TCRAP_Public/150407.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, April 7, 2015, Vol. 18, No. 067


                            Headlines


A U S T R A L I A

GEMSTAR DIAMONDS: Liquidators Seek Expression of Interest
MANCHESTER UNITY: S&P Revises Outlook on 'BB-' ICR to Positive
ONE STOP: In Liquidation; Creditors' Meeting Set For April 14
SNEAKERBOY: Bought Out of Voluntary Administration


C H I N A

CHINA SHIANYUN: Incurs $1.33 Million Net Loss in 2014
CHINA TELETECH: Needs More Time to File Form 10-K
CLOUD LIVE: Sparks Corporate Default Worries, WSJ Reports
COUNTRY GARDEN: Moody's Reviews Ba2 CFR for Upgrade
GENERAL STEEL: Delays Form 10-K Filing

LAKELAND INDUSTRIES: China Subsidiary Has RMB 8MM Loan Agreement
LOGAN PROPERTY: Moody's Says Ratings Unaffected by Credit Metrics
PARKSON RETAIL: Moody's Says Penalty Payment No Impact on Ba3 CFR
SOUND GLOBAL: Moody's Downgrades CFR to Caa1, Outlook Negative
WUZHOU INT'L: Moody's Affirms B2 CFR; Alters Outlook to Negative

YANZHOU COAL: Moody's Says Credit Profile Constrained by Capex
ZOOMLION: S&P Lowers CCR to 'B+'; Outlook Negative


I N D I A

BHUJBAL CONSTRON: CRISIL Cuts Rating on INR80MM Term Loan to D
BIGJO'S INFRAESTATE: CRISIL Puts B Rating on INR100MM Term Loan
CONCEPT SHAPERS: CRISIL Ups Rating on INR65MM Loan From D
CRISTOPIA ENERGY: CRISIL Assigns B+ Rating to INR80MM Cash Loan
DHARAM PAUL: CRISIL Assigns B+ Rating to INR120MM Cash Credit

DHAULAGIREE POLYOLEFINS: CRISIL Rates INR23.5MM Bank Loan at B+
G K SHELTERS: CRISIL Assigns 'D' Rating to INR250MM LT Loan
GOYAL SALES: ICRA Assigns 'SP 3D' Grading on Weak Fin'l Strength
HYDERABAD EXPRESSWAYS: CRISIL Cuts Rating on INR2.9BB Loan to C
JAIN ABHUSHAN: CRISIL Ups Rating on INR80MM Cash Loan to B+

JAY KHODIYAR: CRISIL Reaffirms B Rating on INR60MM Demand Loan
JAYCEE STEEL: ICRA Suspends B+ Rating on INR10cr LT Loan
JHANWAR RICE: CRISIL Ups Rating on INR100MM Cash Loan to B+
KAMAKSHI LAMIPACK: CRISIL Reaffirms D Rating on INR77MM Loan
KISH EXPORTS: ICRA Reaffirms B Rating on INR10cr FB Loan

LUKE EXPORT: CRISIL Ups Rating on INR20MM Term Loan to B+
MAHALAXMI DHATU: CRISIL Cuts Rating on INR120MM Loan to B+
MALWA AUTO: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
MILANO PAPERS: CRISIL Assigns B Rating to INR150MM Cash Loan
NAV BHARAT: ICRA Reaffirms B Rating on INR6cr LT Loan

PURNA FISHERIES: CRISIL Assigns B+ Rating to INR150MM Cash Loan
RADHEYA MACHINING: CRISIL Reaffirms B Rating on INR492MM Loan
RANA DENIM: CRISIL Reaffirms B+ Rating on INR130MM Demand Loan
SHIKARPUR & BHANDAPUR: ICRA Reaffirms B- Rating on INR5.06cr Loan
SHREE RAJASVI: CRISIL Reaffirms B Rating on INR160MM Cash Loan

SHREE SACHIDANAND: ICRA Cuts Rating on INR6.25cr Loan to D
SHRI GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SHYAMSUNDAR SATYANARAYAN: ICRA Rates INR15cr Cash Loan at B+
SILVERSUN SOLAR: ICRA Puts 'SP 3D' Grading on Weak Fin'l Strength
SIPAI COTTON: ICRA Reaffirms B+ Rating on INR6cr Cash Credit

SRI SAI: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
SONATANI FOOD: CRISIL Assigns B Rating to INR36MM Term Loan
SUNRISE AGRO: CRISIL Reaffirms B Rating on INR30MM Cash Loan
SURENDRA ELECTRICALS: ICRA Rates INR2cr Cash Credit at 'B'
TRIVANDRUM SPECIALISTS: CRISIL Assigns B+ Rating to INR285MM Loan

UPPAL FERROCAST: CRISIL Assigns B+ Rating to INR30MM LT Loan
VERTIGO IMPEX: CRISIL Assigns B Rating to INR50MM Cash Loan


J A P A N

SHARP CORP: Seeks JPY100BB From State-backed Entity for Spin-Off


N E W  Z E A L A N D

WINTON HOME: No Further Assets to be Sold, Liquidator Says


S O U T H  K O R E A

* SOUTH KOREA: Large Firms' Debt-Repaying Ability Worsens in 2014


X X X X X X X X

* BOND PRICING: For the Week March 31 to April 3, 2015


                            - - - - -


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


GEMSTAR DIAMONDS: Liquidators Seek Expression of Interest
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the sale of the shareholding of around
11.4 million shares of Gemstar Diamonds Ltd in Central Kimberley
Diamonds Ltd (CKD). The shareholding reflects 45.9% of issued
capital.

CKD is a public company that invested in Urafiki Gems Pty Ltd that
reflects an interest in a South Africa diamond exploration asset.

Gemstar Diamonds was put into liquidation on October 1, 2014 with
Giovanni Maurizio Carrello of BRI Ferrier Western Maurizio
Carrello being appointed liquidator, the report discloses.


MANCHESTER UNITY: S&P Revises Outlook on 'BB-' ICR to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Manchester Unity Friendly Society's 'BB-' financial
strength and issuer credit ratings to positive from stable.

The positive outlook on MUFS reflects the company's recent track
record of maintaining a strong solvency ratio, and the prospect
for such strength to continue over the coming year.  The positive
outlook also acknowledges the benefits of the introduction of a
formal management plan to respond to a scenario of a shrinking
solvency ratio.  The outlook assumes a continuation of an orderly
runoff of the life insurance business and management of capital
and assets sales.  S&P expects that capital--in particular
regulatory capital--will strengthen as the business gradually
contracts.  S&P also expects earning losses to remain at
manageable levels.

Upward movement to the ratings would involve the removal of a
negative one-notch adjustment to the rating, which currently
mainly reflects the heightened risks associated with the
sensitivity of the solvency ratio to the discount rate, and would
be considered should:

   -- The regulatory solvency ratio be approaching or exceed 2.0x
      over the next year, with an expectation that such strength
      would continue over the medium term; and

   -- There was evidence of an underlying improvement in
      regulatory capital adequacy, either through internally
      generated capital or as a result of lower solvency
      requirements that are unrelated to increases in the
      discount rate.

A downgrade could occur should there be a material deterioration
in MUFS's capitalization, a sustained worsening in operating
performance, or evidence of a more aggressive risk appetite in
business or investment strategy.  Should the solvency ratio fall
below 1.8x over the coming year, with no expectation of a material
improvement over the short-to-medium term, the outlook is likely
to be revised to stable.


ONE STOP: In Liquidation; Creditors' Meeting Set For April 14
-------------------------------------------------------------
Simon Miller and Timothy Clifton of Clifton Hall were appointed as
Joint and Several Liquidators of One Stop Print Pty Ltd on
March 31, 2015.

A meeting of creditors will be held at 10:30 a.m. on
April 14, 2015, at Clifton Hall, Level 3, 431 King William Street,
in Adelaide.


SNEAKERBOY: Bought Out of Voluntary Administration
--------------------------------------------------
Cara Waters at SmartCompany reports that cult retailer Sneakerboy
has been sold after collapsing into voluntary administration in
February.

Sneakerboy was founded by Melbournian Chris Kyvetos, who was
credited with "pioneering a luxury retail revolution" by The
Business of Fashion. The retailer sells luxury sneakers, priced at
up to AUD1,600 for a pair of Giuseppe Zanotti sneakers, online and
through two stores in Melbourne and Sydney, notes the report.

Mr. Kyvetos' unique retail strategy involved no till, no fixed
point of sale and no on-site inventory at Sneakerboy, with all
stock stored in Hong Kong, says SmartCompany.

"Why pay thousands per square metre when you can basically pay
zero?" Mr. Kyvetos told The Australian in 2013, the report relays.
"Sneakerboy is about maximising retail space with online
efficiency. We only use 77sqm of our 80sqm of shop floor and carry
over 300 [SKUs] of shoes with a back area of 3m."

But administrator Michael Carrafa of SV Partners told SmartCompany
Sneakerboy ran into trouble after a dispute between Mr. Kyvetos
and one of the shareholders.

SmartCompany says the administration brought that dispute to "a
standstill", which enabled Sneakerboy to be sold last week to "a
party relating to one of the directors" for an undisclosed price.

According to the report, Mr. Carrafa said Mr. Kyvetos is still
involved in the business overseeing the buying of stock.

"We went through an expressions of interest process, we had two
interested parties but only received one offer," the report quotes
Mr. Carrafa as saying.

SmartCompany understands Sneakerboy turns over around AUD50,000
per week and Mr. Carrafa said "it's a strong business model".

"The conflicting interests of director and shareholders was really
to the detriment of the trading operations but it seems through
the voluntary administration process it traded well," he says.

SmartCompany relates that Mr. Carrafa said the successful sale
demonstrates the benefit of seeking help from administrators at an
early stage.

"It's always great to get us in earlier as there is a better
chance of survival, in this case they got it early and there was a
solution," SmartCompany quotes Mr. Carrafa as saying.  "If it's
too far gone it's a lot more difficult."



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


CHINA SHIANYUN: Incurs $1.33 Million Net Loss in 2014
-----------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $1.33 million on $210,000 of revenues for the year
ended Dec. 31, 2014, compared to a net loss of $382,000 on $2
million of revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.52 million in total
assets, $5.74 million in total liabilities, and a $2.21 million
total stockholders' deficit.

AWC (CPA) Limited, in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2014, noting that the Company has a
significant accumulated deficits and negative working capital.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.

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

                         http://is.gd/59WDOb

                       About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods, including
herbal teas, health liquors, meal replacement products, and cured
meat using ecological breeding methods in China. The Company is
based in Shenzhen Guandong Province, China.


CHINA TELETECH: Needs More Time to File Form 10-K
--------------------------------------------------
China Teletech Holding, Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the period
ended Dec. 31, 2014. The Company said it has experienced a delay
in completing the disclosures necessary for inclusion in its
Annual Report. The Company expects to file that report within the
allotted extension period.

On June 30, 2014, the Company entered into a cooperation agreement
with Shenzhen Jinke Energy Development Co., Ltd. Pursuant to the
Agreement, 20 million shares of the Company's common stock were to
be issued to SJD in exchange for 51% of all the outstanding
capital of SJD. The accompanying financial statements to the
Company's Annual Report to be filed will be reported on a
consolidated basis.

The financials will be significantly different from the same
period in 2013 due to the Share Exchange.

                       About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services. The Company is an independent qualified corporation that
serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party. GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech reported a net loss of $1.96 million on
$30.9 million of sales for the year ended Dec. 31, 2013, as
compared with net income of $53,500 on $26.6 million of sales in
2012.

As of Sept. 30, 2014, the Company had $11.3 million in total
assets, $13.9 million in total liabilities and a $2.53 million
total deficit.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.


CLOUD LIVE: Sparks Corporate Default Worries, WSJ Reports
----------------------------------------------------------
Yang Jie and Carlos Tejada at The Wall Street Journal report that
a restaurant chain that abruptly shifted into cloud computing and
is under regulatory scrutiny could become the first Chinese
company to fail to repay principal to local bond investors.

The Journal relates that Cloud Live Technology Group Co. said it
is unable to pay back CNY240.6 million ($38.8 million) in debt due
March 31. In an April 2 filing with the stock exchange in the
southern Chinese city of Shenzhen, Cloud Live said it had raised
CNY161.4 million to pay back about CNY400 million in debt sold
three years ago.

Still, Cloud Live said it might not be able to pay back the
remainder, the report says.

"To all bondholders we extend our most sincere apologies!" it said
in the filing, the Journal relays.

According to the report, potential Chinese corporate bond defaults
have been closely watched amid a slowdown in the country's growth
and as companies in a number of industries grapple with high debt
levels. The first such default occurred last year, when Chaori
Solar Energy Science & Technology Ltd. missed interest payments
worth CNY89.8 million, the report notes.

Still, China has shown little willingness to let corporate bond
investors take a hit, says the Journal. Chaori's restructuring
package made bond investors whole, in what analysts said was a
sign of official worry that defaults could scare investors away
from China's corporate bond market, which is still relatively
young.

The Journal says a second Chinese company, Xuzhou Zhongsen Tonghao
New Board Co., missed an interest payment last year, but
regulators said the bond's guarantor had agreed to pay investors
back.

China's corporate bond market has grown quickly as companies seek
new funding sources, the report notes. The volume of domestic
corporate bonds issued rose 46% in 2014 to CNY696.2 billion from
CNY475 billion a year earlier, the Journal discloses citing
ChinaBond, a data service run by the official China Central
Depository & Clearing Co.

The Journal notes that Cloud Live's disclosure to the Shenzhen
exchange was the latest development in a run of trouble for a tech
company that until last year ran restaurants and was famous for
delicacies such as fish heads. In December, Chinese regulators
said they were investigating whether Chairman Meng Kai violated
securities laws, the report relates. He resigned in early January,
the company, as cited by the Journal, said.

As of late December, Chinese regulators had frozen Mr. Meng's
shares in Cloud Live, which represent a stake of nearly 23%, the
Journal says.

Until last year, Cloud Live was known as Beijing Xiangeqing Group
Co. It ran 18 restaurants specializing in fiery fare from China's
Hunan province and the surrounding area, the Journal states. It
was long a favorite of Chinese officials, but that business has
been hurt by President Xi Jinping's drive to enforce official
austerity. Last year, it lost CNY564 million.

In May, the company that became Cloud Live said it would raise
CNY3.6 billion by selling new shares in a private placement to
fund an expansion into big data and cloud computing. At the time,
it said the shift could be expensive and wouldn't lead to short-
term payoffs, the Journal relates.

Cloud Live agreed in December to sell its restaurants to a
catering company for CNY230 million, according to filings cited by
the Journal. But it cut the sale price to CNY100 million, citing
negative media coverage, it said.


COUNTRY GARDEN: Moody's Reviews Ba2 CFR for Upgrade
---------------------------------------------------
Moody's Investors Service has put Country Garden Holdings Company
Limited's Ba2 corporate family and senior unsecured debt ratings
on review for upgrade.

On April 1, 2015, Country Garden announced that it proposed to
issue about 2.24 million new shares, or approximately 9.9% of the
enlarged share capital of the company to Ping An Insurance (Group)
Company of China, Ltd. (unrated). The total amount of new proceeds
is estimated at around HKD6.3 billion.

"Country Garden's proposed share placement to Ping An, if
successful, will improve its capital base and funding," says
Franco Leung, a Moody's Vice President and Senior Analyst.

Moody's estimates that the company's pro-forma adjusted debt/total
capitalization will improve to about 55.4% from 57.5% at end-2014,
and 59.9% at end-2013.

The company's funding plans are good. In particular, it: (1)
completed a rights issue in 2014, garnering net proceeds of around
HKD3.18 billion; and (2) issued two senior notes for $800 million
and obtained its first offshore club loan for HKD4.5 billion in
2014.

As a result, the company lengthened the average tenure of its debt
portfolio and reduced its weighted average cost of borrowing to
around 8.16% in 2014 from 8.54% in 2013.

The proposed share placement will add further funding support to
facilitate business growth.

"The share placement will also further strengthen Country Garden's
liquidity position," adds Leung.

Country Garden's liquidity profile is strong. It reported cash to
short-term debt of about 182% in 2014; a result which was strong,
despite the 215% achieved in 2013.

Its cash holdings -- including restricted cash -- of RMB27.2
billion at end-2014 were sufficient to cover its maturing debt of
RMB14.9 billion and committed land payments over the next 12
months.

These positive developments could improve the competitiveness of
the company. Consequently, Moody's is reviewing Country Garden's
ratings for upgrade.

In its review, Moody's will evaluate: (1) any synergy as a result
of its strategic partnership with Ping An Insurance; (2) any
change to the company's business plan, given the challenges in the
property market, such as the general industry trend of declining
profit margins and the weaker levels of demand in lower-tier
cities; and (3) the company's plan to expand into the development
business in overseas markets.

The principal methodology used in these ratings was the Global
Homebuilding Industry published in March 2009.

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. At end-2014, its land bank totaled
a sizeable 77.56 million square meters in attributable gross floor
area.

At Dec. 31, 2014, it owned and operated 44 hotels with a total of
12,433 rooms. The hotels were located mainly in Guangdong Province
and support its development of townships.


GENERAL STEEL: Delays Form 10-K Filing
--------------------------------------
General Steel Holdings, Inc. was unable to file its annual report
on Form 10-K for the year ended Dec. 31, 2014, within the
prescribed time period because, according to the Company,
additional time is required to complete the preparation of its
financial statements. The Company said the Annual Report will be
filed as soon as practicable.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

The Company reported a net loss of $42.6 million in 2013, a net
loss of $232 million in 2012, a net loss of $283 million in 2011,
and a net loss of $46.3 million in 2010.

The Company's balance sheet at Sept. 30, 2014, showed
$2.76 billion in assets, $3.35 billion in liabilities, and a
$584 million total deficiency.


LAKELAND INDUSTRIES: China Subsidiary Has RMB 8MM Loan Agreement
----------------------------------------------------------------
Lakeland Industries, Inc.'s China subsidiary, Weifang Lakeland
Safety Products Co., Ltd, and Chinese Rural Credit Cooperative
Bank completed an agreement for WF to refinance pursuant to an
existing line of credit from CRCCB, according to a document filed
with the Securities and Exchange Commission. This refinances a
loan on the same terms by WF to CRCCB in the amount RMB 8,000,000
(approximately USD $1,300,000). WF intends to draw down most of
the amount, if not all, within a relatively short period of time.
The Loan will mature on Sept. 21, 2015.

Interest is based on 120% of the benchmark rate. The annum
interest rate is 6.42%. Monthly interest is RMB 42,800 which will
be paid monthly.

CRCCB has hired a professional firm to supervise WF's inventory
flow, which WF will pay yearly at a rate of RMB 42,800
(approximately US $6,895).

                    About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


LOGAN PROPERTY: Moody's Says Ratings Unaffected by Credit Metrics
-----------------------------------------------------------------
Moody's Investors Service said that Logan Property Holdings
Company Limited's Ba3 corporate family rating and B1 senior
unsecured rating are unaffected by the company's weaker year-on-
year credit metrics at end-2014.

The ratings outlook is stable.

"Logan's credit metrics at end-2014 were weaker than expected,
resulting in lower headroom for its ratings. Nevertheless, Moody's
expect its credit metrics to stabilize in 2015, through tighter
debt controls and greater prudence in its growth plan," says
Franco Leung, a Moody's Vice President and Senior Analyst.

Contracted sales in 2014 fell slightly below Moody's expectations,
due to Logan's challenging operating environment.

While revenue increased by 12% in 2014 to RMB12.5 billion from
RMB11.1 billion in 2013, contracted sales was flat at RMB13.4
billion from RMB 13.2 billion during the same period.

Nevertheless, Moody's estimates that Logan's contracted sales will
grow by 10%-15% in 2015, on the back of higher land purchases in
2014 and Moody's expectation that market conditions will stabilize
gradually.

In addition, Moody's notes that Logan adopts a fast asset turnover
model that aims to reduce working capital cycles.

Its EBITDA margin fell to 23.7% from 30.8% year-over-year in 2014,
as a result of the recognition of a greater proportion of lower-
end products in its revenue for 2014, as well as lower selling
prices.

While Moody's expects Logan's margins to exceed 20% in 2015, its
margins will gradually trend downwards, due to higher land costs
and pressure on selling prices; the latter of which is due to the
persistent oversupply of new homes in the market.

Leverage, in terms of revenue/adjusted debt, weakened to 67% in
2014 from 115% in 2013, as a result of the 94% increase in total
adjusted debt to RMB18.8 billion. Part of the deterioration was
due to debt issuance in late 2014 to pre-fund debt maturities.
Adjusted debt to capitalization on the other hand, remained
broadly stable at 59% versus 57% over the same period.

Moody's expects Logan's revenue to adjusted debt ratio to trend
back towards Moody's threshold of 80% in 2015 as Logan exercise
greater financial discipline in 2015 and utilize funds raised from
offshore financing in 2014 to pay down its short-term debt.

As for its EBITDA interest coverage, Moody's notes that this
result weakened substantially in 2014 to 2.7x from 5.2x in 2013,
because of a step-up in debt. Nonetheless, the ratio remained
comparable to other Ba3 industry peers.

"Logan's liquidity profile supports its Ba3 corporate family
rating," adds Leung.

Cash-on-hand, including restricted cash and assets under cross-
border guarantee arrangements, rose to RMB9.1 billion in 2014 from
RMB4.5 billion in 2013, after successive offshore financing rounds
by the company, including the $300 million, 5-year senior
unsecured notes issued in May 2014, the $105 million, 3-year
syndicated loan signed in October 2014, and the $250 million 3-
year senior unsecured notes issued in December 2014.

