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        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 31, 2015, Vol. 18, No. 063


                            Headlines


A U S T R A L I A

BOBOS ENGINEERING: Legal Row With Big Firm Sparks Administration
KNIGHTS INSOLVENCY: Former Head Faces Further Fraud Charges
MAUNDOT PTY: First Creditors' Meeting Set For April 7
RHUBARB GROUP: Assets Up for Sale
WAYNE ROBERTS: First Creditors' Meeting Set For April 8

WICKHAM SECURITIES: Sandhurst Class Action Numbers May Double


C H I N A

AGILE PROPERTY: Moody's Says Ba3 CFR Unaffected by Weak Liquidity
CEETOP INC: Needs More Time to File 2014 Annual Report
INTERNATIONAL TEXTILE: Posts $15.4 Million Net Loss in 2014
LAI FUNG: Moody's Says 2015 Interim Results Support B1 CFR
SUNAC CHINA: Moody's Downgrades CFR to B1, Outlook Stable

YUZHOU PROPERTIES: Moody's B1 CFR Unaffected by Credit Metrics


H O N G  K O N G

PHYSICAL PROPERTY: Incurs HK$820,000 Net Loss in 2014
XIANGTIAN USA: Reports $571K Net Loss in Q2 Ending Jan. 31


I N D I A

ARTEFACT INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR45M Loan
ARTEFACT PROJECTS: CRISIL Reaffirms D Rating on INR100MM Loan
ASIP PRIVATE: CRISIL Reaffirms D Rating on INR930MM Bank Loan
ATELIER AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR70MM Loan
BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR130MM Loan

BHARAT INFRA: CRISIL Ups Rating on INR50MM Term Loan to B-
DUNCAN INDUSTRIES: CARE Lowers Rating on INR44.07cr LT Loan to D
HIRANANDANI PALACE: Bombay High Court Enters Wind Up Order
JANKI AGRO: CARE Assigns B+ Rating to INR12.0cr LT Bank Loan
JEWEL OVERSEAS: CRISIL Reaffirms B+ Rating on INR100MM Loan

JK SURFACE: CRISIL Ups Rating on INR90MM Overdraft Loan to B-
KABRA PLASTICS: CRISIL Cuts Rating on INR489.3MM Term Loan to B
KEERTHI INDUSTRIES: CARE Ups Rating on INR52.91cr LT Loan to C
LION INSULATION: CARE Reaffirms B Rating on INR8.69cr LT Loan
LOKESH MACHINES: CARE Reaffirms B- Rating on INR94.18cr Loan

MARK-O-LINE TRAFFIC: CRISIL Places B+ Rating on INR40MM Loan
MINEX INDIA: CRISIL Lowers Rating on INR90MM Cash Loan to D
MOTHERS AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
NAMAN MALL: CARE Lowers Rating on INR70.24cr LT Loan to D
P L MULTIPLEX: CRISIL Cuts Rating on INR114MM Term Loan to D

PARAS TARP: CRISIL Assigns B Rating to INR50MM Long Term Loan
PASHUPATINATH DISTRIBUTORS: CRISIL Reaffirms B+ Cash Loan Rating
PREMIER CLEARING: CRISIL Assigns B+ Rating to INR65MM Cash Loan
PURANDAR PROMOTERS: CRISIL Assigns B+ Rating to INR200MM Loan
RELIANCE COMM: Moody's Says Ba3 CFR Can Absorb Spectrum Payments

RHINE SOLAR: CRISIL Assigns B Rating to INR27MM Term Loan
S K AGRI: CARE Assigns B+ Rating to INR6cr LT Bank Loan
SAI SREE: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
SAMAY PROJECT: CRISIL Cuts Rating on INR6cr Cash Loan to B+
SARIA INDUSTRIES: CRISIL Cuts Rating on INR149MM Cash Loan to B

SLEEV TOBACCO: CRISIL Reaffirms D Rating on INR100MM Cash Loan
STEELWAYS ENTERPRISES: CRISIL Puts B Rating on INR70MM Cash Loan
TEMPLE CITY: CRISIL Cuts Rating on INR95MM Cash Loan to D
VALPACK SOLUTIONS: CARE Assigns B- Rating to INR12.10cr LT Loan


N E W  Z E A L A N D

HARVESTPRO NZ: Worker Still Awaits Reparation Pay


S O U T H  K O R E A

* Corporate Bill Default Rate Falls to 20-Month Low in Feb.


X X X X X X X X

* BOND PRICING: For the Week March 23 to March 27, 2015


                            - - - - -


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


BOBOS ENGINEERING: Legal Row With Big Firm Sparks Administration
----------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bobos Engineering
Australia Pty Ltd has been placed into administration. Nicholas
David Gyss and Stephen James Duncan of KordaMentha were appointed
administrators of the company on March 23, 2015, the report says.

According to the report, Broken Hill engineering firm said the
decision comes after a costly legal fight with a big company. The
company has 35 employees.

Bobos Engineering has finished some projects in Broken Hill and
other projects like the Miners' Memorial and Cafe, St Anne's
Nursing Home and the two key shopping complexes in the city,
Dissolve.com.au discloses.


KNIGHTS INSOLVENCY: Former Head Faces Further Fraud Charges
-----------------------------------------------------------
Anthony Marx at The Courier-Mail reports that the times just keep
getting tougher for the man who once ran Brisbane's now-failed
Knights Insolvency.

Trevor John Schmierer was back behind bars on March 25 at Arthur
Gorrie Correctional Centre, where is he is believed to be on
remand facing further fraud charges, the report says.

The Courier-Mail relates that this latest case centres on more
than AUD500,000 allegedly misappropriated from self-managed super
fund investors tipping money into American real estate.

According to the report, the now-bankrupt bizzoid was a
predictable no-show on March 25 in Brisbane Magistrate's Court,
where he got slapped with a small fine after pleading guilty in
absentia to two charges related to audit record keeping.

The report says the irony of the ATO bankrupting Mr. Schmierer
over more than AUD960,000 in debts in mid-2013 was lost on no one.
After all, he had previously managed one of the only insolvency
firms to ever list on the ASX before its collapse in 2005, the
report states.

A quick check of his Linked In on March 25 showed no mention of
the unpleasantness above, The Courier-Mail notes. Instead, it says
he serves as a director of the Brisbane-based USA Property Buyers
Agency and CFO of South East Asia Supply Company in
Hong Kong, adds The Courier-Mail.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2005, Knights Insolvency Administration Limited's
secured creditor, the ANZ Bank, at the Company's request,
appointed Tony Sims and Grant Sparks of Sims Partners as
voluntary administrators.

Based in Brisbane, Knights Insolvency Administration Limited
worked in turning around or selling off struggling companies.
However, it collapsed facing potential losses of AUD22 million
in August 2005 despite reporting a AUD3.7 million profit in
2004.  The collapse resulted in more than AUD10 million being
owed and shareholders stuck with worthless stock, as well as tax
owed for franking dividends without having sufficient franking
credits, The Courier-Mail related.


MAUNDOT PTY: First Creditors' Meeting Set For April 7
-----------------------------------------------------
Frank Lo Pilato of RSM Bird Cameron Partners was appointed as
administrator of Maundot Pty Limited, trading as "Summers Glass &
Joinery", on March 26, 2015.

A first meeting of the creditors of the Company will be held at
the offices of RSM Bird Cameron Partners, Level 1, 103-105
Northbourne Avenue, in Turner, ACT, on April 7, 2015, at
3:00 p.m.


RHUBARB GROUP: Assets Up for Sale
---------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of the Rhubarb group of
companies.

According to the report, the administrators are giving the buyer
of the companies the chance to own the brand and its intellectual
property. Key features of the sale include registered trademarks,
a 97,000 client database, company website and established online
retail platform.

Rhubarb Group sell children's accessories and clothing.

The companies entered administration on March 20, 2015 with Craig
Peter Shepard and Rahul Goyal of KordaMentha being appointed
administrators of the company.


WAYNE ROBERTS: First Creditors' Meeting Set For April 8
-------------------------------------------------------
Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of Wayne Roberts Concrete Constructions Pty Limited
on March 25, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, 47 Newcomen Street, in Newcastle, New South
Wales, on April 8, 2015, at 9:00 a.m.


WICKHAM SECURITIES: Sandhurst Class Action Numbers May Double
-------------------------------------------------------------
Jason Spits at Money Management reports that the potential class
action against Sandhurst Trustees may expand out to represent up
to 180 investors, none of whom have received any funds since the
failure and closure of Wickham Securities in early 2013.

Money Management relates that Shine Lawyers financial services
class actions department manager Jan Saddler said that a decision
by the Federal Court of Australia in February to order Sandhurst
to hand over documents would be instrumental in deciding if a
class action would proceed.

According to the report, Mr. Saddler said it was expected the
documents -- 39 in all covering financial, director's and
liquidator's reports and trustee agreements -- would be received
within a month and then a further three to six months would be
required to assess them and see if investors had grounds to seek
compensation from Sandhurst.

Sandhurst acted as the trustee for failed property lender Wickham
Securities which was owned and operated by Bradley Sherwin, the
report notes.

Mr. Sherwin was banned by the Australian Securities and Investment
Commission for a period of two years and seven months from
September 2013, the report recalls. The ban corresponded with the
period remaining on his bankruptcy and is set to end in April
2016.

Money Management relates that Mr. Saddler said Shine expected the
class action to grow to include 150 to 180 investors after having
grown from 80 in 2013 to 100 at present but stated the record
keeping of Wickham Securities was poor and identifying investors,
sums invested and levels of losses had been difficult.

According to Money Management, the class action would seek to
reclaim as much as possible for investors with Mr. Saddler stating
that liquidators PBB Advisory had estimated total losses to
initially be between AUD28 million and AUD32 million with investor
losses at around AUD27 million but this was subject to change as
Shine made contact with more Wickham investors.

The report relates that Mr. Saddler said the case was not brought
to the Financial Ombudsman Service (FOS) as Wickham Securities was
not a member of the service and any potential claims against
Sandhurst of alleged breaches of fiduciary duty and alleged
breaches of the Corporations Act were not covered by FOS terms of
service.

Sandhurst was initially ordered to hand over the relevant
documents in a court ruling brought by two Wickham Securities
investors but appealed against the ruling, which was dismissed
last month, the report recalls. However Sandhurst can still appeal
to the High Court of Australia if it receives a special leave
application to do so.

                    About Wickham Securities

Wickham Securities Limited is a Brisbane-based financial services
company. Director Bradley Sherwin appointed Messrs. Grant Sparks
and David Leigh of PPB in Brisbane as administrators to the
company on Dec. 21, 2012.

On Jan. 24, 2013, Stefan Dopking, Quentin Olde and Michael Ryan
of Taylor Woodings were appointed Voluntary Administrators to the
following companies in the Wickham Financial Group:

* Astor Funds Pty Ltd
* Blue Diamond Investments Pty Ltd
* DIY Superannuation Services Pty Ltd
* Reacroft Pty Ltd
* Sherwin Financial Planners Pty Ltd
* SP Property Pty Ltd
* Wickham Capital Pty Ltd


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


AGILE PROPERTY: Moody's Says Ba3 CFR Unaffected by Weak Liquidity
-----------------------------------------------------------------
Moody's Investors Service said that Agile Property Holdings
Limited's Ba3 corporate family rating, B1 senior unsecured debt
rating are unaffected by its weakened liquidity position.

The ratings outlook is negative, reflecting this weakening in
liquidity.

