TCRAP_Public/150428.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 28, 2015, Vol. 18, No. 082


                            Headlines


A U S T R A L I A

BIS INDUSTRIES: Moody's Downgrades CFR to B3, Outlook Negative
FMG RESOURCES: Moody's Assigns Ba1 Rating to $2.3BB Secured Notes
GLENZEIL PTY: Creditors Invited to Seek Advice on Claims
KBT AUSTRALIA: First Creditors' Meeting Set For May 4
MACMAHON HOLDINGS: To Slash 40 Jobs, Change Corporate Rosters

MISSION NEWENERGY: Has AUD3.95-Mil. Cash at March 31
QPL LTD: First Creditors' Meeting Set For May 4

C H I N A

JINGRUI HOLDINGS: Moody's Rates Proposed Bond at B3
* CHINA: Banks Balk at Local Debt-Swap Plan

I N D I A

AMRAPALI LEISURE: CARE Lowers Rating on INR225cr Loan to C
AMRAPALI SMART: CARE Cuts Rating on INR270cr LT Loan to C
APG SHIMLA: CARE Reaffirms B+ Rating on INR48.83cr LT Loan
ASHOK AGGARWAL: CRISIL Reaffirms B Rating on INR50MM Cash Loan
CHALLA INFRA: ICRA Assigns B+ Rating to INR8cr Fund Based Loan

DARPAN INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR2.25cr Loan
DEVIPRIYA ENTERPRISES: ICRA Reaffirms B+ Rating on INR19cr Loan
DHIWISHA REALTY: CRISIL Assigns B Rating to INR750MM Bank Loan
ENTECH OIL: CRISIL Assigns 'B' Rating to INR35MM Cash Credit
FEDORA SEA: ICRA Assigns B+ Rating to INR10cr LT Fund Based Loan

HINDUSTAN CONSTRUCTION: CARE Reaffirms INR2,848cr Loan Rating 'D'
INNOVATIVE TECHNOMICS: CRISIL Cuts Rating on INR60MM Loan
JAY IRON: CRISIL Reaffirms D Rating on INR98MM LT Loan
KAMAL TIMBERS: ICRA Lowers Rating on INR19cr LOC to B+
KERALA BALERS: CARE Reaffirms B+/A4 Rating on INR14cr Loan

LASER FILAMENT: ICRA Suspends B/A4 Rating on INR9.11cr Loan
MAHESHWAR REFOILS: ICRA Assigns B+ Rating to INR4.75cr Term Loan
METROPOLITAN INFRA: CARE Reaffirms D Rating on INR175MM NCD
NATIONAL AUTO: ICRA Suspends D Rating on INR10cr LT Loan
ODYSSEY ADVANCED: CRISIL Ups Rating on INR80MM Cash Credit to B+

ONE AUTO: CRISIL Reaffirms B+ Rating on INR165MM Loan
PARISHUDH MACHINES: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
PRATITI HEALTH: CARE Reaffirms B+ Rating on INR27cr LT Bank Loan
PRECISION ELECTRONICS: CARE Reaffirms B Rating on INR4.8cr Loan
RADHE COTTON: ICRA Reaffirms B Rating on INR5cr Cash Credit

RADIKAL FOODS: ICRA Cuts Rating on INR970.20cr LT Loan to D
SAHU HYDRO: ICRA Reaffirms B+ Rating on INR18.45cr Term Loan
SAI HEMAJA: CRISIL Reaffirms D Rating on INR250MM Term Loan
SATHYAM STEEL: ICRA Assigns B- Rating to INR6cr Term Loan
SENTHUR TEXTILE: CARE Reaffirms B Rating on INR7.84cr LT Loan

SHIVA LOKENATH: CRISIL Suspends B- Rating on INR137MM Cash Loan
SHRI BALAJI: ICRA Reaffirms B+ Rating on INR8cr Cash Credit
SHRINATH COTTON: ICRA Reaffirms B Rating on INR5cr FB Loan
SIDDHI VINAYAK: CRISIL Suspends D Rating on INR180.5MM Term Loan
SONA SYNTHETICS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan

SOUTH INDIAN: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
SPADS RED: CARE Revises Rating on INR6cr LT Bank Loan to B+
SRI PRIYANKA: ICRA Reaffirms B Rating on INR12.43cr Loan
SRM HOTELS: CARE Reaffirms B Rating on INR42.35cr LT Loan
TACON INFRASTRUCTURE: CRISIL Ups Rating on INR58.9MM Loan to B

TASA FOODS: ICRA Reaffirms B Rating on INR7.85cr Term Loan
UNION ENTERPRISES: ICRA Reaffirms D Rating on INR11.65cr Loan
UNNATI FORTUNE: CARE Reaffirms B+ Rating on INR25cr LT Loan
VANI AGRO: ICRA Assigns 'B' Rating to INR49.36cr Term Loan
VIKAS KRISHI: ICRA Assigns B+ Rating to INR6cr LT Loan

J A P A N

SONY CORP: Expects Lower Annual Loss as Sales Pick Up

M A L A Y S I A

JARING COMMUNICATIONS: Faces Liquidation

N E W  Z E A L A N D

REGENT HOSPITALITY: In Liquidation; Staff Left High and Dry
XERO LIMITED: 2015 Annual Loss Widens to NZ$69.5 Million

S O U T H  K O R E A

PANTECH SA: Faces Being Liquidated

V I E T N A M

DAI DUONG: Central Bank Buys All Shares in Loss-Making Bank

X X X X X X X X

* BOND PRICING: For the Week April 20 to April 24, 2015


                            - - - - -


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A U S T R A L I A
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BIS INDUSTRIES: Moody's Downgrades CFR to B3, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Bis Industries Group Limited to B3 from B2. At the same time, Moody's
has downgraded the rating on Artsonig Pty Limited's ("Artsonig") 5
year USD 250 million senior unsecured PIK notes to Caa2 from Caa1.
Artsonig is a wholly owned subsidiary of Bis Industries Group Ltd. The
outlook on all ratings was changed to negative.

