TCRAP_Public/150414.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 14, 2015, Vol. 18, No. 072


                            Headlines


A U S T R A L I A

1HOUSE GROUP: Consumer Affairs Shuts Down SEO Firm
CRESTAL PETROLEUM: First Creditors' Meeting Set For April 15
FSS ADVISORY: First Creditors' Meeting Set For April 20
PEPPER RESIDENTIAL: S&P Affirms B Rating on Class F Notes


C H I N A

HEBEI FINANCING: Investment Guarantee Company Near Default
KAISA GROUP: Founder Kwok Returns as Chairman
KAISA GROUP: Moody's Says Sino Life Loan No Impact on 'Ca' Rating
MINGFA GROUP: S&P Lowers CCR to 'B-'; Outlook Negative


I N D I A

4S SPINTEX: ICRA Assigns B Rating to INR12cr Term Loan
AASTHA SOCIETY: ICRA Assigns B+ Rating to INR5.25cr Term Loan
ALLKOSHYS ALLSPICES: CRISIL Reaffirms B+ INR10cr Cash Loan Rating
ANANT RAM: CRISIL Suspends B Rating on INR60MM Cash Credit
ARIHANT SPINTEX: CRISIL Reaffirms B+ Rating on INR160.6MM Loan

B.G.M. CONSORTIUM: CRISIL Suspends D Rating on INR680MM Loan
B. K. EXPORTS: ICRA Assigns B Rating to INR25cr Cash Credit
CYPER PHARMA: CRISIL Suspends B Rating on INR80MM Cash Loan
DAMODAR DEVELOPERS: CRISIL Suspends D Rating on INR685MM Loan
EAGLE HUNTER: ICRA Assigns B Rating to INR14cr Fund Based Limits

FLEXI CAPS: ICRA Assigns B Rating to INR10cr Fund Based Limits
H. R. TIMBER: CRISIL Suspends D Rating on INR218MM LOC
J. B. DARUKA: CRISIL Cuts Rating on INR129.8MM Loan to D
JAGDAMBA OIL: ICRA Reaffirms B- Rating on INR6cr LT Loan
JAI SAI: CRISIL Reaffirms B Rating on INR59MM Overdraft Loan

JINDAL AGROCORP: ICRA Assigns B Rating to INR10cr Cash Credit
JNK INDIA: ICRA Suspends B+ Rating on INR2cr Working Capital Loan
K. K. TEX: CRISIL Reaffirms B Rating on INR60MM Cash Credit
KDJ HOSPITALITY: ICRA Suspends D Rating on INR10cr Term Loan
KUNDU HATCHERIES: ICRA Assigns C+ Rating to INR5.25cr Term Loan

LAV LAXMI: CRISIL Assigns B+ Rating to INR95MM Term Loan
LAXMI RICE: ICRA Assigns B Rating to INR14.80cr Fund Based Loan
LOHR INDIA: CRISIL Ups Rating on INR95MM Cash Loan to B-
MAA GAURI: ICRA Reaffirms B Rating on INR4.90cr LT Loan
METRO CITY: ICRA Raises Rating on INR7.75cr Cash Credit to B

MOTIA TOWNSHIP: ICRA Cuts Rating on INR23cr LT Loan to D
MURLIDHAR TEX: ICRA Reaffirms B Rating on INR4.48cr Term Loan
PARSEWAR AND CO: ICRA Reaffirms B+ Rating on INR9.35cr Loan
POWERCON PROJECTS: CRISIL Suspends D Rating on INR100MM Loan
PRADHVI MULTITRADE: ICRA Puts D Rating on INR10cr Cash Credit

PRANALI CEMENT: ICRA Suspends B- Rating on INR11cr Term Loan
PURVA ENTERPRISES: ICRA Reaffirms D Rating on INR10cr Cash Loan
PYTEX JEWELLERS: CRISIL Suspends B+ Rating on INR154.9MM Loan
SHAKTI POLYTEX: ICRA Reaffirms B Rating on INR18cr Cash Credit
SHIVAM PHOTOVOLTAICS: ICRA Assigns 'SP 3D' Grading

SHREE RAM: CRISIL Reaffirms B+ Rating on INR140MM Cash Credit
SIDHI VINAYAK: ICRA Reaffirms B Rating on INR7.5cr Cash Credit
SITARAM DEVELOPERS: CRISIL Rates INR97.5MM Term Loan at B
SKY INDIA: ICRA Assigns D Rating to INR11cr Letter of Credit
SKYWORLD EXIM: CRISIL Suspends B+ Rating on INR210MM Cash Loan

SNK TECHNOLOGIES: ICRA Assigns 'SP 4D' Grading
SRI KRISHNA: CRISIL Assigns B Rating to INR40MM Credit Limit
SRI SAI BASAVA: ICRA Cuts Rating on INR11cr Term Loan to D
TANEJA DEVELOPERS: CRISIL Suspends B- Rating on INR740.3MM Loan
TATA CHEMICALS: Fitch Affirms BB+ LT Issuer Default Rating

TATA STEEL: Fitch Affirms 'BB+' LT Foreign Currency IDR
VARDHMAN ELECTRICAL: CRISIL Rates INR46.8MM Term Loan at B+
WOOLWAYS INDIA: CRISIL Suspends B+ Rating on INR160MM Cash Loan
YATRI VIHAR: CRISIL Reaffirms D Rating on INR160MM LT Loan


N E W  Z E A L A N D

CAPITAL + MERCHANT: Settlement Dispute Back in Court
EHOME NZ: Efforts to Sell Prefab Company Continue
IMLAY BUTCHERY: Goes Into Liquidation


X X X X X X X X

* BOND PRICING: For the Week April 6 to April 10, 2015


                            - - - - -


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1HOUSE GROUP: Consumer Affairs Shuts Down SEO Firm
--------------------------------------------------
Eloise Keating at SmartCompany reports that 1House Group, trading
as Online Centric, has been forced to close and its director has
been banned from managing a corporation for six years, following
action by Consumer Affairs Victoria.

SmartCompany relates that Victoria's consumer watchdog initiated
legal action against the company after it received complaints the
company was accepting payment for goods and services that were
either provided late or not provided at all.

Online Centric provided website design, graphic design and SEO
services.

But the Melbourne Magistrates' Court has now restrained the
company from requesting or accepting deposits or any other
payments for those services until March 1, 2019, SmartCompany
says. Nicole Papadopoulos, the director of Online Centric, has
been disqualified from managing a corporation until March 1, 2021,
the report discloses.

According to SmartCompany, the court found both Ms. Papadopoulos
and Online Centric breached the Australian Consumer Law. Consumer
Affairs Victoria said in a statement the company and Ms.
Papadopoulos have also been ordered to close the company's website
and pay costs of AUD1,700.

Rohan Harris -- rharris@rk.com.au -- principal at law firm Russell
Kennedy, told SmartCompany the provisions in Australian Consumer
Law that deal with this kind of conduct are an extension of laws
that prohibit companies from making false or misleading
representations.

And while Online Centric has not been fined in this case,
Mr. Harris said closing down a business is "in many cases . . . a
more effective remedy than fining someone," SmartCompany relays.

"It's a pretty clear-cut case and the court has shut down the
business as a result," SmartCompany quotes Mr. Harris as saying.

SmartCompany relates that Consumer Affairs has not indicated if
individual customers were left out of pocket as a result of Online
Centric's conduct and Mr. Harris said this may have also been a
factor in the court's decision not to fine the company.

But Mr. Harris said the decision has broad ramifications for
Ms. Papadopoulos, who has not only had her business shut down but
also her ability to conduct other businesses.

"It will limit what she can do in the future," Mr. Harris, as
cited by SmartCompany, said.

1House Group, trading as Online Centric, was a Melbourne-based
graphic design and search engine optimisation business.


CRESTAL PETROLEUM: First Creditors' Meeting Set For April 15
------------------------------------------------------------
Mark Hutchins, Jason Tang and Ozem Kassem of Cor Cordis Chartered
Accountants have been appointed Voluntary Administrators of
Crestal Petroleum Limited effective as of April 1, 2015.

Cor Cordis Partner Mark Hutchins said "As Voluntary
Administrators, we are now analysing Crestal Petroleum's financial
and operational position in order to determine the paths available
to us".

"Until we have fully analysed the situation, we won't be
speculating on any aspect of this administration or what the
future of the company is," he said.

The first meeting of creditors will be held on April 15.

Crestal Petroleum Ltd is an Australian-based oil, gas and mineral
exploration company with interests in Utah, Madagascar, South
Australia, Queensland and NSW.


FSS ADVISORY: First Creditors' Meeting Set For April 20
-------------------------------------------------------
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of FSS Advisory Pty Ltd on April 8,
2015.

A first meeting of the creditors of the Company will be held at
Morton's Solvency Accountants, Level 11, 410 Queen Street, in
Brisbane, Queensland, on April 20, 2015, at 11:00 a.m.


PEPPER RESIDENTIAL: S&P Affirms B Rating on Class F Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'A-1+ (sf)' rating
to the class A1-u2 notes issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No.12 (Pepper).  At
the same time, S&P raised its rating on the class B notes to 'AAA
(sf)' from 'AA (sf)', affirmed its ratings on six classes of
existing notes, and withdrew its rating on the class A1-u1 notes.

The class A1-u1 notes were redeemed in full on the final legal
maturity date by the use of the redemption fund and issuance of
class A1-u2 notes, as contemplated in the transaction documents.

The raising of the rating on the class B notes reflects:

   -- S&P's view of the improved credit quality of the underlying
      collateral portfolio due to a decrease in the weighted-
      average loan-to-value (LTV) ratio and increased seasoning
      in the portfolio, particularly for self-employed borrowers.

   -- The sequential payment structure of the notes to date
      increasing credit support provided by the class C, class D,
      class E, class F, and class G notes to the B notes.

   -- The use of the redemption fund and A1-u2 note issuance to
      repay the hard bullet A1-u1 notes, reducing the outstanding
      amount of A notes in the transaction.

The rating assigned to the class A1-u2 notes and the rating
affirmations on the remaining notes reflects:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio.  Credit quality has improved since the
      transaction's close and benefits from a further 12 months
      of seasoning as well as a reduction in the weighted-average
      LTV ratio.  The strong performance of the collateral, with
      no charge offs to the notes, and the provision of credit
      support to the notes in excess of the minimum required at
      each rating level.

   -- Full income verification has not been carried out for about
      49.9% of the loans in the portfolio.  S&P has taken into
      account the strength of Pepper's underwriting process in
      S&P's assessment of the risks of these types of products.
      Pepper's underwriting process for low-documentation (low-
      doc) loans involves reviewing an income declaration,
      evidence of registration of the self-employed borrower's
      business, and the borrower's bank statements to check for
      cash flows that reflect the borrower's stated income.
      Standard & Poor's has assumed a higher default frequency
      for low-doc loans in its calculation of credit support for
      the corresponding rating levels.

   -- By current balance, 17.6% of the loans in the portfolio are
      to borrowers with unfavorable credit records.  Market
      experience has shown that such borrowers are more likely to
      default, compared with the general population.  In
      addition, 8.0% of the pool is currently in arrears by at
      least one payment.  Standard & Poor's assumes higher
      default frequencies for loans to subprime and nonconforming
      borrowers and loans in arrears.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including principal draws
      and a liquidity facility equal to 2.5% of the invested
      amount of all notes, are sufficient under S&P's stress
      assumptions to support timely payment of interest.

   -- The benefit of a currency swap provided by CBA to hedge the
      mismatch between receipts from Australian-dollar mortgage
      loans and the U.S. dollar-denominated class A1-u2 notes.

   -- The portfolio is well diversified across state and
      postcodes, and does not exceed Standard & Poor's
      archetypical portfolio for state and postcode
      concentrations.

   -- The ability of the transaction, depending on certain
      triggers, to utilize excess spread to turbo the most senior
      note or reverse turbo the most subordinated rated note at
      that time, which effectively is creating
      overcollateralization for the transaction.

   -- The ability of the transaction to utilize a yield reserve
      built from excess spread to cover senior expenses and any
      interest shortfalls on the class A notes.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS ASSIGNED

Class      Rating
A1-u2      A-1+ (sf)

RATINGS RAISED
Class      Rating To     Rating From
B          AAA (sf)      AA (sf)

RATINGS AFFIRMED
Class      Rating
A-1a       AAA (sf)
A2         AAA (sf)
C          A (sf)
D          BBB (sf)
E          BB (sf)
F          B (sf)
G          NR

RATINGS WITHDRAWN
Class      Rating To     Rating From
A1-u1      NR            A-1+ (sf)
NR--Not rated.


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HEBEI FINANCING: Investment Guarantee Company Near Default
----------------------------------------------------------
Peter Cai at The Australian reports that Hebei Financing
Investment Guarantee Group, China's second largest financing
guarantee company has lost its ability to guarantee nearly
CNY50 billion worth of loans, signalling the spread of risk in the
country's financial system.

The Australian, citing a report from Caixin, says the company is
no longer in the position to guarantee loans, and scores of banks,
trusts, brokers and funds are facing the prospect of a default on
their loans. The company is a fully owned subsidiary of the Hebei
provincial government, The Australian notes.

Its inability to guarantee loans has sparked wide fear within the
finance industry about the implicit government guarantee behind
many projects, according to The Australian.

Hebei Financing Investment Guarantee Group is China's largest
producer of steel products and has been hard hit by the
decelerating investment fuelled growth, adds The Australian.


