TCRAP_Public/150324.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 24, 2015, Vol. 18, No. 058


                            Headlines


A U S T R A L I A

AUSDRILL LTD: S&P Lowers CCR to 'B+'; Outlook Stable
FORTESCUE METALS: Still Has Options For Funding, CEO Says
GLACE INDUSTRIES: First Creditors' Meeting Set For April 1
GLAVCOM (NSW): First Creditors' Meeting Set For April 1
RESIMAC BASTILLE 2015-1NC: Moody's Rates AUD4.5MM E Notes at Ba2

RHUBARB ENTERPRISES: Closes Six Stores Following Administration
TRIBECA HOMES: Creditors Put Part of Firm Into Liquidation


C H I N A

CHINA SCE: Moody's Affirms B1 CFR Following 2014 Results
HENGDELI HOLDINGS: 2014 Results Supports Moody's 'Ba2' Ratings
POWERLONG REAL: Moody's Says 2014 Results Supports Credit Profile
STX DALIAN: Shipyard Up For Sale After Liquidation


I N D I A

ANSALDOCALDAIE GB: ICRA Reaffirms D Rating on INR18cr LT Loan
ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
AVADH FIBERS: ICRA Reaffirms B+ Rating on INR17.5cr Cash Credit
BALAJI AUTOS: ICRA Assigns B+ Rating to INR4.6cr Term Loan
BYREDDY VISHNU: CARE Assigns B+ Rating to INR6.50cr LT Bank Loan

CHEMICAL ENGINEERING: CRISIL Reaffirms INR49.9MM B+ Loan Rating
COCHIN FROZEN: CRISIL Assigns B Rating to INR30M Bill Discounting
COTS KNITS: CRISIL Rates INR47.4MM Loan at B; Suspension Revoked
DEO TRADERS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
DHAIRYA INT'L: CARE Reaffirms B+/A4 Rating on INR11cr Loan

ECKO CABLES: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
GANGOTRI SARANGPUR: CARE Reaffirms B- Rating on INR20cr LT Loan
GAYTRI INDUSTRIAL: ICRA Reaffirms B+ Rating on INR4cr Term Loan
GLARE CERAMIC: ICRA Suspends B+ Rating on INR2.92cr Term Loan
HYTHRO POWER: CRISIL Lowers Rating on INR4.42BB LOC to 'D'

HYQUIP SYSTEMS: CARE Reaffirms D Rating on INR27cr ST Bank Loan
HYQUIP TECHNOLOGIES: CARE Reaffirms D Rating on INR2.14cr LT Loan
K.C. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
KANISHKA CARBONS: CRISIL Lowers Rating on INR45MM Loan to C
LIVTAR SINGH: ICRA Assigns B+ Rating to INR14cr Cash Credit

LOTUS CHOCOLATE: CRISIL Assigns B Rating to INR250MM Cash Loan
LOVE KUSH: CRISIL Reaffirms B Rating on INR200MM Whse Financing
MAA VAISHNO: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
MOTI RAM: CARE Assigns B Rating to INR6.67cr LT Bank Loan
NANDINI FITNESS: ICRA Assigns B- Rating to INR7.0cr Loan

NEELACHAL ISPAT: CARE Reaffirms B- Rating on INR140cr LT Loan
OXYGEN INFRASTRUCTURE: CARE Cuts Rating on INR8cr LT Loan to D
PARICHITHA CONSTRUCTIONS: CRISIL Reaffirms B+ INR25MM Loan Rating
PIC INTERNATIONAL: ICRA Reaffirms B Rating on INR5cr Cash Loan
PURBANCHAL LAMINATES: ICRA Suspends B+ Rating on INR6.75cr Loan

PURBANCHAL VENEERS: ICRA Suspends B+ Rating on INR1.15cr Loan
RAGHUVIR COTEX: CARE Reaffirms B Rating on INR22cr LT Bank Loan
ROHIT FERRO: CARE Cuts Rating on INR1,361.10cr Loan to B+
SAI HOSPITAL: ICRA Assigns 'B' Rating to INR6.80cr Term Loan
SHIV FLOUR: CRISIL Assigns 'B' Rating to INR80MM Term Loan

SHREE VENUS: CRISIL Reaffirms B+ Rating on INR32MM Cash Credit
SOKHI STEELS: CRISIL Assigns 'B' Rating to INR87.8MM Term Loan
SREE DRG: CRISIL Lowers Rating on INR60MM Cash Loan to D
SREE HARSHA: CARE Reaffirms B+ Rating on INR7.96cr LT Bank Loan
SRI RAM: ICRA Assigns B+ Rating to INR9.50cr Cash Credit

TARUNIKA GAUR: CARE Lowers Rating on INR5.97cr Loan to D
VARUN INDUSTRIES: Goes Into Liquidation
VELOCITY AUTOMOTIVES: CRISIL Rates INR35MM Cash Credit at 'C'
VIJAY ENGIFAB: CRISIL Reaffirms B- Rating on INR128MM Term Loan
VINAYKUMAR & CO: CARE Reaffirms B+/A4 Rating on INR11cr Loan

VISAGE INFRASTRUCTURE: CRISIL Reaffirms B+ INR20MM Loan Rating
WOODFIELD SYSTEMS: ICRA Reaffirms B+ Rating on INR5cr Term Loan
YASH CONSTRUCTION: CRISIL Reaffirms B Rating on INR73MM Cash Loan


J A P A N

SHARP CORP: To Cut 6,000 Jobs in JPY200-Bil. Restructuring
SHARP CORP: Says It Is Not Considering LCD Business Spin-Off
SHARP CORP: Hon Hai May Make Another Rescue Offer


N E W  Z E A L A N D

ROSS ASSET: Liquidators Seek to Clawback NZ$954K From Investor


X X X X X X X X

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


                            - - - - -


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


AUSDRILL LTD: S&P Lowers CCR to 'B+'; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating on Australian mining services provider
Ausdrill Ltd. to 'B+', from 'BB-'.  At the same time, S&P lowered
the ratings on Ausdrill Finance Pty Ltd.'s US$300 million, senior
unsecured, and subordinated notes to 'B+' from 'BB-'; the recovery
rating is '4L' (30%-50%, lower half of the range).  S&P also
lowered its issue ratings on Ausdrill Finance Pty Ltd. and
Ausdrill International Pty Ltd.'s A$125 million, secured,
syndicated bank loan to 'BB' from 'BB+'.  The recovery rating on
this bank loan is also affirmed at '1' (very high recovery).

"The downgrades reflect our view that a prolonged weakness in
commodity prices has reduced demand for Ausdrill's services and
that the company is likely to continue to face challenging
conditions in the mining services sector, with no immediate
prospect of recovery," Standard & Poor's credit analyst Minh Hoang
said.  "It also reflects our expectations that Ausdrill will no
longer maintain credit metrics in line with the previous 'BB-'
rating."

In S&P's view, decreased overall demand, reduced business
activity, and lower mining investment have reduced Ausdrill's
operating margins and somewhat weakened Ausdrill's business risk
profile.  Further weakening of business conditions could see S&P
revise its business risk profile on the company to "vulnerable"
from "weak".  Furthermore, the prolonged deterioration in
commodity prices, together with low investor confidence in the
sector, means that S&P do not expect there to be any immediate
prospects of recovery in the near term.

S&P expects challenging trading conditions in the mining services
sector to continue and that this may place further downward
pressure on Ausdrill's credit metrics.  As such, S&P has now
revised its assessment of Ausdrill's financial risk profile
downward to "aggressive" from "significant".  S&P's revised
assessment also factors in Ausdrill's volatility of cash flows,
which S&P considers to be high, and partly driven by its indirect
exposure to underlying commodity prices.  However, in the current
market environment, S&P expects the lower U.S.-to-Australian
dollar exchange rate to partially temper weak U.S. dollar gold
prices for Ausdrill's Australian clients.  This, together with
management's continued effort in reducing costs and discretionary
capital expenditure, is likely to provide the company's financial
risk profile with some buffer from further downward revision.

Mr. Hoang added: "The stable outlook reflects our expectation that
Ausdrill will face no further material loss of contracts and that
the company will maintain an adequate level of business activity
out of existing contracts.  We expect Ausdrill to be able to
maintain its order book with profitable production-based
contracts."

A downgrade is likely to result from further weakening in
Ausdrill's business risk profile.  This could be evidenced by
further underperformance stemming from nonrenewal of expiring
contracts, further closure of mines contracted to Ausdrill, or
reduced business activity from existing contracts.  This scenario
would be evidenced by the company's funds from operations to debt
being sustained materially less than 20% with no prospect of
recovery, and its free operating cash flow to debt being less than
5% on a sustained basis.

S&P views the likelihood of an upgrade as unlikely.  However, S&P
would consider an upgrade if a significant improvement in
operating conditions, supporting a demonstrated track record of
securing profitable production-based contracts, contributes to a
meaningful reduction in cash flow volatility.


FORTESCUE METALS: Still Has Options For Funding, CEO Says
---------------------------------------------------------
Paul Garvey at The Australian reports that Fortescue Metals Group
chief executive Nev Power said US capital markets continue to
represent a "backstop" for its debt refinancing efforts, despite
last week's failed attempt to secure US$2.5 billion in fresh
funding from the market.

In his first public comments since Fortescue abandoned its attempt
to secure US$2.5 billion through the US bond market, Mr Power said
the miner continued to have numerous refinancing options available
to it, The Australian relates.

"Certainly the US term loan and high-yield bond markets are
options for us," The Australian quotes Mr. Power as saying at the
Mines and Money conference in Hong Kong.  "In addition to that
there is always things like bank loans, prepayments, sale and
lease back on assets, asset sales."

According to The Australian, Mr. Power said US capital markets had
already shown renewed strength in the days since Fortescue
conceded it could not secure the refinancing on acceptable terms.

"US capital markets can be quite volatile and we hit one of those
volatility patches," Mr. Power, as cited by The Australian, said.
"Ironically, since we were in New York the market has continued to
strengthen."

The Australian says Fortescue is carrying around US$9 billion in
gross debt after completing its rapid growth and expansion to more
than 155 million tonnes a year of iron ore production.

It has no repayment obligations until 2017, when a US$1 billion
facility falls due. Its biggest single repayment is a US$4.9
billion facility due in 2019, says The Australian.

Mr. Power said the time to the debt maturity needed to be
considered, given the volatility in both the US capital market and
iron ore market, The Australian adds.

"I know that when you try to take advatange of something like that
refinancing and it doesn't work out it can be seen as a negative,
but I do really want to put it in perspective," the report quotes
Mr. Power as saying.  "We were being opportunistic, we saw it as
an opportunity to push the maturity profile out and to give us the
maximum flexibility we could in the balance sheet . . . [w]e will
continue to look for those opportunities, and if they don't arise
we don't have any repayments due until April 2017. In the world
we're in at the moment, that's an eon."

Iron ore prices have more than halved in the past year to around
$US55 a tone, notes The Australian.

                       About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2015, Standard & Poor's Ratings Services said it has
affirmed its issue ratings on Fortescue Metals Group Ltd.'s
(Fortescue) senior secured debt at 'BBB', following Fortescue's
withdrawal of its proposed US$2.5 billion senior secured note
offering.  S&P also affirmed the issue rating on the company's
senior unsecured debt at 'BB'.  The withdrawal of the voluntary
refinancing is due to unfavorable debt capital-market conditions.
S&P notes that Fortescue has no debt maturing until April 2017.

At the same time, S&P removed both ratings on the debts issued by
Fortescue's financing subsidiary FMG Resources (August 2006) Pty
Ltd. from CreditWatch with negative implications, where they were
placed on March 5, 2015.  The recovery ratings remain unchanged at
'1' (very high recovery) for the secured debt and '5L' (10%-30%,
lower half of the range) for the unsecured debt.


GLACE INDUSTRIES: First Creditors' Meeting Set For April 1
----------------------------------------------------------
Daniel I Cvitanovic of DCW Insolvency Management was appointed as
administrator of Glace Industries Pty Limited Formerly "Perrefect
Pty Limited" on March 23, 2015.

A first meeting of the creditors of the Company will be held at
DCW Insolvency Management, Suite 1, 151 Tongarra Road, in Albion
Park, in New South Wales, on April 1, 2015, at 10:30 a.m.


GLAVCOM (NSW): First Creditors' Meeting Set For April 1
-------------------------------------------------------
Daniel I Cvitanovic of DCW Insolvency Management was appointed as
administrator of Glavcom (NSW) Pty Limited on March 23, 2015.

A first meeting of the creditors of the Company will be held at
DCW Insolvency Management, Suite 1, 151 Tongarra Road, in
Albion Park, New South Wales, on April 1, 2015, at 10:00 a.m.


RESIMAC BASTILLE 2015-1NC: Moody's Rates AUD4.5MM E Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned the following definitive rating
to notes issued by Perpetual Trustee Company Limited in its
capacity as trustee of RESIMAC Bastille Trust Series 2015-1NC. The
transaction is a securitisation of a portfolio of Australian non-
conforming and limited documentation housing loans originated by
RESIMAC Limited.

Issuer: RESIMAC Bastille Trust Series 2015-1NC

  -- AUD262.5 million Class A1 Notes due September 2056, Assigned
     Aaa (sf)

  -- AUD45.0 million Class A2 Notes due September 2056, Assigned
     Aaa (sf)

  -- AUD43.12 million Class B Notes due September 2056, Assigned
     Aa2 (sf)

  -- AUD5.63 million Class C Notes due September 2056, Assigned
     A2 (sf)

  -- AUD7.5 million Class D Notes due September 2056, Assigned
     Baa2 (sf)

  -- AUD4.5 million Class E Notes due September 2056, Assigned
     Ba2 (sf)

  -- AUD3.75 million Class F Notes due September 2056, Assigned
     B1 (sf)

The AUD3.0 million Class G Notes due September 2056 is not rated
bu Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A1, A2, B, C, D, E and F Notes by the legal final maturity.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. A substantial portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (29.2%) or made on a limited
documentation basis (70.4%).

This is RESIMAC's 1st publicly issued term RMBS transaction for
2015. RESIMAC has been a relatively active securitiser in the
Australian market, having completed 29 Prime term transactions and
3 non-conforming transactions.

The definitive ratings take account of, among other factors:

- Class A1 Notes benefit from 30.0% credit enhancement (CE) and
   Class A2 Notes benefit from 18.0% CE, while our MILAN CE
   assumption, the loss Moody's expect the portfolio to suffer in
   the event of a severe recession scenario, is substantially
   lower at 15.0%.  Moody's expected loss for this transaction is
   1.30%. The subordination strengthens ratings stability, should
   the pool experience losses above expectations.

