TCRAP_Public/150317.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, March 17, 2015, Vol. 18, No. 053


                            Headlines


A U S T R A L I A

CHARTERHILL GROUP: May Have Traded While Insolvent, Report Says
CHARTERHILL GROUP: Founder Banned Until July 2017
DUNFO CAPITAL: Fails to File Financial Reports; License Suspended
HERITAGE HOTEL: Goes Into Receivership
HI-FI: In Administration, Sold to New Owners

MF GALLIANO: First Creditors' Meeting Slated For March 23
SJR FARMS: First Creditors' Meeting Set For March 23
SOUTHPORT LEAGUES: First Creditors' Meeting Set For March 23
TOWNSVILLE CROCODILES: Woes Spark Hopes of Financial Backing


C H I N A

COUNTRY GARDEN: 2014 Results Support Ba2 CFR, Moody's Says
NEXTEER AUTOMOTIVE: 2014 Results Supports Moody's 'Ba1' CFR


I N D I A

ADARSH SYNTHETICS: ICRA Rates INR5cr Fund Based Loan at B+
ARVEE ELECTRICALS: CARE Puts B+ Rating on INR1.5cr LT Bank Loan
BHAGWATI LACTO: CARE Assigns B+ Rating to INR15cr LT Bank Loan
BHAYANA BUILDERS: CRISIL Rates INR250MM LT Bank Loan at B-
BIG TILES: ICRA Reaffirms B+ Rating on INR8.13cr Term Loan

CHIRAJ STOCK: CRISIL Reaffirms B Rating on INR17.5MM Cash Credit
CONSOLIDATED CONSTRUCTION: CARE Rates INR1,253.25cr LT Loan at D
FOREVER GREEN: ICRA Puts SP 4E Grading on Poor Financial Strength
GLOBAL FOODS: CRISIL Assigns B Rating to INR90MM Term Loan
GUJARAT STEEL: CARE Reaffirms B+/A4 Rating on INR24cr Bank Loan

GURULAXMI COTTEX: CARE Ups Rating on INR36.13cr Loan From B+
I-RED CONCRETE: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan
JALDHARA GINNING: ICRA Assigns B Rating to INR6.5cr Cash Credit
JAY BHAVANI: CRISIL Assigns B+ Rating to INR65MM Cash Credit
KALYAN METRO: CRISIL Reaffirms B- Rating on INR76.8MM LT Loan

KAPOOR OIL: ICRA Reaffirms B Rating on INR6cr Cash Credit
LOGON INDIA: CRISIL Reaffirms B Rating on INR80MM Secured Loan
LOTUS FABRICS: CARE Assigns B+ Rating to INR2.83cr LT Bank Loan
MANJEERA PROJECTS: ICRA Suspends B+ Rating on INR35cr Bank Loan
MANJEERA RETAIL: ICRA Ups Rating on INR300cr Term Loan to B+

MINERVA POULTRY: CARE Upgrades Rating on INR6.82cr LT Loan to B
MURLI REALTORS: CRISIL Reaffirms B- Rating on INR160MM Loan
OM KAILASH: CARE Lowers Rating on INR9cr LT Bank Loan to 'D'
OMNIFRESH AGRO: CARE Assigns B+ Rating to INR9cr LT Bank Loan
PARIKH INVESTMENT: CRISIL Reaffirms B+ Rating on INR200MM Loan

PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR95MM Loan
PAYAL PETROPACK: ICRA Reaffirms B+ Rating on INR8cr Cash Credit
R. JAYKUMAR: ICRA Lowers Rating on INR6.50cr Fund Based Loan to D
RADHE RENEWABLE: CRISIL Reaffirms B Rating on INR130MM Cash Loan
SAFI TRADERS: CRISIL Assigns B+ Rating to INR50MM Cash Credit

SAKTHI SPINTEX: ICRA Cuts Rating on INR6.78cr Term Loan to D
SANGAMNER-LONI: CRISIL Reaffirms D Rating on INR140MM Term Loan
SANKET PROPERTIES: CRISIL Reaffirms B+ Rating on INR140MM LT Loan
SARAF CORPORATION: CRISIL Rates INR45MM Cash Credit at B+
SETMAX CERAMIC: ICRA Reaffirms B- Rating on INR3.50cr Cash Loan

SHARP REALTORS: CARE Reaffirms D Rating on INR60cr LT Bank Loan
SHREE CONVEYOR: CRISIL Rates INR150M Loan 'D'; Suspension Revoked
SHREE SITA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
SHRI RAM: CRISIL Reaffirms B Rating on INR125MM Cash Credit
SINGH NATURAL: CRISIL Rates INR60MM Loan 'B+'; Suspension Revoked

SOLITAIRE FOODS: CRISIL Cuts Rating on INR100MM Term Loan to D
SRI DURAIAPPA: ICRA Assigns B Rating to INR9cr Fund Based Loan
SRI DURAIAPPA STORES: ICRA Rates INR6cr Fund Based Loan at 'B'
STAR PAPER: CARE Raises Rating on INR19cr LT Bank Loan From B+
TENKASI TIMBER: CRISIL Reaffirms B+ Rating on INR12.5MM Cash Loan

TRANSWORLD SHOES: CRISIL Assigns B+ Rating on INR25MM Loan
V R TEXTILES: CRISIL Cuts Rating on INR400MM Cash Credit to D


I N D O N E S I A

ALAM SUTERA: Fitch Affirms 'B+' IDR; Outlook Stable


J A P A N

JCREF CMBS 2007-1: Fitch Cuts Then Withdraws 'Dsf' Notes Rating


M O N G O L I A

MONGOLIA: B2 Credit Profile Constrained by Commodities Exposure


X X X X X X X X

* BOND PRICING: For the Week March 9 to March 13, 2015


                            - - - - -


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


CHARTERHILL GROUP: May Have Traded While Insolvent, Report Says
---------------------------------------------------------------
Nick Bendel at AccountantsDaily reports that a liquidator's report
from Heard Phillips suggested the now-defunct Charterhill Group,
headed by recently-banned accountant George Nowak, may have traded
while insolvent.

According to the recent report, Lending Solutions International,
one of four companies that formed part of the defunct Charterhill
Group, may have breached the law in this way, AccountantsDaily
relates.

"Our investigations indicate that the company may have traded
whilst insolvent and, consequently, the director may be liable for
the debts incurred during this period, which remain outstanding at
the date of our appointment," the report, as cited by
AccountantsDaily, said.

"We note, however, that on July 2, 2014, the director filed a
petition for his own bankruptcy and the trustee of his bankrupt
estate advised that there is no likelihood of any dividend to
unsecured creditors."

According to a report by Heard Phillips in February 2014, Nova was
"likely to be insolvent from at least July 2013," relays
AccountantsDaily.

The report stated that Mr. Nowak had embarked on a restructuring
plan around May 2013 to secure fresh funding, AccountantsDaily
relates.

"By the end of 2013, the Charterhill group of companies was
experiencing severe cash-flow problems and had insufficient
working capital to implement a turnaround strategy, resulting in
the collapse of numerous entities of the Charterhill group of
companies," according to Heard Phillips' report obtained by
AccountantsDaily.

                         About Charterhill

Adelaide-based Charterhill offered a range of services including
real estate marketing, property management, mortgage broking,
contract negotiation and SMSF advice.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 7, 2014, following an application by the Australian
Securities and Investment Commission, the Federal Court in
Adelaide on Feb. 5, 2014, froze all assets owned or otherwise held
by the founder of the Charterhill group of companies,
George Nowak, and his wife, Betty Nowak.

The court also ordered the surrender of Mr. and Mrs. Nowak's
passports and restrained their travel out of Australia, as ASIC
investigates the collapse of the Charterhill group, which
specialises in assisting clients to invest in property through
self-managed superannuation funds (SMSFs).

ASIC's application was brought under section 1323 of the
Corporations Act 2001 and followed steps taken by ASIC to secure
Mr. Nowak's passport by agreement and to obtain an undertaking
from him that he would not dispose of or otherwise deal with any
assets.

The following companies in the Charterhill Group have been placed
under external control:

   * Lending Solutions International Pty Ltd -- liquidators
     appointed (Andrew Heard and Anthony Phillips of Heard
     Phillips)

   * Nova Real Estate Pty Ltd -- external administrators
     appointed (Andrew Heard and Anthony Phillips of Heard
     Phillips)

   * EJ Property Developments Pty Ltd -- receivers and managers
     appointed (Michael Basedow and Leigh Prior of Pitcher
     Partners)

   * Financial Wellness Pty Ltd -- receivers and managers
     appointed (Michael Basedow and Leigh Prior of Pitcher
     Partners).

The four related companies owed $19.1 million when they entered
insolvency in January/February 2014, AccountantsDaily discloses
citing documents recently filed with ASIC.  In total, only
AUD89,000 of those debts has been recovered, or less than 0.5
cents in the dollar, AccountantsDaily says.

Heard Phillips is also acting as liquidator for one of
Charterhill's other companies, Nova Real Estate, which has also
been the subject of insolvency concerns.


CHARTERHILL GROUP: Founder Banned Until July 2017
-------------------------------------------------
The Australian Securities & Investments Commission has banned the
founder of the Charterhill Group of Companies (Charterhill Group),
George Nowak, from providing financial services until
July 3, 2017, on the basis that Mr Nowak is an undischarged
bankrupt.

ASIC's investigation, which is ongoing, found that Mr Nowak
applied for personal bankruptcy in July 2014.

Section 920A(1)(bb) of the Corporations Act  provides that ASIC
may make a banning order against a person if the person becomes
insolvent under administration.

Mr Nowak has a right of appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

Mr Nowak is banned from providing financial services for the
period of his bankruptcy. He is also automatically banned, under
the Corporations Act, from acting as company director and being
involved in the management of companies for this period.

ASIC is continuing to investigate the conduct of Mr Nowak and the
activities of the Charterhill Group, which operated as a 'one stop
shop,' providing advice to clients on the establishment of SMFS,
rollover of existing superannuation funds into an SMSF, sourcing
and purchase of investment properties, property management,
insurance and taxation.

                         About Charterhill

Adelaide-based Charterhill offered a range of services including
real estate marketing, property management, mortgage broking,
contract negotiation and SMSF advice.

As reported in Troubled Company Reporter-Asia Pacific on
Feb. 7, 2014, following an application by the Australian
Securities and Investment Commission, the Federal Court in
Adelaide on Feb. 5, 2014, froze all assets owned or otherwise held
by the founder of the Charterhill group of companies,
George Nowak, and his wife, Betty Nowak.

The court also ordered the surrender of Mr. and Mrs. Nowak's
passports and restrained their travel out of Australia, as ASIC
investigates the collapse of the Charterhill group, which
specialises in assisting clients to invest in property through
self-managed superannuation funds (SMSFs).

ASIC's application was brought under section 1323 of the
Corporations Act 2001 and followed steps taken by ASIC to secure
Mr. Nowak's passport by agreement and to obtain an undertaking
from him that he would not dispose of or otherwise deal with any
assets.

The following companies in the Charterhill Group have been placed
under external control:

   * Lending Solutions International Pty Ltd -- liquidators
     appointed (Andrew Heard and Anthony Phillips of Heard
     Phillips)

   * Nova Real Estate Pty Ltd -- external administrators
     appointed (Andrew Heard and Anthony Phillips of Heard
     Phillips)

   * EJ Property Developments Pty Ltd -- receivers and managers
     appointed (Michael Basedow and Leigh Prior of Pitcher
     Partners)

   * Financial Wellness Pty Ltd -- receivers and managers
     appointed (Michael Basedow and Leigh Prior of Pitcher
     Partners).

The four related companies owed $19.1 million when they entered
insolvency in January/February 2014, AccountantsDaily discloses
citing documents recently filed with ASIC.  In total, only
AUD89,000 of those debts has been recovered, or less than 0.5
cents in the dollar, AccountantsDaily says.

Heard Phillips is also acting as liquidator for one of
Charterhill's other companies, Nova Real Estate, which has also
been the subject of insolvency concerns.


DUNFO CAPITAL: Fails to File Financial Reports; License Suspended
-----------------------------------------------------------------
The Australian Securities & Investments Commission has suspended
the Australian Financial Services (AFS) Licence of Dunfo Capital
Pty Ltd (formerly GSM Financial Group Pty Ltd) for failing to
comply with a number of key obligations as a licensee.

Dunfo Capital was authorised under its AFS Licence to provide
services including the operation of unregistered managed
investment schemes and the provision of custodial or depository
services to wholesale clients.

ASIC was concerned that Dunfo Capital:

   * failed to lodge financial statements and auditor report
     for the financial year ended June 30, 2014, within the
     required timeframe;

   * failed to meet its Net Tangible Assets requirements;

   * failed to maintain the competence to provide financial
     Services;

   * failed to comply with the key person condition on its
     AFS Licence; and

   * did not advise ASIC of the above breaches within 10
     business days.

Dunfo Capital's AFS Licence was suspended until Aug. 31, 2015.

The suspension of the AFS Licence is part of ASIC's ongoing
efforts to improve standards across the financial services
industry, including, the conduct of licensees that provide
financial services to wholesale clients.

ASIC may revoke the suspension in the event Dunfo Capital meet
their legal obligations and licence conditions. Dunfo Capital has
the right to appeal to the Administrative Appeals Tribunal for a
review of ASIC's decision.

'We strongly encourage all licensees to proactively report
significant breaches to ASIC within 10 business days, as they are
obligated to do.' ASIC Commissioner Greg Tanzer said.

The type of regulatory response that ASIC takes in relation to a
breach notification will depend on the particular circumstances,
including, the steps taken by the licensee to identify and rectify
the breach and the seriousness of the contravention and its
consequences.


HERITAGE HOTEL: Goes Into Receivership
--------------------------------------
ABC News reports that the owner of a Rockhampton hotel that has
gone into receivership in central Queensland says damage from
Cyclone Marcia was the final straw.

The Heritage Hotel served its last drinks March 13.

Heritage owner Will Fowles said mounting debts were unsustainable
and he blamed poor economic conditions, according to ABC News.

The report notes that Will Cordwell, who owns the Ascot Hotel,
said the industry was doing it tough.

The report discloses that Mr. Cordwell said competition in the
sector was fierce.

"Four major hotels in Rockhampton are run by Woolworths and Coles,
two each, then all the new hotels that have come along the
waterfront have all got licenses," the report quoted Mr. Cordwell
as saying.

"There's more and more licenses handed out on a continual basis,"
Mr. Cordwell added.


HI-FI: In Administration, Sold to New Owners
--------------------------------------------
theMusic.com.au reports that beleaguered tri-city venues the
Hi-Fi -- which last month were all placed into administration --
have been sold to new owners, it has been reported.

A knowledgeable source told theMusic.com.au that staff have been
called to attend a meeting March 17, at which further details will
be made available.  Regardless of the outcome of that meeting, the
source said, the venues will deliver on their scheduled gig
commitments, the report notes.

However, a report from subscription paper The Music Network claims
that administrator Simon Nelson, of Romanis Cant, had brokered a
deal for the sale of the venues with Max Watt's Operating Pty Ltd
following weeks of proposal considerations, theMusic.com.au
discloses.

Australian Securities & Investments Commission and Australian
Business Register's records show that Max Watt's Operating Pty Ltd
-- formerly Bar & Venue Operations Pty Ltd -- was registered on 5
February this year, with three separate three-year registrations
taken out for the business names Max Watt's In Brisbane, Max
Watt's In Sydney and Max Watt's In Melbourne.

All three registrations have their address for service of
documents listed as courtesy of PGP Consulting, 530 Collins
Street, Melbourne -- PGP, like Romanis Cant, is an accounting
consulting and advisory firm; however, it also lists an ostensibly
residential address in the Melbourne suburb of Glen Iris as their
principal location of business (even Brisbane and Sydney), the
report says.


MF GALLIANO: First Creditors' Meeting Slated For March 23
---------------------------------------------------------
Darren John Vardy of SVP was appointed as administrators of MF
Galliano Pty Ltd on March 12, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 83-85 Market Street, in Wollongong, New South Wales, on
March 23, 2015, at 12:00 p.m.


SJR FARMS: First Creditors' Meeting Set For March 23
----------------------------------------------------
Dino Travaglini and Bruno A Secatore of Cor Cordis Chartered
Accountants were appointed as administrators of SJR Farms Pty Ltd
on March 11, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 8, 28 The Esplanade, in
Perth, on March 23, 2015, at 11:00 a.m.


SOUTHPORT LEAGUES: First Creditors' Meeting Set For March 23
------------------------------------------------------------
Brent Kijurina and Richard Albarran of Hall Chadwick were
appointed as administrators of Southport Leagues Club Limited on
March 11, 2015.

A first meeting of the creditors of the Company will be held at
The Other Side Room, Vibe Hotel Gold Coast, 42 Ferny Avenue,
Surfers Paradise, in Queensland, on March 23, 2015, at
10:00 a.m.


TOWNSVILLE CROCODILES: Woes Spark Hopes of Financial Backing
------------------------------------------------------------
ABC News reports that Townsville's Mayor said there is not much
the north Queensland council can do to financially support the
embattled Townsville Crocodiles.

The basketball club went into voluntary administration blaming a
lack of clarity around the next National Basketball League (NBL)
season for its decision, according to ABC News.

The report notes that Mayor Jenny Hill said she hoped the
community would rally around the Crocs and help provide some
financial backing.

"The Crocs are an institution, they've been here well over 20
years and I remember attending the very first Crocs' game here in
the city when they were the Sun, so they've been a really big part
of the community," the report quoted Mayor Hill as saying.

Mayor Hill said funding for a new floor at the entertainment
center could be at risk because of uncertainty around the team's
future, the report relays.

The report discloses that the council decided to bring forward the
project last month on the condition the Crocs were registered as a
team.

The reports says that Mayor Hill said unless a decision on the
team's future was made soon, the Crocs could miss out on having a
new court.

"Well we will be putting budgets together, if we don't receive any
indication from the NBL that there's even going to be a comp, then
that's something the council will consider as part of its budget
deliberations," Ms. Hill added.



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C H I N A
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COUNTRY GARDEN: 2014 Results Support Ba2 CFR, Moody's Says
----------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's full-year 2014 results are in line with its
expectation and support its Ba2 corporate family rating and
positive outlook.

"Country Garden's 2014 results show improvement in its financial
profile and support its positive rating outlook," says Franco
Leung, a Moody's Vice President and Senior Analyst.

Leung was speaking on the release of a new Moody's report on
Country Garden, entitled "2014 Full-Year Results Highlight
Improved Financial Profile".

Country Garden's margins declined in line with the trend seen
across China's property sector, reflecting rising land and
construction costs relative to average selling prices.  Its gross
profit margin declined to 26.1% in 2014, from 30.3% in 2013 and
36.6% in 2012.  The drop in its EBITDA margin -- 18.7% in 2014
from 21.8% in 2013 -- was smaller, largely because its selling,
marketing and administrative expenses fell to about 8.9% of total
revenue from 10.1% the previous year.

Moody's expects the company's EBITDA margins will continue to
trend down, although its cost control efforts should help slow the
decline.

The company achieved RMB128.8 billion in contracted sales in 2014,
a 21.5% year-over-year increase compared to 136% in 2013, while
maintaining its inventory at stable levels.  Moody's expects its
contracted sales growth to further slow in 2015, with the RMB135
billion target - if achieved -- representing 5% year-over-year
growth.

"Country Garden also managed down its debt leverage in 2014,
despite an increase in gross debt, thanks to proactive management
of its capital structure and business growth," adds Leung.

Revenue to debt (including perpetual capital securities) and
adjusted debt to capitalization improved to about 1.3x and 57.5%
in 2014, from 1.1x and 59.9% in 2013, while its gross debt
increased to RMB64.2 billion from RMB56.2 billion.

Moody's expects Country Garden will keep its debt leverage under
control, with revenue to debt remaining around 1.2x-1.3x over the
next 12-18 months, which is comparable to its peers in the mid- to
high-Ba rating range.

While Country Garden continues its overseas expansion, with
currently four projects in Malaysia and Australia, Moody's expects
it will maintain its prudent expansion strategy.


NEXTEER AUTOMOTIVE: 2014 Results Supports Moody's 'Ba1' CFR
-----------------------------------------------------------
Moody's Investors Service said that Nexteer Automotive Group
Limited's improved financial results for 2014 support its Ba1
corporate family rating and senior unsecured rating as well as the
stable rating outlook.

"Nexteer's posting of robust revenue growth and an improved EBITDA
margin in 2014 exceeded our expectations, driven mainly by the
ramping up of its newly launched electric power steering programs
with better gross margin," says Chenyi Lu, a Moody's Vice
President and Senior Analyst. "The company also achieved new
customer and program wins in China, and made progress on cost
cutting."