Cash-to-short term debt stayed healthy at 183%, slightly higher
than 164% seen in 2013. Moody's expects that Logan will maintain
its cash to short term debt in excess of 100-125%.

The stable ratings outlook reflects Moody's expectation that Logan
will exercise financial prudence in its expansion plans, control
its debt levels, and maintain adequate liquidity.

Upward ratings pressure could emerge if the company:

(1) Consistently meets its sales targets and continues to
     implement a disciplined approach to acquiring land and
     managing its financials;

(2) Maintains stable profitability through business cycles, such
     that its EBITDA margin exceeds 30% on a consistent basis;

(3) Grows in scale and diversifies its funding sources;

(4) Maintains good liquidity, with a minimum cash balance
     exceeding 200% of its short-term debt; and

(5) Maintains an EBITDA/interest coverage in excess of 4.0x-
     4.5x, and revenue/debt in excess of 100%.

Downward ratings pressure could emerge if:

(1) Logan's liquidity and operating cash flow generation weaken,
     due to lower than expected contracted sales growth,
     aggressive land acquisitions, or the emergence of more
     severe conditions in China's property sector;

(2) Its profit margins come under pressure, which would in turn
     negatively affect interest coverage and financial
     flexibility; or

(3) The company engages in material debt-funded acquisitions.

Credit metrics that Moody's would consider for a downgrade
include: (1) an EBITDA margin below 20% on a sustained basis; (2)
a cash balance below 100%-125% of short-term debt; (3) an EBITDA
interest coverage below 2.5x-3.0x on a sustained basis; and (3) a
revenue/adjusted debt below 80% on a sustained basis.

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

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen. The company's principal
focus is on residential projects in Shantou, Nanning and Huizhou.

It listed on the Hong Kong Stock Exchange in December 2013. At
end-2014, its land bank totaled 13.7 million sqm in gross floor
area across 13 cities in China, including in Shantou, Nanning, and
cities in the Pearl River Delta.


PARKSON RETAIL: Moody's Says Penalty Payment No Impact on Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service said the penalty imposed on Parkson
Retail Group Limited in favor of a former landlord is credit
negative, but has no impact on its Ba3 corporate family rating,
senior unsecured debt rating and its stable rating outlook.

Parkson announced on March 31, 2015 that China International
Economic and Trade Arbitration Commission is requiring it to pay
RMB140 million to the former landlord of a store it operated in
Beijing's Chaoyang District.

The payment is a result of the dispute between Parkson and the
former landlord on the performance of lease agreement.

"While the penalty will result in cash outflow, the amount can be
absorbed by Parkson's substantial cash on hand," says Lina Choi, a
Moody's Vice President and Senior Analyst.

The RMB140 million payment equals about 33% of Parkson's adjusted
operating profit of RMB430 million for 2014. It also represents
about 20% of the RMB750 million operating cash flow that Moody's
forecasts for 2015.

But Parkson had RMB4.9 billion in cash and cash equivalent at end-
2014.

The RMB140 million payment will have no material impact on its
liquidity position.

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

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. At end-2014, Parkson owned and managed 60 stores.
The 60 stores were spread across 37 Chinese cities. The company
targets the middle- and middle-upper end of the Chinese retail
market. It is 52.1%-owned by Parkson Holdings Berhad (unrated), an
affiliate of Malaysia's Lion Group.


SOUND GLOBAL: Moody's Downgrades CFR to Caa1, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Sound Global Limited's
corporate family rating to Caa1 from Ba3 and senior unsecured debt
rating to Caa2 from B1.

The ratings outlook has been changed to negative from review for
downgrade.

The downgrade actions follow the company's announcement that (1)
its external auditor has identified potential audit issues, which
are holding up the completion of the company's audited 2014 annual
results; (2) its board of directors has resolved to set up an
independent review committee and considers engaging independent
forensic accountants to conduct an investigation; and (3) an
independent non-executive director -- who was the chairman of
audit committee and nomination committee and a member of
remuneration committee of the company -- has resigned.

"The downgrade reflects Moody's concern that the company's default
risk on its offshore bonds will increase in the near term," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

Given the potential audit issues, Moody's believes that there is
high probability that the company may not publish audited 2014
financial statements in the next 30 days. This places the company
at high risk of not complying with the senior unsecured notes'
requirement of providing audited financial statements within 120
days from fiscal year end. Such non-compliance could trigger an
event of default and an acceleration of repayment of the $150
million senior unsecured notes due August 2017.

The company reported cash on hand of RMB3.75 billion as of 30 June
2014. However, as it hasn't filed audited financial statements for
Dec. 31, 2014, Moody's cannot verify that its liquidity position
can withstand an accelerated repayment of the senior unsecured
notes.

"The company's inability to complete its audited 2014 annual
results also impairs its access to funding," adds Lu, who is also
the Lead Analyst for Sound Global.

As long as the company cannot deliver its audited 2014 annual
results and maintains less-than-minimum members of independent
directors required by the Hong Kong Stock Exchange, it cannot
access the equity market and the offshore debt market.

"The downgrade also reflects heightened corporate governance
risk," says Lu.

Moody's is very concerned about the resignation of the chairman of
the audit committee and the potential engagement of independent
forensic accountants. This reflects serious corporate governance
issues that could add uncertainty to the company's financial
position and its operations.

Moody's will continue to monitor (1) the company's resolution of
the potential audit issues and the completion of its annual
results for 2014; and (2) the appointment of a new independent
non-executive director.

The negative outlook reflects the company's high repayment risk
due to its uncertain financial position, impaired source of
funding and high corporate governance risk.

Given the negative outlook, there is a low probability of an
upgrade in the near term. Completion of audited 2014 results with
no material qualifications would be positive for the ratings.

The principal methodology used in this rating was Construction
Industry published in November 2014.

Established in 2005, Sound Global Limited is one of the leading
providers of turnkey water and wastewater treatment solutions in
China. The company was listed on the Hong Kong Stock Exchange in
2010 and was founded by Mr. Wen Yibo.


WUZHOU INT'L: Moody's Affirms B2 CFR; Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service changed the outlook on Wuzhou
International Holdings Limited's corporate family and senior
unsecured ratings to negative from stable.

Moody's has also affirmed Wuzhou's B2 corporate family rating and
B3 senior unsecured rating.

"The change in outlook to negative reflects the weakened credit
profile of Wuzhou International Holdings Ltd, including its
weaker-than-expected operating margins and the deterioration in
interest coverage, thereby positioning it weakly relative to its
B2 peers," says Stephanie Lau, a Moody's Assistant Vice President.

Wuzhou's adjusted EBITDA interest coverage declined to 1.1x in
2014 from 3.0x in 2013 and its adjusted EBITDA margin fell
significantly to 14.1% in 2014 from 25.3% in 2013.

The main reason for the weakened EBITDA coverage was a steep
decline in gross margins to 34.8% in 2014 from 43.7% in 2013.

A total 43% of its 2014 revenue was recognized from auxiliary
properties that included SOHO apartments, office buildings and
various other categories, wherein gross margins declined to 15% in
2014 from 39% in 2013.

Moody's notes that revenue recognition has been slower than
expected. Despite a 28% year-on-year growth in contracted sales to
RMB6.6 billion in 2014, revenue from property development was only
RMB4.1 billion, some 15% below our expectations.

Wuzhou's 2014 revenue recognition mainly came from Nantong,
Hangzhou and Jiangyin.

Leverage also increased, with revenue-to-adjusted debt falling to
75.9% in 2014 from 100.7% in 2013. In October 2014, Wuzhou
completed the issue of USD100 million convertible notes due 2019,
which partially reduced its immediate debt-funding needs.

"The negative outlook also reflects concerns over Wuzhou's
profitability, the sustainability of sales and its ability to
execute in light of a rapid expansion into third- and fourth-tier
cities," adds Lau, who is also the Lead Analyst for Wuzhou.

Moody's expects Wuzhou's adjusted EBITDA margin to remain at
around 15-20% in 2015, given the likely slow recovery in demand in
third- and fourth-tier cities where Wuzhou operates, and
volatility in investment demand for trade and logistics centers.
The company's liquidity position weakened in 2014 as short-term
debt increased to RMB1.8 billion from RMB1.1 billion in 2013,
after accounting for RMB488 million of convertible notes listed
under current liabilities. As a result, cash to short-term debt
fell to 101% from 131% in 2013.

Wuzhou intends to improve operating cash flow through achieving
greater efficiency in inventory turnover, which is expected to
contribute to 20-25% of its 2015 contracted sales. It is also
focusing on maintaining gross margins for shops and auxiliary
properties above 40% and 20-25%, respectively.

Upward rating pressure is unlikely due to the negative outlook.
Nevertheless, the outlook could revert to stable if Wuzhou (1)
successfully executes its business plan and improves revenue
recognition and margins in 2015; (2) improves its liquidity
position, such that cash to short-term debt rises above 1.0x on a
sustained basis; and (3) EBITDA/interest improves above 2x.

Downward rating pressure could emerge if (1) Wuzhou's sales
decline further as a result of a poor reception to its development
projects, or a significant downturn in the regional economies
where it operates; (2) EBITDA/interest coverage falls below 1.5-
2.0x; or (3) its liquidity position deteriorates with cash to
short-term debt falling below 0.8x-1.0x.

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

Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou
International Holdings Ltd specializes in the development and
operation of wholesale markets and multi-functional commercial
complexes in China.

At Dec. 31, 2014, it had a total planned GFA for its land bank of
approximately 8.008m sqm, distributed across Jiangsu, Yunnan,
Henan, Shandong, and seven other provinces.


YANZHOU COAL: Moody's Says Credit Profile Constrained by Capex
--------------------------------------------------------------
Moody's Investors Service said that capacity expansions and a
depressed operating environment will constrain Yanzhou Coal Mining
Co. Ltd's (Ba2, negative) credit profile in 2015.

Moody's says that the company's planned capital expenditure of
RMB9.7 billion in 2015 -- despite its decline in profitability due
to the weakness in the coal market -- coupled with the weakened
coal market will result in its net debt/EBITDA staying higher at
6.5x-7x for the year.

"This strategy is contrary to other mining companies, which are
scaling down capex and conserving liquidity in response to
declining coal prices," said Simon Wong, a Moody's Vice President
and Senior Credit Officer.

The company's EBIT margin should remain weak, at around 5% under
our coal price assumption of RMB400-RMB450 per tonne for 2015,
against the backdrop of a sluggish global macro-economy and
oversupply in both the domestic and international markets. The
average selling price for coal declined by 9% year-on-year, to
RMB476 per tonne in 2014.

Yanzhou Coal's credit metrics weakened in 2014 from 2013, in line
with Moody's expectations. The company's weakened credit profile
is expected and is reflected by the negative rating outlook on its
Ba2 corporate family rating.

The company's profitability fell in 2014, as its adjusted EBIT
margin declined to 5% from 9% in 2013, due to prolonged weakness
in thermal coal prices. While total revenue increased by 7% to
RMB60 billion in 2014 from RMB56 billion in 2013.

As a result, adjusted net debt/EBITDA increased to 6.75x from
4.56x in 2013 and adjusted EBIT/interest declined to 1.30x from
2.54x.

During the year, Yanzhou Coal was successful in driving down
production costs, which softened the margin compression from lower
coal prices, says Moody's.

Yanzhou Coal's self-produced coal cost fell by 7% year-on-year to
RMB17.9 billion in 2014 from RMB19.4 billion in 2013, mainly
through savings on salaries, materials costs, and other general
and administrative costs.

Nevertheless, Yanzhou Coal's main Australian subsidiary continued
to recorded operational losses, with negative EBITDA of AUD46.6
million in 2014 from positive EBITDA of AUD43.7 million in 2013.
The losses in 2014 were attributable to the oversupply in the
seaborne coal market. Cost optimization measures were not
substantial enough to offset the fall in coal price.

Finally, Yanzhou's Coal's defensive liquidity strategy remained,
with RMB15 billion in cash holdings and RMB5 million in term
deposits at end-2014. These liquid holdings, together with its
operating cash flow for the year, were sufficient to cover the
company's short-term debt of RMB10 billion, as well as its capital
expenditure of RMB9.7 billion for the same period.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Yanzhou Coal Mining Co. Ltd. listed in Shanghai, Hong Kong and New
York in 1998. It is 56.52%-owned by the Yankuang Group (unrated),
a state-owned enterprise that is wholly owned by the Shandong
Provincial State-Owned Assets Supervision and Administration
Commission.


ZOOMLION: S&P Lowers CCR to 'B+'; Outlook Negative
--------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Zoomlion Heavy Industry
Science and Technology Co. Ltd. to 'B+' from 'BB'.  The outlook is
negative.  At the same time, S&P lowered the issue ratings on
US$400 million in 6.875% senior unsecured notes due 2017 and
US$600 million in 6.125% senior unsecured notes due 2022 issued by
Zoomlion H.K. SPV Co. Ltd. to 'B+' from 'BB'.  Zoomlion guarantees
the notes.  In addition, S&P lowered its long-term Greater China
regional scale rating on Zoomlion and on its guaranteed notes to
'cnBB-' from 'cnBB+'. Zoomlion is a China-based machinery
manufacturer.

"We downgraded Zoomlion because the company's 2014 performance was
substantially weaker than our base-case expectation due to weak
market demand, intense competition, and Zoomlion's increased
customer credit risks," said Standard & Poor's credit analyst Tony
Tang.

The company's financial leverage has increased drastically over
the past six months, and S&P sees limited prospect for improvement
in the next 12 months.  Zoomlion's debt-to-EBITDA ratio increased
to 20x in 2014, when factoring in contingent liabilities.

S&P believes Zoomlion's cash flows will likely be weak and the
company will face increasing funding pressure over the next 12
months.  S&P expects operating cash flow to be negative in 2015,
but it should improve somewhat from 2014.  In S&P's view, the
company's receivables may further deteriorate, translating into
longer payment days or potential defaults by customers.

Zoomlion could face losses and cash flow constraints if the credit
quality of its customers continues to deteriorate.  The company
still guarantees Chinese renminbi (RMB) 14.53 billion in bank
loans that its customers obtained at the end of 2014.  In
addition, Zoomlion bought back RMB2.5 billion in previously
factored finance lease receivables in 2014, which is almost 3.7x
the RMB673 million buyback in 2013.  Even though Zoomlion had no
finance lease receivables factored to banks at the end of 2014,
the company still had RMB5.2 billion in trade receivables factored
to banks, an amount that it may need to buy back later.

In S&P's base-case scenario, it estimates the company's working
capital outflow will be RMB2.4 billion and customer default
payment and product buybacks will be RMB1.5 billion in 2015.

S&P projects Zoomlion's total sales will increase 10.8% year over
year in 2015 to RMB28.6 billion, of which construction machinery
sales will likely decline 8%-12% across different product groups.
Environmental and sanitation machinery should grow 28% during the
year.  In addition, S&P projects that Chery Heavy Industry Co.
Ltd. will contribute RMB3.5 billion in sales to the group in 2015.

"We expect Zoomlion's leverage ratios to improve slightly over the
next 12-36 months.  However, they should remain way above our
threshold," said Mr Tang.

S&P has therefore revised its assessment of Zoomlion's financial
risk profile to "highly leveraged" from "aggressive."

Zoomlion has a strong domestic market share and diversified
machinery product offerings, particularly after its expansion in
environmental machinery and agriculture machinery segments, which
continue to underpin its "satisfactory" business risk profile.

The prolonged downturn in China's heavy equipment industry since
2011 contributed to the deterioration in Zoomlion's operating
performance.  Despite the recent rate cuts by China's central
bank, S&P don't believe the construction machinery industry has
benefited much from this lower interest environment.  Moreover,
S&P don't think the Chinese government's so-called "one belt, one
road" development strategy for investments will have any material
uplift for the industry until 2017.

Zoomlion tightened its credit underwriting standards in 2014, and
S&P believes it is still early to tell whether this will prevent
its receivables from further deteriorating.

"The negative outlook on Zoomlion for the next 12 months reflects
our expectation that the downturn in the construction machinery
industry will continue in 2015, and that will exert a further
strain on the company's margins and potentially greater funding
pressure to buy back previously sold products and securitized
receivables," said Mr. Tang.  S&P expects limited improvement in
Zoomlion's high leverage.

S&P could revise the outlook to stable if the deterioration of
Zoomlion's receivables has stabilized, and S&P has clearer
visibility about its buy back obligations.  This could happen if
the machinery industry demand recovers on increased infrastructure
investments and property market stabilizes.

S&P may lower the rating if Zoomlion's market position
deteriorates substantially, such that its EBITDA margin stays
depressed for a prolonged period.  S&P could also lower the rating
if the funding pressure escalates further, which could be caused
by uncontrolled buybacks and overly leveraged balance sheet.


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


BHUJBAL CONSTRON: CRISIL Cuts Rating on INR80MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bhujbal Constron (Bhujbal) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               80        CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by Bhujbal in
servicing its debt. The firm has received lower-than-expected
advance for its project. Consequently, its liquidity has been
constrained and its cash flows are inadequate for meeting its debt
obligations, resulting in delays in servicing its debt.

Bhujbal is also exposed to funding, implementation, and offtake
risks with respect to its ongoing project, and is susceptible to
the cyclicality in the Indian real estate industry. The firm,
however, benefits from its promoter's extensive industry
experience.

Set up in April 2012, Bhujbal is implementing a residential real
estate project on the outskirts of Wai (Maharashtra). The project
comprises 108 residential units (54 units, each with one bedroom
along with a hall and kitchen [1-BHK], and 54 with 2-BHK); it is
being marketed under the name Grand County. Bhujbal is a part of
the Bhujbal group of entities promoted by Mr. Abhijit Bhujbal.


BIGJO'S INFRAESTATE: CRISIL Puts B Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Bigjo's Infraestate Ltd (Bigjosinfra).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             100        CRISIL B/Stable

The rating reflects Bigjosinfra exposure to project-related risks
and to cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by the industry experience
of the company's promoters.

Outlook: Stable

CRISIL believes that Bigjosinfra will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company successfully completes
its ongoing project within the stipulated timeline and has
substantial realisations, leading to improvement in its
profitability. Conversely, the outlook may be revised to
'Negative' in case of a time or cost overrun in project
implementation, resulting in weakening of Bigjosinfra financial
risk profile.

Bigjosinfra was originally incorporated in 1993 in Delhi as Big
Jos Estates Ltd; the name of this company was changed to the
present one in 2008. Bigjosinfra is engaged in real estate
development for commercial and residential units. The company is
managed by Mr. Sidharth Jain and his family. Bigjosinfra has
already executed two commercial complex towers in Netaji Subhash
Place (Delhi) and is at present executing one group housing
project, Bigjos Estates, in Gannaur, Sonepat (Haryana).

Bigjosinfra registered a profit after tax (PAT) and net sales of
INR2.6 million and INR47.9 million, respectively, for 2013-14
(refers to financial year, April 1 to March 31), as against a PAT
and net sales of INR1.5 million and INR12.9 million, respectively,
for 2012-13.


CONCEPT SHAPERS: CRISIL Ups Rating on INR65MM Loan From D
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Concept Shapers and Electronics Private Limited's (CSEPL) to
'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of credit &    10        CRISIL A4 (Upgraded from
   Bank Guarantee                  'CRISIL D')

   Proposed Long Term    65        CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The rating upgrade reflects the company's improved liquidity
profile due to healthy accrual generation and infusion of
unsecured loans by the promoters. The company has entirely repaid
its long-term bank loans, and the absence of fixed repayment
obligations is expected to support liquidity in the near-term. The
company is estimated to register strong growth of more than 50 per
cent in 2014-15 (refers to financial year, April 1-March 31) to
around INR200 million due to improved order flow from customers.
The incremental orders from its existing customers, along with
current order book size of about INR400 million, executable till
mid-2015-16 provides visibility to CSEPL's revenue growth over the
medium term.

CSEPL has a long working capital cycle with gross current assets
of over 400 days estimated in 2014-15; primarily due high debtor
(over 250) and inventory days (around 200). While the working
capital cycle is partly supported by the high credit period it
receives from its creditors (around 350 days), reliance on short-
term debt is expected to remain high, given the strong growth
anticipated and the corresponding increase in working capital
requirements. However, CRISIL expects that the increase in
accruals will contribute to improvement in financial risk profile;
CSEPL's gearing is expected to improve to 2.3-2.5 times as on
March 31, 2016 from about 3.9 times as on March 31, 2015.

CRISIL's rating reflects CSEPL's highly working capital intensive
nature of operations, modest scale of operations and weak
financial risk profile. These weakness are partially offset are
the promoters' extensive industry experience, and their
established relationships with customers.

Outlook: Stable

CRISIL believes that CSEPL's financial risk profile will remain
weak over the medium term, constrained by its working capital
intensive nature of operations and modest liquidity. The outlook
may be revised to 'Positive' if CSEPL's working capital cycle
improves along with driven by sustained increase in profitability
and accretion to reserves. Conversely, the outlook may be revised
to 'Negative' in case of stretch in CSEPL's working capital cycle,
or any large debt-funded capital expenditure further weakening its
liquidity profile and capital structure.

Set up in 1988 by Mr. M D Raghunarayan, CSEPL designs,
manufactures, assembles, and tests rugged portable computers and
electronic instruments, especially for the defense sector. The
company is based in Mumbai (Maharashtra).