- A liquidity facility equal to 2.1% of the aggregate invested
   amount of the notes less the redemption fund balance, subject
   to a floor of AUD630,000;

- The experience of RESIMAC in servicing residential mortgage
   portfolios.  This is RESIMAC's 4th non-conforming
   securitisation, which highlights the lender's experience as a
   manager and servicer of securitised transactions.

- Interest rate mismatch arises when the movements of the 30-day
   BBSW are not (simultaneously) passed on to the variable rate
   loans.  To mitigate the basis risk, the Trust Manager will
   calculate the threshold rate for the variable rate loans to
   ensure that the weighted average interest on all loans is at
   least the rate required to meet the Trust's obligations (up to
   Class F interest in the income waterfall), plus 0.25% p.a.

The key transactional and pool features are as follows:

- The notes will initially be repaid on a sequential basis
   (although pro-rata between Class A Notes) until, amongst other
   serial paydown triggers, the latter of: (1) the second
   anniversary from closing; or (2) the Class A2 subordination
   has at least doubled since the closing date. After that point,
   the Class A1, A2, B, C, D, E, and F Notes will receive a pro-
   rata share of principal payments (subject to additional
   conditions).

   The principal pay-down switches back to sequential pay, if the
   cumulative losses as a percentage of the original portfolio
   balance reach 1%, or the aggregate invested amount of the
   notes outstanding is greater than 30% of the aggregate
   invested amount of the notes at the closing date or if there
   are any unreimbursed charge-offs.

- The portfolio is geographically well diversified due to
   RESIMAC's wide distribution network of brokers.

- The portfolio contains 29.2% exposure with respect to
   borrowers with prior credit impairment (default, judgement or
   bankruptcy).  Moody's assesses these borrowers as having a
   significantly higher default probability.

- 70.4% of loans in the portfolio were extended to borrowers on
   a limited documentation basis. Of the 70.4% low documentation
   loans, 68.5% are classified as 'alternative documentation'.
   For these alternative documentation loans RESIMAC performs
   additional verification checks over and above the typical
   checks for a traditional low documentation product.  These
   checks include a declaration of financial position and six
   months of bank statements, Business Accounting Statements or
   GST returns.  Given the additional verification checks and the
   stronger arrears performance, these alternative documentation
   loans have been assessed to have a lower default frequency
   than standard low documentation loans.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN
Aaa CE and median expected loss -- differed. The analysis assumes
that the deal has not aged. Parameter Sensitivities only reflect
the ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE Assumption was
22.0%, versus the 15.0% and the Moody's mean expected loss was
1.63% as opposed to 1.30%, the model-indicated rating for the
Class A1 Notes and Class A2 Notes would drop one notch to Aa1. The
over-subordination at closing reduces the probability of ratings
migration.

Moody's Mean Expected Loss Assumption has a stronger effect on the
more junior classes of notes. If Moody's MILAN CE remained
constant and the Expected Loss Assumption increased to 1.95%,
Class E and F notes would have three notches lower model-implied
ratings, Class C and D would be two notches lower and the Class B
Notes would be one notch lower.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

A factor that could lead to an upgrade of the notes is better-
than-expected collateral performance and a rapid build-up of
credit enhancement.


RHUBARB ENTERPRISES: Closes Six Stores Following Administration
---------------------------------------------------------------
SmartCompany reports that Rhubarb Enterprises has collapsed into
voluntary administration.

Originally founded in 2002 as a homewares designer and importer,
Rhubarb Enterprises began selling children's clothing and products
in 2008 from its first retail store in Doncaster in Melbourne's
eastern suburbs, the report discloses.  By the end of 2012, there
were six Rhubarb stores operating, with four located in Melbourne,
one in Sydney and one in Brisbane.

However, all six outlets were closed on March 20 when Rahul Goyal
and Craig Shepard of KordaMentha were appointed as administrators
of Rhubarb Enterprises, as well as related companies Rhubarb
Investments and Rhubarb Retail.

Mr. Goyal told SmartCompany KordaMentha will be selling the
company's intellectual property and brand, which the
administrators believe still hold "some value".

SmartCompany relates that Mr. Goyal said Rhubarb founders Katlin
and Nick Harper had "a really tough last 12 months" and had been
unable to find a buyer for the business during that time.

"It got to the point where they had to pull the pin," SmartCompany
quotes Mr. Goyal as saying.

Rhubarb employed nine full-time employees, along with a number of
casual employees, at the time of Goyal and Shepard's appointment,
the report notes.

According to SmartCompany, Mr. Goyal said National Australia Bank
is owed "quite a lot of money" as the secured creditor. Other
creditors include landlords of the retail outlets, employee
entitlements and other utilities associated with operating the
business, the report adds.


TRIBECA HOMES: Creditors Put Part of Firm Into Liquidation
----------------------------------------------------------
Matt Nippert at The New Zealand Herald reports that part of
troubled housing development empire Tribeca Homes has been placed
into liquidation by creditors.

The Herald reported in January how Tribeca blamed subcontractors
in 44 dishonoured home building contracts worth NZ$10 million.

The Herald says clients who had paid deposits had complained of
waiting up to three years for no work on their homes, or houses
left half-built and rotting.

According to the report, the company had advertised and sold land
and construction deals as investment packages, and employed
multiple bankrupt Ritesh Mani as lead salesman.

The Companies Office on March 19 reported that Tribeca Homes
Holdings had been placed into liquidation, the Herald relates.

Liquidator Biju Surendran of Menon & Associates said he would
provide an update in his first report, due by April 23, the Herald
discloses.

The report notes that the collapse of Tribeca Homes Holdings
follows the folding of related company Urban Studio in November.



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


CHINA SCE: Moody's Affirms B1 CFR Following 2014 Results
--------------------------------------------------------
Moody's Investors Service affirmed China SCE Property Holdings
Limited's B1 corporate family rating and B2 senior unsecured
rating.

The ratings outlook remains stable.

This affirmation follows China SCE's announcement of its 2014
full-year results.

"While China SCE's 2014 results are weak for its current ratings,
we expect the company's credit metrics to improve modestly over
the next 12-18 months as the company steps up its revenue
delivery," says Fiona Kwok, a Moody's Analyst.

Its adjusted EBITDA/interest of 1.7x and revenue/gross debt
(including perpetual securities) of 51% -- significantly lower
than 68% in 2013 -- position the company at the weaker end of the
B1 corporate family rating.

In 2014, China SCE reported modest revenue growth of 5% to RMB6.9
billion, a result of slower-than-expected property deliveries.
Meanwhile, the increased proportion of higher-end products led to
a notable improvement in the company's gross profit margin to
34.9% in 2014 from 28.0% in 2013, contributing to a 30% year-on-
year growth in adjusted EBITDA to RMB1.9 billion in 2014.

At the same time, China SCE's gross debt (including perpetual
securities) increased to RMB13.4 billion in 2014 from RMB9.7
billion in 2013.

Moody's expects China SCE will be able to deliver strong revenue
growth to around RMB10 billion in 2015, based on the contracted
sales growth of 10% to RMB11.9 billion in 2014, as well as the
RMB6.8 billion of uncompleted but sold properties as of end-2014.
Moody's also expects the company will continue to grow its debt in
a controlled manner to match its funding needs for construction
and land acquisition activities.

Specifically, Moody's expects adjusted EBITDA/interest coverage
will be around 1.8x-2.0x and revenue/gross debt (including
perpetual securities) around 55%-60% in the next 12-18 months.

"China SCE's liquidity position has weakened due to the RMB2.0
billion offshore bond falling due in January 2016. However, given
its track record of good access to offshore funding and
established offshore banking relationships, we expect the company
will be able to refinance the bond in the next six months," adds
Kwok, who is also the Lead Analyst for China SCE.

China SCE held RMB4.7 billion of cash at end-2014. Together with
the estimated operating cash flow of RMB1.5 billion in the next 12
months, these cash sources are insufficient to cover its short-
term maturing debt of RMB3.7 billion, the RMB2.0 billion offshore
bond due January 2016, and the unpaid land premium of RMB2.1
billion.

Moody's will closely monitor the company's financial profile,
contracted sales, revenue recognition and liquidity profile. Any
further deterioration in these metrics could result in downward
rating pressure.

China SCE's B1 corporate family rating continue to reflects its
strong brand and market position in the mid- and high-end segments
of Fujian Province, where robust economic growth and a booming
private enterprise sector support the property market. Moreover,
the rating also factors in the company's wide and high-quality
product range, and low land costs.

On the other hand, the rating is constrained by the concentration
of the company's cash flow in Fujian Province, and the risks
associated with its expansion outside Fujian.

The stable outlook reflects Moody's expectation that the company
will maintain discipline in its financial management and land
acquisition strategy, and its expectation that China SCE will have
adequate liquidity to support project development and debt
repayments in the next 12 to 18 months.

Given the weakened credit metrics, upward rating pressure is
limited in the near term. However, Moody's would consider an
upgrade in the medium term if China SCE: (1) demonstrates
consistent sales execution and establishes a longer track record;
(2) maintains its prudent approach to land acquisitions; and (3)
maintains EBITDA/interest coverage above 3.0x-3.5x and
revenue/gross debt (including perpetual securities) above 75%-80%
on a sustained basis.

The ratings could come under downward pressure if China SCE (1)
experiences a significant shortfall in sales, with the resultant
actual sales significantly below Moody's expectations; (2) suffers
from a material decline in profit margins; (3) experiences an
impairment of its liquidity position; and/or (4) materially
increases debt leverage.

Credit metrics indicative of such deterioration include
EBITDA/interest coverage below 1.75x-2.25x and revenue/gross debt
(including perpetual securities) below 60%-65% on a consistent
basis.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Founded in 1996, China SCE Property Holdings Limited is a leading
property developer in Fujian Province, China.

The company has also expanded to Shanghai, Shenzhen, Nanchang and
cities around the Bohai Rim region, including Beijing, Anshan
(Liaoning Province), Langfang (Hebei Province), and Linfen (Shanxi
Province), but the majority of its development projects are in
Fujian Province.

The company listed on the Hong Kong Stock Exchange in February
2010, and is 57.6% owned by its chairman, Mr. Wong Chiu Yeung.


HENGDELI HOLDINGS: 2014 Results Supports Moody's 'Ba2' Ratings
--------------------------------------------------------------
Moody's Investors Service said that Hengdeli Holdings Limited's
solid 2014 full-year results continue to support its Ba2 corporate
family and senior unsecured bond ratings.

The outlook on the ratings remains stable.

"Hengdeli's overall financial profile improved in 2014, driven by
stable cash flow generation, moderate margin improvements and a
lower level of debt," says Lina Choi, a Moody's Vice President and
Senior Analyst.

Hengdeli's revenue grew 10.4% year-on-year to RMB14.8 billion in
2014, despite sluggish sentiment in the Chinese fine-watch market.
The solid revenue growth is attributed to a smooth transition in
the company's merchandize mix towards mid-end watches from high-
end products, and an increased focus on tier 2 to tier 4 cities.

In terms of geography, its revenue in China grew 11.6% year-on-
year to RMB6.2 billion, which is more than enough to offset the
17.7% year-on-year decline in its Hong Kong revenue.

Hengdeli's number of stores increased by 43 on the net in 2014.
Most of its new stores are in China and form part of its mid-range
chain known as Prime Time. The company intends to further expand
its sales network in tie 2 to tier 4 cities with net increase of
30-40 stores in 2015.

Moody's expects revenue growth in China will continue to mitigate
the slowdown in its Hong Kong operations in 2015, with year-on-
year revenue growth of around 5%-7%.

Hengdeli's gross margin improved to 28.6% in 2014 from 27.2% in
2013, mainly thanks to the full-year contribution from Harvest
Max, which Hengdeli acquired in May 2013. This factor offset
margin pressure from its expansion into tier 2 to tier 4 cities.
Excluding the impact of Harvest Max, Hengdeli's gross margin
remained stable at around 23% in 2014.

Moody's expects Hengdeli to maintain stable profitability in 2015,
given its shift towards a higher margin business and the ramp-up
of new stores opened in 2014.

Hengdeli's adjusted debt/EBITDA improved slightly to 5.3x from
5.6x in 2013, due to a RMB329 million reduction in bank loans.
This level of financial leverage still appropriately positions the
company in the Ba2 rating category.

Hengdeli's cash flow generated from operations decreased to RMB260
million in 2014 from RMB411 million in 2013, because of slow sales
in Hong Kong in Q4 2014.

Nevertheless, Moody's believes Hengdeli can sustain cash flow in
the range of RMB200-RMB300 million, as its Hong Kong business is
slowly recovering and management is making efforts to rationalize
the inventory process.

The company's liquidity remained strong at end-2014, supported by
sizeable cash holdings of RMB2.0 billion and a moderate level of
short-term debt of RMB1.1 billion. The company's liquidity
continues to benefit from its long-term centered debt maturity
profile. Over half of its RMB3.7 billion in gross debt at end-2014
-- excluding lease capitalization -- comprised long-term senior
secured notes due in 2018.

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

Founded in 1997 and listed on the Hong Kong Stock Exchange in
2005, Hengdeli Holdings Limited is China's largest retailer and
distributor of luxury watches. It had 513 retail outlets across
Mainland China, Hong Kong, Macau and Taiwan at end-December 2014.


POWERLONG REAL: Moody's Says 2014 Results Supports Credit Profile
-----------------------------------------------------------------
Moody's Investors Service said that Powerlong Real Estate Holdings
Limited's stable credit profile will remain well-positioned
relative to its B2 peers, backed by an expanding base of recurring
income, growing revenue contribution from higher tier cities, and
an adequate liquidity profile following its announcement of
positive results for 2014.

"We expect its revenue-to-debt ratio to trend upwards to 43-48% in
2015 through successful sales executions and property deliveries
at key projects, particularly in Shanghai and Hangzhou," says
Dylan Yeo, a Moody's Analyst.

"EBITDA interest coverage is projected to stay flat as the company
scales up, while its EBITDA margin will likely remain stable as
the decline in average selling prices -- in line with industry
trends -- will be offset by a greater contribution from higher-
margin commercial sales," adds Yeo.

Moody's says that Powerlong's credit metrics improved in 2014, as
EBITDA interest coverage increased to 1.1x from 1.0x in 2013 and
revenue/adjusted debt climbed to 42.1% from 39.4% through its
expanding income base and active management of debt that saw
adjusted effective interest rate fell to 7.3% from 7.6%.