KAISA GROUP: Founder Kwok Returns as Chairman
---------------------------------------------
Michelle Yun at Bloomberg News reports that Kaisa Group Holdings
Ltd. founder Kwok Ying Shing has returned to helm the troubled
Chinese developer three months after he resigned amid a corruption
probe.

Kwok, who had resigned on Dec. 31, has been appointed chairman and
executive director starting April 13, Shenzhen-based Kaisa said in
a Hong Kong stock exchange filing. Kwok and his two brothers
control 49.3 percent of the builder through a family trust, Kaisa
said in the statement.

Bloomberg notes that Mr. Kwok's return comes as the company faces
a deadline to pay interest on dollar bonds this month to avoid
becoming China's first real estate company to default on U.S.
currency securities.  Bloomberg recalls that Tianjin-based
developer Sunac China Holdings Ltd. agreed in January to buy the
Kwok family stake in Kaisa and had made a general offer for the
rest of the company, conditional on a successful debt
restructuring.

The question is "whether his intentions are in line with the
interests of Sunac," Bloomberg quotes Edison Bian, head of China
property research at UOB-Kay Hian Holdings Ltd. in Hong Kong, as
saying. "With the Kwok family back, the crucial point is still
whether the offshore debt restructuring can be done. There's still
no offer yet on the table."

Both Sunac and the Kwok family trust are shown to hold
49.3 percent of Kaisa as of Jan. 30, Bloomberg discloses citing
information on the Hong Kong stock exchange website.

Kaisa also appointed Zheng Yi, who joined the company in 2007, as
executive director, according to the filing cited by Bloomberg.

                         About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on March
9, 2015, Moody's Investors Service said that Kaisa Group Holdings
Ltd's proposed onshore debt restructuring, if successful, will
constitute a distressed debt exchange -- a default event under
Moody's definition -- but has no immediate impact on its Ca
corporate family and senior unsecured debt ratings.  The
transaction will also help reduce near-term liquidity stress.  The
ratings remain under review for upgrade.

On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.

On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.

The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.


KAISA GROUP: Moody's Says Sino Life Loan No Impact on 'Ca' Rating
-----------------------------------------------------------------
Moody's Investors Service said that the loan extended by a
subsidiary of Funde Sino Life Insurance Co., Ltd (Sino Life,
unrated) is credit positive for Kaisa Group Holdings Ltd (Ca,
review for upgrade), but has no immediate rating impact.

Kaisa announced that on April 8, 2015 Shenzhen Fund Resources
Investment Holding Company Limited (unrated) has agreed to advance
a loan of RMB1.377 billion to Kaisa Group (Shenzhen) Co.,
Ltd.(Kaisa Shenzhen, unrated), for the purpose of financing part
of the land consideration to be paid by Kaisa Shenzhen to the
local authority to avoid any penalty on late payment.

"The loan will help Kaisa avoid potential penalty payment which
would further drain its liquidity," says Franco Leung, a Moody's
Vice President and Senior Analyst.

The loan will be secured by 50% of the capital of joint ventures
held by Kaisa Shenzhen and Sino Life, with a term of 2 years at
the interest rate of 12% per annum.

According to Kaisa's announcement, Kaisa Shenzhen and Sino Life
jointly purchased a piece of land in Shenzhen for a total
consideration of RMB5.4 billion on April 9, 2014, and established
a joint venture 51% owned by Kaisa Shenzhen and 49% by Sino Life,
to hold and develop the land.

Moody's also noted that on April 9, 2015, Kaisa announced an
update on the status of its projects in Shenzhen. For its eight
projects, the blockage on a majority of its unsold units has been
release by the relevant Shenzhen authority but they are now
subject to freezing order imposed by local PRC courts and remain
unsaleable.

"The partial release of the sales blockage on Kaisa's Shenzhen
properties brings it a step closer to meeting the conditions
precedent to its acquisition by Sunac," adds Leung, who is also
the lead analyst of Kaisa.

Nevertheless, uncertainty remains with regard to Sunac's
acquisition offer, as more onshore creditors have applied for
preservation of assets, and it remains to be seen whether Kaisa's
onshore and offshore creditors will agree with the proposed
restructuring.

Under the share-purchase agreement, Sunac's acquisition of Kaisa
is conditional on a number of factors, including the resolution of
Kaisa's debt payments; the resolution of all existing disputes and
court applications faced by Kaisa; and the resolution of any
irregularities in Kaisa's business operations. Sunac has the right
to terminate the offer if the conditions are not satisfied by 31
July 2015.

Moody's will continue to monitor: (1) the progress on Kaisa's debt
restructuring; (2) Kaisa's ability to restore its projects in
Shenzhen to normal conditions; and (3) further developments
regarding Sunac's acquisition offer.

Moody's expects that Kaisa will still be unable to use its
internal resources to repay its offshore bondholders in full, as
is reflected in its Ca ratings.

Kaisa reported a cash balance of RMB1.9 billion and maturing debt
of around RMB29.8 billion as of 2 March 2015. Furthermore, it has
announced a profit warning and a delay to the announcement of its
2014 annual results.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999. It listed on the Hong Kong Stock Exchange in
December 2009.

As per the announcement of March 16, 2015, Sino Life directly and
indirectly holds 29.94% of Kaisa.


MINGFA GROUP: S&P Lowers CCR to 'B-'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Mingfa Group (International) Co. Ltd. to 'B-'
from 'B'.  The outlook is negative.

S&P also lowered its issue rating on the China-based property
developer's outstanding senior unsecured notes to 'CCC+' from
'B-'.  In line with the downgrades, S&P lowered its long-term
Greater China regional scale rating on Mingfa to 'cnB-' from
'cnB+', and that on its notes to 'cnCCC+' from 'cnB'.

"Our downgrade reflects the company's heightened refinancing risk,
given its large short-term maturities and weak sales.  The
company's leverage and interest coverage ratios have also
deteriorated substantially in 2014 due to weak sales and increased
debt-funded expansion," said Standard & Poor's credit analyst
Dennis Lee.  "In our view, Mingfa's financial performance is not
likely to improve materially as the company is facing increased
price competition, given the oversupply in tier-three and tier-
four cities."

S&P expects that Mingfa's liquidity position will continue to
depend on lenders rolling over its debts.  S&P estimates that the
company's internally generated cash in the next 12 months plus
existing cash would be insufficient to cover its short-term
borrowings.  As of the end of 2014, Mingfa has total cash of
Chinese renminbi (RMB) 3.2 billion, of which only RMB732 million
is unrestricted cash, compared with its short-term borrowings of
RMB8.2 billion.

Under the current market condition, S&P believes lenders will be
cautious in extending credit to financially weak borrowers.
Mingfa could still get new loans by pledging some investment
properties.  However, S&P expects the borrowings will likely carry
a higher interest rate.  In addition, lenders could require a
higher amount of collateral.  Given the heightened liquidity
pressure and uncertainty over debt refinancing, S&P has revised
its assessment of Mingfa's liquidity to "weak" from "less than
adequate."

"We believe Mingfa's debt leverage and interest coverage are
unlikely to materially improve in the next two years.  In
addition, Mingfa's profitability is unlikely to rebound in the
next 12 months.  We base that on our assumptions that increasing
construction costs and declining sale prices due to intense
competition and oversupply in lower-tier cities will continue,"
Mr. Lee said.

The negative outlook reflects S&P's view that Mingfa faces
heightened refinancing risk over the next 12 months due to its
large short-term maturities and weak sales.

S&P could lower the rating if Mingfa has difficulties in rolling
over its short-term borrowings or does not obtain new financing
from lenders to improve its maturity profile.  S&P could also
lower the rating if sales do not increase toward its base case of
RMB4 billion in 2015.

Standard & Poor's could revise the outlook back to stable if
Mingfa improves its liquidity position.  This could happen if the
company successfully refinances its short-term borrowings, extends
the debt maturity, and manages its capital expenditure for land
acquisitions and construction in a disciplined manner.  S&P could
also revise the outlook to stable if Mingfa's contracted sales in
2015 are significantly better than our base-case assumption of
RMB4 billion.


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4S SPINTEX: ICRA Assigns B Rating to INR12cr Term Loan
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR12.00 crore
term loan limits of 4S Spintex India Private Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan              12.00         [ICRA]B assigned


The assigned rating is constrained by the highly fragmented nature
of the cotton yarn spinning industry, small scale of operations
and commoditized nature of product leading to low pricing power;
high project implementation risk arising out of nascent stage of
the plant construction. The company is setting up 8160 spindles
unit at a total cost of Rs 24.20 crore which is planned to be
funded by sanctioned term loan of Rs 15.00 crore and promoters'
contribution of Rs 9.20 crore. The rating is also constrained by
significant funding risk with only Rs 0.60 crore of promoter
equity brought in as on date. However, the rating positively
factors in the experience of the promoters with more than two
decades of experience in cotton ginning industry and location
advantage of 4SSIPL on account of proximity to ginned cotton
supply centers in Andhra Pradesh.

Going forward, timely completion of the project without cost
overruns and ability of the company to generate sufficient
accruals at the envisaged capacity utilization and margins will
remain key rating sensitivities from credit perspective.

4S Spintex India Private Limited (4SSIPL) was incorporated in
August 2012 and is setting up a manufacturing unit of yarned
cotton with an installed capacity 8160 spindles in Jaggaiahpet
Mandal, Krishna District, Andhra Pradesh. The estimated cost of
the project is around Rs 24.20 crore, to be funded by debt of Rs
15.00 crore from bank and Rs 9.20 crore of promoter's
contribution. The company is promoted by Mr. D.V.V. Satyanarayana,
Mr. Devarapalli Chalapathi Rao who has more than two decades of
experience in cotton ginning.


AASTHA SOCIETY: ICRA Assigns B+ Rating to INR5.25cr Term Loan
-------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR5.25 crore bank
facilities of Aastha Society.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan (LT Scale)    5.25         [ICRA]B+; assigned

ICRA's rating derives comfort from the affiliations that Aastha
Society has with the Indian Nursing Council and Rajasthan
University of Veterinary and Animal Sciences for its B.Sc*
(Nursing) and B.V.Sc. & A.H. courses respectively. The rating also
takes into consideration the healthy occupancy ratio of ~100% in
FY13 and FY14 for both its courses. The ratings also draw comfort
from the well qualified and experienced faculty. ICRA also takes
into consideration the society's healthy debt coverage indicators
as reflected in interest coverage of 3.38x and Net cash
accruals/Total Debt of 31.60% for FY14.

The ratings are however constrained by the society's modest scale
of operations and the regulated industry it operates in. The
ratings are also constrained by the fixed fee charged by the
colleges, which are reviewed by the university every three year,
keeping the revenue generation range-bound. The ratings also
factor in the declining operating and net profit margins over the
years, which stood at 30.98% and 6.43% respectively in FY14 as
against, 43.96% and 8.92% respectively in FY13. ICRA's ratings
also take into consideration the high debt repayments Aastha
Society will have to make towards the Rs.2.75 crore term loan
raised in 2014-15 for the capital expenditure.

Going forward, the ability of the society to maintain high
enrolments and bring about a sustained improvement in its
profitability and improvement in its capital structure will be the
key rating sensitivities.

Aastha Society is a society registered under the Rajasthan Society
Registration Act, 1958. The society was registered in August,
2003. The society runs two colleges under the name of Arawali
College of Nursing and Arawali Veterinary College, both of which
are located in Sikar, Rajasthan.

Recent Results
In 2013-14, Aastha Society reported a net surplus of INR0.33 crore
on revenue receipts of Rs.5.14 crore, as against a net surplus of
INR0.36 crore on revenue receipts of INR4.05 crore, in the
previous year.


ALLKOSHYS ALLSPICES: CRISIL Reaffirms B+ INR10cr Cash Loan Rating
-----------------------------------------------------------------
CRSIL's ratings on bank facilities of Allkoshys Allspices (AA)
continue to reflect the firm's large working capital requirements
and its below-average financial risk profile marked by high
gearing and average debt protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           10       CRISIL B+/Stable (Reaffirmed)
   Foreign Bill
   Discounting           35       CRISIL A4 (Reaffirmed)
   Packing Credit        45       CRISIL A4 (Reaffirmed)

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

Outlook: Stable

CRISIL believes that AA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of healthy increase
in the firm's revenue and profitability, leading to significant
and sustained improvement in its financial risk profile, driven by
better-than-expected cash accruals along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if AA's revenue and profitability decline, or the
firm's financial risk profile deteriorates owing to large debt-
funded capital expenditure or stretch in its working capital.

Update
AA reported operating income of INR237 million for 2013-14 (refers
to financial year, April 1 to March 31), driven by sustained
demand and increased orders from existing customers. The firm
reported operating margin of 8 per cent and cash accruals of INR4
million for 2013-14. It had reported revenue of INR110 million for
the nine months ended December 31, 2014. Operating income is
expected to decline during the current year due to muted demand
from its customers. The firm, however, had a moderate order book
of INR140 million as on November 30, 2014, which provides moderate
revenue visibility over the medium term.

AA has a weak financial risk profile, marked by small net worth of
INR16 million and high gearing of 4.5 times as on March 31 2014;
its debt protection metrics were average, with net cash accruals
to total debt ratio at 0.06 times and interest coverage ratio at
2.56 times in 2013-14. AA's financial risk profile is expected to
remain weak over the medium term due to limited accretion to
reserves.