Based on Nexteer's announcement, revenue grew 24.8% year-on-year
to $2.98 billion in 2014 from $2.39 billion in 2013.  The
company's adjusted EBITDA margin also improved to 9.3% from 6.8%.
Consequently, adjusted EBITDA increased by 70.7% year-on-year to
$276 million from $161 million 2013.

The increase in earnings led in turn to an improvement in
Nexteer's financial leverage to 3.0x in 2014 from 4.2x in 2013,
despite the rise in debt.  Adjusted debt grew to $817 million at
end-2014 from $673 million at end-2013, driven mainly by a bond
issuance of $250 million in November 2014.  However, this level of
leverage is in line with its Ba1 rating.

Moody's expects Nexteer's revenue to grow by high-single digits on
an annual basis over the next 12-18 months, driven by the ramping
up of its newly launched electric power steering programs this
year and the last two years, and its growing customer base and new
program wins in China.

Moody's also expect its EBITDA margin to stay at current levels as
Nexteer expands its scale of operations and continues with cost
improvements to counter the effects of the price reductions
demanded by auto manufacturers.

Moody's expects Nexteer's adjusted debt/EBITDA to decline to 2.5x-
3.0x over the next 12-18 months, given the company's expected
robust revenue growth and stable margins.

Nexteer's liquidity position is adequate.  The company had
unrestricted cash of $380 million at end-2014, more than
sufficient to cover capex of $175 million and short-term maturing
debt of $97 million.

The Ba1 corporate family rating incorporates a two-notch uplift
based on Moody's expectation of strong support in times of
financial distress, mainly from Aviation Industry Corporation of
China (unrated), the ultimate owner of AVIC Automobile Industry
Holding Co., Ltd. (unrated), which has a beneficial ownership of
34% in Nexteer.

The principal methodology used in this rating was Global
Automotive Supplier Industry published in May 2013.

Headquartered in Saginaw, Michigan, and listed on the Hong Kong
Stock Exchange in October 2013, Nexteer Automotive Group Limited
manufactures steering and driveline systems.  The company has 20
manufacturing plants located across North and South America,
Europe and Asia.

Nexteer is 67.3%-owned by Pacific Century Motors, Inc., which is
in turn 51% owned by AVIC Automobile Industry Holding Co., Ltd.
(AVIC Auto, unrated), and 49% owned by Beijing E-Town
International Investment & Development Co. Ltd. (unrated), which
is controlled by Beijing's municipal government,

AVIC Auto is wholly owned by Aviation Industry Corporation of
China (unrated), a Chinese central government-owned enterprise.



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ADARSH SYNTHETICS: ICRA Rates INR5cr Fund Based Loan at B+
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ on the INR5.0
crore fund based limits, INR2.0 crore term loans and INR3.0 crore
un-allocated limits of Adarsh Synthetics Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits      5.0       [ICRA]B+; assigned
   Term Loans             2.0       [ICRA]B+; assigned
   Unallocated            3.0       [ICRA]B+; assigned

The assigned ratings take into account promoter's experience and
track record in manufacturing of woven fabrics and favorable
location of its manufacturing facility facilitating availability
of labor and raw material. The ratings are however constrained by
ASPL's moderate operating profitability due to commoditized nature
of its products and highly leveraged capital structure leading to
modest debt coverage indicators. Synthetic fabric manufacturing is
characterized by competition from large number of players in the
Bhilwara market. Moreover, given the low entry barriers, ASPL's
business is susceptible to new capacity additions in the industry.

Going forward the rating would remain sensitive to the ability of
the company to improve its profitability, debt coverage indicators
and manage its working capital intensity.

Incorporated in 1987, and promoted by Mr. Gopal Krishan Jhanwar,
ASPL manufactures synthetic fabric in the plant situated in
Bhilwara, Rajasthan. The company has 80 looms capable of
manufacturing 36.47 Lakh Metre per annum. The company's has
diversified mix of customers engaged in trading as well as
clothing.

Recent results:
The company reported an operating income of INR37.53 crore and
profit after tax of INR0.08 crore in FY2014 as compared to an
operating income of INR32.97 crore and profit after tax of INR0.08
crore in FY2013.


ARVEE ELECTRICALS: CARE Puts B+ Rating on INR1.5cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Arvee Electricals and Engineers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1.50       CARE B+ Assigned
   Short term Bank Facilities   10.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Arvee Electricals
and Engineers Private Limited (AEEPL) are constrained on account
of declining turnover, low profitability and high overall gearing
along with elongated operating cycle. The ratings are further
constrained on account of raw material price fluctuation risk and
intense competition in the industry.

The ratings, however, draw support from the long track record of
the entity and experience of the promoters in the execution of
transmission lines and substation projects. The ratings further
draw support from healthy order book position of the company.

The ability of the company to execute orders in a timely manner
and efficient management of the working capital are the key rating
sensitivities.

AEEPL is a Pune-based company promoted by Mr Arun Doshi and his
wife Mrs Asha Doshi in the year 1987. The company is a turnkey
electrical contractor and handles turnkey contracts for sugar,
cement, fertiliser, metallurgical plants and others. They provide
services related to engineering, detailing, designing, production
and commissioning of substations, transmission line set up for
private organisations. AEEPL is also involved in the trading of
electrical components like LT panels and electrical control boards
(about 20% of the total operating income for FY14 -- refers to the
period April 1 to March 31). AEEPL is ISO 9001:2008, ISO
14001:2004 and OHSAS 18001:1999 certified company.

During FY14, AEEPL earned a PAT of INR0.12 crore on a total income
of INR28.56 crore as against a PAT of INR2.77 crore on a total
income of INR49.37 crore in FY13.


BHAGWATI LACTO: CARE Assigns B+ Rating to INR15cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bhagwati
Lacto Foods Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of Bhagwati Lacto Foods
Private Limited (BPL) is primarily constrained by its modest scale
of operations, low profitability margins and leveraged capital
structure. The rating is further constrained by elongated
collection period and its presence in a highly competitive and
fragmented agro-processing business with a high level of
government control.

The rating, however, draws strength from the experienced promoters
in the agro-processing industry and proximity of its processing
unit to the paddy-growing areas. Going forward, BPL's ability to
scale-up its operations while improving its profitability margins
and capital structure along with effective working capital
management would be the key rating sensitivities.

Bhagwati Lacto Foods Private Limited (BPL) was incorporated in
2009 by Mr Kishan Kumar Mittal and Mr Rahul Mittal. They
collectively look after the overall operations of the company. The
company is engaged in trading and processing (milling) of paddy
(rice) from 2013. Prior to this, the company had no commercial
operations. The warehouse of the company was leased out to
associate concern Bhagwati Lacto Vegetarian Exports Private
Limited. The manufacturing unit is located at Ferozepur, Punjab
with total installed capacity of 70,000 metric ton per annum
(MTPA) as on March 31, 2014. BPL procures rice from local grain
markets through dealers and agents mainly from the states of
Punjab and Haryana. The company sells its products i e basmati and
non-basmati rice in the states of Delhi and Haryana through a
network of commission agents and traders. The company recently
started exporting to Iran, Dubai, Qatar and Mauritius.

For FY14 (refers to the period April 01 to March 31), BPL achieved
a total operating income (TOI) of INR56.78 crore with net profit
of INR0.44 crore, respectively as compared to a total operating
income (TOI) of INR41.80 crore with net profit of INR0.31 crore,
respectively for FY13. The company has achieved total income of
INR161 crore till January 31, 2015.


BHAYANA BUILDERS: CRISIL Rates INR250MM LT Bank Loan at B-
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Bhayana Builders Pvt Ltd (BBPL), and has assigned
its 'CRISIL B-/Stable/CRISIL A4' ratings to the facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       300        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit          110        CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit      50        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term   250        CRISIL B-/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The rating was previously suspended by CRISIL vide the Rating
Rationale dated November 28, 2014 since BBPL had not provided the
necessary information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign a rating to the company's bank facilities.

The ratings reflect BBPL's weak financial risk profile and its
large working capital requirements due to high receivables. These
rating weaknesses are partially offset by the extensive experience
of BBPL's promoters in the civil construction industry and their
established customer relationships.
Outlook: Stable

CRISIL believes that BBPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if company's financial risk
profile, particularly its liquidity, improves most likely because
of increase in cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in business risk
profile marked by decline in revenue or operating margins or due
to increase in working capital requirements.

BBPL was incorporated in 1979, promoted by Mr. Ramesh Bhayana
along with his brother, Mr. Suresh Bhayana. The company provides
turnkey construction services mainly civil works, erection, and
commissioning of projects in the office space, infrastructure,
real estate (commercial, residential), and industrial segments.
Mr. Nitin Bhayana (son of Mr. Suresh Bhayana) and Mr. Vikas
Bhayana (son of Mr. Ramesh Bhayana) currently oversee the day-to-
day operations of the company.


BIG TILES: ICRA Reaffirms B+ Rating on INR8.13cr Term Loan
----------------------------------------------------------
A rating of [ICRA]B+ has been reaffirmed to INR8.13 crore term
loans and INR6.00 crore cash credit facility of Big Tiles. ICRA
has also reaffirmed [ICRA]A4 rating to Rs.1.50 crore short-term
non-fund based facilities of BT.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B+ reaffirmed
   Term Loans            8.13        [ICRA]B+ reaffirmed
   Bank Guarantee        1.50        [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the modest scale
of operations, high gearing and high dependence on creditors
funding which has led to a high total outside liabilities. The
rating is further constrained by highly competitive and fragmented
nature of the industry as well as susceptibility of margins to raw
material price volatility & increasing prices of gas, as it is the
major source of fuel. . ICRA also notes the dependence of
operations and cash flows of the company on the performance of the
real estate industry which is the main consumer sector. Further,
BT being a partnership firm, any significant withdrawals from the
capital account would affect its net worth and thereby the gearing
levels.

The ratings however favorably considers the experience of the key
promoters in the ceramic industry, location advantage enjoyed
giving it easy access to raw material and improvement in
profitability indicators on account of inhouse manufacturing of
body clay which is one of the key ingredient in tile manufacturing
resulting in lower raw material cost.

Big Tiles (BT) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in 2008,
while the firm commenced its operations in August 2009. BT is
managed by Mr. Pankaj Marvaniya and other family members. The
plant has an installed capacity to produce 40000 MTPA of ceramic
wall tiles. BT currently manufactures wall tiles of size "18 X 12"
and 24" X 12" with the current set of machineries at its
production facilities.

Recent Results
For the year ended 31st March 2014, the company reported an
operating income of Rs.31.64 crore and profit after tax of INR2.03
crore.


CHIRAJ STOCK: CRISIL Reaffirms B Rating on INR17.5MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chiraj Stock and
Securities Pvt Ltd (CSSPL) continue to reflect CSSPL's weak
financial risk profile, modest scale of operations in the highly
fragmented construction industry, and small order book. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters and the financial support it
receives from them.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       80         CRISIL A4 (Reaffirmed)
   Cash Credit          17.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit     10         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CSSPL will continue to benefit over the
medium term from the industry experience of its promoters. Its
financial risk profile is, however, expected to be constrained,
with high gearing, a small net worth, and net losses. The outlook
may be revised to 'Positive' if the company's scale of operations
increases, and if its capital structure improves, most likely
because of capital infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if CSSPL's financial risk
profile deteriorates further due to a significant decline in its
revenue or/and profitability, or any debt-funded capital
expenditure.

CSSPL, incorporated in 1994, is a part of the Kanoria group. The
company undertakes civil construction; it started operations in
2009.


CONSOLIDATED CONSTRUCTION: CARE Rates INR1,253.25cr LT Loan at D
----------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Consolidated
Construction Consortium Limited.

                                 Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long term Bank Facilities    1,253.25      CARE D Assigned
   Short term Bank Facilities     876.60      CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities for Consolidated
Construction Consortium Limited (CCCL) factor in the delays in
debt servicing on account of weak liquidity position.

CCCL was incorporated in 1997 by first-generation entrepreneurs
Mr. R. Sarabeswar, Mr. S. Sivaramakrishnan and Mr. V G
Janarthanam. CCCL is primarily engaged in construction activities
in commercial, infrastructure, industrial and residential
domain. CCCL has established few subsidiaries, namely,
Consolidated Interiors Limited (interior contracts and fit out
services), Noble Consolidated Glazing Ltd (Glazing Services) and
CCCL Power Infrastructure Ltd (BOP Orders for Power Projects and
food processing).

During FY14, CCCL registered net loss of INR224 crore on a total
income of INR884 crore. For 9-month period ended December 31,
2014, the company registered net loss of INR119 crore on a total
operating income of INR524 crore.


FOREVER GREEN: ICRA Puts SP 4E Grading on Poor Financial Strength
-----------------------------------------------------------------
ICRA has assigned 'SP 4E' grading to Forever Green Solar (FGS),
indicating 'Weak Performance Capability' and 'Poor Financial
Strength' of the channel partner to undertake off-grid solar
projects. The grading is valid until Feb. 25, 2017 after which it
will be kept under surveillance.

Grading Drivers
Strengths Satisfactory feedback from suppliers on involvement and
information flow Positive outlook and growth prospects for solar
industry assisted by favourable government policies
Risk Factors Limited track record of promoters in solar power
installations as EPC in off-grid and on-grid segment with firm
starting operations from December 2014 Small order book of 300 KWp
to be completed over a period of 4 months providing revenue
visibility in the near term Moderate technical competence and
adequacy of the manpower for current scale of operations Large
number of organized and unorganized players in solar PV space
indicating high level of competition leading to pressure on
margins Low net worth of the promoters of Rs 5.87 crore.

SI Related Business - Weak Performance Capability

Promoter's Track Record: Mr. K. Srikanth, managing partner, is an
electrical engineer and has an experience of over 10 years in
electrical installations and civil construction projects. He has
ventured in-to solar power business in December 2014 and FGS
proposes to be a system integrator and EPC for both on-grid
connected and off-grid projects; they have work orders for 4
projects in hand for installing solar PV system of 300 KWp to be
completed over a period of 4 months. Technical competence and
adequacy of manpower: FGS has a 10 member technical team having an
experience of 3-5 years including sales managers, site engineers,
site supervisors, and quality engineers. All members of the team
hold technical degrees or diplomas and are adequate for the
limited scale of current operations. Quality of suppliers and tie
ups: FGS has tied up to procure materials such as SPV modules,
module mounting structures, batteries from local suppliers like
Vega Solar Energy Pvt.Ltd., Refusol invertors, Pranitha Techno
Fabs etc. As per the feedback from the suppliers, they are
satisfied with the involvement, information flow of FGS. Customer
and O&M Network: FGS is yet to commence the solar power PV
installations and hence no feedback was available. FGS do not have
any O & M arrangements for its customers as on date and it plans
to open service centers with increase in scale of operations.

Financial Strength - Poor

Revenues: Nil; operations started only in December 2014
Return on Capital Employed (RoCE): Nil
Total Outside Liabilities/Tangible Net worth: Nil
Interest Coverage Ratio: Nil

Net-Worth
Net worth of the FGS and its promoters is Rs 5.87 crore

Current Ratio: Nil
Relationship with bankers: Bankers are satisfied with the company

The overall financial profile of the company is Poor.


GLOBAL FOODS: CRISIL Assigns B Rating to INR90MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the long-term
bank facility of Global Foods- Nagpur (GF).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             90         CRISIL B/Stable

The rating reflects the firm's exposure to risks related to
implementation of, and demand for, its ongoing cold storage and
frozen food processing project. The rating also reflects GF's
expected modest scale of operations and average financial risk
profile due to start-up stage of operations. These rating
weaknesses are partially offset by its promoters' extensive
entrepreneurial experience and their committed funding support.

Outlook: Stable

CRISIL believes that GF will benefit from its promoters' extensive
entrepreneurial experience and their committed funding support
over the medium term. The outlook may be revised to 'Positive', in
case of timely completion of its project within budgeted cost and
subsequent significant ramp-up in sales, leading to higher cash
accruals. . Conversely, the outlook may be revised to 'Negative'
in case GF faces time or cost overrun in the implementation of its
project or delay in stabilization of operations.

GF was set up in 2014 as a partnership firm in Nagpur
(Maharashtra) for setting up a cold storage and frozen food
processing unit for various vegetables, fruits and spices. Mr.
Ritesh Chelani, Mr. Umesh Jagwani, Mr. Akash Satija, Mr. Kamlesh
Tejwani, Mr. Niyaz Ahmed and Mr. Aqeel Ahmed are the partners of
the firm.


GUJARAT STEEL: CARE Reaffirms B+/A4 Rating on INR24cr Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Gujarat
Steel & Pipes.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ Short-term          24        CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

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

Rating Rationale
The ratings of Gujarat Steel and Pipes (GSP) continue to be
constrained by the firm's modest scale of operations along with
its low capitalization, high leverage, thin profitability and its
constitution as a partnership firm. The ratings are also
constrained by the high working capital intensity of its
operations along with its presence in the highly competitive steel
trading segment.

The ratings, however, continue to derive strength from the
partners' vast experience in the steel trading and distribution
business and long track record of the firm as a distributor of
long steel products of Rashtriya Ispat Nigam Limited (RINL) in
the state of Gujarat.

The ability of GSP to increase its scale of operations along with
improvement in its profitability and capital structure would be
the key rating sensitivities.

Incorporated as a partnership firm in Ahmedabad in 1983, GSP was
promoted by Mr Rajnikant P Shah and is engaged in the trading of
primarily long steel products like rounds, billets, angles, beams,
bloom, channel, pipes, sheets, plates, tee, TMT Bars and wires.
The firm is one of the authorized distributors for billets and
rounds in the Gujarat region for RINL.

Based on FY14 (refers to the period April 1 to March 31) audited
results, GSP reported a total operating income of INR 156.62 crore
(INR159.74 crore in FY13) with a PAT of INR 0.61 crore (INR0.66
crore in FY13).


GURULAXMI COTTEX: CARE Ups Rating on INR36.13cr Loan From B+
------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Gurulaxmi Cottex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     36.13      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     3.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Gurulaxmi Cottex Private Limited (GCPL) factors in
the stabilisation scale of operations during FY14 (refers to the
period April 1 to March 31) been the first full year of commercial
operations, infusion of equity capital to the tune of INR1.67
crore to fund the increasing scale of operation. The ratings
continue to derive strength from the strategic location of the
manufacturing unit with proximity to raw material source.

The ratings, however, continue to be constrained by the short
track record and limited experience of promoters in the spinning
business, seasonal availibity of raw material (raw cotton) and
associated volatility in raw material prices, working capital
intensive nature of operations and presence in a highly fragmented
spinning sector.

Going forward, the ability of GCPL to improve its scale of
operations, maintain the profitability margins along-with
effective management of working capital are the key rating
sensitivities.

Gurulaxmi Cottex Private Limited (GCPL) promoted by the Lakhani
family, was incorporated in June 2010 as private limited company
and commenced its operation in September 2012 from its
manufacturing facilities based out of Yavatmal (Maharashtra). GCPL
is engaged in the cotton spinning with an installed capacity of
8640 spindles for manufacturing thin yarn of 24 count and 8640
spindles for manufacturing of thick yarn of 18 count. GCPL procure
raw cotton from farmers and then processes the raw cotton to
cotton bales. Currently, GCPL operations are managed by Mr Pradip
Lakhani, Mrs Laxmikant Pradip Lakhani, Mr Sumit Lakhani and Mr
Sagar Lakhani in the strength of Directors.

During FY14 (Audited), GCPL reported total operating income of
INR103.70 crore, PBILDT of INR9.62 crore and PAT of INR0.83 crore
as against total operating income of INR32.62 crore, PBILDT of
INR6.50 crore and PAT of INR0.18 crore in FY13 (Audited).


I-RED CONCRETE: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of I-Red Concrete &
Allied Construction Pvt Ltd (I-Red; part of the I-Red group)
continues to reflect the I-Red group's susceptibility to
implementation and offtake risks associated with its ongoing and
proposed projects, and its relatively modest scale of operations.

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

These rating weaknesses are partially offset by the experience of
the group's promoters in real estate development and the group's
demonstrated project-execution capabilities.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of I-Red, Concrete & Allied Enterprise
(CAE), and Retreat Construction & Housing Pvt Ltd (RCPL). This is
because the three entities, together referred to as the I-Red
group, are engaged in the same line of business and have
operational linkages and fungible cash flows.

Outlook: Stable

CRISIL believes that the I-Red group will continue to benefit over
the medium term from its demonstrated project-execution
capabilities and its promoters' extensive experience in the real
estate segment. The outlook may be revised to 'Positive' if the
group achieves substantial customer bookings at better prices for
its ongoing and proposed projects, leading to large cash inflows.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile weakens, most likely because of
time or cost overrun and considerable debt contracted for funding
projects.