"The downgrade in the ratings reflects the continued challenging
conditions for companies operating in the resources sector and which
is leading to Bis' credit profile deteriorating to a level that is no
longer consistent with the previous rating", says Saranga Ranasinghe,
a Moody's Analyst.

"We expect operating conditions for the resources sector will remain
weak through 2016 as mining companies continue to focus on cost
savings programs in the current depressed price environment,
increasing the uncertainty around Bis' ability to improve earnings and
de-lever" adds Ranasinghe.

Bis' credit profile is constrained by its high leverage. "We expect
Bis' gross adjusted debt-to-EBITDA for the financial year ending 30
June 2015 to be in the range of 6.0x-6.5x, compared to the 5.0x-5.25x
threshold set for the previous rating" says Ranasinghe.

Bis has benefited from the unique nature of its fleet, which is
underpinned by specialized dual powered road trains (DPRT), and which
supports the miners' cost position. As such, the customer contractual
arrangements have enabled the company to generate less volatile
margins in the last few years. However, the company is not immune to
the industry-wide focus on costs and has been experiencing revenue and
earnings erosion in recent periods, albeit at a lower magnitude than
some of its peers in Australia. Current operating conditions may
result in Bis having to be more competitive to retain existing
contracts and obtain new contracts in a more subdued environment.

The negative outlook reflects these concerns and our view that there
could be risk to the downside with potential contract deferrals and/or
cancellations.

The Caa2 rating assigned to Artsonig's senior unsecured PIK notes
reflects a materially inferior position in the group's capital
structure, and recognizes the large proportion of senior secured debt
outstanding at the operating company level.

Given the challenging market conditions, a ratings upgrade is
unlikely. However, the outlook could revert to stable if Bis
successfully improves its earnings, such that debt-to-EBITDA remains
comfortably below 5.5x on a consistent basis.

Downward rating pressure could emerge if a worse-than-expected macro
environment, operating underperformance, and/or competitive pressure
lead to a large number of Bis' contracts being terminated or not
renewed on similar terms, thus reducing its revenue and cash flow
generation further. Specifically, the rating will likely be downgraded
if reduced revenue and cash flow cause Bis' debt-to-EBITDA to exceed
6.5x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Bis is a provider of logistics services to the Australian resources
sector, where the company provides services that are critical to the
production phase of the resource project life cycle.


FMG RESOURCES: Moody's Assigns Ba1 Rating to $2.3BB Secured Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to FMG Resources
(August 2006) Pty Ltd's USD2.3 billion senior secured notes issue. At
the same time, Moody's has downgraded FMG Resources senior unsecured
ratings to B1 from Ba3 and affirmed the Ba1 rating on the existing
senior secured debt facilities. Moody's has also affirmed Fortescue
Metals Group Ltd's Ba2 corporate family rating.

The outlook on all ratings remains negative.

The senior secured notes will benefit from a first priority lien on
the collateral package and will rank pari passu with Fortescue's
existing senior secured indebtedness. The notes will be guaranteed by
Fortescue and each of its existing and future direct and indirect
restricted subsidiaries. As of December 31, 2014, Fortescue's
unrestricted subsidiaries under the secured notes represented around
3% of the group's total assets and net income.

The net proceeds of the transaction are expected to be used to redeem
Fortesuce's USD1.0 billion senior unsecured notes coming due in 2017
and USD400 million senior unsecured notes coming due in 2018.
Fortescue also plans to swap certain of the senior unsecured notes due
in 2019 for the new senior secured notes, and we expect the remainder
of the proceeds will be used to further repay existing indebtedness.

The Ba1 rating on Fortescue's senior secured debt reflects its
priority position in Fortescue's capital structure and benefits from
the security package. At the same time, the downgrade of Fortescue's
senior unsecured notes ratings to B1 from Ba3 reflects the additional
USD2.3 billion of secured debt which the company has just issued.

"The issuance of the secured debt weakens the position of the
unsecured notes in the capital structure and increases our expectation
of the loss given default for the unsecured notes" says Matthew Moore,
a Moody's Vice President and Senior Analyst.

"The affirmation of Fortescue's corporate family rating reflects the
improvements in Fortescue's maturity profile and medium term liquidity
profile as a result of the transaction" says Moore, adding "we believe
these improvements outweigh the moderate weakening in interest
coverage and cash flow metrics resulting from the transaction which we
view as overall credit positive".

Moody's expects the transaction will not materially weaken Fortescue's
leverage metrics from our previous expectations. This reflects Moody's
expectation that net proceeds from the transaction will be used to
refinance or repay existing indebtedness. While leverage may increase
in the near term until the company is able to apply all proceeds to
debt reduction, Moody's still expects that under our base case
sensitivities Fortescue's key leverage metric of Debt-to-EBITDA will
be around 4.5x to 5.0x in FY16. Moody's current base case sensitivity
for iron ore assumes a price of USD50 per tonne (t) for 2015 and
USD45/t in 2016 (62% Fe index prices).