"Although Agile's reported 2014 results show a weakened liquidity
position, we expect it will maintain access to funding and an
ability to refinance its short-term debt obligations," says Gerwin
Ho, a Moody's Vice President and Senior Analyst.

While Agile's liquidity position, as measured by cash to short-
term debt, weakened significantly to 0.69x at end- December 2014
from 1.06x at end-December 2013, Moody's expects the metric to
return to above 1.0x in the next 12 months.

Higher construction expenses and an increase in its inventory to
RMB76.3 billion in December 2014 from RMB62.7 billion the previous
year have resulted in higher borrowings.

Its short-term debt, in particular, rose to RMB16.5 billion from
RMB12.4 billion, although this rise is also because of its USD265
million term loan extension due in November 2015. As a result, the
company's liquidity position has weakened.

However, Moody's believes that Agile will likely refinance its
short-term debt by (1) speeding up collections from pre-sales; (2)
arranging new bank financing; and (3) slowing its land
acquisitions and project construction.

"Agile's lower gross margin and increased debt have also weakened
its interest coverage and financial flexibility," says Ho, also
the Lead Analyst for Agile.

Agile's gross profit margin declined to 32.4% in 2014 from 35.6%
in 2013, reflecting a changing geographic mix, higher unit land
costs, as well as the impact from discounts to reduce inventory.

Agile's gross debt -- including reported debt plus 100% of its
perpetual securities -- climbed to RMB46.8 billion at end-2014
from RMB44.3 billion a year ago.

As a result, adjusted interest coverage fell to about 2.4x in 2014
from 3.3x in 2013. Though this ratio is still within the Ba3
rating level, it weakens the company's financial flexibility in
terms of its ability to take up more borrowings. Moody's expects
the company's interest coverage will remain at around 2.0x-2.5x
over the next 12 months.

Agile's sales performance was in line with Moody's expectations;
it reported pre-sales of RMB44.2 billion in 2014, up 9% year-on-
year.

Book revenue grew 8% year-on-year to RMB38.3 billion in 2014.

Downward rating pressure could arise if Agile's: (1) operating
cash flow weakens due to materially weaker-than expected sales or
over-expansion in terms of new projects and (2) liquidity
deteriorates further because of weakened sales or material land
acquisitions.

Indicators of downgrade pressure would include EBITDA/interest
below 2x-2.5x or cash holdings below 1.0x-1.5x of short-term debt
on a sustained basis.

Given its negative outlook, the rating is unlikely to be upgraded.

However, the outlook would return to stable if Agile: (1) improves
its liquidity with cash reaching 1.0x-1.5x of short-term debt and
maintains access to the offshore bank and debt markets; (2)
successfully executes its pre-sales plan; and (3) maintains its
gross margin at around 25% to 30% and EBITDA/interest at 2x-2.5x.

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

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment. At 25 March
2015, the company had a land bank with a total gross floor area of
43.4 million square meters in over 40 cities and districts in
China. Southern China (mainly Guangdong Province) is its largest
market, accounting for around 36% of the company's land bank and
around 53% of its pre-sales in 2014.


CEETOP INC: Needs More Time to File 2014 Annual Report
------------------------------------------------------
Ceetop, Inc., notified the Securities and Exchange Commission it
cannot file its Dec. 31, 2014, Form 10-K within the prescribed
time period because management has not completed the process of
gathering and analyzing the financial information that will be
included in the Company's Form 10-K report.

                          About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.

Ceetop reported a net loss of $2.88 million in 2013 following a
net loss of $1.39 million in 2012. As of June 30, 2014, the
Company had $2.50 million in total assets, $545,000 in total
liabilities, all current, and $1.95 million in total stockholders'
equity.

Clement C. W. Chan & Co., in Hong Kong, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013. The independent auditors noted that
the Company incurred a net loss of $2.89 million for the year
ended Dec. 31, 2013, has accumulated deficit of $8.61 million at
Dec. 31, 2013. These matters raise substantial doubt about the
Company's ability to continue as a going concern.


INTERNATIONAL TEXTILE: Posts $15.4 Million Net Loss in 2014
-----------------------------------------------------------
International Textile Group, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss attributable to common stock of $15.4 million on $595
million of net sales for the year ended Dec. 31, 2014, compared to
a net loss attributable to common stock of $10.9 million on $600
million of net sales in 2013.

As of Dec. 31, 2014, the Company had $302 million in total assets,
$368 million in total liabilities and a $66.3 million total
stockholders' deficit.

                     Restructuring Activities

"The Company continues to examine its manufacturing operations and
evaluate opportunities to reconfigure manufacturing and supply
chain operations with a focus on operational improvements and cost
reductions, as well as seek appropriate opportunities to reduce
the Company's general and administrative expenses. The Company
also continuously evaluates opportunities to restructure
operations in an effort to better align its manufacturing base
with long-term opportunities and increase return on investment.
Management continuously evaluates the financial and operating
results of our various businesses, and may seek to take various
actions, including transferring operations, closing plants, idling
operations or disposing of assets from time to time in order to
respond to changing economic circumstances and to improve the
Company's overall liquidity and financial results," the Company
said in the Report.

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

                        http://is.gd/gDbga8

                   About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam. ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.


LAI FUNG: Moody's Says 2015 Interim Results Support B1 CFR
----------------------------------------------------------
Moody's Investors Service said that Lai Fung Holdings Limited's
moderate 2015 interim results still support its B1 corporate
family and senior unsecured bond ratings, and were in line with
Moody's expectations after the company issued a profit warning on
March 16, 2015.

The ratings outlook remains stable.

"Lai Fung's stable recurring income from its investment property
portfolio and moderate credit metrics for 2015 interim results
continue to support the company's B1 ratings," says Fiona Kwok, a
Moody's Analyst.

For the six months ended Jan. 31, 2015, Lai Fung recognized HKD284
million of net rental income, slightly higher than the HKD273
million a year ago. The 2015 interim net rental income fully
covers its gross interest expenses of HKD153 million.

Lai Fung's adjusted EBITDA/interest for the 12 months ended
January 2015 improved to 1.8x from 1.6x for FY 2014. However, its
adjusted debt/capitalization increased to 27% from 25% in the same
period.

Lai Fung reported a 4% year-on-year decline in revenue to HKD538
million for the six months ended January 2015. This decline was
due to the 24% drop in contributions from its property development
business, to HKD232 million from HKD307 million, as a result of
the slower contracted sales for the last two years and the slower-
than-expected deliveries of property units.

At the same time, Lai Fung's gross debt climbed to HKD5.1 billion
at end-January 2015 from HKD4.7 billion at end-July 2014. However,
its interest expense was lower for the 12 months ended January
2015 compared to FY 2014, as the company trimmed its debt level
from the HKD6.1 billion peak at end-January 2014. As a result, the
interest costs incurred during the six months ended January 2015
were 30% lower than a year ago.

"We expect Lai Fung to achieve limited growth in contracted sales
and revenue in the next 12-18 months, presenting challenges for
the company as it aims to achieve an ambitious growth plan," adds
Kwok, who is also the Lead Analyst for Lai Fung.

Lai Fung is aiming to increase its rental portfolio to 7.1 million
square feet from the 2.8 million square feet at end-January 2015
through developing existing projects over the next few years. This
build-and-keep business model requires ongoing heavy capital
investment. Therefore, Lai Fung will need to rely on debt and
contracted sales proceeds to fund these future investments and
construction costs.

In addition, the expected commencement of construction work for
Phase 1 of the Creative Culture City project in Hengqin in second
half of 2015 will add an additional financial burden to Lai Fung.

Lai Fung's liquidity position remains adequate, with a cash
balance of HKD2.0 billion at end-January 2015.This sufficiently
covers its short-term debt of HKD944 million.

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

Lai Fung Holdings Limited, a member of the Lai Sun Group, focuses
on mid-market property developments and investments in Guangzhou,
Shanghai and Zhongshan. At 31 January 2015, the company was
51.39%-owned by eSun Holdings Limited (unrated), a Lai Sun Group
company, and controlled by the Lim Por-yen family, which holds
interests in property, garment, and entertainment businesses
through a number of Hong Kong-listed companies.

CapitaLand Group (unrated), a property company under Temasek
Holdings (Private) Limited (Aaa stable) owned a 20% stake in Lai
Fung at Jan. 31, 2015.

The company exhibited a land bank with a gross floor area (GFA) of
around 10.2 million square feet at Jan. 31, 2015, and a portfolio
of investment properties with an attributable GFA of approximately
2.8 million square feet in the same period.


SUNAC CHINA: Moody's Downgrades CFR to B1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded Sunac China Holdings
Limited's corporate family rating to B1 from Ba3, and senior
unsecured ratings to B2 from B1.

The ratings outlook is stable.

"The ratings downgrade reflects Sunac's weaker than expected
results for the financial year ended 31 December 2014 and our
expectation that its financial metrics will remain weak over the
next 12-18 months." says Franco Leung, a Moody's Vice President
and Senior Analyst.

Sunac reported a 19% year-on-year decrease in revenue to RMB25.1
billion from RMB30.8 billion. In addition, its gross profit margin
fell to 17.3% in 2014 from 23.3% in 2013.

At the same time, the company recorded a significant increase in
contributions from its joint ventures and associates.

However, its credit metrics even after taking into account the
portion attributable to Sunac's jointly controlled entities -
remain weak.

Moody's estimates that Sunac's adjusted gross profit margin
including the portion attributable to Sunac's jointly controlled
entities was weak, at around 21% in 2014 from 23.2% in 2013.

As a result, its adjusted EBITDA/interest including contributions
from its jointly controlled entities and associates fell to around
1.5x in 2014 from around 2.1x in 2013.

Moody's expects that Sunac's adjusted EBITDA/interest will stay
below 1.75x--2.00x in the coming 12-18 months, while its profit
margins will stabilize at current levels. Such credit metrics are
comparable to that of its B1-rated industry peers.

Moody's expects that the profit contributions from Sunac's joint
ventures and associates will remain volatile in the coming 12-18
months. While its project partners are mostly reputable
developers, Moody's notes that joint venture disclosure is less
vigorous and results in reduced corporate transparency.

"The downgrade of Sunac's ratings also factors in Sunac's strong
acquisitive appetite, which raised its business risk profile, and
pressured its financial position," adds Leung, who is also the
Lead Analyst for Sunac.

On 6 February 2015, Sunac announced that it planned to
conditionally acquire around 2.5 billion shares in Kaisa Group
Holdings Limited (Ca, review for upgrade) at a total consideration
of HKD4.55 billion (RMB3.67 billion).

Moody's notes that in 2014, Sunac attempted a similar acquisition
for a 24.3% stake in Greentown China Holdings Limited (B1 stable).
This earlier acquisition attempt was aborted in late 2014.

If the Kaisa acquisition is successful, Sunac's liquidity will
weaken and its financial position will be adversely affected by
Kaisa's weak credit profile.

On the other hand, if the transaction does not go ahead, Sunac
will have to make up for its slower land purchases in 2014.

Moody's believes Sunac has diverted a substantial amount of
management resources on the complex Kaisa acquisition. The
investment of time will continue to distract management's
attention away from its core business operations.

As for its liquidity position, Sunac's liquidity profile remains
strong. It reported a substantial increase in cash holdings to
RMB25 billion at end-2014 from about RMB16 billion at end-2013.

The company's cash to short term debt remained strong, at 181% at
end-2014 from 204% at end-2013, despite a substantial increase in
short-term debt to RMB13.8 billion from RMB7.8 billion over the
same period.

However, its liquidity buffer could deteriorate, if Sunac
maintains an acquisitive appetite.

