Mr Kallappa Parisa
Magennavar, Chairman and Mr Ramesh Pushpadant Doddanvar as the
Managing Director.


SSWL commenced its commercial operations from (October 2012) i e
sugar season (SS) 2012-13 and FY14 was the first full year of
commercial operations of the company. During SS 2013-14, SSWL
crushed sugar cane to the tune of 4.55 lakh MT as against 3.67
lakh MT in SS 2012-13.


SHREE SAIKRISHNA: CRISIL Reaffirms B+ Rating on INR40MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Saikrishna Cotton Industries (SSCI) continues to reflect the
modest scale of SSCI's newly begun operations in the highly
competitive cotton ginning industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15.2     CRISIL B+/Stable (Reaffirmed)

   Term Loan              24.8     CRISIL B+/Stable (Reaffirmed)

The rating also factors in SSCI's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and
susceptibility to changes in regulations. These rating weaknesses
are partially offset by the benefits that SSCI derives from its
promoters' extensive experience in the cotton ginning industry and
from its established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that SSCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's scale of
operations increases substantially, along with improvement in its
profitability, or if its capital structure improves, driven most
likely by equity infusion or large cash accruals. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile weakens, most likely because of increase in working
capital borrowings, large debt-funded capital expenditure, or
disruption in its operations because of regulatory changes.

Update
SSCI's sales remained moderate, at INR240 million, over the nine
months ended December 31, 2014, on account of decline in prices of
cotton. SSCI's revenue is expected to register moderate growth in
2014-15 (refers to financial year, April 1 to March 31) with
moderate demand. Its operating margin remained low, at
2.2 per cent, in 2013-14 on account of limited value addition in
operations.

SSCI provides limited credit of 12 to 15 days to its customers and
maintains inventory of 70 days. Its financial risk profile has
been moderate because of increase in net worth which resulted in
reduced gearing. SSCI's gearing was 1.91 times as on March 31,
2014, and is expected to increase to 2.41 over the medium term
because of increase in working capital requirements. The firm's
liquidity remains moderate, driven by moderate accruals and bank
limit utilization (averaging 79 per cent over the 12 months
through October 2014), and absence of any large capital
expenditure plan.

Set up in 2013, SSCI is promoted by the Patel family from Vijapur
(Gujarat). The firm is in the cotton ginning and pressing
business.


SHREERANGAM PACKAGING: CARE Cuts Rating on INR10.17cr Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shreerangam Packaging Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    10.17       CARE B+ Revised from
                                            CARE BB-

Rating Rationale
The rating assigned to the bank a facility of Shreerangam
Packaging Private Limited (SPPL) was revised on account of the
sharp deterioration in its capital structure and debt coverage
indicators during FY14 (refers to the period April 1 to
March
31).

The rating continues to remain constrained on account of its low
profitability, weak liquidity position with long inventory
holding, high competition in packaging industry along with
susceptibility of margins to volatility in prices of raw
materials.

The rating continues to draw strength from vast experience of the
promoter and well-established track record of operations of SPPL.
The ability of SPPL to increase the scale of operations, improve
profitability and capital structure with efficient management of
its working capital requirements remain the key rating
sensitivities.

SPPL was incorporated on September 4, 1991, by three key
promoters, ie, Mr Bharat Patel, Mr Kirit Patel and Mr
Ramakant Patel. SPPL is engaged in designing, printing and
packaging of wide range of corrugated boxes and printed cartons.
It is an ISO 9001:2008 certified company and caters to various
industries such as ceramic tiles, food & beverages, cosmetics and
pharmaceuticals. The unit of SPPL is spread over an area of 30,000
sq. mtr., having an installed capacity of 5 metric tonne (MT) per
month located at Ahmedabad-Viramgam highway, Gujarat.

SPPL produces variety of corrugated boxes such as "E" Flute,
"Narrow Flute and "Broad" Flute corrugation kraft paper in the
range of 12-28 Busting Factor (BF). SPPL also manufactures offset
printed duplex boxes with "E" fluted corrugation with glue pasting
and bottom lock.

During FY14, SPPL earned a net profit of INR0.08 crore on a total
operating income (TOI) of INR18.19 crore as against net profit of
INR0.14 crore on a TOI of INR14.69 crore during FY13.


SMP NAMO: CRISIL Reaffirms B Rating on INR500MM Proposed Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M/S. SMP Namo
Developers (SN) continues to reflect the firm's exposure to
project risk because of the initial stage of its large residential
project and its susceptibility to risks and cyclicality inherent
in the Indian real estate industry. These rating weaknesses are
partially offset by the benefits that SN derives from its
promoters' extensive experience in the real estate industry and
its established brand in Pune.

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

Outlook: Stable

CRISIL believes that SN will benefit from its promoters' extensive
experience and established presence in the real estate market in
Pune. The outlook may be revised to 'Positive' in case of better-
than-expected booking of units and receipt of customer advances
leading to higher-than-expected cash flows and more-than-expected
funding support from the promoters. Conversely, the outlook may be
revised to 'Negative' in case of weakening in SN's liquidity
either because of delays in receipt of customer advances or time
or cost overrun in its project.

Set up as a partnership firm in 2013, SN is a joint venture
between the Namo group and the SMP group. SN was formed for the
sole purpose of executing a real estate project, Eisha Garnet, at
Mohammadwadi in Pune (Maharashtra). The project will have around
450 residential units and around 70 commercial units, spread over
a saleable area of around 0.5 million square feet.

The Namo group is promoted by Pune-based Jain family, which has
been in the real estate business in Pune for over 30 years. The
SMP group is promoted by Pune-based Agarwal family, which has been
in the real estate business in Pune for over 20 years. Both groups
have individually executed several real estate projects in Pune.


SRI KARIGIRI: CRISIL Ups Rating on INR160MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Sri Karigiri Food Industries (SKFI) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          160        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Standby Line of
   Credit                10        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in SKFI's business risk
profile, driven by steady increase in its revenue and sustained
profitability margins. The firm reported revenue of INR620
million, year-on-year growth of 12 per cent, in 2013-14 (refers to
financial year, April 1 to March 31). SKFI's operating margin is
expected to be sustained at existing level over the medium term
marked by favourable government regulations.

The rating reflects SKFI's below-average financial risk profile,
marked by a leveraged capital structure and weak debt protection
metrics, and its modest scale of operations in the highly
fragmented rice milling industry. The rating also factors in the
susceptibility of the firm's operating margin to changes in
government regulations. These rating weaknesses are partially
offset by the extensive industry experience of SKFI's partners.

Outlook: Stable

CRISIL believes that SKFI will continue to benefit over the medium
term from its partners' extensive experience in the rice milling
industry. The outlook may be revised to 'Positive' if the firm's
revenue and profitability increase substantially, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SKFI undertakes aggressive debt-
funded expansion, or if its revenue and profitability decline
significantly, or if the partners withdraw capital from the firm,
leading to weakening in its financial risk profile.

Set up in 2008 as a partnership firm, SKFI mills and processes
paddy into rice, rice bran, broken rice, and husk.


THANGAVELU SPINNING: CRISIL Reaffirms B Rating on INR91.1MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Thangavelu
Spinning Mills Ltd (TSML) continues to reflect TSML's below-
average financial risk profile, marked by weak capital structure
and small net worth; the rating also factors in the company's
exposure to supplier concentration risk and the susceptibility of
its operating margin to volatility in input prices. These rating
weaknesses are partially offset by the extensive experience of
TSML's promoter in the textile industry and the company's
established relationships with its customers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            70         CRISIL B/Stable (Reaffirmed)
   Corporate Loan         10.7       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         10         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     91.1       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TSML will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if TSML significantly
improves its scale of operations and profitability leading to
large cash accruals, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if TSML
undertakes any large debt-funded capital expenditure programme or
if its profitability declines or if its working capital management
weakens, leading to deterioration in its financial risk profile.

Set up in 1980 by Mr. P Thangavelu, TSML was reconstituted as a
public limited company in 1995, TSML manufactures polyester yarn.
Its manufacturing facility is in Bommidi (Tamil Nadu).


VADIM INFRASTRUCTURE: CRISIL Rates INR45MM Cash Credit at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vadim Infrastructure Pvt Ltd (VIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of credit
   & Bank Guarantee      70         CRISIL A4

   Bank Guarantee        28         CRISIL A4

   Cash Credit           45         CRISIL B+/Stable

The ratings reflect the company's modest scale and working-
capital-intensive operations in the intensely competitive
engineering, procurement, and construction (EPC) business and its
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of VIPL's
promoters.

Outlook: Stable

CRISIL believes that VIPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company significantly scales up its
operations and profitability while improving its working capital
management, thereby enhancing its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if VIPL's
accruals decline or if its working capital management weakens
leading to stretch in liquidity or if it undertakes a large debt-
funded capital expenditure programme, weakening its financial risk
profile.

Set up in 2007 by Mr. Rajamanickam and Mr. Umapathy, Chennai-based
VIPL is an EPC contractor. The company is engaged in design,
engineering, procurement, and execution of turnkey projects for
process industries. It also provides industrial automation,
operation, and maintenance services.

For 2013-14 (refers to financial year, April 1 to March 31), VIPL
reported profit after tax (PAT) of INR6.7 million on total revenue
of INR299.7 million against PAT of INR0.3 million on total revenue
of INR293.7 million for 2012-13.



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


SKYMARK AIRLINES: ANA Holdings Mulls Helping Skymark Recover
------------------------------------------------------------
The Japan Times reports that ANA Holdings Inc., parent of All
Nippon Airways Co., said Feb. 23 it has notified bankrupt Skymark
Airlines Inc. of its plan to take part in the struggling airline's
restructuring.

ANA Holdings said its support may include a capital tie-up, joint
purchase of jet fuel and code-sharing, the report relates.

Japan Airlines Co., the other major Japanese carrier, has said it
will not apply to be a sponsor for Skymark, according to the
report.