CRISTOPIA ENERGY: CRISIL Assigns B+ Rating to INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Cristopia Energy Systems (India) Pvt Ltd
(CESIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        15         CRISIL A4
   Cash Credit           80         CRISIL B+/Stable

The ratings reflect CESIPL's modest scale of operations, exposure
to risks related to tender-driven business, and working-capital-
intensive operations constraining the company's liquidity and debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive industry experience and CESIPL's
moderate order book.

Outlook: Stable

CRISIL believes that CESIPL will benefit over the medium term from
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher cash accruals, moderation in
working capital management or fresh infusion of funds by promoters
leading to improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in
CESIPL's revenue or profitability, or a large debt-funded capital
expenditure programme, or a stretched working capital cycle,
leading to deterioration in its financial risk profile,
particularly liquidity.

Incorporated in 1993, CESIPL is a joint venture between the Kehems
group, India and CIATS SA, France. The company manufactures
chillers (used for air conditioners) and thermal energy storage
systems.


DHARAM PAUL: CRISIL Assigns B+ Rating to INR120MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Dharam Paul Rice Mills (DPRM).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          120       CRISIL B+/Stable
   Rupee Term Loan       27       CRISIL B+/Stable

The rating reflects DPRM's weak financial risk profile marked by
high gearing and working capital intensive operations. These
rating weaknesses are partially offset by the extensive industry
experience of DPRM's partners and their financial support to the
firm, and the healthy growth prospects of the basmati rice
industry.

Outlook: Stable

CRISIL believes that DPRM will maintain its business risk profile,
backed by the extensive experience of its promoters in the rice
industry. Its financial risk profile is, however, expected to
remain constrained due to high gearing and below average debt
protection metrics. The outlook may be revised to 'Positive' in
case of significant improvement in the firm's financial risk
profile, due to capital infusion or improvement in the scale of
operations. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the DPRM's financial risk profile due
to significant increase in inventory, leading to large incremental
bank borrowings or in case of a debt-funded capital expenditure
programme.

DPRM was established in 1999 by Mr. Ashok Kumar, Mr. Mahendra Pal
and Mr. Sandeep Kumar. Firm is engaged in business of rice milling
and rice shelling at its plant located in Budhlada, Punjab. The
firm has an installed capacity of producing 4 tonnes of rice per
hour. The firm processes basmati rice and by products like bran,
phuk, bardana which are sold to both merchant exporters and
domestic traders.


DHAULAGIREE POLYOLEFINS: CRISIL Rates INR23.5MM Bank Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dhaulagiree Polyolefins Pvt Ltd (DPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             2.5        CRISIL B+/Stable

   Proposed Long Term   23.5        CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit          14.0        CRISIL B+/Stable

   Letter of Credit     20.0        CRISIL A4

The ratings reflect DPPL's susceptibility to volatility in raw
material prices and to intense competition in the packaging
industry, and its below-average financial risk profile. These
rating weaknesses are partially offset by the extensive experience
of DPPL's promoters in the polypropylene (PP) and high-density
poly ethylene (HDPE) bags, films, and fabrics manufacturing
industry, and the company's established customer base.

Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established customer base. The outlook may be revised to
'Positive' if the company reports substantial accruals or improves
its working capital management, leading to a much better financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' if DPPL's accruals are low, its working
capital cycle is stretched, or it undertakes a large debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile, particularly its liquidity.

Incorporated in 1981 and promoted by the Kolkata-based Garodia
family, DPPL manufactures PP and HDPE woven bags and fabrics,
which are used for packaging in various industries such as cement,
fertiliser, food, textiles, and others. The company's daily
operations are being managed by Mr. Mishri Lal Garodia and Mr.
Saurabh Garodia.


G K SHELTERS: CRISIL Assigns 'D' Rating to INR250MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of G K Shelters Private Limited (GKSPL). The rating
reflects instances of delay by GKSPL in servicing its term debt;
the delays are primarily because of the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        250        CRISIL D

GKSPL also has a below-average financial risk profile, marked by
high gearing and modest net worth. However, the company benefits
from the extensive industry experience of its promoters.

Set up in 2007, Bengaluru based GKSPL is engaged in real estate
development. The day-to-day operations are managed by its promoter
director Mr. K. Narasimhulu Naidu.


GOYAL SALES: ICRA Assigns 'SP 3D' Grading on Weak Fin'l Strength
----------------------------------------------------------------
ICRA has assigned SP3D grading to Goyal Sales & Akshaya Urja Shop.
The grading indicates Moderate performance capability and Weak
financial strength of the channel partner to undertake solar
projects. The grading is valid for a period of two years from
March 25, 2015 after which it will be kept under surveillance.

Grading Drivers
Strengths Technically sound promoters with long experience in
running business. Positive feedback from customers, suppliers and
banker.

Risk Factors Relatively smaller scale of operations Large number
of unorganized players indicating high level of competition may
lead to pressure on margins.

Fact Sheet

Year of Establishment: 2010
Office Address:
Block-C, Janta Market, Power House, Bhilai, Chattisgarh-490001
Proprietor:
Mr. Devendra Aggarwal

Started in year 2010 Goyal Sales & Akshaya Urja Shop is engaged in
solar system integration and manufacturing.

The product profile of the firm is as follows: Solar PV Power
Plant Gensets Home Lighting Solar Pump Solar Water Heater
Insulated Porta Cabin Inverter UPS Batteries Solar BOS

SI Related Business - Moderate Performance Capability

Promoter Track Record

The firm was started by Mr. Devendra Aggarwal in the year 2010. He
has been in the business for the last 14 years. He has an
experience of 8 years in the power backup industry. The promoters
have an extensive experience in the supply of power transition
units, batteries, inverters.

Technical competence and adequacy of manpower:
The firm is primarily engaged in the supply of Solar PV Power
Plant, Gensets, Home Lighting, Solar Pump, Solar Water Heater,
Insulated Porta Cabin, Inverter, UPS, Batteries and Solar BOS. The
firm has supplied around 451 KW of the Solar PV space. The
technical competence is adequate as represented by positive
feedback from the customers and well qualified management profile.

As on March 2015 the firm has 5 skilled employees including Mr.
Devendra Aggarwal. The firm also hires other employees on
contractual basis. The employee base for the company is adequate
for the size of operations for the company.

Quality of suppliers and tie ups:
The firm sources solar modules, batteries, PCU and inverters to
manufacture its products from various suppliers like Sukam Power,
Waaree Energy, etc. Goyal Sales & Akhshaya Urja Shop mostly does
advance payment for the products procured.

Most of the suppliers from which Goyal Sales & Akshaya Urja Shop
procures are holding standard quality certifications.

Customer and O&M Network:
In the PV space it has been supplying the solar products to
government as well as private parties. The customers of the firm
were satisfied with the performance of the products supplied and
the services provided by the company.

Financial Strength - Weak
Revenues: Revenues of INR3.05 crore
Return on Capital Employed (RoCE): 19.78% in FY14
Total Outside Liabilities/Tangible Net worth: 5.05 times
Interest Coverage Ratio: 2.04 times
Net-Worth: 0.17 crore
Current Ratio: 2.02 times

Relationship with bankers:

Bankers are satisfied with firm's conduct

The overall financial profile of the firm is weak.


HYDERABAD EXPRESSWAYS: CRISIL Cuts Rating on INR2.9BB Loan to C
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Hyderabad Expressways Ltd (HEL) to 'CRISIL C' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan           2,900        CRISIL C (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects delays in receipt of annuities from
Hyderabad Growth Corridor Ltd (HGCL) and support extended to the
group entity, Cyberabad Expressway Ltd (CEL; rated CRISIL D) which
has resulted in HEL's tight cash flow position. HEL has liquid
investments of INR157.5 million which will be adequate to meet
operational and maintenance expenses as well as interest payment
for the next four months. However, the cash flows for meeting
operating expenses and debt obligations thereafter, and for
funding major maintenance expense to be incurred in future, will
be dependent on receipt of future annuity payments on time.
Hence, the timely receipt of future annuity payments and any
substantial change in the loans and advances extended by HEL to
its group companies will remain key rating sensitivity factors.

The rating continues to reflects HEL's low debt service coverage
ratio and exposure to operational and maintenance risks. However,
HEL benefits from the annuity nature of its build, operate, and
transfer (BOT) project.

HEL, a special-purpose vehicle, was promoted to build and maintain
the 13-kilometre Bongulur to Tukkuguda section of the eight-lane
outer ring road in Hyderabad on a BOT basis. HEL completed the
project in August 2010. Gayatri Projects Ltd holds a 50.0 per cent
stake in HEL, IL&FS Engineering & Construction Company Ltd owns
42.7 per cent, and Terra Projects Pvt Ltd owns 7.3 per cent stake.

As per the concession agreement, HEL will receive a semi-annual
annuity of INR304.9 million from HGCL for 15 years until December
2022. The annuity has to be deposited in an escrow account and
appropriations from the account have to be as per the concession
agreement.


JAIN ABHUSHAN: CRISIL Ups Rating on INR80MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Jain Abhushan Pvt Ltd (JAPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

The rating upgrade reflects CRISIL's belief that JAPL's business
and financial risk profiles will improve over the medium term.
JAPL reported 44 per cent year-on-year  revenue growth with
operating income of INR2.2 billion in 2013-14 (refers to financial
year, April 1 to March 31) as compared to INR1.5 billion in 2012-
13. Operating income was INR2.4 billion until December 2014, and
is expected to improve to INR2.7 billion in 2014-15. The operating
margin has been low at 0.2 to 0.7 per cent over the five years
ended 2013-14, given the company's trading nature of business. In
addition, JAPL's working capital requirement has reduced with the
closing of one of its showrooms. The company repaid its external
debt of INR100 million, which was availed of to fund its working
capital for a new showroom. The promoters have also added INR36
million of unsecured loans to fund JAPL's working capital
requirements (treated as neither debt nor equity) as on March 20,
2015. Subsequently, the total outside liabilities to tangible net
worth (TOLTNW) ratio improved to 2.3 times as on March 31, 2014
from 3 times in the previous year and is expected to improve
further in 2014-15. The interest coverage ratio is also expected
to improve to 2.0 to 2.5 times on account of low interest expense
in 2014-15. CRISIL believes that JAPL's business and financial
risk profiles will improve over the medium term on account of the
promoter's extensive industry experience and funding support.

The rating reflects JAPL's modest scale of operations and exposure
to risks related to the fragmented and competitive retail
jewellery and bullion trading segments, and low operating margin,
driven by trading nature of operations. These rating weaknesses
are partially offset by the promoters' financial support and their
extensive experience in the retail jewellery and bullion segments.

Outlook: Stable

CRISIL believes that JAPL will continue to benefit from its
promoters' extensive experience in the bullion and retail
jewellery segments, over the medium term. The outlook may be
revised to 'Positive' if the company significantly improves its
financial risk profile and profitability margins with sizeable
cash accruals. Conversely, the outlook may be revised to
'Negative' if JAPL's financial risk profile deteriorates with
deficient risk management strategies or an increase in its working
capital requirements.

JAPL was set up as a partnership firm by Mr. Kamlesh Jain and his
father, Mr. Rajendra Kumar Jain, in New Delhi in 1998. The firm
was reconstituted as private limited company in 2008. JAPL
manufactures gold, silver, and diamond jewellery and trades in
gold bullion. Currently, the company operates two showrooms of 125
square feet (sq ft) and 300 sq ft in Chandni Chawk (New Delhi).
The promoter family has been active in the gold industry over the
past two decades. JAPL's day-to-day operations are managed by Mr.
Kamlesh Jain.


JAY KHODIYAR: CRISIL Reaffirms B Rating on INR60MM Demand Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jay Khodiyar
Cotton Pvt Ltd (JKCPL) reflects JKCPL's susceptibility to intense
competition in the cotton ginning industry and low bargaining
power, high seasonality in working capital requirements, and weak
financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that the company derives from its promoters'
extensive experience in the cotton industry.

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

   Proposed Long Term
   Bank Loan Facility     4.5      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Demand Loan           60.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JKCPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and/or profitability resulting in better cash accruals,
or if it receives any sizeable equity infusion leading to
sustained improvement in capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
it faces further pressure on its profitability or if its working
capital requirements increase further, weakening its financial
risk profile, particularly liquidity.

JKCPL was set up in 2008 by Mr. Nanabhai Kalsaria, Mr. Mangalbhai
Ladmur, and Mr. Nagjibhai Rathore, who have over twenty years of
experience in the cotton industry. The company processes raw
cotton into cotton bales and cotton seeds and caters to domestic
markets. The company's unit is based in Bhavnagar (Gujarat).


JAYCEE STEEL: ICRA Suspends B+ Rating on INR10cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to
the INR10.0 crore long term fund based limits of M/s Jaycee Steel
Pvt. Ltd. and short term rating of [ICRA]A4 assigned to the INR1.0
crore short term non fund based limits of JSPL. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


JHANWAR RICE: CRISIL Ups Rating on INR100MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jhanwar Rice and Dall Mill (JRDM) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          100        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    16.7      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             13.3      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Warehouse Receipts    30.0      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement JRDM's business risk
profile backed by sustained revenue growth driven by established
relationships with its customers and enhancement in the capacity.
The firm registered a healthy compound annual growth rate of 17
per cent in revenue along with operating margin of over 5 per cent
over the past four years and is expected to maintain the momentum
over the medium term. The rating upgrade also factors improvement
in the financial risk profile because of funding support from the
promoter through equity infusion and unsecured loans, leading to
improvement in gearing. The firm's liquidity is expected to remain
healthy as reflected by generation of sufficient cash accruals
against its minimum term debt repayment obligations, and bank
limit utilisation at 49 per cent, on average, over the 12 months
ended December 31, 2014.

The rating reflects JRDM's average financial risk profile, marked
by average gearing and moderate debt protection metrics, and the
firm's working-capital-intensive operations. The rating also
factors in the firm's small scale of operations in the highly
fragmented rice industry. These rating weaknesses are partially
offset by the extensive industry experience of JRDM's promoters.

Outlook: Stable

CRISIL believes that JRDM will, over the medium term, maintain its
business risk profile backed by established relationships with its
customers and suppliers. The outlook may be revised to 'Positive'
if the firm scales up its operations, while maintaining its
profitability or improves its working capital management, leading
to better liquidity, and capital structure. Conversely, the
outlook may be revised to 'Negative' if JRDM's liquidity further
weakens, primarily due to a decline in revenue or profitability,
leading to low net cash accruals or it undertakes any large debt-
funded capital expenditure programme.

JRDM was incorporated in 1979 by Mr. Kailash Jhanwar in Bundi
(Punjab). The firm mills and trades in paddy and rice. It has a
milling capacity of 6 tonnes per hour, with utilisation of around
70 per cent.

JRDM reported net profit of INR4.5 million on net sales of
INR331.60 million for 2013-14 (refers to financial year, April 1
to March 31), against net profit of INR3.6 million on net sales of
INR334.20 million for 2012-13.


KAMAKSHI LAMIPACK: CRISIL Reaffirms D Rating on INR77MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kamakshi Lamipack
Private Limited (KLPL) continue to reflect instances of delays by
KLPL in servicing its term debt. The delays have been caused by
the company's weak liquidity resulting from continuing cash losses
from its operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL D (Reaffirmed)
   Letter of Credit      25        CRISIL D (Reaffirmed)
   Long Term Loan        77        CRISIL D (Reaffirmed)

KLPL also has a below-average financial risk profile, marked by a
highly leveraged capital structure, and modest scale of
operations. These rating weaknesses are partially offset by KLPL's
established regional position in the flexible packaging industry,
aided by its promoters' extensive industry experience.

KLPL, established in 1982, is engaged in the manufacture of
flexible packaging materials. The company's day-to-day operations
are managed by Mr. A L Chidambaram.

KLPL reported a net loss of INR5.6 million on an operating income
of INR302 million for 2013-14 (refers to financial year, April 1
to March 31), as against net loss of INR1.9 million on an
operating income of INR291 million for 2012-13.


KISH EXPORTS: ICRA Reaffirms B Rating on INR10cr FB Loan
--------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating for INR10.0 crores fund based
limits of Kish Exports Limited. ICRA has also reaffirmed [ICRA]A4
rating for INR1.0 crore non-fund based limits of KEL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       10.00       [ICRA]B reaffirmed
   Non-Fund Based Limits    1.00       [ICRA]A4 reaffirmed

The rating reaffirmation takes into account modest scale of
operations of the company which coupled with high competition in
the industry has resulted in modest profitability and debt
coverage indicators (interest coverage of 1.61 times and NCA/TD of
3% for FY2014). The rating is also constrained by weak return
indicators (ROCE of 2.7% for FY2014) and weak cash flow position
of the company mainly due to high working capital intensity of
operations led by high advances to group companies and for
properties. Further the profitability of the company remain
exposed to any adverse movements in raw material prices and the
exchange rate fluctuations since KEL doesn't hedge its foreign
currency denominated receivables. Nevertheless, the ratings derive
some comfort from KEL's experienced management with long track
record in the exports business.

Kish Exports Limited [KEL] was incorporated in 1993 and is engaged
in manufacturing and export of garments. The company is promoted
by Mr. M.K. Lakhwani and Ms. Sanjana Samtani. The company is
primarily an exporter and derives roughly 95% of its income from
exports and the remaining 5% from domestic sales. The company
specializes in silk garments with embroidery and beads with
approximately 50% of the company's business in silk and silk
products. Besides silk, the company is also engaged in fabrics
like Mosscrepe, Georgette, Y/D plaids procured from South India,
rayon cotton blends and Amritsar woolen fabric etc. The designing
of garments is done in-house based on the instructions/designs
approved by the customers. Majority of the garment manufacturing
for Kish Exports Limited is done by Ishvar International, which is
a group company (proprietorship firm with Mrs. Lakhwani as
proprietor). The company majorly exports to USA, UK and South
Africa.

Recent Result
In FY 2014, KEL reported net profit of INR0.18 crore on an
operating income of INR32.18 crore as against net profit of
INR1.28 crore on operating income of INR25.91 crores in FY2013.


LUKE EXPORT: CRISIL Ups Rating on INR20MM Term Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Luke Export (LE) to 'CRISIL B+/Stable' from 'CRISIL B/Stable' and
has reaffirmed its rating on the short-term bank facility at
'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Foreign Bill
   Discounting           80         CRISIL A4 (Reaffirmed)

   Packing Credit        50         CRISIL A4 (Reaffirmed)

   Term Loan             20         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that LE will maintain
its improved financial risk profile and liquidity over the medium
term supported by steady cash accruals. The firm is expected to
generate cash accruals of INR6.0 to 7.5 million over the medium
term to meet repayment obligations of INR3.1 to 4.0 million.

The ratings reflect LE's modest scale of operations and below-
average financial risk profile, marked by a modest net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the proprietor in
the seafood industry.

Outlook: Stable

CRISIL believes that LE will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if the concern records a
significant and sustainable growth in revenues, while improving
its profitability margins and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if LE's
revenues or margins decline significantly, or if it undertakes a
debt-funded capital expenditure programme, leading to weakening of
its financial risk profile.

LE, established in 1998, is a proprietorship concern of Mr. Xavier
Luke. The concern is engaged in processing and export of sea food.
Its processing facilities are in Sakthikulangara (Kerala) and
Padanthalumoodu (Tamil Nadu).


MAHALAXMI DHATU: CRISIL Cuts Rating on INR120MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mahalaxmi Dhatu Udhyog Pvt Ltd (MDU) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        40        CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit          120        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term    58.2      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan              1.8      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in MDU's business risk
profile, which is expected to lead to significantly weakened
liquidity in the near-term. With slow order flow from its main
customers, the company's revenues are expected to face continued
pressure, following the estimated 45 per cent decline in 2014-15
(refers to financial year, April 1 to March 31). The demand
pressure is also expected to translate into increase in working
capital requirements, driven by stretched receivables. Its gross
current assets are estimated to increase to around 240-250 days in
2014-15, resulting in stretched liquidity, as reflected in high
utilisation of its bank limits utilisation during the 12 months
through December 2014.

CRISIL believes that MDU's liquidity will remain weak over the
medium term on account of weak demand from its key customer, which
alone contributes to over 50-60 per cent of company's revenues.
The financial risk profile remains average with low interest
coverage and moderate net worth but is supported by low gearing.
As on March 31, 2015, the firm's net worth is estimated to be
moderate at around INR 147 million and interest coverage at around
1 time but is supported by gearing at around 0.6-1 times.

CRISIL's rating on bank facilities of Mahalaxmi Dhatu Udhyog Pvt
Ltd (MDU) continues to reflect customer concentration in the
company's revenue profile, its working-capital-intensive
operations, and its exposure to risks related to cyclical demand
in the steel industry. These rating strengths are partially offset
by extensive experience of MDU's promoters in the structural steel
components business.

Outlook: Stable

CRISIL believes that MDU will benefit in the medium term due to
promoters' extensive experience in the structural steel components
industry. The outlook may be revised to 'Positive' if MDU improves
its scale of operations significantly, and achieves higher-than-
expected profitability and cash accruals. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large
debt-funded capital expenditure programme, or if there is a
further stretch in its working capital cycle, leading to
deterioration in its financial risk profile, including its
liquidity.

MDU, incorporated in 1995, manufactures structural steel items
such as window sections, angles, and high-tension towers. The
company has a manufacturing unit at Hingne in Nagpur
(Maharashtra), with a capacity to process 40,000 tonnes of steel
per annum. The business belongs to the Rathi family of Nagpur, and
is managed by Mr. Krishna Rathi and his father, Mr. Nandlal Rathi.