In addition, Moody's expects Sunac's debt leverage -- as measured
by revenue/debt -- will remain at around 75%-80% from around 73%
in 2014. Such a level of projected debt is comparable with that of
its B1-rated industry peers in China.

Sunac's B1 corporate family rating continues to reflect its strong
sales execution. It maintains leading sales positions in key
cities, even in downcycles, and exhibits a good quality land bank.

Upgrade ratings pressure could emerge in the medium term if the
company:

  (1) Demonstrates stable sales growth and substantially achieves
      its presales target;

  (2) Adopts a prudent strategy on land acquisitions;

  (3) Improves its credit metrics, such that EBITDA/interest
      coverage exceeds 2.5x-3.0x and revenue-to-debt exceeds 85%-
      90%, on a sustained basis; and

  (4) Improves its debt maturity profile, such that debt maturing
      in 12 months does not exceed 35% of total debt.

On the other hand, downgrade ratings pressure could arise if
Sunac:

  (1) Fails to generate positive sales growth;

  (2) Experiences increased liquidity risk, due to aggressive
      land or other acquisitions, with cash to short term debt
      falling below 1x on a sustained basis;

  (3) Increases its debt leverage, such that revenue to debt
      falls below 65%-70%; or

  (4) Exhibits a deterioration in profitability or interest
      coverage; in particular, if its adjusted EBITDA/interest
      falls below 1.25x-1.5x for a sustained period.

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

Sunac China Holdings Limited is an integrated residential and
commercial property developer, with ongoing or completed projects
in China's main regions of Beijing, Tianjin, Shanghai, Chongqing
and Hangzhou.

The company develops a wide range of properties, including high-
rise and mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.

Sunac was incorporated in the Cayman Islands on April 27, 2007 and
listed on the Hong Kong Stock Exchange on Oct. 7, 2010. At end-
2014, it owned 71 projects and its land bank totaled 21.6 million
square meters.


YUZHOU PROPERTIES: Moody's B1 CFR Unaffected by Credit Metrics
--------------------------------------------------------------
Moody's Investors Service said that Yuzhou Properties Company
Limited's B1 corporate family and senior unsecured ratings and
stable outlook are unaffected by its weakened credit metrics in
2014.

"Although Yuzhou's credit metrics weakened in 2014, we expect its
revenue to gross debt to return to around 60%-65%, and its
adjusted EBITDA/interest to improve to around 2.0x-2.5x in 2015,"
says Fiona Kwok, a Moody's Analyst.

"Contracted sales will grow to around RMB12.5 billion in 2015
owing to the company's leading market position in both Xiamen and
Hefei," adds Kwok.

Moody's also expects Yuzhou's revenue to grow to around RMB11
billion, as a portion of the company's contracted sales of RMB11
billion-RMB12 billion during the last two years will be recognized
in 2015.

On the other hand, Yuzhou's gross debt will likely climb in a
controlled manner owing to funds required for expansion and
construction.

And based on the latest management strategy of increasing the
usage of onshore debt, Moody's expects Yuzhou's subordination risk
to increase.

The change in strategy was due to (1) a re-opening of the onshore
debt market for property developers as demonstrated by their
successful issuance of onshore medium-term notes; and (2) an
expected gradual reduction in interest cost for onshore bank
borrowings.

Notching for legal and structural subordination has not been
applied to Yuzhou; its subsidiary and secured debt to total
consolidated assets was around 17% at end-2014.

Moody's will consider notching down Yuzhou's bond rating if the
company fails to trend down to 15% on a sustained basis.

Yuzhou's adjusted EBITDA/interest decreased to 2.2x in 2014 from
2.3x in 2013, and its revenue/debt fell to 50.9% from 76.9% in the
same period.

Although its revenue increased modestly by 5% to RMB7.8 billion in
2014 from a year ago, its gross margin improved to 36.3% from 31%
in the same period as a result of the higher average selling price
of its recognized projects.

As a result, Yuzhou's adjusted EBITDA improved 24% to RMB2.5
billion in 2014.

On the other hand, its reported debt rose significantly to RMB15.4
billion in 2014 from RMB9.7 billion in 2013, after the issuance of
USD300 million notes in January 2014, USD250 million notes in
December 2014, and an increase in construction loans for property
development.

As a result, the growth in interest cost has outpaced EBTIDA
growth.

Due to the 10% increase in contracted sales to RMB12 billion as
well as an increase in gross debt in 2014, Yuzhou's cash balance
rose materially to RMB9.8 billion at end-2014 from RMB3.9 billion
at end-2013.

These cash holdings are enough to cover its short-term debt of
RMB3.8 billion and committed unpaid land premiums of RMB5.0
billion.

It has no near-term material maturities until 2017, when its
USD250 million bond becomes due. In addition, its cash to short-
term debt ratio of 2.6x is strong when compared to its Ba and B-
rated Chinese property peers.

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

Yuzhou Properties Company Limited is a Fujian-based developer,
focusing on residential housing in Xiamen. Its land bank (with
legal titles) was small, at around 8.58 million square meters in
gross floor area at 31 December 2014. Of this land bank, 30% was
located in Hefei, 21% in Xiamen, and 14% in Quanzhou. The rest of
its land bank was located in Bengbu, Shanghai, Fuzhou, Tianjin,
Longyan, Zhangzhou and Nanjing.



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


PHYSICAL PROPERTY: Incurs HK$820,000 Net Loss in 2014
-----------------------------------------------------
Physical Property Holdings Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss and comprehensive loss of HK$820,000 on HK$1.05 million
of rental revenue for the year ended Dec. 31, 2014, compared with
a net loss and comprehensive loss of HK$459,000 on HK$1.05 million
of rental revenue for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had HK$9.39 million in total
assets, HK$11.7 million in total liabilities, all current, and a
$2.32 million total stockholders' deficit.

Cash and cash equivalent balances for the fiscal years ended
Dec. 31, 2014, and Dec. 31, 2013, were HK$63,000 (US$8,000) and
HK$29,000, respectively.

Mazars CPA Limited, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2014, citing that the Company had a negative
working capital as of Dec. 31, 2014, and incurred loss for the
year then ended, which raised substantial doubt about its ability
to continue as a going concern.

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

                        http://is.gd/GUYJ6k

                      About Physical Property

Located in Hong Kong, Physical Property Holdings Inc., through its
wholly-owned subsidiary, Good Partner Limited, owns five
residential apartments located in Hong Kong. The Company was
incorporated in the State of Delaware.


XIANGTIAN USA: Reports $571K Net Loss in Q2 Ending Jan. 31
----------------------------------------------------------
Xiangtian (USA) Air Power Co., Ltd., filed its quarterly report on
Form 10-Q, disclosing a net loss of $571,000 on $nil of revenue
for the three months ended Jan. 31, 2015, compared with a net loss
of $94,800 on $nil of revenue for the same period last year.  The
Company's balance sheet at Jan. 31, 2015, showed $31.9 million in
total assets, $23.7 million in total liabilities, and
stockholders' equity of $8.17 million.

The Company has incurred losses since its inception resulting in
an accumulated deficit of $1.53 million as of Jan. 31, 2015, and
further losses are anticipated in the development of its business
raising substantial doubt about the Company's ability to continue
as a going concern.


A copy of the Form 10-Q is available at:

                      http://is.gd/PxJPsU

Hong Kong-based Xiangtian (USA) Air Power Co., Ltd., utilizes a
proprietary compressed air energy storage power generation
technology that can operate in conjunction with electricity
produced by other alternative energy sources, such as solar, wind,
geothermal, and tidal as raw power to generate additional
electricity without the use of fossil fuels. When the alternative
energy source is intermittent or unavailable, its novel approach
of releasing the compressed air to operate a compressed air engine
linked with a generator and thereby creating electricity provides
customers with an advanced power generation capability with no
carbon or toxic emissions. The resulting power can either be used
for the customer's operations or for sale to the State Grid
Corporation of China.



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


ARTEFACT INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR45M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Artefact
Infrastructure Ltd (AIL) continue to reflect AIL's limited track
record of operations in the execution of road construction
projects and in mining activity, and its stretched working capital
cycle.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------    -------
   Bank Guarantee       25        CRISIL A4 (Reaffirmed)
   Cash Credit          45        CRISIL B/Stable (Reaffirmed)
   Letter of Credit     35        CRISIL A4 (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, marked by a small net worth and high gearing. These
rating weaknesses are partially offset by the moderate revenue
visibility from AIL's part-toll/part-annuity road project, and the
company's diversified revenue profile.

Outlook: Stable

CRISIL believes that AIL will continue to benefit over the medium
term from its promoters' extensive experience in the
infrastructure business. The outlook may be revised to 'Positive'
if the company registers healthy and sustained growth in its
revenue along with steady operating profitability, while it
retains its cash accruals for funding incremental working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if AIL's financial risk profile deteriorates, most likely on
account of substantial debt-funded capital expenditure, or
significant cost overruns in its ongoing projects, resulting in
deterioration in its operating profitability and higher dependence
on bank facilities for managing its working capital requirements.

Update
For 2013-14 (refers to financial year, April 1 to March 31), AIL
registered revenue of INR171.1 million, lower than in 2012-13. The
decline was mainly because of delays in execution of projects,
also reflected in its high working capital inventory of around
INR45.0 million (106 days of sales) as on March 31, 2014. The
company currently has an order book of INR197.0 million in its
road engineering, procurement, and construction (EPC) segment, and
yearly revenue expectations of around INR109.0 million from its
existing mining contracts, which CRISIL expects will drive revenue
growth of over 20 per cent over the near-medium term. AIL's
profitability has improved in 2013-14, with an operating margin of
10.11 per cent, on account of execution of higher margin
contracts.

AIL, however, continues to have stretched receivables, as
reflected in its debtors of 258 days as on March 31, 2014, leading
to full utilisation of its working capital bank lines. The
company's operations are expected to remain highly working capital
intensive over the medium term, constraining its liquidity. AIL is
expected to generate annual cash accruals of INR18 million to
INR20 million over the next two years, as against annual term debt
repayment obligations of INR1.9 million.

AIL's financial risk profile is constrained by its modest net
worth of INR75.0 million as on March 31, 2014, leading to high
gearing of over 2 times as on this date. CRISIL believes that the
gearing will remain high over the medium term with large
incremental working capital requirements due to revenue growth and
limited expected addition to the net worth because of moderate
growth in cash accruals.

AIL reported a profit after tax (PAT) of INR10.5 million on net
sales of INR171.1 million for 2013-14, against a PAT of INR13.2
million on net sales of INR253.8 million for 2012-13.

AIL, based in Nagpur (Maharashtra), is a wholly owned subsidiary
of Artefact Projects Ltd (rated 'CRISIL D/CRISIL D'). AIL was
formed in 2006. The company is primarily involved in the
Engineering Procurement and Construction (EPC) segment for road
development projects, and in mining activities. It is currently
undertaking a build, operate, and transfer project in Madhya
Pradesh.


ARTEFACT PROJECTS: CRISIL Reaffirms D Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL ratings continue to reflect delays by Artefact Projects
Limited (APL) in meeting some of the interest and principal
obligations on its term loan; the delays have been caused by the
company's weak liquidity. APL has weak liquidity on account of
significant delay in receipt of payments from its primary
customer.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       100        CRISIL D (Reaffirmed)
   Cash Credit           80        CRISIL D (Reaffirmed)
   Term Loan             90        CRISIL D (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of APL and its subsidiary, Artefact
Infrastructure Ltd (AIL, rated 'CRISIL B/Stable/CRISIL A4'). This
is because both companies, together referred to as the Artefact
group, have significant operational and financial linkages with
each other. In addition, APL has extended corporate guarantee to
AIL's bank facilities.