Monday [Feb. 23] was the deadline set for airline companies to
submit sponsorship plans, the report notes.

From other industries, Tokyo-based investment fund Integral Corp.
has decided to extend a JPY9 billion loan, The Japan Times
discloses. About 20 other companies had applied for sponsorship by
Feb. 19, including leasing firm Orix Corp., Shinsei Bank and Daiwa
Securities Group Inc. as well as H.I.S. Co., a major travel agency
involved in creating Skymark, the report discloses.

According to the report, the troubled airline will examine each
presented restructuring plan and draw up its final list of
sponsors by the end of the month.

Skymark, which filed for court protection last month, will submit
a rehabilitation plan to the court by May 29, the report notes.

The report adds that the carrier faces a maze of issues, including
dealing with European aircraft-maker Airbus S.A.S. over a penalty
charge for breach of contract.

                      About Skymark Airlines

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related. It will
be delisted on March 1, the Tokyo Stock Exchange said.



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


AREDDY PRIVATE: Goes Into Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Areddy Private has
collapsed into liquidation owing over NZ$1 million to creditors.
Digby Noyce -- digby@rescorporate.co.nz -- of RES Corporate
Services has been appointed liquidator of Areddy Private, the
report says.

Unsecured creditors of the company were owed NZ$844,409 plus
NZ$311,285 owed to the Inland Revenue, Dissolve.com.au relays.


HIGHFIELD PARK: Faces Liquidation Threat
----------------------------------------
The Press reports that the future of Christchurch's giant 2200-
home Highfield Park subdivision has been thrown into doubt by the
threat of liquidation.

Engineering company Tonkin and Taylor has applied to the High
Court to have developers Highfield Park Ltd put into liquidation
over an unpaid debt, according to The Press.  If the bid is
successful, the court will appoint liquidators to wind up the
development company, the report notes.

Highfield Park Ltd has planned but not yet built the subdivision,
which would be bigger than Hagley Park and house over 5000
residents, the report relates.  The site is 260 hectares of
farmland between Redwood, Mairehau and Marshlands.

Last year, the company put the project on hold while it looked
offshore for funds or a joint-venture partner, the report notes.

It is understood they had struggled to get the financing and
construction partners needed to get the expensive project off the
ground, the report notes.  In the meantime their options to
purchase some land needed to complete the development expired.
Highfield Park Ltd is owned by co-owned by the project's founder,
Christchurch engineer Roy Hamilton, his business partner Brian
Thompson, plus other investors, the report relays.

Mr. Hamilton told The Press there were no buyers' deposits at
risk.  The company had previously "reversed" all transactions from
intending buyers, Mr. Hamilton said, the report discloses.  What
happened next depended on "what we can put in place, anything is
on the table," Mr. Hamilton added.

Because of its zoning, the land could still be developed for
housing whatever the outcome of the liquidation bid, Mr. Hamilton
said, the report notes.

"Highfield could still move ahead.  I'm very positive about what
we have achieved," Mr. Hamilton added.

Mr. Hamilton would not say whether or not there were other
creditors, the report notes.

The subdivision is intended to be New Zealand's first solar
community, offering ready built-homes as well as sections priced
between NZ$160,000 and NZ$240,000, the report relays.  The land
was approved for rezoning by the Christchurch City Council in 2013
but appeals delayed the process, the report says.

Earthquake Recovery Minister Gerry Brownlee's land use plan for
the city overrode those and other land zoning appeals later that
year, clearing the way for Highfield, the report discloses.

Highfield Park Ltd had signed deals with Meridian Energy,
manufacturer Panasonic and solar-power company SolarCity to
install the solar-energy systems on the homes, the report notes.

SolarCity boss Andy Booth said that the arrangement remained in
place, but had always been dependent on financing and other
requirements, the report adds.


ROSS ASSET: Receiver Still Confident About Claw Back Claims
-----------------------------------------------------------
Hamish McNicol at The Dominion Post reports that the receiver of
Ross Asset Management said the Supreme Court decision on Feb. 18
regarding voidable transactions is far from a "complete game-
changer" for its own claw back claims, potentially worth more than
NZ$25 million.

The report relates that the court on Feb. 18 overturned a Court of
Appeal ruling allowing liquidators to claim back payments made by
a failed company for goods and services up to two years before its
collapse.

Contractors and sub-contractors hailed the ruling as a victory for
common sense, the report says.

According to the report, liquidators in three separate cases had
argued they should be permitted to use the "voidable transactions"
provisions of the Companies Act, which was intended to prevent
queue-jumping among creditors.

The Dominion Post says law firm Harkness Henry and insolvency
practice Kelman & Co warned that the Supreme Court's decision
could have a big impact on some current high-profile collapses,
such as Mainzeal and Ross Asset Management (RAM).

But RAM receiver John Fisk said the decision was not a major issue
for its own clawback attempts, which had several aspects to it,
the report relates.

The report says the receivers are using the Companies Act to go
back two years from their appointment to claw back up to
NZ$25 million from investors who withdrew money from the Ponzi
scheme before it collapsed.

They are using Section 292 voidable transaction claims, as
addressed in the Supreme Court judgment, but also Section 297 of
the same act, the report notes.

Furthermore, they recently announced they would also be making
claims under the Property Law Act, which allows it to go back six
years, relays The Dominion Post.

"It does have some impact, but it's not a complete game-changer
for us in terms of those claims," the report quotes Mr. Fisk as
saying.  "He (Harkness Henry litigation partner Kevin Bond) was
saying this is a major issue for us, I don't think it is; not in
the terms that he suggests, anyway."

In November 2013, David Ross was jailed for 10 years and 10 months
for operating a fraudulent scheme in which private investors lost
about NZ$115 million.  His company, RAM, fleeced at least 700
investors through portfolios in which they thought they had more
than NZ$380 million.

The report notes that the first of three test claims against
investors -- their names have been suppressed -- who withdrew
fictitious profits will be heard in March.

One of the entities from which NZ$2.3 million is being sought
lists a high-profile Wellingtonian among its shareholders, the
Dominion Post discloses.

According to the report, Mr. Fisk said recently he was reluctant
to put a number on what the new claims might be, but said it would
exceed NZ$25 million.

Citing early PwC reports, The Dominion Post relates that funds
withdrawn by investors over the last five years of Ram exceeded
contributions by more than NZ$60 million.

The new claw back claims have been said to have the potential to
"make a substantial difference to the outcome of the liquidation,"
the report discloses.

The Dominion Post adds that Mr. Fisk said Feb. 19 the claw back
claims were also supported by some of the United States cases,
where liquidators have made recoveries for other Ponzi schemes.

"It's a bit different to your traditional trade creditor that's
just been dealing with a business over a period of time and
receiving payments," Mr. Fisk, as cited by The Dominion Post,
said.

                      About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


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


* BOND PRICING: For the Week Feb. 16 to Feb. 20, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY LT   10.00     10/30/23      AUD     1.96
BOART LONGYEAR MA    7.00     04/01/21      USD    70.00
BOART LONGYEAR MA    7.00     04/01/21      USD    70.00
CML GROUP LTD        9.00     01/29/20      AUD     1.00
CRATER GOLD MININ   10.00     08/18/17      AUD    25.25
EMECO PTY LTD        9.88     03/15/19      USD    72.75
EMECO PTY LTD        9.88     03/15/19      USD    73.00
GRIFFIN COAL MINI    9.50     12/01/16      USD    74.00
GRIFFIN COAL MINI    9.50     12/01/16      USD    74.00
KBL MINING LTD      10.00     02/16/17      AUD     0.24
MIDWEST VANADIUM    11.50     02/15/18      USD     8.00
MIDWEST VANADIUM    11.50     02/15/18      USD    11.00
RESOLUTE MINING L   10.00     12/04/17      AUD     1.00
STOKES LTD          10.00     06/30/17      AUD     0.46
TREASURY CORP OF     0.50     11/12/30      AUD    66.18


CHINA
-----

CHANGCHUN CITY DE    6.08     03/09/16      CNY    70.46
CHANGCHUN CITY DE    6.08     03/09/16      CNY    69.50
CHANGZHOU INVESTM    5.80     07/01/16      CNY    70.00
CHANGZHOU INVESTM    5.80     07/01/16      CNY    70.24
CHINA GOVERNMENT     1.64     12/15/33      CNY    71.57
CHINA NATIONAL ER    5.65     09/26/17      CNY    63.00
DANYANG INVESTMEN    6.30     06/03/16      CNY    70.34
HANGZHOU XIAOSHAN    6.90     11/22/16      CNY    70.85
HANGZHOU XIAOSHAN    6.90     11/22/16      CNY    71.55
HEILONGJIANG HECH    7.78     11/17/16      CNY    70.20
HEILONGJIANG HECH    7.78     11/17/16      CNY    71.30
HUAIAN CITY URBAN    7.15     12/21/16      CNY    70.21
HUNAN CHANGDE REG    5.90     01/29/16      CNY    69.00
JIANGSU HUAJING A    5.68     09/28/17      CNY    73.58
JIANGSU LIANYUN D    7.85     07/22/15      CNY    70.70
KUNSHAN ENTREPREN    4.70     03/30/16      CNY    68.96
KUNSHAN ENTREPREN    4.70     03/30/16      CNY    69.84
LIAOYUAN STATE-OW    7.80     01/26/17      CNY    71.26
LIAOYUAN STATE-OW    7.80     01/26/17      CNY    71.35
NANJING PUBLIC HO    5.85     08/08/17      CNY    65.02
NANTONG STATE-OWN    6.72     11/13/16      CNY    70.07
NANTONG STATE-OWN    6.72     11/13/16      CNY    71.22
NINGDE CITY STATE    6.25     10/21/17      CNY    60.44
PANJIN CONSTRUCTI    7.70     12/16/16      CNY    71.86
PANJIN CONSTRUCTI    7.70     12/16/16      CNY    71.41
QINGZHOU HONGYUAN    6.50     05/22/19      CNY    50.55
QINGZHOU HONGYUAN    6.50     05/22/19      CNY    50.33
TAIZHOU CITY CONS    6.90     01/25/17      CNY    70.19
WUXI COMMUNICATIO    5.58     07/08/16      CNY    50.11
WUXI COMMUNICATIO    5.58     07/08/16      CNY    50.01
XIANGTAN JIUHUA E    6.93     12/16/16      CNY    69.99
XIANGTAN JIUHUA E    6.93     12/16/16      CNY    70.67
YANGZHOU URBAN CO    5.94     07/23/16      CNY    70.42
YANGZHOU URBAN CO    5.94     07/23/16      CNY    69.09
YIYANG CITY CONST    8.20     11/19/16      CNY    71.86
ZHENJIANG CITY CO    5.85     03/30/15      CNY    70.01
ZHENJIANG CITY CO    5.85     03/30/15      CNY    69.94
ZHUCHENG ECONOMIC    7.50     08/25/18      CNY    49.12
ZIBO CITY PROPERT    5.45     04/27/19      CNY    60.33
ZOUCHENG CITY ASS    7.02     01/12/18      CNY    61.55