MALWA AUTO: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Malwa Auto Sales
Pvt Ltd (MAPL) continues to reflect MAPL's weak financial risk
profile, marked by leveraged capital structure and moderate
interest coverage ratio, and moderate scale of operations in the
intensely competitive auto dealership industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MAPL derives from its promoters' extensive experience in the
automotive dealership business and sole-authorised distributorship
of Hyundai Motors India Ltd (HMIL) in Sonipat (Haryana).

Outlook: Stable

CRISIL believes that MAPL will benefit over the medium term from
its promoters' extensive experience in automobile dealership
business and established relationship with its principal, HMIL.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves on account of substantial
accruals, led by improvement in scale and operating profitability.
Conversely, the outlook may be revised to 'Negative' if MAPL's
working capital management weakens further or it undertakes any
debt-funded capital expenditure plans, leading to further
deterioration in its overall financial risk profile.

MAPL was incorporated in 2002, promoted by Mr. Nitin Sharma and
his family members. The company commenced its operations in 2009
with dealership agreement of HMIL. Currently, MAPL is the sole
authorised automobile dealer for HMIL in Kundli, Sonipat, Gohana,
and Gannaur (all in Haryana). MAPL has three showrooms in 3S
format and one outlet.


MILANO PAPERS: CRISIL Assigns B Rating to INR150MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Milano Papers Pvt Ltd (MPPL).

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Long Term Bank Facility    90.5       CRISIL B/Stable
   Bank Guarantee             12.0       CRISIL A4
   Cash Credit               150.0       CRISIL B/Stable

The ratings reflect MPPL's modest scale of operations in the
highly fragmented paper industry, the company's large working
capital requirements, and expected weak financial risk profile,
marked by high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of MPPL's promoter and healthy relations with
customers.

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from its promoter's financial support and the proximity of
its plant to various customers and suppliers. The outlook may be
revised to 'Positive' in case MPPL's scale of operations improves
substantially along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates due to substantially
large working capital requirements, or sizeable debt-funded
capital expenditure, or lower-than-expected accruals.

Set up in 2011, MPPL is promoted by the Morbi (Gujarat)-based Mr.
Bachubhai Agola. The company manufactures paper board, which is
used by various fast-moving consumer goods and packaging
companies.

For 2013-14 (refers to financial year, April 1 to March 31), MPPL
reported a net profit of INR51.85 million on net sales of INR686
million.


NAV BHARAT: ICRA Reaffirms B Rating on INR6cr LT Loan
-----------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR6.00
crore long term fund based limits of Nav Bharat Rice & General
Mills.

                                Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long Term Fund Based Limits    6.00      [ICRA]B; (reaffirmed)

The rating reaffirmation takes into account the elevated gearing
of the firm due to large working capital requirements, which have
been primarily funded by working capital borrowings. Also, the low
value added nature of operations and the intensely competitive
nature of the rice milling industry have led to low profitability
margins. The low margins coupled with the high gearing have
resulted in weak coverage indicators as reflected in low interest
coverage of 1.29 times during FY 2013-14. However, the ratings
favourably take into account the extensive experience of the
promoters and their strong relationships with several customers
and suppliers, coupled with proximity of the mill to major rice
growing areas, which results in easy availability of paddy.

NBRGM was set up in 1987 by Mr. Subash Chand and his family as a
partnership firm. The firm is engaged in the milling and trading
of rice (which includes both basmati and non basmati rice). It has
a plant at Cheeka (Haryana) with a milling capacity of 4 tonnes
per hour.

Recent Results
NBRGM has reported a net profit of INR0.01 crore on an operating
income of INR17.86 crore in FY 2013-14 as compared to a net profit
of INR0.01 crore on an operating income of INR21.13 crore in the
previous year.


PURNA FISHERIES: CRISIL Assigns B+ Rating to INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Purna Fisheries Pvt Ltd (PFPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          150        CRISIL B+/Stable
   Term Loan             40        CRISIL B+/Stable

The rating reflects PFPL's nascent stage of operations in the
fragmented fish farming industry; subdued financial risk profile
marked by modest net worth and high gearing; and working-capital-
intensive operations. These rating weaknesses are partially offset
by entrepreneurial experience of the promoters and healthy growth
prospects of the company.

Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant growth in its revenue and profitability; or sizeable
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected revenue or
profitability; or if the company undertakes a large, debt-funded
capital expenditure programme, resulting in further deterioration
in the company's financial risk profile.

Incorporated in 2013, PFPL is promoted by Mr. Balaji Nagre. The
company undertakes fish farming activities at the Yeldari
Reservoir located on the Purna River in Parbhani (Maharashtra).
The company has its registered office located in Mumbai.

PFPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR3.7 million for 2013-14 (refers to financial year,
April 1 to March 31).


RADHEYA MACHINING: CRISIL Reaffirms B Rating on INR492MM Loan
-------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Radheya
Machining Ltd (RML) continue to reflect RML's exposure to small
scale of operations and limited revenue diversity, and moderate
financial risk profile. These rating weaknesses are partially
offset by the company's established position in automotive
transmission components segment.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          492        CRISIL B/Stable (Reaffirmed)

   Rupee Term Loan       30        CRISIL B/Stable (Reaffirmed)
   Working Capital

   Demand Loan           20        CRISIL B/Stable (Reaffirmed)

CRISIL had upgraded its rating on the long-term bank facilities of
RML to 'CRISIL B/Stable' from 'CRISIL D', through its rating
rationale dated March 10, 2015.

The rating upgrade reflected the improvement in RML's liquidity,
marked by timely servicing of debt for the nine months through
February 2015. The improvement was driven primarily by healthy
cash accruals and refinancing of debt, resulting in adequacy of
cash accruals for servicing of term debt. However, RML's liquidity
is expected to remain stretched on account of tightly matched net
cash accruals against its debt obligations and on account of its
working-capital-intensive operations.

Outlook: Stable

CRISIL believes that RML will continue to benefit over the medium
term from its established position in the auto transmission
components segment. The outlook may be revised to 'Positive' if
the company's financial risk profile improves significantly
because of fresh equity infusion, stable profitability, and
improved working capital management. Conversely, the outlook may
be revised to 'Negative' if large, debt-funded capital expenditure
materially constrains the company's capital structure and debt
servicing ability or in case of a stretched working capital cycle.

Incorporated in 2001, RML manufactures machined auto transmission
components. The company, promoted by Mr. Sanjay Joshi, Mr.
Dhananjay Bhargav, and Mr. Santosh Joshi, has two manufacturing
units at Sanaswadi near Pune (Maharashtra). RML has four group
concerns: Yashwant Forgings Pvt Ltd, Bhargav Gears, Prachay Auto
Parts Pvt Ltd, and Aagneya Heat Treatment Technologies Pvt Ltd.
These companies, in close association with RML, are involved in
forging, machining, and heat treatment of auto components.


RANA DENIM: CRISIL Reaffirms B+ Rating on INR130MM Demand Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rana Denim Pvt Ltd
(RDPL) continue to reflect RDPL's susceptibility to volatility in
raw material prices, given its large inventory holding; and to
changes in government policies, and customer concentration in its
revenue profile.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       18.8       CRISIL A4 (Reaffirmed)
   Cash Credit          80         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       66.1       CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Demand Loan         130.0       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of RDPL's promoters in the cotton industry and the
benefits arising from its synergies with group concerns. The
rating also reflects the company's average financial risk profile
marked by moderate net worth and capital structure.

For arriving at its ratings, CRISIL has treated unsecured loans
extended by the promoters as neither debt nor equity as these are
expected to remain in the business over the medium term.

Outlook: Stable

CRISIL believes that RDPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
synergies from group concerns. The outlook may be revised to
'Positive' if the company improves its working capital cycle or
significantly increases its scale of operations while maintaining
stable margins, leading to higher cash accruals and subsequent
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if RDPL's revenues and profitability decrease
significantly, leading to substantially lower cash accruals, or if
it undertakes a large debt-funded capital expenditure programme,
resulting in further stretch in liquidity.

Update
Having achieved revenues of INR 330 million for the 9 months ended
December 2014; the company's revenue is expected to increase
approximately by 10 per cent in 2014-15 (refers to financial year,
April 1 to March 31) to INR 500 to 550 million. The operating
performance for 2013-14 (refers to financial year) was marginally
weaker on a year-on-year basis with operating income of INR 480
million and operating margins of 13.6 per cent on account of a
subdued business environment and lower demand for high quality
fabric. Further, the company has large working capital
requirements, as reflected in expected gross current asset (GCA)
days of 250 to 270 days for 2014-15 emanating largely from high
inventory levels. CRISIL believes that while the company will
continue to operate at higher scale of operations and sustain
operating profitability; funding of the large working capital
requirements will remain a key monitorable.

The working capital intensity impacts the company's liquidity;
which remains stretched, despite comfortable gearing of about 1
time, and moderate net worth of about INR200 million as on March
31, 2015. RDPL's expected accruals of INR 35 to 40 million for
2014-15 against term debt obligations of approximately INR 35
million for the same period, continues to constrain the company's
credit profile. Additionally, high working capital requirements
lead to high utilization of bank limits. The company's BLU was
high at 95 per cent for the 11 months ended December 2014.

Liquidity continues to be supported by funding support from the
promoters; they have brought in unsecured loans of INR30 million
during 2014-15 leading to total unsecured loans extended by them
of INR 60.3 million. According to CRISIL, while periodic support
from promoters and absence of capex plans support the company's
financial risk profile; low cash accruals post repayment
obligations continue to constrain the company's average financial
risk profile.

RDPL was set up by Mr. Hasamali Rana Karani and his family in
2000. The company manufactures open-ended cotton yarn in counts of
6s to 20s, used in manufacturing denim garments. It operates a
unit in Yavatmal (Maharashtra).

RDPL reported a profit before tax (PBT) of INR4.2 million on net
sales of INR474.7 million for 2013-14, as against a PBT of INR3.6
million on net sales of INR541.9 million for 2012-13.


SHIKARPUR & BHANDAPUR: ICRA Reaffirms B- Rating on INR5.06cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR5.06 crore tea hypothecation limit, INR2.52 crore term loan
and INR0.25 crore bank guarantee of Shikarpur & Bhandapur Tea
Estates Private Limited.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Tea Hypothecation Limits    5.06       [ICRA]B-;reaffirmed
   Term Loan                   2.52       [ICRA]B-;reaffirmed
   Bank Guarantee              0.25       [ICRA]B-;reaffirmed

The reaffirmation of the rating takes into account SBTEPL's
adverse financial risk profile as reflected by low net
profitability, depressed level of debt coverage indicators and
negative tangible net worth of the company. However, ICRA notes
that interest free unsecured loans from the promoters of INR6.6
crores as on March 31, 2014, which as per agreement with banks
cannot be withdrawn without their prior consent, provides some
comfort. Moreover, with increase in wage rate and other input
costs, the profitability of the company is likely to be under
pressure over the medium term.

The rating also takes into consideration SBTEPL's small scale of
operations at present, with both gardens located in Dooars region
of West Bengal that accentuates the agro climatic risks associated
with tea, and the inherent cyclicality in the tea industry that
leads to variability in profitability and cash flows of the
company.

The rating also takes note of the increased production volumes,
which coupled with firm tea prices in the current financial year
is likely to support the turnover of the company during FY15. The
rating also incorporates the experience of the promoters in the
tea industry and the favourable price outlook for the domestic
bulk tea prices that is likely to be sustained at least over the
short to medium term. However, any moderation in tea prices going
forward could exert pressure on the operating margins given the
continuous rise in input cost as well as the recent wage rate
hike, which would increase the operating costs for the company,
going forward.

SBTEPL was acquired by the present management in 2011 from the
erstwhile promoters. SBTEPL has two tea gardens in the Dooars
region of North-East India, with a total area of around 550
hectares under plantation. The total production capacity of SBTEPL
is around 20 lakh kgs of tea.

Recent Results
During FY14 the company registered a profit after tax (PAT) of
INR0.03 crore on the back of an operating income (OI) of INR13.97
crore as against a PAT of INR0.04 crore on the back of OI of
INR10.08 crore during FY13.


SHREE RAJASVI: CRISIL Reaffirms B Rating on INR160MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Rajasvi
Polyesters (Rajasvi) continues to reflect Rajasvi's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, and its modest scale and working-capital-
intensive nature of operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           160       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.3     CRISIL B/Stable (Reaffirmed)

   Term Loan              21.8     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's partners in the yarn industry.

For arriving at its rating, CRISIL has treated unsecured loans of
INR17.1 million extended to Rajasvi by its partners and their
associates as neither debt nor equity; this is because these loans
will be retained in the business until the bank loans are repaid.

Outlook: Stable

CRISIL believes that Rajasvi will continue to benefit over the
medium term from its partners' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' in
case of improvement in the firm's liquidity, most likely due to
substantial capital infusion or a considerable improvement in
revenue and profitability, resulting in much higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if Rajasvi's
financial risk profile, especially its liquidity, deteriorates,
owing to a stretch in its working capital cycle, lower-than-
expected net cash accruals, or a sizeable withdrawal from
partners' capital.

Update
Rajasvi's revenue is expected to increase by 15 per cent year-on-
year to between INR800 million and INR850 million in 2014-15
(refers to financial year, April 1 to March 31), backed by
continued demand for its texturised yarn products. In 2013-14, its
revenue remained rather flat at INR693 million on account of a
subdued business environment and intense industry competition.
However, the firm's operating margin improved to 4.1 per cent in
2013-14 from 1.3 per cent in 2012-13 following several cost
rationalisation measures.

Rajasvi's working capital requirements remain high as reflected in
its expected gross current assets of 107 days as on March 31,
2015, mainly due to large receivables. Furthermore, as the firm
has low bargaining power with large corporate suppliers, from
which it procures partially oriented polyester yarn (POY), it does
not get support from creditors. CRISIL believes that while the
firm will continue to increase its scale of operations and improve
its operating margin, incremental working capital requirements
will continue to constrain its credit risk profile over the medium
term.

Rajasvi's financial risk profile is marked by high gearing,
estimated at around 3 times as on March 31, 2015, and weak debt
protection metrics, with interest coverage ratio estimated at 1.2
times for 2014-15. The firm has weak liquidity, marked by high
utilisation in bank lines and tightly matched cash accruals
against repayment obligations of INR7.8 million for 2015-16.
Furthermore, the partners withdrew capital of INR22 million during
2013-14. CRISIL believes that Rajasvi's financial profile will
remain below-average over the medium term because of low
accretions to reserves and continued dependence on bank limits for
funding working capital requirements. Sustenance of partners'
capital in the firm will remain a key rating sensitivity factor
over the medium term.

For 2013-14, on a provisional basis, Rajasvi reported net sales of
INR692.6 million, as against INR669.3 million for 2012-13.

Rajasvi manufactures texturised and twisted polyester yarn from
POY. The firm's manufacturing facilities are in Surat (Gujarat).
It also acts as a del credere agent for selling POY of Garden Silk
Mills Pvt Ltd. Rajasvi was set up in 2010 by Mr. Naresh Gandhi and
his family by dissolving multiple entities and consolidating their
operations under Rajasvi.


SHREE SACHIDANAND: ICRA Cuts Rating on INR6.25cr Loan to D
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR11.25
crore fund based bank facilities of Shree Sachidanand Industries
Private Limited from [ICRA]B to [ICRA]D. ICRA has also revised the
ratings assigned to the INR3.25 crore unallocated limit of the
company from [ICRA]B and/or [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund Based     6.25      [ICRA]D Revised from
   Limit - Term Loans                 [ICRA]B

   Long Term Fund Based     5.00      [ICRA]D Revised from
   Limit - Cash Credit                [ICRA]B

   Unallocated Limit       3.25       [ICRA]D Revised from
                                      [ICRA]B and/or [ICRA]A4

The revision in ratings takes into account the continuous delays
in servicing of debt in the past six months, reflecting its
strained liquidity position. The ratings also continue to take
into account the company's modest scale of operations and its high
financial risk profile characterized by deteriorating coverage
indicators, stretched capital structure and high working capital
intensity. Moreover, the ratings also consider the intense
competitive pressure arising out of a fragmented industry
structure and vulnerability of operations to cyclicality inherent
in the textile industry given the absence of any long term
contracts with customers.

However, ICRA considers the locational advantages derived by the
company by virtue of its proximity to raw material sources and
customers and also the company's limited exposure to input price
fluctuations, given the job-work nature of operations.

Incorporated in the year 1993, Shree Sachidanand Industries
Private Limited (SSIPL) is engaged in the business of dyeing and
printing of fabrics. SSIPL is a group company of the Jajoo group.
The company's registered office and processing facility is in
Surat (Gujarat).

Recent results
SSPL recorded a profit after tax of INR1.17 crore on an operating
income of INR26.51 crore for the year ending March 31, 2014 and a
profit before tax of INR0.89 crore on an operating income of
INR21.38 crore for the eight months ending November 30, 2014.


SHRI GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Gajanan
Engineering Services (SGES) continue to reflect SGES's modest
scale of operations, large working capital requirements, and
average financial risk profile marked by modest net worth and
gearing. These rating weaknesses are partially offset by the
established track record of SGES in the electrical contracting
industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        30       CRISIL A4 (Reaffirmed)
   Cash Credit           50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGES will continue to benefit over the medium
term from its established position in the electrical contracting
industry. The outlook may be revised to 'Positive' if the firm
achieves significant and sustained improvement in its revenue,
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' if SGES registers a significant decline
in its revenue or margins, or if its working capital cycle
lengthens, or if it undertakes any large debt-funded capital
expenditure programme, weakening its financial risk profile.

Update
Having achieved revenue of INR120 million for the 11 months
through February 2015, SGES is likely to achieve year-on-year
revenue growth of around 10 per cent, to around INR160 million, in
2014-15 (refers to financial year, April 1 to March 31). Its
operating margin remains stable, at 14 to 15 per cent. SGES has an
outstanding order book of INR90 million, to be executed over the
10 months through January 2016, providing near-term revenue
visibility. CRISIL believes that while SGES will continue to
improve its scale of operations and maintain operating
profitability over the medium term, its modest scale of operations
will continue to constrain its business risk profile.

SGES's financial risk profile is average, marked by expected
modest net worth of around INR16 million and gearing of 1.22 times
as on March 31, 2015. With external borrowings limited to working
capital limits and nil term debt, the firm has a moderate interest
outgo, resulting in above-average debt protection metrics; its
interest coverage ratio is expected at around 2.5 times for 2014-
15. However, CRISIL believes that the low accretion to reserves,
constrains the improvement in net worth; the company's modest net
worth level limits the company's ability to withstand pressure on
profitability.

SGES has average liquidity with large working capital requirements
continuing to result in high bank limit utilisation. With expected
gross current assets of over 350 days as on March 31, 2015, driven
by large receivables, the firm's bank limit utilisation was high,
averaging 94 per cent over the 12 months through October 2014.
CRISIL believes that while SGES will continue to have large
working capital requirements over the medium term, absence of term
debt obligations and capital expenditure plans will support the
firm's liquidity over the medium term.

SGES, established in 2001, is a proprietorship concern of Mrs.
Shubangi Deshmukh. SGES is an engineering, procurement, and
construction (EPC) contractor engaged in setting up of substations
and transmission lines for state power transmission and
distribution utilities in Maharashtra. Its day-to-day operations
are managed by Mr. Ravindra Deshmukh (husband of Mrs. Shubangi
Deshmukh).

For 2013-14, SGES reported a profit after tax (PAT) of INR6.7
million on net sales of INR118.7 million on a provisional basis,
as against a PAT of INR6.3 million on net sales of INR105.8
million for 2012-13.


SHYAMSUNDAR SATYANARAYAN: ICRA Rates INR15cr Cash Loan at B+
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR15.00 crore cash
credit facility of Shyamsundar Satyanarayan Textiles (P) Limited.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Cash Credit)         15.00        [ICRA]B+ assigned

The assigned rating takes into account the highly fragmented
industry structure with the presence of a large number of players
and limited value addition, which keeps margins under check, and
the weak financial profile of the company characterized by nominal
profits and cash accruals from the business, which along with a
high gearing leads to depressed coverage indicators. Moreover, the
working capital intensity of operations has remained at a high
level on account of high receivables and significant inventory
holding, which adversely impacts the liquidity position of the
company. The rating also factors in the adverse price fluctuations
of the traded materials, which is likely to keep SSTPL's
profitability and cash flows volatile. The rating, however,
derives comfort from the experience of the promoters in the fabric
trading business and the established relationship of the promoters
with reputed suppliers that ensures regular supply of traded
materials.

Incorporated in 2003, SSTPL is engaged in the trading of denim and
other fabrics, and is an authorized dealer of Arvind Ltd. in
eastern India. Besides, the company is also engaged in the trading
of shares.

Recent Results
During the first nine months of 2014-15, the company reported a
net profit before tax of INR0.55 crore (provisional) on an
operating income of INR49.08 crore (provisional). The company
reported a net profit of INR0.53 crore on an operating income of
INR62.32 crore in 2013-14.


SILVERSUN SOLAR: ICRA Puts 'SP 3D' Grading on Weak Fin'l Strength
-----------------------------------------------------------------
ICRA has assigned the 'SP3D' grading to Silversun Solar Systems
Private Limited (SSPL), which indicates 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid solar projects. The grading is valid till
March 22, 2017.