Update
APL remains exposed to risks relating to the tender-based nature
of the business, although the business risk profile is supported
by its order book of over INR1000 million, and annuity and toll
inflows from road projects over the near to medium term. CRISIL
expects that working capital management will be critical to the
company's liquidity, given the diverse nature of revenue streams,
and potential delays in collection of receivables. APL's
operations continue to be modest in scale and working capital
intensive. APL will, however, continue to benefit from its
promoters' extensive experience in the infrastructure consultancy
business.

For 2013-14 (refers to financial year, April 1 to March 31), the
group's revenue reduced to INR363.2 million from INR383.6 million
in 2012-13, owing to delays in project execution. APL, on
standalone basis, had healthy revenue growth at around 44 per cent
during 2013-14, on account of ability to source higher orders. APL
has orders of over INR1000.0 million, to be executed over the next
2 to 3 years, which is expected to drive future growth. The
operating margin is expected to be moderate at 18 to 20 per cent
due to high share of consulting fees and service charges in APL's
revenue. The group has net worth of around INR360.0 million and
gearing of 0.84 times as on March 31, 2014. The liquidity,
however, remains constrained by delayed payments from customer.
Its gross current assets were high at around 448 days as on March
31, 2014. Further its cash accruals are expected to remain tightly
matched with repayment obligations of around INR35.0 million for
2015-16.

APL, a public limited company, was incorporated in 1987 by Mr.
Manoj Shah and his brothers, Mr. Chetan Shah and Mr. Pankaj Shah.
The company specialises in engineering consultancy services; it
provides engineers, planners, and project management consultants
for infrastructure projects. The company also acts as an
independent consultant and conducts supervision during
construction of roads/highways by the contractor. The registered
office of the company is at Nagpur (Maharashtra).

AIL, a subsidiary of APL, was formed in 2006. The company is
primarily involved in the engineering, procurement, and
construction segment for road development projects, and in mining
activities. It is currently operating a build, operate and
transfer project.

APL (consolidated) reported a profit after tax (PAT) of INR9.8
million on net sales of INR363.2 million for 2013-14, against a
PAT of INR15.7 million on gross sales of INR383.6 million for
2012-13.


ASIP PRIVATE: CRISIL Reaffirms D Rating on INR930MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of ASIP Private Limited
(ASIP) continue to reflect instances of delay by ASIP in servicing
its term debt. The delays have been caused by the company's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------     -------
   Bank Guarantee       930        CRISIL D (Reaffirmed)

   Cash Credit          610.1      CRISIL D (Reaffirmed)

   Funded Interest      194.7      CRISIL D (Reaffirmed)
   Term Loan

   Proposed Long Term   286.6      CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan            134        CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            394.6      CRISIL D (Reaffirmed)

ASIP has a below-average financial risk profile marked by its
small net worth, high gearing, and below-average debt protection
metrics. The company also has large working capital requirements,
is exposed to intense competition in the construction industry,
and has a high degree of project concentration in its order book.
The company, however, continues to benefit from its promoters'
extensive experience in the construction business

ASIP was set up in 2000 as a partnership firm by Mr. Y S Rajesh
Reddy and his family members. The firm was reconstituted as a
private limited company in 2005. The company undertakes civil
construction activities such as construction of roads, canals and
dams, and buildings.


ATELIER AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Atelier Automobiles
Private Limited (AAPL) continues to reflect its below-average
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     40        CRISIL B+/Stable (Reaffirmed)

   Term Loan              70        CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's small scale of operations
and limited track record amid intense competition in the
automobile (auto) dealership business. These rating weaknesses are
partially offset by company's established relationship with Maruti
Suzuki India Ltd (MSIL) and its low exposure to risks related to
inventory and receivables.

Outlook: Stable

CRISIL believes that AAPL will continue to benefit over the medium
term from its established relationship with MSIL. The outlook may
be revised to 'Positive' in case of improvement in the company's
financial risk profile, most likely due to more-than-expected ramp
up in scale of operations, coupled with improvement in its
profitability, leading to higher cash accruals or sizeable equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if AAPL's financial risk profile especially liquidity
deteriorates, most likely because of lower-than-anticipated cash
accruals, higher-than-expected working capital requirements, or
substantial debt-funded capital expenditure.

AAPL, incorporated in November 2010, is an authorized dealer of
MSIL passenger cars in Saharanpur and Deoband (both in Uttar
Pradesh). The company is promoted by Mr. Rabbin Saini and family.
AAPL has two showrooms one in Saharanpur (opened in 2010) and
other in Deoband (opened in 2012-13).

AAPL reported a profit after tax (PAT) of INR0.13 million on
operating income of INR326.1 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of 0.63
million on operating income of INR265.8 million for 2012-13.


BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR130MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagyodaya Trokhos
Private Limited (BTPL; part of the Bhagyodaya group) continue to
reflect the Bhagyodaya group's below-average financial risk
profile marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics, and
exposure to intense competition in the automobile dealership
segment.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          130       CRISIL B/Stable (Reaffirmed)

   Channel Financing     30       CRISIL A4 (Reaffirmed)

   Long Term Loan        19.6     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term     2.9     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Standby Line of       17.5     CRISIL B/Stable (Reaffirmed)
   Credit

These rating weaknesses are partially offset by the Bhagyodaya
group's established position in the automobile dealership market
for Tata Motors Ltd (TML; rated 'CRISIL AAA (SO)/Stable/CRISIL
AA/Stable/CRISIL A1+') in north Karnataka.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Bhagyodaya Motors Pvt Ltd (BMPL) and
Bhagyodaya Trokhos Pvt Ltd (BTPL). This is because the two
companies, together referred to as the Bhagyodaya group, are in
the same line of business, under the same management, and have
significant operational linkages.

Outlook: Stable

CRISIL believes that the Bhagyodaya group will continue to benefit
over the medium term from its established position in the
automobile dealership market for TML in North Karnataka. The
outlook may be revised to 'Positive' if the group's volumes and
operating margin improve substantially or in case of any
significant equity infusion by the promoters, resulting in
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
Bhagyodaya group's revenue and profitability decline
significantly, or if the group undertakes a large debt-funded
capital expenditure programme, resulting in deterioration in its
capital structure and cash accruals.

Set up in 1998 as a partnership firm, BMPL was reconstituted as a
private limited company in 2002. The company is the exclusive
authorised dealer for TML's passenger car in three districts '
Bellary, Koppal, and Raichur (all in Karnataka).

BTPL was incorporated in 2006. The company is the exclusive
authorised dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.


BHARAT INFRA: CRISIL Ups Rating on INR50MM Term Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Bharat Infra Cement Ltd (BICL) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           30       CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

   Term Loan             50       CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

The rating upgrade reflects BICL's timely servicing of debt over
the 12 months through February 2015, driven by improvement in its
liquidity on account of liquidation of inventory. The company's
revenue in 2014-15 (refers to financial year, April 1 to March 31)
is expected to grow by around 50 per cent year-on-year due to
improved capacity utilisation (25 per cent against 15 per cent in
2013-14) and sale of stuck inventory. Although the cash accruals
are expected to improve over the medium term with the expected
increase in revenue, BICL's liquidity will remain contingent on
funding support from its promoters as the repayments are expected
to remain sizeable. CRISIL believes that the timeliness and extent
of funding by the promoters and the extent of customer
concentration in the company's revenue profile will remain key
sensitivity factors over the medium term.

The rating reflects BICL's small scale of operations and the
geographical and customer concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of BICL's promoters in the cement industry.

Outlook: Stable

CRISIL believes that BICL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its relationship with its main client, Binani Cement Ltd. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while prudently managing its working
capital requirements, and also improves its financial risk
profile, especially its liquidity. Conversely, the outlook may be
revised to 'Negative' if BICL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
substantial working capital requirements, or low cash accruals, or
lack of timely funding support from its promoters.

BICL was incorporated in 2011, promoted by Mr. Shailendra Kumar
and his friend, Mr. Vishnu Agarwal. The company manufactures
cement at its facility in Varanasi (Uttar Pradesh). It has an
installed capacity of 150,000 tonnes per annum.


DUNCAN INDUSTRIES: CARE Lowers Rating on INR44.07cr LT Loan to D
----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Duncan
Industries Ltd.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term                     44.07      'CARE D' Revised
                                            from 'CARE B-'

   Short-term                    13.00      'CARE D' Revised
                                            from 'CARE A4'
Rating Rationale

The revision in ratings takes into account past and ongoing delays
in debt servicing on account of stressed liquidity position of the
company. The ability of the company to improve its liquidity and
regularize its debt servicing will be the key rating sensitivity.

Duncans Industries Limited (DIL), belonging to the Kolkata-based
Duncan Goenka group, was incorporated by taking over the tea
business of Duncans Agro Industries Ltd (over 150 years old). DIL
is currently engaged in tea cultivation and processing. It has 14
tea gardens and 12 tea processing facilities spread across the
Dooars, Terai and Darjeeling regions of North Bengal, with annual
processing capacity of around 170 lakh kg. The aggregate area
available for cultivation is 9,000 hectares; of which, the area
under cultivation is around 7,000 hectares.

The Duncan Goenka group, which has interest in sectors like tea,
paper, chemical and engineering, is spearheaded by Mr. G. P.
Goenka duly supported by his son Mr. S. V. Goenka.

For FY14 (refers to the period October 1 to September 30), DIL
reported a loss of INR30.7 crore (loss of INR26.2 crore in
FY13) on a total operating income of INR189.3 crore (Rs.269.3
crore in FY13).


HIRANANDANI PALACE: Bombay High Court Enters Wind Up Order
----------------------------------------------------------
The Economic Times reports that a single-judge bench of the Bombay
High Court has given the go ahead on a petition filed by Tata
Capital to wind up Hiranandani Palace Gardens, a unit of Niranjan
Hiranandani's real-estate empire that was accused of defaulting on
a loan by the lender.

The report says the developer has challenged the recent ruling
before a division bench of the same court, which has scheduled the
matter for hearing on March 31.

According to the report, Tata Capital had approached the court to
recover a INR76-crore loan it gave to the developer.  ET relates
that in his order, Justice SJ Kathawala said "the official
liquidator shall adjudicate the claim of the petitioner within a
period of six months from the date of receipt of claim from the
petitioner".

Vikram Trivedi, managing partner of Tata Capital's law firm
Manilal Kher Ambalal & Co, confirmed the matter, but didn't
comment further. Niranjan Hiranandani declined to comment, ET
says. Hiranandani Palace's legal representative, Vivek Vashi --
vivek.vashi@bharucha.in -- of Bharucha & Partners, said the matter
was sub judice and refused to say anything more, the report notes.

ET discloses that Hiranandani Palace has two township projects, in
Chennai and Panvel near Mumbai. The company was originally
promoted by the Hiranandani group, before it became a unit of UK-
listed Hirco.

Both projects were auctioned last year to recover arrears
following a legal battle between lenders and Hirco, the report
says. Niranjan Hiranandani-led Hiranandani Constructions took over
these projects again after emerging as the highest bidder.

Just weeks before the recent order, the same court passed another
liquidation ruling against the developer, according to the report.
In that case, Outdoor Advertising Professionals (India) had
accused the company of not pay INR3.3 lakh it owed.

According to the report, informed sources said both cases are now
likely to be settled out of the court. However, it could not be
ascertained whether the parties involved have already initiated
the discussions.