INDONESIA
---------

BERAU COAL ENERGY    7.25     03/13/17      USD    65.25
BERAU COAL ENERGY    7.25     03/13/17      USD    61.93
DAVOMAS INTERNATI   11.00     12/08/14      USD    18.75
PERUSAHAAN PENERB    6.75     04/15/43      IDR    72.71
PERUSAHAAN PENERB    6.10     02/15/37      IDR    70.66


INDIA
-----

3I INFOTECH LTD      5.00     04/26/17      USD    30.00
BLUE DART EXPRESS    9.30     11/20/17      INR    10.10
BLUE DART EXPRESS    9.50     11/20/19      INR    10.23
BLUE DART EXPRESS    9.40     11/20/18      INR    10.17
CORE EDUCATION &     7.00     05/07/15      USD    10.00
COROMANDEL INTERN    9.00     07/23/16      INR    15.75
GTL INFRASTRUCTUR    3.03     11/09/17      USD    28.25
INCLINE REALTY PV   10.85     08/21/17      INR    15.59
INCLINE REALTY PV   10.85     04/21/17      INR    12.44
INDIA GOVERNMENT     7.64     01/25/35      INR    24.00
JAIPRAKASH ASSOCI    5.75     09/08/17      USD    74.52
JCT LTD              2.50     04/08/11      USD    22.50
MASCON GLOBAL LTD    2.00     12/28/12      USD     3.68
ORIENTAL HOTELS L    2.00     11/21/19      INR    72.24
PRAKASH INDUSTRIE    5.25     04/30/15      USD    67.00
PYRAMID SAIMIRA T    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 & G    5.00     08/17/15      USD    26.13


JAPAN
-----

AVANSTRATE INC       3.02     11/05/15      JPY    35.25
AVANSTRATE INC       5.00     11/05/17      JPY    30.25
ELPIDA MEMORY INC    0.70     08/01/16      JPY    17.00
ELPIDA MEMORY INC    0.50     10/26/15      JPY    12.50
ELPIDA MEMORY INC    2.10     11/29/12      JPY    17.00
ELPIDA MEMORY INC    2.03     03/22/12      JPY    17.00
ELPIDA MEMORY INC    2.29     12/07/12      JPY    17.00


KOREA
-----

2014 KODIT CREATI    5.00     12/25/17      KRW    27.40
2014 KODIT CREATI    5.00     12/25/17      KRW    27.40
DONGBU CORP          8.95     02/28/15      KRW    44.21
DONGBU CORP          4.00     06/29/15      KRW    41.27
DONGBU METAL CO L    5.20     09/12/19      KRW    53.80
EXPORT-IMPORT BAN    0.50     12/22/17      BRL    71.64
EXPORT-IMPORT BAN    0.50     11/21/17      BRL    73.00
HYUNDAI HEAVY IND    4.90     12/15/44      KRW    57.73
HYUNDAI HEAVY IND    4.80     12/15/44      KRW    58.80
HYUNDAI MERCHANT     7.05     12/27/42      KRW    37.54
KIBO ABS SPECIALT   10.00     02/19/17      KRW    31.31
KIBO ABS SPECIALT   10.00     09/04/16      KRW    32.78
KIBO ABS SPECIALT    5.00     01/31/17      KRW    29.19
KIBO ABS SPECIALT    5.00     03/29/18      KRW    26.53
KIBO ABS SPECIALT   10.00     08/22/17      KRW    30.27
KIBO GREEN HI-TEC   10.00     12/21/15      KRW    33.67
LSMTRON DONGBANGS    4.53     11/22/17      KRW    27.13
POSCO ENERGY CORP    4.72     08/29/43      KRW    70.72
POSCO ENERGY CORP    4.72     08/29/43      KRW    70.44
POSCO ENERGY CORP    4.66     08/29/43      KRW    71.27
SINBO SECURITIZAT    5.00     01/29/17      KRW    29.91
SINBO SECURITIZAT    5.00     09/28/15      KRW    31.83
SINBO SECURITIZAT    5.00     08/31/16      KRW    30.64
SINBO SECURITIZAT    5.00     08/31/16      KRW    31.28
SINBO SECURITIZAT    5.00     01/19/16      KRW    20.40
SINBO SECURITIZAT   10.00     12/27/15      KRW    32.77
SINBO SECURITIZAT    5.00     05/27/16      KRW    31.34
SINBO SECURITIZAT    5.00     12/07/15      KRW    29.88
SINBO SECURITIZAT    5.00     05/27/16      KRW    31.34
SINBO SECURITIZAT    5.00     07/08/17      KRW    28.77
SINBO SECURITIZAT    5.00     07/08/17      KRW    28.77
SINBO SECURITIZAT    5.00     08/24/15      KRW    32.03
SINBO SECURITIZAT    5.00     12/13/16      KRW    30.20
SINBO SECURITIZAT    5.00     07/19/15      KRW    35.00
SINBO SECURITIZAT    5.00     07/26/16      KRW    31.67
SINBO SECURITIZAT    5.00     07/26/16      KRW    30.86
SINBO SECURITIZAT    5.00     02/21/17      KRW    29.50
SINBO SECURITIZAT    5.00     10/05/16      KRW    30.54
SINBO SECURITIZAT    5.00     10/05/16      KRW    27.49
SINBO SECURITIZAT    5.00     06/07/17      KRW    24.68
SINBO SECURITIZAT    5.00     06/07/17      KRW    24.68
SINBO SECURITIZAT    4.60     06/29/15      KRW    39.58
SINBO SECURITIZAT    4.60     06/29/15      KRW    39.58
SINBO SECURITIZAT    9.00     07/27/15      KRW    39.31
SINBO SECURITIZAT    5.00     06/29/16      KRW    31.09
SINBO SECURITIZAT    5.00     02/11/18      KRW    26.83
SINBO SECURITIZAT    5.00     02/11/18      KRW    26.83
SINBO SECURITIZAT    5.00     03/12/18      KRW    26.66
SINBO SECURITIZAT    5.00     03/12/18      KRW    26.66
SINBO SECURITIZAT    5.00     10/01/17      KRW    27.82
SINBO SECURITIZAT    5.00     10/01/17      KRW    27.82
SINBO SECURITIZAT    5.00     10/01/17      KRW    27.82
SINBO SECURITIZAT    5.00     08/16/16      KRW    30.79
SINBO SECURITIZAT    5.00     08/16/17      KRW    28.38
SINBO SECURITIZAT    5.00     08/16/17      KRW    28.38
SINBO SECURITIZAT    5.00     01/15/18      KRW    27.24
SINBO SECURITIZAT    5.00     01/15/18      KRW    27.24
SINBO SECURITIZAT    5.00     12/25/16      KRW    29.62
SINBO SECURITIZAT    5.00     02/21/17      KRW    29.50
SINBO SECURITIZAT    5.00     02/02/16      KRW    19.90
SINBO SECURITIZAT    8.00     02/02/16      KRW    32.05
SINBO SECURITIZAT    5.00     03/14/16      KRW    29.55
SINBO SECURITIZAT    5.00     09/13/15      KRW    31.32
SINBO SECURITIZAT    5.00     09/13/15      KRW    29.47
SINBO SECURITIZAT    5.00     03/13/17      KRW    29.28
SINBO SECURITIZAT    5.00     03/13/17      KRW    29.28
SK TELECOM CO LTD    4.21     06/07/73      KRW    68.41
STX OFFSHORE & SH    3.00     09/06/15      KRW    71.60
STX OFFSHORE & SH    6.90     04/09/15      KRW    73.15
TONGYANG CEMENT &    7.50     04/20/14      KRW    70.00
TONGYANG CEMENT &    7.30     04/12/15      KRW    70.00
TONGYANG CEMENT &    7.30     06/26/15      KRW    70.00
TONGYANG CEMENT &    7.50     07/20/14      KRW    70.00
TONGYANG CEMENT &    7.50     09/10/14      KRW    70.00
U-BEST SECURITIZA    5.50     11/16/17      KRW    28.00
WOONGJIN ENERGY C    2.00     12/19/16      KRW    64.77