AA's liquidity is moderate with the absence of debt repayment
obligations and moderate bank limit utilisation. The firm is
expected to post cash accruals around INR8 million and its bank
lines are utilised at a moderate level of 70 per cent (from April
2014 to December-2014). Its liquidity is, however, constrained by
large working capital requirements as indicated by its gross
current assets of 129 days as on March 31, 2014. AA's liquidity is
expected to remain moderate with the absence of debt repayment
obligations over the medium term.

Set up in 1997, AA processes and exports green pepper. The firm
has its manufacturing facility in Kottayam, Kerala and its day-to-
day operations are managed by its managing partner, Mr. Selwyn
Koshy.


ANANT RAM: CRISIL Suspends B Rating on INR60MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anant Ram Bhatia Oils Pvt Ltd (ARBOPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility    40        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
ARBOPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARBOPL is yet to
provide adequate information to enable CRISIL to assess ARBOPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

ARBOPL was set up in 2011 in New Delhi by Mr. Amit Bhatia, Mr.
Atul Bhatia and Mr. Mangat Ram Bhatia. The company acquired M/s.
Anant Ram Bhatia and Sons, a proprietorship firm established in
1945. ARBOPL trades edible oil.


ARIHANT SPINTEX: CRISIL Reaffirms B+ Rating on INR160.6MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arihant
Spintex Pvt Ltd (ASPL) continue to reflect ASPL's start-up nature
of operations, susceptibility to intense industry competition and
vulnerability to volatility in raw material prices. These rating
weaknesses are partially offset by ASPL's average financial risk
profile marked by an above-average capital structure and moderate
working capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            39.4      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term    150.0      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             160.6      CRISIL B+/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of ASPL on February 27, 2015.

Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from its moderate profitability and moderate working capital
requirements. The outlook may be revised to 'Positive' if the
company generates higher-than-expected cash accruals while
managing its working capital requirements efficiently. Conversely,
the outlook may be revised to 'Negative' in case the company
reports deterioration in its working capital cycle or in case of
lower-than-expected cash accruals which adversely impacts its
liquidity.

ASPL, incorporated in 2011, manufactures cotton yarn. The company
has its manufacturing facility at Amloh (Punjab) and is promoted
by Mr Surinder Kumar and Mr Manoj Mittal.


B.G.M. CONSORTIUM: CRISIL Suspends D Rating on INR680MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of B.G.M.
Consortium Limited (BGM).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           680      CRISIL D Suspended
   Cash Credit              390      CRISIL D Suspended
   Standby Line of Credit    20      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by BGM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BGM is yet to
provide adequate information to enable CRISIL to assess BGM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

BGM, started in April 2000, is into civil and construction
development contracts. The company is based out of Kolkata, West
Bengal and is managed by Mr. Rathin Mukherjee and Mr. Anil
Bhutoria.


B. K. EXPORTS: ICRA Assigns B Rating to INR25cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR25.00
crore fund based limits of B. K. Exports.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limit-        25.00        [ICRA]B assigned
   Cash Credit

The assigned rating factors in BKE's small scale of operations in
the tobacco trading industry with weak financial profile
characterized by high gearing and low coverage indicators and high
working capital intensity of operation on account of credit
extended to customers and inventory maintained owing to seasonal
availability of tobacco. The rating is also constrained on account
of high competition intensity in the business, risk related to
agro climatic condition as the products traded are agricultural
produce and regulatory risks associated with tobacco production &
auctioning with India being a signatory of the WHO mandate of
reduction in tobacco production going forward. The rating,
however, derives comfort from the experience of promoters in the
trading of tobacco and easy availability of tobacco on account of
favourable location of Andhra Pradesh. BKE's established
relationship with customers mitigates counter party risk and also
ensures repeat orders. ICRA notes that there is a risk associated
with the entity's status as a proprietorship firm, including the
risk of capital withdrawal by the promoters as observed in FY
2014.

The ability of the firm to grow its business by managing its
working capital intensity of operation would remain the key rating
sensitivities going forward.

Established by Mr. Bellam Kotaiah in 2008, BKE is primarily
engaged in the trading of tobacco. The firm basically trades in
FCV (Flue Cured Virginia) tobacco and burley tobacco which has
accounted for 80% and 20% of the total sales in the last few
years.


CYPER PHARMA: CRISIL Suspends B Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Cyper Pharma (Cyper).

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

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

The suspension of ratings is on account of non-cooperation by
Cyper with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Cyper is yet to
provide adequate information to enable CRISIL to assess Cyper's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Cyper was set up as a proprietorship concern in 1967 by Mr. Y S
Bhargava. It manufactures and markets pharmaceuticals and
healthcare products under its own brands. The firm manufactures
formulations in the form of tablets, dry syrups and capsules under
various segments, such as anti biotic, anti malarial, anti
allergic, anti fungal, anti diabetic, and vitamins supplements
amongst others at its unit located in Baddi (Himachal Pradesh).
Mr. Gaurav Bhargava (son of Mr. Y S Bhargava) oversees the firm's
day-to-day operations.


DAMODAR DEVELOPERS: CRISIL Suspends D Rating on INR685MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Damodar Developers Pvt Ltd (DDPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           685        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by DDPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DDPL is yet to
provide adequate information to enable CRISIL to assess DDPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

DDPL, located at Kolkata (West Bengal), was incorporated in 2002.
The company is an authorised distributor of United Spirits Ltd and
United Breweries Ltd in West Bengal. DDPL is managed by Mr. Partha
Sarathi Ghosh.


EAGLE HUNTER: ICRA Assigns B Rating to INR14cr Fund Based Limits
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR14.00
crore fund based limits of Eagle Hunter Solutions Ltd. ICRA has
also assigned its short term rating of [ICRA]A4 to the INR2.00
crore non fund based limits of the company.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits       14.00     [ICRA]B; (assigned)
   Non fund based limits    2.00     [ICRA]A4; (assigned)

ICRA's ratings are constrained by the high working capital
intensity of EHSL's operations (NWC/OI of 67% in 2013-14),
primarily due to significantly high receivables which have kept
the company's liquidity under pressure. The ratings also take into
account the operating losses reported by the company over 2012-13
and 2013-14 given the decline in operating scale and growing
salary expenses, leading to feeble return indicators (ROCE of 4.4%
in 2013-14). This apart, the company remains exposed to
competitive pressures as is prevalent in the security services
industry due to the presence of many organized and unorganized
players. However, the ratings favorably factor in the established
track record of EHSL as a security services company and the long
experience of its promoters in the industry. In addition to its
large portfolio of clients, which has been built over a period of
time, the ratings also derive comfort from EHSL's geographically
diversified nature of operations, as it caters to various regions
of the country; thereby leading to low concentration risks.
Notwithstanding the high working capital requirements, in absence
of any major expansion over the last few years, EHSL's dependence
on debt has remained limited, resulting in a lightly leveraged
capital structure (Debt-Equity ratio of 0.6 times as on March 31,
2014). However the weak profitability metrics have resulted in
modest coverage indicators.

Going forward, the company's ability to attain an optimal working
capital cycle and liquidity position, while improving revenue
growth and profitability metrics will be the key rating
sensitivities.

In 2013-14, on a standalone basis, EHSL reported a net profit of
INR0.04 crore (previous year INR2.5 crore) on an operating income
of INR61.7 crore (previous year INR62.3 crore). As per the
provisional results shared by the company, in H1 2014-15 it
reported an operating income of INR48.0 crore.

Incorporated in 1982, EHSL was founded by first generation
entrepreneur Mr. B R Lohia. The company is engaged in providing
security services to corporates. The services include manpower
guarding, training, and trading of security software and hardware.
EHSL has a pan India presence through 30 branches catering to more
than 700 clients across various verticals. At present, EHSL has
10,000 security guards on its rolls. Through its associate
concerns, the group also has presence in facility management in
United Arab Emirates ( Joint venture in Dubai with the ETA Ascon
group). The promoters also have interests in real estate,
primarily relating to land in the National Capital Region.


FLEXI CAPS: ICRA Assigns B Rating to INR10cr Fund Based Limits
--------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR19.30 crore long
term fund based facilities and its rating of [ICRA]A4 to the INR5
crore short-term non fund based facilities of Flexi Caps and
Polymers Private Limited. ICRA has also assigned its rating of
[ICRA]B/A4 to the INR0.45 crore unallocated limits of FCPPL.

                         Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-      9.30          [ICRA]B; assigned
   Term Loan

   Fund Based Limits-     10.00          [ICRA]B; assigned

   Non Fund Based          5.00          [ICRA]A4; assigned
   Limits- Letter
   of Credit

   Unallocated Limits-     0.45          [ICRA]B/A4; assigned
   Long Term/Short Term

ICRA's assigned ratings are constrained by the start-up nature of
the company and high reliance on debt for funding the initial
project cost. The company's debt servicing capability remains
vulnerable to delays in commencement of commercial production or
slower than expected ramp up of production/sales. The rating is
also constrained by the modest size of the company's envisaged
operations; the vulnerability of profitability to fluctuation in
raw material prices; exposure to foreign exchange fluctuation risk
and the competition from organised as well as unorganised players
in the fragmented flexible packaging industry. However, the
ratings favourably factor in the long and established track record
of promoters through presence of group companies in packaging
business and also favourable demand prospects for the packaging
industry driven by increasing consumerism, fast growing retail
sector, changing lifestyle and rising demand from the rural
sector.

Going forward, the ability of the company to timely commence
commercial production and stabilise operations, establish its
product in the domestic market and generate healthy profit margins
would be some of the key rating drivers.

Incorporated in August 2012, FCPPL is promoted by Chordia Family
of Indore with Mr Rajesh Chordia and Mr Ajay Chordia as its
directors. The company belongs to a well established group having
long standing of around two decades in packaging industry. The
company proposes to manufacture low-density polyethylene and poly-
vinyl chyloride films which will find application in the pharma
and food packing industry. The plant will be located in Indore
with proposed installed capacity of 7500 metric tonnes per annum.
The total project cost is estimated to be INR18.50 crore which
will be funded through term loan of INR9.30 crore, equity of
INR5.80 crore and unsecured loans from the promoters of INR3.40
crore with project debt to equity ratio of 2.19:1 (considering
unsecured loans from promoters as neither debt nor equity, the
debt to equity ratio comes to be around 1.6:1).


H. R. TIMBER: CRISIL Suspends D Rating on INR218MM LOC
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
H. R. Timber House (HRTH).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40         CRISIL D Suspended
   Letter of Credit     218         CRISIL D Suspended
   Proposed Long Term     7         CRISIL D Suspended
   Bank Loan Facility
   Working Capital       15         CRISIL D Suspended
   Term Loan

The suspension of ratings is on account of non-cooperation by HRTH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HRTH is yet to
provide adequate information to enable CRISIL to assess HRTH's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

HRTH saws and trades in imported timber. The firm was set up as a
proprietary firm by Mr. Satish Gupta; it was reconstituted as a
partnership firm in 2000. HRTH imports timber and sells it to
customers in India.


J. B. DARUKA: CRISIL Cuts Rating on INR129.8MM Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of J. B.
Daruka Papers Ltd (JBDPL) to 'CRISIL D' from 'CRISIL B-/Stable'.

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

   Term Loan             129.8     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects delays by JBDPL in servicing its
term debt and irregularities in its cash credit facility for more
than 30 days. JBDPL's delays in meeting its debt obligations have
been caused by weak liquidity.

The rating reflects JBDPL's stretched liquidity due to its high
working capital requirements. The rating also factors in JBDPL's
low scale of operations and limited product diversity. The
company, however, benefits from its established position in the
paper industry, and the promoters' extensive experience in the
paper industry.

JBDPL was set up by three brothers, Mr. Jagdish Agarwal, Mr.
Shambhoo Nath Agarwal and Mr. Vishwanath Agarawal in 1995. The
company manufactures absorbent kraft paper and has a plant at
Sitapur (Uttar Pradesh).


JAGDAMBA OIL: ICRA Reaffirms B- Rating on INR6cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed its ratings at [ICRA]B- on the long-term scale
and [ICRA]A4 on the short-term scale for the INR9 crore (enhanced
from INR8 crore) bank faciliies of Jagdamba Oil and General Mills.

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

   Warehousing Loan        3.0         [ICRA]A4; assigned

The ratings reaffirmation factors in the growth (14% yoy) in the
revenues of the firm (Rs. 68.77 crore in 2013-14 vis-a-vis
INR60.14 crore in 2012-13) driven by increase in sales volume as
well as sales realizations on cotton seed oil and de-oiled cake.
The ratings continue to be constrained by the intense competition
owing to fragmented nature of the industry; the exposure of
profitability to agro-climatic risks which can cause volatility in
raw material prices and vulnerability of realisations to global
edible oil price movements. Being a sole-proprietorship, the
entity is exposed to related risks such as limited ability to
raise capital and capital withdrawals. Any substantial withdrawal
of capital from the firm may lead to adverse impact on the net
worth and gearing levels. The ratings, however, favourably factor
in the established track record and experience of the proprietor
in cotton seed products; and the favourable demand prospects for
edible oils in the domestic market due to growing demand. Going
forward, the ability of the firm to scale up its revenues in a
profitable manner and improve its capital structure by efficiently
managing the working capital requirements would be the key rating
sensitivities.