Fortescue's corporate family rating continues to reflect the very weak
iron ore fundamentals and Moody's expectation that iron ore prices
will remain around the current weak levels through 2016. Such price
levels will lead to a substantial weakening of Fortescue's earnings
and key credit metrics.

The ratings also reflect the material progress Fortescue has made in
reducing its cash costs and breakeven levels and Moody's expectation
that the company will continue to reduce costs. While this should help
to preserve liquidity, the rapid fall in prices means earnings and
cash flow generation will be much lower over the next 12-24 months
leading to Moody's expectations for margins and credit metrics to be
at weak levels for the rating.

The negative outlook reflects Moody's view that Fortescue's credit
profile will remain very sensitive to movements in the iron ore price,
which is exposed to downside risk. The negative outlook also reflects
Moody's expectation that credit metrics are likely to remain outside
of the tolerance levels for the current rating over the next 12-to-18
months.

The rating could be downgraded further if the company is unable to
sustain and improve on recent cost reductions such that the all in
breakeven unit costs of production remains above Moody's pricing
sensitivities. Continued pressure on iron ore prices below Moody's
iron ore sensitivities or if Fortescue's liquidity levels deteriorate
materially, including cash on-hand dropping below USD1 billion for a
protracted period, could also lead to a downgrade.

Financial metrics that Moody's would consider for a downgrade would be
an inability to improve Debt-to-EBITDA to below 4.0x on a consistent
basis.

Moody's would consider stabilizing Fortescue's outlook if prices
improve and are sustained above Moody's sensitivity ranges or the
company reduces costs and/or debt to levels where the company can
maintain Debt-to-EBITDA below 3.5x through all reasonable pricing
assumptions.

Fortescue's liquidity profile remains solid and Moody's expects cash
balances, combined with operating cash flow, to be adequate to cover
expected cash uses over the next 12-18 months under Moody's base case
price sensitivities. Moody's also expects that success in Fortescue's
ongoing cost reduction plans will allow it to remain around breakeven
cash flow levels. The company had around USD1.8 billion of cash on
hand at 31 March 2015.

Fortescue's medium term liquidity profile has improved as a result of
the transaction, reflecting Moody's expectation that the next material
debt maturity for the company will now not be until 2019 when the
USD4.9 billion secured facilities come due.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Fortescue Metals Group Ltd based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export, mainly
to China. Fortescue is Australia's third largest iron ore producer and
exporter as well as one of the world's largest producers and sea-borne
traders.


GLENZEIL PTY: Creditors Invited to Seek Advice on Claims
--------------------------------------------------------
Jack Harbour at Gold Coast Bulletin reports that the liquidator raking
over the collapse of Glenzeil Pty Ltd has invited out-of-pocket
creditors to seek his advice about any claims of potential insolvent
trading.

The Bulletin relates that Glenzeil collapsed owing staff and
subcontractors AUD10 million back in September and liquidator Peter
Dinoris said his investigations into the solvency of the company will
take another 12 months.

According to the report, Mr. Dinoris said it appears there will be
enough money recovered to pay staff but the amount "ordinary unsecured
creditors like subcontractors will see remains unclear."

At the time of collapse, active Glenzeil projects were South
Brisbane's AUD35 million Plaza Apartments and the Gold Coast's
almost-completed AUD35m Pure Kirra building, the report says. One of
the worst-hit subcontractors -- East Coast Concrete Contractors owned
by father-and-son duo Edward and Conan Butler
-- is more than AUD250,000 out of pocket, the Bulletin notes.

The report relates that East Coast manager Conan Butler said: "We
didn't feel it immediately. It's three or four months later you miss
it in your cashflow."

In a statement to the Bulletin, Mr. Dinoris said: "Creditors are
welcome now six months has lapsed since the company was placed into
liquidation to seek my permission to pursue their own claim against
the directors for insolvent trading."

Mr. Dinoris added he'd take into consideration "the complexities,
risks and costs involved with any litigation as well as the ability of
the directors to satisfy any successful order made against them".

"Any such proceedings would need to be in the interests of creditors,"
the report quotes Mr. Dinoris as saying.

The Bulletin relates that a Glenzeil director said he had not been
contacted about the liquidation for months and declined to comment
until he'd spoken to Mr Dinoris.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2014, Gold Coast Bulletin said Glenzeil Pty Ltd
staff were sacked and the Gold Coast construction company shut
down as soon as the liquidator was appointed this week.
The Bulletin related that liquidator Peter Dinoris, from Vincents
in Brisbane, said the 34 staff employed by the Varsity Lakes-based
business were stood down immediately on September 8.

Glenzeil Pty Ltd was one of Gold Coast's largest construction
companies and had a string of projects to its name including
Nirvana by the Sea at Kirra and the Rocket in Robina.


KBT AUSTRALIA: First Creditors' Meeting Set For May 4
-----------------------------------------------------
Jason G. Stone and Petr Vrsecky of PKF Melbourne were appointed as
administrators of KBT Australia Pty. Ltd. on April 22, 2015.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
May 4, 2015, at 10.00 a.m.


MACMAHON HOLDINGS: To Slash 40 Jobs, Change Corporate Rosters
-------------------------------------------------------------
The Australian reports that loss-making mining services contractor
Macmahon Holdings will cut another 40 staff and alter its corporate
rosters to cut costs.

According to the report, Macmahon (MAH), which slumped to a AUD112
million loss in the half year to December, confirmed it will continue
with its redundancy program.