Contracted sales rose to RMB10.6 billion in 2014, a 13.6% increase
year-on-year, but fell slightly short of the company's target due
to delayed launches at projects in Shanghai and Xiamen. Revenue
grew by 33.1% year-on-year to RMB9.7 billion, reflecting the
company's successful execution of its business policies and as it
increased contributions from higher-tier cities. Adjusted EBITDA
margin grew to 19.4% from 18.8% due to a greater contribution from
higher-margin commercial sales.

Moody's further notes that Powerlong's higher level of recurring
income supports its credit profile. Recurring income -- including
rental income and property management fees -- from Powerlong's
expanding portfolio of investment properties partly offset the
risks of its property development segment.

Such income increased by 30% year-on-year in 2014 to RMB912
million with the start of new projects in Hangzhou, Tianjin and
Chongqing. Together with other less predictable income streams of
a recurring nature, such as hotels, retail sales and amusement
parks, interest coverage from recurring income increased to 0.69x
from 0.61x.

The company's liquidity strengthened after its bond issuance in
2014. Its now improved liquidity profile provides greater
financial flexibility for the execution of its business strategy
in 2015. It maintained a healthy cash balance, including
restricted cash, of RMB4.9 billion in 2014 and extended its debt
maturity profile through the issuance of RMB1.5 billion in senior
unsecured notes in September 2014. Consequentially, cash-to-short
term debt increased to 115.3% from 105.2% in 2013 and the
proportion of short-term debt to reported debt decreased to 23.1%
from 27.8%.

The company also reduced land acquisition costs to RMB2.7 billion
in 2014 from RMB6.5 billion in 2013 as it attempted to scale back
in lower tier cities and focus on key existing projects in
Shanghai and other higher tier cities. Moody's expect cash-on-hand
and operating cash flow to be adequate for committed land premiums
and debt-servicing requirements in the next 12 months.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in China.

As of Dec. 31, 2014, it had a development land bank of around 11.5
million sqm in gross floor area (GFA) in nine provinces, and had
18 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009. The
Hoi family, the founders, had a majority stake in the company.


STX DALIAN: Shipyard Up For Sale After Liquidation
--------------------------------------------------
TradeWinds reports that a Chinese court's decision to liquidate
six subsidiaries of STX Dalian Group will result in the sale of
the shipyard wing.

According to the report, industry sources said an international
sales tender for STX Dalian Shipbuilding will be held next month.
Items on the block will include an incomplete 400,000-dwt very
large ore carrier (VLOC) newbuilding and one 23,500-dwt livestock
carrier, the report says.

TradeWinds notes that STX Dalian Group controls 11 companies but
six of them -- STX Dalian Shipbuilding, STX Dalian Engine, STX
Dalian Metal, STX Dalian Heavy Industries, STX Dalian Marine
Engineering and STX Dalian Construction -- entered court
receivership last year. Last week, the Dalian Intermediate
People's Court opted to liquidate the six companies after they
failed to submit restructuring plans before the given deadline,
the report relates.

TradeWinds says market players are unclear if the court has set
any base price for the yard. They could not put a figure on how
much the company is worth, as operations ceased two years ago and
the condition of its facilities need assessing, according to the
report.

They do not expect there to be many keen buyers, as the
shipbuilding industry is still facing excess capacity and the
newbuilding market remains in a slump, the report says.

However, state-owned Dalian Shipbuilding Industry Co (DSIC) is
said to be a potential suitor, as its current location is in the
centre of Dalian City on a site earmarked for housing and so will
eventually have to relocate, according to TradeWinds.

As for the newbuildings, brokers said they should attract some
interest, the report says. TradeWinds relates that domestic
shipping companies Cosco, China Shipping Group (CSG) and China
Merchants Group are said to be potential buyers, as they are co-
operating with Brazilian miner Vale to operate more 400,000-dwt
vessels. One newbuilding broker believes the VLOC could fetch more
than $60 million.

STX Dalian Shipbuilding was set up in 2006 by overall parent STX
Corp with the support of the Dalian regional government, the
report recalls. It is located in Changxing Island industrial zone,
a 90-minute drive from Dalian City, the report notes.

TradeWinds notes that production at the site was halted two years
ago after the company ran short of cash. Parent STX Corp, which
invested $1 billion in building the yard, walked away from the
venture, leaving it in the hands of the Chinese government.

STX Dalian Shipbuilding is said to owe over CNY24 billion ($3.8
billion) to more than 700 creditors, including CNY 480 million --
worth of outstanding salaries to 5,000 employees, the report
discloses.

                         About STX Dalian

STX Dalian was established in 2007, with a registered capital of
USD1.125 billion, and employed over 20,000 people at its peak
time. However, the STX chaebol's deterioration into financial
trouble in 2013 precipitated STX Dalian's demise.

STX Offshore & Shipbuilding told IHS Maritime that the decision to
liquidate STX Dalian was taken by the Chinese courts and it had no
say in the matter. STX O&S added that the Dalian yard had ceased
work on all ship orders since 2014.

STX Dalian is a subsidiary of Korea's STX Offshore & Shipbuilding.

As reported in the Troubled Company Reporter-Asia Pacific on
May 29, 2014, Seatrade Global said STX Dalian Group is now
formally under court receivership after China's Dalian court
accepted the company's application.  The financially-troubled
group will now undergo a restructuring process, and the court and
its creditors will proceed to discuss how to resolve the debts of
the company, Seatrade Global related.



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


ANSALDOCALDAIE GB: ICRA Reaffirms D Rating on INR18cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term ratings of [ICRA]D assigned to
the INR18.00 crore term loan facility and the INR2.00 crore fund
based facility of Ansaldocaldaie GB engineering Private Limited.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long term loan facility    18.00       [ICRA]D reaffirmed
   Long-term fund based
   facility                    2.00       [ICRA]D reaffirmed

The rating reaffirmation considers the continued delays witnessed
in servicing the debt obligations by the company, owing to tight
liquidity position. The company has been witnessing lower than
anticipated order inflow due to the slowdown in power sector over
the past few years, which has adversely impacted the company's
revenues and profitability. Moreover competition in the boiler
component fabrication industry is high; although the experience of
the joint venture parents in the business of over three decades
mitigates the risk to an extent. ICRA also notes that the long
term demand outlook for the industry remains favourable.

Incorporated in 2009, the company is primarily engaged in the
manufacture of boiler components at its manufacturing facility
located in Pudukkudy (near Trichy, Tamil Nadu). The company is a
50:50 joint venture between GB Engineering Private Limited
(GBEEPL) and Ansaldocaldaie Boilers India Private Limited (ABIPL).
It caters primarily to its parents, through conversion / job work
at present.

Established in 1980, GBEEPL is primarily engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. Established in 2005,
ABIPL, which is a joint venture between Gammon India Limited (74%
stake) and Ansaldo Caldaie SpA of Italy (26% stake), is primarily
engaged in designing and manufacture of utility boilers and heat
recovery steam generators.

Recent Results
AGBEPL reported a net loss of INR3.7 crore on an operating income
of INR3.1 crore during 2013-14. Over the three years of its
existence, the company has made cumulative loses of INR11.1 Cr
till March 2014.


ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR10.00 crore
fund-based cash credit facility of Arvind Exports Solvent Oil
Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          10.00        [ICRA]B+; Reaffirmed

The rating reaffirmation continues to factor in Arvind Export
Solvent Oil Industries' (AESOI) modest scale of operations; weak
financial profile characterized by low profitability, high
gearing, weak coverage indicators and stretched liquidity position
as evident from high utilization of working capital. The rating
also factors in the vulnerability to movement in of raw material
prices, which are subject to seasonality and crop harvest as well
as low profit margins on account of limited value addition and
highly fragmented industry structure. The margins are also exposed
to regulatory risk with regard to export quota and Minimum Support
Price (MSP) for raw cotton fixed by the Government of India. Also,
being a partnership firm, any substantial withdrawals from capital
account would impact the net worth and thereby the capital
structure.

The ratings, however, favorably consider the long experience of
the promoters in the edible oil and DOC (de-oiled cake) segment
and location advantage by virtue being in Gujarat, providing it
easy access to quality raw material and a stable demand outlook
for the edible oil industry.

Established in 2005, Arvind Export Solvent Oil Industries is
managed by Mr. Jagdish Dobariya and other family members. The firm
is engaged in the business of crushing of groundnut seeds to
produce groundnut oil and groundnut cake. The firm is also engaged
in solvent extraction of groundnut oil from groundnut cake and
refining of raw groundnut oil.

Recent Results
For the year ended 31st March, 2014, the company reported an
operating income of INR44.83 crore with profit after tax (PAT) of
INR0.17 crore.


AVADH FIBERS: ICRA Reaffirms B+ Rating on INR17.5cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR17.50 crore
(enhanced from INR14.00 crore) fund-based cash credit facility of
Avadh Fibers Private Limited. ICRA has also withdrawn the long
term rating assigned to term loan facility of AFPL.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           17.50       [ICRA]B+; reaffirmed
   Term Loan              Nil        [ICRA]B+; withdrawn
                (reduced from 0.23cr)

The assigned rating is constrained by Avadh Fibers Private
Limited(AFPL)'s weak financial risk profile as reflected by low
profitability, leveraged capital structure along with weak debt
coverage indicators. The rating further takes into account the
vulnerability of AFPL's profitability to adverse fluctuations in
raw material prices, which are subject to the seasonal
availability of raw cotton and government regulations on MSP and
export quota.

The rating also factor in the low value additive nature of
operations and intense competition on account of the fragmented
industry structure which leads to thin profit margins.
The rating, however, positively considers the long experience of
the promoters in the cotton industry and the advantages arising
from the company's proximity to the raw material sources which
ensures regular and easy availability of raw cotton.

Avadh Fibres Private Limited (AFPL) was incorporated in 2008 and
is promoted by Mr. Girdhar Vekaria and Mr. Amit Vekaria and other
family members. The company is engaged in cotton ginning, pressing
and cotton seed crushing to produce cotton bales, cotton seed oil
and cake. The company has installed 30 ginning machines and 4
crushing machines with an installed capacity of 300 cotton bales
per day and 50 MT of cotton seed oil per day.

Recent Results
For the year ended 31st March, 2014, the company reported an
operating income of INR143.23 crore with profit after tax (PAT) of
INR0.16 crore.


BALAJI AUTOS: ICRA Assigns B+ Rating to INR4.6cr Term Loan
----------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR4.60 crore term loans,
INR2.50 crore long term fund based facilities and INR2.9 crore
unallocated facilities of Balaji Autos.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            4.60        [ICRA]B+ assigned

   Long term fund
   based facilities      2.50        [ICRA]B+ assigned

   Unallocated           2.90        [ICRA]B+ assigned

The ratings consider the longstanding experience of the promoters
in the auto dealership business and the healthy brand name of M&M
in the SCV segment, for which the Firm is the authorised dealer.
The ratings are however constrained by the Firm's small scale of
operations; moderate profit margins (inherent to dealership
business), highly geared capital structure and moderate coverage
indicators; exposure to high competition from other OEMs and
susceptibility to inherent cyclicality in commercial vehicle
segment. ICRA also takes note of the risks associated with
partnership firms, with issues of limited disclosures and
potential risk of capital continuity.

Balaji Autos, a partnership firm established in 2005, has been
authorized dealer for Piaggio Vehicles Private Limited (PVPL) till
2011, post which, the firm discontinued the dealership of PVCL and
commenced with the dealership of Mahindra and Mahindra Limited
(M&M) for small commercial vehicles (SCVs) in the regions of
Chennai, Villupuram, and Tiruvallur operating with two 3S (sales,
spares, and service) showrooms and four 1S showrooms. The firm is
also the authorized service agent for prosper and personal range
of vehicles in Chennai, and the firm operates two workshop with 16
bays in Chennai. Balaji Autos is part of Balaji Group of companies
which is engaged in vehicle financing and has dealerships for M&M,
Eicher Motors etc.

Recent Result
The firm reported net profit of INR0.7 crore on an operating
income of INR20.5 crores during the year 2013-14, as against net
profit of INR0.8 crore on an operating income of INR16.2 crores
during the year 2012-13.


BYREDDY VISHNU: CARE Assigns B+ Rating to INR6.50cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Byreddy
Vishnu Vardhan Reddy.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.50       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Byreddy Vishnu
Vardhan Reddy (BVR) is constrained by its small scale of
operations, fluctuating income, presence in the highly competitive
construction segment, working capital intensive nature of
business, highly leveraged capital structure with moderate debt
coverage indicators, elongated operating cycle resulted from high
inventory holding and its constitution as a proprietorship
concern.

The rating, however, derives strength from the qualified and
experienced proprietor, healthy profitability and moderate order
book position.

Ability of the firm to increase its scale of operations by timely
completion of projects, bagging new orders and improvement in
capital structure while managing its working capital requirements
are the key rating sensitivity.

Kurnool-based BVR was established by an engineering graduate, Mr
Byreddy Vishnu Vardhan Reddy in the year 1992 as a proprietorship
concern. The firm is engaged in civil construction works such as
laying roads and irrigation works for government organizations
covering Road & Buildings Department (R&B) and Panchayat Raj
which are procured through tenders. Mr Byreddy Vishnu Vardhan
Reddy is a Class - I contractor and has experience of more than
two decades in civil contract works. The firm has executed several
contracts since its inception and currently has an order book
worth around INR21.60 crore as on February 12, 2015 to be
executed by August 2015 .


CHEMICAL ENGINEERING: CRISIL Reaffirms INR49.9MM B+ Loan Rating
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of The Chemical
Engineering Corporation Pvt Ltd (CEC) continues to reflect the
company's below-average financial risk profile, marked by high
gearing and weak debt protection metrics, and large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of CEC's promoters in the flavours and
fragrances business and the company's established relationships
with its customers.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          32.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit         10.5       CRISIL B+/Stable (Reaffirmed)

   Term Loan            49.9       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CEC will continue to benefit over the medium
term from its promoters' extensive experience in the flavours and
fragrances business. The outlook may be revised to 'Positive' if
the company significantly scales up its revenue, backed by healthy
orders from its customers, while maintaining its profitability,
leading to higher-than-expected cash accruals and improvement in
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if CEC reports low revenue or profitability, or if
its working capital management deteriorates resulting in weak
liquidity or if it undertakes any large debt-funded capital
expenditure programme.

CEC, incorporated in 1946 and based in Thiruvallur (Tamil Nadu),
manufactures flavours and fragrances. Its day-to-day operations
are managed by its managing directors, Mr. A Prabhakar and Mr. A
Purushotham.