The I-Red group develops real estate projects in West Bengal. Its
day-to-day operations are managed by Mr. Dipak Kumar Kolay and Mr.
Sudipta Kolay. I-Red has completed development of two residential
projects in Howrah and Kharagpur (West Bengal).


JALDHARA GINNING: ICRA Assigns B Rating to INR6.5cr Cash Credit
---------------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR6.50
crore cash credit facility and the INR1.68 crore term loan
facility of Jaldhara Ginning Factory.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.50        [ICRA]B; assigned
   Term Loan             1.68        [ICRA]B; assigned

The assigned ratings are constrained by risk associated with
stabilization of plant and possible stress on debt servicing
ability in case ramp up of cash flows is lower than anticipated.
The ratings are further constrained by highly competitive and
fragmented industry structure owing to low entry barriers which is
expected to keep margins under pressure and vulnerability of the
firm's profitability to the adverse fluctuations in raw cotton
prices, which are subject to seasonality and crop harvest. ICRA
also notes that JGF is a partnership concern and any substantial
withdrawal from capital account in future could adversely impact
the credit profile of the firm.
The ratings, however, favourably take into account thepast
experience of the promoters in the cotton industry and the
favorable location of the firm's manufacturing facility in Botad
giving easy access to raw material.

Established in January 2014, Jaldhara Ginning Factory has set up a
cotton ginning and pressing facility at Botad in Gujarat. The
plant is equipped with 24 ginning machines and 1 pressing machine
with a manufacturing capacity of 400 bales per day.


JAY BHAVANI: CRISIL Assigns B+ Rating to INR65MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Jay Bhavani Ginning Pressing and Oil Industries
(JBGPOI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           65         CRISIL B+/Stable

The rating reflects JBPOI's weak financial risk profile, marked by
modest net worth and high gearing, and its modest scale of
operations in the intensely competitive cotton ginning industry.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters and the advantages it
derives from the proximity of its unit to the cotton-growing belt
in Gujarat.

Outlook: Stable

CRISIL believes that JBGPOI will continue to benefit over the
medium term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations and achieves substantial accruals, or if
its capital structure improves through capital infusion.
Conversely, the outlook may be revised to 'Negative' if JBGPOI's
financial risk profile deteriorates, most likely because of
increased working capital borrowings or large debt-funded capital
expenditure, or if its operations are negatively impacted by any
change in government policies.

Established in 2003, JBGPOI gins and presses cotton and extracts
cotton seed oil. It has manufacturing capacity of 200 bales per
day at Morbi (Gujarat). Its day-to-day operations are managed by
Mr. Jatin J Khakkar.

JBGPOI reported profit after tax (PAT) of INR2.20 million on
operating income of INR290 million for 2013-14 (refers to
financial year, April 1 to March 31), against PAT of INR2.80
million on operating income of INR259 million for 2012-13.


KALYAN METRO: CRISIL Reaffirms B- Rating on INR76.8MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kalyan Metro
Multispeciality Hospital Pvt Ltd (KMMHPL) continues to reflect
KMMHPL's modest scale and limited track record of operations, and
its weak financial risk profile, marked by a small net worth, high
gearing, and subdued debt protection metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------          ---------    -------
   Corporate Loan          10       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      76.8     CRISIL B-/Stable (Reaffirmed)
   Term Loan               63.2     CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience the company's promoters in the healthcare industry, and
its established name in Kalyan (Maharashtra).

Outlook: Stable

CRISIL believes that KMMHPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in the company's scale of
operations and profitability, or if the promoters infuse
significant equity, thus strengthening its capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative' if
KMMHPL undertakes aggressive debt-funded expansions, or its
working capital management deteriorates, thereby further
pressurising its liquidity.

Update
Due to its initial phase of operations, which resulted in modest
occupancy levels, KMMHPL's turnover was subdued at INR37.5
million, while it registered a net loss, in 2013-14 (refers to
financial year, April 1 to March 31). CRISIL believes that with
the increase in occupancy rate and stable demand for healthcare
facilities in the region, KMMHPL will break even within the next
two financial years.

Due to losses and small scale of operations, KMMHPL's financial
risk profile was weak with a net worth of INR15.8 million and
gearing of 5.5 times as on March 31, 2014. Its debt protection
metrics were also subdued with interest coverage and net cash
accruals to total debt ratios at 1.4 times and 0.06 times,
respectively, for the year ended March 31, 2014. With its scale of
operations and overall profitability remaining subdued, the
company's financial risk profile is expected to remain weak over
the medium term.

KMMHPL has high repayment obligations of INR11.8 million in 2014-
15 and 2015-16; in the absence of adequate accruals, the company
has been servicing its debt in a timely manner through promoters'
funding support. CRISIL believes that the management of liquidity
will remain a key rating sensitivity factor over the medium term.

KMMHPL reported a net loss of INR4.2 million on net sales of
INR37.5 million for 2013-14, as against a net loss of INR6.4
million on net sales of INR6.8 million for 2012-13.

KMMHPL, incorporated in 2010, runs a 50-bed multi-speciality
hospital in Kalyan. The company is promoted by Dr. Chandrakant D
Shivsharan (laparoscopic surgeon), Dr. Pravin P Bhujbal, Dr.
Pradeep B Shelar, Dr. Bhavesh J Chauhan, Dr. Umesh V Kapuskar, Dr.
Chandan R Singh, and Dr. Rajesh Pastaria.


KAPOOR OIL: ICRA Reaffirms B Rating on INR6cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR6.00 crore cash
credit facility and INR1.40 crore term loan facility of Kapoor Oil
Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                  1.40         [ICRA]B; reaffirmed

   Fund based-Cash
   Credits               6.00         [ICRA]B; reaffirmed

The reaffirmation of rating takes a note of Kapoor Oil Industries'
(KOI) modest scale of operations and financial profile
characterized by weak debt coverage indicators, high gearing and
stretched liquidity position due to high inventory holding. ICRA
also takes note of the highly competitive and fragmented industry
structure with the limited value additive nature of operations,
which leads to pressure on profitability. The rating further
incorporates the vulnerability to adverse movements in
agricultural produce prices as is apparent in the recent drop in
cotton prices on account of reduced imports by China and slow
demand from spinning mills against anticipated high production.
Also, being a partnership firm, substantial withdrawals by the
partners can have an adverse impact on capital structure of the
firm.

The rating, however, favourably considers the long experience of
the promoters in the cotton industry as well as the location of
the company, giving it easy access to high quality raw cotton. It
also considers the forward integration in crushing facilities
providing additional revenues and diversification and the rise in
operating income in FY14 driven by increased volume and
realization.

Kapoor Oil Industries was established on 4th July 2006 as a
partnership firm to engage in the business of crushing
cottonseeds. In FY13, the firm has diversified its operation by
entering into the ginning and pressing segment to produce cotton
bales and cottonseeds. The manufacturing unit located at Vijapur,
Gujarat is equipped with 14 jumbo ginning machines, one pressing
machine and four expellers. It has an installed capacity to
produce 145 cotton bales and 4 MT of cottonseed oil per day (24
hours operation). Six partners namely Mr. Amrutbhai Patel, Mr.
Dahyabhai Patel, Mr. Chunilal Patel, Mr. Rameshbhai Patel, Mr.
Rashikbhai Patel and Mr. Popatbhai Patel manage the operations of
the firm.

Recent Results
In FY14, KOI reported an operating income of INR23.33 crore and
net profit of INR0.29 crore.


LOGON INDIA: CRISIL Reaffirms B Rating on INR80MM Secured Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Logon India
Infrastructure Pvt Ltd (Logon) continue to reflect the company's
modest scale of operations in the intensely competitive civil
construction segment and its below-average financial risk profile
marked by a weak capital structure. These rating weaknesses are
partially offset by the extensive industry experience of Logon's
management in the civil construction industry and its healthy
order book.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        200        CRISIL A4 (Reaffirmed)
   Secured Overdraft      80        CRISIL B/Stable (Reaffirmed)
   Facility

Outlook: Stable

CRISIL believes that Logon will benefit over the medium term from
its management's industry experience, which will support the
company's project-execution capabilities, and its healthy order
book, which provides the company with revenue visibility. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and operating profitability on a sustained
basis, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
weakening in Logon's relationship with its key clients or delays
in project execution leading to lower-than-expected revenue
growth. The outlook may also be revised to 'Negative' if the
company undertakes any debt-funded capital expenditure programme,
or if its receivables are further stretched, resulting in
deterioration of its financial risk profile.

Established in 2011, Logon undertakes civil construction of
warehouses, residential projects, and roads for various
infrastructure companies on a sub-contract basis. The company is
promoted by Mr. Daljit Singh Chadda and Mr. P Swaminathan.


LOTUS FABRICS: CARE Assigns B+ Rating to INR2.83cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Lotus
Fabrics.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.83      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of M/s Lotus Fabrics is
constrained by sole proprietorship nature of business, small scale
of operations, customer concentration risk and modest leverage
ratios and debt coverage matrices.  The rating, however, derives
strength from the promoters' linkage to Donear Industries Limited
(DIL), experience in the textile (suiting and shirting) industry,
growth in the total operating income and improvement in the
operating profit margins since commencement of operations in FY11
(refers to the period April 1 and March 31) and satisfactory
working capital cycle.

The ability of the firm to sustain its profitability margins
amidst inherent volatility in revenue streams and managing
growth in scale of operations successfully in the forthcoming
years are the key rating sensitivities.

Incorporated in June 2010 and promoted by Mrs Uma Devi Agarwal who
has an experience of more than a decade in the textile sector, M/s
Lotus Fabrics is a sole proprietorship concern. The firm has its
manufacturing unit at Surat in Gujarat and as on March 31, 2014,
had a capacity of 16 looms and is engaged in the weaving of man-
made fabric. The proprietor is ably supported by a team of
experienced professionals who look after the day-to-day operations
at the firm.

Also, M/s Lotus Fabrics is a group concern of Donear Industries
Limited, which is engaged in the manufacture of cotton and
synthetic apparel fabrics and Ready Made Garments (RMG) sold under
the brand name of DONEAR-NXG.

The company achieved a total operating income of INR1 crore in
FY14 as compared with INR0.84 crore in FY13.


MANJEERA PROJECTS: ICRA Suspends B+ Rating on INR35cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR35.00 crore bank facilities of Manjeera Projects. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MANJEERA RETAIL: ICRA Ups Rating on INR300cr Term Loan to B+
------------------------------------------------------------
ICRA has upgraded the long term rating for INR314.00 crore fund
based limits of Manjeera Retail Holdings Private Limited to
[ICRA]B+ from [ICRA]B earlier.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            300.00        Upgraded to [ICRA]B+
                                      from [ICRA]B

   Unallocated           14.00        Upgraded to [ICRA]B+
                                      from [ICRA]B

The rating revision takes into account creation of DSRA of 3
months and refinancing of the earlier LRD loans taken for Manjeera
Trinity Mall. Longer tenor of the current LRD loan and reduced
interest rates has resulted in lower debt servicing burden and the
rental income from the mall would be sufficient to take care of
the debt repayments. Further, 3 out of the 4 projects being taken
up are complete and the 4th one is due for completion in March
2014, limiting execution and funding risks. ICRA continues to draw
comfort from long standing experience of the promoters in real
estate industry.

The rating however, continues to remain constrained by high market
risk associated with the MTC complex (commercial project) which
has achieved only 6% bookings till date; MTC was initially
scheduled for completion in March 2011 and subsequently March 2013
but the completion of the complex has been delayed further by
around a year owing to the bifurcation of the State of Andhra
Pradesh. Given the low marketing success achieved so far, MRHPL
intends to first lease out the property and then sell it. The
construction loans taken for MTC have been rescheduled and
repayment for the same would commence in October 2015. MRHPL has
also a mortgage loan of INR50 crore which is due for repayment in
October 2014. Getting additional tenants into the shopping mall
would be critical so that the mortgage loan can be converted into
a lease rental discounting loan.

Manjeera Retail Holdings Private Limited is a special purpose
vehicle created in 2007 for the development of 2.075 million sft
mixed use real estate development at Kukatpally, Hyderabad.
Manjeera Majestic Homes (residential) - 0.35 million sft; Manjeera
Majestic Commercial (retail cum office) - 0.33 million sft;
Manjeera Trinity Mall (cum multiplex) - 0.45 million sft and
Manjeera Trinity Corporate (office) - 0.95 million sft under JDA
with APHB (Andhra Pradesh Housing Board) with a revenue sharing
agreement (5%). The entire development is spread across 8.295
acres.


MINERVA POULTRY: CARE Upgrades Rating on INR6.82cr LT Loan to B
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Minerva
Poultry Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.82      CARE B Revised from
                                            CARE D

Rating Rationale

The revision in the rating for the bank facilities of Minerva
Poultry Pvt. Ltd. (MPPL) takes into cognizance the regular
servicing of its account. However, the rating continued to remain
constrained by its small size of operations, vulnerability of
profit margin to poultry feed price movements, its working
capital-intensive nature of operations and presence in a highly
competitive and fragmented nature of industry. These factors far
outweigh the benefits derived from the rich experience of the
promoters with long track record of operation and favourable
demand prospects for poultry sector across India.

The ability of the company to increase its scale of operations
with improvement in profit levels and margins and effective
management of the working capital would be the key rating
sensitivities.

MPPL, incorporated in December 02, 1991, was promoted by Meher
family of Bolangir (Odisha). The company is engaged in the
business of sale of layer birds and eggs. MPPL started as a
poultry farm in December 1991 and commenced commercial production
in the year 1993. It has its unit located at Bhadrapali, Dist
Bolangir (Odisha) with a present capacity of 3.0 lakh layer birds
with per bird producing around 300 eggs (approximately) yearly.
MPPL is basically a family-managed business with Mr Dinesh Meher
(B.com), aged 43 years, managing director, being at the helm of
affairs. He has an experience of around two decades in this trade.
The day-to-day affairs of the company are looked after by him,
with adequate support from his co-director, Mr Brijesh Meher
[younger brother of Mr Dinesh Meher, (MBA), aged 35 years] having
an experience of over 10 years.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR11.6 crore
(FY13: INR9.1 crore) and a net loss of INR0.1 crore (FY13: net
profit of INR0.2 crore).


MURLI REALTORS: CRISIL Reaffirms B- Rating on INR160MM Loan
-----------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Murli Realtors Pvt Ltd (MRPL) to 'Stable' from
'Negative' while reaffirming the rating at 'CRISIL B-'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             160        CRISIL B-/Stable

The outlook revision follows CRISIL's belief that MRPL's liquidity
will improve marginally over the near to medium term backed by
expected steady rental inflows. Steady occupancy of over 61 per
cent of the leasable area of its property and strong
counterparties is also expected to ensure timely rental receipts
for MRPL. CRISIL believes that MRPL will achieve increased
occupancy for its remaining leasable area and maintain its
improved liquidity over the medium term.

The rating reflects customer and geographic concentration in
MRPL's revenue profile and the company's susceptibility to
cyclical demand in the real estate segment and its tightly matched
rental inflows with maturing debt repayments. These rating
weaknesses are partly offset by the proximity of MRPL's property
to Pune's prime locations and the company's moderate financial
risk profile.

Outlook: Stable

CRISIL believes that MRPL will benefit over the medium term from
the prime location of its property.The outlook may be revised to
'Positive' in case of significantly large accruals, most likely
driven by increased occupancy at its property. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
occupancy levels most likely because of unexpected termination of
existing leases at its property.

MRPL was set up in 1995. The company owns a single building
(classified for commercial use), Manikchand Ikon, in one of Pune's
prime locations, Dhole Patil Road. The building project was
executed by the Mantri group. MRPL was taken over by the
Manikchand group (promoters of Dhariwal Industries Ltd) from the
Mantri group after the building was constructed.

Of the total leasable area of 259,000 square feet (sq ft), MRPL
has leased 158,000 sq ft. The property has five tenants: Tech
Mahindra Ltd, Neilsoft Ltd, Resilinc Solution Pvt Ltd, Axis Bank
Ltd and TRIPLAN India Pvt Ltd.

MRPL reported, on a provisional basis, a profit after tax (PAT) of
INR27.2 million on net sales of INR109.0 million for 2013-14
(refers to financial year, April 1 to March 31), vis-a-vis a PAT
of INR45.1 million on net sales of INR141.06 million for 2012-13.


OM KAILASH: CARE Lowers Rating on INR9cr LT Bank Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Om Kailash
Cotton.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9         CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of Om
Kailash Cotton (OKC) is primarily because the account has turned
NPA due to default in its debt servicing.

OKC was constituted as a partnership firm in 2006 by the key
partners Mr Madhavji S Zanzarukiya, Mrs Prabha M Zanzarukiya and
Mr Manish M Zanzarukiya to undertake business of ginning &
pressing of raw cotton and trading of cotton bales/seeds. OKC
deals in 'Shankar 6' type of cotton which is being sourced through
local farmers from Gujarat.

OKC operates through its sole processing unit located in Botad
(Gujarat) and has 24 ginning machines and one pressing machine to
process raw cotton which enables it to produce 300 processed
cotton bales per day (1 bale is approximately 170 Kg).

OKC also has associate firms namely Madhav Cotton Ginning &
Pressing Factory (MCGPL - rated CARE B+) and Bhavani Cotton
Company (BCC) which are engaged in the same line of business.
During FY14 (Provisional), OKC reported a PBT of INR0.29 crore on
a total operating income (TOI) of INR103.97 crore as against a PAT
of INR0.10 crore on a TOI of INR90.84 crore in FY13.


OMNIFRESH AGRO: CARE Assigns B+ Rating to INR9cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Omnifresh
Agro.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9         CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Omnifresh Agro
(OMNI) is constrained on account of debt funded nature of the
project with project stabilisation risk, and competition from
other local players. The rating is further constrained on account
of seasonality of business with susceptibility to vagaries of
nature coupled with price volatility of traded goods and
partnership nature of the constitution.

The rating, however, draws support from experience of the partners
in the trading of agricultural produce.

Successful completion of its debt funded capex and stabilising its
operations to achieve envisaged level of sale and profitability is
the key rating sensitivity.

Nagpur-based, OMNI was established in 2012 as a partnership firm
by Mr Shankarlal Thakkar and Mr Dhiraj Karamchandani. OMNI will
provide cold storage facilities for both fruits and vegetables
including product range of onions, lemons, cauliflowers, grapes,
pomegranates, apple, mango etc. The firm will have one central
processing/distribution hub consisting of a multi chambered and
multi commodity cold storage having a capacity of around 4,000
Metric tones (MT), pre cooling chambers, air cooled grading,
sorting & packaging hall for handling of raw material for storage
and two refrigerated vehicles of 10 MT capacities each. Apart from
this, the firm is also developing three collection centres
consisting of shed and platform for aggregation of produce from
farm and electronic weighing scales.

Furthermore, the firm is planning to collect fruits and vegetables
directly from the farmers and will target organised retail chains,
hotels, caterers and wholesalers.

OMNI is in the process of setting up the cold storage at a cost of
INR19.62 crore. Till January 15, 2015, 60% (Rs.11.81 crore) of the
project cost had been incurred, which was funded by partners'
capital of INR4.62 crore and term loan of INR7.20 crore.


PARIKH INVESTMENT: CRISIL Reaffirms B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Parikh Investment and
Development Pvt Ltd (PIDPL) continue to reflect the company's
exposure to the risk related to the funding and saleability
associated with its ongoing project.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             200        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in PDIPL's vulnerability to the
cyclicality inherent in the Indian real estate sector. These
rating weaknesses are partially offset by the extensive experience
of PIDPL's promoters in the real estate sector and its brand
presence in the region.

Outlook: Stable

CRISIL believes that PIDPL will continue to benefit over the
medium term from the promoters' extensive experience in the real
estate sector. The outlook may be revised to 'Positive' if the
company reports better-than-expected bookings of units, along with
receipt of customer advances, resulting in improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' if
PIDPL reports lower-than-expected customer bookings, leading to
lower-than-anticipated cash inflows and resulting in deterioration
in its financial risk profile, especially its liquidity.

PIDPL was founded as a private limited company in 1988 by Mumbai-
based Parikh group. The company develops and sells residential and
commercial real estate projects, primarily in Malad (Mumbai,
Maharashtra) and Virar (Thane, Maharashtra). PIDPL is undertaking
development of residential real estate project Paradise Tower in
Virar (Maharashtra).


PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR95MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Partap Industrial
Products (Partap) continue to reflect the firm's small scale of
operations in the highly fragmented metal wire industry, and the
susceptibility of the firm's margins to volatility in raw material
prices. It is also constrained by the firm's small net worth and
weak debt protection measures. These rating weaknesses are
partially offset by the extensive industry experience of Partap's
partners.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Reassigned)
   Cash Credit           95        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     8        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              2        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Partap will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers higher-
than-expected sales, and improves its financial risk profile
because of improvement in its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if Partap's
financial risk profile weakens, most likely because of low
profitability, larger-than-expected working capital requirements,
or large debt-funded capital expenditure. Any capital withdrawal
by the partners, weakening the firm's financial risk profile,
could also result in a 'Negative' outlook revision.