"There have been another 40 odd roles identified within the business
that will no longer be required so over the next couple of months
those roles will be turned off," The Australian quotes a spokesman as
saying.

Macmahon's workforce currently stands at 2,000, after already cutting
140 roles, the report notes.

The Australian relates that the spokesman said most of the upcoming
redundancies were corporate positions rather than project roles.

The report adds that the company will also begin a temporary roster
change to save money, meaning corporate salaried employees at the
company's Perth head office would work a nine-day fortnight, rather
than a 10-day fortnight, from June.

"We're doing that so we don't have to make any more roles redundant,"
the spokesman, as cited by The Australian, said.
"It's an interim measure that's going to be reviewed on a regular
basis and we'll revert back to a full-time roster when the business is
ready to do so."

Macmahon recently cut its revenue forecast after losing its largest
mining project, a AUD260 million a year contract at Fortescue Metals'
Christmas Creek project in the Pilbara, adds The Australian.

Based in Australia, Macmahon Holdings Limited (ASX:MAH) --
http://www.macmahon.com.au/-- provides contract mining services to
clients throughout Australia, New Zealand, South East Asia, Mongolia
and Africa. The company operates through three segments: surface
mining, underground mining and international mining.


MISSION NEWENERGY: Has AUD3.95-Mil. Cash at March 31
----------------------------------------------------
Mission New Energy Limited filed with the Securities and Exchange
Commission its quarterly report for entities admitted on the basis of
commitments for the quarter ended March 31, 2015.  At the beginning of
the quarter, the Company had AUD1.18 million in cash.  Its cash
increased by AUD2.33 million during the quarter, and as a result, the
Company had AUD3.95 million in cash at
March 31, 2014.  A copy of the Quarterly Report is available for free at:

                       http://is.gd/gu79G9

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million in
total assets, $15.40 million in total liabilities and a $11.35 million
total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other matters,
raise substantial doubt the Company's ability to continue as a going
concern.


QPL LTD: First Creditors' Meeting Set For May 4
-----------------------------------------------
Stewart William Free and Bradd William Morelli of Jirsch Sutherland
Sydney were appointed as administrators of QPL Ltd on April 23, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland Sydney, Level 4 55 Hunter St, in Sydney, on
May 4, 2015, at 10:00 a.m.



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JINGRUI HOLDINGS: Moody's Rates Proposed Bond at B3
---------------------------------------------------
Moody's Investors Service assigned a B3 senior unsecured rating to the
US dollar notes proposed by Jingrui Holdings Limited (B2 negative).

The rating outlook is negative.

The proceeds from the proposed US dollar notes will be used to
refinance Jingrui's outstanding debt.

"The proposed issuance is credit positive as the proceeds will be used
mainly to refinance higher-cost, short-term trust loans and extend its
debt maturity profile," says Dylan Yeo, a Moody's Analyst and lead
analyst for Jingrui.

Jingrui had a tight liquidity profile at end-2014 with limited
cushions against market volatility. Its cash holdings, including
restricted cash, of RMB4.4 billion at end-2014 and projected operating
cash flow is marginally sufficient to fund its committed land costs
and debt servicing requirements.

Liquidity was largely constrained by the high level of short-term
debt, which amounted to RMB5.1 billion at end-2014, or 52.6% of total
reported debt. Cash-to-short term debt was 87% at end-2014.

The proposed bond will be the company's second offshore issuance since
its initial public offering in October 2013.

It issued a $150 million bond in August last year, which aided in the
reduction of high-cost, short-term trust loans to RMB1.7 billion in
2014 from RMB2.9 billion in 2013. Trust loans accounted for 17% of
Jingrui's total debt at end-2014.

"We expect Jingrui's credit metrics to remain weak but stabilize in
2015, which is reflected by our negative rating outlook. We also
expect market conditions to remain challenging during 2015," says Yeo.

Margin compression could ease due to supportive government measures.
Alleviation of liquidity concerns after the proposed bond issuance
could also facilitate working capital needs and aid revenue
recognition through timely project deliveries.

Jingrui's credit metrics declined in 2014 to a level that is weaker
than similarly rated B2 peers due to slow revenue recognition, weak
margins, declining interest coverage, and high leverage.

Adjusted EBITDA interest coverage declined to 0.7x in 2014 from 0.9x
in 2013, lower than its rating threshold of 1.0x. Its EBITDA margin
fell to 13% from 14%, while leverage stayed high, with revenue-to-debt
holding at 54.8% from 2013 to 2014.

"We expect Jingrui to curb debt growth and prioritize liquidity
preservation to protect its credit quality, as high leverage and debt
servicing requirements constrain its financial flexibility," adds Yeo.

Moody's expects the company to prioritize liquidity preservation in
2015 by exercising greater prudence in land acquisitions, focusing
operations in higher tier cities with more resilient demand, entering
into partnerships for new property projects to share project costs,
and improving operating cash flow through greater operational
efficiencies.

Downward rating pressure could emerge if (1) Jingrui's liquidity and
operating cash flow generation weaken, due to lower-than-expected
contracted sales growth, aggressive land acquisitions, or a further
weakening of China's (Aa3 stable) property sector; (2) property prices
decline and profit margins come under pressure, which negatively
affect interest coverage and financial flexibility; or (3) the company
engages in material debt-funded acquisitions.

Credit metrics that we would consider for a downgrade include: (1) a
cash balance below 100% of short-term debt; (2) EBITDA interest
coverage below 1.0x; and (3) substantially higher debt leverage, such
that revenue-to-debt remains below 60% on a sustained basis.