Grading Drivers

Strengths

  * Long term working relationship with equipment suppliers, which
are among the leading solar modules and balance of systems
suppliers in India

  * Positive customer feedback on the quality of products supplied
and after sales services being provided by the company.

  * Moderate return on capital employed

Risk Factors

  * Lack of sufficient experience in executing large solar off
grid power projects, although the promoter has a long track record
in the design and installation of small solar power projects

  * Limited number of technically qualified manpower with
experience in the solar photo voltaic industry, which may
constrain future business prospects

  * Low turnover and nominal profits and cash flows from business;
high gearing and adverse coverage indicators

Grading Rationale
While assigning the grading ICRA has taken into consideration the
experience of the promoter in the design and installation of small
solar photovoltaic (PV) systems in the domestic market. ICRA has
also taken into consideration SSSPL's long term working
relationships with its equipment suppliers, which are among the
leading solar power systems suppliers in India, and the positive
customer feedback on the quality of products supplied and the
after sales services being provided by the company. The grading is
however constrained by the lack of experience of the company in
executing large solar off grid power projects. ICRA notes that the
company has a limited number of technically qualified manpower
with experience in the solar PV industry, which may constrain its
future business prospects.

SSPL's financial profile witnessed some deterioration in 2013-14
(FY14) as characterized by deterioration in the gearing and
coverage indicators. The company's turnover is low, although a
moderate order book provides some revenue visibility in the short
term. However, ICRA notes that the return on capital employed
(RoCE) remains at comfortable levels.

SI Related Business - Moderate Performance Capability

Promoter's Track Record: SSSPL is promoted and managed by Mr.
Lalmohan Ghosh based in Kolkata. Mr. Ghosh has been associated
with the solar PV industry since 2000. Prior to SSSPL, he had
worked with Sunshine Power Products Pvt. Ltd. which is engaged in
design and installation of solar lighting systems, solar
batteries, solar water heaters and solar TV sets. However, the
company lacks experience in commissioning large solar power
projects. SSSPL, since inception, had been engaged in
commissioning small solar PV plants like solar home lighting
systems and solar street lighting systems, solar pumps etc. Till
date, SSSPL has commissioned around 800 KW of solar PV projects in
West Bengal.

Technical Competence and Adequacy of Manpower: SSSPL has the
capability to manufacture solar charge controllers and solar
batteries, while it undertakes design and installation of solar PV
home and street lighting systems. At present, SSSPL's operations
are not backward integrated and the company procures solar PV
modules, batteries, cables etc. from reputed manufacturers in
India. As of now, the company has a limited number of technically
qualified employees required to execute large solar off-grid
projects. SSSPL had around 13 employees, working in various
technical roles. ICRA notes that the company would be required to
augment its resource base having in order to scale up its
operations.

Quality of Supplier and Tie-ups: SSSPL procures solar PV modules
from TATA BP Solar India Limited (SI grading of SP1A by ICRA),
Akshay Solar Energy Pvt. Ltd. (Solar SI gradation of SP 3B by
CRISIL) and Vikram Solar Pvt. Ltd. (Solar SI gradation of SP1B by
ICRA). The company procures batteries from Exide Industries Ltd
and also uses its own batteries. The equipment suppliers to the
company are reputed in the field of solar energy and SSSPL enjoys
a long and good working relationship with them.

Customer and O&M Network: SSSPL's customer base is concentrated in
West Bengal, as most of the solar power projects commissioned by
SSSPL have been procured through tenders floated by West Bengal
Renewable Energy Development Agency (WBREDA). SSSPL's has an
operations and maintenance network comprising of 29 service
centres spread across West Bengal. Adequate training is provided
by SSSPL to all the personnel in the service centres to enable
them to cater to the customer requirements satisfactorily.

Financial Strength - Weak
Revenues
Low turnover of INR1.52 crore in 2013-14 given the small scale of
operation of the company at present although, the same has
increased from INR0.73 crore in 2012-13

Return on Capital Employed (RoCE)
High RoCE of the company of 16.00% in 2013-14

Total Outside Liabilities/Tangible Net Worth
Deterioration in the ratio to 10.25x as on March 31, 2014 from
6.66x as on March 31, 2013

Interest Coverage Ratio
Decline in the interest coverage ratio to 1.90x during 2013-14
from 2.14x during 2012-13 on account of increased debt levels.

Net Worth
Networth of the company was INR0.06 crore as on March 31, 2014

Current Ratio
Moderate ratio of 1.18x in 2013-14

Relationship with bankers
Bankers are satisfied with the account's conduct.


SIPAI COTTON: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR6.00 crore fund
based cash credit facility of Sipai Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.00       [ICRA]B+; Reaffirmed

The rating continues to consider the company's modest scale of
operations, with weak financial profile described by thin
profitability, stretched capital structure and weak coverage
indicators The rating also takes into account the low value add
nature of operations and intense competition on account of the
fragmented industry structure leading to thin profit margins. The
rating is further constrained by the vulnerability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota. Also, being a partnership firm, any substantial
withdrawals from capital account would impact the net worth and
thereby the capital structure.

The rating however, favorably factors in the company's strategic
location in cotton growing belt which ensures easy availability of
cotton and the moderately diversified product profile due to
presence in crushing operations.

Sipai Cotton Industries (SCI) was set up in 1999 as a partnership
firm by Mr. Ibrahim Sipai with an experience of more than a
decade, and his family members and relatives as cotton ginning and
pressing unit located at Wankaner, Gujarat. It is also engaged in
trading activities of cotton bales and cottonseed. At present, the
firm has installed 28 ginning machines and 1 pressing machine.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR47.46 crore with profit after tax (PAT) of
INR0.38 crore.


SRI SAI: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
Rs.20.00 crore fund based limits of Sri Sai Krishna Raw & Boiled
Rice Mill.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           12.00      [ICRA]B+ reaffirmed
   Unallocated Limits     8.00      [ICRA]B+ reaffirmed

The rating was earlier suspended in October 2014 with long term
rating of [ICRA]B+ and short term rating of [ICRA]A4. The short
term rating no longer exists.


The assigned ratings are constrained by small scale of operations
in the rice milling industry and risks inherent in a partnership
nature of the firm. The ratings are further constrained by
susceptibility of profitability and revenues to agro-climatic
risks which impact the availability of the paddy in adverse
weather condition; and the government policy restrictions on the
quantity of rice which can be sold in the open market limit the
flexibility and realizations for the firm. The rating however
takes comfort from the healthy growth in operating income;
moderate gearing and the long track record of the promoters in the
rice mill business; easy availability of paddy from proximity of
plant in major paddy cultivating region of the country. Further,
favorable demand prospects of the industry with India being the
second largest producer and consumer of rice internationally
augurs well for the firm.

Key Rating Sensitivities
Small scale of operations, low profitability

Sri Sai Krishna Raw & Boiled Rice Mill (SSKRBRM) was founded as a
partnership firm in the year 2003. The firm had setup a rice mill
with production capacity of 12 tph (tons per hour) to produce raw
& boiled rice. The unit is located at Nellore district of Andhra
Pradesh. The firm's operations are overseen by managing partner
Mr. K. Venku Reddy, who has more than more than 16 years of
experience in rice milling business.

Recent Results
For FY2014, the firm reported an operating income of INR60.80
crore and operating profits of 1.77 crore as against operating
income of INR52.03 crore and operating profits of INR1.30 crore in
FY2013.


SONATANI FOOD: CRISIL Assigns B Rating to INR36MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Sonatani Food Industries Pvt Ltd (SFIL).
The ratings reflect SFIL's nascent stage of operations in
intensively competitive rice milling business and weak financial
risk profile. These rating weaknesses are partially offset by the
promoters' experience in the rice milling business.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             36         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    22.3       CRISIL B/Stable

   Bank Guarantee         1.7       CRISIL A4

   Cash Credit           30.0       CRISIL B/Stable

Outlook: Stable
CRISIL believes that SFIL will benefit from the promoters'
extensive experience in the rice milling business over the medium
term. The outlook may be revised to 'Positive' in case of timely
stabilisation of operations at its manufacturing facility
resulting in substantial improvement in its revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if SFIL's financial risk profile, particularly its
liquidity, weakens, most likely because of large working capital
requirements, low cash accruals, or large debt-funded capital
expenditure.

Incorporated in 2013, SFIL mills and processes paddy into par
boiled rice. It rice mill located near Bolpur (West Bengal). The
day to day operations of the company is being managed by Mr. Manas
Chandra.


SUNRISE AGRO: CRISIL Reaffirms B Rating on INR30MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sunrise Agro
Industries (SAI) continues to reflect SAI's below-average
financial risk profile, marked by high gearing and a small net
worth, and its working-capital-intensive nature of operations.
These rating weaknesses are partially offset by the
entrepreneurial and industry experience of the firm's partners.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)
   Term Loan             20        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAI will continue to benefit over the medium
term from its partners' extensive experience in the cotton seed
and de-oiled cake trading business. The outlook may be revised to
'Positive' if the firm achieves a significant increase in its
revenue and profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SAI's financial risk profile, particularly its liquidity, weakens,
because of a stretch in its working capital cycle or large debt-
funded capital expenditure.

Update:
SAI started its commercial operations in June 2014, against
previous expectations of March 2014, leading to lower-than-
expected revenue in 2014-15 (refers to financial year, April 1 to
March 31). The firm has achieved revenue of around INR50.0 million
for the 11 months ended February 28, 2015. It is expected to
achieve healthy revenue growth during 2015-16, its first full year
of commercial operations. SAI is expected to have modest
profitability on account of low value-addition in its products.

The firm's financial risk profile is constrained by high gearing,
estimated at about 5.0 times as on March 31, 2015. The gearing is
high due to aggressive project funding and a small net worth. The
gearing is expected to remain high over the medium term due to the
firm's dependence on debt to fund its large incremental working
capital requirements, and it's expected small net worth because of
low accretions to reserves and the absence of any capital infusion
plans.

SAI is expected to have large working capital requirements, with
gross current assets of 120 to 150 days over the medium term. It
is expected to generate sufficient accruals to meet its term debt
obligations of INR3.3 million per annum over this period. The
firm's bank limits were highly utilised at an average of 90 per
cent over the 12 months through February 2015. CRISIL believes
that SAI's liquidity will remain constrained over the medium term
on account of large incremental working capital requirements.

SAI was set up in May 2013 in Nagpur (Maharashtra) by Mr. Rangarao
Gechode, Mr. Dhananjay Adsad, and Mr. Manik Thakre. The firm
extracts oil from cotton seeds.


SURENDRA ELECTRICALS: ICRA Rates INR2cr Cash Credit at 'B'
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR2
crore cash credit limit of Surendra Electricals Private Limited
(SEPL). ICRA has also assigned its short term rating of
[ICRA]A4 to the company's INR3 crore bank guarantee limit and INR4
crore letter of credit limit.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Limit        2.00       [ICRA]B; Assigned
   Bank Guarantee Limit     3.00       [ICRA]A4; Assigned
   Letter of Credit Limit   4.00       [ICRA]A4; Assigned

ICRA's rating factors in the high competitive intensity in the
industry in which SEPL operates, which coupled with its modest
scale of operations has resulted in weak and volatile
profitability metrics. This has also translated into weak coverage
indicators with thin interest coverage and elevated Total
Debt/OPBDITA at 11.28x. The rating also takes into account the
company's high customer concentration, with one order of INR47
crore, from Jodhpur Vidyut Vitran Nigam Limited, accounting for
84% of its total order book. The size of the contract, which is
larger than any contract it has executed in the past, exposes the
company to execution risk and also leads to the risk of build up
of high receivables. However, ICRA favourably factors in the
extensive experience of the promoters, and the company's
moderately favourable capital structure.

Going forward, SEPL's ability to increase its scale of operations
and attain a sustained improvement in its profitability will be
the key rating sensitivities.

SEPL incorporated in 2005, is a manufacturer of low tension
electric control panels and bus ducts at its manufacturing
facility in Gurgaon, Haryana. The company also undertakes turnkey
contracts for electrical, mechanical, plumbing, fire fighting and
Heating Ventilation and Air Conditioning (HVAC) works.

Recent Results

The company reported a net profit of INR0.02 crore on an operating
income of INR8.86 crore in FY 2013-14 as against a net profit of
INR0.18 crore on an operating income of INR4.77 crore in the
previous year.


TRIVANDRUM SPECIALISTS: CRISIL Assigns B+ Rating to INR285MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of The Trivandrum Specialists Hospital Pvt Ltd (TSHL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             285        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable

   Cash Credit            20        CRISIL B+/Stable

   Cash Credit/Overdraft
   facility               40        CRISIL B+/Stable

The rating reflects TSHL's below-average financial risk profile,
marked by high gearing, and its exposure to intense competition in
the healthcare industry. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
healthcare segment and the company's established presence in the
Trivandrum (Kerala market).

Outlook: Stable

CRISIL believes that TSHL will benefit from its long-standing
presence in the healthcare market of Trivandrum. The outlook may
be revised to 'Positive' if the company substantially scales up
its operations while maintaining profitability, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if TSHL the company undertakes
larger-than-expected debt to fund its capital expenditure,
resulting in further deterioration in its financial risk profile.

TSHL was incorporated in 1987 by Mr. Bharth Chandran. In the two
years ended 2013-14 (refers to financial year, April 1 to
March 31), Ms. Seema Raghuram Shetty (wife of Mr. Bavaguthu
Raghuram Shetty, Chief Executive Officer & Managing Director of
the New Medical Centre [NMC]) acquired 98.09 per cent in TSHL from
Mr. Bharth Chandran and his family.

Under the SUT Hospital brand, TSHL runs three hospitals with 305
beds. All three are multi-speciality hospitals offering
specialities across 20 departments, including cardiology,
neurology, and gastroenterology.


UPPAL FERROCAST: CRISIL Assigns B+ Rating to INR30MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings for
the bank facilities of Uppal Ferrocast Private Limited (UFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      30        CRISIL B+/Stable
   Bank Loan Facility

   Letter of Credit         5        CRISIL A4

   Bank Guarantee          10        CRISIL A4

   Cash Credit             55        CRISIL B+/Stable

The ratings reflect UFPL's modest scale and working capital
intensive - nature of operations.  The ratings also reflect UFPL's
weak financial risk profile marked by weak debt protection metrics
and modest net worth levels. These rating weaknesses are partially
offset by the benefits derived from the extensive industry
experience of its promoters and its healthy customer
relationships.

Outlook: Stable

CRISIL believes that UFPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
longstanding customer relationships. The outlook may be revised to
'Positive' if the company's revenues and profitability increase
substantially, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes aggressive debt-funded expansions, or if
its revenues and profitability decline substantially leading to
weakening in its financial risk profile.


UFPL was initially established as a partnership concern
'Ferrocast' in 1984 by late Mr. T. Venkata Narsimha Rao Deshmukh
and his associates. Subsequently, it was rechristened to its
current name in 1997. The day to day operations of the company is
managed by Mr. T. Sricharan Kumar.

UFPL reported a profit after tax (PAT) of INR0.8 million on net
sales of INR121 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.8 million on net
sales of INR128 million for 2012-13.


VERTIGO IMPEX: CRISIL Assigns B Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on the
long-term bank facilities of Vertigo Impex Pvt Ltd (VIPL).

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

   Inland/Import
   Letter of Credit     200        CRISIL A4

The ratings reflect VIPL's modest scale of operations and low
operating profitability nature of business coupled with weak
financial risk profile on the back of leverage capital structure.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the coal trading industry.

Outlook: Stable

CRISIL believes that VIPL will continue to benefit over the medium
term from its promoters' extensive experience in the coal trading
industry. The outlook may be revised to 'Positive' if the
company's scale of operations substantially increase, leading to
higher accretion to reserves and better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if VIPL's
financial risk profile deteriorates on account of decline in the
operating margin or large working capital requirements.

Established in 2003, VIPL trades in coal across Haryana, Punjab,
and Uttarakhand. The company was promoted by the Bansal family
which has been in the coal trading business since the 1970s. VIPL
is currently managed by Mr. Anurag Bansal, a second generation
entrepreneur.


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


SHARP CORP: Seeks JPY100BB From State-backed Entity for Spin-Off
----------------------------------------------------------------
The Japan Times reports that Sharp Corp. plans to spin off its
business for small and midsize liquid crystal displays by having a
government-backed fund invest around JPY100 billion in the new
subsidiary by the end of next March, sources close to the matter
said on April 5.

The report relates that the sources said the struggling
electronics maker has already sounded out Innovation Network
Corporation of Japan, an investment fund set up with public- and
private-sector funding, about spinning off its core LCD panel
business.

According to the report, the sources said Sharp has set up an
internal team to spin off the business and plans to make it part
of a new medium-term management plan to be unveiled in May.
Sharp's main lenders have apparently consented to the move, the
report says.

Sharp's Kameyama plant in Kameyama, Mie Prefecture, is expected to
be transferred to the new group company, the report relates.

The Japan Times relates that the sources said Sharp hopes to work
out a deal with Innovation Network Corporation that would give the
fund a slightly more than 40 percent stake in the subsidiary, but
there is also a plan to have the fund instead invest in Sharp
itself.

The report says Innovation Network Corporation, supervised by the
Ministry of Economy, Trade and Industry, helped form Japan Display
Inc., which was set up in 2012 by merging the display units of
Sony Corp., Toshiba Corp. and Hitachi Ltd.

The Japan Times relates that the latest rumors raise the
possibility that Sharp and Japan Display may work together to
compete against South Korean and Chinese LCD makers who are
undercutting their Japanese rivals.

According to the report, Sharp, once a leader in the segment, is
struggling to remain profitable in LCD panels amid competition
from Japan Display, which began supplying Chinese smartphone
makers in the latter half of 2014.

Spinning off the core unit is expected to speed up Sharp's
decision-making ability, the sources said, the report relays.

The Japan Times notes that the Osaka-based company, whose solar
cell and television divisions are running in the red, expects a
group net loss of around JPY200 billion for the business year
ended March 31.

                       About Sharp Corp.

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

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

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



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


WINTON HOME: No Further Assets to be Sold, Liquidator Says
----------------------------------------------------------
The Southland Times reports that a Winton building company that
claims it is owed NZ$33,000 by the company formerly associated
with Winton Home is resigned to the money being lost and says
there's no justice for creditors involved.

Winton Home Ltd is in liquidation after the closure of Winton Home
and owes creditors nearly NZ$43,000, The Southland Times citing a
liquidator's report.

The sole director declined to comment, the Southland Times notes.

According to the report, the rest home, on Great North Rd, closed
in September just weeks after it employed extra staff and
celebrated the opening of a new hospital-care wing. At the time,
sole director Barry Bouton said the business had been trading in
deficit, which led to the closure, the Southland Times notes.

Southern Concrete and Builders owner Doug North has since bought
the home and plans to lease it or sell the property outright, the
report notes.

The Southland Times reports that New Zealand Companies Office
records showed the company was put into liquidation on
February 4. Barry and Caryn Bouton are listed as shareholders.

According The Southland Times, the liquidator's report said
economic conditions resulting from a decrease in clients at the
rest home were given as the reason for the company's liquidation.
The liquidation process was estimated to be completed by July 9
and the prospect of a dividend was unlikely, the report says.

The Southland Times, citing liquidator's report, discloses that
the company was placed into liquidation by Westpac, which had
security over the company's assets, which had been sold.

There were understood to be no further assets to be sold, the
report says. A Statement of Affairs had been received and the
liquidator was presently investigating matters arising from this,
the Southland Times notes.

According to The Southland Times, the total estimated claims
listed in the report are NZ$42,678.55 with ALSCO NZ, Contact
Energy, Southern Transport Co. Ltd, TG & LM Caldwell Ltd, Unichem
Waikiwi Pharmacy and Westpac listed as creditors.

Barry and Caryn Bouton both went into bankruptcy on January 12,
The Southland Times discloses citing Insolvency and Trustee
Service records.

The Southland Times relates that Winton builder Trevor Caldwell
said his company (TG & LM Caldwell Ltd) and sub-contractors
completed the NZ$33,000 worth of work at the home for Winton Home
Ltd which included painting, flooring, wall-linings and electrical
work.

According to The Southland Times, Mr. Caldwell said the company
chased the debt as far as it could, including bringing in a
lawyer, but was resigned to the fact the money was lost.

The Southland Times asked the Insolvency and Trustee Service if
further creditor claims had been lodged or were expected to be
lodged. A spokesman for the service said the Official Assignee was
unable to release details of the creditor claims in the
liquidation other than those detailed in the liquidator's first
report, The Southland Times adds.



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


* SOUTH KOREA: Large Firms' Debt-Repaying Ability Worsens in 2014
-----------------------------------------------------------------
Yonhap News Agency reports that nearly 1 out of 4 major companies
in South Korea were unable to cover interest payments with their
earnings in 2014 despite cheaper borrowing costs, data showed on
April 6.

Thirty-seven firms, or 23.6 percent, out of 167 companies that
logged annual sales of 1 trillion won ($915 million) or more
reported an interest coverage ratio of below 1 last year, Yonhap
discloses citing Chaebul.com, which tracks the nation's top
conglomerates.

The report says the ratio, or a firm's operating profit divided by
its interest costs, measures the company's ability to pay interest
on outstanding debt. A reading higher than 1 means the firm earns
more than what it has to pay in interest, while a drop in the
reading indicates the firm's debt-repayment ability has
deteriorated, the report notes.

Yonhap relates that although South Korea's central bank cut
interest rates twice last year, the portion of large firms with
the ratio below 1 increased from 21.7 percent in 2013 due to
slumping earnings by local refiners and shipbuilders.