COCHIN FROZEN: CRISIL Assigns B Rating to INR30M Bill Discounting
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Cochin Frozen Foods (CFF).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bill Discounting        30         CRISIL B/Stable
   Packing Credit          35         CRISIL A4

The ratings reflect CFF's modest scale of operations and below-
average financial risk profile marked by weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the proprietor in the sea food export
business and the firm's established customer base.

Outlook: Stable

CRISIL believes that CFF will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may be
revised to 'Positive' if the firm records significant increase in
its net cash accruals through improvement in its scale of
operations or profitability, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of considerable decline in CFF's cash accruals
or deterioration in its working capital management, resulting in
weakening of its financial risk profile.

Set up in 2000, CFF processes and exports sea food. It is based in
Kochi (Kerala). Its day-to-day operations are managed by its
proprietor, Mrs. K G Sulochana.

CFF reported profit after tax (PAT) of INR2.52 million on revenue
of INR152.9 million for 2013-14 (refers to financial year,
April 1 to March 31); the firm reported PAT of INR2.3 million on
revenue of INR144.7 million for 2012-13.


COTS KNITS: CRISIL Rates INR47.4MM Loan at B; Suspension Revoked
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of The Cots Knits (TCK) and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to the bank facilities of TCK. The
ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated December 12th 2014, since TCK had not provided
necessary information required for a rating review. TCK has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          21.5       CRISIL B/Stable (Assigned;
                                   Suspension revoked)

   Foreign Bill          5.0       CRISIL B/Stable (Assigned;
   Discounting                     Suspension revoked)

   Letter Of Guarantee   2.0       CRISIL A4 (Assigned;
                                   Suspension revoked)

   Long Term Bank       47.4       CRISIL B/Stable (Assigned;
   Facility                        Suspension revoked)

   Packing Credit       30         CRISIL A4 (Assigned;
                                   Suspension revoked)

The rating reflects the firm's small scale of operations in highly
fragmented readymade garment (RMG) industry, its working capital
intensive nature of operations. The ratings also reflect TCK's
modest financial risk profile marked by moderate gearing, weak
debt protection measures and low net worth. These rating
weaknesses are partially offset by extensive experience of TCK's
promoters in the RMG industry and its longstanding customer
relationships.

Outlook: Stable

CRISIL believes that TCK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports a
significant growth in its revenues and profitability coupled with
improvement in working capital management, while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' in case the firm reports significant decline in
revenues and profitability, or if it undertakes any aggressive
debt-funded capital expenditure (capex) programme, or if there is
a stretch in its working capital cycle leading to deterioration in
its financial risk profile.

Established in 2008 and based in Tirupur (Tamil Nadu), TCK is
engaged in knitting and manufacturing of readymade garments. The
firm is promoted by Mr. T. Sharan Chinnu.

TCK reported profit after tax (PAT) INR5 million on net sales of
INR216 million for 2013-14 (refers to financial year, April 1 to
March 31), against a PAT of INR4 million on net sales of INR340
million for 2012-13.


DEO TRADERS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Deo Traders (DT).

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

   Proposed Long Term
   Bank Loan Facility       20        CRISIL B+/Stable

The rating reflects DT's exposure to intense competition in the
steel industry, its susceptibility to volatility in steel prices
and demand from end-user industries, and its low operating
profitability on account of the trading nature of its operations
and its low bargaining power with principal. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the firm's promoter and its established dealer
network.

Outlook: Stable

CRISIL believes DT will continue to benefit over the medium term
from its promoter's extensive entrepreneurial experience and its
established dealer network. The outlook may be revised to
'Positive' if the firm registers significant growth in revenue and
operating margin, leading to sustained improvement in its cash
accruals and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if it contracts substantial debt to fund
its incremental working capital requirements, or if its revenue or
margin declines sharply, weakening its financial risk profile,
particularly liquidity.

DT is a distributor of Steel Authorities of India Ltd (SAIL) and
other manufacturers for hot-rolled (HR)/cold-rolled (CR) coils and
sheets, and thermo-mechanically treated (TMT) bars etc. in Bokaro
(Jharkhand). The firm's daily operations are managed by its
proprietor Mr. Dhuruv Narayan.


DHAIRYA INT'L: CARE Reaffirms B+/A4 Rating on INR11cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Dhairya International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term Bank      11        CARE B+/CARE A4
   Facilities                               Reaffirmed

   Short-term Bank Facilities      4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dhairya
International (DHI) continue to remain constrained due to its
modest scale of operations, constitution as a proprietorship firm,
low profit margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained due to
DHI's presence in the highly competitive agro processing
industry and susceptibility of profitability to raw material price
fluctuation.

The ratings, however, continue to factor the benefits derived from
rich experience of the management personnel and long track record
of the group in sesame seeds processing coupled with geographical
diversification.

DHI's ability to increase its scale of operations through
leveraging the existing marketing network, improve its profit
margins and capital structure while managing raw material price
volatility are the key rating sensitivities.

DHI was incorporated in 2009 as a proprietorship concern by Mr
Vinay Kumar Patel. It is engaged in the processing and trading of
various types of sesame seeds at its processing facility located
at Unjha, Gujarat, wherein it has a sorting plant for grading of
agro commodities. It also undertakes trading of other agro
commodities like jeera seeds, kalonji seeds, etc. DHI caters to
the export market with presence in over 30 countries.

It is a part of the Unjha-based Vinay Kumar group which was
started by Mr Prahladbhai Patel (father of Mr Vinay Kumar Patel)
by setting-up a proprietorship concern Vinay Kumar & Co (VKC;
rated 'CARE B+/CARE A4') in 1992. Both these entities are engaged
in the processing and trading of sesame seeds.

As per the audited results for FY14 (refers to the period April 1
to March 31), DHI reported a total operating income (TOI)
of INR99.43 crore (FY13: INR132.46 crore) with PAT of INR0.34
crore (FY13: INR0.36 crore).


ECKO CABLES: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ecko Cables Pvt Ltd
(ECPL) continue to reflect ECPL's weak financial risk profile,
marked by high gearing and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            50        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       70        CRISIL A4 (Reaffirmed)

The ratings also factor in ECPL's small scale of operations in the
intensely competitive cable manufacturing industry. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive experience in the industry.

Outlook: Stable

CRISIL believes that ECPL will continue to benefit from the
promoters' extensive experience in the cable manufacturing
industry. The outlook may be revised to 'Positive' if there is an
increase in net cash accruals, driven by improved profitability,
scale of operation and moderation in working capital requirements,
resulting in a stronger financial risk profile, particularly
liquidity, for ECPL. Conversely, the outlook may be revised to
'Negative' if the company's liquidity, capital structure or
profitability deteriorates significantly.

ECPL, incorporated in 1981, is a Delhi-based company manufacturing
cables and wires. Founded by Mr. Amar Singh, the company is
currently managed by his son, Mr. Ravinder Singh.


GANGOTRI SARANGPUR: CARE Reaffirms B- Rating on INR20cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gangotri Sarangpur Sujalpur Tollway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20.00      CARE B- Reaffirmed
   Short-term Bank Facilities     3.37      CARE A4 Reaffirmed

Rating Rationale
The rating for the bank facilities of Gangotri Sarangpur Sujalpur
Tollway Pvt. Ltd (GSST) continues to be constrained by delay in
project implementation leading to cost overrun and debt re-
schedulement. The rating is also constrained due to weak financial
health of Gangotri Enterprises Limited (Sponsor Company). Going
forward, the ability of GSST to complete the project within the
estimated cost and time would remain the key rating sensitivity.
Furthermore, the ability of the company to complete the financial
closure for residual debt would also remain the key rating
sensitivity.

Incorporated in April 2011, GSST is a SPV promoted by Gangotri
Enterprises Limited (GEL - rated CARE C in March' 14) to undertake
the development and operation of a toll road project awarded by
Madhya Pradesh Road Development Corporation Limited (MPRDC). The
project is for construction of two lane (7.0 meter wide) Sujalpur
Sarangpur Road SH-41 from KM 1 to 38.60 in the State of Madhya
Pradesh under (toll + grant) system. The total project cost is
INR70 crore funded through INR19.5 crore of equity, INR13.5 crore
of the Government grant and INR37 crore of term loan. GSST has
proposed to complete the project as per the revised timelines by
March 2016.

As on February 25, 2015, the company has incurred total cost of
INR39.22 crore on the project funded through INR 12.93 crore of
debt, INR19.82 crore of Equity and INR6.47 crore of government
grant.


GAYTRI INDUSTRIAL: ICRA Reaffirms B+ Rating on INR4cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR10.00 Crore bank facilities of Gaytri Industrial
Corporation.

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

   Long Term, Fund
   Based-Term Loans     4.00         [ICRA]B+; reaffirmed

   Long Term, Non
   Fund Based-Bank
   Guarantee            3.00         [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the long term
experience of promoters in the industry and the healthy operating
profitability due to specialized nature of manufacturing
operations. ICRA also notes the improvement in capital structure
due to capital infusion by promoters, thereby reducing dependence
on bank debt.

The rating, however, continues to remain constrained by the small
scale of current operations. ICRA also notes the decline in scale
during the current fiscal and the deterioration in working capital
profile due to high backlog of unexecuted inventory. The working
capital intensity of operations continues to be at an elevated
level due to the elongated manufacturing and receivable cycle. The
rating also factors in the risk of capital withdrawals arising out
of partnership nature of business.

Set up in 1979, Gaytri Industrial Corporation is a partnership
firm set up by Mr. Kartik Gala and Mr. Nittul Modi. It is engaged
in the manufacturing of hose pipes and hose assemblies. A hose is
a flexible hollow tube designed to carry fluids or gasses from one
location to another. The firm has its fabrication unit in
Asangaon, Thane. The entity's clientele primarily consists of
reputed OMC players, as well as large players in the capital goods
industry. The firm caters to both domestic and export customers,
with exports accounting for half of total sales.


GLARE CERAMIC: ICRA Suspends B+ Rating on INR2.92cr Term Loan
-------------------------------------------------------------
ICRA had suspended the long term rating of [ICRA]B+ assigned to
the INR2.92 crore term loan facility and INR2.50 crore cash credit
facility of Glare Ceramic (GC). ICRA had also suspended the short
term rating of [ICRA]A4 assigned to the 0.90 crore non fund based
facility of GC. The suspension follows ICRAs inability to carry
out a rating surveillance due to non cooperation from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Cash
   Credit Limit          2.50        [ICRA]B+ suspended

   Long Term-Term
   Loan Limit            2.92        [ICRA]B+ suspended

   Short Term-Letter
   of Credit             0.90        [ICRA]A4 suspended

Glare Ceramic (GC) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in September
2009 and commenced its operations in June 2010. GC is promoted and
managed by Mr. Paresh Amrutiya. The plant has an installed
capacity of 19070 metric ton per annum (MTPA) to manufacture wall
tiles. GC currently manufactures wall tiles of size 10"mm X 13"mm
with the current set of machineries at its production facilities.


HYTHRO POWER: CRISIL Lowers Rating on INR4.42BB LOC to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hythro Power Corporation Ltd (HPCL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Negative/CRISIL A4' due to delays in servicing of
interest obligations on the cash credit account and devolvement of
non-fund based facilities which have remained overdue for more
than 30 days. The company has been referred to the Corporate Debt
Restructuring (CDR) Cell and the scheme approved by the CDR cell
is currently under implementation.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Advance Against        300       CRISIL D (Downgraded
   Retention Money                  from 'CRISIL B+/Negative')

   Cash Credit            470       CRISIL D (Downgraded
                                    from 'CRISIL B+/Negative')

   Letter of credit &   4,420       CRISIL D (Downgraded
   Bank Guarantee                   from 'CRISIL A4')

   Proposed Letter of     290       CRISIL D (Downgraded
   Credit & Bank                    from 'CRISIL A4')
   Guarantee

   Sales Bill Disc.       600       CRISIL D (Downgraded
                                    from 'CRISIL A4')

   Term Loan              170       CRISIL D (Downgraded
                                    from 'CRISIL B+/Negative')

   Working Capital        250       CRISIL D (Downgraded
   Demand Loan                      from 'CRISIL B+/Negative')

HPCL, set up in 1989, was reconstituted as a limited company in
1994. The company undertakes turnkey projects in the power
transmission and distribution segment. It was initially promoted
by Mr. G S Rawat and was acquired by the Tecpro group in 2008-09
vide the process of demerger, when it was a small player.

In 2010-11, HPCL acquired 100 per cent stake in Avadh Transformers
Pvt Ltd to gain qualifications for executing railway
electrification work to undertake railway electrification work of
Delhi-Mumbai railway corridors. In September 2011, HPCL also
acquired 25 per cent stake in GET Power Pvt Ltd to penetrate into
the substation market and gain qualification of supplying
transmission towers up to 765 kilovolt amperes.


HYQUIP SYSTEMS: CARE Reaffirms D Rating on INR27cr ST Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Hyquip Systems Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.38       CARE D Reaffirmed
   Short term Bank Facilities   27.00       CARE D Reaffirmed

Rating Rationale

The ratings of Hyquip Systems Limited (HSL) continue to be
constrained by the strained liquidity position owing to the
stretched collection period resulting in delays in debt servicing.

Incorporated in 1984, HSL is the flagship company of the
Hyderabad-based Hyquip group. HSL is primarily engaged in the
designing and manufacturing of material handling system and also
has interests in flow control equipment and industrial automation.
Mr K B K Reddy, the founder promoter of the Hyquip group has over
three decades of experience in the material handling equipment
industry.

During FY14 (refers to the period April 01 to March 31), HSL has
achieved PBILDT of INR3.66 crore (INR2.28 crore in FY13)and PAT of
INR0.28 crore (INR0.18 crore in FY13) on a total operating income
of INR43.86 crore (INR45.14 crore in FY13).


HYQUIP TECHNOLOGIES: CARE Reaffirms D Rating on INR2.14cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Hyquip Technologies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.14       CARE D Reaffirmed
   Short term Bank Facilities    1.30       CARE D Reaffirmed

Rating Rationale
The ratings of Hyquip Technologies Limited (HTL) continue to be
constrained by the strained liquidity position owing to
the stretched collection period resulting in delays in debt
servicing.

The company was incorporated in the year 2003 under the name
Hyquip Exports Limited as a part of the Hyquip Group, primarily
established for exporting municipal solid waste management
processing equipments manufactured by the associate concerns.
Later in 2006, the company changed the name of the company to
Hyquip Technologies Limited (HTL). HTL developed clean and green
technologies for recycling of Municipal Solid Waste (MSW),
conversion of MSW into compost, Refused Derived Fuel Facility
(RDF), power from waste and also generation of power from biomass.
Since 2003, HTL executed considerable projects of MSW to
Compost, MSW to RDF, Waste to Energy and Multi -- fuel handling
systems.