Upward rating pressure is unlikely, due to the negative outlook.
Nevertheless, the outlook could revert to stable if Jingrui (1)
successfully executes its business plan and revenue recognition in
2015; (2) improves its liquidity position, such that cash to
short-term debt rises above 1x on a sustained basis; and (3)
successfully deleverages, such that revenue/debt rises above 60% and
EBITDA/interest improves above 1x.

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

Established in 1993, Jingrui Holdings Limited is a property developer
based in Shanghai and principally focused on residential projects in
the Yangtze River Delta region. The company was listed on the Hong
Kong Stock Exchange in October 2013.

At Dec. 31, 2014, it had a land bank of 5.0 million square meters in
gross floor area across 15 cities in China, including Shanghai,
Tianjin and Chongqing, and cities in Zhejiang Province and Jiangsu
Province.


* CHINA: Banks Balk at Local Debt-Swap Plan
-------------------------------------------
The Financial Times reports that several Chinese provincial
governments have been forced to postpone bond auctions as banks balk
at the low yields on offer, state media reported on
April 24, highlighting the challenges of carrying out a CNY1 trillion
(US$161 billion) plan to lower financing costs for cash-strapped
localities.

FT says China's local debt has surged since the 2008 financial crisis
as regional governments borrowed to finance infrastructure projects in
an effort to stimulate the economy.

According to the report, economists have warned that the debt poses a
risk to the banking system.

China's finance ministry last month revealed a plan for provincial
governments to refinance CNY1 trillion in debt due to mature this
year, the FT recalls.

The report relates that the goal is to lower debt-servicing costs and
extend maturities by converting short-term, high-interest bank loans
to low-interest, long-term municipal bonds.

Much local borrowing has been channelled through arm's-length
financing vehicles (LGFVs) that local governments established to
circumvent a legal ban on direct borrowing, the report notes. China's
legislature formally rescinded that ban last year, in a bid to "open
the front door and close the back door" to local borrowing, according
to the FT.



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AMRAPALI LEISURE: CARE Lowers Rating on INR225cr Loan to C
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Amrapali Leisure Valley Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities     225        CARE C Revised from
                                            CARE BB- to CARE D
                                            and further revised
                                            to CARE C

Rating Rationale

The revision in ratings assigned to the bank facility of Amrapali
Leisure Valley Developers Pvt. Ltd. (ALVD) to 'CARE D' was on account
of delays in servicing of its debt obligations during FY14 (refer to
the period April 01 to March 31) because of liquidity mismatch. The
rating has been revised to 'CARE C' as the debt servicing has been
regular since last three months ending February, 2015. The ratings
continued to be constrained by significant project execution and
off-take risk, high outstanding land payments, significant inter-group
transactions and subdued real estate industry scenario. The rating,
however, derive strength from experienced and resourceful promoters
and satisfactory booking status of launched inventory.

Going forward, timely execution of the project within estimated cost,
timely recovery of sales receipts/advances from the customers and sale
of remaining inventory at envisaged prices would be the key rating
sensitivities.

Incorporated in 2010, Amrapali Leisure Valley Developers Pvt Limited
(ALVD) is an SPV promoted by Amrapali group. ALVD is developing a
single group housing project in Greater Noida with total saleable area
of 55.98 lakh square feet (lsf). ALVD has acquired the land for the
said project on lease in 2010 from Greater Noida Industrial
Development Authority (GNIDA) on deferred payment basis for
INR116crore. The company has launched the project in August 2010 and
proposes to complete the same in Dec 2016. The total project cost is
estimated to be INR1078crore funded through debt of INR225crore,
promoter equity of INR274crore and customer advances of INR579crore.

As on December 21, 2014, the company has incurred total cost of INR
636 crore and has sold 25.55 lsf area with the total value of INR 637
crore as compare to cost of INR 205 crore incurred and sale of 17.57
lsf of area with total value of INR 373 crore as on September 30,
2013.


AMRAPALI SMART: CARE Cuts Rating on INR270cr LT Loan to C
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Amrapali Smart City Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities      270       CARE C Revised from
                                            CARE BB- to CARE D
                                            and further revised
                                            to CARE C

Rating Rationale

The revision in the ratings assigned to the bank facility of Amrapali
Smart City Developers Pvt. Ltd. (ASCD) to 'CARE D' was on account of
delays in servicing of its debt obligations during FY14 (refers to the
period April 1 to March 31) because of liquidity mismatch. The rating
has been revised to 'CARE C' as the debt servicing has been regular
since last three months ending February, 2015. The ratings continued
to be constrained by significant project execution and off-take risk,
high outstanding land payments, significant inter-group transactions
and subdued real estate industry scenario. The rating, however, derive
strength from experienced and resourceful promoters and satisfactory
booking status of launched inventory.

Going forward, timely execution of the projects and timely recovery of
sales receipts/advances from the customers would be the key rating
sensitivities.

Incorporated in 2010, Amrapali Smart City Developers Pvt Limited
(ASCD) is a SPV promoted by Amrapali group. ASCD is developing a
single group housing project in Greater Noida with total saleable area
of 116 lakh square feet (lsf) on total land area of 61 acres. ASCD has
acquired the land for the said project on lease in 2010 from Greater
Noida Industrial Development Authority (GNIDA) on deferred payment
basis for INR260crore. The company has launched the project in August
2010 and proposes to complete the same in phases by 2019. The total
project cost is estimated to be INR1383crore funded through debt of
INR270 crore (financial closure achieved), promoter equity of INR201
crore and customer advances of INR912 crore.