MALAYSIA
--------

BANDAR MALAYSIA S    0.35     12/29/23      MYR    69.51
BANDAR MALAYSIA S    0.35     02/20/24      MYR    68.93
BIMB HOLDINGS BHD    1.50     12/12/23      MYR    69.97
BRIGHT FOCUS BHD     2.50     01/22/31      MYR    62.03
BRIGHT FOCUS BHD     2.50     01/24/30      MYR    63.92
LAND & GENERAL BH    1.00     09/24/18      MYR     0.40
SENAI-DESARU EXPR    0.50     12/31/38      MYR    62.92
SENAI-DESARU EXPR    0.50     12/31/40      MYR    65.58
SENAI-DESARU EXPR    0.50     12/31/46      MYR    72.58
SENAI-DESARU EXPR    0.50     12/30/39      MYR    64.50
SENAI-DESARU EXPR    0.50     12/31/47      MYR    73.48
SENAI-DESARU EXPR    0.50     12/31/43      MYR    69.65
SENAI-DESARU EXPR    0.50     12/31/42      MYR    68.20
SENAI-DESARU EXPR    0.50     12/31/41      MYR    66.70
SENAI-DESARU EXPR    0.50     12/30/44      MYR    70.52
SENAI-DESARU EXPR    0.50     12/29/45      MYR    71.46
SENAI-DESARU EXPR    1.15     12/29/23      MYR    66.23
SENAI-DESARU EXPR    1.35     06/29/29      MYR    53.74
SENAI-DESARU EXPR    1.10     12/31/21      MYR    72.04
SENAI-DESARU EXPR    1.10     06/30/22      MYR    70.43
SENAI-DESARU EXPR    1.15     06/30/23      MYR    67.68
SENAI-DESARU EXPR    1.15     12/31/24      MYR    63.40
SENAI-DESARU EXPR    1.35     12/31/27      MYR    57.17
SENAI-DESARU EXPR    1.35     06/28/30      MYR    51.65
SENAI-DESARU EXPR    1.35     12/31/30      MYR    50.70
SENAI-DESARU EXPR    1.35     12/29/28      MYR    54.86
SENAI-DESARU EXPR    1.15     06/28/24      MYR    64.81
SENAI-DESARU EXPR    1.35     12/31/26      MYR    59.58
SENAI-DESARU EXPR    1.35     12/31/29      MYR    52.63
SENAI-DESARU EXPR    1.35     06/30/31      MYR    49.97
SENAI-DESARU EXPR    1.10     06/30/21      MYR    73.84
SENAI-DESARU EXPR    1.15     12/30/22      MYR    69.17
SENAI-DESARU EXPR    1.15     06/30/25      MYR    61.98
SENAI-DESARU EXPR    1.35     12/31/25      MYR    62.17
SENAI-DESARU EXPR    1.35     06/30/26      MYR    60.85
SENAI-DESARU EXPR    1.35     06/30/27      MYR    58.37
SENAI-DESARU EXPR    1.35     06/30/28      MYR    56.01
UNIMECH GROUP BHD    5.00     09/18/18      MYR     1.25


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE    7.49     05/18/18      USD    59.53
BAKRIE TELECOM PT   11.50     05/07/15      USD     6.85
BAKRIE TELECOM PT   11.50     05/07/15      USD     7.00
BERAU CAPITAL RES   12.50     07/08/15      USD    64.75
BERAU CAPITAL RES   12.50     07/08/15      USD    65.13
BLD INVESTMENTS P    8.63     03/23/15      USD    12.75
BUMI CAPITAL PTE    12.00     11/10/16      USD    30.00
BUMI CAPITAL PTE    12.00     11/10/16      USD    21.50
BUMI INVESTMENT P   10.75     10/06/17      USD    30.00
BUMI INVESTMENT P   10.75     10/06/17      USD    26.00
ENERCOAL RESOURCE    6.00     04/07/18      USD    23.75
INDO INFRASTRUCTU    2.00     07/30/10      USD     1.88
ORO NEGRO DRILLIN    7.50     01/24/19      USD    74.97
OSA GOLIATH PTE L   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    26.50