Data showed that the interest coverage ratio of Hyundai Heavy
Industries, the world's largest shipbuilder that logged 1.92
trillion won in operating loss, stood at minus 22.4 last year, and
the corresponding figure for its affiliate Hyundai Mipo Dockyard
Co. plunged to minus 97.3, according to Yonhap.

Yonhap says no. 3 refiner S-Oil Co. logged the interest coverage
ratio of minus 6.8 as it turned to operating deficit for the first
time in nearly three decades due to a plunge in oil prices.

Airlines had an interest coverage ratio below 1, but their debt-
servicing capacity improved sharply as cheaper oil prices enhanced
their revenue by lowering fuel costs, says Yonhap.

Korean Air Lines Co., the nation's biggest air carrier, improved
the ratio to 0.9 in 2014, up from zero a year ago, and that for
smaller rival Asiana Airlines Co. rebounded from minus 0.5 to 0.3
over the period, data, as cited by Yonhap, noted.



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


* BOND PRICING: For the Week March 31 to April 3, 2015
------------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY      10.00      10/30/23   AUD       1.85
AUSDRILL FINAN       6.88      11/01/19   USD      74.60
AUSDRILL FINAN       6.88      11/01/19   USD      74.77
BOART LONGYEAR       7.00      04/01/21   USD      64.88
BOART LONGYEAR       7.00      04/01/21   USD      64.25
CML GROUP LTD        9.00      01/29/20   AUD       1.00
CRATER GOLD MI      10.00      08/18/17   AUD      38.27
EMECO PTY LTD        9.88      03/15/19   USD      74.00
EMECO PTY LTD        9.88      03/15/19   USD      74.25
FMG RESOURCES        6.88      04/01/22   USD      76.18
FMG RESOURCES        6.88      04/01/22   USD      75.70
GRIFFIN COAL M       9.50      12/01/16   USD      39.88
GRIFFIN COAL M       9.50      12/01/16   USD      39.88
KBL MINING LTD      10.00      02/16/17   AUD       0.24
MIDWEST VANADI      11.50      02/15/18   USD       8.00
MIDWEST VANADI      11.50      02/15/18   USD       5.00
STOKES LTD          10.00      06/30/17   AUD       0.45
TREASURY CORP        0.50      11/12/30   AUD      68.41


CHINA
-----

CHANGCHUN CITY       6.08      03/09/16   CNY      40.25
CHANGCHUN CITY       6.08      03/09/16   CNY      40.31
CHANGZHOU INVE       5.80      07/01/16   CNY      70.18
CHANGZHOU INVE       5.80      07/01/16   CNY      70.01
CHINA GOVERNME       1.64      12/15/33   CNY      70.45
CHINA NATIONAL       5.65      09/26/17   CNY      65.15
CLOUD LIVE TEC       6.78      04/05/17   CNY      81.00
DANYANG INVEST       6.30      06/03/16   CNY      70.31
ERDOS DONGSHEN       8.40      02/28/18   CNY      73.00
HANGZHOU XIAOS       6.90      11/22/16   CNY      71.31
HANGZHOU XIAOS       6.90      11/22/16   CNY      69.12
HEILONGJIANG H       7.78      11/17/16   CNY      71.32
HEILONGJIANG H       7.78      11/17/16   CNY      71.29
HUAIAN CITY UR       7.15      12/21/16   CNY      70.34
HUNAN CHANGDE        5.90      01/29/16   CNY      69.03
INNER MONGOLIA       7.48      05/05/18   CNY      72.02
INNER MONGOLIA       7.48      05/05/18   CNY      71.43
JIANGSU HUAIAN       5.80      12/28/15   CNY      71.24
JIANGSU HUAJIN       5.68      09/28/17   CNY      74.50
JIANGSU LIANYU       7.85      07/22/15   CNY      70.44
KUNSHAN ENTREP       4.70      03/30/16   CNY      39.82
KUNSHAN ENTREP       4.70      03/30/16   CNY      40.00
LIAOYUAN STATE       7.80      01/26/17   CNY      71.23
LIAOYUAN STATE       7.80      01/26/17   CNY      72.00
LINHAI CITY IN       7.98      11/06/16   CNY      72.59
LUOHE CITY CON       6.81      03/30/17   CNY      60.86
NANJING NANGAN       6.13      02/27/16   CNY      50.01
NANJING NANGAN       6.13      02/27/16   CNY      49.47
NANJING PUBLIC       5.85      08/08/17   CNY      64.64
NANTONG STATE-       6.72      11/13/16   CNY      68.76
NANTONG STATE-       6.72      11/13/16   CNY      70.90
NINGDE CITY ST       6.25      10/21/17   CNY      60.57
OCEAN RIG UDW        7.25      04/01/19   USD      57.50
OCEAN RIG UDW        7.25      04/01/19   USD      57.65
PANJIN CONSTRU       7.70      12/16/16   CNY      71.63
PANJIN CONSTRU       7.70      12/16/16   CNY      71.00
QINGDAO CITY C       6.19      02/16/17   CNY      71.07
QINGZHOU HONGY       6.50      05/22/19   CNY      50.43
QINGZHOU HONGY       6.50      05/22/19   CNY      51.00
SHENGZHOU HOTE       9.20      02/26/16   CNY     107.11
SOUND GLOBAL L      11.88      08/10/17   USD      65.48
TAIZHOU CITY C       6.90      01/25/17   CNY      70.33
WUXI COMMUNICA       5.58      07/08/16   CNY      50.01
WUXI COMMUNICA       5.58      07/08/16   CNY      50.07
XIANGTAN JIUHU       6.93      12/16/16   CNY      71.20
XIANGTAN JIUHU       6.93      12/16/16   CNY      70.70
YANGZHOU URBAN       5.94      07/23/16   CNY      68.46
YANGZHOU URBAN       5.94      07/23/16   CNY      70.32
YINCHUAN URBAN       6.28      03/09/17   CNY      50.52
YIYANG CITY CO       8.20      11/19/16   CNY      71.73
ZHUCHENG ECONO       7.50      08/25/18   CNY      49.02
ZIBO CITY PROP       5.45      04/27/19   CNY      60.00
ZOUCHENG CITY        7.02      01/12/18   CNY      61.29


INDONESIA
---------

BERAU COAL ENE       7.25      03/13/17   USD      67.50
BERAU COAL ENE       7.25      03/13/17   USD      67.00
DAVOMAS INTERN      11.00      12/08/14   USD      18.00


INDIA
-----

3I INFOTECH LT       5.00      04/26/17   USD      23.25
BLUE DART EXPR       9.30      11/20/17   INR      10.14
BLUE DART EXPR       9.40      11/20/18   INR      10.21
BLUE DART EXPR       9.50      11/20/19   INR      10.27
CORE EDUCATION       7.00      05/07/15   USD      10.00
COROMANDEL INT       9.00      07/23/16   INR      16.01
GTL INFRASTRUC       3.03      11/09/17   USD      30.00
INCLINE REALTY      10.85      08/21/17   INR      14.21
INCLINE REALTY      10.85      04/21/17   INR      11.04
INDIA GOVERNME       7.64      01/25/35   INR      23.38
JAIPRAKASH ASS       5.75      09/08/17   USD      73.35
JCT LTD              2.50      04/08/11   USD      21.63
MASCON GLOBAL        2.00      12/28/12   USD       3.15
ORIENTAL HOTEL       2.00      11/21/19   INR      73.08
PRAKASH INDUST       5.25      04/30/15   USD      60.13
PYRAMID SAIMIR       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      25.00


JAPAN
-----

AVANSTRATE INC       3.02      11/05/15   JPY      35.63
AVANSTRATE INC       5.00      11/05/17   JPY      30.13
ELPIDA MEMORY        0.70      08/01/16   JPY       9.50
ELPIDA MEMORY        0.50      10/26/15   JPY       9.50
ELPIDA MEMORY        2.03      03/22/12   JPY       9.50
ELPIDA MEMORY        2.10      11/29/12   JPY       9.50
ELPIDA MEMORY        2.29      12/07/12   JPY       9.50


KOREA
-----

2014 KODIT CRE       5.00      12/25/17   KRW      27.97
2014 KODIT CRE       5.00      12/25/17   KRW      27.97
DONGBU CORP          4.00      06/29/15   KRW      46.32
DONGBU CORP          4.00      05/03/16   KRW      65.96
EXPORT-IMPORT        0.50      11/21/17   BRL      73.75
EXPORT-IMPORT        0.50      12/22/17   BRL      72.25
HYUNDAI HEAVY        4.90      12/15/44   KRW      53.75
HYUNDAI HEAVY        4.80      12/15/44   KRW      54.76
HYUNDAI MERCHA       7.05      12/27/42   KRW      36.49
KIBO ABS SPECI       5.00      01/31/17   KRW      29.75
KIBO ABS SPECI      10.00      08/22/17   KRW      28.96
KIBO ABS SPECI       5.00      03/29/18   KRW      27.04
KIBO ABS SPECI      10.00      09/04/16   KRW      35.41
KIBO ABS SPECI      10.00      02/19/17   KRW      33.09
KIBO GREEN HI-      10.00      12/21/15   KRW      38.08
LSMTRON DONGBA       4.53      11/22/17   KRW      27.68
POSCO ENERGY C       4.72      08/29/43   KRW      67.37
POSCO ENERGY C       4.66      08/29/43   KRW      68.03
POSCO ENERGY C       4.72      08/29/43   KRW      67.50
SINBO SECURITI       5.00      08/16/16   KRW      31.38
SINBO SECURITI       5.00      03/13/17   KRW      29.89
SINBO SECURITI       5.00      07/26/16   KRW      32.36
SINBO SECURITI       5.00      07/08/17   KRW      29.37
SINBO SECURITI       5.00      08/16/17   KRW      28.97
SINBO SECURITI       5.00      06/27/18   KRW      26.66
SINBO SECURITI       5.00      02/11/18   KRW      27.36
SINBO SECURITI       5.00      07/26/16   KRW      32.36
SINBO SECURITI       5.00      07/19/15   KRW      41.80
SINBO SECURITI       5.00      12/25/16   KRW      30.19
SINBO SECURITI       5.00      01/15/18   KRW      27.80
SINBO SECURITI       5.00      01/15/18   KRW      27.80
SINBO SECURITI       5.00      01/29/17   KRW      30.36
SINBO SECURITI       5.00      03/13/17   KRW      29.89
SINBO SECURITI       5.00      02/21/17   KRW      30.11
SINBO SECURITI       5.00      02/21/17   KRW      30.11
SINBO SECURITI       9.00      07/27/15   KRW      47.32
SINBO SECURITI       5.00      08/31/16   KRW      31.96
SINBO SECURITI       5.00      08/31/16   KRW      31.97
SINBO SECURITI       5.00      05/27/16   KRW      33.09
SINBO SECURITI       5.00      05/27/16   KRW      33.09
SINBO SECURITI       5.00      10/05/16   KRW      31.62
SINBO SECURITI       5.00      10/05/16   KRW      30.08
SINBO SECURITI       5.00      06/29/16   KRW      32.70
SINBO SECURITI       5.00      10/01/17   KRW      28.42
SINBO SECURITI       5.00      10/01/17   KRW      28.42
SINBO SECURITI       5.00      10/01/17   KRW      28.42
SINBO SECURITI       5.00      08/24/15   KRW      37.62
SINBO SECURITI       5.00      09/28/15   KRW      34.66
SINBO SECURITI       5.00      03/14/16   KRW      32.60
SINBO SECURITI       5.00      09/13/15   KRW      37.44
SINBO SECURITI       5.00      09/13/15   KRW      37.44
SINBO SECURITI       5.00      12/13/16   KRW      30.86
SINBO SECURITI       5.00      03/12/18   KRW      27.18
SINBO SECURITI       5.00      03/12/18   KRW      27.18
SINBO SECURITI       5.00      02/11/18   KRW      27.36
SINBO SECURITI       5.00      08/16/17   KRW      28.97
SINBO SECURITI       4.60      06/29/15   KRW      46.40
SINBO SECURITI       4.60      06/29/15   KRW      46.40
SINBO SECURITI      10.00      12/27/15   KRW      37.54
SINBO SECURITI       5.00      06/07/17   KRW      23.68
SINBO SECURITI       5.00      06/07/17   KRW      23.68
SINBO SECURITI       5.00      07/08/17   KRW      29.37
SINBO SECURITI       5.00      06/27/18   KRW      26.66
SINBO SECURITI       5.00      02/02/16   KRW      29.65
SINBO SECURITI       8.00      02/02/16   KRW      36.18
SINBO SECURITI       5.00      01/19/16   KRW      29.96
SINBO SECURITI       5.00      12/07/15   KRW      33.58
SK TELECOM CO        4.21      06/07/73   KRW      64.39
STX OFFSHORE &       3.00      09/06/15   KRW      71.58
TONGYANG CEMEN       7.50      07/20/14   KRW      70.00
TONGYANG CEMEN       7.30      04/12/15   KRW      70.00
TONGYANG CEMEN       7.30      06/26/15   KRW      70.00
TONGYANG CEMEN       7.50      04/20/14   KRW      70.00
TONGYANG CEMEN       7.50      09/10/14   KRW      70.00
U-BEST SECURIT       5.50      11/16/17   KRW      28.61
WOONGJIN ENERG       2.00      12/19/16   KRW      56.02


SRI LANKA
---------

SRI LANKA GOVE       5.35      03/01/26   LKR      68.02


MALAYSIA
--------

BANDAR MALAYSI       0.35      12/29/23   MYR      69.87
BANDAR MALAYSI       0.35      02/20/24   MYR      69.41
BIMB HOLDINGS        1.50      12/12/23   MYR      70.26
BRIGHT FOCUS B       2.50      01/24/30   MYR      65.36
BRIGHT FOCUS B       2.50      01/22/31   MYR      63.36
HARKAND FINANC       7.50      03/28/19   USD      75.00
LAND & GENERAL       1.00      09/24/18   MYR       0.37
ORO NEGRO IMPE      11.00      12/04/15   USD      70.00
SENAI-DESARU E       0.50      12/31/38   MYR      64.54
SENAI-DESARU E       0.50      12/31/43   MYR      71.56
SENAI-DESARU E       0.50      12/31/40   MYR      67.29
SENAI-DESARU E       0.50      12/30/39   MYR      66.27
SENAI-DESARU E       0.50      12/31/47   MYR      75.07
SENAI-DESARU E       0.50      12/31/41   MYR      68.75
SENAI-DESARU E       0.50      12/29/45   MYR      72.82
SENAI-DESARU E       0.50      12/31/42   MYR      69.93
SENAI-DESARU E       0.50      12/30/44   MYR      72.50
SENAI-DESARU E       0.50      12/31/46   MYR      73.95
SENAI-DESARU E       1.35      12/31/29   MYR      53.68
SENAI-DESARU E       1.35      06/30/28   MYR      56.77
SENAI-DESARU E       1.15      06/30/23   MYR      68.19
SENAI-DESARU E       1.15      12/29/23   MYR      66.60
SENAI-DESARU E       1.15      06/28/24   MYR      65.06
SENAI-DESARU E       1.15      12/31/24   MYR      63.53
SENAI-DESARU E       1.35      06/30/26   MYR      61.20
SENAI-DESARU E       1.35      12/31/26   MYR      60.06
SENAI-DESARU E       1.35      06/30/27   MYR      58.92
SENAI-DESARU E       1.35      12/31/27   MYR      57.85
SENAI-DESARU E       1.35      06/30/31   MYR      50.82
SENAI-DESARU E       1.10      06/30/21   MYR      74.73
SENAI-DESARU E       1.15      12/30/22   MYR      69.80
SENAI-DESARU E       1.35      12/31/25   MYR      62.40
SENAI-DESARU E       1.35      06/29/29   MYR      54.66
SENAI-DESARU E       1.35      06/28/30   MYR      52.73
SENAI-DESARU E       1.35      12/29/28   MYR      55.68
SENAI-DESARU E       1.10      12/31/21   MYR      72.89
SENAI-DESARU E       1.10      06/30/22   MYR      71.17
SENAI-DESARU E       1.15      06/30/25   MYR      62.13
SENAI-DESARU E       1.35      12/31/30   MYR      51.74
UNIMECH GROUP        5.00      09/18/18   MYR       1.43


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

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


SINGAPORE
---------

AXIS OFFSHORE        7.52      05/18/18   USD      51.31
BAKRIE TELECOM      11.50      05/07/15   USD       5.00
BAKRIE TELECOM      11.50      05/07/15   USD       4.50
BERAU CAPITAL       12.50      07/08/15   USD      70.45
BERAU CAPITAL       12.50      07/08/15   USD      74.78
BLD INVESTMENT       8.63      03/23/15   USD      11.13
BUMI CAPITAL P      12.00      11/10/16   USD      31.00
BUMI CAPITAL P      12.00      11/10/16   USD      30.51
BUMI INVESTMEN      10.75      10/06/17   USD      32.25
BUMI INVESTMEN      10.75      10/06/17   USD      30.18
ENERCOAL RESOU       6.00      04/07/18   USD      24.63
INDO INFRASTRU       2.00      07/30/10   USD       1.88
ORO NEGRO DRIL       7.50      01/24/19   USD      71.75
OSA GOLIATH PT      12.00      10/09/18   USD      72.25
SWIBER CAPITAL       6.50      08/02/18   SGD      75.00