Incorporated in 1997, JOGM was promoted by Mr. Subhash Chand to
engage in the production of cotton seed oil and de-oiled cakes
from cotton seeds. The firm's manufacturing facility located in
Cheeka, Haryana has a production capacity of 37,500 Metric Tons
Per Annum (MTPA).

Recent Results
In 2013-14, JOGM reported a net profit of INR0.12 crore on an
operating income of INR68.77 crore as against a net profit of
INR0.09 crore on an operating income of INR60.14 crore in 2012-13.


JAI SAI: CRISIL Reaffirms B Rating on INR59MM Overdraft Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jai Sai
Construction (JSC) continues to reflect JSC's below-average
financial risk profile, marked by a small net worth, high gearing,
weak debt protection metrics, and weak liquidity, and its working-
capital-intensive operations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        35         CRISIL B/Stable (Reaffirmed)

   Overdraft Facility    59         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     6         CRISIL B/Stable (Reaffirmed)

The ratings also factor in the firm's modest scale of operations
with geographical and customer concentration in its revenue
profile. These rating strengths are partially offset by the
extensive experience of JSC's promoters in the civil construction
business, the funding support received from them, and the firm's
moderate order book.

Outlook: Stable

CRISIL believes that JSC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability leading to
higher cash accruals, while efficiently managing its working
capital requirements. Conversely, the outlook may be revised to
'Negative' if JSC's cash accruals are low, or its working capital
requirements increase considerably, or it undertakes a large debt-
funded capital expenditure (capex) programme, adversely impacting
its liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), JSC
is estimated to report operating revenue of INR250 million to
INR300 million, as against INR227 million for the previous year.
The moderate revenue growth was mainly on account of improved
order flow during 2014-15. As a result, the firm's operating
profitability is estimated to remain stable at around 13 per cent
for the year.

JSC's operations are moderately working capital intensive as
reflected in its estimated gross current assets (GCA) of around
150 days as on March 31, 2015. The GCAs are driven by high work-
in-progress billings of around 60 days. Also, the firm has to
submit an earnest money deposit of 1 per cent of the contract
amount at the time of bidding. After the firm is awarded a work
contract, it has to submit a further security deposit of 10 per
cent. This results in moderately working-capital-intensive
operations.

JSC has moderate liquidity. For 2014-15, its cash accruals are
expected at INR100 million to INR120 million, against no debt
obligations. Furthermore, the partners have withdrawn capital of
around INR5 million in 2013-14 and are expected to maintain this
trend over the medium term. The firm has also highly utilised its
bank lines at an average of 90 per cent in 2014-15. CRISIL
believes that JSC's liquidity will remain supported mainly by the
absence of any major debt-funded capex plans, over the medium
term.

JSC reported a profit after tax (PAT) of INR9.5 million on an
operating income of INR227 million for 2013-14, against a PAT of
INR9.8 million on an operating income of INR153 million for 2012-
13.

Established in 2007 as a partnership concern, JSC is a Class-1
civil contractor and executes contracts floated by various
Maharashtra government departments for construction of dams,
canals, and other projects related to irrigation and construction
of roads. The entire business of the firm is tender based and it
primarily executes tenders floated by the Maharashtra Irrigation
Department, Pune Municipal Corporation, Maharashtra Industrial
Development Corporation, and Military Engineering Services. The
firm derives its entire revenue from Maharashtra. It is
headquartered in Osmanabad (Maharashtra).


JINDAL AGROCORP: ICRA Assigns B Rating to INR10cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR16.0
crore fund based bank facilities of Jindal Agrocorp Private
Limited. ICRA has also assigned its short term rating of [ICRA]A4
to the INR12.0 crore fund based and INR0.25 crore non fund based
bank facilities of JAPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term Fund Based    10.00         [ICRA]B; Assigned
   Facility - Cash credit

   Long-term Fund Based     6.00         [ICRA]B; Assigned
   Facility - Term loan

   Short-term Fund Based   12.00         [ICRA]A4; Assigned
   Facility - Bill
   Discounting

   Short-term Non-Fund      0.25         [ICRA]A4; Assinged
   Based Facility - LER

ICRA's ratings take into account JAPL's modest scale and limited
track record of operations; while the scale of operations is
expected to improve, the growth is limited, to an extent, by the
unfavourable demand outlook in the near term, which may also
impact the realizations going forward. The ratings are also
constrained by the company's leveraged capital structure, moderate
profitability and modest coverage indicators. The ratings are
further constrained by the high competitive intensity in the
industry and the vulnerability of the company's profitability to
fluctuations in the prices of guar splits. The ratings, however,
favourably take into account the fact that the company is a part
of the large and diversified Shiv Ram Jindal Group, and the
favourable location of the manufacturing facility, with proximity
to the main guar growing belt in Haryana and Punjab.

Going forward, the ability of the company to scale up its
operations and register a sustained improvement in its financial
profile would be the key rating sensitivities.

JAPL was incorporated in April 2007 and is a part of the
diversified Shiv Ram Jindal Group. JAPL manufactures guar gum
powder at its plant located at Hisar, Haryana, which has an
installed capacity of 7,000 metric tonnes per annum (MTPA). The
company procures guar splits from pulses millers in Punjab and
Haryana (Adampur in Punjab, Ellenabad and Siwani Mandi in Haryana)
and exports the guar gum powder to suppliers of guar gum powder
and gelling agents to oil and gas drilling companies in USA and
Russia.

JAPL reported an operating income of INR22.57 crore and a profit
after tax of INR0.08 crore in 2013-14.


JNK INDIA: ICRA Suspends B+ Rating on INR2cr Working Capital Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.00 crore
working capital limits of JNK India Private Limited. ICRA has also
suspended [ICRA]A4 rating assigned to the INR6.00 crore non fund
based limits of JNK India Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


K. K. TEX: CRISIL Reaffirms B Rating on INR60MM Cash Credit
-----------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of K. K. Tex
Enterprises (KKTE) continues to reflect KKTE's modest scale and
working-capital-intensive nature of operations.

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

   Proposed Long Term
   Bank Loan Facility     0.7      CRISIL B/Stable (Reaffirmed)

   Term Loan              9.3      CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial risk
profile, marked by a modest net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of KKTE's partners in the
textile industry.

Outlook: Stable

CRISIL believes that KKTE will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if KKTE achieves a significant and
sustainable improvement in its revenue while maintaining its
operating margin and improving its capital structure. Conversely,
the outlook may be revised to 'Negative' if the firm's revenue or
margin declines considerably, or if its working capital cycle is
stretched, or if it undertakes a large debt-funded capital
expenditure programme, thereby weakening its financial risk
profile.

Update
KKTE recorded a turnover of INR154 million in 2013-14 (refers to
financial year, April 1 to March 31) as against INR111 million in
2012-13. The revenue increase was driven by the enhancement in its
manufacturing capacity and better demand from end customers. The
firm has generated operating revenues of Rs 135 million till
December 2014 The firm's operating margin improved to 7.4 per cent
in 2013-14 from 7.2 per cent in 2012-13, and is expected to remain
at 7.5 to 8.0 per cent over the medium term.

The firm had gross current assets of 183 days as on March 31,
2014, with debtors of 53 days and inventory of 78 days.

KKTE had a modest net worth of INR17 million as on March 31, 2014.
Its gearing was high at 3.4 times as on this date on account of
higher dependence on short-term bank borrowings to fund its
incremental working capital requirements. The firm had subdued
debt protection metrics, with interest coverage and net cash
accruals to total debt ratios of around 1.37 times and 5 per cent,
respectively, in 2013-14. CRISIL believes that over the medium
term KKTE's financial risk profile will remain constrained by its
modest net worth and high gearing

KKTE is expected to generate cash accruals of INR3.5 million to
INR4.0 million, which would be tightly matched with its debt
repayment of around INR3.8 million, in 2014-15. Although the
firm's bank line was enhanced in August 2014 to INR60 million from
INR37.5 million, it remained fully utilised on account of  large
working capital requirements.

KKTE, established in 2003 by the Mumbai-based Gada family,
manufactures various types of grey fabrics, mainly for suits and
shirts. The firm's business operations are managed by Mr. Kalpesh
Gada. Its promoters have been operating in the textile business
over the past 20 years by virtue of their association with other
entities operating in a similar line of business.


KDJ HOSPITALITY: ICRA Suspends D Rating on INR10cr Term Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating for the INR10.00 crores bank
facilities of KDJ Hospitality Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund Based-    10.00        [ICRA]D (Suspended)
   Term Loans

KDJ Hospitality Private Limited is a part of the KDJ group. Mr
Kedia is the promoter of the KDJ Group (erstwhile Prescon Group)
having active business interest in real estate; the second
promoter Mr. Vinod Deora has interest in textiles while the third
promoter Mr. Diesh Jalan has business interest in real
estate/construction. The resort is a part of the township 'Prescon
City' being developed by the KDJ Group (erstwhile Prescon Group)
in Jodhpur.


KUNDU HATCHERIES: ICRA Assigns C+ Rating to INR5.25cr Term Loan
---------------------------------------------------------------
ICRA has assigned its rating of [ICRA]C+ to the INR1.75 crore cash
credit facility and INR5.25 crore term loan facility of Kundu
Hatcheries Private Limited.

                         Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit              1.75         [ICRA]C+; assigned
   Term Loan                5.25         [ICRA]C+; assigned

ICRA's rating is constrained by KHPL's stretched liquidity as
reflected in the full utilization of its bank lines. ICRA also
takes note of the delays by the company in debt servicing in
September 2014, subsequent to which, the account was restructured
in November, 2014. The rating is also constrained by the company's
small scale of operations, weak financial profile as characterized
by thin profitability and high working capital intensity of
operations resulting in high gearing levels. ICRA also takes note
of the risks inherent to the industry like seasonal demand and
susceptibility to disease outbreaks. Further, the rating is
constrained by the fragmented industry structure with the presence
of various unorganised players which limits pricing flexibility,
while the profitability margins remain vulnerable to volatility in
raw material prices. However, the ratings favourably factor in the
extensive experience and the long track record of the promoters in
the poultry business and the healthy demand outlook for the
broiler chicken industry in India.

Going forward, the company's ability to scale up its operations in
a profitable manner with efficient management of feed costs and
efficiently manage its working capital requirements will be the
key rating sensitivities.

Incorporated in 2011, KHPL is engaged in breeding of parent birds
and artificial hatching of eggs obtained from them. The unit is
located in Jind, Haryana. The company is owned and managed by Mr.
Tejbir Singh and Mr. Subhash Chander. The company has a capacity
of 1,25,000 laying birds.

Recent Results During 2013-14, KHPL recorded a net profit of
INR0.03 crore on an operating income of INR10.68 crore, as against
a net loss of INR0.04 crore on an operating income of INR9.88
crore in the previous year.


LAV LAXMI: CRISIL Assigns B+ Rating to INR95MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Lav Laxmi Land Developers Pvt Ltd (LLLDPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             95         CRISIL B+/Stable

The rating reflects LLLDPL's exposure to risks related to its
ongoing hotel project, and its small scale of operations in the
highly competitive hotel industry. These rating weaknesses are
partially offset by the benefits that the company derives from the
favourable location of its hotels in Varanasi (Uttar Pradesh) and
Goa.

Outlook: Stable

CRISIL believes that LLLDPL will continue to benefit over the
medium term from the favourable location of its hotels. The
outlook may be revised to 'Positive' in case of timely execution
of its ongoing project within the projected cost, or a significant
increase in average room rates and occupancy levels, resulting in
substantial accruals and thus in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun in the company's project, which would
adversely impact its financial risk profile and hence  its debt-
servicing ability.

Established in 2005, LLLDPL operates hotels in Varanasi and Goa.
It commenced the hotel business from May 5, 2005, with Hotel
Meraden Grand, Patel Nagar Cantonment,Varanasi. It thereafter
began construction of another hotel in the same city; this hotel
is expected to be operational by December 2015. The company has
two directors: Mr. Jagat Kishore and Mrs. Laxmi Devi. The hotel in
Goa was acquired in 2014-15 through promoter's own funds.


LAXMI RICE: ICRA Assigns B Rating to INR14.80cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the Rs 14.80
crore long term fund based bank facilities of Laxmi Rice Mills.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-Term Fund          14.80      [ICRA]B ; assigned
   Based Limits

ICRA's rating is constrained by LRM's modest scale of operations
and its low capacity utilization levels. The rating also factors
in the high intensity of competition in the rice milling industry
which results in low net profit margins. The rating also takes
into account the firm's high working capital intensity with NWC/OI
at 44% for FY14. The firm's large working capital requirements
have been funded through bank borrowings, resulting in elevated
gearing of 8.07x, as on March 31, 2014. The high debt levels,
coupled with weak profitability have resulted in weak coverage
indicators, with interest coverage at 1.49x, DSCR at 1.39x and
Total debt/OPBDITA** at 7.12x for FY14. The rating also factors in
the agro climatic risks, which can affect the availability of
paddy in adverse weather conditions. ICRA also takes note of the
risks inherent in a partnership firm like limited ability to raise
equity capital, risk of dissolution etc. However, the rating
positively takes into account the extensive experience of the
promoters and their strong relationships with various customers
and suppliers. Further, the rating also favorably factors in the
healthy growth in the firm's operating income in the past two
years as well as the proximity of the mill to a major rice growing
area which results in easy availability of paddy and the stable
demand outlook given that India is a major consumer and exporter
of rice.