As on December 31, 2014, the company has incurred total cost of INR
1,043 crore and has sold 55 lsf area with the total value of INR 1,424
crore as compare to cost of INR 449 crore incurred and sale of 41 lsf
of area with total value of INR 930 crore as on December 31, 2013.


APG SHIMLA: CARE Reaffirms B+ Rating on INR48.83cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
APG Shimla University.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     48.83       CARE B+ Reaffirmed

Rating Rationale
The rating of the long-term bank facilities of APG Shimla University
(APG) continues to be constrained by its short track record of
operations coupled with its below average financial risk profile
marked by small scale of operations, net losses and moderate capital
structure. The rating further factors in the time and cost run in
respect to the expansion project and high regulation and competitive
intensity in the education sector.
The rating, however, continues to draw comfort from the resourceful
trustees, professionally qualified faculty and buoyant prospects of
higher/professional education.

Going forward, APG's ability to achieve the envisaged enrolment
levels, improve scale of operations along with profitability margins
and maintaining its capital structure shall be the key rating
sensitivities.

APG is an educational trust and was formed in November 25, 2004, by Mr
Pramod Goyal and his brother Mr Rajesh Goyal with the objective to
provide education services. The campus is located in Shimla, spread
over an area of 88 acres with modern facilities and latest technology.
APG is providing post-graduation, graduation and diploma courses like
engineering, management, hotel management, architecture, journalism,
law, arts, fashion designing and mass communication. APG started its
first academic session in September 2012. In the academic year 2014-15
(refers to the period July 01 to June 30), the total students enrolled
were 565 and cumulative student strength stood at 1,339.

APG reported a net losses of INR2.57 crore on a total operating income
of INR10.99 crore in FY14 (refers to the period April 01 to March 31)
as against net losses of INR4.84 crore on a total operating income of
INR3.04 crore in FY13. Furthermore, as per the unaudited results the
trust has achieved total operating income of INR14 crore till March
15, 2015.


ASHOK AGGARWAL: CRISIL Reaffirms B Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ashok Aggarwal and Sons
(AAS) continue to reflect the firm's weak financial risk profile,
marked by its small net worth and leveraged capital structure;
marginal scale of operations in the fragmented timber industry; and
low operating profitability. The ratings also factor in AAS's
susceptibility to any adverse impact of changes in timber import
regulations, or to fluctuations in raw material prices and sharp
variations in foreign exchange rate. These rating weaknesses are
partially offset by the proprietor's extensive experience in the
timber industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      130        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AAS will continue to benefit from the
proprietor's extensive experience in the timber industry. The outlook
may be revised to 'Positive' if the firm's financial risk profile
improves with capital infusion, which will enhance its capital
structure and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile
deteriorates because of sizeable working capital requirements or any
significant debt-funded capital expenditure.

AAS was founded as a proprietorship firm in New Delhi in 2007 by Mr.
Ashok Aggarwal. The firm trades in, and processes, timber logs.


CHALLA INFRA: ICRA Assigns B+ Rating to INR8cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR8.00
crore fund based limits of Challa Infra Projects Private Limited. ICRA
has assigned short term rating of [ICRA]A4 to the INR2.00 crore non
fund based limits and to INR2.00 crore long term/short term
unallocated limits of the company at [ICRA]B+/A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        8.00       [ICRA]B+ assigned
   Non Fund Based Limits    2.00       [ICRA]A4 assigned
   Unallocated              2.00       [ICRA]B+/A4 assigned

The ratings assigned take into account the company's small scale of
operation in a highly competitive industry which keeps the margins
under pressure. The rating are constrained by high geographical
concentration risk faced by the company on account of majority of
projects being executed within the state of Andhra Pradesh &
Telangana. The ratings are further constrained by lower order
execution during FY15 on account of delay in start of projects
resulting into drop in revenues.

The ratings however, positively factor in long track record of
promoters in construction industry resulting into healthy inflow of
fresh orders through government departments. The ratings also
positively take into account unexecuted order book to operating income
ratio of 2.85 times providing revenue visibility for short to medium
term. The ratings are further supported by moderate financial profile
of the company with gearing at 1.06x; healthy coverage indicators as
reflected by interest coverage of 3.42 times and NCA/Total debt of
21.52% as on 31st January 2015.

Challa Infra Projects Private limited (CIPPL) is a Hyderabad based
infrastructure and engineering construction company started its
operations in 2013. Company provides services in the field of Water
supply works, Construction of school buildings and Road works. In past
company has executed projects from Irrigation & CAD department of
Andhra Pradesh, Panchayat Raj Engineering Department, Rural water
supply and other government departments of Andhra Pradesh & Telangana.


DARPAN INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR2.25cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR2.25
crore overdraft facility of Darpan Infrastructure Private Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR3.00 crore short-term non-fund based bank guarantee facility of
DIPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based- Overdraft    2.25       [ICRA]B+ reaffirmed
   Non Fund Based-Bank
   Guarantee                3.00       [ICRA]A4 reaffirmed

The assigned ratings take into account Darpan Infrastructure Private
Limited's (DIPL) modest scale of operation characterised by low
profitability and high working capital intensity emanating from delay
in receivables leading to high debtor days. The ratings also take into
consideration the vulnerability of profitability to variations in
prices of raw materials although mitigated to the extent by order
backed procurement. Further the ability of the company to maintain
execution timelines and performance parameters because of the
Liquidated Damages (LD) clause present in the contract remains
critical.