THAILAND
--------

G STEEL PCL          3.00      10/04/15   USD       3.93
MDX PCL              4.75      09/17/03   USD      35.50


TAIWAN
------

ADVANCED SEMIC       1.45      08/19/16   TWD       1.30
ADVANCED SEMIC       1.45      08/19/16   TWD       1.05
ADVANCED SEMIC       1.45      08/19/16   TWD       1.50
ADVANCED SEMIC       1.45      08/19/16   TWD       1.30
ADVANCED SEMIC       1.45      08/19/16   TWD       1.10
AGRICULTURAL B       1.95      02/10/25   TWD       1.95
AGRICULTURAL B       1.53      10/17/22   TWD       1.53
AGRICULTURAL B       3.28      06/30/15   TWD       3.28
AGRICULTURAL B       1.43      10/17/19   TWD       1.53
ASIA CEMENT CO       1.36      05/23/19   TWD       1.45
BANK OF KAOHSI       3.40      01/20/16   TWD       0.90
BANK OF PANHSI       3.00      06/06/20   TWD       3.00
BANK OF PANHSI       3.00      12/02/17   TWD       3.00
BANK OF PANHSI       3.25      11/05/16   TWD       3.25
BANK OF PANHSI       3.00      03/21/18   TWD       3.00
BANK OF PANHSI       3.00      11/12/18   TWD       3.00
BANK OF TAIWAN       1.70      06/27/24   TWD       1.70
BANK SINOPAC         2.18      08/18/21   TWD       2.18
BANK SINOPAC         1.65      09/18/22   TWD       1.65
BANK SINOPAC         1.53      09/18/19   TWD       1.60
BANK SINOPAC         2.80      04/29/16   TWD       2.80
BANK SINOPAC         2.70      06/23/15   TWD       1.30
BANK SINOPAC         2.90      06/23/17   TWD       2.90
BANK SINOPAC         2.05      09/30/24   TWD       2.05
BANK SINOPAC         1.92      03/11/18   TWD       1.92
BANK SINOPAC         1.80      12/09/17   TWD       1.38
BANK SINOPAC         1.95      08/18/18   TWD       1.46
BANK SINOPAC         1.85      11/04/18   TWD       1.45
CATHAY FINANCI       3.10      12/24/15   TWD       1.17
CATHAY FINANCI       2.65      10/08/16   TWD       1.21
CATHAY UNITED        1.85      05/19/24   TWD       1.85
CATHAY UNITED        1.70      05/19/21   TWD       1.70
CATHAY UNITED        1.65      08/07/22   TWD       1.84
CATHAY UNITED        1.48      06/06/19   TWD       1.48
CATHAY UNITED        1.65      06/06/22   TWD       1.80
CATHAY UNITED        1.55      04/24/20   TWD       1.55
CATHAY UNITED        1.70      04/24/23   TWD       1.90
CHAILEASE FINA       2.05      10/30/21   TWD       2.05
CHAILEASE FINA       2.30      10/30/24   TWD       2.30
CHAILEASE FINA       1.50      06/16/19   TWD       1.41
CHAILEASE FINA       1.50      06/05/17   TWD       1.29
CHAILEASE FINA       1.60      07/22/18   TWD       1.40
CHANG HWA COMM       3.05      12/15/15   TWD       3.05
CHANG HWA COMM       1.65      03/11/18   TWD       1.64
CHANG HWA COMM       3.10      05/19/15   TWD       0.89
CHANG HWA COMM       1.72      03/11/21   TWD       1.72
CHANG HWA COMM       2.30      09/15/16   TWD       1.26
CHANG HWA COMM       1.70      04/16/21   TWD       1.68
CHANG HWA COMM       1.85      04/16/24   TWD       1.85
CHENG SHIN RUB       1.40      07/18/19   TWD       1.43
CHENG SHIN RUB       1.55      08/19/18   TWD       1.40
CHENG SHIN RUB       1.38      09/03/15   TWD       1.32
CHENG SHIN RUB       1.38      09/03/15   TWD       1.32
CHENG SHIN RUB       1.38      09/03/15   TWD       0.88
CHENG SHIN RUB       1.38      09/03/15   TWD       0.88
CHENG SHIN RUB       1.38      09/03/15   TWD       0.88
CHINA AIRLINES       1.85      01/17/20   TWD       1.85
CHINA AIRLINES       1.60      01/17/18   TWD       1.60
CHINA AIRLINES       1.35      05/20/16   TWD       1.39
CHINA AIRLINES       1.35      05/20/16   TWD       1.35
CHINA AIRLINES       1.35      05/20/16   TWD       1.28
CHINA DEVELOPM       1.42      03/30/20   TWD     100.00
CHINA DEVELOPM       2.00      03/01/17   TWD       1.45
CHINA DEVELOPM       1.37      05/23/18   TWD       1.37
CHINA DEVELOPM       1.42      03/07/19   TWD       1.39
CHINA DEVELOPM       3.40      06/18/15   TWD       3.40
CHINA DEVELOPM       1.32      03/07/17   TWD       1.19
CHINA STEEL CO       2.30      12/29/15   TWD       0.92
CHINA STEEL CO       1.36      10/19/16   TWD       0.90
CHINA STEEL CO       1.50      08/03/22   TWD       1.64
CHINA STEEL CO       1.57      10/19/18   TWD       1.21
CHINA STEEL CO       1.95      01/23/24   TWD       1.90
CHINA STEEL CO       1.37      08/10/19   TWD       1.66
CHINA STEEL CO       1.44      07/12/20   TWD       1.56
CHINA STEEL CO       2.15      01/23/29   TWD       2.16
CHINA STEEL CO       1.75      01/23/21   TWD       1.58
CHINA STEEL CO       1.60      07/12/23   TWD       1.84
CHINA STEEL CO       1.88      07/12/28   TWD       1.89
CHINESE MARITI       1.40      06/08/17   TWD       1.13
CHINESE MARITI       1.40      06/08/17   TWD       1.35
CHINESE MARITI       1.40      06/08/17   TWD       1.39
CHINESE MARITI       1.40      06/08/17   TWD       1.40
COTA COMMERCIA       3.20      03/29/18   TWD       3.20
CPC CORP/TAIWA       1.22      06/07/17   TWD       1.05
CPC CORP/TAIWA       1.29      11/01/17   TWD     100.54
CPC CORP/TAIWA       1.49      10/28/18   TWD       1.14
CPC CORP/TAIWA       1.29      09/21/19   TWD       1.40
CPC CORP/TAIWA       1.41      12/22/19   TWD       1.36
CPC CORP/TAIWA       1.60      09/22/18   TWD       1.17
CPC CORP/TAIWA       1.08      10/29/15   TWD       0.50
CPC CORP/TAIWA       2.60      12/15/15   TWD       0.88
CPC CORP/TAIWA       1.85      09/12/24   TWD       1.85
CPC CORP/TAIWA       1.88      12/24/24   TWD       1.87
CPC CORP/TAIWA       1.18      09/19/17   TWD       1.14
CPC CORP/TAIWA       1.40      09/19/16   TWD       1.01
CPC CORP/TAIWA       1.43      10/27/20   TWD       1.51
CPC CORP/TAIWA       1.36      06/08/19   TWD       1.28
CPC CORP/TAIWA       1.40      12/03/16   TWD       0.91
CPC CORP/TAIWA       1.30      07/25/18   TWD       1.13
CPC CORP/TAIWA       1.75      10/28/20   TWD       1.56
CPC CORP/TAIWA       1.42      09/20/22   TWD       1.70
CPC CORP/TAIWA       1.41      09/12/19   TWD       1.35
CPC CORP/TAIWA       1.65      09/12/21   TWD       1.65
CPC CORP/TAIWA       1.70      09/21/21   TWD       1.60
CPC CORP/TAIWA       1.49      06/11/22   TWD       1.63
CPC CORP/TAIWA       1.85      10/25/23   TWD       1.86
CPC CORP/TAIWA       1.65      12/04/19   TWD       1.36
CPC CORP/TAIWA       1.46      07/19/20   TWD       1.45
CPC CORP/TAIWA       1.68      07/22/23   TWD       1.69
CPC CORP/TAIWA       1.68      12/23/21   TWD       1.60
CTBC BANK CO L       3.10      04/25/15   TWD       0.92
CTBC BANK CO L       3.49      04/10/23   TWD       1.80
CTBC BANK CO L       2.00      06/26/29   TWD       2.00
CTBC BANK CO L       1.80      09/27/18   TWD       1.49
CTBC FINANCIAL       1.66      02/20/19   TWD       1.52
CTBC FINANCIAL       1.80      02/20/22   TWD       1.80
DA-LI CONSTRUC       1.42      06/23/19   TWD       1.42
DRAGON STEEL C       1.75      06/10/21   TWD       1.72
DRAGON STEEL C       1.40      06/10/19   TWD       1.45
E.SUN COMMERCI       1.75      08/28/20   TWD       1.75
E.SUN COMMERCI       2.20      07/13/17   TWD       2.20
E.SUN COMMERCI       1.80      03/07/21   TWD       1.70
E.SUN COMMERCI       1.68      06/28/22   TWD       1.88
E.SUN COMMERCI       1.62      08/27/22   TWD       1.89
E.SUN COMMERCI       1.55      05/24/20   TWD       1.55
E.SUN COMMERCI       1.80      10/28/18   TWD       1.50
E.SUN COMMERCI       2.35      10/20/16   TWD       1.26
E.SUN COMMERCI       2.50      04/03/16   TWD       2.50
E.SUN COMMERCI       1.50      08/27/19   TWD       1.57
E.SUN COMMERCI       1.85      12/19/20   TWD       1.85
E.SUN COMMERCI       1.70      05/24/23   TWD       1.93
E.SUN COMMERCI       2.20      05/28/17   TWD       1.45
E.SUN COMMERCI       3.15      10/24/15   TWD       3.15
E.SUN COMMERCI       1.95      03/07/24   TWD       1.95
E.SUN COMMERCI       1.58      04/27/19   TWD       1.58
E.SUN FINANCIA       2.70      04/28/17   TWD       1.87
E.SUN FINANCIA       1.75      06/29/19   TWD       1.65
ENTIE COMMERCI       3.25      08/23/17   TWD       1.97
ENTIE COMMERCI       3.25      12/16/17   TWD       3.25
EVA AIRWAYS CO       1.15      06/14/18   TWD       1.20
EVA AIRWAYS CO       1.15      06/14/18   TWD       1.20
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.29
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.27
EVA AIRWAYS CO       1.15      06/14/18   TWD       1.20
EVA AIRWAYS CO       1.15      06/14/18   TWD       1.25
EVA AIRWAYS CO       1.15      06/14/18   TWD       1.20
EVA AIRWAYS CO       1.44      08/31/16   TWD       1.06
EVA AIRWAYS CO       1.44      08/31/16   TWD       1.28
EVA AIRWAYS CO       1.44      08/31/16   TWD       1.28
EVA AIRWAYS CO       1.44      08/31/16   TWD       1.28
EVA AIRWAYS CO       1.44      08/31/16   TWD       1.01
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.18
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.27
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.18
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.27
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.27
EVA AIRWAYS CO       1.22      05/31/17   TWD       1.18
EVA AIRWAYS CO       1.44      08/31/16   TWD       0.90
EVERGREEN MARI       1.28      04/26/17   TWD       1.31
EVERGREEN MARI       1.28      04/26/17   TWD       1.18
EXPORT-IMPORT        0.88      02/12/16   TWD       0.74
EXPORT-IMPORT        0.85      03/31/17   TWD       0.85
EXPORT-IMPORT        0.80      10/16/16   TWD       0.80
EXPORT-IMPORT        0.90      06/24/17   TWD       0.90
EXPORT-IMPORT        0.90      01/28/16   TWD       0.76
EXPORT-IMPORT        1.25      05/30/17   TWD       1.25
EXPORT-IMPORT        0.68      06/20/16   TWD       0.80
FAR EASTERN DE       1.38      09/07/15   TWD       1.16
FAR EASTERN IN       2.05      12/23/21   TWD       2.05
FAR EASTERN IN       1.75      06/27/19   TWD       1.70
FAR EASTERN IN       2.10      11/06/20   TWD       1.81
FAR EASTERN IN       1.95      11/10/18   TWD       1.80
FAR EASTERN IN       2.10      09/29/17   TWD       1.47
FAR EASTERN IN       2.98      05/18/17   TWD       2.98
FAR EASTERN NE       1.38      02/06/20   TWD       1.38
FAR EASTERN NE       1.45      12/23/18   TWD       1.44
FAR EASTERN NE       1.47      08/21/19   TWD       1.41
FAR EASTERN NE       1.36      02/15/17   TWD       1.08
FAR EASTERN NE       1.47      12/04/19   TWD       1.40
FAR EASTERN NE       1.68      05/27/15   TWD       0.80
FAR EASTERN NE       1.30      11/26/17   TWD       1.21
FAR EASTERN NE       1.35      06/07/17   TWD       1.21
FAR EASTERN NE       1.59      09/16/15   TWD       0.80
FAR EASTERN NE       1.55      09/29/16   TWD       1.03
FAR EASTONE TE       1.33      06/27/20   TWD       1.33
FAR EASTONE TE       1.58      10/15/18   TWD       1.61
FAR EASTONE TE       1.17      12/24/16   TWD       1.17
FAR EASTONE TE       1.27      12/24/17   TWD       1.07
FAR EASTONE TE       1.58      12/24/19   TWD       1.37
FAR EASTONE TE       1.46      10/15/17   TWD       1.38
FIRST COMMERCI       2.05      03/25/25   TWD     100.00
FIRST COMMERCI       1.83      03/25/22   TWD       1.83
FIRST COMMERCI       3.02      10/21/15   TWD       1.20
FIRST COMMERCI       1.65      03/30/18   TWD       1.26
FIRST COMMERCI       1.92      09/28/17   TWD       1.59
FIRST COMMERCI       3.10      06/23/15   TWD       2.95
FIRST COMMERCI       3.00      12/24/15   TWD       3.00
FIRST COMMERCI       1.59      09/25/22   TWD       1.56
FIRST COMMERCI       3.16      12/24/17   TWD       3.16
FIRST COMMERCI       1.65      06/24/18   TWD       1.65
FIRST COMMERCI       1.72      06/24/21   TWD       1.72
FIRST COMMERCI       1.72      03/30/21   TWD       1.72
FIRST COMMERCI       1.47      09/25/19   TWD       1.44
FIRST COMMERCI       1.43      12/27/19   TWD       1.57
FIRST COMMERCI       1.50      09/28/17   TWD       1.36
FIRST FINANCIA       2.25      07/22/17   TWD       1.41
FIRST FINANCIA       1.60      07/22/15   TWD       0.90
FORMOSA CHEMIC       1.29      07/26/17   TWD       1.15
FORMOSA CHEMIC       1.24      07/08/18   TWD       1.29
FORMOSA CHEMIC       1.44      06/10/16   TWD       0.93
FORMOSA CHEMIC       1.34      01/22/20   TWD       1.50
FORMOSA CHEMIC       1.81      07/04/24   TWD       1.84
FORMOSA CHEMIC       1.38      10/31/16   TWD       1.16
FORMOSA CHEMIC       1.52      07/29/15   TWD       0.80
FORMOSA CHEMIC       1.50      01/22/23   TWD       1.80
FORMOSA CHEMIC       1.51      12/07/22   TWD       1.53
FORMOSA CHEMIC       1.52      07/08/23   TWD       1.54
FORMOSA CHEMIC       1.40      07/26/19   TWD       1.47
FORMOSA CHEMIC       1.23      12/07/17   TWD       1.23
FORMOSA CHEMIC       2.03      07/04/29   TWD       2.04
FORMOSA CHEMIC       1.36      12/07/19   TWD       1.40
FORMOSA CHEMIC       1.38      07/08/20   TWD       1.45
FORMOSA PETROC       1.40      04/20/16   TWD     100.30
FORMOSA PETROC       1.33      10/14/15   TWD       0.85
FORMOSA PETROC       1.30      06/20/17   TWD       1.14
FORMOSA PETROC       1.55      04/27/15   TWD       0.60
FORMOSA PETROC       1.28      06/26/18   TWD       1.19
FORMOSA PETROC       1.90      09/12/24   TWD       1.90
FORMOSA PETROC       1.43      09/12/19   TWD       1.37
FORMOSA PETROC       1.35      07/27/17   TWD       1.11
FORMOSA PETROC       1.42      05/25/16   TWD       0.82
FORMOSA PETROC       1.54      07/15/15   TWD       0.81
FORMOSA PETROC       1.25      03/12/18   TWD       1.31
FORMOSA PETROC       1.99      09/12/26   TWD       1.99
FORMOSA PETROC       1.37      03/12/20   TWD       1.41
FORMOSA PETROC       1.44      07/27/19   TWD       1.47
FORMOSA PETROC       1.54      05/25/15   TWD       0.75
FORMOSA PETROC       1.44      06/20/19   TWD       1.58
FORMOSA PETROC       1.41      06/26/20   TWD       1.53
FORMOSA PLASTI       1.92      05/21/26   TWD       1.94
FORMOSA PLASTI       1.25      11/05/17   TWD       1.23
FORMOSA PLASTI       1.34      11/16/16   TWD       0.95
FORMOSA PLASTI       1.26      05/22/17   TWD       1.24
FORMOSA PLASTI       1.28      09/12/17   TWD       1.15
FORMOSA PLASTI       1.83      05/21/24   TWD       1.86
FORMOSA PLASTI       1.35      12/15/16   TWD       0.95
FORMOSA PLASTI       1.53      11/05/22   TWD       1.62
FORMOSA PLASTI       1.42      11/08/18   TWD       1.47
FORMOSA PLASTI       1.23      06/10/17   TWD       1.30
FORMOSA PLASTI       1.94      11/08/23   TWD       1.96
FORMOSA PLASTI       1.40      09/12/19   TWD       1.45
FORMOSA PLASTI       1.39      11/05/19   TWD       1.44
FORMOSA PLASTI       1.52      06/10/23   TWD       1.54
FORMOSA PLASTI       1.42      05/22/19   TWD       1.49
FUBON FINANCIA       1.56      08/23/15   TWD       0.78
FUBON FINANCIA       1.38      03/30/20   TWD       1.38
FUBON FINANCIA       1.65      03/30/22   TWD       1.65
FUBON FINANCIA       1.45      08/28/18   TWD       1.36
FUBON FINANCIA       1.60      12/18/20   TWD       1.65
FUBON FINANCIA       1.42      12/18/18   TWD       1.45
FUBON FINANCIA       1.45      08/15/19   TWD       1.31
FUBON FINANCIA       2.60      01/27/17   TWD       1.32
FUBON FINANCIA       1.58      08/28/20   TWD       1.58
FUBON FINANCIA       1.72      07/21/21   TWD       1.72
FUBON FINANCIA       1.90      01/28/17   TWD       1.40
FUBON FINANCIA       2.60      01/28/17   TWD       1.46
FUBON FINANCIA       1.35      08/15/17   TWD       1.06
FUBON FINANCIA       1.40      11/15/16   TWD       0.72
GOLDSUN DEVELO       1.40      12/25/19   TWD       1.40
GTM HOLDINGS C       1.30      07/24/18   TWD       1.31
HIYES INTERNAT       1.40      09/23/17   TWD       1.40
HON HAI PRECIS       1.43      05/23/17   TWD       1.13
HON HAI PRECIS       1.47      03/08/16   TWD     100.53
HON HAI PRECIS       1.35      12/17/16   TWD       1.16
HON HAI PRECIS       1.23      01/14/18   TWD       1.20
HON HAI PRECIS       1.43      12/27/15   TWD       0.90
HON HAI PRECIS       1.33      01/30/18   TWD       1.20
HON HAI PRECIS       2.15      10/08/26   TWD       2.15
HON HAI PRECIS       1.45      01/14/20   TWD       1.40
HON HAI PRECIS       1.23      03/18/17   TWD       1.12
HON HAI PRECIS       1.51      07/18/16   TWD       0.98
HON HAI PRECIS       1.17      05/21/17   TWD       1.16
HON HAI PRECIS       1.35      10/11/17   TWD       1.24
HON HAI PRECIS       1.45      01/30/20   TWD       1.40
HON HAI PRECIS       1.45      10/18/16   TWD       1.08
HON HAI PRECIS       1.95      07/08/24   TWD       1.95
HON HAI PRECIS       1.66      06/14/18   TWD       1.32
HON HAI PRECIS       1.37      05/21/19   TWD       1.37
HON HAI PRECIS       1.85      12/17/20   TWD       1.70
HON HAI PRECIS       1.80      01/14/22   TWD       1.80
HON HAI PRECIS       1.18      08/06/15   TWD       1.20
HON HAI PRECIS       1.45      10/08/19   TWD       1.45
HON HAI PRECIS       1.80      10/08/21   TWD       1.80
HON HAI PRECIS       1.40      03/18/19   TWD       1.40
HON HAI PRECIS       1.50      12/17/18   TWD       1.50
HON HAI PRECIS       1.70      05/21/21   TWD       1.70
HON HAI PRECIS       2.02      10/08/24   TWD       2.02
HON HAI PRECIS       1.70      07/08/21   TWD       1.70
HON HAI PRECIS       1.43      06/14/16   TWD       1.09
HON HAI PRECIS       1.82      06/14/21   TWD       1.78
HON HAI PRECIS       1.95      05/21/24   TWD       1.88
HON HAI PRECIS       1.75      03/18/21   TWD       1.74
HON HAI PRECIS       2.00      03/18/24   TWD       2.00
HSBC BANK TAIW       1.40      01/31/19   TWD       1.27
HSBC BANK TAIW       1.23      02/05/18   TWD       1.20
HSBC BANK TAIW       1.55      03/10/16   TWD       0.60
HSBC BANK TAIW       1.34      02/05/20   TWD       1.47
HSBC BANK TAIW       1.48      02/05/23   TWD       1.48
HSBC BANK TAIW       1.25      01/31/17   TWD       1.11
HUA NAN COMMER       1.98      12/19/24   TWD       1.98
HUA NAN COMMER       1.83      12/19/21   TWD       1.83
HUA NAN COMMER       2.45      07/16/17   TWD       1.62
HUA NAN COMMER       2.60      04/24/17   TWD       2.60
HUA NAN COMMER       2.60      12/29/19   TWD       2.60
HUA NAN COMMER       1.98      09/26/24   TWD       1.98
HUA NAN COMMER       1.83      09/26/21   TWD       1.83
HUA NAN COMMER       1.63      12/06/18   TWD       1.52
HUA NAN COMMER       1.65      11/23/20   TWD       1.65
HUA NAN COMMER       3.10      04/18/15   TWD       0.88
HUA NAN COMMER       3.20      05/16/16   TWD       3.20
HUA NAN COMMER       1.85      03/28/24   TWD       1.85
HUA NAN COMMER       1.43      11/06/19   TWD       1.41
HUA NAN COMMER       1.55      11/06/22   TWD       1.55
HUA NAN COMMER       3.08      01/16/18   TWD       3.08
HUA NAN FINANC       1.23      01/21/18   TWD       1.21
HUA NAN FINANC       1.55      01/21/20   TWD       1.56
HWATAI BANK LT       2.70      11/15/19   TWD       2.70
INDUSTRIAL BAN       3.00      04/12/17   TWD       3.00
INDUSTRIAL BAN       3.20      12/28/16   TWD       2.24
INDUSTRIAL BAN       1.95      09/26/21   TWD       1.95
INDUSTRIAL BAN       1.85      08/17/19   TWD       1.83
INDUSTRIAL BAN       1.85      06/26/21   TWD       1.85