TAIWAN
-------

ADVANCED SEMICOND    1.45     08/19/16      TWD     1.30
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.50
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.30
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.05
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.10
AGRICULTURAL BANK    3.28     06/30/15      TWD     3.28
AGRICULTURAL BANK    1.43     10/17/19      TWD     1.53
AGRICULTURAL BANK    1.53     10/17/22      TWD     1.53
ASIA CEMENT CORP     1.36     05/23/19      TWD     1.45
BANK OF KAOHSIUNG    3.40     01/20/16      TWD     1.89
BANK OF PANHSIN      3.00     12/02/17      TWD     3.00
BANK OF PANHSIN      3.00     03/21/18      TWD     3.00
BANK OF PANHSIN      3.00     06/06/20      TWD     3.00
BANK OF PANHSIN      3.00     11/12/18      TWD     3.00
BANK OF PANHSIN      3.25     11/05/16      TWD     3.25
BANK OF TAIWAN       1.70     06/27/24      TWD     1.70
BANK SINOPAC         2.18     08/18/21      TWD     2.18
BANK SINOPAC         3.20     03/25/15      TWD     2.32
BANK SINOPAC         2.80     04/29/16      TWD     2.80
BANK SINOPAC         1.85     11/04/18      TWD     1.45
BANK SINOPAC         2.05     09/30/24      TWD     2.05
BANK SINOPAC         1.92     03/11/18      TWD     1.92
BANK SINOPAC         1.80     12/09/17      TWD     1.38
BANK SINOPAC         2.70     06/23/15      TWD     1.30
BANK SINOPAC         2.90     06/23/17      TWD     2.90
BANK SINOPAC         1.65     09/18/22      TWD     1.65
BANK SINOPAC         1.95     08/18/18      TWD     1.46
BANK SINOPAC         1.53     09/18/19      TWD     1.68
CATHAY FINANCIAL     3.10     12/24/15      TWD     1.00
CATHAY FINANCIAL     2.65     10/08/16      TWD     1.21
CATHAY UNITED BAN    1.70     04/24/23      TWD     1.90
CATHAY UNITED BAN    1.85     05/19/24      TWD     1.85
CATHAY UNITED BAN    1.55     04/24/20      TWD     1.55
CATHAY UNITED BAN    1.70     05/19/21      TWD     1.70
CATHAY UNITED BAN    1.65     08/07/22      TWD     1.60
CATHAY UNITED BAN    1.48     06/06/19      TWD     1.48
CHAILEASE FINANCE    2.05     10/30/21      TWD     2.05
CHAILEASE FINANCE    2.30     10/30/24      TWD     2.30
CHAILEASE FINANCE    1.50     06/16/19      TWD     1.50
CHAILEASE FINANCE    1.60     07/22/18      TWD     1.40
CHAILEASE FINANCE    1.50     06/05/17      TWD     1.29
CHANG HWA COMMERC    3.10     05/19/15      TWD     0.89
CHANG HWA COMMERC    3.05     12/15/15      TWD     3.05
CHANG HWA COMMERC    2.30     09/15/16      TWD     1.26
CHANG HWA COMMERC    1.85     04/16/24      TWD     1.85
CHANG HWA COMMERC    1.65     03/11/18      TWD     1.64
CHANG HWA COMMERC    1.72     03/11/21      TWD     1.72
CHANG HWA COMMERC    1.70     04/16/21      TWD     1.70
CHENG SHIN RUBBER    1.40     07/18/19      TWD     1.43
CHENG SHIN RUBBER    1.55     08/19/18      TWD     1.40
CHENG SHIN RUBBER    1.38     09/03/15      TWD     0.88
CHENG SHIN RUBBER    1.38     09/03/15      TWD     1.32
CHENG SHIN RUBBER    1.38     09/03/15      TWD     1.32
CHENG SHIN RUBBER    1.38     09/03/15      TWD     0.88
CHENG SHIN RUBBER    1.38     09/03/15      TWD     0.88
CHINA AIRLINES LT    1.35     05/20/16      TWD     1.28
CHINA AIRLINES LT    1.60     01/17/18      TWD     1.60
CHINA AIRLINES LT    1.85     01/17/20      TWD     1.85
CHINA AIRLINES LT    1.35     05/20/16      TWD     1.39
CHINA AIRLINES LT    1.35     05/20/16      TWD     1.35
CHINA DEVELOPMENT    1.37     05/23/18      TWD     1.37
CHINA DEVELOPMENT    1.80     03/01/15      TWD     1.13
CHINA DEVELOPMENT    2.00     03/01/17      TWD     1.45
CHINA DEVELOPMENT    3.40     06/18/15      TWD     3.40
CHINA DEVELOPMENT    1.32     03/07/17      TWD     1.19
CHINA DEVELOPMENT    1.42     03/07/19      TWD     1.39
CHINA STEEL CORP     2.30     12/29/15      TWD     0.81
CHINA STEEL CORP     1.36     10/19/16      TWD     0.98
CHINA STEEL CORP     2.15     01/23/29      TWD     2.16
CHINA STEEL CORP     1.50     08/03/22      TWD     1.65
CHINA STEEL CORP     1.75     01/23/21      TWD     1.58
CHINA STEEL CORP     1.88     07/12/28      TWD     1.89
CHINA STEEL CORP     1.57     10/19/18      TWD   101.12
CHINA STEEL CORP     1.37     08/10/19      TWD     1.66
CHINA STEEL CORP     1.95     01/23/24      TWD     1.90
CHINA STEEL CORP     1.60     07/12/23      TWD     1.84
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     1.35
CHINESE MARITIME     1.40     06/08/17      TWD     1.39
CHINESE MARITIME     1.40     06/08/17      TWD     1.40
COTA COMMERCIAL B    3.20     03/29/18      TWD     3.20
CPC CORP/TAIWAN      1.29     11/01/17      TWD     1.06
CPC CORP/TAIWAN      1.41     12/22/19      TWD     1.36
CPC CORP/TAIWAN      1.49     06/11/22      TWD     1.63
CPC CORP/TAIWAN      2.60     12/15/15      TWD     0.60
CPC CORP/TAIWAN      1.22     06/07/17      TWD     1.12
CPC CORP/TAIWAN      1.40     12/03/16      TWD     0.91
CPC CORP/TAIWAN      1.85     09/12/24      TWD     1.85
CPC CORP/TAIWAN      1.08     10/29/15      TWD     0.56
CPC CORP/TAIWAN      1.88     12/24/24      TWD     1.87
CPC CORP/TAIWAN      1.41     09/12/19      TWD     1.32
CPC CORP/TAIWAN      1.43     10/27/20      TWD     1.51
CPC CORP/TAIWAN      1.40     09/19/16      TWD     0.93
CPC CORP/TAIWAN      1.30     07/25/18      TWD     1.13
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      1.75     10/28/20      TWD     1.56
CPC CORP/TAIWAN      1.85     10/25/23      TWD     1.86
CPC CORP/TAIWAN      1.68     12/23/21      TWD     1.60
CPC CORP/TAIWAN      1.65     12/04/19      TWD     1.36
CPC CORP/TAIWAN      1.29     09/21/19      TWD     1.40
CPC CORP/TAIWAN      1.42     09/20/22      TWD     1.70
CPC CORP/TAIWAN      1.70     09/21/21      TWD     1.60
CPC CORP/TAIWAN      1.46     07/19/20      TWD     1.45
CPC CORP/TAIWAN      1.68     07/22/23      TWD     1.69
CPC CORP/TAIWAN      1.36     06/08/19      TWD     1.28
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 BANK CO LTD     3.10     04/25/15      TWD     0.92
CTBC FINANCIAL HO    1.66     02/20/19      TWD     1.58
CTBC FINANCIAL HO    1.80     02/20/22      TWD     1.80
DA-LI CONSTRUCTIO    1.42     06/23/19      TWD     1.42
DRAGON STEEL CORP    1.40     06/10/19      TWD     1.45
DRAGON STEEL CORP    1.75     06/10/21      TWD     1.72
E.SUN COMMERCIAL     1.70     05/24/23      TWD     1.70
E.SUN COMMERCIAL     1.80     10/28/18      TWD     1.50
E.SUN COMMERCIAL     3.10     02/15/15      TWD     2.30
E.SUN COMMERCIAL     1.95     03/07/24      TWD     1.95
E.SUN COMMERCIAL     2.35     10/20/16      TWD     1.34
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     3.15     10/24/15      TWD     3.15
E.SUN COMMERCIAL     2.50     04/03/16      TWD     2.50
E.SUN COMMERCIAL     1.50     08/27/19      TWD     1.57
E.SUN COMMERCIAL     2.20     05/28/17      TWD     1.45
E.SUN COMMERCIAL     2.20     07/13/17      TWD     2.20
E.SUN COMMERCIAL     1.68     06/28/22      TWD     1.88
E.SUN COMMERCIAL     1.85     12/19/20      TWD     1.85
E.SUN COMMERCIAL     1.80     03/07/21      TWD     1.70
E.SUN COMMERCIAL     1.55     05/24/20      TWD     1.55
E.SUN COMMERCIAL     1.58     04/27/19      TWD     1.58
E.SUN FINANCIAL H    2.70     04/28/17      TWD     1.87
E.SUN FINANCIAL H    1.75     06/29/19      TWD     1.65
ENTIE COMMERCIAL     3.25     08/23/17      TWD     1.97
ENTIE COMMERCIAL     3.25     12/16/17      TWD     3.25
EVA AIRWAYS CORP     1.15     06/14/18      TWD     1.25
EVA AIRWAYS CORP     1.44     08/31/16      TWD     0.90
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     1.20
EVA AIRWAYS CORP     1.15     06/14/18      TWD     1.20
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.18
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
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     1.18
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     1.22     05/31/17      TWD     1.27
EVERGREEN MARINE     1.28     04/26/17      TWD     1.18
EVERGREEN MARINE     1.28     04/26/17      TWD     1.31
EXPORT-IMPORT BAN    0.88     02/12/16      TWD     0.74
EXPORT-IMPORT BAN    0.68     06/20/16      TWD     0.68
EXPORT-IMPORT BAN    0.90     01/28/16      TWD     0.82
EXPORT-IMPORT BAN    0.80     10/16/16      TWD     0.80
EXPORT-IMPORT BAN    0.90     06/24/17      TWD     0.90
EXPORT-IMPORT BAN    1.25     05/30/17      TWD     1.25
FAR EASTERN DEPAR    1.38     09/07/15      TWD     1.16
FAR EASTERN INTER    2.05     12/23/21      TWD     2.05
FAR EASTERN INTER    2.10     11/06/20      TWD     1.81
FAR EASTERN INTER    1.95     11/10/18      TWD     1.80
FAR EASTERN INTER    2.10     09/29/17      TWD     1.47
FAR EASTERN INTER    2.98     05/18/17      TWD     2.98
FAR EASTERN INTER    1.75     06/27/19      TWD     1.70
FAR EASTERN NEW C    1.38     02/06/20      TWD     1.38