ET, citing Tata Capital's petition, discloses that the developer
had defaulted on loan obligations from December 2012 and was
liable to pay INR82.6 crore, including interest. It said
Hiranandani Palace had applied for a INR100-crore term loan, which
was sanctioned in July 2011. Tata Capital had disbursed INR76
crore, according to the petition cited by ET.

ET notes that Tata Capital claimed Hiranandani Palace was under
financial stress and was unable to meet liabilities. It alleged
the company misrepresented facts while taking the term loan. In
October 2013, following Tata Capital's petition, the court had
asked Hiranandani Palace to disclose details of all its assets.

Hiranandani Constructions is currently working on revamping and
relaunching the two townships. The Panvel project, spread over 558
acres, will be renamed Hiranandani Hills, while the nearly 200-
acre project in Chennai will be known as Hira nandani Parks. These
projects will come under Hiranandani Communities.

Development of the projects was stalled for over two years in the
backdrop of a tussle between Hirco and Hiranandani, the report
adds.


JANKI AGRO: CARE Assigns B+ Rating to INR12.0cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Janki Agro
Industries.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.00      CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Janki Agro
Industries (JAI) is constrained by its modest scale of operations,
its weak debt coverage indicators and presence in the highly
competitive rice milling & processing business. The rating is
further constrained on account of post-implementation risk
associated with predominantly debt-funded capex for expansion-cum-
modernisation.

The rating, however, derives strength from the strong and
resourceful partners having three decades of presence in agro
commodity processing and trading business. JAI's ability to
achieve the envisaged scale of operations and profitability post
completion of on-going capex under envisaged time and cost
parameters along with its ability to improve its capital structure
would be the key rating sensitivities.

JAI is a group entity of the Janki group of Sanand. JAI was
established as a partnership firm in 1999 by the Ramvani family
consisting five partners. The firm is primarily engaged in the
milling, processing and trading of basmati and non-basmati
rice with installed capacity of 10,872 metric tonnes per annum
(MTPA) as on March 31, 2014. Partners are engaged in similar line
of business through their other entities - Siddhi Vinayak Agro
Industries (SVAI), Janki Rice & Solvent Private Limited (JRSPL)
and Jay Shiv Agro Industries (JSAI).

During FY14 (refers to the period April 1 to March 31), the
partners have decided to replace all the existing machineries
and to modernise the plant with new machineries. The total cost of
envisaged project is INR9.83 crore which would be funded through
term loans of INR6.14 crore and balance through combination of the
partner's capital and unsecured loans. The financial tie-ups for
the debt portion were achieved, and the project is under
execution. The commencement of commercial operation is expected by
the end of April 2015. Post completion of this project JAI's
installed capacity would increase to 43,200 MTPA.

As per the audited results for FY14, JAI reported a total
operating income of INR12.02 crore (FY13: INR11.66 crore) and PAT
of INR0.04 crore (FY13: INR0.04 crore).


JEWEL OVERSEAS: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Jewel Overseas Pvt Ltd
(JOPL) continue to reflect its modest financial risk profile,
marked by a small net worth and modest debt protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          100       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     300       CRISIL A4 (Reaffirmed)

The ratings also factor in JOPL's large working capital
requirements, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of JOPL's promoters in the polymer trading
business and its established customer relationships.

Outlook: Stable

CRISIL believes that JOPL's financial risk profile will remain
constrained by its low cash accruals and large working capital
requirements. The outlook may be revised to 'Positive' if JOPL's
scale of operations and profitability improve substantially.
Conversely, the outlook may be revised to 'Negative' if the
company's operating margin declines or if its liquidity
deteriorates significantly, due to increase in debtor levels.

JOPL, based in Delhi, trades in polymers. It was incorporated in
June 2010, and is promoted by Mr. Rajiv Hasija. Mr. Hasija has
been in the polymer trading business since 1986, under JP, a
proprietorship firm. JP's operations were wound up during 2010-11,
and its business was fully transferred to JOPL.


JK SURFACE: CRISIL Ups Rating on INR90MM Overdraft Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
JK Surface Coatings Pvt Ltd (JKSC) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        76        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Overdraft Facility    90        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    19.5      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Rupee Term Loan       12.0      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by JKSC over
the past six months, driven by improvement in liquidity.  The
liquidity has improved on account of improved profitability. Its
operating margin is estimated to improve to  13 to 14 per cent in
2014-15 (refers to financial year, April 1 to March 31) from 1.5
per cent in 2013-14 on account of moderation of its overhead costs
due to improved order execution through 2014-15. The company is
likely to post annual cash accruals of INR29 million to INR30
million vis-a-vis debt obligation of INR8 million in 2014-15.
CRISIL believes that JKSC will maintain its improved liquidity
profile supported by improved profitability and increase in cash
accruals over the medium term.

The ratings reflect JKSC's average financial risk profile, marked
by average capital structure and debt protection metrics, and its
large working capital requirements. These rating weaknesses are
partially offset by its promoters' extensive experience in the
surface coating industry.

Outlook: Stable

CRISIL believes that JKSC 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 reports
higher than expected cash accruals most likely through higher
order execution from its offshore segment. Conversely, the outlook
may be revised to 'Negative' if JKSC's liquidity weakens because
of decline in cash accruals, or further stretch in working capital
cycle, or large debt-funded capital expenditure.

Incorporated in 1998, JKSC is a service-contractor for protective
surface coatings. The company is based in Navi Mumbai
(Maharashtra) and is promoted by Mr. Ajay Sagar and Mr. Sanjiv
Thakur. It undertakes contracts for application of surface
coatings at industrial sites, on both work- and labour-contract
basis.


KABRA PLASTICS: CRISIL Cuts Rating on INR489.3MM Term Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kabra Plastics Ltd (KPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming its rating on the company's short-
term bank facilities at 'CRISIL A4+.'

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       2.2       CRISIL A4 (Reaffirmed)

   Cash Credit        200.0       CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Inland/Import       40.0       CRISIL A4 (Reaffirmed)
   Letter of Credit

   Term Loan          489.3       CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that KPL's financial
risk profile will remain constrained, partly on account of the
ongoing debt-funded capital expenditure (capex). The gearing is
expected to deteriorate to 5.9 times as on March 31, 2015,
following the capex of INR420 million, which is expected to be
funded through debt of INR250 million. With the completion of the
capex by April 2015, KPL's capacity is expected to increase by
over 100 per cent. This, coupled with the increasing demand for
biaxially-oriented polypropylene (BOPP) film, is likely to drive
growth in sales; however, the near-term impact of the capex on the
company's capital structure is expected to be significant. The
maintenance of profitability and working capital cycle are
critical, given the large repayments of INR47.2 million in 2014-
15, and INR65.2 million 2015-16. Nevertheless, CRISIL believes
that the timely funding support from promoters will continue to
bolster the company's liquidity.

The ratings continue to reflect KPL's weak financial risk profile,
marked by high gearing and weak debt protection measures, and its
limited pricing flexibility in the fragmented and competitive
packaging industry. These rating weaknesses are partially offset
by its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that KPL will maintain its business risk profile
over the medium term, backed by its promoters' extensive
experience in the packaging industry. The outlook may be revised
to 'Positive' if KPL achieves better operating margin and its
scale of operation improves significantly, leading to higher
accretion to reserves and improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case KPL's
financial risk profile deteriorates on account of elongated
working capital cycle, further debt funded capex, or low operating
margin, resulting in weak cash accruals and stretched liquidity.

KPL was incorporated in 1995 and is promoted by Mr. Binod Kumar
Kabra. Mr. Kabra has been associated with the packaging industry
since 1978. KPL manufactures plain and metalised BOPP and cast
polypropylene films.

For 2013-14, KPL reported profit after tax (PAT) of INR8.3 million
on net sales of INR1.05 billion, against PAT of INR5.9 million on
net sales of INR1.18 billion for 2012-13.


KEERTHI INDUSTRIES: CARE Ups Rating on INR52.91cr LT Loan to C
--------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Keerthi
Industries Limited.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     52.91      CARE C Revised from
                                            CARE D

Rating Rationale

The revision in the rating of Keerthi Industries Ltd (KIL) takes
into account improved liquidity on account of increase in the
total operating income, improved PBILDT levels and profitability
in 9MFY15 (refers to the period April 01 to December 31)
resulting in regularisation of debt servicing. The rating also
takes into account experienced management having long track
record and moderate industry outlook. The rating is, however,
constrained by erosion in net worth due to accumulated losses in
books, relatively small scale of operation and high geographical
concentration. The ability of the company to manage the working
capital requirement efficiently, improve liquidity position,
improve the capital structure, increase the scale of operations
and improve the profitability are the key rating sensitivities.

KIL, incorporated in 1982, was originally promoted by late Mr J.
S. Krishna Murthy as Suvarna Cements Ltd. Later in 1999-2000, the
management of the company was taken over by Mrs J. Triveni
(Chairman) and Mr J. S. Rao (Managing Director).

KIL is primarily engaged in the manufacturing of cement, ie,
Ordinary Portland Cement (OPC) and Pozzolona Portland Cement
(PPC), with product mix of OPC:PPC in the ratio of about 95:05.
The cement manufacturing facility of the company (installed
capacity of 594,000 TPA) is located at Nalgonda district of Andhra
Pradesh. KIL sells cement under the brand name 'Suvarna Cements'.
Apart from the cement business, KIL is also into wind power
generation (1.5 MW installed capacity), manufacturing of printed
circuit boards (37,000 sq. meters installed capacity) and also has
an integrated sugar mill (3,500 TPD installed capacity).

During FY14, KIL has achieved PBILDT of INR3.71 crore (against
PBILDT of INR3.94 crore in FY13) with net loss of INR18.04
crore (against net loss of INR24.55 crore in FY13) on a total
operating income of INR125.65 crore (against total operating
income of INR108.20 crore in FY13).

As per the unaudited results of 9MFY15 (refers to the period
April 1 to December 31), KIL has achieved PBILDT of INR13.36 crore
and reported a net loss of INR0.33 crore on a total operating
income of INR86.18 crore.


LION INSULATION: CARE Reaffirms B Rating on INR8.69cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lion Insulation Private Limited.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.69       CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Lion Insulation
Private Limited (LIPL) continues to remain constrained owing to
low capacity utilization on account of delay in setting up a
customer base, moderately leveraged capital structure, weak
debt coverage indicators and stressed liquidity position together
with vulnerability to slowdown in the end-user industries
and raw material price fluctuation. The rating factors in the
completion of the project; nascent stage of operations and
cash losses during FY14 (refers to the period April 1 to
March 31).

The rating, however, continues to derive strength from the
experience of the promoters and key management personnel
in the insulation industry and reputed customer base.

LIPL's ability to increase its scale of operations by achieving
the envisaged capacity utilization and timely execution of
orders on hand along with improving its overall financial risk
profile are the key rating sensitivities.

Lion Insulation Private Limited (LIPL) was incorporated in 2011.
LIPL had set up a manufacturing plant located at Guna, Madhya
Pradesh with total capacity of 9000 metric tonnes per annum (MTPA)
for manufacturing thermal and acoustical insulation products like
Rockwool mattress, Rockwool slabs and pipe section, which will be
used in refineries, chemicals plants and malls where temperature
control is required.

As on March 31, 2014 the company has completed project and had
started commercial production from December 2013. LIPL procures
its raw material from Dhanbad (Coal mines), Bhilai (steel plants
and iron ore plants) and from various local markets. LIPL has been
supplying its product to the reputed clients like Lloyd Insulation
(India) Limited and National Thermal Power Corporation Limited
(NTPC) and is also targeting various government agencies like
Engineers India Limited (EIL, CARE AAA/CARE A1+) and Bharat Heavy
Electricals Limited (BHEL).