INDUSTRIAL BAN       1.95      05/30/20   TWD       1.85
INDUSTRIAL BAN       2.30      08/26/18   TWD       1.59
INDUSTRIAL BAN       1.95      03/27/21   TWD       1.94
INDUSTRIAL BAN       2.30      10/28/18   TWD       1.80
JIH SUN INTERN       2.20      01/30/22   TWD       2.20
JIH SUN INTERN       2.18      04/30/19   TWD       2.18
KINDOM CONSTRU       1.60      09/26/18   TWD       1.60
KINDOM CONSTRU       1.55      08/28/19   TWD       1.55
KINDOM CONSTRU       1.41      06/25/17   TWD       1.41
KINDOM CONSTRU       1.30      06/18/18   TWD       1.30
KINDOM CONSTRU       1.40      12/15/16   TWD       1.28
KINDOM CONSTRU       1.40      10/28/16   TWD       1.40
LAND BANK OF T       3.00      04/15/15   TWD       0.87
LAND BANK OF T       2.80      12/29/15   TWD       1.00
LAND BANK OF T       1.98      12/25/24   TWD       1.98
LAND BANK OF T       1.53      12/15/17   TWD       1.38
LAND BANK OF T       2.00      06/29/17   TWD       1.61
LAND BANK OF T       1.60      12/29/18   TWD       1.54
LAND BANK OF T       1.72      12/26/20   TWD       1.72
LAND BANK OF T       1.50      06/26/19   TWD       1.45
LAND BANK OF T       1.55      12/26/22   TWD       1.55
LAND BANK OF T       1.55      04/13/19   TWD       1.60
LAND BANK OF T       1.43      12/26/19   TWD       1.47
LAND BANK OF T       1.43      10/22/19   TWD       1.43
LAND BANK OF T       1.64      10/20/18   TWD       1.42
MAI-LIAO POWER       1.25      12/19/17   TWD       1.20
MAI-LIAO POWER       1.37      12/19/19   TWD       1.39
MAYWUFA CO LTD       1.43      07/17/19   TWD       1.43
MEGA FINANCIAL       3.26      12/26/15   TWD       1.46
MEGA INTERNATI       1.65      06/24/21   TWD       1.64
MEGA INTERNATI       3.10      06/26/15   TWD       0.90
MEGA INTERNATI       1.53      12/24/17   TWD       1.35
MEGA INTERNATI       3.00      12/23/15   TWD       1.18
MEGA INTERNATI       1.70      03/28/21   TWD       1.70
MEGA INTERNATI       1.48      05/18/19   TWD       1.48
MEGA INTERNATI       1.65      04/15/18   TWD       1.40
MEGA INTERNATI       3.00      09/29/15   TWD       0.95
MEGA INTERNATI       1.62      11/24/18   TWD       1.38
NAN YA PLASTIC       1.45      11/11/19   TWD       1.45
NAN YA PLASTIC       1.35      11/07/16   TWD       0.95
NAN YA PLASTIC       2.04      06/24/29   TWD       2.04
NAN YA PLASTIC       1.25      09/07/17   TWD       1.17
NAN YA PLASTIC       1.55      08/05/20   TWD       1.43
NAN YA PLASTIC       1.36      07/04/17   TWD       1.15
NAN YA PLASTIC       1.27      11/12/15   TWD       0.85
NAN YA PLASTIC       1.45      08/05/18   TWD       1.24
NAN YA PLASTIC       1.56      06/25/15   TWD       0.86
NAN YA PLASTIC       1.56      08/30/15   TWD       0.75
NAN YA PLASTIC       2.08      12/18/25   TWD       2.10
NAN YA PLASTIC       1.93      11/11/24   TWD       1.93
NAN YA PLASTIC       1.45      07/04/19   TWD       1.38
NAN YA PLASTIC       1.40      08/05/17   TWD       1.21
NAN YA PLASTIC       1.98      12/18/23   TWD       1.94
NAN YA PLASTIC       1.37      09/07/19   TWD       1.33
NAN YA PLASTIC       1.50      02/25/23   TWD       1.52
NAN YA PLASTIC       1.36      02/25/20   TWD       1.51
PACIFIC CONSTR       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       1.00
RUN LONG CONST       1.60      08/01/19   TWD       1.35
RUN LONG CONST       1.70      05/07/19   TWD       1.35
SAN FAR PROPER       1.55      10/23/18   TWD       1.58
SHANGHAI COMME       1.83      11/25/21   TWD       1.83
SHANGHAI COMME       3.15      06/10/15   TWD       0.90
SHANGHAI COMME       3.05      12/26/15   TWD       3.05
SHANGHAI COMME       1.54      05/22/19   TWD       1.60
SHANGHAI COMME       1.43      12/27/19   TWD       1.57
SHANGHAI COMME       1.50      12/15/17   TWD       1.50
SHANGHAI COMME       1.48      04/10/19   TWD       1.45
SHANGHAI COMME       1.70      03/25/21   TWD       1.65
SHANGHAI COMME       1.85      03/25/24   TWD       1.85
SHANGHAI COMME       1.43      11/15/19   TWD       1.43
SHANGHAI COMME       1.55      11/15/22   TWD       1.55
SHIHLIN DEVELO       1.60      07/31/19   TWD       1.33
SHIN KONG FINA       3.65      09/29/15   TWD       0.96
SHINING BUILDI       1.60      11/10/17   TWD       1.60
SINYI REALTY I       1.48      06/27/19   TWD       1.48
SOLAR APPLIED        1.75      11/10/15   TWD       1.80
SUNNY BANK LTD       2.45      12/30/21   TWD       2.45
SUNNY BANK LTD       2.45      04/30/20   TWD       2.45
SUNNY BANK LTD       2.35      08/26/21   TWD       2.35
SUNNY BANK LTD       2.45      05/30/19   TWD       2.45
SUNNY BANK LTD       2.85      06/27/18   TWD       2.85
SUNNY BANK LTD       3.25      10/29/17   TWD       3.25
SUNNY BANK LTD       3.25      04/30/17   TWD       3.25
SUNNY BANK LTD       2.35      03/31/21   TWD       2.35
TA CHONG BANK        2.08      03/30/22   TWD       2.08
TA CHONG BANK        3.50      02/26/17   TWD       3.50
TA CHONG BANK        3.75      03/05/17   TWD       3.75
TA CHONG BANK        3.00      03/09/18   TWD       1.92
TA CHONG BANK        3.25      01/05/17   TWD       3.25
TA CHONG BANK        2.05      03/21/21   TWD       2.05
TA CHONG BANK        2.00      09/26/21   TWD       2.00
TA CHONG BANK        2.00      11/19/21   TWD       2.00
TA CHONG BANK        1.90      12/27/19   TWD       1.90
TA CHONG BANK        2.05      06/22/19   TWD       2.05
TA CHONG BANK        2.15      03/30/19   TWD       2.15
TAIPEI FUBON C       2.50      03/02/20   TWD       2.50
TAIPEI FUBON C       1.65      12/01/18   TWD       1.46
TAIPEI FUBON C       1.60      05/20/15   TWD       1.14
TAIPEI FUBON C       1.68      05/25/22   TWD       1.83
TAIPEI FUBON C       1.50      11/15/17   TWD       1.38
TAIPEI FUBON C       1.98      09/25/24   TWD       1.98
TAIPEI FUBON C       1.70      08/01/23   TWD       1.70
TAIPEI FUBON C       1.52      08/01/20   TWD       1.52
TAIPEI FUBON C       1.70      08/05/18   TWD       1.45
TAIPEI FUBON C       1.85      05/15/24   TWD       1.85
TAIPEI FUBON C       1.65      03/18/18   TWD       1.65
TAIPEI FUBON C       3.14      06/20/15   TWD       3.15
TAIPEI FUBON C       2.50      01/25/20   TWD       2.50
TAIPEI FUBON C       2.30      01/29/17   TWD       2.30
TAIPEI FUBON C       1.80      03/01/17   TWD       1.48
TAIPEI FUBON C       2.20      01/25/17   TWD       1.14
TAIPEI FUBON C       2.20      12/22/16   TWD       1.17
TAIPEI FUBON C       1.70      05/20/17   TWD       1.70
TAIPEI FUBON C       1.70      05/15/21   TWD       1.70
TAIPEI FUBON C       1.55      10/15/20   TWD       1.55
TAIPEI FUBON C       1.95      08/20/17   TWD       1.60
TAIPEI FUBON C       2.05      08/20/20   TWD       2.05
TAIPEI FUBON C       1.48      04/05/19   TWD       1.48
TAIPEI FUBON C       3.09      05/30/15   TWD       3.10
TAISHIN FINANC       2.20      08/05/18   TWD       1.61
TAISHIN FINANC       2.00      05/15/19   TWD       1.90
TAISHIN FINANC       2.30      12/17/17   TWD       1.65
TAISHIN FINANC       2.20      10/05/18   TWD       2.20
TAISHIN INTERN       2.65      04/12/17   TWD       2.65
TAISHIN INTERN       1.53      10/19/19   TWD       1.53
TAISHIN INTERN       1.53      12/14/19   TWD       1.53
TAISHIN INTERN       1.95      05/16/24   TWD       1.95
TAISHIN INTERN       1.65      10/19/22   TWD       1.65
TAISHIN INTERN       1.65      12/14/22   TWD       1.65
TAIWAN ACCEPTA       1.25      10/17/17   TWD       1.25
TAIWAN ACCEPTA       1.12      06/20/17   TWD       1.16
TAIWAN BUSINES       2.35      08/27/15   TWD       1.98
TAIWAN BUSINES       2.32      03/05/17   TWD       2.32
TAIWAN BUSINES       2.50      12/18/16   TWD       1.36
TAIWAN BUSINES       1.92      11/25/20   TWD       1.86
TAIWAN BUSINES       1.68      03/25/20   TWD       1.68
TAIWAN BUSINES       1.92      09/02/17   TWD       1.45
TAIWAN COOPERA       1.85      05/26/24   TWD       1.85
TAIWAN COOPERA       1.70      07/28/18   TWD       1.41
TAIWAN COOPERA       1.48      03/28/20   TWD       1.58
TAIWAN COOPERA       3.00      05/28/15   TWD       0.89
TAIWAN COOPERA       1.72      12/25/20   TWD       1.72
TAIWAN COOPERA       1.65      06/28/22   TWD       1.60
TAIWAN COOPERA       1.45      10/25/17   TWD       1.28
TAIWAN COOPERA       1.70      05/26/21   TWD       1.70
TAIWAN COOPERA       1.43      12/25/19   TWD       1.43
TAIWAN COOPERA       1.55      12/25/22   TWD       1.55
TAIWAN LAND DE       1.36      04/25/17   TWD       1.36
TAIWAN MOBILE        1.29      04/25/18   TWD       1.21
TAIWAN MOBILE        1.34      12/20/19   TWD       1.44
TAIWAN POWER C       1.38      06/01/15   TWD       0.48
TAIWAN POWER C       1.43      03/26/20   TWD     100.17
TAIWAN POWER C       1.10      03/18/17   TWD       1.06
TAIWAN POWER C       1.39      07/21/15   TWD       0.60
TAIWAN POWER C       1.37      04/23/19   TWD       1.22
TAIWAN POWER C       1.29      06/15/17   TWD       1.07
TAIWAN POWER C       1.50      11/22/18   TWD       1.20
TAIWAN POWER C       1.37      08/20/15   TWD       0.84
TAIWAN POWER C       1.70      03/30/22   TWD       1.70
TAIWAN POWER C       1.30      11/17/16   TWD       0.98
TAIWAN POWER C       1.55      07/22/20   TWD       1.42
TAIWAN POWER C       1.33      06/28/16   TWD       1.00
TAIWAN POWER C       1.35      09/26/16   TWD       1.04
TAIWAN POWER C       1.10      12/15/17   TWD       1.10
TAIWAN POWER C       1.65      07/19/18   TWD       1.25
TAIWAN POWER C       1.95      10/22/19   TWD       1.40
TAIWAN POWER C       1.64      08/20/17   TWD       1.10
TAIWAN POWER C       1.30      06/17/18   TWD       1.20
TAIWAN POWER C       1.75      07/21/21   TWD       1.67
TAIWAN POWER C       1.28      05/06/18   TWD       1.12
TAIWAN POWER C       1.50      04/24/22   TWD       1.75
TAIWAN POWER C       1.40      03/17/19   TWD       1.36
TAIWAN POWER C       1.10      05/30/17   TWD       1.12
TAIWAN POWER C       2.75      04/18/15   TWD       0.81
TAIWAN POWER C       1.78      11/20/19   TWD       1.36
TAIWAN POWER C       2.15      12/28/19   TWD       1.42
TAIWAN POWER C       1.46      12/17/17   TWD       1.02
TAIWAN POWER C       1.23      04/23/17   TWD       1.08
TAIWAN POWER C       2.99      09/17/15   TWD       0.65
TAIWAN POWER C       1.42      07/21/19   TWD       1.44
TAIWAN POWER C       1.87      04/28/16   TWD       0.82
TAIWAN POWER C       1.55      06/28/18   TWD       1.13
TAIWAN POWER C       2.74      06/16/15   TWD       0.84
TAIWAN POWER C       2.62      11/25/15   TWD       0.56
TAIWAN POWER C       1.39      05/06/20   TWD       1.46
TAIWAN POWER C       1.46      12/15/19   TWD       1.43
TAIWAN POWER C       2.02      12/15/24   TWD       2.02
TAIWAN POWER C       1.40      05/30/19   TWD       1.42
TAIWAN POWER C       1.65      07/19/17   TWD       1.13
TAIWAN POWER C       1.47      09/23/17   TWD       1.08
TAIWAN POWER C       1.64      09/21/20   TWD       1.61
TAIWAN POWER C       1.60      12/15/20   TWD       1.52
TAIWAN POWER C       1.38      04/21/15   TWD       0.54
TAIWAN POWER C       2.35      12/30/18   TWD       1.27
TAIWAN POWER C       1.10      10/16/17   TWD       1.10
TAIWAN POWER C       1.24      11/21/16   TWD       1.06
TAIWAN POWER C       1.95      12/30/23   TWD       1.88
TAIWAN POWER C       1.52      06/15/22   TWD       1.52
TAIWAN POWER C       1.69      04/22/21   TWD       1.50
TAIWAN POWER C       1.92      03/17/24   TWD       1.93
TAIWAN POWER C       1.55      11/20/16   TWD       0.90
TAIWAN POWER C       1.95      05/28/24   TWD       1.96
TAIWAN POWER C       1.32      12/19/16   TWD       0.92
TAIWAN POWER C       1.58      12/21/21   TWD       1.56
TAIWAN POWER C       1.53      05/03/23   TWD       1.96
TAIWAN POWER C       1.42      10/16/19   TWD       1.42
TAIWAN POWER C       1.77      10/16/21   TWD       1.77
TAIWAN POWER C       1.99      10/16/24   TWD       1.99
TAIWAN POWER C       1.46      12/30/18   TWD       1.35
TAIWAN POWER C       1.39      08/16/19   TWD       1.42
TAIWAN POWER C       1.49      08/15/22   TWD       1.84
TAIWAN POWER C       1.75      12/30/20   TWD       1.66
TAIWAN POWER C       1.94      11/22/23   TWD       1.89
TAIWAN POWER C       1.43      06/15/19   TWD       1.37
TAIWAN POWER C       1.75      07/23/23   TWD       1.76
TAIWAN POWER C       1.98      07/21/24   TWD       1.99
TAIWAN POWER C       1.45      06/17/20   TWD       1.55
TAIWAN POWER C       1.75      04/23/17   TWD       1.20
TAIWAN POWER C       1.85      04/22/20   TWD       1.50
TAIWAN POWER C       1.64      06/28/21   TWD       1.53
TAIWAN POWER C       1.77      12/17/21   TWD       1.77
TAIWAN POWER C       1.75      06/01/17   TWD       1.10
TAIWAN POWER C       1.83      06/01/20   TWD       1.43
TAIWAN POWER C       1.75      05/30/21   TWD       1.69
TAIWAN POWER C       1.60      04/22/18   TWD       1.36
TAIWAN POWER C       1.79      07/21/20   TWD       1.48
TAIWAN POWER C       1.71      08/23/20   TWD       1.56
TAIWAN POWER C       2.84      04/18/18   TWD       1.25
TAIWAN POWER C       2.99      07/21/15   TWD       0.58
TAIWAN POWER C       2.85      11/04/15   TWD       0.60
TAIWAN POWER C       1.39      12/26/22   TWD       1.49
TAIWAN POWER C       1.27      11/30/19   TWD       1.43
TAIWAN POWER C       1.41      11/28/22   TWD       1.41
TAIWAN POWER C       1.31      10/31/19   TWD       1.44
TAIWAN POWER C       1.51      10/21/18   TWD       1.29
TAIWAN POWER C       1.65      10/20/21   TWD       1.56
TAIWAN POWER C       1.48      11/21/18   TWD       1.32
TAIWAN POWER C       1.43      10/31/22   TWD       1.42
TAIWAN POWER C       1.74      03/17/21   TWD       1.74
TAIWAN SEMICON       1.35      09/25/16   TWD       1.38
TAIWAN SEMICON       1.28      09/26/17   TWD       1.00
TAIWAN SEMICON       1.28      08/02/17   TWD       1.04
TAIWAN SEMICON       1.38      02/06/20   TWD       1.34
TAIWAN SEMICON       1.63      09/28/18   TWD     101.72
TAIWAN SEMICON       1.23      01/04/18   TWD       1.17
TAIWAN SEMICON       1.29      01/11/17   TWD       1.01
TAIWAN SEMICON       1.40      09/28/16   TWD     100.74
TAIWAN SEMICON       1.35      01/04/20   TWD       1.37
TAIWAN SEMICON       1.46      01/11/19   TWD       1.46
TAIWAN SEMICON       1.49      01/04/23   TWD       1.62
TAIWAN SEMICON       1.50      07/16/20   TWD       1.40
TAIWAN SEMICON       1.52      08/09/19   TWD       1.52
TAIWAN SEMICON       2.10      09/25/23   TWD       2.03
TAIWAN SEMICON       1.50      02/06/23   TWD       1.64
TAIWAN SEMICON       1.23      02/06/18   TWD       1.17
TAIWAN SEMICON       1.45      09/25/17   TWD       1.47
TAIWAN SEMICON       1.34      08/09/17   TWD       1.34
TAIWAN SEMICON       1.39      09/26/19   TWD       1.39
TAIWAN SEMICON       1.53      10/09/22   TWD       1.53
TAIWAN SHIN KO       2.10      12/15/24   TWD       2.10
TAIWAN SHIN KO       1.80      09/26/18   TWD       1.80
TAIWAN SHIN KO       2.50      12/18/16   TWD       1.45
TAIWAN SHIN KO       1.95      09/26/21   TWD       1.55
TAIWAN SHIN KO       1.85      03/30/18   TWD       1.42
TAIWAN SHIN KO       1.51      12/28/19   TWD       1.51
TAIWAN SHIN KO       1.63      12/28/22   TWD       1.63
TONG YANG INDU       1.35      01/28/20   TWD       1.35
TONG YANG INDU       1.35      01/28/20   TWD       1.35
TONG YANG INDU       1.35      01/28/20   TWD       1.35
U-MING MARINE        1.32      08/22/17   TWD       1.32
UNION BANK OF        2.10      12/19/20   TWD       2.10
UNION BANK OF        2.32      03/01/19   TWD       2.32
UNION BANK OF        2.78      06/15/18   TWD       2.78
UNI-PRESIDENT        1.57      06/25/15   TWD       0.90
UNI-PRESIDENT        1.43      06/17/16   TWD       1.01
UNI-PRESIDENT        1.35      06/18/17   TWD       1.11
UNI-PRESIDENT        1.22      02/26/18   TWD       1.17
UNI-PRESIDENT        1.78      06/23/24   TWD       1.81
UNI-PRESIDENT        1.39      02/18/19   TWD       1.34
UNI-PRESIDENT        1.62      06/23/21   TWD       1.58
UNI-PRESIDENT        1.28      10/29/17   TWD       1.20
UNI-PRESIDENT        1.29      06/23/19   TWD       1.34
UNI-PRESIDENT        1.39      10/29/19   TWD       1.53
UNI-PRESIDENT        1.23      10/27/15   TWD       1.28
UNITED MICROEL       1.35      03/15/18   TWD       1.23
UNITED MICROEL       1.63      06/07/19   TWD       1.35
UNITED MICROEL       1.95      06/18/24   TWD     100.42
UNITED MICROEL       1.43      06/07/17   TWD       1.10
UNITED MICROEL       1.70      06/18/21   TWD       1.71
UNITED MICROEL       1.50      03/15/20   TWD       1.58
USI CORP             1.55      02/12/20   TWD       1.55
USI CORP             1.90      02/12/22   TWD       1.90
USI CORP             1.55      06/24/16   TWD       1.34
WAN HAI LINES        1.65      08/14/19   TWD       1.65
WAN HAI LINES        1.65      06/22/16   TWD       1.25
WAN HAI LINES        1.95      08/14/21   TWD       1.77
WAN HAI LINES        1.85      06/24/18   TWD       1.55
YANG MING MARI       2.45      11/01/20   TWD       2.45
YANG MING MARI       1.42      05/20/15   TWD       1.45
YANG MING MARI       2.20      11/01/18   TWD       1.90
YANG MING MARI       1.30      12/27/16   TWD       1.15
YANG MING MARI       1.30      12/27/16   TWD       1.34
YANG MING MARI       1.30      12/27/16   TWD       1.26
YANG MING MARI       1.30      12/27/16   TWD       1.16
YANG MING MARI       1.30      12/27/16   TWD       1.14
YANG MING MARI       1.30      12/27/16   TWD       1.11
YANG MING MARI       1.30      12/27/16   TWD       1.15
YANG MING MARI       1.42      05/20/15   TWD       1.42
YANG MING MARI       1.42      05/20/15   TWD       1.46
YANG MING MARI       1.42      05/20/15   TWD       1.31
YANG MING MARI       1.42      05/20/15   TWD       1.35
YANG MING MARI       1.42      05/20/15   TWD       1.23
YANG MING MARI       1.42      05/20/15   TWD       1.31
YANG MING MARI       1.42      05/20/15   TWD       1.38
YANG MING MARI       1.30      12/27/16   TWD       1.05
YFY INC              1.40      06/28/15   TWD       0.95
YFY INC              1.40      06/28/15   TWD       1.40
YUAN DING INVE       1.50      07/20/16   TWD       1.27
YUAN DING INVE       1.35      11/25/16   TWD       1.14
YUAN DING INVE       1.25      08/06/15   TWD       1.30
YUAN DING INVE       1.40      08/06/17   TWD       1.20
YUAN DING INVE       1.45      12/15/16   TWD       1.40
YUAN DING INVE       1.62      07/19/15   TWD       1.45
YUAN DING INVE       1.35      05/26/19   TWD       1.43
YUANTA COMMERC       1.80      10/27/18   TWD       1.80
YUANTA COMMERC       1.85      10/29/21   TWD       1.85
YUANTA COMMERC       1.95      10/27/21   TWD       1.95
YUANTA COMMERC       1.80      09/04/21   TWD       1.80
YUANTA COMMERC       2.30      06/10/17   TWD       1.38
YUANTA COMMERC       2.00      09/04/24   TWD       2.00
YUANTA COMMERC       1.75      06/27/18   TWD       1.53
YUANTA COMMERC       1.85      08/22/18   TWD       1.55



                             *********

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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