During FY14 (refers to the period April 01 to March 31), HTL has
earned PBILDT of INR0.62 crore (against operating loss of INR0.32
crore in FY13) and reported a net loss of INR0.81 crore (against
net loss of INR1.86 crore in FY14) on a total operating income of
INR3.19 crore (against INR4.04 crore in FY13).


K.C. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of K.C. Industries
(KCI) continues to reflect KCI's working-capital-intensive
operations, and modest financial risk profile, marked by average
gearing and weak debt protection metrics. The rating also factors
in the firm's susceptibility to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of KCI's promoters in the rice industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          110        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCI will continue to benefit over the medium
term from the extensive industry experience of its promoters. Its
financial risk profile is, however, expected to remain modest over
this period because of its large working capital requirements and
small net worth. The outlook may be revised to 'Positive' if the
firm substantially improves its operating margin and scale of
operations, while efficiently managing its working capital
requirements. Conversely, the outlook may be revised to
'Negative'if KCI's working capital cycle lengthens further, or if
its operating margin declines, or if it undertakes a large debt-
funded capital expenditure programme, weakening its financial risk
profile.

Update
KCI's revenue increased to INR264.3 million in 2013-14 (refers to
financial year, April 1 to March 31), from INR189.5 million in
2012-13. The firm is expected to achieve sales of around INR30
million in 2014-15. The shift in focus to rice milling from rice
trading resulted in an improvement in the firm's operating margin
to 5.0 per cent in 2013-14 from 4.3 per cent in 2012-13; the
margin is expected to remain stable over the medium term.

The shift to milling has led to higher gross current assets,
expected at around 250 days as on March 31, 2015, due to inventory
stocking for the whole year (150 to 155 inventory days as on March
31, 2015). KCI's financial risk profile is weak, with estimated
gearing of around 5 times as on March 31, 2015, and interest
coverage ratio of 1.5 to 2.0 times for 2014-15. The gearing is
high on account of increased dependence of on bank limits due to
low net cash accruals. This is reflected in high utilisation of
bank lines.

KCI's net cash accruals are expected at around INR6.3 million,
sufficient to meet its debt obligations of INR4.0 million, in
2014-15. CRISIL believes that the firm's financial risk profile
will remain weak with the ramp up in its scale of operations over
the medium term, due to high dependence on bank limits to fund the
incremental working capital requirements.

KCI is part of the KC group of Jalalabad (Punjab). The group
primarily processes the PUSA 1121 variety of basmati rice. KCI,
managed by Mr. Anil Kumar, processes and sells basmati rice. The
firm earlier traded in rice, but from 2013-14 it has shifted its
focus entirely to processing and sale of rice.


KANISHKA CARBONS: CRISIL Lowers Rating on INR45MM Loan to C
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kanishka Carbons Pvt Ltd (KCPL) to 'CRISIL C' from 'CRISIL
B+/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           1       CRISIL A4 (Reaffirmed)

   Cash Credit-Book Debt   30       CRISIL C (Downgraded from
                                    'CRISIL B+/Stable')

   Cash Credit-Stock       45       CRISIL C (Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit         4       CRISIL A4 (Reaffirmed)

The rating downgrade reflects CRISIL's belief that KCPL's
liquidity will weaken over the medium term, driven by a decline in
its cash accruals; the accruals are likely to be insufficient to
meet the company's term debt repayment obligation of INR3 million
in 2015-16 (refers to financial year, April 1 to March 31).
Increasing competition in the calcined pet coke (CPC)
manufacturing segment, in which KCPL operates, and the company's
inability to pass on any increase in prices of raw materials has
resulted in a fall in its operating income and pressure on its
operating margin, translating into declining cash accruals.

The ratings reflect KCPL's declining sales and volatile margins,
and its weak financial risk profile, marked by a small net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the CPC manufacturing industry.

KCPL, incorporated in 1990, manufactures CPC and carbon electrode
paste in different specifications. The company's day-to-day
operations are managed by its promoter-directors, Mr. Binod
Hesariya and his son Mr. Kanishka Hesariya.

For 2013-14, KCPL reported a profit after tax (PAT) of INR3.4
million on net sales of INR163.6 million, as against a PAT of
INR2.2 million on net sales of INR197.8 million for 2012-13.


LIVTAR SINGH: ICRA Assigns B+ Rating to INR14cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR14 crore bank
facilities of Livtar Singh Bajaj and Company.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Cash Credit Facilities     14.00      [ICRA]B+; assigned
   (LT Scale)

ICRA's rating takes into account the trading nature of LSB's
business and the regulated nature of the sector it operates in,
which limits its profitability. ICRA's ratings also take into
account the risk of non- renewal of licenses, which are reviewed
by the state government on an annual basis. The rating also takes
into account the partnership constitution of the firm which
exposes it to risks related to capital withdrawal, dissolution
etc. However the rating positively factors in the steady increase
in operating income (OI) over the years, extensive experience of
the promoters in the liquor retailing business and favourable
demand outlook for liquor retailing in Punjab, driven by allotment
of new areas and steady increase in liquor consumption over the
years.

Going forward, the ability of the company to renew its retail
licenses while maintaining its revenue growth momentum will form
the key rating sensitivity.

LSB was established as a proprietorship concern of Mr. Livtar
Singh Bajaj in 2010 and converted into a partnership firm with
effect from April 2014, with Mr. Charanjit Singh Bajaj and Mr.
Kamaljit Singh Bajaj as the other two partners. The three partners
have an equal share in the profits. LSB is engaged in retailing of
Punjab Medium Liquor (PML) and Indian made foreign liquor (IMFL)
in Ludhiana, Daroha and Nayagaon in Punjab. At present LSB
operates 33 shops in the three zones (13 in Ludhiana, 12 in Daroha
and 8 in Nayagaon).

Recent Results
In 2013-14, LSB reported an operating income of INR49.6 crore and
a net profit of INR1.1 crore as against an operating income of
INR44.7 crore and a net profit of INR1.0 crore in the previous
year.


LOTUS CHOCOLATE: CRISIL Assigns B Rating to INR250MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Lotus Chocolate Company Ltd (Lotus).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             250        CRISIL B/Stable

The rating reflects Lotus's below-average financial risk profile
marked by a negative net worth. The rating also factors in the
company's modest scale of operations, subdued operating
efficiencies, and its susceptibility to volatility in cocoa bean
prices. These rating weaknesses are partially offset by Lotus's
long track record in the cocoa industry, and its promoter's
ability to extend financial support in case of exigencies.

Outlook: Stable

CRISIL believes that Lotus will continue to benefit over the
medium term from its long track record in the industry and its
established relationships with key customers. The outlook may be
revised to 'Positive' if the company significantly scales up its
operations while improving its operating efficiencies, leading to
positive cash generation and an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Lotus's losses increase further, or if it faces a significant
stretch in its working capital cycle, or undertakes a large debt-
funded capital expenditure programme, further impacting its
financial risk profile. Timely and adequate support from promoters
to tide over the company's funding requirements will also remain a
key rating sensitivity factor.

Incorporated in 1988, Lotus processes cocoa beans into cocoa
powder and cocoa butter, and also sells chocolates (under the
brand name Lotus). The company is headquartered in Hyderabad and
its manufacturing unit is in Medak district (Andhra Pradesh).
Lotus is promoted by Mr. Prakash Pai, managing partner of
Puzzolana Machinery Fabricators (rated CRISIL A+/Stable/CRISIL
A1'), along with his brother Mr. Ananth Pai.

For 2013-14 (refers to financial year, April 1 to March 31), Lotus
reported a net loss of INR27 million on net sales of INR563
million, against a net loss of INR15 million on net sales of
INR464 million for 2012-13.


LOVE KUSH: CRISIL Reaffirms B Rating on INR200MM Whse Financing
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Love Kush
Foods Pvt Ltd (LKFPL) continue to reflect LKFPL's weak financial
risk profile marked by its high gearing and weak debt protection
metrics , its large working capital requirements, and its modest
scale of operations in the intensely competitive rice milling
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.

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

   Proposed Long Term      40        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Warehouse Financing    200        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LKFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, through capital infusion by its promoters
or a substantial increase in cash accruals arising from a
significant increase in its scale of operations coupled with
sustained or higher margins. Conversely, the outlook may be
revised to 'Negative' if LKFPL's financial risk profile weakens
further, most likely because of low cash accruals, large debt-
funded capital expenditure, or significant increase in inventory
and bank borrowings.

LKFPL, set up in 2002 by Mr. Sunil Kumar, Mr. Jiwan Kumar, Mr.
Navjot Garg, and Mr. Prem Chand, is in the basmati rice milling
business. Its manufacturing unit, located in Patran (Punjab), has
a milling capacity of 6 tonnes per hour (tph) and a sorting
capacity of 3 tph.

LKFPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR573.1 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.96 million on net
sales of INR445.6 million for 2012-13.


MAA VAISHNO: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Maa Vaishno Edibles Pvt Ltd (MVEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            40         CRISIL B/Stable
   Long Term Loan         17.8       CRISIL B/Stable

The rating reflects MVEPL's below-average financial risk profile,
marked by its highly leveraged capital structure, and average debt
protection metrics. The rating also factors in the company's
modest scale of operations in the intensely competitive basmati
rice market; and the susceptibility of its operating margin to any
adverse impact in government regulations, and to volatility in raw
material prices. These rating weaknesses are partially offset by
the promoters' extensive industry experience, and their financial
support and healthy growth prospects for the basmati rice
industry.

Outlook: Stable

CRISIL believes that MVEPL will continue to benefit over the
medium term from the promoter's extensive experience in the rice
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's financial risk profile on
account of better than expected accruals or equity infusion from
the promoters. Conversely, the outlook may be revised to
'Negative' if MVEPL undertakes aggressive, debt-funded expansions;
or reports substantial decline in revenue and profitability, or
stretch in working capital cycle, thereby weakening its financial
risk profile.

MVEPL was incorporated in 2014, by Mr. Vishwanath Gupta and his
family. The company processes and sells basmati rice of the PUSA-
1121 and PL-11 varieties in India. Its manufacturing facility is
located at Gorakhpur, Uttar Pradesh.


MOTI RAM: CARE Assigns B Rating to INR6.67cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Moti Ram
Sunil Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.67       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of M/s Moti Ram Sunil
Kumar (MRS) is primarily constrained by its small scale of
operations, low profitability margins and leveraged capital
structure. The rating is further constrained by proprietorship
nature of its constitution and its presence in a highly
competitive and fragmented agro-processing business.

The rating, however, draws strength from the experienced
proprietor in the agro-processing industry and long track record
of operation of the entity, moderate operating cycle and proximity
of its processing unit to the paddy-growing areas.

Going forward, MRS's ability to scale-up its operations while
improving its profitability margins and capital structure
would be the key rating sensitivities.

MRS was established as a proprietorship firm in 2006 by Mr Sunil
Kumar. He looks after the overall operations of the firm. The firm
is engaged in the processing of paddy at its manufacturing unit is
located at Karnal, Haryana, with total installed capacity of
30,000 metric ton per annum (MTPA) as on March 31, 2014. MRS
procures paddy from local grain markets through dealers and agents
mainly from the state of Haryana. The firm sells its products, ie,
basmati and non-basmati rice in the states of Delhi, Haryana and
Punjab through a network of commission agents and traders.

For FY14 (refers to the period April 01 to March 31), MRS achieved
a total operating income (TOI) of INR2.84 crore with net profit of
INR0.06 crore, respectively, as compared with a TOI of INR2.42
crore with net profit of INR0.04 crore, respectively, for FY13.
The firm has achieved total income of INR1 crore till December 31,
2014.


NANDINI FITNESS: ICRA Assigns B- Rating to INR7.0cr Loan
--------------------------------------------------------
ICRA has assigned its rating of [ICRA]B- to the INR7.0 crore fund
based bank limits of Nandini Fitness Private Limited.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     7.0        [ICRA]B- (assigned)

ICRA's rating is constrained by the company's small scale of
operations, and its weak financial profile marked by weak coverage
indicators with Total debt/OPBDITA for 2013-14 at 4.19x, interest
cover at 1.49x and DSCR at 1.46x. The rating also factors in the
company's stretched liquidity position due to its modest cash
accruals and high working capital intensity. ICRA also takes note
of the restructuring of the term loan in November, 2014 due to
delays in debt servicing in the past. However, ICRA positively
takes into account the company's satisfactory debt servicing track
record after the restructuring. The rating further derives comfort
from the association of the company with a reputed brand 'Gold's
Gym'.

Going forward, the company's ability to attain a sustained
improvement in its profitability and have an optimal working
capital cycle will be the key rating sensitivities.

NFPL was promoted by Mr. Sumit Goel and Mr. Hemant Kumar Singh in
2009, to set up a health and fitness business in Lucknow, Uttar
Pradesh. The company is a franchisee of Gold's Gym and is
currently managing two gyms, along with the Mojo restaurant at
Mahanagar, Lucknow.

Recent Results
NFPL reported, a profit after tax (PAT) of INR0.34 crore on an
operating income of INR4.59 crore in FY 2013-14 as compared to a
PAT of INR0.02 crore on an operating income of INR3.16 crore in
the previous year.


NEELACHAL ISPAT: CARE Reaffirms B- Rating on INR140cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Neelachal Ispat Nigam Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities
   (Cash credit)                140.00      CARE B- Reaffirmed

   Short-term Bank Facilities   157.05      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the weak financial
risk profile of NINL marked by continued net losses during FY14
(refers to the period April 1 to March 31) and H1FY15, high
overall gearing with weak debt coverage indicators. The ratings
also factors in NINL's exposure to raw material price volatility
and cyclicality inherent in the steel industry.

However, the ratings continue to derive strength from the
experienced promoters and management, its wide market reach and
semi-integrated nature of operations.

Going forward, the ability of NINL to profitably scale up the
operations while improving its financial risk profile and
stabilise its newly commissioned facilities shall be the key
rating sensitivities.

Neelachal Ispat Nigam Limited (NINL) was incorporated in 1982 to
set-up an integrated steel plant (ISP) to undertake the
manufacture and sale of pig iron. Originally, the main promoters
were Industrial Promotion & Investment Corporation of Orissa
(IPICOL) and Orissa Sponge Iron Ltd (OSIL). Subsequently, MMTC
Limited, a majority owned undertaking of Government of India, was
inducted as the main promoters since FY96 with equity share
holding of 49.78%. The other promoters of NINL include IPICOL
(15.29%), NMDC Ltd (12.87%), Orissa Mining Corporation Ltd (OMC;
12.32%) and MECON Ltd. (0.86%).