The ratings, however, favorably factor in the experience of the key
managerial personnel in the construction industry reputed clientele
consisting of major steel manufacturers as well as favorable demand
outlook for the construction sector given the government's focus on
infrastructure development.

Darpan Infrastructure Private Limited (DIPL) was set up as proprietary
concern in 1996 promoted by Nr. Nimesh Vashi. Later in 2006, it was
converted into a private limited company promoted by Mr. Nimesh Vashi
and Mrs. Bijal Vashi. The company is managed by two directors Mr.
Nimesh Vashi and Mr. Vinodrai Mehta. The company is engaged in
construction sector, primarily in sand blasting, coating and painting
of MS pipes, civil work, and fabrication.

Recent Results
During FY14, DIPL reported an operating income of INR24.95 crore and
net profit of INR0.71 crore.


DEVIPRIYA ENTERPRISES: ICRA Reaffirms B+ Rating on INR19cr Loan
---------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to the INR19.00 crore long term
fund based facility of Devipriya Enterprises.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             19.00        [ICRA]B+ Reaffirmed

The rating reaffirmation takes into consideration long standing
experience of the Vasudha Group in real estate project development for
around a decade, well qualified promoters, and attractive location of
the project with proximity to well developed commercial areas. ICRA
notes that expected development of planned roads will provide strong
connectivity to key residential areas in city; however the development
timeline will decide the rate appreciation of the project. The rating
is however constrained by marketing risk as majority of the sales is
yet to be tied up. Further, pending approval for commencement
certificate for partial plan might result in delay in project
execution. ICRA also notes that the project faces competition from
other projects in the vicinity which are at advanced stages of
completion as compared to the project. Going forward, DE's ability to
accelerate the sales and complete sanction process in timely manner
will remain key rating sensitivities.

Established in 2011, DE is developing a residential real estate
project 'Vasudha Etasha' Kothrud, in Pune. The Promoters of the firm
are Vasudha Landmarks Private Limited (VLPL) promoted by MR. Umesh
Kothawade and Devichand K. Jain. Vasudha group is engaged in real
estate development in Pune and surrounding areas for around a decade
and they have completed around 10 projects till date. Total area
developed till date by the group is ~2.6 lakh sq ft. In the entity,
Mr. Devichand Jain is a funding partner while complete operations are
managed by Mr. Kothawade of Vasudha group.


DHIWISHA REALTY: CRISIL Assigns B Rating to INR750MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facility of Dhiwisha Realty (DR).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      750        CRISIL B/Stable
   Bank Loan Facility

The rating reflects DR's exposure to risks related to its ongoing and
upcoming projects and its susceptibility to cyclicality inherent in
the real estate sector. These rating weaknesses are partially offset
by the extensive experience of DR's promoters in the real estate
industry and their fund support to the firm.

Outlook: Stable

CRISIL believes that DR will benefit over the medium term from its
promoters' established track record in the real estate industry. The
outlook may be revised to 'Positive' if the firm generates substantial
cash flows from operations, backed by improved realisations or
considerable bookings. Conversely, the outlook may be revised to
'Negative' if DR's cash flows from operations are significantly below
expectation, either because of subdued response to its project or low
flow of advances, leading to deterioration in its liquidity.

DR was set up in 2011 by Mr. Bhanji Patel, Mr. Pradeep Patel, and Mr.
Kamlesh Arathia. The firm is undertaking a residential project,
Classic Tower, in Taloja (Maharashtra) and plans a residential cum
commercial project, Amrut Sagar, in Dronagiri (Maharashtra). The firm
is based in Navi Mumbai.


ENTECH OIL: CRISIL Assigns 'B' Rating to INR35MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Entech Oil & Gas Engineering Pvt Ltd (EOGPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        50         CRISIL A4
   Cash Credit           35         CRISIL B/Stable

The ratings reflect EOGPL's below-average financial risk profile
marked by modest net worth and initial phase of operations. These
rating weaknesses are partially offset by its promoters' extensive
experience in the industrial consultancy services.

Outlook: Stable

CRISIL believes that EOGPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be revised
to 'Positive' if the firm reports higher-than-expected revenue and
profitability, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if GECPL reports
lower-than-expected revenue and operating margin or its working
capital cycle stretches, leading to deterioration in its financial
risk profile, particularly liquidity.

Set up in 2014 and based in Chennai (Tamil Nadu), EOGPL aims to offer
consultancy services to oil and gas companies in the disciplines of
electrical and instrumentation. The company is promoted by Mr. V
Balachandran and his son Mr. B Venkata Kaushik, and is expected to
commence commercial operations in April 2015.


FEDORA SEA: ICRA Assigns B+ Rating to INR10cr LT Fund Based Loan
----------------------------------------------------------------
ICRA has assigned [ICRA]B+ to the INR10.00 crore long term fund based
limits of Fedora Sea Foods Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          10.00        [ICRA]B+ assigned

The rating assigned takes into account the small scale of FSFPL's
operations and highly fragmented industry with intense competition
from domestic and international players in the market putting pressure
on the margins. The rating also notes that the firm is vulnerable to
inherent risks like susceptibility to diseases, climate change risk
and change in government policies. The rating, further takes into
account the high customer concentration of more than 90% for top 3
customers for shrimps and huge capex plans of INR18 crore in FY15 and
FY16, which could affect the coverage indicators adversely. The
rating, however, favourably takes into account the significant
experience of promoters in the seafood industry and proximity of the
company to major aquaculture region of Andhra Pradesh giving easy
access to raw material. The rating also positively takes into account
the low gearing of 0.79 times followed by strong coverage indicators
in absence of any long term and working capital debt as on 31st March
2014.