As per the audited results for FY14, the company earned a total
operating income (TOI) of INR2.31 crore and reported a net loss of
INR1.78 crore. As per the provisional results for 11MFY15, the
company earned a TOI of INR5.90 crore.


LOKESH MACHINES: CARE Reaffirms B- Rating on INR94.18cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Lokesh
Machines Limited.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     94.18      CARE B- Reaffirmed
   Short term Bank Facilities    27.00      CARE A4 Reaffirmed

Rating Rationale
The ratings of Lokesh Machines Limited (LML) continue to be
constrained by the stretched operating cycle with working
capital intensive nature of business, revenue concentration from
few clients, volatility in raw material prices and weak
debt coverage parameters. The ratings also take into account
decline in total operating income, PBILDT and PAT in FY14
(refers to the period April 01 to March 31). The ratings remain
underpinned by the experienced promoters, reputed clientele and
established relationship with key clients, satisfactory capital
structure and moderate industry outlook. The ability of the
company to increase the scale of operations, profit levels and
cash accruals and improve the liquidity position with efficient
management of operating cycle are the key rating sensitivities.

Incorporated in December 1983, Lokesh Machines Ltd (LML) is
promoted by Mr Lokeswara Rao. The commercial production for the
company started from 1986. The company has six manufacturing
locations; five in Hyderabad and one in Pune with an installed
capacity of 600 machines per annum. The company's operations can
be segregated into two divisions namely the machinery division and
components division. Under the machinery division, LML
manufactures Special Purpose Machines and General Purpose
Machines. Under the component division, the company manufactures
automobile components i.e., Cylinder heads and Cylinder blocks and
also executes job work for automobile manufacturers likes Mahindra
& Mahindra Limited and Ashok Leyland Limited.

During FY14, LML reported PBILDT of INR28.61 crore (Rs.31.82 crore
in FY13) with PAT of INR0.46 crore (Rs. 1.06 crore in FY13) on a
total operating income of INR112.31 crore (Rs.140.61 crore in
FY13).

As per the unaudited results for 9MFY15, the company has achieved
PBILDT of INR22.95 crore with a PAT of INR1.69 crore on a total
operating income of INR87.72 crore.


MARK-O-LINE TRAFFIC: CRISIL Places B+ Rating on INR40MM Loan
------------------------------------------------------------
CRISIL has assigned the ratings of 'CRISIL B+/Stable/CRISIL A4' to
bank facilities of Mark-O-Line Traffic Controls Private Limited
(Mark-O-Line).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term     10         CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee         30         CRISIL A4

   Cash Credit            40         CRISIL B+/Stable

The ratings reflect Mark-O-Line's stretched liquidity due to
working intensive nature of its operations. The ratings also
reflect the risk arising from tender-based model for awarding
contracts because a lower success rate in tenders can adversely
affect company's profitability given its high operating leverage.
The above mentioned rating weaknesses are partially mitigated by
its average financial risk profile marked by comfortable capital
structure and adequate debt protection metrics though constrained
partially by modest net worth.

Outlook: Stable

Mark-O-Line continues to enjoy benefits from its average financial
risk profile. The outlook may be revised to 'Positive' if company
is able to post significant growth in its operations while
sustaining its profitability and working capital. Conversely,
outlook may be revised to 'Negative' in case of stretch in working
capital or larger than expected capex plan leading to weakening of
liquidity profile.

Mark-O-Line, incorporated in November 8, 2002, is a Mumbai based
company engaged in Operation and maintenance of Highways and
conducts Micro surfacing on Highways.


MINEX INDIA: CRISIL Lowers Rating on INR90MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Minex India to 'CRISIL D' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects the overutilisation of Minex India's
cash credit limits for more than 30 days; the overutilisation is
on account of the firm's weak liquidity.

Minex India is vulnerable to cyclical downturns due to the firm's
modest scale of operations in the iron ore industry along with its
working-capital-intensive operations. These rating weaknesses are
mitigated by the benefits that the firm is expected to derive from
its proprietor's extensive experience in the steel industry.

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.


MOTHERS AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Mothers Agro Foods Pvt
Ltd (MAFPL) continues to reflect MAFPL's modest scale of
operations and below-average financial risk profile, marked by
small net worth, high gearing and average debt protection metrics.

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

   Proposed Long Term    14.4     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             18       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the promoters in the agricultural goods processing
industry and the company's long-standing relationship with its
suppliers and customers.

Outlook: Stable

CRISIL believes that MAFPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if a sustainable increase in
revenue and profitability leads to a stronger financial risk
profile for MAFPL. Conversely the outlook may be revised to
'Negative' if the revenue or profitability declines; or the
financial risk profile deteriorates owing to sizeable capital
expenditure or stretch in working capital requirements.

Update
MAFPL reported operating income of INR360 million, operating
margin of 5.8 per cent, and cash accruals of INR11 million in
2013-14 (refers to financial year, April 1 to March 31), driven by
healthy capacity utilisation and increased orders from customers.
The operating income was around INR300 million for the nine months
through December 2014. The scale of operations is expected to grow
at a moderate rate over the medium term supported by stable
demand.

MAFPL's financial risk profile remains below average, with small
net worth of INR25 million and high gearing of 3.44 times as on
March 31, 2014; the debt protection metrics were average, with net
cash accruals to total debt and interest coverage ratios at 0.13
and 2.25 times, respectively, in 2013-14. The financial risk
profile is expected to remain constrained over the medium term by
limited accretion to reserves.

Liquidity is moderate, with cash accruals expected at around INR13
million, against maturing debt of INR8 million in 2014-15. The
bank line utilisation was high at 94 per cent in the nine months
through December 2014) due to large working capital requirements.
However, the liquidity is supported by need-based fund support
through unsecured loans from the promoters. The liquidity is
expected to remain moderate over the medium term, with adequate
cash accruals against maturing debt.

Set up in 2011 and promoted by Mr. T P Varkey, MAFPL processes
wheat flour.


NAMAN MALL: CARE Lowers Rating on INR70.24cr LT Loan to D
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Naman
Mall Management Company Pvt Ltd.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     70.24      CARE D Revised from
                                            CARE BB

Rating Rationale
The revision in the rating takes into account the delays in the
debt servicing of the Lease Rental Discounting (LRD) loan. Naman
Mall Management Company Pvt Ltd's ability to realize the lease
rentals in a timely manner and to re-lease the significant portion
of the area that will be vacated by anchor tenants in H1FY16,
remain the key rating sensitivities.

Naman Mall Management Co. (P) Ltd. (NMMPL) was formed to develop
and operate 2.36 lakh square feet (lsf) shopping mall cum
multiplex and entertainment complex, namely, Central Naman Mall,
at Indore. NMMPL is owned and promoted by Entertainment World
Developers Ltd. (EWDL) which is a part of Kalani Group. The
company is promoted by Mr Manish Kalani group, which has diverse
interests in real estate development, and wind energy generation.

Currently, EWDL operates two malls in Indore (Treasure Island and
Treasure Central). Apart from these, the group is also developing
residential projects Treasure Town and Treasure Fantasy in Indore.


P L MULTIPLEX: CRISIL Cuts Rating on INR114MM Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of P L Multiplex India Private Limited (PLMIPL) to 'CRISIL D' from
'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            114        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects delay in repayment of its term debt
obligations owing to stretched liquidity.

CRISIL's rating also reflects PLMIPL's weak financial risk
profile, marked by its small net worth and high gearing, along
with its small scale of operations. These rating weaknesses are
mitigated by the prime location of PLMIPL's commercial property
and the revenue visibility from its long-term lease contract.

PLMIPL owns a five-screen multiplex in Thane (Maharashtra). The
total area of the multiplex is 2448.53 square feet, with a seating
capacity of 1104 seats, and has been leased to CIPL (Cinepolis
India Private Limited). PLMIPL is a part of the Thane-based Siddhi
group, promoted by members of the Sharma and Gala families.


PARAS TARP: CRISIL Assigns B Rating to INR50MM Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Paras Tarp Industries (PTI).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          18         CRISIL B/Stable
   Long Term Loan       50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    2         CRISIL B/Stable

The rating reflects PTI's exposure to its ongoing project, modest
scale of operations in the highly competitive plastic and
packaging industry, and its working-capital-intensive operations.
These rating weaknesses are partially offset by its promoters'
extensive experience in the ceramics industry and proximity of its
manufacturing facilities to raw material and labour resources.

Outlook: Stable

CRISIL believes that PTI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its operations in
time, leading to healthy cash accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company reports significantly low operating
margin, or it undertakes a large debt-funded capital expenditure
programme, or its working capital management deteriorates,
resulting in weak financial risk profile.

Established in 2014, PTI is promoted by Hirabhai Patel and family.
The firm, based in Ahmedabad, is setting up a plant to manufacture
and trading of (HDPE/PP) woven sacks and laminated tarp at its
production facilities in Ahmedabad. It is expected to commence
commercial operations in April 2015.


PASHUPATINATH DISTRIBUTORS: CRISIL Reaffirms B+ Cash Loan Rating
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pashupatinath
Distributors Pvt Ltd (PDPL) continues to reflect PDPL's exposure
to risks related to the highly regulated nature of the liquor
industry, and its below-average financial risk profile, marked by
high gearing and low debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the liquor industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          53.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan            20.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PDPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in the company's operations and profitability, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if PDPL's accruals are lower than
expectations, or if it undertakes a large debt-funded capital
expenditure programme, leading to further weakening of its
financial risk profile.

Update
PDPL is expected to register an operating income of INR190 million
to INR200 million in 2014-15 (refers to financial year, April 1 to
March 31), a year-on-year increase of around 8 per cent, mainly
driven by increase in prices of country liquor. The company
registered a 21 per cent year-on-year growth in its revenue to
INR177.3 million in 2013-14. Its operating margin is expected to
increase to 3.5 to 4.0 per cent in 2014-15, vis-a-vis around 2 per
cent historically, due to the price revision clause added in the
tender by the government.

PDPL's operations are moderately working capital intensive as
reflected in its gross current assets (GCAs), estimated at 135 to
145 days as on March 31, 2015. Its GCAs were at 174 days as on
March 31, 2014, as against 54 days as on March 31, 2013. The
increase in GCAs was driven by higher debtor and inventory levels
at 27 and 26 days, respectively, as on March 31, 2014, against 20
and 7 days, respectively, as on March 31, 2013. Owing to
moderately working-capital-intensive operations, the company's
cash credit facility has remained utilised at an average of 73 per
cent during the nine months through December 2014. PDPL is
expected to generate cash accruals INR5.0 million to INR6.0
million, against debt repayment obligations of INR3.2 million, in
2015-16.

PDPL has an average financial risk profile, marked by high
gearing, expected at over 3 times as on March 31, 2015. Its
interest coverage and net cash accruals to total debt ratios are
expected at around 1.15 times and 0.03 times, respectively, for
2014-15. The company's weak financial risk profile is driven by
heavy reliance on external debt to fund its working capital
requirements, and its small net worth.

PDPL reported a profit after tax (PAT) of INR0.96 million on net
sales of INR176.5 million for 2013-14, as against a PAT of INR1.07
million on net sales of INR146.6 million for 2012-13.

Incorporated in 1992, PDPL manufactures country liquor in Bihar.
Its day-to-day operations are managed by Mr. Lalan Prasad and Mr.
Yogendra Prasad Nirala.


PREMIER CLEARING: CRISIL Assigns B+ Rating to INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Premier Clearing Agency Pvt Ltd (PCAPL).