NINL's manufacturing unit is located at Kalinga Nagar Industrial
complex, Dubri, Orissa having 1.1 million tonnes per annum (MTPA)
capacity blast furnace having capacity utilisation of 51% during
FY14 and supporting infrastructure like sinter plant (1.7 MTPA),
coke oven plant (0.88 MTPA) and power plant (based on steam and
flue gas) (62.5MW).

Furthermore, the company also has billet manufacturing unit with a
capacity of 0.89 MTPA which was commissioned in FY13. The company
also has iron ore mine in the district to Sundergarh and Keonjhar
(Odisha) with an estimated reserve of 110 million tons. Currently,
the company is seeking environmental clearances for the same.

NINL has been the largest exporter of pig iron in India for last 8
years exporting mainly to Thailand, Korea, Indonesia, Malaysia,
Taiwan, Japan and China. The company purchases coking coal and
sells its products through MMTC which charges 3% commission on
each sale/purchase to the company. The company purchases the other
raw material, viz, iron ore largely from the other promoter OMC.

During FY14, the company reported a total operating income of
INR1,554 crore with a PBILDT of INR68 crore and net loss of INR147
crore as against operating income of INR1,483 crore, PBILDT of
INR94 crore and net loss of INR79 crore in FY13.


OXYGEN INFRASTRUCTURE: CARE Cuts Rating on INR8cr LT Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Oxygen Infrastructure and Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities      2        CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Oxygen Infrastructure and Developers Private Limited (ODPL)
takes into consideration the delays in debt servicing by the
company due to the stretched liquidity position.

Oxygen Infrastructure & Developers Private Limited (ODPL) was
incorporated on January 17, 2011, by Ms Manisha Gaur and Mr Gaurav
Mittal of New Delhi for carrying out different types of
construction activities. The company commenced commercial
operation from April 2011 and is engaged in providing different
types of civil construction activities like earthwork,
construction of roads, bridges, dams, residential building,
drainage systems, irrigation facilities, etc. Apart from this, it
is also engaged in open cast mining of coal and bauxite.


PARICHITHA CONSTRUCTIONS: CRISIL Reaffirms B+ INR25MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Parichitha
Constructions (PC) continue to reflect its modest scale of
operations in an intensely competitive civil construction
industry, geographic concentration, and risk inherent in the
tender-based business, leading to volatility in revenue.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Overdraft Facility     25       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its proprietor's
extensive experience in the civil construction industry and
moderate financial risk profile, marked by low gearing, and above-
average debt protection metrics, albeit constrained by modest net
worth.

Outlook: Stable

CRISIL believes that PC will maintain its moderate financial risk
profile and benefit from its proprietor's extensive experience in
the civil construction business over the medium term. The outlook
may be revised to 'Positive' if sustained improvement in the
firm's working capital cycle or long-term fund infusion from its
proprietor shores up its liquidity. Conversely, the outlook may be
revised to 'Negative' if there is a sharp decline in PC's revenue
and profitability, its working capital cycle lengthens, or if it
undertakes a large debt-funded capital expenditure programme,
constraining its financial risk profile.

PC was established as a proprietorship firm by Mr. N Srinivas
Murthy in 1987. It is based in Bengaluru and is engaged in civil
construction activities such as construction of roads, bridges,
drains, and underpasses for government bodies.

For 2013-14 (refers to financial year, April 1 to March 31) PC
reported, on a provisional basis, net profit of INR4.1 million on
net sales of INR106.5 million; the firm reported net profit of
INR4.3 million on net sales of INR104.3 million for 2012-13.


PIC INTERNATIONAL: ICRA Reaffirms B Rating on INR5cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR5.00
crore fund-based cash credit facility of PIC International Metals
& Alloys Private Limited. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR4.00 crore fund based buyer's credit
facility of PICIMAPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          5.00        [ICRA]B reaffirmed
   Buyer's Credit       4.00        [ICRA]A4 reaffirmed

Rating Rationale
The rating reaffirmation favourably factors in the long standing
experience of the company's promoters in the manufacturing &
trading of ferro alloys; and the healthy offtake of the newly
developed import substitute product -- Low Carbon Ferro Chrome
(LCFC) which is likely to be the key revenue driver going forward.

The ratings are, however, constrained by the company's small scale
of operations; high customer concentration risk; exposure to
fluctuations in raw material prices and foreign currency exchange
rates; vulnerability to the cyclicality inherent in the key end-
user industry; and its stretched liquidity due to delayed payments
from customers leading to high working capital utilization.

Incorporated in 2007, PIC International Metals and Alloys Private
Limited (PICIMAPL or the company) is engaged in the manufacturing
of Ferro Alloys. The manufacturing facility of the company is
located at Khopoli in Maharashtra and has a current production
capacity of 100 MT/month

Recent Results
For the financial year ended March 31, 2014, the company reported
an operating income of INR12.89 crore and profit after tax of
INR0.10 crore as against an operating income of INR18.08 crore and
profit after tax of INR0.17 crore for the financial year 2012-13.
Further, in the current financial year, for the eleven month
period ended February 28,2015, the company reported an operating
income of INR19.65 crore and profit before tax of INR0.51 crore.


PURBANCHAL LAMINATES: ICRA Suspends B+ Rating on INR6.75cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR8.62
crore long term working capital limits and term loan limits and
also [ICRA]A4 rating assigned to the INR2.50 crore short term non
fund based limits of Purbanchal Laminates Pvt Ltd. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Term
   Loans                 6.75       [ICRA]B+; Suspended

   Fund Based-Cash
   Credit                1.87       [ICRA]B+; Suspended

   Non Fund Based-
   Inland/Import LC      2.50       [ICRA]A4; Suspended

Purbanchal Laminates Private Limited (PLPL) was incorporated in
the year 2001 by Mr. Rakesh Agarwal and other family members. The
promoters have long standing experience in manufacture of timber
products, plywood and veneers through their association with other
group companies. PLPL operates from its plant located at
Gandhidham, with an installed capacity of manufacturing 15.60
lakhs laminate sheets annually. PLPL is also engaged in trading of
imported timber. The other entities operating under the "Amul
Group" includes, Landmark Veneers Pvt Ltd., Amul Boards Pvt Ltd.,
Purbanchal Veneers, Purbanchal Lumbers Pvt Ltd. and Salasar
Plywood Pvt Ltd.


PURBANCHAL VENEERS: ICRA Suspends B+ Rating on INR1.15cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.95
crore long term working capital limits and term loan limits and
also [ICRA]A4 rating assigned to the INR10.00 crore short term non
fund based limits of Purbanchal Veneers. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund Based-Term Loans      1.15      [ICRA]B+;Suspended

   Fund Based-Cash Credit     0.80      [ICRA]B+;Suspended

   Non Fund Based-Import/    10.00      [ICRA]A4;Suspended
   Inland LC/Buyers

Purbanchal Veneers (PV) was incorporated in the year 2002 by Mr.
Rakesh Agarwal and other family members. The promoters have long
standing experience in manufacture of timber products, plywood and
veneers through their association with other group companies. PV
operates from its plant located at Gandhidham, with an installed
capacity of manufacturing 10000 cubic meters veneers annually. PV
is also engaged in trading of imported timbers. The other entities
operating under the "Amul Group" includes, Amul Boards Private
Limited, Landmark Veneers Private Limited, Purbanchal Laminates
Private Limited, Purbanchal Lumbers Private Limited and Salasar
Plywood Private Limited.


RAGHUVIR COTEX: CARE Reaffirms B Rating on INR22cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Raghuvir Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.00      CARE B Reaffirmed
   Short-term Bank Facilities     2.00      CARE A4 Reaffirmed

Rating Rationale

The ratings of Raghuvir Cotex Private Limited (RCPL) continue to
remain constrained due to its thin profitability due to limited
value addition involved in cotton ginning, its high leverage and
tight liquidity marked by the elongation of its operating cycle.
The ratings are further constrained on account of its presence in
a highly competitive and fragmented cotton ginning industry,
volatility associated with the raw material (cotton) prices and
impact of regulatory changes.

The ratings, however, continue to derive strength from the
experience and resourcefulness of its promoters and its
proximity to the cotton-producing region of Gujarat.

RCPL's ability to improve its profitability by moving upward in
the textile value chain, efficiently manage its working capital
requirement amidst volatile raw material prices and improve its
capital structure would be the key rating sensitivities.

Background
Incorporated in September 2002, RCPL is promoted by the Selani
family based out of Gondal in Rajkot district of Gujarat.
RCPL is engaged in cotton ginning and pressing and has an
installed capacity of 13,900 metric tonnes per annum (MTPA)
for ginned cotton as on March 31, 2014, at its sole manufacturing
facility.
As per the audited results for FY14 (refers to the period April 1
to March 31), RCPL reported a total operating income of
INR146.26 crore (FY13: INR120.75 crore) with a net profit of
INR0.33 crore (FY13: net profit of INR0.29 crore). Furthermore,
as per the unaudited results for 9MFY15, RCPL reported a total
operating income of INR65.32 crore with a PBILDT of INR2.93 crore.


ROHIT FERRO: CARE Cuts Rating on INR1,361.10cr Loan to B+
---------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Rohit
Ferro Tech Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   1,361.10     CARE B+ Revised
                                            from CARE BB-

   Short term Bank Facilities    352.63     CARE A4 Reaffirmed

Rating Rationale
The revision in ratings of Rohit Ferro Tech Ltd (RFL) takes into
account deterioration in performance of the company in 9MFY15.

The ratings continues to remain constrained by significant
deterioration in financial performance in FY14 (refers to the
period from April to March 31), highly leveraged capital structure
and stretched working capital requirement leading to debt
restructuring, project implementation risk associated with ongoing
project, profitability being susceptible to volatility in raw-
material & finished goods prices and foreign exchange fluctuation
risk, and complete dependence of ferro alloys industry on the
cyclical steel sector. However, the ratings derive strength from
RFTL's experienced promoters and wide geographic presence with
diversified client base.

The ability of the company to successfully implement the ongoing
capex project within the envisaged cost and timeline, optimal
utilization of existing facilities & improve operating margin, and
efficient working capital management remains the key rating
sensitivity.

Rohit Ferro Tech Ltd (RFTL) is a Kolkata-based manufacturer &
trader of high carbon ferro chrome & other related products used
in manufacturing of steel (primarily mild, alloy and stainless
steel). This apart the company is also engaged into manufacturing
of stainless steel. RFTL's manufacturing units are located at
Bishnupur (West Bengal), Haldia (West Bengal) and Jajpur (Orissa),
with an aggregate installed capacity of 283,755 MTPA for ferro
alloys and 100,000 MTPA for stainless steel. The company is in
advanced stage of setting up a 67.5 MW coal-based captive power
plant and a 33MVA submerged arc furnace (74,462 MTPA) in Jajpur,
Orissa at a cost of INR673.6 crore.

As per the unaudited 9MFY15 results, the company reported a loss
at PAT level of INR 285.5 crore on a total income of INR1,484.59.


SAI HOSPITAL: ICRA Assigns 'B' Rating to INR6.80cr Term Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR9.00
crore bank limits of Sai Hospital.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             6.80         [ICRA]B (assigned)
   Cash Credit           0.60         [ICRA]B (assigned)
   Unallocated           1.60         [ICRA]B (assigned)

The assigned rating is constrained by the SH's small scale of
operations along with its leveraged capital structure as reflected
by high gearing level of 2.48 times as on March 31, 2014. The
rating is further constrained by the high competitive scenario as
a large number of hospitals are situated in nearby region. ICRA
also takes into account the risks inherent in partnership form of
business with respect to capital withdrawals and its potential
impact on credit profile.

The rating, however, takes comfort from the past experience of the
partners in running a hospital along with its financial profile
characterized by high profitability margins and strong coverage
indicators. The rating is also supported by SH's tie ups with
reputed corporate clients which lend revenue visibility over the
near term.

The ability of the company to optimally utilize the facilities,
maintain patient volumes and attract & retain reputed doctors and
medical staff in a competitive environment will be some of the key
rating sensitivities.

SH was established as a proprietorship concern in 2002 by an
orthopedic surgeon, Dr. Mohan Sati, for setting up a hospital in
Haldwani, Nanital. In 2014, the hospital went through an
expansion, post which, it was converted into a partnership concern
with Dr. Alka Sati joining in as a stakeholder. At present, SH is
a 100 bed multispecialty hospital providing services in various
domains such as neurology, radio.

Recent Results
SH reported a net profit of INR0.36 crore on an operating income
of INR3.43 crore as against a net profit of INR0.67 crore on an
operating income of INR2.77 crore in the previous year.


SHIV FLOUR: CRISIL Assigns 'B' Rating to INR80MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Shiv Flour Mill (SFM).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               80         CRISIL B/Stable
   Cash Credit             29.6       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      15.4       CRISIL B/Stable

The rating reflects SFM's below-average financial risk profile,
and exposure to risks related to its early stage of operations in
a competitive industry. These rating weaknesses are partially
offset by the partners' considerable experience in the agro-based
industry.

Outlook: Stable

CRISIL believes that SFM will benefit from its promoters'
extensive experience and from healthy prospects of the flour
processing industry over the medium term. The outlook may be
revised to 'Positive' if the firm significantly scales up its
operations, while it improves its profitability and working
capital management. Conversely, the outlook may be revised to
'Negative' if SFM's financial risk profile, particularly its
liquidity, weakens, most likely because of a substantial increase
in its working capital requirements, or a decline in its cash
accruals, or large debt-funded capital expenditure.

Incorporated in 2011, SFM processes wheat flour and has a capacity
of 120 tonnes per day. Its manufacturing facility is located at
Murshidabad (West Bengal). SFM's is equally owned by Mr. Goutam
Bhakat and Ms. Nafisa Begam and their families. The day-to-day
operations of the firm is looked after by Mr. Goutam Bhakat.


SHREE VENUS: CRISIL Reaffirms B+ Rating on INR32MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Shree Venus Energy
System Pvt Ltd (SVESPL) continue to reflect SVESPL's below-average
financial risk profile, marked by its small net worth; and the
company's low bargaining power with customers, resulting in
stretched receivables.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             32       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)
   Proposed Long Term      31.6     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Standby Line of
   Contract                 6.4     CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of SVESPL's promoters, and the company's
established track record of operations.