Partap was set up as a partnership firm in 2008 by Mr. Bharat
Bhushan and Mr. Sunny Mahajan. The firm manufactures steel wires,
galvanised iron wires, wire mesh, and barbed wires at its
manufacturing facility in Kangra (Himachal Pradesh).


PAYAL PETROPACK: ICRA Reaffirms B+ Rating on INR8cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the INR8
crore cash credit facility and its short term rating of [ICRA]A4
on the INR28 crore short term non fund based facility of Payal
Petropack Private Limited (PPPL).

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-       8.00       [ICRA]B+; reaffirmed
   Cash Credit

   Non Fund Based          28.00       [ICRA]A4; reaffirmed
   Limits-Letter of
   Credit

   Non Fund Based         (15.00)      [ICRA]A4; reaffirmed
   Limits-(Buyer's
   Credit) Sublimit

The ratings reaffirmation factors in the de-growth in the revenues
of the company in 2013-14 (Operating income declined to INR107.20
crore in 2013-14 from INR120.63 crore in 2012-13) attributable to
the fluctuations in foreign exchange rates and decline in trading
activity of the company; however, the demand outlook for
plasticizers remains favourable across a diverse set of end user
industries such as footwear, cables, leather, paint etc.

The ratings continue to be constrained by the intense competition
in the poly-vinyl chloride (PVC) plasticizer industry from the
organised as well as unorganised sector; low bargaining power with
suppliers; vulnerability of profitability to fluctuations in
commodity prices and to foreign currency fluctuations. The ratings
further take into account the weak financial profile of the
company characterised by weak return and coverage indicators with
ROCE of 13.61%, interest coverage of 1.23 times and TD/OBDITA of
4.99 times during 2013-14 and thin operating margins (2.81% in
2013-14) due to the low value add nature of trading business. The
ratings however, favourably factor in the long track record of the
Payal group in the plasticizers industry; the established
relations of the company with domestic and international suppliers
and the operational synergies of the Payal Group, with several
companies being in the same line of business.

The Payal group is engaged in the manufacture and trading of
primary and secondary plasticizers and other PVC
compounds/additives. The group manufactures a range of products
such as DOP (Dioctyle phthalate), DBP (Dibutyl phthalate), CPW
(Cholrinated Paraffin wax) etc. These products find application in
various industries such as footwear, leather, cable etc. Payal
Petropack Private Limited (PPPL) was established as a
proprietorship firm (Payal Petropack) by Mr. R. P. Gupta in 1994.
The firm was reconstituted as a private limited company in March
2008. Based out of Delhi, PPPL trades in primary and secondary
plasticizers, polyvinyl chloride, alcohols and solvents.

In 2013-14, PPPL reported a net profit of INR1.06 crore on an
operating income of INR107.20 crore against net profit of INR1.91
crore on an operating income of INR120.63 crore in 2012-13.

Payal Polyplast Private Limited is engaged in the manufacture of
primary plasticizers and secondary plasticizers with its facility
located in Daman. It was established as a partnership firm (Payal
Polymers) by Mr. R. P. Gupta and his family members. The firm was
reconstituted as a private limited company in January 2009. The
company has an installed capacity of 48,000 metric tons per annum
(MTPA).

Payal Petrochem Private Limited was established by Mr. R P Gupta
and his family members in 2010-11. The company manufactures
primary and secondary plasticizers at its facility located in
Dahej (Gujarat). The company has a production capacity of 78,000
MTPA.

Payal Polycompounds Private Limited was established as a
partnership firm (Nikhil Plastics) in 1990 by Mr. R. P. Gupta and
his family members and was reconstituted as a private limited
company in 2008-09. It manufactures PVC compounds at its facility
in Delhi.


R. JAYKUMAR: ICRA Lowers Rating on INR6.50cr Fund Based Loan to D
-----------------------------------------------------------------
ICRA has revised the short-term rating assigned to the INR6.50
crore fund based bank facilities of R. Jaykumar & Co. (RJC) to
[ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     6.50        Revised to [ICRA]D
   (FCBD/PSDL)                       from [ICRA]A4

The rating revision reflects delays in debt servicing by the firm
on account of a stretched liquidity position.

Incorporated in 1994 as a partnership concern by Mr. Arvind Bodra,
Mr. Jerambhai Bodra, Mr. Nitin Bodra, and Mr. Bhagwanbhai Bodra; R
Jaykumar & Co. is primarily engaged in the business of trading cut
and polished diamonds. Prior to FY11, the firm was also engaged in
manufacturing cut and polished dimaonds by outsourcing its
processing work to other units in Surat, Gujarat. The firm derives
most of its revenue from exports.

For the full year FY14, the firm reported a profit after tax of
INR0.33 crore on a topline of INR23.75 crore, as compared to a
profit after tax of INR0.20 crore for FY13 on a topline of
INR21.39 crore.


RADHE RENEWABLE: CRISIL Reaffirms B Rating on INR130MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Radhe Renewable Energy
Development Pvt Ltd (RREDPL) continue to reflect RREDPL's moderate
scale of operations and susceptibility of its profitability to
volatility in input costs.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)

   Cash Credit          130         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    10         CRISIL B/Stable (Reaffirmed)

The ratings also take into account the company's weak financial
risk profile, marked by high gearing and modest debt protection
metrics, its large working capital requirements, and its
constrained financial flexibility because of the funding support
it provides to its group entities. These rating weaknesses are
partially offset by RREDPL's established position and its
promoter's extensive experience in the gasifiers industry.
Outlook: Stable

CRISIL believes that RREDPL will continue to benefit over the
medium term from its established position in the gasifiers
industry and the extensive industry experience of its promoter.
The outlook may be revised to 'Positive' if the company's cash
accruals increase significantly along with reduction in the
working capital cycle, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RREDPL
posts low cash accruals, its working capital management
deteriorates, or it provides higher-than-expected fund support to
associate entities, resulting in  weakening of its financial risk
profile, particularly its liquidity.

Update
RREDPL's revenue increased by around 72 per cent year-on-year to
reach INR697.5 million in 2013-14 (refers to financial year, April
1 to March 31) on the back of commencement of the sale of the
waste tyre recycling plant from 2013-14, which fetched revenue of
around INR183.5 million. Operating profitability of the company
declined to 6.1 per cent in 2013-14 from 9 per cent in 2012-13
owing to waste-tyre recycling plant being a lower margin product;
however, the company posted accruals of around INR15.6 million in
2013-14, marginally improving from INR13 million in 2012-13. The
company has recorded revenue of around INR240.7 million for the 6
months through September 2014. CRISIL expects the company's
revenue to marginally increase in 2014-15 vis-a-vis the previous
year.

Gearing of the company increased to 1.81 times as on March 31,
2014, from 0.73 times as on March 31, 2013, owing to increase in
working capital debt. Decline in operating profitability, coupled
with a substantial increase in total debt, resulted in the company
having modest debt protection metrics, marked by interest coverage
and net cash accruals to total debt at 1.8 times and 0.06 times,
respectively, in 2013-14. CRISIL believes that RREDPL's financial
risk profile will remain weak over the medium term, marked by high
gearing and modest debt protection metrics.

The company has working-capital-intensive operations, marked by
GCAs (Gross Current Assets) of around 204 days as on March 31,
2014 (which, though, moderated from 330 days as on March 31,
2013), on the back of high inventory days. Decline in credit
available from suppliers resulted in the company relying on bank
limits to fund its working capital requirements, reflected in
average bank limit utilisation of 90 per cent over the 12 months
through September 2014. CRISIL expects the company to post
accruals of around INR16.2 million in 2014-15 as against repayment
obligation of INR14.5 million.

RREDPL, promoted by Dr. Shailesh Makadia, was originally set up in
the early 1990s as a proprietorship firm. The firm was
reconstituted as a partnership firm in 1998, and later as a
private limited company in 2004. RREDPL primarily manufactures
biomass- and coal-based gasifiers, apart from electrostatic
precipitators and hot-air generators. The company from 2013-14 has
also started manufacturing waste tyre recycling plant.

RREDPL reported net profit of INR5 million on net sales of
INR704.07 million in 2013-14; it reported net profit of INR3.4
million on net sales of INR411.65 million in 2012-13.


SAFI TRADERS: CRISIL Assigns B+ Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Safi Traders - Marthandam (STM).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in a
fragmented industry, its exposure to volatility in demand, and
below-average financial risk profile, marked by modest net worth.
The rating weaknesses are partially offset by the extensive
experience of STM's promoter in the iron and steel trading
industry.

Outlook: Stable

CRISIL believes that STM will continue to benefit over the medium
term from its promoter's extensive industry experience and the
firm's established relationships with clients. The outlook may be
revised to 'Positive' if STM improves its scale of operations and
profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's cash accruals decline considerably or if its working
capital management deteriorates, leading to deterioration in its
financial risk profile.

Set up in 2007, STM trades in steel products, mainly thermo-
mechanically treated bars and structural steel. Its day-to-day
operations are managed by its proprietor, Mr. Safi Mohammed. The
firm is based out of Marthandam, Tamil Nadu.

STM reported profit after tax (PAT) of INR2.5 million on revenue
of INR513 million in 2013-14 (refers to financial year, April 1 to
March 31) as against PAT of INR20.7 million on revenue of INR189
million for 2012-13.


SAKTHI SPINTEX: ICRA Cuts Rating on INR6.78cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]C for
the INR6.78 crore (revised from 10.20) term loan facilities and
the INR3.00 crore fund based facilities of Sakthi Spintex Private
Limited. ICRA has also revised the short-term rating to [ICRA]D
from [ICRA]A4 for the INR2.65 crore non-fund based facilities of
SSPL. ICRA has also assigned a long term rating of [ICRA]D for the
INR3.42 crore proposed facilities of SSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Term loans         6.78        [ICRA]D/revised

   LT-Fund based
   facilities            3.00        [ICRA]D/revised

   LT-Proposed
   facilities            3.42        [ICRA]D/assigned

   ST-Non-fund based
   facilities            2.65        [ICRA]D/revised


The rating action considers the delays in debt servicing by the
company due to tight liquidity position and also take note of the
weak financial profile of the company characterised by stretched
capital structure and weak coverage indicators. ICRA also takes
note of the experience of promoters in the textile industry and
efforts taken by them to increase scale of operations, although
the results remain to be seen. Early regularisation of debt
servicing is critical and remains key rating sensitivity.

Sakthi Spintex Private Limited was incorporated in 2002 to
manufacture cotton yarn and is promoted by Mr. Vijayakumar, who is
also a Director on the Board of Arun Spinning Mills Private
Limited. The Company commenced production in November 2011, and is
currently engaged in trading of yarn and conversion of processed
cotton to yarn on a job work basis for its group company. SSPL's
manufacturing facility is located near Srivilliputhur, Tamil Nadu
and currently operates with a capacity of 14,400 spindles.

Recent Results
The Company reported a net profit of INR0.2 crore on operating
income of INR21.1 crore during 2013-14, as against a net loss of
INR1.0 crore on operating income of INR13.8 crore during the
corresponding previous fiscal year.


SANGAMNER-LONI: CRISIL Reaffirms D Rating on INR140MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Sangamner-Loni
Infrastructure Pvt Ltd (SLIPL) continues to reflect instances of
delays by SLIPL in servicing its term debt.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term     10        CRISIL D (Reaffirmed)
   Bank Loan Facility
   Term Loan             140        CRISIL D (Reaffirmed)

The rating also reflects the company's weak financial risk
profile, marked by modest net worth, high gearing, and weak debt
protection metrics. However, SLIPL's business risk profile is
supported by the experience of the promoters in the industry.

SLIPL was set up in May 2002 as a special-purpose vehicle by
Rudranee Construction Company (RCC) to improve the Sangamner-Loni-
Kolhar Road (Maharashtra) on a Built-operate-transfer (BOT) basis.
Mr. Mohammed Israil Sheikh bought the toll road from the promoters
of RCC in 2006.


SANKET PROPERTIES: CRISIL Reaffirms B+ Rating on INR140MM LT Loan
-----------------------------------------------------------------
CRISIL's rating continues to reflect Sanket Properties Pvt Ltd's
(SPPL) exposure to project implementation risk accentuated by the
initial stage of its project, and vulnerability to cyclical demand
inherent to the Indian real estate sector. These rating weaknesses
are partially offset by the benefits that SPPL derives from its
promoters' extensive industry experience.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        140        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPL will benefit from its promoters'
extensive experience in the real estate sector in Pune
(Maharashtra). The outlook may be revised to 'Positive' if the
company reports improved cash accruals on the back of sizeable
customer bookings and completes the project without any cost
overruns. Conversely, the outlook may be revised to 'Negative' if
SPPL incurs sizeable project cost overruns or reports
significantly slow ramp-up in customer bookings, resulting in
inadequate liquidity.

Established in 2006, SPPL is promoted by Mr. Dharmesh Gathani and
his wife, Mrs. Jyoti Gathani. Members of the Gathani family have
been active in the real estate segment in Pune for over 10 years
and have executed multiple real estate projects. SPPL has
undertaken the construction of a residential real estate project
in Ambegaon, Pune, at a total cost of around INR470 million.


SARAF CORPORATION: CRISIL Rates INR45MM Cash Credit at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Saraf Corporation India Pvt Ltd (SCIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit     22.5        CRISIL A4
   Bank Guarantee       22.5        CRISIL A4
   Cash Credit          45          CRISIL B+/Stable

The ratings reflect SCIPL's modest scale of operations and below-
average financial risk profile, marked by a modest net worth and
high gearing. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the catering
industry.

Outlook: Stable

CRISIL believes that SCIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves a
considerable and sustained improvement in its capital structure
and debt protection metrics, backed by healthy growth in its
accruals Conversely, the outlook may be revised to 'Negative' if
SCIPL registers a significant decline in its revenue or margins,
or if its working capital cycle stretches further, weakening its
financial risk profile.

SCIPL was originally incorporated as Saraf Hospitality Services
Pvt Ltd in 2005, promoted by Mr. Deepak Saraf; the name was
changed in 2012. The company provides catering and facility
management services to oil companies for their offshore/onshore
rigs. Its registered office is at Mumbai.


SETMAX CERAMIC: ICRA Reaffirms B- Rating on INR3.50cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating to the INR2.78 crore
(reduced from INR3.95 crore) term loan and INR3.50 crore cash
credit facility (enhanced from INR2.50 crore) of Setmax Ceramic.
ICRA has also reaffirmed the [ICRA]A4 rating to the INR1.50 crore
short term non-fund based bank guarantee facility (enhanced from
INR1.00 crore) of SC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             2.78         [ICRA]B- reaffirmed
   Cash Credit           3.50         [ICRA]B- reaffirmed
   Bank Guarantee        1.50         [ICRA]A4 reaffirmed

The ratings reaffirmation continue to reflect the firm's
relatively small scale of operations, weak financial profile on
account of its stretched liquidity position, moderate
profitability indicators and adverse capital structure owing to
debt funded capital expenditure. The ratings are further
constrained by the competitive business environment in which the
firm operates limiting improvement in realizations, single product
portfolio limiting its ability to supply to institutional buyers
and vulnerability of its profitability to cyclicality inherent in
real estate industry and to adverse fluctuations in raw material &
fuel prices.

The ratings, however positively factors in the promoters'
extensive experience in the ceramic industry, and favorable
location of the plant with its proximity to raw material sources.

Setmax Ceramic (SC) was established as partnership firm in 2010.
It is currently managed by partners Mr. Hardik Ghodasara and Mr.
Vinod Bhadja. The promoters have been involved in the ceramic
industry for past many years through manufacturing and trading of
ceramic products and have established SC to cater domestic
porcelain tiles market. The firm is involved in manufacturing and
supplying body clay with installed capacity of 91,250 MT per annum
and manufacturing of porcelain floor tiles with installed capacity
of 43,800 MT per annum. The commercial production of body clay was
commenced in July 2010 while production of porcelain floor tiles
commenced in April 2012. The manufacturing facility of SC is
located at Wakaner, Gujarat.

Recent Results
During FY2014, the firm reported profit after tax of INR0.35 crore
on an operating income of INR17.66 crore as against profit after
tax of INR0.10 crore on an operating income of INR17.33 crore in
FY 2013.


SHARP REALTORS: CARE Reaffirms D Rating on INR60cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Sharp
Realtors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      60        CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sharp Realtors
continue to be constrained by the on-going delays in the
servicing of the firm's debt obligations.

M/s Sharp Realtors (SR) is promoted by Swastik Group to execute a
residential-commercial-retail project as a part of "Yashwant Viva
Township" in the Alkapuri locality at Nallasopara (East), Thane.
Swastik group, engaged in construction business for more than 11
years was started by Mr. Deepak Shah, Mr. Hemant Mhatre, Mr.
Kishore Naik and Mr. Pankaj Thakur and has completed about 10.10
lsf of construction till date and has ongoing projects with total
area under construction of 59.10 lsf.

SR has undertaken construction of the said township project in
phases. For the first phase (Phase I), SR completed the
development of a residential project on land admeasuring 31,165
square meters (sqm) having a total saleable area of 3.43 lakh
square feet (lsf) namely 'Durvas' residential project and it is a
part of the Yashwant Viva Township. For the second Phase (Phase
II), SR is constructing a Mall(named Viva Swastik Shopping mall)
in Yashwant Viva Township having a total area of 4.65 lsf. The
estimated cost for the Mall project has been revised from INR100
crore to INR155 crore due to addition of area and cost escalation
in MEP services. Total cost is estimated to be funded by equity of
INR70 crore, debt of INR85 crore out of which debt of INR60 crore
is already tied up and remaining INR25 crore is being sought from
their banker.


SHREE CONVEYOR: CRISIL Rates INR150M Loan 'D'; Suspension Revoked
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shree Conveyor Systems Private Limited (SCSPL) and
has assigned its 'CRISIL D/CRISIL D' ratings to these facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        150        CRISIL D (Assigned;
                                    Suspension revoked)

   Cash Credit           130        CRISIL D (Assigned;
                                    Suspension revoked)

   Letter of Credit       20        CRISIL D (Assigned;
                                    Suspension revoked)

   Term Loan              31.8      CRISIL D (Assigned;
                                    Suspension revoked)

   Working Capital        28.2      CRISIL D (Assigned;
   Demand Loan                      Suspension revoked)

The ratings had been suspended by CRISIL on July 26, 2014, as
SCSPL had not provided the necessary information for taking a
rating view. The company has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The ratings reflect the delays in servicing of term debt
obligations by the company on account of its stretched liquidity.

The ratings also reflect SCSPL's weak financial risk profile, and
working capital intensive nature of operations and susceptibility
to risks related to tender based nature of the business. The
weaknesses are partially offset by the promoter's extensive
experience in the industry and established relationship with the
customers.

Incorporated in 1991 as a private limited company by Mr. V S
Madan, SCSPL manufactures material handling and mineral processing
equipment, systems, and components. The company undertakes turnkey
projects which involve detailed study on designing and
engineering, manufacturing and commissioning.


SHREE SITA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Sita
Ispat and Power Pvt Ltd (Shree Sita) continues to reflect Shree
Sita's small scale of operations in the highly fragmented steel
industry and its large working capital requirement. These rating
weaknesses are partially offset by the benefits that Shree Sita
derives from its promoters' extensive experience in the steel
industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     5         CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Shree Sita will continue to benefit over the
medium term from its promoters' extensive experience in the iron
and steel industry. The outlook may be revised to 'Positive' if
the company ramps up its operations significantly, while it
maintains its profitability, or achieves better working capital
management, leading to improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' if Shree Sita's financial
risk profile, particularly its liquidity, weakens because of
pressure on its profitability or sizeable working capital
requirements, or if the company undertakes any significant debt-
funded capital expenditure programme, leading to weakening in its
financial risk profile.

Update
Shree Sita's operating revenue improved in 2013-14 (refers to
financial year, April 1 to March 31) to around INR478 million, as
against INR405 million during 2012-13, registering a growth of
around 18 per cent. The company's operating profitability though
has declined to around 5.2 per cent in 2013-14 from 6.3 per cent
in 2012-13, resulting in flattish accruals of around INR15 million
in 2013-14.

Shree Sita's operations remain working capital intensive, with
gross current assets (GCAs) of around 243 days as on March 31,
2014. The GCAs, over the past three years, have been in the range
of 243 to 307 days largely on account of receivables of around 90
days.