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

   Proposed Long Term    60        CRISIL B+/Stable
   Bank Loan Facility

The rating reflects PCAPL's promoter's extensive experience as a
clearing and forwarding agent. These rating strengths are
partially offset by the company's working-capital-intensive
operations and below-average financial risk profile marked by
small net worth and weak debt protection metrics.

Outlook: Stable

CRISIL believes that PCAPL will continue to benefit over the
medium term from the promoters extensive experience in the
industry. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly, most
likely because of equity infusion by the promoters or if there is
an improvement in the working capital management. Conversely, the
outlook may be revised to 'Negative' if PCAPL's profitability or
revenue decline or if there is a stretch in the company's working
capital cycle, leading to stretch in its liquidity.

PCAPL was incorporated in 1980 under the leadership of late Mr.
Dhirajlal K Doshi. The license for clearing and forwarding was
acquired in 1986; it was in 1993 that the company was incorporated
as proprietorship concern and was further incorporated as private
limited company in 2003.


PURANDAR PROMOTERS: CRISIL Assigns B+ Rating to INR200MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Purandar Promoters and Developers Pvt Ltd
(PPDPL).

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

The rating reflects PPDPL's susceptibility to risks related to
funding and to timely completion of its large ongoing project. The
rating also factors in the company's vulnerability to inherent
risks and cyclical demand in the Indian real estate sector. These
rating weaknesses are partially offset by the extensive experience
of PPDPL's promoters in the real estate market in Raipur
(Chhattisgarh) along with their funding support and the benefits
accruing from the location of its project, which is reflected in
moderate bookings and customer advances.

Outlook: Stable

CRISIL believes that PPDPL 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's project execution progresses according to schedule
and within the budgeted cost, coupled with better-than-expected
customer advances supporting liquidity. Conversely, the outlook
may be revised to 'Negative' if PPDPL's liquidity deteriorates due
to time or cost overrun in its ongoing project, or lower-than-
expected advances from customers, or if it undertakes any other
large debt-funded project.

Set up in 2006 PPDPL is a part of the Plam group based in Raipur.
The company is engaged in real estate development. It is currently
undertaking development of a residential project, Plam Bellagio,
in Raipur.


RELIANCE COMM: Moody's Says Ba3 CFR Can Absorb Spectrum Payments
----------------------------------------------------------------
Moody's Investors Service said that Reliance Communications
Limited (RCOM)'s spectrum payments totaling around INR43 billion
are at the high end of its expectations but can be accommodated in
its Ba3 corporate family rating with a stable outlook. RCOM has
renewed spectrum in only two (Madhya Pradesh and Himachal Pradesh)
of the seven 900MHz circles, acquired spectrum in the 1800MHz band
in another two circles (North East & Odisha), although on a
cumulative basis, the company has managed to acquire 48MHz against
its expiring spectrum of around 48MHz in 2015.

Moody's expect RCOM to opt for a deferred payment schedule, which
will limit its upfront cash outflow at around INR11 billion.
Nonetheless, Moody's will treat the deferred portion of the
spectrum payments as debt which will keep leverage at the higher
end of our tolerance for the Ba3 rating.

On March 26, after 19 days and a record 115 rounds of bidding,
India's Department of Telecommunications (DoT) announced the
provisional results of the country's spectrum auctions. Results
are subject to government approval and payments are expected to be
made within 10 calendar days of the auction close.

According to DOT's disclosure, RCOM won spectrum of approximately
48.05MHz (26.25MHz of 800 MHz, 10MHz of 900 MHz, and 11.8MHz of
1800 MHz spectrum), as against total expiring spectrum of 48.4MHz.

"Although RCOM only renewed 10MHz of its existing 39.8MHz spectrum
in the 900MHz band, it can compensate the shortfall with low-band
spectrum in the 800MHz band, where the company came out winning
26.25MHz against expiring spectrum of only 5MHz, which should
position it well to follow through on its business plans," says
Nidhi Dhruv, a Moody's Assistant Vice President and Analyst.

Furthermore, in the five circles that RCOM will lose 900MHz
spectrum, the company has similar holdings of 800MHz and 1800MHz
spectrum. Moreover, the company has existing Intra Circle Roaming
(ICR) agreements with other operators in these circles and network
modifications are not expected to be material in nature. RCOM also
remains well positioned as it secured additional spectrum in the
2010 and 2014 auctions, and the percentage of revenue it derives
from its 900MHz spectrum expiring in 2015 in its three circles,
where it has not acquired 2G spectrum (900/1800MHz) is only around
5%.

In Moody's view, management has steered away from the very
expensive 900MHz spectrum where premiums ranged from 80% to 200%,
which demonstrates financial discipline, particularly given RCOM's
high leverage. RCOM has also future-proofed its spectrum by
increasing its holdings of the 800MHz spectrum by over 5.0x as
this spectrum band is better suited for offering LTE services.

"Moreover, the majority of RCOM's remaining spectrum does not come
up for renewal until 2021, which further limits the regulatory
risks" adds Dhruv, also Moody's Lead Analyst for RCOM.

Bharti Airtel Ltd (Baa3 stable) won spectrum of approximately
112MHz for a total cost of around INR291 billion ($4.6 billion).
It retained and also added contiguous 900MHz spectrum in its six
renewal circles. In addition, Bharti bought 2100MHz spectrum in
seven circles and increased its holding in 1800MHz spectrum.

Idea Cellular (unrated) spent the most at INR303 billion, which
was tied predominantly to renewals. Vodafone India (unrated) was
third having spent INR260 billion.

Reliance Jio spent INR101 billion and won 76.8MHz of spectrum
(48.8MHz of 800MHz and 28MHz of 1800 MHz) which will be used to
beef up its 4G LTE services planned for commercial launch at the
end of 2015. Given the network sharing agreement between Reliance
Jio and RCOM expect the latter to indirectly benefit from Reliance
Jio's spectrum wins as both companies will essentially ride on the
same network.

Over time, it is Moody's expectation that both RCOM and Reliance
Jio could further collaborate and leverage off each other's
service platforms in order to broaden their product suites.

In total, the Government raised INR1.10trillion ($17.5 billion) in
the spectrum auction -- about 35% higher than the reserve price.

High spectrum costs in the 900MHz band reflected aggressive
bidding, particularly where incumbents, such as Bharti, focused on
renewing expiring licenses in key circles to protect revenue
streams and ensure continuity of business. To put this in
perspective, around 40% of spectrum sold was in 900MHz band while
it represented around 66% of total cost.

Upfront payments of INR11 billion will further strain RCOM's
liquidity profile, in the absence of any asset sales. As at 31
December 2014, the company had cash and cash equivalents
(including short term investments) of INR19 billion, against
short-term debt maturities of INR70 billion. Cash flow from
operations will not be sufficient to meet the company's funding
needs, including capex and spectrum payments, over the next 12-18
months. RCOM will need to raise about INR50-60 billion over the
next twelve months, but given the company's banking relationships
Moody's do not consider the refinancing risk to be substantial.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

RCOM is an integrated telecommunications operator in India with
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited, the company also provides data
connectivity solutions to major telecommunications carriers and
large multinational enterprises in the US, Europe, Middle East and
Asia Pacific which need multi-national IP-based solutions and
connectivity.

RCOM is fourth-largest mobile operator in India based on number of
subscribers, which totaled 106.3 million (or approximately 11.3%
of total market share by subscribers) as of 31 December 2014. As
on 20 January 2015, RCOM's promoter and largest shareholder, Anil
Dhirubhai Ambani, owns 59.70% of the company. Life Insurance
Corporation of India (LIC) owns 6.62% and foreign institutional
investors own 21.63%.


RHINE SOLAR: CRISIL Assigns B Rating to INR27MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Rhine Solar Limited (RSL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            27         CRISIL B/Stable
   Cash Credit          25         CRISIL B/Stable
   Inland/Import
   Letter of Credit     20         CRISIL A4

The ratings reflect RSL's exposure to implementation and demand
risks on its project. These rating weaknesses are partially offset
by the company's moderate capital structure and exposure to low
funding risks on the project.

Outlook: Stable

CRISIL believes that RSL will benefit from the project's low
funding risk over the medium term, though it will remain
susceptible to the risk of delays and offtake on the project. The
outlook may be revised to 'Positive' if the project is completed
and operations stabilise on time, and within the budgeted cost,
leading to a stronger business risk profile for RSL. Conversely,
the outlook may be revised to 'Negative' if there are delays in
execution of the project or if low cash accruals lead to stretched
liquidity.

RSL, incorporated in 2014, is setting up a solar PV module
manufacturing facility in Kundli Industrial Area (Sonipat, NCR)
with production capacity of 25 megawatt (MW) per annum. RSL is
promoted by Mr Shiv Mittal and family.


S K AGRI: CARE Assigns B+ Rating to INR6cr LT Bank Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of S K Agri
Products Pvt Ltd.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facility of SK Agri Products Pvt.
Ltd. (SAP) is primarily constrained by its short track record
& small scale of operations in the highly fragmented and
competitive agro industry with leveraged capital structure and
weak debt service coverage indicators. The rating is further
constrained by seasonality associated with the sector, working
capital intensive nature of operations and its exposure to the
vagaries of nature.

The above constraints outweigh the comfort derived from the
experience of the promoters in the seed processing business and
locational advantages arising from its presence in the agro
cluster of Uttarakhand.

The ability of SAP to grow its scale of operation along with
improvement in capital structure and effective working capital
management would be the key rating sensitivities.

SAP was incorporated in January 2011 by Mr Sudhanshu Jindal and
his family members, based out of Nainital, Uttarakhand.

The company is engaged in processing and trading of wheat & paddy
seeds. The seed processing unit of the company is located at
Nainital, having a processing and grading capacity of 7500 tonne
per annum (tpa). SAP purchases the breeder seeds (initial level or
raw seeds) of wheat and paddy from the state authorities or
agriculture universities and provides them to farmers for
germination. After the receipt of germinated foundation seeds from
the farmers, the company gets them certified from a seed
certifying agency. These certified seeds are graded and then sold
to the retailers and distributors in Uttar Pradesh, Bihar, Punjab,
Uttranchal, Haryana and West Bengal. SAP sells the certified seeds
under the brand name of 'SK Agri Seeds'.

During FY14 (refers to the period April 1 to March 31), SAP
reported a total operating income of INR9.07 crore (vis-a-vis
Rs. 5.18 crore in FY13) and a PAT (after deferred tax) of INR0.08
crore (vis-a-vis INR 0.05 crore in FY13). Furthermore in
9MFY15 (Provisional), the company has achieved TOI of INR10.1
crore.


SAI SREE: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Sai Sree Woven Sacks
Private Limited (SSWSPL) continue to reflect the company's modest
scale of operations in the intensely competitive packaging
industry and its average financial risk profile marked by its
small net worth, moderate gearing, and average debt protection
metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          35         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     27.5       CRISIL A4 (Reaffirmed)
   SME Credit            2.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             6.0       CRISIL B+/Stable (Reaffirmed)

The ratings are also constrained on account of its large working
capital requirements and the susceptibility of its profitability
margins to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that the company
derives from the extensive industry experience of the promoters in
the packaging industry and established relationships with
customers.

Outlook: Stable

CRISIL expects SSWSPL to continue to benefit from its promoter's
extensive industry experience and established relationships with
its customers and suppliers. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's scale of operations while maintaining its
profitability margins or if its networth improves, supported by
sizeable equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' if there is a steep decline in the
company's profitability margins or there is a significant
deterioration in its capital structure caused most likely on
account of stretch in its working capital requirements or large
debt-funded capital expenditure programme.