FAR EASTERN NEW C    1.47     12/04/19      TWD     1.40
FAR EASTERN NEW C    1.68     05/27/15      TWD     0.80
FAR EASTERN NEW C    1.45     12/23/18      TWD     1.44
FAR EASTERN NEW C    1.36     02/15/17      TWD     1.08
FAR EASTERN NEW C    1.59     09/16/15      TWD     0.80
FAR EASTERN NEW C    1.55     09/29/16      TWD     1.03
FAR EASTERN NEW C    1.30     11/26/17      TWD     1.21
FAR EASTERN NEW C    1.35     06/07/17      TWD     1.21
FAR EASTERN NEW C    1.47     08/21/19      TWD     1.41
FAR EASTONE TELEC    1.58     10/15/18      TWD     1.61
FAR EASTONE TELEC    1.27     12/24/17      TWD     1.16
FAR EASTONE TELEC    1.33     06/27/20      TWD     1.47
FAR EASTONE TELEC    1.58     12/24/19      TWD     1.37
FAR EASTONE TELEC    1.17     12/24/16      TWD     1.17
FAR EASTONE TELEC    1.46     10/15/17      TWD     1.38
FIRST COMMERCIAL     3.02     10/21/15      TWD     1.20
FIRST COMMERCIAL     3.10     06/23/15      TWD     2.95
FIRST COMMERCIAL     1.47     09/25/19      TWD     1.44
FIRST COMMERCIAL     1.59     09/25/22      TWD     1.56
FIRST COMMERCIAL     1.50     09/28/17      TWD     1.36
FIRST COMMERCIAL     1.72     03/30/21      TWD     1.72
FIRST COMMERCIAL     3.00     12/24/15      TWD     3.00
FIRST COMMERCIAL     1.65     03/30/18      TWD     1.26
FIRST COMMERCIAL     1.92     09/28/17      TWD     1.59
FIRST COMMERCIAL     1.65     06/24/18      TWD     1.65
FIRST COMMERCIAL     1.72     06/24/21      TWD     1.72
FIRST COMMERCIAL     3.16     12/24/17      TWD     3.16
FIRST COMMERCIAL     1.43     12/27/19      TWD     1.57
FIRST FINANCIAL H    2.25     07/22/17      TWD     1.41
FIRST FINANCIAL H    1.60     07/22/15      TWD     0.90
FORMOSA CHEMICALS    1.52     07/29/15      TWD     0.59
FORMOSA CHEMICALS    1.24     07/08/18      TWD     1.29
FORMOSA CHEMICALS    1.29     07/26/17      TWD     1.16
FORMOSA CHEMICALS    1.23     12/07/17      TWD   100.06
FORMOSA CHEMICALS    1.44     06/10/16      TWD     0.91
FORMOSA CHEMICALS    1.56     06/29/15      TWD     0.77
FORMOSA CHEMICALS    1.38     10/31/16      TWD     1.16
FORMOSA CHEMICALS    1.51     12/07/22      TWD     1.53
FORMOSA CHEMICALS    1.40     07/26/19      TWD     1.47
FORMOSA CHEMICALS    1.52     07/08/23      TWD     1.54
FORMOSA CHEMICALS    1.36     12/07/19      TWD     1.40
FORMOSA CHEMICALS    1.81     07/04/24      TWD     1.84
FORMOSA CHEMICALS    2.03     07/04/29      TWD     2.04
FORMOSA CHEMICALS    1.50     01/22/23      TWD     1.80
FORMOSA PETROCHEM    1.33     10/14/15      TWD     0.69
FORMOSA PETROCHEM    1.28     06/26/18      TWD     1.23
FORMOSA PETROCHEM    1.30     06/20/17      TWD     1.14
FORMOSA PETROCHEM    1.54     05/25/15      TWD     0.72
FORMOSA PETROCHEM    1.55     04/27/15      TWD     0.76
FORMOSA PETROCHEM    1.25     03/12/18      TWD     1.31
FORMOSA PETROCHEM    1.54     07/15/15      TWD     0.72
FORMOSA PETROCHEM    1.35     07/27/17      TWD     1.11
FORMOSA PETROCHEM    1.40     04/20/16      TWD     0.93
FORMOSA PETROCHEM    1.44     07/27/19      TWD     1.47
FORMOSA PETROCHEM    1.42     05/25/16      TWD     0.82
FORMOSA PETROCHEM    1.37     03/12/20      TWD     1.41
FORMOSA PETROCHEM    1.41     06/26/20      TWD     1.53
FORMOSA PETROCHEM    1.43     09/12/19      TWD     1.42
FORMOSA PETROCHEM    1.90     09/12/24      TWD     1.90
FORMOSA PETROCHEM    1.99     09/12/26      TWD     1.99
FORMOSA PETROCHEM    1.44     06/20/19      TWD     1.58
FORMOSA PLASTICS     1.35     12/15/16      TWD     0.93
FORMOSA PLASTICS     1.42     11/08/18      TWD     1.47
FORMOSA PLASTICS     1.53     11/05/22      TWD     1.55
FORMOSA PLASTICS     1.40     09/12/19      TWD     1.45
FORMOSA PLASTICS     1.92     05/21/26      TWD     1.94
FORMOSA PLASTICS     1.55     06/21/15      TWD     0.73
FORMOSA PLASTICS     1.28     09/12/17      TWD     1.15
FORMOSA PLASTICS     1.94     11/08/23      TWD     1.96
FORMOSA PLASTICS     1.52     06/10/23      TWD     1.54
FORMOSA PLASTICS     1.83     05/21/24      TWD     1.86
FORMOSA PLASTICS     1.26     05/22/17      TWD     1.24
FORMOSA PLASTICS     1.42     05/22/19      TWD     1.49
FORMOSA PLASTICS     1.25     11/05/17      TWD     1.23
FORMOSA PLASTICS     1.39     11/05/19      TWD     1.44
FORMOSA PLASTICS     1.34     11/16/16      TWD     0.73
FORMOSA PLASTICS     1.23     06/10/17      TWD     1.30
FUBON FINANCIAL H    1.56     08/23/15      TWD     0.85
FUBON FINANCIAL H    1.72     07/21/21      TWD     1.72
FUBON FINANCIAL H    1.42     12/18/18      TWD     1.45
FUBON FINANCIAL H    1.60     12/18/20      TWD     1.65
FUBON FINANCIAL H    2.60     01/27/17      TWD     1.32
FUBON FINANCIAL H    1.58     08/28/20      TWD     1.58
FUBON FINANCIAL H    1.45     08/15/19      TWD     1.47
FUBON FINANCIAL H    1.90     01/28/17      TWD     1.40
FUBON FINANCIAL H    2.60     01/28/17      TWD     1.46
FUBON FINANCIAL H    1.40     11/15/16      TWD     0.72
FUBON FINANCIAL H    1.45     08/28/18      TWD     1.36
FUBON FINANCIAL H    1.35     08/15/17      TWD     1.06
GOLDSUN DEVELOPME    1.40     12/25/19      TWD     1.40
GTM HOLDINGS CORP    1.30     07/24/18      TWD     1.31
HIYES INTERNATION    1.40     09/23/17      TWD     1.40
HON HAI PRECISION    1.35     12/17/16      TWD     1.07
HON HAI PRECISION    1.37     05/21/19      TWD     1.37
HON HAI PRECISION    1.43     12/27/15      TWD     0.90
HON HAI PRECISION    1.45     01/14/20      TWD     1.45
HON HAI PRECISION    1.33     01/30/18      TWD     1.20
HON HAI PRECISION    1.18     08/06/15      TWD     1.20
HON HAI PRECISION    1.45     10/08/19      TWD     1.45
HON HAI PRECISION    1.80     01/14/22      TWD     1.80
HON HAI PRECISION    1.23     03/18/17      TWD     1.12
HON HAI PRECISION    1.50     12/17/18      TWD     1.50
HON HAI PRECISION    1.17     05/21/17      TWD     1.14
HON HAI PRECISION    1.66     06/14/18      TWD     1.32
HON HAI PRECISION    1.23     01/14/18      TWD     1.23
HON HAI PRECISION    1.47     03/08/16      TWD     0.89
HON HAI PRECISION    1.43     05/23/17      TWD     1.12
HON HAI PRECISION    2.02     10/08/24      TWD     2.02
HON HAI PRECISION    2.15     10/08/26      TWD     2.15
HON HAI PRECISION    1.51     07/18/16      TWD     0.98
HON HAI PRECISION    1.40     03/18/19      TWD     1.40
HON HAI PRECISION    1.45     10/18/16      TWD     1.07
HON HAI PRECISION    1.80     10/08/21      TWD     1.80
HON HAI PRECISION    1.70     05/21/21      TWD     1.70
HON HAI PRECISION    1.85     12/17/20      TWD     1.70
HON HAI PRECISION    1.95     07/08/24      TWD     1.95
HON HAI PRECISION    1.43     06/14/16      TWD     1.25
HON HAI PRECISION    1.82     06/14/21      TWD     1.78
HON HAI PRECISION    1.35     10/11/17      TWD     1.50
HON HAI PRECISION    1.75     03/18/21      TWD     1.74
HON HAI PRECISION    2.00     03/18/24      TWD     2.00
HON HAI PRECISION    1.95     05/21/24      TWD     1.95
HON HAI PRECISION    1.70     07/08/21      TWD     1.70
HSBC BANK TAIWAN     1.40     03/10/15      TWD     0.71
HSBC BANK TAIWAN     1.48     02/05/23      TWD     1.48
HSBC BANK TAIWAN     1.25     01/31/17      TWD     1.11
HSBC BANK TAIWAN     1.40     01/31/19      TWD     1.27
HSBC BANK TAIWAN     1.23     02/05/18      TWD     1.20
HSBC BANK TAIWAN     1.55     03/10/16      TWD     0.60
HSBC BANK TAIWAN     1.34     02/05/20      TWD     1.47
HUA NAN COMMERCIA    1.43     11/06/19      TWD     1.41
HUA NAN COMMERCIA    3.10     04/18/15      TWD     0.88
HUA NAN COMMERCIA    1.98     09/26/24      TWD     1.98
HUA NAN COMMERCIA    1.65     11/23/20      TWD     1.65
HUA NAN COMMERCIA    1.85     03/28/24      TWD     1.85
HUA NAN COMMERCIA    1.63     12/06/18      TWD     1.52
HUA NAN COMMERCIA    1.83     09/26/21      TWD     1.83
HUA NAN COMMERCIA    2.60     04/24/17      TWD     2.60
HUA NAN COMMERCIA    2.60     12/29/19      TWD     2.60
HUA NAN COMMERCIA    2.45     07/16/17      TWD     1.62
HUA NAN COMMERCIA    3.20     05/16/16      TWD     3.20
HUA NAN COMMERCIA    3.08     01/16/18      TWD     3.08
HUA NAN COMMERCIA    1.55     11/06/22      TWD     1.55
HUA NAN COMMERCIA    1.83     12/19/21      TWD     1.83
HUA NAN COMMERCIA    1.98     12/19/24      TWD     1.98
HUA NAN FINANCIAL    1.55     01/21/20      TWD     1.56
HUA NAN FINANCIAL    1.23     01/21/18      TWD     1.33
HWATAI BANK LTD      2.70     11/15/19      TWD     2.70
INDUSTRIAL BANK O    1.95     05/30/20      TWD     1.85
INDUSTRIAL BANK O    1.95     03/27/21      TWD     1.94
INDUSTRIAL BANK O    2.30     10/28/18      TWD     1.80
INDUSTRIAL BANK O    1.85     08/17/19      TWD     1.83
INDUSTRIAL BANK O    1.85     06/26/21      TWD     1.85
INDUSTRIAL BANK O    3.20     12/28/16      TWD     2.24
INDUSTRIAL BANK O    2.30     08/26/18      TWD     1.59
INDUSTRIAL BANK O    3.00     04/12/17      TWD     3.00