The company has reported a moderate financial risk profile, marked
by comfortable gearing and above-average debt protection metrics,
albeit constrained by a modest net worth. The company reported a
net worth of around INR86 million and gearing of around 1 time as
on March 31, 2014. Also, its interest coverage and net cash
accruals to total debt ratios were around 3.5 times and 18 per
cent, respectively, during 2013-14.

Shree Sita's liquidity is supported by net cash accruals of around
INR15 million during 2013-14, against which the company does not
have any debt obligations. The liquidity is also supported by
moderately utilised bank lines over the 12 months ended January
2015. However, the company's overall liquidity is partially
constrained on account of its working-capital-intensive operations
and small net worth.
About the Company

Shree Sita was incorporated in 2004 and is promoted by Mr. Manoj
Agarwal along with his relative, Mr. Kailash Agarwal. The company
manufactures sponge iron with a capacity of 1 kiln of 100 tonnes
per day.


SHRI RAM: CRISIL Reaffirms B Rating on INR125MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Ram Rice Unit (SRU)
continues to reflect SRU's below-average financial risk profile,
marked by a small net worth, high gearing, and below-average debt
protection metrics, susceptibility to erratic rainfall, and
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the promoters' extensive
experience in the rice processing industry, and benefits expected
from the healthy growth prospects for the industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           125       CRISIL B/Stable (Reaffirmed)

   Packing Credit        240       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     35       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRU will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SRU's cash accruals
improve due to substantial increase in its scale of operations, or
in case of significant improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm's
liquidity weakens due to lower-than-expected cash accruals or
higher-than-expected working capital requirements, or if the firm
undertakes a larger-than-expected debt-funded capex programme.

Established in 1991, SRU is a partnership firm promoted by Mr.
Sadhu Ram, Mr. Ravinder Kumar, Mr. Parmod Kumar, Mr. Vijay Kumar,
and Mr. Sanjay Kumar. The firm is engaged in the milling and
processing of rice, which includes both basmati and non-basmati
varieties. The firm has a processing unit at Taraori (Punjab).

SRU reported a profit after tax (PAT) of Rs 9.6 million on an
operating income of Rs 1883.7 million for 2013-14, against a PAT
of Rs 6.5 million on an operating income of Rs 1235.8 million for
2012-13.


SINGH NATURAL: CRISIL Rates INR60MM Loan 'B+'; Suspension Revoked
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Singh Natural Resource Pvt Ltd (SNRPL) and has
assigned its 'CRISIL B+/Stable' rating to the long-term bank
facility of SNRPL.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term    40         CRISIL B+/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The rating were previously 'Suspended' by CRISIL vide the Rating
Rationale dated June 30th 2014, since SNRPL had not provided
necessary information required for a rating review. SNRPL has now
shared the requisite information enabling CRISIL to assign rating
to its bank facilities.

The rating reflects SNRPL's below-average financial risk profile,
marked by a small net worth and weak interest coverage ratio. The
rating also factors in the company's small scale of operations in
the highly fragmented coal trading business. These rating
weaknesses are partially offset by the extensive experience of
SNRPL's promoter in the coal trading business.
Outlook: Stable

CRISIL believes that SNRPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
accruals and better working capital management, leading to
improvement in the company's financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of weakening of SNRPL's financial risk profile, particularly
liquidity, on account of stretch in working capital cycle, or low
accruals, or any significant debt-funded capital expenditure.

Incorporated in 2008, SNRPL trades in coal. Its promoter, Mr. Tej
Pratap Singh, has been engaged in the coal trading business since
25 years.


SOLITAIRE FOODS: CRISIL Cuts Rating on INR100MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Solitaire Foods Pvt Ltd (Solitaire) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           130        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Long Term     10        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Stable')

   Term Loan             100        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by Solitaire in
servicing its debt. The delays were because of the company's weak
liquidity, driven by its highly working-capital-intensive
operations which resulted in high incremental fund requirements.
About the Company

Solitaire was promoted by Mr. Sandeep Nagar and three of his
business associates, Mr. Luv Ojha, Mr. Shakti Chabra, and Mr.
Rajeev, in 2008 to trade in raw milk. In 2010-11 (refers to
financial year, April 1 to March 31), the company started
manufacturing pasteurised milk. Its manufacturing facility is in
Ghaziabad (Uttar Pradesh).


SRI DURAIAPPA: ICRA Assigns B Rating to INR9cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR9.00 crore
fund based facilities of Sri Duraiappa Agency.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term: Fund
   based facilities      9.00         [ICRA]B/assigned

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profiles of
Sri Duraiappa & Co, Sri Duraiappa Stores and Sri Duraiappa Agency.
The entities are collectively referred to as "the Group".
The rating takes into consideration the significant experience of
the promoters in the edible oil trading business of over three
decades and the healthy growth in the Group's operating income
aided by growth in volumes over the years. The rating is, however,
constrained by the Group's weak financial profile characterized by
thin profit margins inherent to the nature of the business with
limited value addition, weak capital structure with a high gearing
of 3.4 times as on March 31, 2014 on account of low accruals and
promoter drawings, and stretched coverage indicators. The rating
is further constrained by the Group's relatively small scale of
operations which limits its financial flexibility and the
susceptibility of its profit margins to volatility in edible oil
prices. The impact is, however, mitigated to some extent from
diversification benefit provided by income from two convenience
stores run by the Group.

Sri Duraiappa Agency was established as sole proprietorship in
1990 by Mr. S Gopal. The Firm is engaged in the refined edible oil
trading business in Chennai, Tamil Nadu. The Firm has two
associate entities viz. Sri Duraiappa Stores and Sri Duraiappa &
Co which are also into similar line of business. The Group also
operates two convenience stores in Chennai (Alandur and Tambaram).
The stores are located adjacent to the warehouses for storing the
oil. In Alandur, the warehouse-and-store complex is spread over an
area of 7,600 sq. ft. while the one in Tambaram is spread over an
area of 5,900 sq. ft.

Recent Results
The Firm reported a net profit of INR0.2 crore on an operating
income of INR57.6 crore during 2013-14 as against a net profit of
INR0.1 crore on an operating income of INR49.6 crore during 2012-
13.


SRI DURAIAPPA STORES: ICRA Rates INR6cr Fund Based Loan at 'B'
--------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR6.00 crore
fund based facilities of Sri Duraiappa Stores.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term: Fund       6.00        [ICRA]B/assigned
   based facilities

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profiles of
Sri Duraiappa & Co, Sri Duraiappa Stores and Sri Duraiappa Agency.
The entities are collectively referred to as "the Group".
The rating takes into consideration the significant experience of
the promoters in the edible oil trading business of over three
decades and the healthy growth in the Group's operating income
aided by growth in volumes over the years. The rating is, however,
constrained by the Group's weak financial profile characterized by
thin profit margins inherent to the nature of the business with
limited value addition, weak capital structure with a high gearing
of 3.4 times as on March 31, 2014 on account of low accruals and
promoter drawings, and stretched coverage indicators. The rating
is further constrained by the Group's relatively small scale of
operations which limits its financial flexibility and the
susceptibility of its profit margins to volatility in edible oil
prices. The impact is, however, mitigated to some extent from
diversification benefit provided by income from two convenience
stores run by the Group.

Sri Duraiappa Stores was established as sole proprietorship in
2004 by Mr. S Murugan. The Firm is engaged in the refined edible
oil trading business in Chennai, Tamil Nadu. The Firm has two
associate entities viz. Sri Duraiappa Agency and Sri Duraiappa &
Co which are also into similar line of business. The Group also
operates two convenience stores in Chennai (Alandur and Tambaram).
The stores are located adjacent to the warehouses for storing the
oil. In Alandur, the warehouse-and-store complex is spread over an
area of 7,600 sq. ft. while the one in Tambaram is spread over an
area of 5,900 sq. ft.

Recent Results
The Firm reported a net profit of INR0.1 crore on an operating
income of INR36.7 crore during 2013-14 as against a net profit of
INR0.1 crore on an operating income of INR32.6 crore during 2012-
13.


STAR PAPER: CARE Raises Rating on INR19cr LT Bank Loan From B+
--------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Star Paper Mills Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      19        CARE BB- Revised from
                                            CARE B+

   Short-Term Bank Facilities     10        CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating of Star Paper Mills Limited
is on account of improvement in the operational performance of the
company in M9FY15. However, the rating continues to be constrained
by volatile raw material price and dependence on grid for power
leading to higher cost. However, the ratings draw strength from
the rich experience of the promoters and long track record of the
company and moderate capital structure. The ability of the company
to earn stable margins and manage its liquidity position
effectively would remain the key rating sensitivities.

Incorporated in 1936, Star Paper Mills Limited is an integrated
Pulp and Paper Mill, the management and control of which was taken
over by Duncan Goenka Group in the year 1986. The company has an
installed production capacity on 75000 MT of wood pulp and paper
bleach and un-bleach located in Saharanpur, Uttar Pradesh. The
company produces a wide range of Industrial, Packaging and
Cultural Papers catering to almost all segments of the market. The
company sells its paper under 'Star Brand' with a distribution
network throughout the country besides exporting products to
neighboring countries.

The "Duncans" brand dates back to 1860s when a Scottish
businessman, Walter Duncans, set up tea business in India.
Goenka family took-over the business in early 1950s. Over the
years, the brand has become a household name. Shri G.P.
Goenka has been spearheading the business since 1979. He hails
from one of the country's oldest business families. He has vast
experience of over 50 years in industry. He is currently supported
by his son Shri S. V. Goenka in managing day-to-day operations of
the group, who also has an experience of over a decade. The group
took the management and control of Star Paper Mills in 1986
thereby having a record of around three decades in the paper
industry.

In FY14, SPML reported a loss of INR 22.08 crore on a total
operating income of INR 275.67 crore. In M9FY15, SPML
reported a total operating income of INR 199.94 crore and PAT of
INR 3.45 crore.


TENKASI TIMBER: CRISIL Reaffirms B+ Rating on INR12.5MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tenkasi Timber and Saw
Mill (TTSM) continue to reflect TTSM's below'average financial
risk profile, marked by small net worth and modest interest
coverage.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          12.5        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     57.5        CRISIL A4 (Reaffirmed)


The ratings also factor in the firm's exposure to intense
competition in the fragmented timber processing segment. These
rating weaknesses are partially offset by the extensive industry
experience of TTSM's promoters.
Outlook: Stable

CRISIL believes that TTSM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if ramp-up in scale of
operations and profitability, or a sizeable capital infusion
strengthens the firm's financial risk profile. Conversely, the
outlook may be revised to 'Negative' if low cash accruals,
deterioration in working capital management, weakening in
liquidity, or any large debt-funded capital expenditure impacts
the financial risk profile adversely.

Set up in 2008, TTSM is based in Tamil Nadu, and processes and
trades in timber. The operations of the firm are managed by its
promoter, Mr. Syed Ali Badushah.


TRANSWORLD SHOES: CRISIL Assigns B+ Rating on INR25MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Transworld Shoes Pvt Ltd (TSPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      25        CRISIL B+/Stable
   Packing Credit        45        CRISIL A4

The ratings reflect the company's below-average financial risk
profile marked by high gearing, and its modest scale of operations
in the highly fragmented footwear industry. These rating
weaknesses are partially offset by its promoters' extensive
industry experience and its established relationship with
customers.
Outlook: Stable

CRISIL believes that TSPL will continue to benefit over the medium
term from its promoters' extensive experience in the footwear
industry and its established relationship with customers and
suppliers. The outlook maybe revised to 'Positive' in case TSPL
generates significantly higher cash accruals or its promoters
infuse more capital, along with efficient working capital
management. Conversely, the outlook maybe revised to 'Negative' in
case its cash accruals are low or its working capital requirements
increase or the company undertakes a large debt-funded capital
expenditure leading to weak financial risk profile.

TSPL was established in 1986 as a proprietorship firm Transworld
Shoes Corporation by Mr. Anil Agarwal and was reconstituted as a
private limited company in 2010. It manufactures leather shoes for
men, women and children, which are primarily exported to European
countries. The manufacturing facility based in Agra (Uttar
Pradesh).


V R TEXTILES: CRISIL Cuts Rating on INR400MM Cash Credit to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
V R Textiles Pvt Ltd (VRT) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       25.2        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit         400          CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term   39.4        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan           165.4        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delays by VRT in
repayment of its term loan, and its overdrawn working capital
limits for more than 30 days, due to its weak liquidity.

VRT has a below-average financial risk profile, marked by high
gearing; it also has working-capital-intensive operations and is
susceptible to volatility in raw material prices. However, the
company benefits from the extensive experience of its promoter in
the cotton industry.

VRT, promoted by Mr. V Rangasamy Naidu in 1956, manufactures
cotton yarn, primarily in counts of 20s to 40s. The company is
presently managed by Mr. Naidu's grandson, Mr. V Radha Krishnan.
Its manufacturing unit is in Erode (Tamil Nadu).


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


ALAM SUTERA: Fitch Affirms 'B+' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Alam Sutera Realty
Tbk's (ASRI) Long-Term Issuer Default Rating at 'B+' with a Stable
Outlook.  Fitch has also affirmed the long-term ratings on the
outstanding US dollar bonds issued by Alam Synergy Pte Ltd and
guaranteed by ASRI at 'B+', with a Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Satisfactory Presales: The affirmation of ASRI's ratings reflects
its satisfactory presales in 2014 amid a somewhat uncertain
domestic environment that delayed planned project launches towards
mid to late 2014.  ASRI achieved 85% of its 2014 sales target -
amounting to IDR4.3tn (USD350m) - amid tighter mortgage
regulations for residential property purchases that were enforced
in late-2013, as well as the uncertainty created by Indonesia's
presidential elections in July 2014.

Fitch estimates that ASRI's presales/gross debt ratio slipped to
around 0.7x at end-2014 from 1.0x in 2013, which is lower than the
0.75x threshold below which negative rating action may be
considered.  This is marginally weaker than Fitch's previous
expectations.  However the agency expects presales to pick up in
2015 on the back of higher economic activity and less uncertainty
in the domestic front.  Consequently ASRI's presales / gross debt
should improve to more than 0.8x by end-2015.

Commercial Sales - Diverse but Risky: Commercial land sales
accounted for a little over half of ASRI's 2014 presales, as the
company had the flexibility to alter its strategy in the face of
challenges in the residential markets.  Fitch considers this a
credit strength.  At the same time the agency notes that a
sustained increase in reliance on commercial property in ASRI's
sales mix will increase the company's business risk, as commercial
property sales are more susceptible to economic cycles.  The
agency expects commercial property sales to account for a lower
35%-40% of 2015 presales.

Improving Investment Property Income: ASRI generates modest
profits from renting out its small investment property portfolio,
which includes its shopping mall in its Alam Sutera township and
its cultural park in Bali.  Profits from investment property
rentals are more stable than property development income and
lowers business risk to an extent.  Fitch estimates that EBITDA
from investment property rentals covered around 0.2x of ASRI's
total cash interest costs in 2014.  The agency expects this to
improve to 0.4x by end-2015 due to improving occupancy in ASRI's
mall, as well as growing visitor arrivals at its cultural park.

Established Track Record: The ratings recognise ASRI's low-cost,
large land bank of over 22 million square meters, strategic
advantages of its main development locations, and track record in
successful project executions.  ASRI is one of the pioneers in
developing large-scale townships in Serpong, which is now a
popular alternative to other areas in Greater Jakarta.  Fitch
expects ASRI to be able to build on its success in Serpong for its
new project in Pasar Kemis as well as its high-rise residential
and office buildings.  For example the company launched a
residential cluster in its Pasar Kemis project in February 2015
and immediately sold 102 units out of a total of 447 on offer.
The project continues to record robust growth in average selling
prices with an annual increase of 32%-42% among its various
clusters during 2014.

KEY ASSUPMTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- 2015 presales increase by 14% from 2014
   -- EBITDA margin stays above 50%
   -- Sales from commercial properties will account for about
      35%-40% of the total
   -- Investment property EBITDA will cover 0.4x of cash interest
      expenses by end-2015

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- A sustained weakening in sales turnover such that the
      presales/gross debt ratio is below 0.75x (2015 projection:
      0.8x) on a sustained basis.
   -- A sustained increase in leverage above 60% (end-September
      2014: 48%; 2015 projection: 50%).  Leverage is the ratio of
      debt less unrestricted cash and hedging benefits to the sum
      of land and inventory, investment property and advance
      payments for land but excluding sales advances from
      customers.
   -- An increase in ASRI's exposure to non-core businesses

Positive rating action is not expected due to the company's small
scale and limited project diversification compared with higher-
rated property developers.

FULL LIST OF RATING ACTIONS

PT Alam Sutera Realty Tbk
   -- Long-Term, IDR affirmed at 'B+'; Outlook Stable
   -- Senior unsecured rating affirmed at 'B+' and 'RR4'

Alam Synergy Pte Ltd
   -- Outstanding USD235m 6.95% notes due in 2020, affirmed at
      'B+' and 'RR4'
   -- Outstanding USD225m 9% notes due in 2019, affirmed at 'B+'
      and 'RR4'



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


JCREF CMBS 2007-1: Fitch Cuts Then Withdraws 'Dsf' Notes Rating
---------------------------------------------------------------
Fitch Ratings has downgraded JCREF CMBS 2007-1 GK's class E notes
due December 2015 to 'Dsf' and simultaneously withdrawn the rating
due to tranche default.  The transaction is a Japanese multi-
borrower type CMBS securitisation.  The details of the rating
actions are:

JPY1.4bn* Class E notes downgraded to 'Dsf' from 'Csf'; rating
withdrawn
*as of March 12, 2015

KEY RATING DRIVERS

The downgrade of the class E notes follows the completion of
workout activities of all defaulted loans backing the transaction.
Since the previous rating action in July 2014, workout activities
for the remaining two defaulted loans have been completed and the
available funds from the underlying loans have been applied to the
note repayment.  Together with the available cash reserved at the
transaction level, these proceeds were sufficient to redeem the
class B to D notes in full by December 2014.  The remainder from
the cash reserved at the transaction level, which will mostly be
used for the liquidation of the note issuer, is much smaller than
the outstanding balance of the class E notes.  Therefore, Fitch
expects the class E notes' principal to be written down at the
next payment date in June 2015.

According to the transaction structure, principal losses on
defaulted loans will not cause a reduction in the note principal
until available cash, including that reserved cash in the
transaction account, is fully applied to the note repayment.

Fitch will no longer calculate the Recovery Estimate for this
transaction following the withdrawal of the ratings.

Fitch assigned ratings to this transaction in November 2007.  At
closing, the notes were secured by nine loans or Tokutei Mokuteki
Kaisha bonds (collectively, the underlying loans) collateralised
by 56 properties.


===============
M O N G O L I A
===============


MONGOLIA: B2 Credit Profile Constrained by Commodities Exposure
---------------------------------------------------------------
Moody's Investors Service says that the credit profiles of Ghana
and Mongolia -- both rated B2 with negative outlooks -- are
constrained by their exposure to commodities, strained public
finances and external vulnerabilities.

Ghana's high debt and deficit levels are a key drag on its credit
quality, while Mongolia's elevated vulnerability to external risks
and weak governance are its primary rating constraints--both
sovereigns were downgraded by one notch in 2014.

Moody's conclusions were contained in a just-released report,
"Ghana, Government of and Mongolia, Government of: Commodity
Dependence Strains Weak Credit Profiles".

The two countries have abundant natural resources that have
attracted high levels of foreign investment and have produced
rapid economic growth.  However, dependence on natural resources
has exposed both economies to volatility in commodity prices and
shifts in investor sentiment, undermining growth prospects in both
countries and straining government finances.

In addition, downward pressures on exports and capital inflows
have reduced foreign-exchange reserve buffers.  Unpredictability
in the policy environment has weighed on economic growth more in
Mongolia than in Ghana.

While both countries will face heightened external pressures from
sovereign bond repayments in the coming years, falling commodity
prices will hurt Ghana more than Mongolia, given the former's
position as a net oil exporter.  But Mongolia's external risks are
more pronounced due to a sharp drop in foreign direct investment
over the last year.

Weak fiscal management is also a shared credit risk, but while
Mongolia's fiscal performance is strongly correlated with
commodity cycles, Ghana's public finances outcomes are more
closely tied to electoral cycles.

Moody's further notes that Ghana's public finances are more
strained, as seen in its much heavier debt burden and weaker debt
affordability metrics.  In the case of Mongolia, interest payments
comprise a lower 4.5% of revenues, versus 23% for Ghana -- but
this relative strength is diminishing as interest payments rise
and mineral and corporate tax revenues decline.