Incorporated in 1998, SSWSPL is engaged in manufacturing of woven
sacks and fabrics, used as a packaging material in fertilizer,
sugar, poultry and rice industry. The company is promoted and
actively managed by Mr. Narendra Babu. The company is based in
Hyderabad (Andhra Pradesh).


SAMAY PROJECT: CRISIL Cuts Rating on INR6cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Samay Project Services Pvt Ltd (SPSPL; part of the Samay group) to
'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       62.5       CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           6.0       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term   16.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that the Samay
group's liquidity will remain constrained over the medium by large
working capital requirements and sizeable debtors; its debtors are
estimated at around 250 days as on March 31, 2015. The rating
downgrade also factors in pressure on the group's operating
performance following the significant decline in its revenue for
2013-14 (refers to financial year, April 1 to March 31).

The ratings reflect the Samay group's large working capital
requirements, modest scale of operations in a highly competitive
environment, and exposure to risks relating to the tender-based
nature of its business. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
fire-fighting equipment industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPSPL and its subsidiary, Samay Middle
East Trading LLC (SMETL), Dubai. This is because the two
companies, together referred to as the Samay group, have
significant financial and operational linkages. Previously, CRISIL
had considered the business and financial risk profile of SPSPL on
a standalone basis. The change in analytical approach is on
account of incorporation of SMETL in 2013-14.

Outlook: Stable

CRISIL believes that the Samay group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group improves its
margins and cash accruals by diversifying its revenue profile
across product verticals in the fire protection systems segment
and across geographies. Conversely, the outlook may be revised to
'Negative' if the Samay group undertakes a large debt-funded
capital expenditure programme or if its liquidity weakens on
account of delays in realisation of its receivables.

SPSPL was originally established in 1991 as a partnership firm;
the firm was reconstituted as a private limited company with the
current name in 2001. SPSPL undertakes engineering, procurement,
and construction of fire protection systems on a turnkey basis. It
is promoted by Mr. Anand Rajgopal.

Based in Dubai, SMETL, was incorporated in 2013-14 and is in the
same line of business as SPSPL. SPSPL has a 49 per cent share in
SMETL.


SARIA INDUSTRIES: CRISIL Cuts Rating on INR149MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Saria Industries (SI) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has reaffirmed its rating on the firm's short-term
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          149       CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Packing Credit        50       CRISIL A4 (Reaffirmed)

   Proposed Long Term     1       CRISIL B/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL B+/Stable')

The rating downgrade reflects expected deterioration in liquidity
profile of the firm over the medium term, driven by significant
increase in its working capital requirements on account of large
inventory accumulation which is not expected to liquidate over the
near term. Furthermore, the firm's net cash accruals are expected
to remain subdued mainly because of the expected increase in
interest cost and decline in operating income. Hence, SI's
dependency on bank borrowing will increase to fund its working
capital requirements leading to expected high gearing.

The ratings reflect SI's below-average financial risk profile,
marked by low net-worth, high gearing and weak debt protection
matrices. The ratings also factor in the firm's large working
capital requirements and its small scale of operations in the
highly fragmented rice industry. These rating weaknesses are
partially offset by the extensive industry experience of SI's
promoter.

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoter's extensive experience in the rice
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the firm's net cash accruals, driven by
a substantial increase in its operating revenue or profitability,
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if SI's working capital cycle
lengthens or if it undertakes a large debt-funded capital
expenditure programme.

SI, a proprietary concern based in Sirsa (Haryana), was
established in 1970 by Mr. Satya Narayan Saria. The firm processes
and trades in basmati and non-basmati rice. Its operations are
managed by Mr. Satya Narayan Saria and his son, Mr. Radheshyam
Saria.


SLEEV TOBACCO: CRISIL Reaffirms D Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sleev Tobacco
Company Pvt. Ltd. (STCPL) continues to reflect its continuously
overdrawn cash credit limits on account of weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          100        CRISIL D (Reaffirmed)

   Proposed Long Term     5        CRISIL D (Reaffirmed)
   Bank Loan Facility

STCPL's financial risk profile remains weak, with high gearing.
Its scale of operations remains small, and its track record in the
intensely competitive tobacco industry remains limited. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of STCPL's promoters.

Set up in 2011, STCPL trades in and processes manufactured
tobacco. It is promoted by Mr. K. Koteswara Rao and is based in
Guntur, Andhra Pradesh.

STCPL reported a provisional profit after tax of INR1.6 million on
total revenue of INR218.6 million for 2013-14 (refers to financial
year, April 1 to March 31), against a profit after tax of INR1.7
million on total revenue of INR224.3 million for 2012-13.


STEELWAYS ENTERPRISES: CRISIL Puts B Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Steelways Enterprises (SE).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B/Stable

   Proposed Long Term    30         CRISIL B/Stable
   Bank Loan Facility

The rating reflects SE's large working capital requirements and
below-average financial risk profile, marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SE's promoters in the tool steels
and alloy steels trading business.

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
capital structure either by way of capital infusion or through
substantial cash accruals backed by improvement in scale of
operations and working capital management. Conversely, the outlook
may be revised to 'Negative' if SE's financial risk profile
deteriorates on account of further decline in its revenue and
profitability or large debt-funded capital expenditure, or if the
firm's liquidity weakens significantly on account of increase in
its working capital requirements.

SE was set up in 1983 as a partnership firm by Delhi-based Sharma
family. After a family separation, SE was reconstituted as a
proprietorship firm by Mr. B N Sharma. SE trades in tool steels
and alloy steels such as cold work tool steel, plastic mould
steel, stainless steel, high-speed steel, and die block steel in
the National Capital Region, Punjab, and Uttar Pradesh. Mr. B N
Sharma and his son Mr. Pawan Sharma are actively engaged in
managing the firm's day-to-day operations.

SE registered a book profit of INR1.66 million on net sales of
INR277.49 million for 2013-14 (refers to financial year, April 1
to March 31); it had registered a book profit of INR1.36 million
on net sales of INR215.34 million for 2012-13.


TEMPLE CITY: CRISIL Cuts Rating on INR95MM Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Temple City Developers Pvt Ltd (TCDPL) to 'CRISIL D' from 'CRISIL
B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           95        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects the overutilisation of TCDPL's cash
credit limits for more than 30 days; the overutilisation is on
account of the firm's weak liquidity.

TCDPL is vulnerable to cyclical downturns due to the firm's modest
scale of operations in the iron ore industry along with its
working-capital-intensive operations. These rating weaknesses are
mitigated by the benefits that the firm is expected to derive from
its proprietor's extensive experience.

TCDPL, based in Odisha, was established in 1995 and was taken over
by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to financial
year, April 1 to March 31) from its earlier promoters. The company
commenced operations in April 2013. TCDPL trades in iron ore fines
and construction materials; its operations are managed by Mr.
Pradeep Kumar Mangaraja and Mr. Bijaya Kumar Pradhan.


VALPACK SOLUTIONS: CARE Assigns B- Rating to INR12.10cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' rating to the bank facilities
of Valpack Solutions Private Limited.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.10       CARE B- Assigned
   Short term Bank Facilities    5.25       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Val-Pack Solutions
Private Limited (VSPL) are constrained by nascent and small scale
of operations, highly leveraged capital structure, susceptibility
of profitability margin to volatile raw material cost and presence
in highly competitive and fragmented industry. The rating,
however, derives strength from the experienced and resourceful
promoters.

VSPL's ability to achieve the orders for the installed capacity
and thereby generate sufficient accruals remains the key rating
sensitivity.

Incorporated in 2012 by Mr Vaibhav Garg and Mr Param Gandhi, VSPL
is engaged in the manufacturing of paper products, viz, cups,
buckets and lids which find application in fast moving consumer
goods (FMCG), hospitality and other industries.

VSPL has set up its manufacturing facility at Bhiwandi, Mumbai,
having an installed capacity of 2,448 lakh units p. a. for paper
cups and 450 lakh units' pa for lids. Furthermore, the company
commenced the commercial operations from October 2013, and
therefore FY15 (refers to the period April 1 to March 31) will be
the first full year of operations. VSPL has other group companies,
namely, Globopac India Private Limited (engaged in the
manufacturing and trading of paper) and Ice Hospitability Private
Limited (engaged in hospitality business, which runs hotels
under the name of Zaffran hotels).

During FY14 (refers to the period October 1 to March 31), VSPL
posted total income of INR3.32 crore and net loss of INR2.14
crore. Furthermore, as per the provisional results for 9MFY15,
VSPL posted a total income of INR5.87 crore.



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


HARVESTPRO NZ: Worker Still Awaits Reparation Pay
-------------------------------------------------
Stuff.co.nz reports that a forestry worker who was almost killed
on the job has not received any of the NZ$40,000 he should have
been paid by his employer, HarvestPro NZ Ltd -- and now he fears
the company is in no state to pay him a cent.

Gisborne man Tau Henare, 31, was working alone and unsupervised in
an East Coast forest in September 2012 when poor communication by
his supervisor led to a one-tonne log becoming dislodged and
tumbling down the hill -- hitting Henare and breaking an arm and a
leg, Stuff.co.nz relates.

He spent weeks in hospital, requiring numerous surgical
procedures, the report says.

Stuff.co.nz recalls that HarvestPro NZ was prosecuted by the
Ministry of Business, Innovation and Employment, and was found
guilty in May 2014 of failing to take all practicable steps to
ensure Henare was safe at work.

According to the report, Judge Tony Adeane, in Gisborne District
Court, fined the company NZ$80,000 and ordered it to pay
reparation of NZ$40,000 to Henare.

Stuff.co.nz relates that the company appealed unsuccessfully in
October last year, and in the meantime has not paid either the
fine or the reparation. Earlier this month the company was ordered
to pay costs of NZ$24,506.

Stuff.co.nz says that it was earlier reported that HarvestPro NZ,
which is one of New Zealand's largest forestry companies, appeared
to be in financial difficulty, with a former joint managing
director of its parent company confirming that some equipment had
been repossessed.

It is understood the company was insured, but it is unclear
whether the insurer was required to pay the fine or reparation,
the report states.

Under the Companies Act, fines and reparations are not provable
debts in the event of a receivership or a liquidation, the report
notes.


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


* Corporate Bill Default Rate Falls to 20-Month Low in Feb.
-----------------------------------------------------------
Yonhap News Agency reports that the default rate of corporate
bills in South Korea improved to its lowest level in 20 months in
February as the amount of default corporate bills at cash-squeezed
conglomerate Tong Yang declined, data showed March 30.

Yonhap relates that the corporate bill default rate reached
0.08 percent last month, hitting the lowest level since
0.08 percent in June 2013 when the figure dipped on a fall in
default corporate bills at logistics-focused conglomerate STX,
according to the data by the Bank of Korea.

The February reading also marks a 0.11 percentage point drop from
the previous month, Yonhap notes.

According to Yonhap, South Korea's corporate bill default rate
soared to 0.52 percent in 1997 from 0.17 percent the previous year
as the Korean economy, Asia's fourth-largest, faltered from the
Asian financial crisis. It improved to 0.11 percent in 2002 but
backtracked to around 0.15 percent during the global financial
crisis, Yonhap states.

Yonhap says the default rate had improved to the low 0.1 percent
level between 2011 and 2012 but started rising again as business
conglomerates STX and Tong Yang ran into heavy cash shortages.

While the use of corporate bills has waned in recent years, the
default rate of corporate bills is often used to gauge companies'
financial stability, adds Yonhap.


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


* BOND PRICING: For the Week March 23 to March 27, 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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