Outlook: Stable

CRISIL believes that SVESPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly increases its
scale of operations, and sustains its profitability, resulting in
sizeable cash accruals and improved liquidity. Conversely, the
outlook may be revised to 'Negative' if SVESPL's revenue and
profitability decline; or its working capital cycle weakens; or if
the company undertakes a large debt-funded capital expenditure,
thereby weakening its financial risk profile.

SVESPL was set up by Mr. C Palaniappan as a partnership firm in
1993, in Chennai (Tamil Nadu) and was reconstituted as a private
limited company in 1999. The company began operations by trading
insulation materials. Subsequently, SVESPL commenced executing
turnkey projects for Larsen & Toubro Ltd for insulation in
buildings. In 2000, the company diversified into manufacturing of
ducts and pipes used for insulation. Currently, SVESPL derives
around 70 per cent of its income from the sale of manufactured
items, such as ducts and pipes used for insulation and the
remaining revenue is from projects and trading operations.


SOKHI STEELS: CRISIL Assigns 'B' Rating to INR87.8MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sokhi Steels Pvt Ltd (SSPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              87.8        CRISIL B/Stable
   Cash Credit            20          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      2.2        CRISIL B/Stable

The rating reflects SSPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
modest scale of operations in the casting industry. These rating
weaknesses are partially offset by extensive industry experience
of the company's promoters, and its healthy operating margin
because of the integrated nature of its operations.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if the
company registers a substantial growth in its revenue while
maintaining its profitability, leading to a considerable increase
in its net cash accruals. Conversely, the outlook may be revised
to 'Negative' if SSPL undertakes a large debt-funded capital
expenditure programme, or if its revenue and operating margin
decline, impacting its financial risk profile, particularly its
liquidity.

Incorporated in 2011, SSPL manufactures SG iron, cast iron, and
steel products. The company commenced operations in 2013-14
(refers to financial year, April 1 to March 310. It has a total
furnace induction capacity of about 750 tonnes per annum at its
plant in Ludhiana (Punjab). The company is promoted by Mr. Lakhbir
Singh Sokhi, Mr. Jagbir Singh Sokhi, and Mr. Sukhbir Singh Sokhi.


SREE DRG: CRISIL Lowers Rating on INR60MM Cash Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sree
DRG Vinyls Industries (Sree DRG) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Long Term Loan          25.5      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Packing Credit           7.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       9.7      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The rating downgrade reflects instances of Sree DRG's working
capital limits being overdrawn for more than 30 days, and delays
in servicing its term loan due to its weak liquidity.

Sree DRG also has a below-average financial risk profile, marked
by high gearing, and working-capital-intensive operations.
However, the firm benefits from its promoter's extensive
experience in the synthetic leather business.

Sree DRG, set up in 2009, manufactures synthetic leather cloth.
The firm is promoted by Mr. R G Chandrasekar and his family
members. The company has manufacturing facility based in
Perundurai, (Tamilnadu).


SREE HARSHA: CARE Reaffirms B+ Rating on INR7.96cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sree Harsha Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.96       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Sree Harsha
Developers (SHD) continues to be constrained by its
implementation risk associated with ongoing projects, highly
leveraged capital structure, decline in profit margins during FY14
(refers to the period April 1 to March 31) with susceptibility of
the firm's business and profit margins to demand scenario in the
real estate sector, competition from other real estate players and
its constitution as a partnership firm with inherent risk of
withdrawal of capital. The rating, however, continues to derive
strength from the experience of the partners in the real estate
industry, increase in total operating income in FY14 and
satisfactory bookings.

Ability of the firm to complete the project without any cost
overrun and timely sale as envisaged continues to remain the key
rating sensitivity.

Sree Harsha Developers (SHD) was established in the year 2003 as a
partnership firm by the partners; Mr Muppala Bhaskar Reddy, Mr
Yedhala Sudhakar Reddy, Ms Bejawada Swaroopa, and Ms Muppala
Jhaansy. The firm is engaged in construction, property development
and sale of residential apartments in and around Bangalore city.
Since inception, SHD has completed 5 residential projects with
about more than 5 lakh sft of construction area and more than 358
residential flats (all the projects have been developed on a joint
developments basis, on various business proposals with the land
owners). Currently, the firm is engaged in construction of a new
project "Harsha Gateway", at Kadugodi village, Hobli, Bangalore
and another project in Indira Nagar, Bengaluru which are expected
to be completed by August 2015 and June 2016 respectively.

During FY14, SHD reported a PAT of INR0.23 crore on a total
operating income of INR12.53 crore as against a PAT of INR0.15
crore on a total operating income of INR4.65 crore in FY13.


SRI RAM: ICRA Assigns B+ Rating to INR9.50cr Cash Credit
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR9.60
crore fund based bank facility of Sri Ram Food Industries (SRFI).
ICRA has also assigned its short term rating of [ICRA]A4 to the
INR2.40 crore non fund based bank facility of SRFI.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund based
   limits Cash Credit
   Limits                  9.50         [ICRA] B+; Assigned

   Unallocated Limits      0.10         [ICRA] B+; Assigned

   Non Fund Based Limits
   Bank Guarantee          2.40         [ICRA]A4; Assigned

ICRA's ratings take into account the company's modest scale of
operations and the low value additive nature of work which keeps
the profitability of the company range bound. The company's profit
margins are also subdued on account of the high competitive
intensity in the food processing industry due to the presence of
numerous small and medium sized players; the margins are also
vulnerable to fluctuations in raw material prices. The coverage
indicators of the company are moderate given its leveraged capital
structure and its low profitability. ICRA's rating also factors in
the partnership constitution of the firm which exposes it to risks
related to capital withdrawal, dissolution etc. However, the
rating favorably factors in the extensive experience of the
promoters in the food processing industry and its established
relationship with its major customers.

Going forward the ability of the company to attain a sustained
improvement in profitability, leading to improved leverage and
coverage indicators will be the key rating sensitivities.

Incorporated in 1998, SRFI is promoted by the Gupta family. SRFI
is engaged in processing of pulses (Toor Daal, Chana Daal, Moong
Daal, etc.) with its production facility located at Lawrence Road,
Delhi with an installed capacity of 30,000 metric tonnes per
annum. The company sells processed pulses to agro distributors
across India. Apart from selling the pulses to various
distributors, the company also supplies pulses to the government,
through a tendering process. The company procures raw pulses from
the local market as well as its other group concerns and sells its
product under the brand name "SUN RISE".

Recent Results
SRFI reported a profit after tax (PAT) of INR0.32 crore on an
operating income of INR103.55 crore in FY 2013-14, as compared to
a PAT of INR1.06 crore on an operating income of INR111.41 crore
in the previous year.


TARUNIKA GAUR: CARE Lowers Rating on INR5.97cr Loan to D
--------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Tarunika Gaur Housing & Construction Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4         CARE D Revised from
                                            CARE B-

   Long-term/Short-term Bank      5.97      CARE D/CARE D Revised
   Facilities                               from CARE B-/CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Tarunika Gaur Housing & Construction Limited (TGCL) takes into
consideration the delays in debt servicing by the company due to
the stretched liquidity position.

Promoted by Mr Sanjeev Gaur, Tarunika Gaur Housing & Construction
Limited (TGCL) was incorporated in 1998 as a private limited
company and in 2005, the constitution was changed to a public
limited company. TGCL is engaged in the business of real estate
development (residential & commercial projects), execution of road
contracts and other real estate activities (mainly trading of
land). The company is presently executing road construction
project for Public Works Department in Chattisgarh.


VARUN INDUSTRIES: Goes Into Liquidation
---------------------------------------
The Times of India reports that Varun Industries, which failed to
repay loans worth over INR2,000 crore, has become the first big-
ticket defaulter to go into liquidation following a Bombay high
court order.

The report relates that the high court had ordered to wind up the
stainless steel home products maker if it failed to stick to a
court-directed repayment schedule beginning February 25, to which
the company had agreed. On March 16, Varun Industries informed the
BSE that the liquidation proceedings have been initiated,
according to the HC order, since it had failed to pay instalments,
TOI says. "The company is in the process of taking necessary legal
action before the appropriate court for setting aside the said
order," TOI relays citing a company notice.

According to the report, court papers showed the company and its
promoters had secured loans aggregating about INR2,000 crore from
11 public sector banks (PSBs) and other lenders though its net
worth was just INR300 crore.  TOI says two promoters of the
company -- CMD Kiran Mehta and MD Kailash Agarwal -- also face
allegations of forgery to secure loans from S E Investments, an
Agra-based company. The two had gone into hiding in early December
when the Agra police reached Mumbai to arrest them, the report
states.

TOI notes that Varun Industries stands at 11th spot on the list of
top loan defaulters, owing a total of INR1,100 crore to PSU banks
alone. The list has been prepared by All India Bank Employees'
Association (AIBEA), the report says.

Court papers also showed that Varun Industries is owed
INR1,800 crore by two UAE companies -- White Impex General Trading
and Al Rad International -- to which the Mumbai firm exported
goods but never got paid, TOI relates. Although the amount was due
for over three years, the promoters and the company filed suits
against the UAE firms only in early 2015 when it faced legal heat
from lenders, the report relays.

India-based Varun Industries Limited -- http:/www.varun.com/ --
engages in mines and minerals, oil and natural gas, stainless
steelware, wind power energy, gems and jewellery, and commodity
trading businesses.


VELOCITY AUTOMOTIVES: CRISIL Rates INR35MM Cash Credit at 'C'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Velocity Automotives Pvt Ltd (VAPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          65         CRISIL A4
   Cash Credit             35         CRISIL C

The ratings reflect VAPL's below-average financial risk profile,
marked by modest net worth, high gearing, weak debt protection
metrics, and weak liquidity. The ratings also factor in the
company's modest scale of operations in the intensely competitive
automotive dealership segment. These rating weaknesses are
partially offset by the extensive experience of VAPL's promoters
in the automotive dealership industry.

VAPL, incorporated in 2010 and based in Ambala (Haryana), is a
private limited company promoted by Mr. Nitin Goyal and his family
members. VAPL is an authorised dealer for Volkswagen India Pvt Ltd
(VIPL; rated 'CRISIL AA/Stable/CRISIL A1+') in Ambala.


VIJAY ENGIFAB: CRISIL Reaffirms B- Rating on INR128MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijay Engifab India Pvt
Ltd (VEIPL) continue to reflect VEIPL's small scale of, and
working capital intensity in, operations.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           15       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term    12.4     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan            128       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in VEIPL's below-average financial risk
profile, marked by modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
promoters' extensive industry experience and funding support.

Outlook: Stable

CRISIL believes that VEIPL will continue to benefit over the
medium term from the promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' if the
company significantly improves its scale of operations,
profitability and working capital management. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, deteriorates owing to low cash
accruals, large working capital requirements, or any sizeable
debt-funded capital expenditure (capex).

Update
VEIPL reported healthy revenue growth of around 65 per cent in
2013-14 (refers to financial year, April 1 to March 31). It had
sales of around INR180 million in the 10 months through January
2015 and is expected to book revenue of around INR230 million for
2014-15. The operating margin reduced to 8.8 per cent in 2013-14
from 33 per cent in 2012-13 owing to increased raw material costs
and overheads. However, the profitability may improve in 2014-15
following ramp-up in scale of operations. The operations are
working capital intensive, with gross current assets (GCA) of 357
days as on March 31, 2014. Faster execution of orders is expected
to help VEIPL reduce GCAs to around 275 days over the medium term.
The financial risk profile is below average, with low net worth of
INR50 million and moderate gearing of 1.4 times as on March 31,
2014; the debt protection metrics are weak with interest cover of
1.1 times in 2013-14. The gearing is expected to increase due to
conversion of letter of credit to term loan in 2015-16. However,
the debt protection metrics may improve with interest coverage and
net cash accruals to total debt of more than 2 times and 0.15
times, respectively, over the medium term, supported by
improvement in profitability. Liquidity remains stretched, with
fully utilised bank limits, and accruals that are just about
adequate to service debt. However, fund support from the promoters
and absence of large capex plans are expected to support the
liquidity. The promoters extended unsecured loans of INR45.5
million and more than INR10 million in 2013-14 and 2014-15
respectively.

VEIPL reported net loss of INR9.6 million on net sales of INR111.4
million for 2013-14 against a profit after tax and net sales of
INR2.8 million and INR57.4 million, respectively, for 2012-13.

Incorporated in 2013, VEIPL is a Pune-based company that
manufactures fabricated items for the power, mining and
construction equipment sectors.


VINAYKUMAR & CO: CARE Reaffirms B+/A4 Rating on INR11cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vinaykumar & Co.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term Bank
   Facilities                     11        CARE B+/CARE A4
                                            Reaffirmed

   Short-term Bank Facilities      4        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Vinaykumar & Co.
(VKC) continue to remain constrained due to its modest scale of
operations, constitution as a proprietorship firm, low profit
margins, highly leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained due to VKC's
presence in the highly competitive agro processing industry and
susceptibility of profitability to raw material price fluctuation.

The ratings, however, continue to factor the benefits derived from
rich experience of the promoters and long track record of VKC in
sesame seeds processing coupled with geographical diversification.

VKC's ability to increase its scale of operations through
leveraging the existing marketing network, improve its profit
margins and capital structure while managing raw material price
volatility are the key rating sensitivities.

VKC was incorporated in 1992 as a proprietorship concern by Mr
Prahladbhai Patel. It is engaged in the processing and
trading of various types of sesame seeds at its processing
facility located at Unjha, Gujarat wherein it has sorting plant
for grading of agro commodities. It also undertakes trading of
other agro commodities like jeera seeds, kalonji seeds, etc. VKC
caters to both export as well as domestic markets.

It is a part of the Unjha-based Vinay Kumar group which also
includes another proprietorship entity namely Dhairya
International (DHI; rated 'CARE B+/CARE A4') which was set-up by
Mr Vinay Kumar Patel (son of Mr Prahladbhai Patel). Both these
entities are engaged in the processing and trading of sesame
seeds.

As per the audited results for FY14 (refers to the period April 1
to March 31), VKC reported a total operating income (TOI)
of INR120.62 crore (FY13: INR34.41 crore) with PAT of INR0.39
crore (FY13 audited: INR0.35 crore).


VISAGE INFRASTRUCTURE: CRISIL Reaffirms B+ INR20MM Loan Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Visage Infrastructure
Private Limited (VIPL) continue to reflect VIPL's constrained
financial flexibility due to working-capital-intensive operations
and its position in a fragmented industry with intense competition
and tender-based operations. These rating weaknesses are partially
offset by the resourceful background of VIPL's promoters and their
tie ups with established industry players.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VIPL will benefit over the medium term from
its resourceful management. The outlook may be revised to
'Positive' if VIPL successfully scales up its operations and
profitability on a sustainable basis, coupled with efficient
management of working capital requirements, leading to a healthy
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case its financial risk profile deteriorates owing
to constrained revenues and margins, or if the company undertakes
a large debt-funded capital expenditure (capex) programme, or if
there is any delay in receipt of bills from various principals.