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


* BOND PRICING: For the Week March 9 to March 13, 2015
------------------------------------------------------


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


  AUSTRALIA
  ---------

ANTARES ENERGY L      10.00     10/30/23     AUD      1.92
AUSDRILL FINANCE       6.88     11/01/19     USD     74.89
BOART LONGYEAR M       7.00     04/01/21     USD     70.00
BOART LONGYEAR M       7.00     04/01/21     USD     70.00
CML GROUP LTD          9.00     01/29/20     AUD      1.00
CRATER GOLD MINI      10.00     08/18/17     AUD     25.25
EMECO PTY LTD          9.88     03/15/19     USD     72.68
GRIFFIN COAL MIN       9.50     12/01/16     USD     72.00
GRIFFIN COAL MIN       9.50     12/01/16     USD     72.00
KBL MINING LTD        10.00     02/16/17     AUD      0.20
MIDWEST VANADIUM      11.50     02/15/18     USD      8.00
MIDWEST VANADIUM      11.50     02/15/18     USD     11.00
RESOLUTE MINING       10.00     12/04/17     AUD      1.00
STOKES LTD            10.00     06/30/17     AUD      0.45
TREASURY CORP OF       0.50     11/12/30     AUD     65.87


CHINA
-----

CHANGCHUN CITY D       6.08     03/09/16     CNY     70.49
CHANGCHUN CITY D       6.08     03/09/16     CNY     70.17
CHANGZHOU INVEST       5.80     07/01/16     CNY     70.67
CHANGZHOU INVEST       5.80     07/01/16     CNY     70.32
CHINA EASTERN AI       5.05     03/18/23     CNY     75.00
CHINA GOVERNMENT       1.64     12/15/33     CNY     72.61
CHINA NATIONAL E       5.65     09/26/17     CNY     64.41
DANYANG INVESTME       6.30     06/03/16     CNY     70.40
HANGZHOU XIAOSHA       6.90     11/22/16     CNY     71.50
HANGZHOU XIAOSHA       6.90     11/22/16     CNY     71.74
HEILONGJIANG HEC       7.78     11/17/16     CNY     71.20
HEILONGJIANG HEC       7.78     11/17/16     CNY     71.37
HUAIAN CITY URBA       7.15     12/21/16     CNY     70.19
HUNAN CHANGDE RE       5.90     01/29/16     CNY     69.13
INNER MONGOLIA N       7.48     05/05/18     CNY     66.20
INNER MONGOLIA N       7.48     05/05/18     CNY     67.46
JIANGSU HUAIAN S       5.80     12/28/15     CNY     71.48
JIANGSU HUAJING        5.68     09/28/17     CNY     74.45
JIANGSU LIANYUN        7.85     07/22/15     CNY     70.65
KUNSHAN ENTREPRE       4.70     03/30/16     CNY     69.13
KUNSHAN ENTREPRE       4.70     03/30/16     CNY     69.93
LIAOYUAN STATE-O       7.80     01/26/17     CNY     71.50
LIAOYUAN STATE-O       7.80     01/26/17     CNY     71.37
NANJING NANGANG        6.13     02/27/16     CNY     49.46
NANJING NANGANG        6.13     02/27/16     CNY     46.89
NANJING PUBLIC H       5.85     08/08/17     CNY     65.29
NANTONG STATE-OW       6.72     11/13/16     CNY     71.01
NANTONG STATE-OW       6.72     11/13/16     CNY     71.29
NINGDE CITY STAT       6.25     10/21/17     CNY     60.60
PANJIN CONSTRUCT       7.70     12/16/16     CNY     71.31
PANJIN CONSTRUCT       7.70     12/16/16     CNY     71.91
QINGDAO CITY CON       6.19     02/16/17     CNY     71.65
QINGZHOU HONGYUA       6.50     05/22/19     CNY     50.73
QINGZHOU HONGYUA       6.50     05/22/19     CNY     50.66
SHENGZHOU HOTEL        9.20     02/26/16     CNY    107.11
TAIZHOU CITY CON       6.90     01/25/17     CNY     70.17
WUXI COMMUNICATI       5.58     07/08/16     CNY     50.21
WUXI COMMUNICATI       5.58     07/08/16     CNY     50.20
XIANGTAN JIUHUA        6.93     12/16/16     CNY     70.50
XIANGTAN JIUHUA        6.93     12/16/16     CNY     70.86
YANGZHOU URBAN C       5.94     07/23/16     CNY     70.03
YANGZHOU URBAN C       5.94     07/23/16     CNY     70.49
YIYANG CITY CONS       8.20     11/19/16     CNY     71.91
ZHENJIANG CITY C       5.85     03/30/15     CNY     70.02
ZHENJIANG CITY C       5.85     03/30/15     CNY     69.98
ZHUCHENG ECONOMI       7.50     08/25/18     CNY     49.26
ZIBO CITY PROPER       5.45     04/27/19     CNY     60.53
ZOUCHENG CITY AS       7.02     01/12/18     CNY     61.67


INDONESIA
---------

BERAU COAL ENERG       7.25     03/13/17     USD     62.50
BERAU COAL ENERG       7.25     03/13/17     USD     67.00
DAVOMAS INTERNAT      11.00     12/08/14     USD     19.50
PERUSAHAAN PENER       6.75     04/15/43     IDR     74.79
PERUSAHAAN PENER       6.10     02/15/37     IDR     72.84
SMARTFREN TELECO       8.00     06/15/17     IDR     49.10


INDIA
-----

3I INFOTECH LTD        5.00     04/26/17     USD     30.50
BLUE DART EXPRES       9.30     11/20/17     INR     10.11
BLUE DART EXPRES       9.40     11/20/18     INR     10.19
BLUE DART EXPRES       9.50     11/20/19     INR     10.25
CORE EDUCATION &       7.00     05/07/15     USD     10.00
COROMANDEL INTER       9.00     07/23/16     INR     15.84
GTL INFRASTRUCTU       3.03     11/09/17     USD     28.50
INCLINE REALTY P      10.85     08/21/17     INR     15.04
INCLINE REALTY P      10.85     04/21/17     INR     11.88
INDIA GOVERNMENT       7.64     01/25/35     INR     23.99
INDIA GOVERNMENT       1.44     06/05/23     INR     79.00
JAIPRAKASH ASSOC       5.75     09/08/17     USD     74.54
JCT LTD                2.50     04/08/11     USD     22.38
MASCON GLOBAL LT       2.00     12/28/12     USD      3.46
ORIENTAL HOTELS        2.00     11/21/19     INR     72.38
PRAKASH INDUSTRI       5.25     04/30/15     USD     60.88
PYRAMID SAIMIRA        1.75     07/04/12     USD      1.00
REI AGRO LTD           5.50     11/13/14     USD     55.88
REI AGRO LTD           5.50     11/13/14     USD     55.88
SHIV-VANI OIL &        5.00     08/17/15     USD     25.75

JAPAN
-----

AVANSTRATE INC         3.02     11/05/15     JPY     38.00
AVANSTRATE INC         5.00     11/05/17     JPY     29.00
ELPIDA MEMORY IN       0.70     08/01/16     JPY     17.00
ELPIDA MEMORY IN       0.50     10/26/15     JPY     12.63
ELPIDA MEMORY IN       2.03     03/22/12     JPY     17.00
ELPIDA MEMORY IN       2.29     12/07/12     JPY     17.00
ELPIDA MEMORY IN       2.10     11/29/12     JPY     17.00


KOREA
-----

2014 KODIT CREAT       5.00     12/25/17     KRW     27.52
2014 KODIT CREAT       5.00     12/25/17     KRW     27.52
DONGBU CORP            4.00     06/29/15     KRW     40.38
DONGBU METAL CO        5.20     09/12/19     KRW     56.56
EXPORT-IMPORT BA       0.50     11/21/17     BRL     73.78
EXPORT-IMPORT BA       0.50     12/22/17     BRL     73.02
HYUNDAI HEAVY IN       4.80     12/15/44     KRW     59.59
HYUNDAI HEAVY IN       4.90     12/15/44     KRW     58.55
HYUNDAI MERCHANT       7.05     12/27/42     KRW     38.55
KIBO ABS SPECIAL      10.00     09/04/16     KRW     34.80
KIBO ABS SPECIAL      10.00     02/19/17     KRW     32.49
KIBO ABS SPECIAL      10.00     08/22/17     KRW     28.19
KIBO ABS SPECIAL       5.00     01/31/17     KRW     29.33
KIBO ABS SPECIAL       5.00     03/29/18     KRW     26.64
KIBO GREEN HI-TE      10.00     12/21/15     KRW     37.53
LSMTRON DONGBANG       4.53     11/22/17     KRW     27.25
POSCO ENERGY COR       4.66     08/29/43     KRW     71.64
POSCO ENERGY COR       4.72     08/29/43     KRW     71.08
POSCO ENERGY COR       4.72     08/29/43     KRW     70.86
SINBO SECURITIZA       5.00     12/13/16     KRW     30.38
SINBO SECURITIZA       5.00     02/02/16     KRW     28.35
SINBO SECURITIZA       8.00     02/02/16     KRW     35.69
SINBO SECURITIZA       5.00     09/28/15     KRW     33.92
SINBO SECURITIZA       5.00     12/07/15     KRW     33.17
SINBO SECURITIZA       5.00     05/27/16     KRW     32.60
SINBO SECURITIZA       5.00     05/27/16     KRW     32.60
SINBO SECURITIZA       5.00     06/29/16     KRW     32.22
SINBO SECURITIZA       5.00     07/19/15     KRW     37.70
SINBO SECURITIZA       5.00     07/26/16     KRW     31.88
SINBO SECURITIZA       5.00     07/26/16     KRW     31.88
SINBO SECURITIZA       5.00     08/24/15     KRW     34.63
SINBO SECURITIZA       5.00     08/31/16     KRW     31.48
SINBO SECURITIZA       5.00     08/31/16     KRW     31.48
SINBO SECURITIZA       9.00     07/27/15     KRW     42.91
SINBO SECURITIZA       5.00     03/14/16     KRW     32.32
SINBO SECURITIZA       5.00     09/13/15     KRW     34.74
SINBO SECURITIZA       4.60     06/29/15     KRW     41.19
SINBO SECURITIZA       4.60     06/29/15     KRW     41.19
SINBO SECURITIZA       5.00     10/05/16     KRW     31.14
SINBO SECURITIZA       5.00     10/05/16     KRW     29.61
SINBO SECURITIZA      10.00     12/27/15     KRW     37.01
SINBO SECURITIZA       5.00     01/29/17     KRW     29.88
SINBO SECURITIZA       5.00     02/21/17     KRW     29.63
SINBO SECURITIZA       5.00     01/19/16     KRW     28.60
SINBO SECURITIZA       5.00     09/13/15     KRW     34.74
SINBO SECURITIZA       5.00     12/25/16     KRW     29.76
SINBO SECURITIZA       5.00     03/13/17     KRW     29.45
SINBO SECURITIZA       5.00     03/13/17     KRW     29.45
SINBO SECURITIZA       5.00     01/15/18     KRW     27.36
SINBO SECURITIZA       5.00     01/15/18     KRW     27.36
SINBO SECURITIZA       5.00     06/07/17     KRW     24.84
SINBO SECURITIZA       5.00     06/07/17     KRW     24.84
SINBO SECURITIZA       5.00     08/16/16     KRW     30.96
SINBO SECURITIZA       5.00     08/16/17     KRW     28.51
SINBO SECURITIZA       5.00     08/16/17     KRW     28.51
SINBO SECURITIZA       5.00     10/01/17     KRW     27.96
SINBO SECURITIZA       5.00     03/12/18     KRW     26.77
SINBO SECURITIZA       5.00     03/12/18     KRW     26.77
SINBO SECURITIZA       5.00     07/08/17     KRW     28.91
SINBO SECURITIZA       5.00     07/08/17     KRW     28.91
SINBO SECURITIZA       5.00     02/21/17     KRW     29.63
SINBO SECURITIZA       5.00     10/01/17     KRW     27.96
SINBO SECURITIZA       5.00     10/01/17     KRW     27.96
SINBO SECURITIZA       5.00     02/11/18     KRW     26.93
SINBO SECURITIZA       5.00     02/11/18     KRW     26.93
SK TELECOM CO LT       4.21     06/07/73     KRW     68.46
STX OFFSHORE & S       3.00     09/06/15     KRW     74.00
TONGYANG CEMENT        7.30     06/26/15     KRW     70.00
TONGYANG CEMENT        7.50     04/20/14     KRW     70.00
TONGYANG CEMENT        7.50     09/10/14     KRW     70.00
TONGYANG CEMENT        7.30     04/12/15     KRW     70.00
TONGYANG CEMENT        7.50     07/20/14     KRW     70.00
U-BEST SECURITIZ       5.50     11/16/17     KRW     28.14
WISEPOWER CO LTD       4.00     08/10/15     KRW     70.19
WOONGJIN ENERGY        2.00     12/19/16     KRW     58.15


MALAYSIA
--------

BANDAR MALAYSIA        0.35     12/29/23     MYR     69.37
BANDAR MALAYSIA        0.35     02/20/24     MYR     68.90
BIMB HOLDINGS BH       1.50     12/12/23     MYR     70.11
BRIGHT FOCUS BHD       2.50     01/22/31     MYR     63.36
BRIGHT FOCUS BHD       2.50     01/24/30     MYR     63.96
LAND & GENERAL B       1.00     09/24/18     MYR      0.37
SENAI-DESARU EXP       0.50     12/31/38     MYR     61.32
SENAI-DESARU EXP       0.50     12/31/40     MYR     63.97
SENAI-DESARU EXP       0.50     12/30/39     MYR     62.82
SENAI-DESARU EXP       0.50     12/31/43     MYR     67.14
SENAI-DESARU EXP       0.50     12/31/42     MYR     66.25
SENAI-DESARU EXP       0.50     12/31/47     MYR     70.80
SENAI-DESARU EXP       0.50     12/31/41     MYR     65.09
SENAI-DESARU EXP       0.50     12/29/45     MYR     69.17
SENAI-DESARU EXP       0.50     12/31/46     MYR     70.04
SENAI-DESARU EXP       0.50     12/30/44     MYR     68.23
SENAI-DESARU EXP       1.35     06/30/26     MYR     60.98
SENAI-DESARU EXP       1.35     06/30/31     MYR     49.95
SENAI-DESARU EXP       1.35     12/29/28     MYR     55.07
SENAI-DESARU EXP       1.10     06/30/21     MYR     74.02
SENAI-DESARU EXP       1.10     12/31/21     MYR     72.17
SENAI-DESARU EXP       1.15     06/28/24     MYR     64.68
SENAI-DESARU EXP       1.15     12/31/24     MYR     63.25
SENAI-DESARU EXP       1.35     06/30/28     MYR     56.26
SENAI-DESARU EXP       1.10     06/30/22     MYR     70.48
SENAI-DESARU EXP       1.15     12/30/22     MYR     69.17
SENAI-DESARU EXP       1.15     06/30/25     MYR     61.90
SENAI-DESARU EXP       1.15     06/30/23     MYR     67.63
SENAI-DESARU EXP       1.15     12/29/23     MYR     66.13
SENAI-DESARU EXP       1.35     12/31/26     MYR     59.80
SENAI-DESARU EXP       1.35     06/28/30     MYR     51.93
SENAI-DESARU EXP       1.35     12/31/30     MYR     50.94
SENAI-DESARU EXP       1.35     06/30/27     MYR     58.60
SENAI-DESARU EXP       1.35     12/31/27     MYR     57.44
SENAI-DESARU EXP       1.35     06/29/29     MYR     53.97
SENAI-DESARU EXP       1.35     12/31/29     MYR     52.93
SENAI-DESARU EXP       1.35     12/31/25     MYR     62.20
UNIMECH GROUP BH       5.00     09/18/18     MYR      1.20


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

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


SINGAPORE
---------

AXIS OFFSHORE PT       7.49     05/18/18     USD     58.03
BAKRIE TELECOM P      11.50     05/07/15     USD      6.86
BAKRIE TELECOM P      11.50     05/07/15     USD      7.00
BERAU CAPITAL RE      12.50     07/08/15     USD     69.13
BERAU CAPITAL RE      12.50     07/08/15     USD     71.00
BLD INVESTMENTS        8.63     03/23/15     USD     12.25
BUMI CAPITAL PTE      12.00     11/10/16     USD     30.00
BUMI CAPITAL PTE      12.00     11/10/16     USD     27.83
BUMI INVESTMENT       10.75     10/06/17     USD     29.21
BUMI INVESTMENT       10.75     10/06/17     USD     29.22
ENERCOAL RESOURC       6.00     04/07/18     USD     25.00
G STEEL PCL            3.00     10/04/15     USD      3.80
INDO INFRASTRUCT       2.00     07/30/10     USD      1.88
MDX PCL                4.75     09/17/03     USD     26.38
ORO NEGRO DRILLI       7.50     01/24/19     USD     74.50
OSA GOLIATH PTE       12.00     10/09/18     USD     72.75