Going forward, the firm's ability to register a sustained
improvement in its scale of operations and profitability, and
optimally managing its working capital cycle will be the key
rating sensitivities.

Recent Results
LRM reported a net profit of INR0.28 crore on an operating income
of INR40.15 crore for the year ended March 31, 2014 and a net
profit of INR0.19 crore on an operating income of INR30.14 crore
for the previous year.

LRM is a partnership concern which came into existence in 2009.
Presently the firm has two partners viz. Mr. Darshan Lal Garg and
Mrs. Anita Rani. The firm is primarily engaged in the business of
milling and processing of rice and has an installed milling
capacity of 8 tonnes/hour of paddy at Muktsar, Punjab.


LOHR INDIA: CRISIL Ups Rating on INR95MM Cash Loan to B-
--------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Lohr India Automotive Pvt Ltd (LIAPL; part of the TSI group) to
'CRISIL B-/Stable' from 'CRISIL D'.

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

   Proposed Long Term    35        CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The rating upgrade reflects LIPL's improved liquidity leading to
timely servicing of debt in the past twelve months. The
improvement in liquidity was largely driven by infusion of
unsecured loans and improvement in cash accruals. Further its net
cash accruals are expected to improve moderately over the medium
term followed by expected ramp up of operations against which it
does not have any fixed repayment obligations. CRISIL, however,
believes that LIPL's liquidity, though improved, will remain
constrained over the medium term because of modest profitability
and large working capital requirements.

The rating reflects TSI group's modest operating profitability in
the highly competitive auto ancillaries industry and working
capital intensive operations constraining its business risk
profile. The rating also factors in the group's average financial
risk profile marked by a moderate net worth and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the group's promoters and
their funding support and the group's established market position
in the automotive carriers manufacturing industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HLM India Pvt Ltd (HIPL), LIAPL, and
Transport Solutions India Pvt Ltd (TSIPL). This is because the
companies, together referred to as the TSI group, are in a similar
line of business and have significant intercompany transactions;
also, TSIPL has extended corporate guarantees towards bank loan
facilities of LIAPL and HIPL.

Outlook: Stable

CRISIL believes that the TSI group will continue to benefit from
the extensive experience of its promoters and established
relationships with customers over the medium term. The outlook may
be revised to 'Positive' if there is significant and sustained
improvement in the group's revenue and profitability resulting in
sizeable cash accruals. Conversely the outlook may be revised to
'Negative' if the group's financial risk profile, especially
liquidity, deteriorates, because of larger-than-expected working
capital requirements or if it undertakes a large debt funded
capital expenditure (capex).

TSI group was established in 2006 and manufactures carriers used
in logistic services. Presently, the group manufactures tippers
and trailers under TSIPL, car and truck carriers under LIAPL, and
refrigerated carriers under HIPL. The group's promoters have over
four decades of industry experience in the manufacturing of
carriers used in logistic services.


MAA GAURI: ICRA Reaffirms B Rating on INR4.90cr LT Loan
-------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the INR9.00
crore fund based bank facilities of Maa Gauri Poultry Private
Limited at [ICRA]B.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based     4.90         [ICRA]B Re-affirmed
   Limit

   Long Term Fund Based     4.10         [ICRA]B Re-affirmed
   Limit

The rating continues to be constrained by MGPPL's weak financial
profile as indicated by high gearing levels, thin net margins and
weak coverage indicators. The rating is further constrained by the
company's strained cash flows and inherent weaknesses in the form
of seasonal demand and susceptibility to risks like disease
outbreak. ICRA also takes note of the fragmented industry
structure with presence of various unorganised players which
limits pricing flexibility and also the exposure of margins to
feed price fluctuations. The rating however favourably factors in
the long standing experience of promoters in the poultry industry.

Incorporated in 2006, Maa Gauri Poultry Private Limited (MGPPL) is
family managed company engaged in the production of table eggs and
trading in wheat, paddy, rice, animal feed and poultry feed. The
company is based out of Nagpur and sells the eggs to nearby
distributors and traders. The promoter family has been in the
poultry business since 1996. In 2001 the promoter set up Shree
Jagdamba Poultry Pvt. Ltd. (SJPPL). A new company, MGPPL was set
up with a different shareholding pattern than that of SJPPL.

For the full year FY14, the firm reported a profit after tax of
INR0.34 crore on a topline of INR41.29 crore, as compared to a
profit after tax of INR0.30 crore for FY13 on a topline of
INR23.61 crore.


METRO CITY: ICRA Raises Rating on INR7.75cr Cash Credit to B
------------------------------------------------------------
ICRA has upgraded the long term ratings assigned to the INR3.82
crore (reduced from INR5.00 crore) term loans and the INR7.75
crore cash credit facilities of Metro City Tiles Private Limited
from [ICRA]D to [ICRA]B. ICRA has also upgraded the short term
ratings assigned to the INR2.60 crore (enhanced from INR2.50
crore) non fund based facilities of MCTPL from [ICRA]D to
[ICRA]A4.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund       7.75        [ICRA]B from [ICRA]D
   Based - Cash
   Credit Facility

   Long Term Fund       3.82        [ICRA]B from [ICRA]D
   Based - Term Loans

   Short Term Non-      2.60        [ICRA]A4 from [ICRA]D
   Fund Based Limits

The revision in ratings takes into account the regularizing of the
debt servicing by MTCPL in the recent months and healthy growth in
scale of operations in FY14 and current fiscal on account of the
shift in product profile, supported by increasing exports leading
to an improvement in profitability and cashflows of the company.
The ratings also factor in the extensive experience of the
promoters in the ceramic industry and locational advantage due to
presence of the company's plant in Morbi (Gujarat), India's
ceramic hub giving it easy access to raw material. The group
companies are also present in other tile segments, which supports
the marketing and sales of the company's products to dealers/
builders.

The ratings continue to remain constrained by MCTPL's moderate
scale of operations and its weak financial risk profile
characterized by low net margins, stressed liquidity, high gearing
levels and moderate coverage indicators albeit some improvements
in FY14 and current fiscal due to improved net profitability. The
ratings are further constrained by the vulnerability of
profitability to availability and increasing prices of gas (a
major source of fuel for tile manufacturers) as well as to the
cyclicality inherent in the real estate industry, which is the
main consuming sector and the intense competitive pressures owing
to the presence of a large number of organized as well as
unorganized players in the tiles industry.

Incorporated in the year 2007, Metro City Tiles Private Limited
(MCTPL) is involved in manufacturing of digital glazed vitrified
tiles with its plant situated at Morbi, Gujarat. The plant has an
installed capacity of 43,200 Metric Tonnes Per Annum (MTPA). MCTPL
currently manufactures glazed vitrified tiles of size 2 x 2 sq.
ft. and 2 x 4 sq. ft with the current set of machineries at its
production facility. MCTPL is promoted by Mr. Dilip R. Patel and
his family members. The company is a part of Metro Group of
Industries having presence across floor tiles (Metro Ceramics),
glazed vitrified tiles (MCTPL), polished vitrified tiles and
porcelain tiles (Metro World Tiles Private Limited).

For the 2013-2014, MCTPL reported an operating income of INR32.34
crore and profit after tax of INR0.30 crore as against operating
income of INR18.35 crore and net losses of INR0.60 crore for the
financial year 2012-13. Further, during 9M FY 2015 (provisional
unaudited), MCTPL reported an operating income of INR43.59 crore
and profit after tax of INR1.22 crore.


MOTIA TOWNSHIP: ICRA Cuts Rating on INR23cr LT Loan to D
--------------------------------------------------------
ICRA has revised its rating on the INR23 crore bank facilities of
Motia Township Private Limited to [ICRA]D from [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund-         23.00      [ICRA]D (Downgraded)
   Based Facilities

The rating downgrade is driven by delays in debt servicing by MTPL
on account of its stretched liquidity position. The company's
stretched liquidity is on account of its weak cash flows due to
the ongoing slowdown in the real estate market of Zirakpur,
Punjab. While the project was launched in February 2012, only ~41%
of launched area had been sold till December, 2014. Further, owing
to high dependence on customer advances in the funding mix, the
timely execution of the project remains highly dependent on
incremental sales and timely collections from customers.
Consequently, given the slow pace of sales, the construction
progress has also remained slow during the past two years, and
despite the passage of almost three years since commencement of
construction, only ~44% of the construction cost has been incurred
(till December, 2014) towards the ongoing phase of the project.
The inadequate levels of bookings and corresponding weak
collections have led to delays in debt repayments, which were
scheduled to commence from December, 2014 onwards. However,
subsequently, the term loan repayments have been rescheduled by
the lenders, and as per the revised schedule, these have to be
repaid in 14 monthly instalments from February, 2016 onwards.
ICRA notes that while the company has committed receivables of
about INR25 Crore, the pending construction cost for the ongoing
phase is about INR55 Crore. Thus, despite the re-schedulement of
the term loan, timely execution of the project and debt servicing
ability will continue to remain highly dependent upon incremental
sales and timely collections from customers.

Going forward, a track record of timely debt servicing will be the
key rating sensitivity. This, in turn would hinge on the company's
ability to successfully market unsold inventory while maintaining
healthy collection efficiency, thereby facilitating an improved
pace of project execution.

MTPL, promoted by the 'Motia Group', is developing an integrated
township named 'Motia Oasis' at Zirakpur, Punjab. The project will
include more than 1,100 residential units and 69 commercial/retail
units spread across 24 acres, with a saleable area of about 2.4
million square feet (msf). The project is being developed in
phased manner, wherein 335 residential units and 69 retail units
have been launched till date. The estimated project cost for the
ongoing phase is about INR120 crore, which the company is
partially funding with a term loan. Till December, 2014, MTPL had
received bookings for about 41% of the launched area, and had
incurred about 44% of the envisaged construction cost for the
launched phase.


MURLIDHAR TEX: ICRA Reaffirms B Rating on INR4.48cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the INR8.58 crore fund based
and unallocated limits of Murlidhar Tex Prints Private Limited.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based - Term       4.48          [ICRA]B reaffirmed
   Loans

   Fund Based - Cash       3.90          [ICRA]B reaffirmed
   Credit

   Unallocated Limits      0.20          [ICRA]B reaffirmed

The rating reaffirmation takes into account the company's size of
operations and weak financial position as characterised by low
profitability, high level of gearing on account of debt funded
capex undertaken, weak coverage indicators and high working
capital intensity of operations. Further the ratings incorporate
the vulnerability of operations to the cyclicality observed in the
textile industry and intensely competitive business environment
owing to the highly fragmented nature of the industry.

The rating, however, draws comfort from the long track record of
the company's promoters in the fabric processing industry and
locational advantage on account of proximity to sources of key raw
materials and end customers.

Murlidhar Tex Prints Private Limited (MTPPL) was incorporated in
October 2007 and is co-promoted by Mr. Kailash Chaudhary and his
son Mr. Abhishek Chaudhary. The company is engaged in the
processing of synthetic and cotton fabrics on job work basis and
started commercial operations in March 2008. The fabrics processed
by the company are used to make saris, dress materials and other
garments. MTPPL's manufacturing unit is located in Surat, Gujarat
and has the capacity to process 72000 meters of fabric a day.

MTPPL recorded a net profit of INR0.08 crore on an operating
income of INR12.54 crore for the year ending March 31, 2014. In
the first 10 months of FY15 ending January 2015, the company has
registered an Operating Income (provisional) of INR14.67 crore.


PARSEWAR AND CO: ICRA Reaffirms B+ Rating on INR9.35cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR9.35 crore
long-term fund based limits of Parsewar and Company.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term, Fund         9.35       [ICRA]B+ reaffirmed
   based limits-
   Cash Credit

The rating continues to favourably factor in the long-standing
experience of the promoters in the fertilizer and seed trading
business; along with their established marketing and distribution
network in Maharashtra with more than 300 retailers' network. The
rating is, however, constrained by a highly leveraged capital
structure and stretched coverage indicators due to marginal
accruals and high working capital borrowings. The firm's margins
are in line with the low value-addition nature of its business.
ICRA also takes note of the moderate scale of operations, along
with the vulnerability associated with agro-climatic conditions,
which has a direct impact on the firm's growth and profitability.

Established in 1968, PAC is a partnership firm, engaged in trading
in agricultural inputs such as Fertilizers, Seeds and Pesticides.
The firm is also engaged in manufacturing of NPK mixed fertilizers
which contributes around 20-25% of total revenues. The firm is
located in Nanded, Maharashtra and has a branch office in
Aurangabad, Maharashtra.


POWERCON PROJECTS: CRISIL Suspends D Rating on INR100MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Powercon Projects and Associates Ltd (PPAL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       100        CRISIL D Suspended
   Cash Credit           20        CRISIL D Suspended
   Letter of Credit      80        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by PPAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PPAL is yet to
provide adequate information to enable CRISIL to assess PPAL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

PPAL was established as a proprietorship firm in 2003 by Mr.
Thatagat Mohanty. The firm was reconstituted as a company in 2004.
PPAL is primarily engaged in supply, erection, installation, and
testing of sub-station equipment.


PRADHVI MULTITRADE: ICRA Puts D Rating on INR10cr Cash Credit
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to INR10.00 crore
fund based cash credit limits of Pradhvi Multitrade Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Cash
   Credit Limits          10.00         [ICRA]D assigned

The assigned rating is constrained by the delays witnessed in
interest servicing on the cash credit facility due to the
stretched working capital profile of the company which is
characterized by relatively high inventory levels considering the
trading nature of business. The stocked inventory is also
vulnerability to price risks in absence of any fixed delivery
schedule or firm pricing structure. The rating also factors in the
stretched capital structure and high total outside liabilities of
the company owing to a low networth base alongside high debt
levels and the intense competitive pressures in the fragmented
textile trading business which alongwith limited value addition in
the trading business impinges the net profitability and cash
accruals position of the company.