INDUSTRIAL BANK O    1.95     09/26/21      TWD     1.95
JIH SUN INTERNATI    2.20     01/30/22      TWD     2.20
JIH SUN INTERNATI    2.18     04/30/19      TWD     2.18
KGI SECURITIES CO    1.15     03/15/15      TWD     0.72
KINDOM CONSTRUCTI    1.30     06/18/18      TWD     1.30
KINDOM CONSTRUCTI    1.60     09/26/18      TWD     1.60
KINDOM CONSTRUCTI    1.41     06/25/17      TWD     1.41
KINDOM CONSTRUCTI    1.40     12/15/16      TWD     1.28
KINDOM CONSTRUCTI    1.40     10/28/16      TWD     1.40
KINDOM CONSTRUCTI    1.55     08/28/19      TWD     1.55
LAND BANK OF TAIW    3.00     04/15/15      TWD     0.87
LAND BANK OF TAIW    1.98     12/25/24      TWD     1.98
LAND BANK OF TAIW    2.80     12/29/15      TWD     1.00
LAND BANK OF TAIW    2.00     06/29/17      TWD     1.61
LAND BANK OF TAIW    1.72     12/26/20      TWD     1.72
LAND BANK OF TAIW    1.55     12/26/22      TWD     1.55
LAND BANK OF TAIW    1.60     12/29/18      TWD     1.54
LAND BANK OF TAIW    1.53     12/15/17      TWD     1.38
LAND BANK OF TAIW    1.50     06/26/19      TWD     1.45
LAND BANK OF TAIW    1.43     10/22/19      TWD     1.43
LAND BANK OF TAIW    1.64     10/20/18      TWD     1.42
LAND BANK OF TAIW    1.55     04/13/19      TWD     1.60
LAND BANK OF TAIW    1.43     12/26/19      TWD     1.47
MAI-LIAO POWER CO    1.25     12/19/17      TWD     1.25
MAYWUFA CO LTD       1.43     07/17/19      TWD     1.43
MEGA FINANCIAL HO    3.26     12/26/15      TWD     1.46
MEGA INTERNATIONA    1.65     06/24/21      TWD     1.64
MEGA INTERNATIONA    1.53     12/24/17      TWD     1.36
MEGA INTERNATIONA    2.90     03/20/15      TWD     2.90
MEGA INTERNATIONA    1.48     05/18/19      TWD     1.48
MEGA INTERNATIONA    3.00     09/29/15      TWD     0.95
MEGA INTERNATIONA    1.65     04/15/18      TWD     1.40
MEGA INTERNATIONA    3.00     12/23/15      TWD     1.18
MEGA INTERNATIONA    3.10     06/26/15      TWD     0.90
MEGA INTERNATIONA    1.70     03/28/21      TWD     1.70
MEGA INTERNATIONA    1.62     11/24/18      TWD     1.38
NAN YA PLASTICS C    1.56     06/25/15      TWD     0.90
NAN YA PLASTICS C    1.45     08/05/18      TWD     1.24
NAN YA PLASTICS C    1.36     07/04/17      TWD     1.15
NAN YA PLASTICS C    1.37     09/07/19      TWD     1.33
NAN YA PLASTICS C    1.35     11/07/16      TWD     1.00
NAN YA PLASTICS C    1.36     02/25/20      TWD     1.51
NAN YA PLASTICS C    1.25     09/07/17      TWD     1.17
NAN YA PLASTICS C    1.56     08/30/15      TWD     0.68
NAN YA PLASTICS C    1.50     02/25/23      TWD     1.52
NAN YA PLASTICS C    2.08     12/18/25      TWD     2.10
NAN YA PLASTICS C    2.04     06/24/29      TWD     2.04
NAN YA PLASTICS C    1.98     12/18/23      TWD     1.94
NAN YA PLASTICS C    1.40     08/05/17      TWD     1.21
NAN YA PLASTICS C    1.55     08/05/20      TWD     1.54
NAN YA PLASTICS C    1.45     07/04/19      TWD     1.38
NAN YA PLASTICS C    1.93     11/11/24      TWD     1.93
NAN YA PLASTICS C    1.45     11/11/19      TWD     1.45
PACIFIC CONSTRUCT    1.50     05/06/16      TWD     1.50
PRINCE HOUSING &     1.55     11/21/18      TWD     1.55
PRINCE HOUSING &     1.33     07/12/17      TWD     1.33
RUN LONG CONSTRUC    1.70     05/07/19      TWD     1.37
RUN LONG CONSTRUC    1.60     08/01/19      TWD     1.37
SAN FAR PROPERTY     1.55     10/23/18      TWD     1.58
SHANGHAI COMMERCI    3.05     12/26/15      TWD     3.05
SHANGHAI COMMERCI    1.83     11/25/21      TWD     1.83
SHANGHAI COMMERCI    1.70     03/25/21      TWD     1.65
SHANGHAI COMMERCI    1.50     12/15/17      TWD     1.50
SHANGHAI COMMERCI    3.15     06/10/15      TWD     0.90
SHANGHAI COMMERCI    1.54     05/22/19      TWD     1.60
SHANGHAI COMMERCI    1.43     11/15/19      TWD     1.43
SHANGHAI COMMERCI    1.55     11/15/22      TWD     1.55
SHANGHAI COMMERCI    1.85     03/25/24      TWD     1.85
SHANGHAI COMMERCI    1.48     04/10/19      TWD     1.45
SHANGHAI COMMERCI    1.43     12/27/19      TWD     1.57
SHIHLIN DEVELOPME    1.60     07/31/19      TWD     1.33
SHIN KONG FINANCI    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 MAT    1.75     11/10/15      TWD     1.80
SUNNY BANK LTD       2.45     12/30/21      TWD     2.45
SUNNY BANK LTD       2.35     08/26/21      TWD     2.35
SUNNY BANK LTD       3.25     10/29/17      TWD     3.25
SUNNY BANK LTD       2.35     03/31/21      TWD     2.35
SUNNY BANK LTD       2.45     04/30/20      TWD     2.45
SUNNY BANK LTD       3.25     04/30/17      TWD     3.25
SUNNY BANK LTD       2.85     06/27/18      TWD     2.85
SUNNY BANK LTD       2.45     05/30/19      TWD     2.45
TA CHONG BANK LTD    2.05     03/21/21      TWD     2.05
TA CHONG BANK LTD    2.00     11/19/21      TWD     2.00
TA CHONG BANK LTD    2.15     03/30/19      TWD     2.15
TA CHONG BANK LTD    3.25     01/05/17      TWD     3.25
TA CHONG BANK LTD    3.50     02/26/17      TWD     3.50
TA CHONG BANK LTD    3.00     03/09/18      TWD     1.92
TA CHONG BANK LTD    3.75     03/05/17      TWD     3.75
TA CHONG BANK LTD    2.05     06/22/19      TWD     2.05
TA CHONG BANK LTD    2.00     09/26/21      TWD     2.00
TA CHONG BANK LTD    1.90     12/27/19      TWD     1.90
TAIPEI FUBON COMM    1.60     05/20/15      TWD     1.14
TAIPEI FUBON COMM    1.60     03/01/15      TWD     0.70
TAIPEI FUBON COMM    1.50     11/15/17      TWD     1.38
TAIPEI FUBON COMM    1.70     05/20/17      TWD     1.70
TAIPEI FUBON COMM    1.95     08/20/17      TWD     1.60
TAIPEI FUBON COMM    3.05     03/28/15      TWD     3.05
TAIPEI FUBON COMM    2.20     01/25/17      TWD     1.14
TAIPEI FUBON COMM    3.14     06/20/15      TWD     3.15
TAIPEI FUBON COMM    1.65     12/01/18      TWD     1.46
TAIPEI FUBON COMM    1.85     05/15/24      TWD     1.85
TAIPEI FUBON COMM    2.20     12/22/16      TWD     1.17
TAIPEI FUBON COMM    1.70     08/05/18      TWD     1.45
TAIPEI FUBON COMM    1.68     05/25/22      TWD     1.83
TAIPEI FUBON COMM    2.50     01/25/20      TWD     2.50
TAIPEI FUBON COMM    1.80     03/01/17      TWD     1.48
TAIPEI FUBON COMM    1.70     08/01/23      TWD     1.70
TAIPEI FUBON COMM    1.48     04/05/19      TWD     1.48
TAIPEI FUBON COMM    1.98     09/25/24      TWD     1.98
TAIPEI FUBON COMM    1.55     10/15/20      TWD     1.55
TAIPEI FUBON COMM    2.30     01/29/17      TWD     2.30
TAIPEI FUBON COMM    2.50     03/02/20      TWD     2.50
TAIPEI FUBON COMM    2.05     08/20/20      TWD     2.05
TAIPEI FUBON COMM    3.09     05/30/15      TWD     3.10
TAIPEI FUBON COMM    1.65     03/18/18      TWD     1.65
TAIPEI FUBON COMM    1.52     08/01/20      TWD     1.52
TAIPEI FUBON COMM    1.70     05/15/21      TWD     1.70
TAISHIN FINANCIAL    2.30     12/17/17      TWD     1.65
TAISHIN FINANCIAL    2.20     08/05/18      TWD     1.61
TAISHIN FINANCIAL    2.20     10/05/18      TWD     2.20
TAISHIN FINANCIAL    2.00     05/15/19      TWD     1.85
TAISHIN INTERNATI    1.95     05/16/24      TWD     1.95
TAISHIN INTERNATI    2.65     04/12/17      TWD     2.65
TAISHIN INTERNATI    1.53     12/14/19      TWD     1.53
TAISHIN INTERNATI    1.65     10/19/22      TWD     1.65
TAISHIN INTERNATI    1.53     10/19/19      TWD     1.53
TAISHIN INTERNATI    1.65     12/14/22      TWD     1.65
TAIWAN ACCEPTANCE    1.25     10/17/17      TWD     1.25
TAIWAN ACCEPTANCE    1.12     06/20/17      TWD     1.16
TAIWAN BUSINESS B    1.92     09/02/17      TWD     1.45
TAIWAN BUSINESS B    1.92     11/25/20      TWD     1.82
TAIWAN BUSINESS B    1.68     03/25/20      TWD     1.71
TAIWAN BUSINESS B    2.50     12/18/16      TWD     1.36
TAIWAN BUSINESS B    2.32     03/05/17      TWD     2.32
TAIWAN BUSINESS B    2.35     08/27/15      TWD     1.98
TAIWAN COOPERATIV    1.85     05/26/24      TWD     1.85
TAIWAN COOPERATIV    1.70     07/28/18      TWD     1.41
TAIWAN COOPERATIV    1.55     12/25/22      TWD     1.55
TAIWAN COOPERATIV    1.45     10/25/17      TWD     1.28
TAIWAN COOPERATIV    1.70     05/26/21      TWD     1.70
TAIWAN COOPERATIV    3.00     05/28/15      TWD     0.89
TAIWAN COOPERATIV    1.65     06/28/22      TWD     1.60
TAIWAN COOPERATIV    1.48     03/28/20      TWD     1.58
TAIWAN COOPERATIV    1.72     12/25/20      TWD     1.72
TAIWAN COOPERATIV    1.43     12/25/19      TWD     1.43
TAIWAN LAND DEVEL    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      1.37     08/20/15      TWD     0.63
TAIWAN POWER CO      1.10     03/18/17      TWD     1.05
TAIWAN POWER CO      1.10     05/30/17      TWD     1.04
TAIWAN POWER CO      1.24     11/21/16      TWD     0.85
TAIWAN POWER CO      1.30     06/17/18      TWD     1.20
TAIWAN POWER CO      1.38     06/01/15      TWD     0.70
TAIWAN POWER CO      1.40     03/17/19      TWD     1.36
TAIWAN POWER CO      1.32     12/19/16      TWD     0.92
TAIWAN POWER CO      1.55     11/20/16      TWD     0.90
TAIWAN POWER CO      1.33     06/28/16      TWD     0.90