VIPL is a private limited company established in 2013. The company
is promoted by Mr. Narinder Singh, his cousin Mr. Ravindra Singh
and a business associate Mr. Ankur Saxena in order to undertake
civil construction activity by participating in tenders floated by
government institutions and construction, procurement and
commissioning of power sub-stations. The company is a part of the
Paras group of companies with diversified interests in dairy
products, hospitals and real estate work in and around Delhi.


WOODFIELD SYSTEMS: ICRA Reaffirms B+ Rating on INR5cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR13.00 crore fund based and non-fund facilities of
Woodfield Systems International Private Limited.

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

   Long Term, Fund
   Based-Term Loans      5.00         [ICRA]B+; reaffirmed

   Long Term, Non
   Fund Based-Bank
   Guarantee             4.00         [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the long term
experience of promoters in the industry and the healthy operating
profitability due to specialized nature of manufacturing
operations. The rating also favourably factors in the reputed
customer base and the improvement in capital structure due to
equity infusion by promoters.

The rating however, continues to remain constrained by the small
scale of operations due to specialized nature of business. The
working capital intensity of operations continues to be at an
elevated level due to the elongated manufacturing and receivable
cycle. The ratings also take into account the significant fall in
operating profitability in the current fiscal owing to investments
for penetrating new geographies.

Incorporated in 2000, Woodfield Systems International Private
Limited (WSIPL) is a private limited company promoted by Mr.
Kartik Gala, Mr. Nittul Modi and Woodfield Systems Ltd (UK). WSIPL
is engaged in the manufacturing of loading and unloading arms. The
company has its fabrication unit at Asangaon, Thane. Loading and
unloading arms find its application in the petrochemical, oil &
gas, fertilizers, chemicals and power industry. The entity's
clientele primarily consists of reputed OMC players, as well as
large players in the fertilizer and chemical sectors.


YASH CONSTRUCTION: CRISIL Reaffirms B Rating on INR73MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yash
Construction Equipments Pvt Ltd (YCEPL) continues to reflect
YCEPL's weak financial risk profile, marked by small net worth,
high total outside liabilities to tangible net worth (TOLTNW)
ratio, and weak liquidity indicated by continuously fully utilized
working capital limits.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            73        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's working-capital-intensive
operations and exposure to intense competition in the automotive
dealership market. These rating weaknesses are partially offset by
YCEPL's established market position as a dealer for Tata Hitachi
Construction Machinery Company Private Limited (Tata Hitachi), and
the extensive industry experience of YCEPL's promoters.

Outlook: Stable

CRISIL believes that YCEPL will continue to benefit over the
medium term from its promoters' extensive industry experience in
the dealership business. The outlook may be revised to 'Positive'
if the company registers improvement in its financial risk
profile, driven by better profitability margins or substantial
revenue, while improving its working capital cycle. Conversely,
the outlook may be revised to 'Negative' if YCEPL's working
capital cycle lengthens or if its revenue or profitability
declines.

Update
YCEPL's revenue registered a 22 per cent year-on-year decline to
around INR251.5 million in 2013-14 (refers to financial year,
April 1 to March 31); the revenue declined mainly on account of
reduced demand for backhoe loaders and loaders because of ban on
mining in Sonbhadra River and high competition in the product
segment. The company's operating margin increased by around 200
basis points to 6.2 per cent in 2013-14 on account of better
margins provided by the principal to counter competition. CRISIL
expects YCEPL's revenues to register flattish growth with
sustained margins over the medium term on account of subdued
demand.

YCEPL's operations are working capital intensive as reflected in
its gross current assets (GCAs) of 236 days as on March 31, 2014,
on account of increased debtors and inventory because of high
year-end sales. The company's inventory was at 119 days and
receivables were at 84 days as on March 31, 2014. As a result, its
bank limits were fully utilised over the 12 months through
December 2014. YCEPL's GCAs are expected to remain large over the
medium term.

YCEPL's net worth is also estimated to remain low at around INR9
to 9.5 million (as on March 31, 2015, limiting its financial
flexibility to meet any exigency. The company has large debt,
contracted to fund its working capital requirements; large debt
and small net worth are likely to result in high TOLTNW ratio of
around 8 to 9 times as on March 31, 2015.

YCEPL was set up in 2007 by Mr. Sanjay Kumar and his wife Mrs.
Sneha Kumar, and has its headquarters in Mirzapur (Uttar Pradesh).
The company is an authorised dealer of Tata Hitachi's heavy earth-
moving equipment such as loaders, backhoe loaders, excavators, and
car-mounted machines. YCEPL became an authorised dealership for
Tata Hitachi Construction Machinery Company Private Limited (Tata
Hitachi) in 2007. YCEPL has 13 workshops in cities such as
Lucknow, Allahabad, Gorakhpur, and Sonebhadra (all in Uttar
Pradesh).



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


SHARP CORP: To Cut 6,000 Jobs in JPY200-Bil. Restructuring
----------------------------------------------------------
Thomson Reuters reports that Sharp Corp plans to cut around 6,000
jobs, over 10% of its workforce, in a global restructuring that
will cost over JPY200 billion, a person familiar with the plan
said on March 22.

Reuters relates that the job cuts will include around 3,000 in
Japan through early retirement and 3,000 overseas, according to
the person, who was briefed on the matter but asked not to be
named. The company had around 50,000 employees at the end of 2014,
Reuters notes.

According to Reuters, the display maker expects to post its third
annual net loss in four years after weak sales of smartphone
screens in China, aggravated by an unexpected comeback by rival
Japan Display Inc, derailed its recovery efforts. Last month it
forecast a net loss of around JPY30 billion for the fiscal year
ending in March, compared with the JPY30 billion net profit it
previously estimated, Reuters notes.

Reuters reports that Sharp Chief Executive Kozo Takahashi has been
in negotiations with the firm's main lenders, Mizuho Financial
Group Inc's Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, part of
Mitsubishi UFJ Financial Group Inc, for the company's second major
bailout since 2012, people familiar with the matter have said.

The firm's banks agreed in September 2012 to provide Sharp with
loans and credit lines worth JPY360 billion at March 22's exchange
rates, in exchange for promises to return to profit by this year.
So far, it has exited the European TV market and closed solar-
panel businesses in Europe and the United States, the report says.

One person familiar with the matter previously said Sharp has also
asked Japan Industrial Solutions, a corporate turnaround fund, to
invest up to $250 million in capital, Reuters relates.

The Nikkei reported earlier on March 19 that Sharp could also shed
its North American television business and lower the pay scale for
workers in Japan. The Yomiuri newspaper reported Sharp was
considering closing its TV factory in Mexico and cutting the size
of its North American sales division.

The company, which is expected to include the restructuring plan
in a medium-term business strategy due to be announced in May,
said it was considering various options to restructure its
business but no decisions had been made.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2015, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+'.  The ratings
remain on CreditWatch with negative implications.  S&P lowered its
short-term corporate credit and commercial paper program ratings
on Sharp to 'C' and placed them on CreditWatch with negative
implications.  S&P also lowered its long-term corporate credit
rating on Sharp's overseas subsidiary Sharp International Finance
(U.K.) PLC to 'CCC+' and kept it on CreditWatch with negative
implications.  S&P lowered its short-term corporate credit and
commercial paper program ratings on Sharp International Finance to
'C' and placed the ratings on CreditWatch with negative
implications.  On Feb. 4, 2015, S&P placed the long-term ratings
on Sharp and its subsidiary on CreditWatch with negative
implications following Sharp's announcement of a steep cut in
forecast earnings.

The downgrades and CreditWatch placements reflect S&P's view that
Sharp is more likely than previously to ask its main lender banks
for support in a form S&P defines as 'SD' (selective default),
such as a debt-for-equity swap, modifications to existing debt, or
a debt waiver.  S&P may further lower its ratings on Sharp by more
than one notch if in the next few months S&P sees a greater
likelihood of lender bank support in a form it deems as 'SD'.


SHARP CORP: Says It Is Not Considering LCD Business Spin-Off
------------------------------------------------------------
Thomson Reuters reports that Sharp Corp said it's not considering
spinning off its liquid crystal display business as part of a
bailout plan under discussion with lenders seeking restructuring
moves in return for extending support.

"This is not something we announced, nor is it something we are
considering," Sharp said in a statement on March 23, Reuters
relays. The firm issued the statement after the Sankei daily
newspaper earlier reported the company plans to spin off the LCD
unit, Reuters relates.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2015, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+'.  The ratings
remain on CreditWatch with negative implications.  S&P lowered its
short-term corporate credit and commercial paper program ratings
on Sharp to 'C' and placed them on CreditWatch with negative
implications.  S&P also lowered its long-term corporate credit
rating on Sharp's overseas subsidiary Sharp International Finance
(U.K.) PLC to 'CCC+' and kept it on CreditWatch with negative
implications.  S&P lowered its short-term corporate credit and
commercial paper program ratings on Sharp International Finance to
'C' and placed the ratings on CreditWatch with negative
implications.  On Feb. 4, 2015, S&P placed the long-term ratings
on Sharp and its subsidiary on CreditWatch with negative
implications following Sharp's announcement of a steep cut in
forecast earnings.

The downgrades and CreditWatch placements reflect S&P's view that
Sharp is more likely than previously to ask its main lender banks
for support in a form S&P defines as 'SD' (selective default),
such as a debt-for-equity swap, modifications to existing debt, or
a debt waiver.  S&P may further lower its ratings on Sharp by more
than one notch if in the next few months S&P sees a greater
likelihood of lender bank support in a form it deems as 'SD'.


SHARP CORP: Hon Hai May Make Another Rescue Offer
-------------------------------------------------
The Japan Times reports that Hon Hai Precision Industry Co., also
known as Foxconn, might make another offer to invest in Sharp
Corp., according to a Hon Hai source.

In March 2012, the two electronics makers agreed that Hon Hai
would invest about JPY67 billion in Sharp at a price of JPY550 per
share, the report recalls. The deal later stalled after Hon Hai
requested a change in the terms following a drop in Sharp's stock
price, The Japan Times says.

The Japan Times relates that Sharp then received equity
investments from Samsung Electronics Co. of South Korea and U.S.
semiconductor maker Qualcomm Inc.

According to the report, the source said the new investment offer
depends on whether Hon Hai can join Sharp's management.

A Sharp spokesman said that an investment price of JPY550 per
share will be a condition for resuming talks with Hon Hai, the
report states, The Japan Times relates.

Sharp is expected to receive JPY200 billion in financial
assistance, including through a debt-equity swap arrangement, and
is currently in talks with its main creditors, Bank of Tokyo-
Mitsubishi UFJ and Mizuho Bank, the sources, as cited by The Japan
Times, said.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2015, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+'.  The ratings
remain on CreditWatch with negative implications.  S&P lowered its
short-term corporate credit and commercial paper program ratings
on Sharp to 'C' and placed them on CreditWatch with negative
implications.  S&P also lowered its long-term corporate credit
rating on Sharp's overseas subsidiary Sharp International Finance
(U.K.) PLC to 'CCC+' and kept it on CreditWatch with negative
implications.  S&P lowered its short-term corporate credit and
commercial paper program ratings on Sharp International Finance to
'C' and placed the ratings on CreditWatch with negative
implications.  On Feb. 4, 2015, S&P placed the long-term ratings
on Sharp and its subsidiary on CreditWatch with negative
implications following Sharp's announcement of a steep cut in
forecast earnings.

The downgrades and CreditWatch placements reflect S&P's view that
Sharp is more likely than previously to ask its main lender banks
for support in a form S&P defines as 'SD' (selective default),
such as a debt-for-equity swap, modifications to existing debt, or
a debt waiver.  S&P may further lower its ratings on Sharp by more
than one notch if in the next few months S&P sees a greater
likelihood of lender bank support in a form it deems as 'SD'.



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


ROSS ASSET: Liquidators Seek to Clawback NZ$954K From Investor
--------------------------------------------------------------
BusinessDesk reports that liquidators of the Ross Asset Management
group of companies, found to be a ponzi scheme, are looking to
claw back NZ$954,000 one investor withdrew before the scheme
collapsed, in the first of three test cases.

BusinessDesk relates that PwC's John Fisk, represented by lawyer
Mike Colson, said liquidators have a claim on any funds withdrawn
from the investment scheme since December 2010 under the Companies
Act on the basis investors would receive more than their
entitlement under a liquidation. The liquidators also believe they
can make a claim on anyone who withdrew funds within the past six
years under the Property Law Act on the basis they were part of
David Ross's fraud, the report says.

In the first of the test cases to claw back up to NZ$3.8 million
that was withdrawn from the scheme, Justice Mackenzie in the
Wellington High Court heard the respondent, who has interim name
suppression, withdrew NZ$954,000 from the RAM group in 2011, says
BusinessDesk. The respondent had originally invested NZ$500,000 in
November 2007 and the total returned includes 'profit' on the
investment. According to the report, Mr. Colson argues because a
ponzi scheme relies on new investors putting money in to repay
older investors and prolong the fraud, any repayment made belongs
to the collective group of defrauded investors.

Currently, defrauded Ross Asset Management investors expect to
receive 3 cents in every dollar invested and the claw-back of
NZ$954,000 would lift this to 4 cents in the dollar, Mr. Colson
said, BusinessDesk relays.

BusinessDesk says Wellington-based David Ross built up a private
investment service by word of mouth, producing regular reports for
shareholders indicating healthy but fictitious returns. Between
June 2000 and September 2012, Mr. Ross reported false profits of
NZ$351 million from fictitious securities trading as part of a
fraud that was the largest single such crime committed by an
individual in New Zealand, BusinessDesk recalls.

In June last year, the Court of Appeal turned down a bid by
Mr. Ross to reduce his 10-year, 10-month jail term, which carries
a minimum non-parole period of five years and five months,
BusinessDesk says.

According to BusinessDesk, Mr. Fisk is seeking to claw back some
of the NZ$100 million to NZ$115 million that was lost in the
fraudulent scheme for some 1,200 investors. As at June 16, they
estimated the realisable value of shares held by Ross Asset
Management entities to be about NZ$5.4 million, with estimated
total realisations available for investors and creditors of
NZ$3.98 million, BusinessDesk states.

                         About Ross Asset

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

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

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

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

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

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



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


* BOND PRICING: For the Week March 16 to March 20, 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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