The rating, however factors the quick ramp-up of operations since
inception and director's long standing experience in the trading
business which has facilitated in established relationship with
local weavers and a reputed domestic textile player.

The company's ability to timely liquidate the stock is critical as
inability to do the same results in adverse working capital
position and thereby puts pressure on timely interest servicing on
its working capital borrowings.

Pradhvi Multitrade Private Limited is a private limited company
established on 26th February, 2011 engaged in the trading of
greige cloth. The company has commenced operations from December
2012. The company's administrative and registered office is in
Mulund, Mumbai and has two godowns in Bhiwandi.

Recent results
Pradhvi Multitrade recorded a net profit of INR0.20 crore on an
operating income of INR238.91 crore for the year ending March 31,
2014.


PRANALI CEMENT: ICRA Suspends B- Rating on INR11cr Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to 11.00 crore term
loan and INR2.00 crore fund-based facility and [ICRA]A4 assigned
to INR1.00 crore non-fund based facility of Pranali Cement Pipes
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan               11.00       [ICRA]B- suspended
   Fund-based Limits        2.00       [ICRA]B- suspended
   Non-fund based Limits   (1.00)      [ICRA]A4 suspended

Incorporated in 2006-07, PCPPL is promoted by Mr. Indermal Jain
and is engaged in the manufacturing of concrete pipes up to 3,000
mm of diameter. The company began its commercial operations in
2011-12; however, the promoters have an experience of over three
decades in the concrete pipes business. The company's
manufacturing facility is located at Wada in Thane, Maharashtra
and has an installed capacity of around 100,000 metric tonnes per
annum (MTPA).


PURVA ENTERPRISES: ICRA Reaffirms D Rating on INR10cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D to the
INR10.00 crore cash credit facility of Purva Enterprises.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit             10.00        [ICRA]D Reaffirmed

The ratings reaffirmation takes into account overutilization of
cash credit limits including adhoc and delays in servicing of
interest obligations due to high working capital requirements
owing to stretched receivables from the customers. The ratings are
further constrained by the weak financial profile of PE as
reflected by low profits, weak business returns, depressed
coverage indicators and high gearing. The rating also takes into
account high dependence on few customers and the risk of capital
withdrawal by the partners in a partnership firm. The rating,
however, favourably takes into account the experience of the
partners in the trading business and consistent growth in revenues
over the last two years.

Incorporated in April 2011, as a partnership firm, Purva
Enterprises is involved in trading of wheat bran, TMT bars, Coke
and hardware products with majority of sales being made in north-
east region of India. The firm procures wheat bran from local
markets in and around Kolkata and TMT bars, Coke and hardware
products primarily from manufacturers in Assam and Arunachal
Pradesh. Currently, there are two partners in the firm, Mr. Kamal
Sharma and Mr. Anup Sharma.

Recent Results

PE reported a net profit of INR0.08 crore during FY14 on an OI of
INR26.19 crores as against a net profit of INR0.02 crore and OI of
INR21.46 crores during FY13. As per the provisional financials for
April-September 2014 period, PE reported a profit before taxes of
INR0.16 crore on an operating income of INR22.42 crores.


PYTEX JEWELLERS: CRISIL Suspends B+ Rating on INR154.9MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pytex Jewellers Pvt Ltd (PJPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B+/Stable Suspended
   Proposed Long Term   154.9      CRISIL B+/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by PJPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PJPL is yet to
provide adequate information to enable CRISIL to assess PJPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Incorporated in 2006, PJPL operates a jewellery showroom in
Pitampura (Delhi) for selling gold and diamond-studded gold
jewellery. The company is promoted by Mr. Pradeep Tayal and his
son, Mr. Ankur Tayal.


SHAKTI POLYTEX: ICRA Reaffirms B Rating on INR18cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR9.00
crore term loans (reduced from INR9.69 crore) and INR18 crore fund
based limits (enhanced from INR14.00 crore) of Shakti Polytex
Private Limited at [ICRA]B. ICRA has withdrawn the short term
rating assigned to bank guarantee limits of SPPL.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            9.00         [ICRA]B; reaffirmed
   Cash Credit Limits   18.00         [ICRA]B; reaffirmed
   Bank Guarantee      Nil            [ICRA]A4; withdrawn
   Limits

ICRA's rating continues to take into account the company's
moderate scale of operations and its weak financial profile as
reflected in its weak net profits, high gearing levels and weak
coverage indicators. The rating is also constrained by the
vulnerability of profitability to volatility in
regenerated/recycled polyester staple fibre (RPSF) prices, high
utilization of fund based facilities in the past and high debt
repayment obligations as compared to expected future cash
generation. The rating, however continues to positively factor in
the experience of the promoters in plastics and related lines of
business by virtue of other companies which are a part of the
Shakti group, favourable demand prospects for RPSF driven by its
varied applications and cost competitiveness; and locational
advantages accruing to the company in raw material procurement as
well as marketing of final product.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while maintaining an optimal
level of working capital intensity shall be the key rating
sensitivity.

SPPL was incorporated in August, 2010 to set up a 25 tonnes per
day (tpd) manufacturing unit for regenerated/recycled polyester
staple fibre (RPSF) using waste polyethylene terephthalate (PET)
bottles as raw material. The company is based in Agra, Uttar
Pradesh and has commenced commercial operations from October,
2012. SPPL belongs to the Shakti Group which has been promoted by
Mr. Suresh Chand Agarwal and includes other companies engaged in
manufacturing PVC pipes, hand pumps, rubber powder and PET
bottles.

Recent Results
In FY 13-14, the company reported a net profit of INR0.67 crore on
an operating income of INR57.31 crore as against a net profit of
INR0.12 crore on an operating income of INR26.36 crore in the
previous year.


SHIVAM PHOTOVOLTAICS: ICRA Assigns 'SP 3D' Grading
--------------------------------------------------
ICRA has assigned a 'SP 3D' grading to Shivam Photovoltaics
Private Limited (SPPL), indicating the 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid solar projects. The grading is valid for a
period of two years from March 27, 2015 after which it will be
kept under surveillance.

Grading Drivers

Strengths Favourable outlook for the solar segment by virtue of
government support in the form of subsidies Moderate order book
position Demonstrated project execution capability of the firm
with exposure to small and medium size projects
Risk Factors Limited track record of operations of company in the
solar module manufacturing business Financial risk profile
characterized by negative profitability, resulting in networth
erosion and stretched capital structure Vulnerability of
profitability margins to fluctuations in raw material prices
Exposure to movement in foreign exchange rates (in relation to
import of solar cells) in absence of any hedging policy Large
number of organized as well as unorganized players implies intense
competition resulting in thin margins; large capacity additions
especially from Chinese manufacturers likely to further increase
competition.

Fact Sheet
Year of Establishment: 2012
Office Address:
14/1st Floor, Pushpak appt.Opp.Ratnakar-6, Prernatirth Derasar
Road, Satellite, Ahmedabad-380015

Directors:
Mr. Praful Bavishiya
Mr. Shailesh Bavishiya

Incorporated in FY2013, Shivam Photovoltaics Private Limited
(SPPL) is engaged in manufacturing solar modules ranging between 3
to 300 watts. The company is promoted by Mr Praful Bavishiya and
Mr Shailesh Bavishiya who prior to entering the renewable energy
space have been engaged in the real estate business for more than
two decades.
The company's manufacturing facility is located at Changodar near
Ahmedabad with a capacity to fabricate 25 MW's of poly crystalline
based solar modules per annum. The modules manufactured by SPPL
are certified by SGS, Germany with IEC 61215 and IEC 61730-1&2
certifications. SPPL also undertakes execution of solar roof top
projects on an EPC basis and trading of solar modules, though the
contribution of the same remains limited. The company has
installed (as a SI) more than ~1.6MW of solar power plants and
solar panels over the last three years.

SI Related Business - Moderate

Promoter Track Record: Shivam Photovoltaics Private Limited (SPPL)
was incorporated in 2012, to manufacture solar modules ranging
between 3 to 300 watts. The company is promoted by Mr. Praful
Bavishiya and Mr. Shailesh Bavishiya who prior to entering the
renewable energy space have been engaged in the real estate
business for more than two decades.

Technical competence and adequacy of manpower: SPPL has limited
experience in executing solar projects. SPPL has so far (in the
last three years) executed 5 solar power plant projects and
installed solar panels amounting to about (~1.6MW) and has a firm
order book position of about ~120 kW of translating to ~Rs. 0.82
crores; with deliverables based in Gujarat, Rajasthan, Haryana and
Uttar Pradesh. The entity operates with staff strength of about 54
personnel.

Quality of suppliers and tie ups: The company procures raw
materials from reputed vendors and enjoys healthy working
relationship with most of these suppliers. Solar cells form about
70-80% of the total raw material costs in module manufacturing.
Typically domestic module manufacturers procure the solar cells
from foreign markets, given the limited cell manufacturers in the
country. The company does not have any long-term arrangements with
the suppliers and the orders are placed on need basis.

Customer and O&M Network: SPPL has executed projects for private
entities in Gujarat and Rajasthan. The company has executed 5
solar power projects and installed solar panels of ~1.6MW during
the last three years. Timely execution, quality deliverables and
prompt after sales service for the project executed has resulted
in satisfactory feedback from the clients. Currently SPPL operates
a small O&M team to provide maintenance services. The company also
has three dealers based in Gujarat, UP and Bihar.

Financial Strength - Weak
Revenues:
Rs. 3.90 Cr. for FY2014 (Audited)
Return on Capital Employed (RoCE): -18.67%
Total Outside Liabilities/Tangible Net worth: 86.16 times
Interest Coverage Ratio: -3.10 times
Net-Worth:
The net-worth of the company is INR0.10 crore
Current Ratio: 1.52 times

Relationship with bankers:
Company has availed of CC facility from bank.
The overall financial profile of the company is Weak.


SHREE RAM: CRISIL Reaffirms B+ Rating on INR140MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ram Sponge and
Steels Pvt Ltd (SRSSPL) continue to reflect SRSSPL's exposure to
risks related to availability, and volatility in prices, of raw
materials, and to intense competition in the steel long products
industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          140        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters and the improvement
in its financial risk profile, marked by a moderate gearing and
average debt protection metrics.

Outlook: Stable

CRISIL believes that SRSSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
significant revenue growth and operating profitability, or if its
working capital requirements are low, leading to an improvement in
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of low accruals, or large debt-
funded capital expenditure (capex), or lengthening of working
capital cycle, weakening the company's financial risk profile,
particularly its liquidity.

Update
SRSSPL's operating performance remained stable in 2013-14 (refers
to financial year, April 1 to March 31), with revenue of about
INR945.4 million and operating margin of 3.8 per cent, as against
INR935.3 million and 3.4 per cent, respectively, in 2012-13. The
revenue growth is on account of improved demand and higher rolling
mill utilisation. For the 11 months through February 2015, the
company recorded revenue of INR1.07 billion; SRSSPL is likely to
achieve revenue of around INR1.2 billion for 2014-15. Its revenue
is expected to improve over the medium term with improved
availability of raw material and higher capacity utilisation.
SRSSPL's operating margin improved to 3.8 per cent for 2013-14
from 3.4 per cent in 2012-2013 driven by better utilisation, and
is expected at 3.8 to 4.0 per cent over the medium term.

SRSSPL's gearing remained stable, at 0.9 times, as on March 31,
2014, on account of improved net worth and absence of term debt.
CRISIL believes that SRSSPL's gearing will remain moderate, below
1 time, over the medium term. The debt protection metrics remain
average, with interest coverage and net cash accruals to total
debt ratios at 1.6 times and 0.08 times, respectively, for 2013-
14, driven by modest profitability. In the absence of any debt-
funded capex plan, the company's financial metrics are expected to
improve steadily over the medium term.

SRSSPL was originally set up as Shree Ram Dairy Farm in 1998 by
Mr. Umesh Kumar Sharma. The firm was in the dairy farming business
until 2000, when it was reconstituted as a private limited company
with the current name. Currently, the company manufactures ingots
and thermo-mechanically treated bars at its unit in Rourkela
(Odisha).

SRSSPL reported a net profit of INR4.9 million on net sales of
INR945.4 million for 2013-14, as against a net profit of INR4.1
million on net sales of INR935.3 million for 2012-13.


SIDHI VINAYAK: ICRA Reaffirms B Rating on INR7.5cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR7.50
crore cash credit facility of Sidhi Vinayak Metal and Salt Company
Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-      7.50       [ICRA]B reaffirmed
   Cash Credit

The reaffirmation of the rating takes into account the SVMSCPL's
weak financial profile characterized by weak profitability
indicators, leveraged capital structure and depressed level of
coverage indicators and the significant steel inventory maintained
by the company which exposes it to risks of inventory loss, given
the cyclicality inherent in the steel industry. Moreover,
stretched receivables position has also adversely impacted the
liquidity profile of the company as also reflected by high
utilization of working capital limits. The rating is also
constrained by the highly competitive and fragmented nature of the
steel trading business that is characterized by low entry
barriers, which keeps margins under pressure. The rating, however,
derives comfort from the experience of the promoters in the steel
trading business and the significant growth in turnover observed
during the 9 months of 2014-15, compared to 2013-14. Going
forward, SVMSCPL's ability to manage its working capital
requirements efficiently while increasing the profitability shall
be the key rating sensitivities.