TAIWAN POWER CO      1.28     05/06/18      TWD     1.30
TAIWAN POWER CO      1.38     04/21/15      TWD     0.54
TAIWAN POWER CO      1.39     07/21/15      TWD     0.56
TAIWAN POWER CO      1.64     06/28/21      TWD     1.52
TAIWAN POWER CO      1.87     04/28/16      TWD     0.89
TAIWAN POWER CO      1.35     09/26/16      TWD     0.89
TAIWAN POWER CO      1.49     08/15/22      TWD     1.84
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      2.15     12/28/19      TWD     1.42
TAIWAN POWER CO      1.10     12/15/17      TWD     1.10
TAIWAN POWER CO      1.23     12/27/16      TWD     0.95
TAIWAN POWER CO      1.50     11/22/18      TWD     1.28
TAIWAN POWER CO      1.77     10/16/21      TWD     1.77
TAIWAN POWER CO      2.62     11/25/15      TWD     0.63
TAIWAN POWER CO      2.75     04/18/15      TWD     0.51
TAIWAN POWER CO      1.48     11/21/18      TWD     1.32
TAIWAN POWER CO      1.39     08/16/19      TWD     1.42
TAIWAN POWER CO      1.64     08/20/17      TWD     1.10
TAIWAN POWER CO      2.84     04/18/18      TWD     1.25
TAIWAN POWER CO      1.39     05/06/20      TWD     1.46
TAIWAN POWER CO      1.65     07/19/17      TWD     1.10
TAIWAN POWER CO      1.99     10/16/24      TWD     1.99
TAIWAN POWER CO      1.45     06/17/20      TWD     1.55
TAIWAN POWER CO      1.29     06/15/17      TWD     0.94
TAIWAN POWER CO      1.46     12/15/19      TWD     1.43
TAIWAN POWER CO      1.40     05/30/19      TWD     1.42
TAIWAN POWER CO      1.75     06/01/17      TWD     1.10
TAIWAN POWER CO      1.75     04/23/17      TWD     1.20
TAIWAN POWER CO      2.02     12/15/24      TWD     2.02
TAIWAN POWER CO      1.60     12/15/20      TWD     1.52
TAIWAN POWER CO      1.47     09/23/17      TWD     1.08
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      1.95     12/30/23      TWD     1.88
TAIWAN POWER CO      1.23     04/23/17      TWD     1.44
TAIWAN POWER CO      1.37     04/23/19      TWD     1.50
TAIWAN POWER CO      1.75     05/30/21      TWD     1.69
TAIWAN POWER CO      2.99     09/17/15      TWD     0.65
TAIWAN POWER CO      1.64     09/21/20      TWD     1.61
TAIWAN POWER CO      1.43     10/31/22      TWD     1.42
TAIWAN POWER CO      1.53     05/03/23      TWD     1.96
TAIWAN POWER CO      1.30     11/17/16      TWD     0.98
TAIWAN POWER CO      1.77     12/17/21      TWD     1.77
TAIWAN POWER CO      1.46     12/17/17      TWD     1.02
TAIWAN POWER CO      1.55     06/28/18      TWD     1.23
TAIWAN POWER CO      2.74     06/16/15      TWD     0.53
TAIWAN POWER CO      1.85     04/22/20      TWD     1.50
TAIWAN POWER CO      1.65     10/20/21      TWD     1.57
TAIWAN POWER CO      1.79     07/21/20      TWD     1.48
TAIWAN POWER CO      1.10     10/16/17      TWD     1.10
TAIWAN POWER CO      1.42     10/16/19      TWD     1.42
TAIWAN POWER CO      1.58     12/21/21      TWD     1.41
TAIWAN POWER CO      1.55     07/22/20      TWD     1.42
TAIWAN POWER CO      2.85     11/04/15      TWD     0.60
TAIWAN POWER CO      2.99     07/21/15      TWD     0.58
TAIWAN POWER CO      1.27     11/30/19      TWD     1.43
TAIWAN POWER CO      1.41     11/28/22      TWD     1.41
TAIWAN POWER CO      1.31     10/31/19      TWD     1.44
TAIWAN POWER CO      1.83     06/01/20      TWD     1.43
TAIWAN POWER CO      1.75     07/21/21      TWD     1.67
TAIWAN POWER CO      1.51     10/21/18      TWD     1.29
TAIWAN POWER CO      1.60     04/22/18      TWD     1.36
TAIWAN POWER CO      1.69     04/22/21      TWD     1.50
TAIWAN POWER CO      2.35     12/30/18      TWD     1.27
TAIWAN POWER CO      1.46     12/30/18      TWD     1.35
TAIWAN POWER CO      1.94     11/22/23      TWD     1.89
TAIWAN POWER CO      1.75     07/23/23      TWD     1.76
TAIWAN POWER CO      1.75     12/30/20      TWD     1.66
TAIWAN POWER CO      1.43     06/15/19      TWD     1.41
TAIWAN POWER CO      1.52     06/15/22      TWD     1.52
TAIWAN POWER CO      1.50     04/24/22      TWD     1.75
TAIWAN POWER CO      1.98     07/21/24      TWD     1.99
TAIWAN POWER CO      1.42     07/21/19      TWD     1.44
TAIWAN POWER CO      1.39     12/26/22      TWD     1.49
TAIWAN POWER CO      1.74     03/17/21      TWD     1.74
TAIWAN POWER CO      1.92     03/17/24      TWD     1.93
TAIWAN POWER CO      1.95     05/28/24      TWD     1.96
TAIWAN SEMICONDUC    1.50     07/16/20      TWD     1.40
TAIWAN SEMICONDUC    1.40     09/28/16      TWD     0.81
TAIWAN SEMICONDUC    1.23     02/06/18      TWD     1.11
TAIWAN SEMICONDUC    1.23     01/04/18      TWD     1.11
TAIWAN SEMICONDUC    1.35     01/04/20      TWD     1.37
TAIWAN SEMICONDUC    1.63     09/28/18      TWD   101.63
TAIWAN SEMICONDUC    1.28     09/26/17      TWD   100.60
TAIWAN SEMICONDUC    1.29     01/11/17      TWD     1.05
TAIWAN SEMICONDUC    1.28     08/02/17      TWD     1.06
TAIWAN SEMICONDUC    2.10     09/25/23      TWD     2.03
TAIWAN SEMICONDUC    1.35     09/25/16      TWD     1.38
TAIWAN SEMICONDUC    1.45     09/25/17      TWD     1.47
TAIWAN SEMICONDUC    1.50     02/06/23      TWD     1.91
TAIWAN SEMICONDUC    1.53     10/09/22      TWD     1.53
TAIWAN SEMICONDUC    1.46     01/11/19      TWD     1.46
TAIWAN SEMICONDUC    1.34     08/09/17      TWD     1.34
TAIWAN SEMICONDUC    1.52     08/09/19      TWD     1.52
TAIWAN SHIN KONG     2.50     12/18/16      TWD     1.45
TAIWAN SHIN KONG     2.10     12/15/24      TWD     2.10
TAIWAN SHIN KONG     1.85     03/30/18      TWD     1.85
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     1.51     12/28/19      TWD     1.51
TAIWAN SHIN KONG     1.63     12/28/22      TWD     1.63
TONG YANG INDUSTR    1.35     01/28/20      TWD     1.35
TONG YANG INDUSTR    1.35     01/28/20      TWD     1.35
TONG YANG INDUSTR    1.35     01/28/20      TWD     1.35
U-MING MARINE TRA    1.32     08/22/17      TWD     1.32
UNION BANK OF TAI    2.32     03/01/19      TWD     2.32
UNION BANK OF TAI    2.78     06/15/18      TWD     2.78
UNION BANK OF TAI    2.10     12/19/20      TWD     2.10
UNI-PRESIDENT ENT    1.57     06/25/15      TWD     0.90
UNI-PRESIDENT ENT    1.28     10/29/17      TWD     1.20
UNI-PRESIDENT ENT    1.23     10/27/15      TWD     1.28
UNI-PRESIDENT ENT    1.39     02/18/19      TWD     1.41
UNI-PRESIDENT ENT    1.35     06/18/17      TWD     1.11
UNI-PRESIDENT ENT    1.29     06/23/19      TWD     1.34
UNI-PRESIDENT ENT    1.43     06/17/16      TWD     1.01
UNI-PRESIDENT ENT    1.62     06/23/21      TWD     1.58
UNI-PRESIDENT ENT    1.22     02/26/18      TWD     1.17
UNI-PRESIDENT ENT    1.78     06/23/24      TWD     1.81
UNI-PRESIDENT ENT    1.39     10/29/19      TWD     1.53
UNITED MICROELECT    1.35     03/15/18      TWD   100.36
UNITED MICROELECT    1.43     06/07/17      TWD     1.20
UNITED MICROELECT    1.50     03/15/20      TWD     1.58
UNITED MICROELECT    1.95     06/18/24      TWD     1.95
UNITED MICROELECT    1.63     06/07/19      TWD     1.50
UNITED MICROELECT    1.70     06/18/21      TWD     1.71
USI CORP             1.55     06/24/16      TWD     1.34
WAN HAI LINES LTD    1.65     08/14/19      TWD     1.65
WAN HAI LINES LTD    1.95     08/14/21      TWD     1.95
WAN HAI LINES LTD    1.65     06/22/16      TWD     1.25
WAN HAI LINES LTD    1.85     06/24/18      TWD     1.55
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     2.45     11/01/20      TWD     2.45
YANG MING MARINE     1.30     12/27/16      TWD     1.16
YANG MING MARINE     1.30     12/27/16      TWD     1.15
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     1.14
YANG MING MARINE     1.30     12/27/16      TWD     1.11
YANG MING MARINE     1.30     12/27/16      TWD     1.15
YANG MING MARINE     1.30     12/27/16      TWD     1.05
YFY INC              1.40     06/28/15      TWD     0.95
YFY INC              1.40     06/28/15      TWD     1.40
YUAN DING INVESTM    1.35     05/26/19      TWD     1.43
YUAN DING INVESTM    1.25     08/06/15      TWD     1.30
YUAN DING INVESTM    1.40     08/06/17      TWD     1.20
YUAN DING INVESTM    1.62     07/19/15      TWD     1.45
YUAN DING INVESTM    1.50     07/20/16      TWD     1.27
YUAN DING INVESTM    1.35     11/25/16      TWD     1.14
YUAN DING INVESTM    1.45     12/15/16      TWD     1.40
YUANTA COMMERCIAL    2.00     09/04/24      TWD     2.00
YUANTA COMMERCIAL    2.30     06/10/17      TWD     1.38
YUANTA COMMERCIAL    1.95     10/27/21      TWD     1.95
YUANTA COMMERCIAL    1.80     10/27/18      TWD     1.80
YUANTA COMMERCIAL    1.75     06/27/18      TWD     1.53
YUANTA COMMERCIAL    1.85     08/22/18      TWD     1.55
YUANTA COMMERCIAL    1.80     09/04/21      TWD     1.80
YUANTA COMMERCIAL    1.85     10/29/21      TWD     1.85
YUANTA FINANCIAL     1.50     06/29/16      TWD     1.15



                             *********

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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