SRI LANKA
---------

SRI LANKA GOVERN       5.35     03/01/26     LKR     75.00


TAIWAN
------

ADVANCED SEMICON       1.45     08/19/16     TWD      1.10
ADVANCED SEMICON       1.45     08/19/16     TWD      1.50
ADVANCED SEMICON       1.45     08/19/16     TWD      1.30
ADVANCED SEMICON       1.45     08/19/16     TWD      1.30
ADVANCED SEMICON       1.45     08/19/16     TWD      1.05
AGRICULTURAL BAN       1.95     02/10/25     TWD      1.95
AGRICULTURAL BAN       3.28     06/30/15     TWD      3.28
AGRICULTURAL BAN       1.43     10/17/19     TWD      1.53
AGRICULTURAL BAN       1.53     10/17/22     TWD      1.53
ASIA CEMENT CORP       1.36     05/23/19     TWD      1.45
BANK OF KAOHSIUN       3.40     01/20/16     TWD      1.89
BANK OF PANHSIN        3.00     12/02/17     TWD      3.00
BANK OF PANHSIN        3.00     11/12/18     TWD      3.00
BANK OF PANHSIN        3.00     06/06/20     TWD      3.00
BANK OF PANHSIN        3.00     03/21/18     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           3.20     03/25/15     TWD      2.32
BANK SINOPAC           2.18     08/18/21     TWD      2.18
BANK SINOPAC           1.65     09/18/22     TWD      1.65
BANK SINOPAC           1.85     11/04/18     TWD      1.45
BANK SINOPAC           1.80     12/09/17     TWD      1.38
BANK SINOPAC           1.92     03/11/18     TWD      1.92
BANK SINOPAC           1.53     09/18/19     TWD      1.68
BANK SINOPAC           2.70     06/23/15     TWD      1.30
BANK SINOPAC           2.90     06/23/17     TWD      2.90
BANK SINOPAC           1.95     08/18/18     TWD      1.46
BANK SINOPAC           2.80     04/29/16     TWD      2.80
BANK SINOPAC           2.05     09/30/24     TWD      2.05
CATHAY FINANCIAL       3.10     12/24/15     TWD      1.17
CATHAY FINANCIAL       2.65     10/08/16     TWD      1.21
CATHAY UNITED BA       1.85     05/19/24     TWD      1.85
CATHAY UNITED BA       1.55     04/24/20     TWD      1.55
CATHAY UNITED BA       1.48     06/06/19     TWD      1.48
CATHAY UNITED BA       1.65     06/06/22     TWD      1.84
CATHAY UNITED BA       1.65     08/07/22     TWD      1.84
CATHAY UNITED BA       1.70     04/24/23     TWD      1.90
CATHAY UNITED BA       1.70     05/19/21     TWD      1.70
CHAILEASE FINANC       2.05     10/30/21     TWD      2.05
CHAILEASE FINANC       1.60     07/22/18     TWD      1.40
CHAILEASE FINANC       1.50     06/05/17     TWD      1.29
CHAILEASE FINANC       1.50     06/16/19     TWD      1.50
CHAILEASE FINANC       2.30     10/30/24     TWD      2.30
CHANG HWA COMMER       3.10     05/19/15     TWD      0.89
CHANG HWA COMMER       3.05     12/15/15     TWD      3.05
CHANG HWA COMMER       1.65     03/11/18     TWD      1.64
CHANG HWA COMMER       1.72     03/11/21     TWD      1.72
CHANG HWA COMMER       2.30     09/15/16     TWD      1.26
CHANG HWA COMMER       1.70     04/16/21     TWD      1.70
CHANG HWA COMMER       1.85     04/16/24     TWD      1.85
CHENG SHIN RUBBE       1.40     07/18/19     TWD      1.43
CHENG SHIN RUBBE       1.55     08/19/18     TWD      1.40
CHENG SHIN RUBBE       1.38     09/03/15     TWD      0.88
CHENG SHIN RUBBE       1.38     09/03/15     TWD      0.88
CHENG SHIN RUBBE       1.38     09/03/15     TWD      1.32
CHENG SHIN RUBBE       1.38     09/03/15     TWD      1.32
CHENG SHIN RUBBE       1.38     09/03/15     TWD      0.88
CHINA AIRLINES L       1.60     01/17/18     TWD      1.60
CHINA AIRLINES L       1.35     05/20/16     TWD      1.28
CHINA AIRLINES L       1.35     05/20/16     TWD      1.39
CHINA AIRLINES L       1.35     05/20/16     TWD      1.35
CHINA AIRLINES L       1.85     01/17/20     TWD      1.85
CHINA DEVELOPMEN       1.42     03/07/19     TWD      1.39
CHINA DEVELOPMEN       3.40     06/18/15     TWD      3.40
CHINA DEVELOPMEN       1.37     05/23/18     TWD      1.37
CHINA DEVELOPMEN       2.00     03/01/17     TWD      1.45
CHINA DEVELOPMEN       1.32     03/07/17     TWD      1.19
CHINA STEEL CORP       2.30     12/29/15     TWD      0.92
CHINA STEEL CORP       1.36     10/19/16     TWD      0.98
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      1.21
CHINA STEEL CORP       1.37     08/10/19     TWD      1.66
CHINA STEEL CORP       2.15     01/23/29     TWD      2.16
CHINA STEEL CORP       1.60     07/12/23     TWD      1.84
CHINA STEEL CORP       1.44     07/12/20     TWD      1.56
CHINA STEEL CORP       1.50     08/03/22     TWD      1.65
CHINA STEEL CORP       1.95     01/23/24     TWD      1.90
CHINESE MARITIME       1.40     06/08/17     TWD      1.13
CHINESE MARITIME       1.40     06/08/17     TWD      1.39
CHINESE MARITIME       1.40     06/08/17     TWD      1.40
CHINESE MARITIME       1.40     06/08/17     TWD      1.35
COTA COMMERCIAL        3.20     03/29/18     TWD      3.20
CPC CORP/TAIWAN        1.41     12/22/19     TWD      1.36
CPC CORP/TAIWAN        1.22     06/07/17     TWD      1.05
CPC CORP/TAIWAN        1.29     11/01/17     TWD      1.04
CPC CORP/TAIWAN        1.08     10/29/15     TWD      0.56
CPC CORP/TAIWAN        1.75     10/28/20     TWD      1.56
CPC CORP/TAIWAN        2.60     12/15/15     TWD      0.60
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        1.40     09/19/16     TWD      0.93
CPC CORP/TAIWAN        1.49     10/28/18     TWD      1.15
CPC CORP/TAIWAN        1.49     06/11/22     TWD      1.64
CPC CORP/TAIWAN        1.60     09/22/18     TWD      1.17
CPC CORP/TAIWAN        1.43     10/27/20     TWD      1.51
CPC CORP/TAIWAN        1.18     09/19/17     TWD      1.00
CPC CORP/TAIWAN        1.36     06/08/19     TWD      1.28
CPC CORP/TAIWAN        1.40     12/03/16     TWD      0.91
CPC CORP/TAIWAN        1.68     12/23/21     TWD      1.60
CPC CORP/TAIWAN        1.65     09/12/21     TWD      1.65
CPC CORP/TAIWAN        1.30     07/25/18     TWD      1.13
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        1.29     09/21/19     TWD      1.40
CPC CORP/TAIWAN        1.42     09/20/22     TWD      1.70
CPC CORP/TAIWAN        1.65     12/04/19     TWD      1.36
CPC CORP/TAIWAN        1.70     09/21/21     TWD      1.60
CPC CORP/TAIWAN        1.85     09/12/24     TWD      1.85
CPC CORP/TAIWAN        1.85     10/25/23     TWD      1.86
CTBC BANK CO LTD       3.49     04/10/23     TWD      1.80
CTBC BANK CO LTD       3.10     04/25/15     TWD      0.92
CTBC BANK CO LTD       1.80     09/27/18     TWD      1.49
CTBC BANK CO LTD       2.00     06/26/29     TWD      2.00
CTBC FINANCIAL H       1.66     02/20/19     TWD      1.58
CTBC FINANCIAL H       1.80     02/20/22     TWD      1.80
DA-LI CONSTRUCTI       1.42     06/23/19     TWD      1.42
DRAGON STEEL COR       1.40     06/10/19     TWD      1.45
DRAGON STEEL COR       1.75     06/10/21     TWD      1.72
E.SUN COMMERCIAL       1.80     10/28/18     TWD      1.50
E.SUN COMMERCIAL       1.55     05/24/20     TWD      1.55
E.SUN COMMERCIAL       1.70     05/24/23     TWD      1.93
E.SUN COMMERCIAL       1.75     08/28/20     TWD      1.75
E.SUN COMMERCIAL       1.50     08/27/19     TWD      1.57
E.SUN COMMERCIAL       1.68     06/28/22     TWD      1.88
E.SUN COMMERCIAL       3.15     10/24/15     TWD      3.15
E.SUN COMMERCIAL       2.20     07/13/17     TWD      2.20
E.SUN COMMERCIAL       2.20     05/28/17     TWD      1.45
E.SUN COMMERCIAL       2.35     10/20/16     TWD      1.34
E.SUN COMMERCIAL       2.50     04/03/16     TWD      2.50
E.SUN COMMERCIAL       1.58     04/27/19     TWD      1.58
E.SUN COMMERCIAL       1.62     08/27/22     TWD      1.89
E.SUN COMMERCIAL       1.85     12/19/20     TWD      1.85
E.SUN COMMERCIAL       1.95     03/07/24     TWD      1.95
E.SUN COMMERCIAL       1.80     03/07/21     TWD      1.70
E.SUN FINANCIAL        1.75     06/29/19     TWD      1.65
E.SUN FINANCIAL        2.70     04/28/17     TWD      1.87
ENTIE COMMERCIAL       3.25     12/16/17     TWD      3.25
ENTIE COMMERCIAL       3.25     08/23/17     TWD      1.97
EVA AIRWAYS CORP       1.22     05/31/17     TWD      1.18
EVA AIRWAYS CORP       1.22     05/31/17     TWD      1.27
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       1.15     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      1.27
EVA AIRWAYS CORP       1.22     05/31/17     TWD      1.27
EVA AIRWAYS CORP       1.15     06/14/18     TWD      1.25
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      1.29
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       1.44     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      0.90
EVERGREEN MARINE       1.28     04/26/17     TWD      1.18
EVERGREEN MARINE       1.28     04/26/17     TWD      1.31
EXPORT-IMPORT BA       0.88     02/12/16     TWD      0.74
EXPORT-IMPORT BA       0.90     01/28/16     TWD      0.82
EXPORT-IMPORT BA       1.25     05/30/17     TWD      1.25
EXPORT-IMPORT BA       0.68     06/20/16     TWD      0.68
EXPORT-IMPORT BA       0.90     06/24/17     TWD      0.90
EXPORT-IMPORT BA       0.80     10/16/16     TWD      0.80
FAR EASTERN DEPA       1.38     09/07/15     TWD      1.16
FAR EASTERN INTE       1.95     11/10/18     TWD      1.80
FAR EASTERN INTE       2.05     12/23/21     TWD      2.05
FAR EASTERN INTE       2.10     09/29/17     TWD      1.47
FAR EASTERN INTE       2.98     05/18/17     TWD      2.98
FAR EASTERN INTE       1.75     06/27/19     TWD      1.70
FAR EASTERN INTE       2.10     11/06/20     TWD      1.81
FAR EASTERN NEW        1.68     05/27/15     TWD      0.80
FAR EASTERN NEW        1.59     09/16/15     TWD      0.80
FAR EASTERN NEW        1.45     12/23/18     TWD      1.44
FAR EASTERN NEW        1.47     08/21/19     TWD      1.41
FAR EASTERN NEW        1.47     12/04/19     TWD      1.40
FAR EASTERN NEW        1.55     09/29/16     TWD      1.03
FAR EASTERN NEW        1.38     02/06/20     TWD      1.38
FAR EASTERN NEW        1.30     11/26/17     TWD      1.21
FAR EASTERN NEW        1.36     02/15/17     TWD      1.08
FAR EASTERN NEW        1.35     06/07/17     TWD      1.21
FAR EASTONE TELE       1.17     12/24/16     TWD      1.17
FAR EASTONE TELE       1.58     10/15/18     TWD      1.61
FAR EASTONE TELE       1.27     12/24/17     TWD      1.16
FAR EASTONE TELE       1.33     06/27/20     TWD      1.47
FAR EASTONE TELE       1.46     10/15/17     TWD      1.38
FAR EASTONE TELE       1.58     12/24/19     TWD      1.37
FIRST COMMERCIAL       3.02     10/21/15     TWD      1.20
FIRST COMMERCIAL       1.72     03/30/21     TWD      1.72
FIRST COMMERCIAL       1.50     09/28/17     TWD      1.36
FIRST COMMERCIAL       1.59     09/25/22     TWD      1.56
FIRST COMMERCIAL       1.47     09/25/19     TWD      1.44
FIRST COMMERCIAL       1.43     12/27/19     TWD      1.57
FIRST COMMERCIAL       1.65     03/30/18     TWD      1.26
FIRST COMMERCIAL       3.00     12/24/15     TWD      3.00
FIRST COMMERCIAL       3.16     12/24/17     TWD      3.16
FIRST COMMERCIAL       1.92     09/28/17     TWD      1.59
FIRST COMMERCIAL       3.10     06/23/15     TWD      2.95
FIRST COMMERCIAL       1.65     06/24/18     TWD      1.65
FIRST COMMERCIAL       1.72     06/24/21     TWD      1.72
FIRST FINANCIAL        1.60     07/22/15     TWD      0.90
FIRST FINANCIAL        2.25     07/22/17     TWD      1.41
FORMOSA CHEMICAL       1.52     07/29/15     TWD      0.81
FORMOSA CHEMICAL       1.44     06/10/16     TWD      0.93
FORMOSA CHEMICAL       1.29     07/26/17     TWD      1.15
FORMOSA CHEMICAL       1.34     01/22/20     TWD      1.50
FORMOSA CHEMICAL       1.24     07/08/18     TWD      1.29
FORMOSA CHEMICAL       1.38     10/31/16     TWD      1.16
FORMOSA CHEMICAL       1.36     12/07/19     TWD      1.40
FORMOSA CHEMICAL       1.50     01/22/23     TWD      1.80
FORMOSA CHEMICAL       1.56     06/29/15     TWD      0.77
FORMOSA CHEMICAL       1.38     07/08/20     TWD      1.45
FORMOSA CHEMICAL       1.23     12/07/17     TWD      1.23
FORMOSA CHEMICAL       1.51     12/07/22     TWD      1.53
FORMOSA CHEMICAL       1.40     07/26/19     TWD      1.47
FORMOSA CHEMICAL       1.52     07/08/23     TWD      1.54
FORMOSA CHEMICAL       2.03     07/04/29     TWD      2.04
FORMOSA CHEMICAL       1.81     07/04/24     TWD      1.84
FORMOSA PETROCHE       1.54     07/15/15     TWD      0.81
FORMOSA PETROCHE       1.43     09/12/19     TWD      1.37
FORMOSA PETROCHE       1.55     04/27/15     TWD      0.73
FORMOSA PETROCHE       1.54     05/25/15     TWD      0.75
FORMOSA PETROCHE       1.40     04/20/16     TWD      0.93
FORMOSA PETROCHE       1.42     05/25/16     TWD      0.82
FORMOSA PETROCHE       1.33     10/14/15     TWD      0.69
FORMOSA PETROCHE       1.30     06/20/17     TWD      1.14
FORMOSA PETROCHE       1.28     06/26/18     TWD      1.23
FORMOSA PETROCHE       1.37     03/12/20     TWD      1.41
FORMOSA PETROCHE       1.44     07/27/19     TWD      1.47
FORMOSA PETROCHE       1.44     06/20/19     TWD      1.58
FORMOSA PETROCHE       1.41     06/26/20     TWD      1.53
FORMOSA PETROCHE       1.25     03/12/18     TWD      1.31
FORMOSA PETROCHE       1.35     07/27/17     TWD      1.11
FORMOSA PETROCHE       1.99     09/12/26     TWD      1.99
FORMOSA PETROCHE       1.90     09/12/24     TWD      1.90
FORMOSA PLASTICS       1.35     12/15/16     TWD      0.95
FORMOSA PLASTICS       1.55     06/21/15     TWD      0.73
FORMOSA PLASTICS       1.92     05/21/26     TWD      1.94
FORMOSA PLASTICS       1.40     09/12/19     TWD      1.45
FORMOSA PLASTICS       1.83     05/21/24     TWD      1.86
FORMOSA PLASTICS       1.34     11/16/16     TWD      0.73
FORMOSA PLASTICS       1.39     11/05/19     TWD      1.44
FORMOSA PLASTICS       1.53     11/05/22     TWD      1.62
FORMOSA PLASTICS       1.42     11/08/18     TWD      1.47
FORMOSA PLASTICS       1.25     11/05/17     TWD      1.23
FORMOSA PLASTICS       1.26     05/22/17     TWD      1.24
FORMOSA PLASTICS       1.42     05/22/19     TWD      1.49
FORMOSA PLASTICS       1.52     06/10/23     TWD      1.54
FORMOSA PLASTICS       1.28     09/12/17     TWD      1.15
FORMOSA PLASTICS       1.23     06/10/17     TWD      1.30
FORMOSA PLASTICS       1.94     11/08/23     TWD      1.96
FUBON FINANCIAL        1.56     08/23/15     TWD      0.85
FUBON FINANCIAL        1.60     12/18/20     TWD      1.65
FUBON FINANCIAL        1.72     07/21/21     TWD      1.72
FUBON FINANCIAL        2.60     01/28/17     TWD      1.46
FUBON FINANCIAL        1.45     08/15/19     TWD      1.47
FUBON FINANCIAL        1.40     11/15/16     TWD      0.72
FUBON FINANCIAL        1.45     08/28/18     TWD      1.36
FUBON FINANCIAL        1.58     08/28/20     TWD      1.58
FUBON FINANCIAL        1.35     08/15/17     TWD      1.06
FUBON FINANCIAL        2.60     01/27/17     TWD      1.32
FUBON FINANCIAL        1.90     01/28/17     TWD      1.40
FUBON FINANCIAL        1.42     12/18/18     TWD      1.45
GOLDSUN DEVELOPM       1.40     12/25/19     TWD      1.40
GTM HOLDINGS COR       1.30     07/24/18     TWD      1.31
HIYES INTERNATIO       1.40     09/23/17     TWD      1.40
HON HAI PRECISIO       1.35     12/17/16     TWD      1.07
HON HAI PRECISIO       1.18     08/06/15     TWD      1.20
HON HAI PRECISIO       1.45     01/14/20     TWD      1.45
HON HAI PRECISIO       1.43     12/27/15     TWD      0.90
HON HAI PRECISIO       1.47     03/08/16     TWD      0.89
HON HAI PRECISIO       1.43     05/23/17     TWD      1.12
HON HAI PRECISIO       1.45     10/18/16     TWD      1.07
HON HAI PRECISIO       2.15     10/08/26     TWD      2.15
HON HAI PRECISIO       1.33     01/30/18     TWD      1.20
HON HAI PRECISIO       1.40     03/18/19     TWD      1.40
HON HAI PRECISIO       2.02     10/08/24     TWD      2.02
HON HAI PRECISIO       1.51     07/18/16     TWD      0.98
HON HAI PRECISIO       1.66     06/14/18     TWD      1.32
HON HAI PRECISIO       1.95     07/08/24     TWD      1.95
HON HAI PRECISIO       1.23     03/18/17     TWD      1.12
HON HAI PRECISIO       1.23     01/14/18     TWD      1.23
HON HAI PRECISIO       1.50     12/17/18     TWD      1.50
HON HAI PRECISIO       1.45     01/30/20     TWD      1.55
HON HAI PRECISIO       1.35     10/11/17     TWD      1.50
HON HAI PRECISIO       1.43     06/14/16     TWD      1.25
HON HAI PRECISIO       1.82     06/14/21     TWD      1.78
HON HAI PRECISIO       1.75     03/18/21     TWD      1.74
HON HAI PRECISIO       2.00     03/18/24     TWD      2.00
HON HAI PRECISIO       1.45     10/08/19     TWD      1.45
HON HAI PRECISIO       1.80     10/08/21     TWD      1.80
HON HAI PRECISIO       1.80     01/14/22     TWD      1.80
HON HAI PRECISIO       1.85     12/17/20     TWD      1.70
HON HAI PRECISIO       1.70     07/08/21     TWD      1.70
HON HAI PRECISIO       1.17     05/21/17     TWD      1.14
HON HAI PRECISIO       1.95     05/21/24     TWD      1.88
HON HAI PRECISIO       1.37     05/21/19     TWD      1.37
HON HAI PRECISIO       1.70     05/21/21     TWD      1.70
HSBC BANK TAIWAN       1.40     03/10/15     TWD      0.71
HSBC BANK TAIWAN       1.55     03/10/16     TWD      0.60
HSBC BANK TAIWAN       1.48     02/05/23     TWD      1.48
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       1.34     02/05/20     TWD      1.47
HSBC BANK TAIWAN       1.25     01/31/17     TWD      1.11
HUA NAN COMMERCI       1.43     11/06/19     TWD      1.41
HUA NAN COMMERCI       1.85     03/28/24     TWD      1.85
HUA NAN COMMERCI       3.10     04/18/15     TWD      0.88
HUA NAN COMMERCI       1.98     12/19/24     TWD      1.98
HUA NAN COMMERCI       1.63     12/06/18     TWD      1.52
HUA NAN COMMERCI       1.55     11/06/22     TWD      1.55
HUA NAN COMMERCI       1.65     11/23/20     TWD      1.65
HUA NAN COMMERCI       3.20     05/16/16     TWD      3.20
HUA NAN COMMERCI       2.60     04/24/17     TWD      2.60
HUA NAN COMMERCI       2.45     07/16/17     TWD      1.62
HUA NAN COMMERCI       2.60     12/29/19     TWD      2.60
HUA NAN COMMERCI       3.08     01/16/18     TWD      3.08
HUA NAN COMMERCI       1.83     09/26/21     TWD      1.83
HUA NAN COMMERCI       1.98     09/26/24     TWD      1.98
HUA NAN COMMERCI       1.83     12/19/21     TWD      1.83
HUA NAN FINANCIA       1.55     01/21/20     TWD      1.56
HUA NAN FINANCIA       1.23     01/21/18     TWD      1.33
HWATAI BANK LTD        2.70     11/15/19     TWD      2.70
INDUSTRIAL BANK        2.30     10/28/18     TWD      1.80
INDUSTRIAL BANK        2.30     08/26/18     TWD      1.59
INDUSTRIAL BANK        1.85     08/17/19     TWD      1.83
INDUSTRIAL BANK        3.20     12/28/16     TWD      2.24
INDUSTRIAL BANK        3.00     04/12/17     TWD      3.00
INDUSTRIAL BANK        1.95     03/27/21     TWD      1.94
INDUSTRIAL BANK        1.95     05/30/20     TWD      1.85