Incorporated in the year 2005, SVMSCPL is currently engaged in the
trading of various iron and steel products like angles, channels,
sheets, billets, ingots etc. Earlier the company was named as
"Vinayak Metals & Chemicals" (VMC). The company is promoted by Mr.
Manoj Kumar Agarwal and Mr. Ankit Kumar Mittal.

Recent Results
During the first nine months of 2014-15, the company reported an
operating income of INR82.35 crore (provisional). The company
reported a net profit of INR0.08 crore on an operating income of
INR50.33 crore in 2013-14.


SITARAM DEVELOPERS: CRISIL Rates INR97.5MM Term Loan at B
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sitaram Developers (SD).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            97.5        CRISIL B/Stable

The rating reflects SD's exposure to offtake and funding related
risks for its ongoing real estate residential project amid low
bookings, and the firm's susceptibility to risks and cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by its promoters' extensive
experience in the real estate industry and advance stage of its
project execution.

Outlook: Stable

CRISIL believes that SD will continue to benefit over the medium
term from its promoters' extensive experience and its established
track record in the real estate industry. The outlook may be
revised to 'Positive' in case of significant increase in bookings
and timely receipt of customer advances or monetisation of
advances extended to associate firm, alleviating funding risk and
liquidity concerns. Conversely, the outlook may be revised to
'Negative' in case of severe pressure on SD's liquidity, most
likely on account of low cash inflows arising out of significantly
low or delayed advances from customers, impacting the firm's
liquidity and debt servicing ability.

SD is a proprietorship firm of Mr. Rajendra R. Jakhotia. It
develops residential real estate projects and land plots. The firm
is currently developing a residential project in the name of
Kamala Residency at Khopoli (Maharashtra).


SKY INDIA: ICRA Assigns D Rating to INR11cr Letter of Credit
------------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR14.50 crore bank
limits of Sky India Metals Private Limited.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based    3.50          [ICRA]D Assigned
   Limit - Cash Credit

   Short Term Non Fund    11.00          [ICRA]D Assigned
   Based Limit - Bank
   Guarantee/Letter of credit

The assigned rating takes into account the stretched liquidity
profile of SIMPL as reflected by multiple instances of devolvement
of letter of credit (LC) and over-utilization of bank limits in
recent months. The rating is also constrained by company's
moderate scale of operations in a highly fragmented industry with
low entry barriers resulting in intense competition. Moreover, the
rating is further affected by high inventory levels entailing high
working capital intensity, which amplify the company's exposure to
volatility in metal scrap prices. ICRA further notes that the
company is exposed to foreign exchange fluctuation risks in the
absence of natural hedge and a company hedging mechanism.

The rating, however, factors in the long experience of the key
management in the iron and steel trading business and the
moderately diversified customer base, which mitigates client
concentration risk to certain extent. ICRA also notes the
significant growth in operating income in 2013-14 supported by
increase in volumes and sales realization.

Ability of the company to regularize its debt obligations and
manage its working capital effectively will be the key rating
sensitivities.


SKYWORLD EXIM: CRISIL Suspends B+ Rating on INR210MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Skyworld Exim (SE).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          210        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility    90        CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by SE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SE is yet to
provide adequate information to enable CRISIL to assess SE's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Established in 2007, SE is a Delhi-based partnership firm that
trades in industrial paper; it is promoted by Mr. Rajnish Gupta.


SNK TECHNOLOGIES: ICRA Assigns 'SP 4D' Grading
----------------------------------------------
ICRA has assigned a 'SP 4D' grading to SNK Technologies (SNK),
indicating the 'Weak Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake off-grid solar
projects. The grading is valid for a period of two years from
March 27, 2015 after which it will be kept under surveillance.

Grading Drivers
Strengths Moderate order book position
Risk Factors Limited presence in the solar space Current scale of
operations remains small, resulting in limited bargaining power
with buyers and suppliers Large number of organized/ unorganized
players indicating high level of competition may lead to
difficulties in getting new contracts and may pressurize margins
Weak financial risk profile of the firm characterized by small
scale and low margins Low net worth base of the firm of Rs 0.18
crore as on March 31, 2014.

Fact Sheet
Year of Establishment:
January 2014 (established as partnership firm; converted to
proprietorship of Mr. Shremak Babariya in February 2015)

Office Address:
Shreemad Bhavan Complex, Office No. 19, 3rd Floor, Opp. Kanta Stri
Vikas Gruh, Debar Road, Rajkot, Gujarat

Proprietor:
Mr. Shremak Babariya

SNK Technologies was established in January 2014 as a partnership
firm by Mr. Shremak Babariya, Mr. Nishant Raval and Mr. Kishan
Patel engaged in the business of assembly, fabrication and
installation of solar panels, solar street lights and home lights,
EPC contractor for on-grid and off-grid projects roof-top and
ground mount projects. The partnership firm was converted to
proprietorship of Mr. Shremak Babariya in February 2015. The firm
has installed projects across the states of Gujarat, amounting to
about 60 KW since commencement of solar related operations in
January 2014. The firm sells its products to private customers
directly through its two marketing personnel.

The current product profile of the firm includes fabrication,
assembly and installation of PV module based roof top and ground
mounted power systems, home lighting systems, street lighting
systems, Solar fencing systems, Solar water pumps and other
appliances.

SI Related Business - Weak Performance Capability

Promoter Track Record: SNK Technologies (SNK) was established in
January 2014 as a partnership firm by Mr. Shremak Babariya, Mr.
Nishant Raval and Mr. Kishan Patel engaged in the business of
assembly, fabrication and installation of solar panels, solar
street lights and home lights, EPC contractor for on-grid and off-
grid projects rooftop and ground mount projects. The partnership
firm was converted to proprietorship of Mr. Shremak Babariya in
February 2015. The firm has installed projects across the state of
Gujarat, amounting to about 60 KW since commencement of solar
related operations in January 2014. Prior to establishment of SNK,
Mr. Shremak Babariya was working as an Assistant Manager in the
System Integeration department of JJ PV Solar Private Limited for
around a year.

Technical competence and adequacy of manpower: The proprietor has
a limited experience in the field of fabrication, assembling of PV
modules, street lights, home lights etc.; however the firm has
trained its personnel's to manufacture and install solar lighting
systems and power packs. The promoter has demonstrated limited
technical ability by installing solar projects across Gujarat
totaling to about 60 KW since inception. The total technical
personnel strength at present remains small at about 6, which
seems adequate for its present nature and size of the projects
undertaken. Moreover, the firm also hires the required labourers
on casual/contract basis. As of March 25, 2015, the firm order
book position of SNK is around Rs 0.51 crore.

Quality of suppliers and tie ups: The firm procures modules,
structural components and inverters from reputed suppliers
locally. Solar panels are procured from JJ PV Solar Energy Private
Limited, Solar pumps are procured from Falcon Pumps Private
Limited. SNK enjoys healthy working relationship with most of
these suppliers. The firm shortlists the vendors based on product
certifications, quality parameters, and the service levels which
suppliers can provide.

Customer and O&M Network: SNK has executed various orders
amounting to an installed capacity of 60 KW of solar PV based
lighting systems, plants, solar pumps and other appliances. The
clientele include private customers. Timely execution, quality
deliverables and prompt after sales service for the project
executed has resulted in satisfactory feedback from the clients.
The firm sells its products to private customers directly through
its two marketing personnel. Currently, SNK doesn't has a separate
O&M team; it also provides O&M facilities through its
installation.


SRI KRISHNA: CRISIL Assigns B Rating to INR40MM Credit Limit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Krishna Jewellers (SKJ).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      20        CRISIL B/Stable
   Cash Credit             30        CRISIL B/Stable
   Proposed Cash
   Credit Limit            40        CRISIL B/Stable

The rating reflects SKJ's working capital intensity in, and small
scale of, operations, geographical concentration in revenue
profile, and vulnerability to fluctuations in gold prices. These
rating weaknesses are partially offset by the firm's moderate
financial risk profile marked by comfortable gearing and debt
protection metrics despite a low net worth, the extensive
experience of the promoters in the jewellery business, and their
established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that SKJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's scale of
operations and operating margins improve significantly, while it
maintains a healthy total outside liabilities to tangible net
worth (TOLTNW) ratio. Conversely, the outlook may be revised to
'Negative' if SKJ reports decline in revenue or profitability,
large debt-funded capital expenditure, or significant stretch in
its working capital cycle, leading to deterioration in its
financial risk profile.

SKJ, based in Tamil Nadu, was established by Mr. Soorappa
Chettiyar's family in 2006. The company is a wholesale dealer in
gold jewellery.


SRI SAI BASAVA: ICRA Cuts Rating on INR11cr Term Loan to D
----------------------------------------------------------
ICRA has revised the long term assigned to INR15.00 crore fund
based limits of Sri Sai Basava Taraka Rama Oils Private Limited
from [ICRA] B to [ICRA] D and has simultaneously suspended the
rating.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            11.00         [ICRA] B to [ICRA] D and
                                      simultaneously suspended

   Unallocated           4.00         [ICRA] B to [ICRA] D and
                                      simultaneously suspended

The revision in rating takes into account delays in payment of
interest on term loans by the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.


TANEJA DEVELOPERS: CRISIL Suspends B- Rating on INR740.3MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Taneja Developers and Infrastructure Ltd (TDIL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft Facility    387.6       CRISIL A4

   Proposed Long Term
   Bank Loan Facility    122.1       CRISIL B-/Stable

   Term Loan             740.3       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by TDIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TDIL is yet to
provide adequate information to enable CRISIL to assess TDIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

TDIL, incorporated in 1999, is a wholly owned subsidiary of TDI
Infrastructure Ltd, the flagship company of the TDI group, which
is one of the leading real estate developers in the Delhi National
Capital Region. TDIL is currently executing two township projects
in Mohali (Punjab) encompassing development of residential plots,
an integrated township, group housing, and a commercial project.


TATA CHEMICALS: Fitch Affirms BB+ LT Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed India-based Tata Chemicals Limited's
(TCL) Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook
is Stable.

KEY RATING DRIVERS

Leading Market Position: TCL is the second-largest soda ash
producer globally, and the largest in India with diversified
geographic and customer bases and product offerings. TCL's access
to trona mines at its U.S. and Kenyan operations support its
leading position in the soda ash industry. TCL also benefits from
its position as one of the leading players in branded salt, and
fertiliser and urea products in India. The rating also factors in
the integrated nature of TCL's Indian operations, widening
demand/supply gap for fertilisers in India, and TCL's position as
one of the most efficient urea producers in India.

Benefits from Kenyan and UK Restructuring: TCL restructured its
Kenyan and UK soda ash businesses in the financial year ended 31
March 2015, and Fitch expects this to result in improved
profitability at these operations. TCL closed one of its two soda
ash plants in Kenya during 2QFY15 and reduced its workforce at a
total cost of INR624.3m. TCL's Kenyan and South African operations
posted net profit of INR260m during 3QFY15 compared with EBITDA
losses during FY14.

TCL expects to complete the restructuring its UK soda ash
operation by 2QFY16. The revamp includes closing of the soda ash
plant that was impacted by high energy costs. The restructuring
also means that TCL will expand its production of sodium
bicarbonate and other value-added products. The closure of the
soda ash plant will enable the company to reconfigure the heat and
power plants at its sites to reduce energy costs. TCL is also
setting up a steam turbine to help trim energy costs.

Moderate Financial Profile: Fitch expects TCL's credit profile to
remain moderate with net leverage (Net debt/ operating EBITDA) of
below 3x over the medium term. The agency expects TCL's improving
profitability - mainly due to improvements at the UK and Kenyan
operations - and reduction in debt levels to drive its net
leverage down to around 3x in FY15 (FY14: 3.67x). In the absence
of any large capex, Fitch expects TCL to generate enough free cash
flows to support debt reduction over the medium term. TCL's high
debt levels (mainly due to large subsidies receivables) and weak
profitability stemming from difficulties at the UK and Kenyan
operations resulted in weakening of its credit ratios in FY14.

Subsidy Delays Driving Higher Debt: Delays in the receipt of
subsidies from the government of India for selling fertiliser
below cost have resulted in high debt levels at TCL. The company's
net debt remained high at INR66.4bn during FY14 (FY13: INR65.4bn,
FY12: INR53.8bn). The subsidy receivables from the government were
INR16.6bn at end-3QFY15, little changed from INR16.8n a year
earlier. Fitch expects the subsidy receivables to have remained
high during FY15 and it would reduce only marginally during FY16
due to lower fuel prices. TCL will continue to be vulnerable to
regulatory changes in its fertiliser business.

Linkages with the Tata Group: Fitch believes that TCL should
benefit from a one-notch uplift given its moderate linkages with
the Tata Group. However this uplift is currently not applied at
TCL's current rating level. TCL's rating will benefit from the
one-notch uplift if its IDR is downgraded. Tata Group has
demonstrated financial support through provision of equity or
liquidity in the past; Fitch expects this support to continue, if
required.