INDUSTRIAL BANK        1.95     09/26/21     TWD      1.95
INDUSTRIAL BANK        1.85     06/26/21     TWD      1.85
JIH SUN INTERNAT       2.18     04/30/19     TWD      2.18
JIH SUN INTERNAT       2.20     01/30/22     TWD      2.20
KGI SECURITIES C       1.15     03/15/15     TWD      0.72
KINDOM CONSTRUCT       1.41     06/25/17     TWD      1.41
KINDOM CONSTRUCT       1.40     10/28/16     TWD      1.40
KINDOM CONSTRUCT       1.40     12/15/16     TWD      1.28
KINDOM CONSTRUCT       1.60     09/26/18     TWD      1.60
KINDOM CONSTRUCT       1.30     06/18/18     TWD      1.30
KINDOM CONSTRUCT       1.55     08/28/19     TWD      1.55
LAND BANK OF TAI       3.00     04/15/15     TWD      0.87
LAND BANK OF TAI       2.80     12/29/15     TWD      1.00
LAND BANK OF TAI       2.00     06/29/17     TWD      1.61
LAND BANK OF TAI       1.98     12/25/24     TWD      1.98
LAND BANK OF TAI       1.64     10/20/18     TWD      1.42
LAND BANK OF TAI       1.55     04/13/19     TWD      1.60
LAND BANK OF TAI       1.43     10/22/19     TWD      1.43
LAND BANK OF TAI       1.53     12/15/17     TWD      1.38
LAND BANK OF TAI       1.50     06/26/19     TWD      1.45
LAND BANK OF TAI       1.60     12/29/18     TWD      1.54
LAND BANK OF TAI       1.43     12/26/19     TWD      1.47
LAND BANK OF TAI       1.55     12/26/22     TWD      1.55
LAND BANK OF TAI       1.72     12/26/20     TWD      1.72
MAI-LIAO POWER C       1.25     12/19/17     TWD      1.20
MAI-LIAO POWER C       1.37     12/19/19     TWD      1.39
MAYWUFA CO LTD         1.43     07/17/19     TWD      1.43
MEGA FINANCIAL H       3.26     12/26/15     TWD      1.46
MEGA INTERNATION       1.65     06/24/21     TWD      1.64
MEGA INTERNATION       1.62     11/24/18     TWD      1.38
MEGA INTERNATION       3.00     12/23/15     TWD      1.18
MEGA INTERNATION       2.90     03/20/15     TWD      2.90
MEGA INTERNATION       1.70     03/28/21     TWD      1.70
MEGA INTERNATION       1.65     04/15/18     TWD      1.40
MEGA INTERNATION       1.53     12/24/17     TWD      1.36
MEGA INTERNATION       1.48     05/18/19     TWD      1.48
MEGA INTERNATION       3.10     06/26/15     TWD      0.90
MEGA INTERNATION       3.00     09/29/15     TWD      0.95
NAN YA PLASTICS        1.27     11/12/15     TWD      0.90
NAN YA PLASTICS        1.56     06/25/15     TWD      0.86
NAN YA PLASTICS        1.56     08/30/15     TWD      0.75
NAN YA PLASTICS        2.04     06/24/29     TWD      2.04
NAN YA PLASTICS        1.25     09/07/17     TWD      1.17
NAN YA PLASTICS        1.35     11/07/16     TWD      1.00
NAN YA PLASTICS        1.45     08/05/18     TWD      1.24
NAN YA PLASTICS        1.36     07/04/17     TWD      1.15
NAN YA PLASTICS        1.45     07/04/19     TWD      1.38
NAN YA PLASTICS        1.37     09/07/19     TWD      1.33
NAN YA PLASTICS        1.50     02/25/23     TWD      1.52
NAN YA PLASTICS        1.40     08/05/17     TWD      1.21
NAN YA PLASTICS        1.55     08/05/20     TWD      1.54
NAN YA PLASTICS        1.36     02/25/20     TWD      1.51
NAN YA PLASTICS        1.45     11/11/19     TWD      1.45
NAN YA PLASTICS        1.98     12/18/23     TWD      1.94
NAN YA PLASTICS        2.08     12/18/25     TWD      2.10
NAN YA PLASTICS        1.93     11/11/24     TWD      1.93
PACIFIC CONSTRUC       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 CONSTRU       1.70     05/07/19     TWD      1.37
RUN LONG CONSTRU       1.60     08/01/19     TWD      1.37
SAN FAR PROPERTY       1.55     10/23/18     TWD      1.58
SHANGHAI COMMERC       1.70     03/25/21     TWD      1.65
SHANGHAI COMMERC       1.48     04/10/19     TWD      1.45
SHANGHAI COMMERC       1.43     11/15/19     TWD      1.43
SHANGHAI COMMERC       1.55     11/15/22     TWD      1.55
SHANGHAI COMMERC       1.50     12/15/17     TWD      1.50
SHANGHAI COMMERC       1.54     05/22/19     TWD      1.60
SHANGHAI COMMERC       1.43     12/27/19     TWD      1.57
SHANGHAI COMMERC       3.15     06/10/15     TWD      0.90
SHANGHAI COMMERC       3.05     12/26/15     TWD      3.05
SHANGHAI COMMERC       1.85     03/25/24     TWD      1.85
SHANGHAI COMMERC       1.83     11/25/21     TWD      1.83
SHIHLIN DEVELOPM       1.60     07/31/19     TWD      1.33
SHIN KONG FINANC       3.65     09/29/15     TWD      0.96
SHINING BUILDING       1.60     11/10/17     TWD      1.60
SINYI REALTY INC       1.48     06/27/19     TWD      1.48
SOLAR APPLIED MA       1.75     11/10/15     TWD      1.80
SUNNY BANK LTD         2.35     03/31/21     TWD      2.35
SUNNY BANK LTD         2.45     04/30/20     TWD      2.45
SUNNY BANK LTD         2.45     05/30/19     TWD      2.45
SUNNY BANK LTD         3.25     10/29/17     TWD      3.25
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         2.35     08/26/21     TWD      2.35
SUNNY BANK LTD         2.45     12/30/21     TWD      2.45
TA CHONG BANK LT       3.50     02/26/17     TWD      3.50
TA CHONG BANK LT       3.00     03/09/18     TWD      1.92
TA CHONG BANK LT       3.75     03/05/17     TWD      3.75
TA CHONG BANK LT       2.05     06/22/19     TWD      2.05
TA CHONG BANK LT       1.90     12/27/19     TWD      1.90
TA CHONG BANK LT       2.15     03/30/19     TWD      2.15
TA CHONG BANK LT       3.25     01/05/17     TWD      3.25
TA CHONG BANK LT       2.00     09/26/21     TWD      2.00
TA CHONG BANK LT       2.05     03/21/21     TWD      2.05
TA CHONG BANK LT       2.00     11/19/21     TWD      2.00
TAIPEI FUBON COM       1.60     05/20/15     TWD      1.14
TAIPEI FUBON COM       3.05     03/28/15     TWD      3.05
TAIPEI FUBON COM       1.50     11/15/17     TWD      1.38
TAIPEI FUBON COM       1.65     03/18/18     TWD      1.65
TAIPEI FUBON COM       1.52     08/01/20     TWD      1.52
TAIPEI FUBON COM       1.85     05/15/24     TWD      1.85
TAIPEI FUBON COM       1.65     12/01/18     TWD      1.46
TAIPEI FUBON COM       2.50     01/25/20     TWD      2.50
TAIPEI FUBON COM       1.48     04/05/19     TWD      1.48
TAIPEI FUBON COM       1.68     05/25/22     TWD      1.83
TAIPEI FUBON COM       1.55     10/15/20     TWD      1.55
TAIPEI FUBON COM       1.70     05/20/17     TWD      1.70
TAIPEI FUBON COM       3.09     05/30/15     TWD      3.10
TAIPEI FUBON COM       3.14     06/20/15     TWD      3.15
TAIPEI FUBON COM       2.20     12/22/16     TWD      1.17
TAIPEI FUBON COM       1.70     08/05/18     TWD      1.45
TAIPEI FUBON COM       2.20     01/25/17     TWD      1.14
TAIPEI FUBON COM       2.30     01/29/17     TWD      2.30
TAIPEI FUBON COM       1.95     08/20/17     TWD      1.60
TAIPEI FUBON COM       2.05     08/20/20     TWD      2.05
TAIPEI FUBON COM       1.80     03/01/17     TWD      1.48
TAIPEI FUBON COM       2.50     03/02/20     TWD      2.50
TAIPEI FUBON COM       1.70     08/01/23     TWD      1.70
TAIPEI FUBON COM       1.98     09/25/24     TWD      1.98
TAIPEI FUBON COM       1.70     05/15/21     TWD      1.70
TAISHIN FINANCIA       2.30     12/17/17     TWD      1.65
TAISHIN FINANCIA       2.00     05/15/19     TWD      1.85
TAISHIN FINANCIA       2.20     08/05/18     TWD      1.61
TAISHIN FINANCIA       2.20     10/05/18     TWD      2.20
TAISHIN INTERNAT       1.53     10/19/19     TWD      1.53
TAISHIN INTERNAT       1.65     10/19/22     TWD      1.65
TAISHIN INTERNAT       1.53     12/14/19     TWD      1.53
TAISHIN INTERNAT       1.65     12/14/22     TWD      1.65
TAISHIN INTERNAT       2.65     04/12/17     TWD      2.65
TAISHIN INTERNAT       1.95     05/16/24     TWD      1.95
TAIWAN ACCEPTANC       1.25     10/17/17     TWD      1.25
TAIWAN ACCEPTANC       1.12     06/20/17     TWD      1.16
TAIWAN BUSINESS        1.92     09/02/17     TWD      1.45
TAIWAN BUSINESS        2.35     08/27/15     TWD      1.98
TAIWAN BUSINESS        2.50     12/18/16     TWD      1.36
TAIWAN BUSINESS        2.32     03/05/17     TWD      2.32
TAIWAN BUSINESS        1.68     03/25/20     TWD      1.71
TAIWAN BUSINESS        1.92     11/25/20     TWD      1.86
TAIWAN COOPERATI       3.00     05/28/15     TWD      0.89
TAIWAN COOPERATI       1.70     07/28/18     TWD      1.41
TAIWAN COOPERATI       1.65     06/28/22     TWD      1.60
TAIWAN COOPERATI       1.43     12/25/19     TWD      1.43
TAIWAN COOPERATI       1.55     12/25/22     TWD      1.55
TAIWAN COOPERATI       1.45     10/25/17     TWD      1.28
TAIWAN COOPERATI       1.48     03/28/20     TWD      1.58
TAIWAN COOPERATI       1.72     12/25/20     TWD      1.72
TAIWAN COOPERATI       1.70     05/26/21     TWD      1.70
TAIWAN COOPERATI       1.85     05/26/24     TWD      1.85
TAIWAN LAND DEVE       1.36     04/25/17     TWD      1.36
TAIWAN MOBILE CO       1.34     12/20/19     TWD      1.44
TAIWAN MOBILE CO       1.29     04/25/18     TWD      1.21
TAIWAN POWER CO        1.35     09/26/16     TWD      1.04
TAIWAN POWER CO        1.30     11/17/16     TWD      0.98
TAIWAN POWER CO        1.24     11/21/16     TWD      1.06
TAIWAN POWER CO        1.10     05/30/17     TWD      1.04
TAIWAN POWER CO        1.39     07/21/15     TWD      0.75
TAIWAN POWER CO        1.37     08/20/15     TWD      0.63
TAIWAN POWER CO        1.55     07/22/20     TWD      1.42
TAIWAN POWER CO        1.38     06/01/15     TWD      0.70
TAIWAN POWER CO        1.65     07/19/17     TWD      1.10
TAIWAN POWER CO        1.23     12/27/16     TWD      1.06
TAIWAN POWER CO        1.47     09/23/17     TWD      1.08
TAIWAN POWER CO        1.40     03/17/19     TWD      1.36
TAIWAN POWER CO        1.29     06/15/17     TWD      0.94
TAIWAN POWER CO        1.65     10/20/21     TWD      1.56
TAIWAN POWER CO        2.75     04/18/15     TWD      0.51
TAIWAN POWER CO        1.38     04/21/15     TWD      0.54
TAIWAN POWER CO        2.02     12/15/24     TWD      2.02
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        1.87     04/28/16     TWD      0.89
TAIWAN POWER CO        1.37     04/23/19     TWD      1.50
TAIWAN POWER CO        1.23     04/23/17     TWD      1.08
TAIWAN POWER CO        1.43     06/15/19     TWD      1.41
TAIWAN POWER CO        1.32     12/19/16     TWD      0.92
TAIWAN POWER CO        1.64     08/20/17     TWD      1.10
TAIWAN POWER CO        1.55     11/20/16     TWD      0.90
TAIWAN POWER CO        1.46     12/17/17     TWD      1.02
TAIWAN POWER CO        1.92     03/17/24     TWD      1.93
TAIWAN POWER CO        1.60     12/15/20     TWD      1.52
TAIWAN POWER CO        1.53     05/03/23     TWD      1.96
TAIWAN POWER CO        1.49     08/15/22     TWD      1.84
TAIWAN POWER CO        2.85     11/04/15     TWD      0.60
TAIWAN POWER CO        2.74     06/16/15     TWD      0.53
TAIWAN POWER CO        1.33     06/28/16     TWD      0.90
TAIWAN POWER CO        2.62     11/25/15     TWD      0.63
TAIWAN POWER CO        1.40     05/30/19     TWD      1.42
TAIWAN POWER CO        1.10     03/18/17     TWD      1.05
TAIWAN POWER CO        1.46     12/15/19     TWD      1.43
TAIWAN POWER CO        1.48     11/21/18     TWD      1.32
TAIWAN POWER CO        1.98     07/21/24     TWD      1.99
TAIWAN POWER CO        1.85     04/22/20     TWD      1.50
TAIWAN POWER CO        1.10     12/15/17     TWD      1.10
TAIWAN POWER CO        1.50     04/24/22     TWD      1.75
TAIWAN POWER CO        1.75     07/23/23     TWD      1.76
TAIWAN POWER CO        1.31     10/31/19     TWD      1.44
TAIWAN POWER CO        1.43     10/31/22     TWD      1.42
TAIWAN POWER CO        1.51     10/21/18     TWD      1.29
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        1.39     12/26/22     TWD      1.49
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        1.28     05/06/18     TWD      1.30
TAIWAN POWER CO        1.39     05/06/20     TWD      1.46
TAIWAN POWER CO        1.30     06/17/18     TWD      1.20
TAIWAN POWER CO        1.58     12/21/21     TWD      1.41
TAIWAN POWER CO        1.39     08/16/19     TWD      1.42
TAIWAN POWER CO        2.35     12/30/18     TWD      1.27
TAIWAN POWER CO        2.84     04/18/18     TWD      1.25
TAIWAN POWER CO        1.71     08/23/20     TWD      1.56
TAIWAN POWER CO        1.75     06/01/17     TWD      1.10
TAIWAN POWER CO        1.83     06/01/20     TWD      1.43
TAIWAN POWER CO        1.75     04/23/17     TWD      1.20
TAIWAN POWER CO        1.55     06/28/18     TWD      1.23
TAIWAN POWER CO        1.64     06/28/21     TWD      1.52
TAIWAN POWER CO        1.65     07/19/18     TWD      1.25
TAIWAN POWER CO        1.75     07/21/21     TWD      1.67
TAIWAN POWER CO        2.99     07/21/15     TWD      0.58
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        1.79     07/21/20     TWD      1.48
TAIWAN POWER CO        1.52     06/15/22     TWD      1.52
TAIWAN POWER CO        1.50     11/22/18     TWD      1.28
TAIWAN POWER CO        1.94     11/22/23     TWD      1.89
TAIWAN POWER CO        1.45     06/17/20     TWD      1.55
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        1.77     10/16/21     TWD      1.77
TAIWAN POWER CO        1.99     10/16/24     TWD      1.99
TAIWAN POWER CO        1.46     12/30/18     TWD      1.35
TAIWAN POWER CO        1.75     12/30/20     TWD      1.66
TAIWAN POWER CO        1.95     12/30/23     TWD      1.88
TAIWAN POWER CO        1.95     05/28/24     TWD      1.96
TAIWAN POWER CO        1.75     05/30/21     TWD      1.69
TAIWAN POWER CO        1.74     03/17/21     TWD      1.74
TAIWAN POWER CO        1.42     07/21/19     TWD      1.44
TAIWAN POWER CO        1.77     12/17/21     TWD      1.77
TAIWAN SEMICONDU       1.23     01/04/18     TWD      1.11
TAIWAN SEMICONDU       1.40     09/28/16     TWD      0.95
TAIWAN SEMICONDU       1.35     01/04/20     TWD      1.37
TAIWAN SEMICONDU       2.10     09/25/23     TWD      2.03
TAIWAN SEMICONDU       1.63     09/28/18     TWD      1.16
TAIWAN SEMICONDU       1.50     07/16/20     TWD      1.40
TAIWAN SEMICONDU       1.49     01/04/23     TWD      1.62
TAIWAN SEMICONDU       1.29     01/11/17     TWD      0.98
TAIWAN SEMICONDU       1.46     01/11/19     TWD      1.46
TAIWAN SEMICONDU       1.38     02/06/20     TWD      1.50
TAIWAN SEMICONDU       1.39     09/26/19     TWD      1.39
TAIWAN SEMICONDU       1.28     08/02/17     TWD      1.05
TAIWAN SEMICONDU       1.53     10/09/22     TWD      1.53
TAIWAN SEMICONDU       1.23     02/06/18     TWD      1.11
TAIWAN SEMICONDU       1.50     02/06/23     TWD      1.91
TAIWAN SEMICONDU       1.35     09/25/16     TWD      1.38
TAIWAN SEMICONDU       1.45     09/25/17     TWD      1.47
TAIWAN SEMICONDU       1.34     08/09/17     TWD      1.34
TAIWAN SEMICONDU       1.52     08/09/19     TWD      1.52
TAIWAN SHIN KONG       1.85     03/30/18     TWD      1.85
TAIWAN SHIN KONG       1.80     09/26/18     TWD      1.80
TAIWAN SHIN KONG       1.95     09/26/21     TWD      1.55
TAIWAN SHIN KONG       1.51     12/28/19     TWD      1.51
TAIWAN SHIN KONG       1.63     12/28/22     TWD      1.63
TAIWAN SHIN KONG       2.50     12/18/16     TWD      1.45
TAIWAN SHIN KONG       2.10     12/15/24     TWD      2.10
TONG YANG INDUST       1.35     01/28/20     TWD      1.35
TONG YANG INDUST       1.35     01/28/20     TWD      1.35
TONG YANG INDUST       1.35     01/28/20     TWD      1.35
U-MING MARINE TR       1.32     08/22/17     TWD      1.32
UNION BANK OF TA       2.78     06/15/18     TWD      2.78
UNION BANK OF TA       2.32     03/01/19     TWD      2.32
UNION BANK OF TA       2.10     12/19/20     TWD      2.10
UNI-PRESIDENT EN       1.57     06/25/15     TWD      0.90
UNI-PRESIDENT EN       1.39     10/29/19     TWD      1.53
UNI-PRESIDENT EN       1.39     02/18/19     TWD      1.41
UNI-PRESIDENT EN       1.28     10/29/17     TWD      1.20
UNI-PRESIDENT EN       1.35     06/18/17     TWD      1.11
UNI-PRESIDENT EN       1.43     06/17/16     TWD      1.01
UNI-PRESIDENT EN       1.22     02/26/18     TWD      1.17
UNI-PRESIDENT EN       1.23     10/27/15     TWD      1.28
UNI-PRESIDENT EN       1.62     06/23/21     TWD      1.58
UNI-PRESIDENT EN       1.29     06/23/19     TWD      1.34
UNI-PRESIDENT EN       1.78     06/23/24     TWD      1.81
UNITED MICROELEC       1.35     03/15/18     TWD      1.33
UNITED MICROELEC       1.43     06/07/17     TWD      1.20
UNITED MICROELEC       1.63     06/07/19     TWD      1.50
UNITED MICROELEC       1.95     06/18/24     TWD      1.95
UNITED MICROELEC       1.50     03/15/20     TWD      1.58
UNITED MICROELEC       1.70     06/18/21     TWD      1.71
USI CORP               1.90     02/12/22     TWD      1.90
USI CORP               1.55     02/12/20     TWD      1.55
USI CORP               1.55     06/24/16     TWD      1.34
WAN HAI LINES LT       1.65     06/22/16     TWD      1.25
WAN HAI LINES LT       1.65     08/14/19     TWD      1.65
WAN HAI LINES LT       1.85     06/24/18     TWD      1.55
WAN HAI LINES LT       1.95     08/14/21     TWD      1.95
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      1.15
YANG MING MARINE       2.20     11/01/18     TWD      1.90
YANG MING MARINE       1.30     12/27/16     TWD      1.14
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       1.30     12/27/16     TWD      1.34
YANG MING MARINE       1.30     12/27/16     TWD      1.26
YANG MING MARINE       1.30     12/27/16     TWD      1.16
YANG MING MARINE       1.30     12/27/16     TWD      1.11
YANG MING MARINE       1.30     12/27/16     TWD      1.05
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
YFY INC                1.40     06/28/15     TWD      0.95
YFY INC                1.40     06/28/15     TWD      1.40
YUAN DING INVEST       1.62     07/19/15     TWD      1.45
YUAN DING INVEST       1.35     05/26/19     TWD      1.43
YUAN DING INVEST       1.25     08/06/15     TWD      1.30
YUAN DING INVEST       1.40     08/06/17     TWD      1.20
YUAN DING INVEST       1.45     12/15/16     TWD      1.40
YUAN DING INVEST       1.50     07/20/16     TWD      1.27
YUAN DING INVEST       1.35     11/25/16     TWD      1.14
YUANTA COMMERCIA       2.30     06/10/17     TWD      1.38
YUANTA COMMERCIA       2.00     09/04/24     TWD      2.00
YUANTA COMMERCIA       1.75     06/27/18     TWD      1.53
YUANTA COMMERCIA       1.95     10/27/21     TWD      1.95
YUANTA COMMERCIA       1.85     08/22/18     TWD      1.55
YUANTA COMMERCIA       1.80     10/27/18     TWD      1.80
YUANTA COMMERCIA       1.80     09/04/21     TWD      1.80
YUANTA COMMERCIA       1.85     10/29/21     TWD      1.85
YUANTA FINANCIAL       1.50     06/29/16     TWD      1.11


                             *********

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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