KEY ASSUMPTIONS

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

-- Sustainable improvement in profitability of TCL's Kenyan
operations after restructuring
-- Completion of restructuring of TCL's UK business in 2QFY16 and
improvement in profitability subsequently
-- Delays in receipt of fertiliser subsidies in India to continue
during FY16
-- Absence of any large capex plans

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include

-- Strong performance of TCL leading to net leverage (adjusted
net debt/operating EBITDAR) of below 2x on a sustained basis
(FY14: 3.67x).

Negative: Future developments that may, individually or
collectively, lead to negative rating action include
-- Any adverse change in the fertiliser subsidy policy or a large
debt-led capex or acquisition that leads to net financial leverage
exceeding 3.5x on a sustained basis
-- Any weakening of linkages with the Tata Group


TATA STEEL: Fitch Affirms 'BB+' LT Foreign Currency IDR
-------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer
Default Rating (IDR) on India-based Tata Steel Limited (TSL) at
'BB+'.  The agency has also affirmed the 'B+' Long-Term Foreign
Currency IDR on TSL's wholly owned subsidiary Tata Steel UK
Holdings Limited (TSUKH).  The Outlooks are Stable.

KEY RATING DRIVERS

Improving Financial Profile: TSL's financial profile has been
improving, and reflects its expanding Indian operations, which are
highly profitable, and its stable European performance. TSL's net
leverage (net adjusted debt/ operating EBITDAR) improved to 4.6x
at end-FY14 (financial year ended 31 March 2014) from 4.9x at end-
FY13, and Fitch expects net leverage to further decrease to below
4x by FY16. The company plans to commission the first phase of its
new plant at Odisha in mid-2015, which will also support stronger
earnings. The first phase of the 6 million tons per annum (mtpa)
Odisha plant will add 3mtpa of capacity.

Resumption of Iron Ore Mining: TSL's deleveraging during FY15 is
likely to be impacted by the temporary halt of TSL's iron ore
mining operations during 3QFY15. The suspension hurt TSL's
profitability during 3QFY15; its EBITDA/ tonne fell to INR9,294
compared to over INR15,000 during 1HFY15. However with most of
TSL's mines resuming operations in January 2015, Fitch expects
profitability to increase and support the improvement in its
financial profile.

Stable European Operations: The performance of TSUKH's operations
has remained firm with stable volumes of 9.86 million tons during
9MFY15 (9MFY14: 9.79 million tons). The profitability of the
European operation, however, improved, which resulted in higher
EBITDA of INR32.3bn in 9MFY15 compared with INR21.9bn a year
earlier. Fitch expects the European operation to maintain its
performance during FY16, driven by its expectations of modest
improvement in market conditions for western European steel
producers, the company's on-going cost cutting measures and
improving product mix.

TSUKH Benefits from TSL Support: In line with Fitch's Parent and
Subsidiary Linkage methodology, TSUKH's IDR includes a two-notch
uplift to reflect the moderately strong operational and strategic
ties between TSUKH and its parent TSL. TSUKH's standalone credit
profile is weak, with high leverage and low profitability. In
addition, its business has been challenged by weak, though
improving, market conditions in western Europe.

Tata Group Support: TSL's ratings continue to benefit from a one-
notch uplift because of the potential support from the Tata Group
due to the former's strategic importance to the group.

KEY ASSUMPTIONS

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

-- Completion of TSL's greenfield expansion during FY16 that will
support volume growth of over 10% during the next three years
-- Stable European operations
-- Continuing weak steel prices with the hot-rolled coil (HRC)
benchmark price of around USD450 per tonne over the next two years
and stable USD/ INR exchange rate of 62.

RATING SENSITIVITIES

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

TSL
-- Net financial leverage of more than 4x on a sustained basis
-- Any weakening of linkages of between TSL and the Tata Group

TSUKH
-- Any significant weakening in TSUKH's liquidity
-- Any weakening of linkages between TSL and TSUKH

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

TSL
-- Significant improvement in net financial leverage to below
2.5x on a sustained basis, coupled with sustained profitable
operations at TSUKH would be positive for the Foreign-Currency
IDR.

TSUKH
-- Net leverage of 5x or less and EBITDA interest cover of 2x or
above on a sustained basis
-- Any strengthening of linkages between TSL and TSUKH

The full list of rating actions follows:

TSL
Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook Stable
Senior unsecured rating: affirmed 'BB+'
USD500 million 4.85% senior unsecured guaranteed notes due 2020
and USD1 billionn 5.95% seniorunsecured guaranteed notes due 2024
issued by ABJA Investments Co Pte Ltd, a wholly owned subsidiary
of TSL: affirmed 'BB+'

TSUKH:
Long-Term Foreign Currency IDR affirmed at 'B+'; Outlook Stable
Secured bank facilities aggregating around GBP3.6bn: Withdrawn
following repayment of the facilities.


VARDHMAN ELECTRICAL: CRISIL Rates INR46.8MM Term Loan at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vardhman Electrical Appliances (VEA).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            46.8        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility   28.2        CRISIL B+/Stable

   Cash Credit          25          CRISIL B+/Stable

   Letter of Credit     20          CRISIL A4

The ratings reflect VEA's weak financial risk profile, as
reflected in its high gearing and below average debt protection
metrics, and business risk profile constrained with its small
scale of operations. These rating weaknesses are partially offset
by VEA's promoter's extensive experience in the industry.
Outlook: Stable

CRISIL believes that VEA business risk profile will benefit from
its extensive experience of promoters and established
relationships with customers. The outlook could be revised to
'Positive' in case the company reports higher than expected cash
accruals and thus improves its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a significant
decline in revenues or operating profitability or deterioration in
working capital management leading to further deterioration of
financial risk profile.

Established in 1983, VEA is a Delhi based company, involved in
manufacturing of heaters, motors and fan ceiling blades. The
promoters of the company are Mr, Pramod Jain and his brothers.


WOOLWAYS INDIA: CRISIL Suspends B+ Rating on INR160MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Woolways India Ltd (WIL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL A4 Suspended
   Cash Credit         160         CRISIL B+/Stable Suspended
   Corporate Loan       23.5       CRISIL B+/Stable Suspended
   Letter of Credit     20         CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility   10.3       CRISIL B+/Stable Suspended
   Term Loan            30         CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by WIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WIL is yet to
provide adequate information to enable CRISIL to assess WIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

WIL was set up as a proprietary firm by Mr. Rakesh Nayar in
Ludhiana (Punjab) in 1985. The firm was reconstituted as a closely
held public limited company in 1994 and was subsequently renamed.
WIL manufactures and exports hosiery knitwear, including
children's apparel, and thermal wear. The company operates a
domestic retail business under the UNIKID brand across 16 retail
showrooms in North India.


YATRI VIHAR: CRISIL Reaffirms D Rating on INR160MM LT Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yatri Vihar
Hospitality Pvt Ltd (YVHPL) continues to reflect instances of
delay by YVHPL in payment of monthly interest on its term loan;
the delays have been caused by the company's weak liquidity due to
delays in implementation of its hotel project and in commencement
of operations. Though the term loans have been restructured, there
are still ongoing delays in interest payments.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        160        CRISIL D (Reaffirmed)

CRISIL had, on February 02, 2015, assigned its 'CRISIL D' rating
to the long-term bank facilities of YVHPL.

Though YVHPL has a comfortable project gearing of around 1.3
times, it is expected to have a weak financial risk profile in the
initial years of operations because of a weak interest coverage
ratio. However, the company is expected to benefit over the medium
term from the healthy growth prospects for the hospitality
industry, and the reputation of its marketing and management
partner.

Incorporated in 2011, YVHPL is setting up a four-star hotel with
80 rooms in Bodhgaya (Bihar); the hotel is expected to commence
operations by September 2015. The directors of the company are Mr.
Atul Roy and his brother Mr. Amit Roy.



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


CAPITAL + MERCHANT: Settlement Dispute Back in Court
----------------------------------------------------
NBR ONLINE reports that the thousands of investors eyeing up what
might be the last avenue of recovery in the collapse of Capital +
Merchant face further delay after a settlement dispute went back
to court on April 13.

In March, NBR ONLINE revealed a High Court judge will decide
whether Capital + Merchant conditionally settled its dispute with
Perpetual Trust in September last year.

A four-day hearing on the issue of settlement is set to be heard
in September this year, the report says.

According to NBR ONLINE, an earlier court decision Perpetual and
Stace Hammond said their lawyer, Campbell Walker, settled the
matter with Capital + Merchant lawyer Bruce Stewart, QC, in
September. But Mr Stewart said he did not agree to settle.

Capital + Merchant's receivers have said the case against former
trustee Perpetual and law firm Stace Hammond is probably the only
remaining potential avenue of recovery for investors, NBR ONLINE
relates.

At the date of receivership 7,500 investors were owed
approximately NZ$167 million, the report notes.

On April 10, an application for particular discovery was heard
before Justice Sarah Katz in the High Court at Auckland, NBR
ONLINE reports.

Suppression orders from an earlier judgment in February mean
NBR ONLINE cannot report on the pleadings or the disputed
settlement amount.

The hearing continues, NBR ONLINE says.

NBR ONLINE relates that a legal source recently said even if a
court finds there was a settlement at the September hearing, this
will have to be vetted by an independent QC as there is a clause
in the alleged agreement for a third party check.

NBR ONLINE understands the clause was inserted because the claim
involves litigation funders, which traditionally the courts have
preferred not to hold power over the actions they fund.

According to the report, Mr. Stewart has applied to the High Court
before Justice Susan Thomas to be considered a separate party, so
he could have his own lawyer.

He says he needs a lawyer because, if at the trial the court finds
he did enter his client, Capital + Merchant, into an agreement, it
could open him up to liability from Capital + Merchant, the report
relates.

His lawyer, Michael Ring, QC, noted that Capital + Merchant has
contractual arrangements which dictate how the action is pursued
and funded and said Mr Stewart's concern is that the financial
constraints may not allow for the "fullest ventilation of issues,"
harming his case, according to NBR ONLINE.

The judge ruled Mr Stewart should not be a separate party because,
while there will be an impact on his reputation, his interest in
the case is not sufficient, adds NBR ONLINE.

                    About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.


EHOME NZ: Efforts to Sell Prefab Company Continue
-------------------------------------------------
Richard Meadows at Stuff.co.nz reports that struggling Auckland
prefab company eHome NZ has not yet found a buyer, with former
staff still waiting to receive wages and holiday pay.

Stuff.co.nz relates that receivers Peri Finnigan and Tony
Maginness of McDonald Vague took over the company in February and
their first official report reveals the firm owes almost
NZ$20 million to creditors.

Shortly after being appointed, the receivers laid off 42 of the
100-strong workforce, the report says.

Stuff.co.nz says staff are still waiting to be paid out NZ$365,000
worth of wages and holiday pay, which the receivers expected to
distribute only once the business was sold.

According to Stuff.co.nz, Mr. Finnigan had been confident of a
quick sale in February, but could not immediately be reached for
comment.

Stuff.co.nz relates that the first receivers' report is light on
details of the company's troubles, with key financial information
under wraps while sale discussions continue.

However, it reveals at least NZ$14 million is owed to secured
creditors, including ANZ Bank and the Ngatotara Trust, relays
Stuff.co.nz.

Others owed money include several lenders, car finance firms and
suppliers of construction materials and equipment.

Inland Revenue has staked a claim for NZ$147,000, and unsecured
creditors are owed a further NZ$5.1 million, Stuff.co.nz
discloses.

Stuff.co.nz relates that while the receivers are not responsible
for unsecured claims, they said it "appears unlikely there will be
surplus funds available".

The receivers said the company directors had co-operated fully,
and it was too early to say when the receivership process would be
completed, Stuff.co.nz adds.

eHome NZ Ltd -- http://www.ehome.nz/-- is New Zealand's largest
off-site residential manufacturer. Peri Finnigan and Tony
Maginness of McDonald Vague were appointed as receivers of the
company in February 2015, and laid off 42 of the 100-strong
workforce.


IMLAY BUTCHERY: Goes Into Liquidation
-------------------------------------
Wanganui Chronicle reports that despite an attempt to keep
financially troubled Imlay Butchery open, liquidators have closed
the doors of the Wanganui business.

Imlay Butchery (2010) Ltd was placed into liquidation on March 31
by the High Court in Wellington and appointed David Vance and
Colin Owens from Deloitte as liquidators, the report discloses.

Wanganui Chronicle relates that initially the liquidators said
they would keep the business operating but after a financial
assessment earlier this month they decided to close the business
effective April 2.

The liquidators were now seeking interest in the company's
business or assets, Wanganui Chronicle notes.

According to the report, there were eight staff employed at the
butchery at the date of liquidation and, while liquidators were
not looking directly at future job options for those staff, they
would be helping them if they need assistance with Work and
Income.

As Imlay Butchery is in liquidation it will no longer accept or
honour home kill credits, Christmas Club credits, gift vouchers or
any other discount or credit, Wanganui Chronicle says.

Wanganui Chronicle notes that Christmas Club members who have set
up automatic bank payments into the club need to contact their
banks and cancel this payment immediately.

Wanganui Chronicle says anyone with a home kill or Christmas Club
credit owing may be a creditor of the company and those people
have been asked to email danicholls@deloitte.co.nz.

According to Wanganui Chronicle, the liquidators said an
indication of the level of debt the company had was still being
assessed. Their first report is due to be filed at the Companies
Office by May 8 but they said it could be filed within the next 2-
3 weeks.


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


* BOND PRICING: For the Week April 6 to April 10, 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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