Fedora Sea Foods Pvt. Ltd. was incorporated in the year 2011 by Mr. K.
Narahari Reddy who has decade long experience in the Aqua Farms and
Hatchery business. The company is engaged in the production of
Vannamei seeds and shrimps. Going forward, by end of 2015 the company
will also start producing prawn feed manufacturing to be used for
cultivating the shrimps. The company is located in Nellore, which is
the aquaculture belt of A.P.

Recent Results
As per audited financials for FY14, the firm reported an operating
income of INR11.01 crore with profit after tax of INR0.63 crore as
against INR4.09 crore of operating income with profit after tax of
INR0.07 crore in FY13.


HINDUSTAN CONSTRUCTION: CARE Reaffirms INR2,848cr Loan Rating 'D'
-----------------------------------------------------------------
CARE reaffirms/revises the ratings assigned to the bank facilities and
instruments of Hindustan Construction Company Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities     2,848.61    CARE D Reaffirmed
   (term loans)

   Long-term Bank Facilities     1,500.00    CARE D Revised from
   (fund-based limits)                       CARE C/CARE A4

   Long/Short-term Bank          5,300.00    CARE C/CARE A4
   Facilities (Non-fund-                     Reaffirmed
   based Limits)

   Non-Convertible Debenture-I      95.50    CARE D Reaffirmed

   Non-Convertible Debenture-II    114.60    CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities and instruments of
Hindustan Construction Company Limited (HCC) continue to be
constrained on account of recent delays in servicing of debt
obligations. The liquidity position of the company is constrained
owing to stretched recoveries from customers, high inventory held and
limited profits earned by the company thereby leading to stress on the
debt service indicators. However, the ratings continue to factor
strong order book position indicating medium term revenue visibility
and improvement in scalability of operations leading to operational
efficiency in the company as reflected in profits earned during FY14
(refers to the period April 1 to March 31). Also, with inflow of funds
from the planned qualified institutional placement, the company's
liquidity position and leverage profile is expected to improve.

HCC's ability to improve profitability margins, efficiently manage
working capital cycle amidst delays in recoveries from customers and
timely servicing of debt obligations are the key rating sensitivities.

HCC was promoted by the late Mr Walchand Hirachand in 1926 and is
presently spearheaded by Mr Ajit Gulabchand, Chairman and Managing
Director. HCC is one of the prominent construction companies in India,
engaged in construction activities which include roads, bridges,
ports, power stations, water supply and irrigation projects. The
company's construction capabilities include solutions for construction
of projects in various complex industries including hydel power, water
solution systems, nuclear power and process plants and transportation.

HCC group of companies comprises mainly of HCC Infrastructure Company
Limited (HICL), HCC Real Estate Limited (HREL), Lavasa Corporation
Limited (LCL), Steiner AG, Zurich (SAG), and Highbar Technologies
Limited (HTL). HICL is engaged in the construction and management of
assets in the areas of transportation. HREL develops and executes
high-value real estate projects including integrated urban development
and management, IT parks and commercial offices, township development
and urban renewal projects. LCL is India's first planned hill city
which includes integrated development of five self-sustaining towns.
SAG specializes in turnkey development of new buildings and
refurbishments and offers services in all facets of real estate
development and construction. HTL provides IT solutions to the
infrastructure industry.

Credit Risk Assessment

Elongated working capital cycle and deteriorated capital structure

The working capital cycle of the company continues to be elongated
during FY14 owing to stretched recoveries from customers and high
amount of inventory held due to delays in commencement of projects.
Hence, the liquidity position of the company is constrained and there
are delays in servicing of debt obligations reflected in receivables
days elongated to 137 days in FY14 as against 122 days in FY13 and
inventory days of 386 days in FY14. Consequently, payments to
creditors were stretched in FY14 at 139 days along with working
capital bank limits being fully utilised. However, during FY15, there
is improvement in pace of slow moving projects which is expected to
positively reflect in the recovery cycle and inventory holding by the
company.

Owing to the above, the company availed additional working capital
bank funding in FY14. The overall gearing of the company remains to be
deteriorated at 4.18 times as on March 31, 2014. However, with inflow
of funds of around INR400 crore through qualified institutional
placement, the liquidity position of the company and leverage profile
is expected to improve.

Long track record and efficient project execution capabilities
demonstrated in the past HCC has a long track record in the
construction industry spanning over eight decades. HCC has contributed
immensely to the country's infrastructure by executing large number of
projects in the hydro power and nuclear power generation, roads and
expressways and complex tunnelling in addition to the hundreds of
bridges, dams and barrages. Few of the landmark projects executed by
the company include the Bandra-Worli Sealink project in Mumbai,
Delhi-Faridabad Elevated Expressway, parts of the Mumbai-Pune
Expressway and the Kolkata Metro Railway project among others.

Improved scale of operations and profitability
The operational efficiency of the company is improving on account of
increase in income from operations backed by faster order execution,
which was earlier slow due to non-availability of adequate finance and
environment related policy logjams. Also, owing to improved scale of
operations, reduction of other expenses and improvement in absorption
of fixed expenses, the company reported PAT of INR81 crore in FY14.
Also, the PBILDT margin improved to 18.31% in FY14 as compared with
12.11% in FY13.

Strong order book position
The company's medium term revenue visibility is strong as reflected in
outstanding order book position of INR14,307 crore as on December 31,
2014, which is 3.54 times FY14 gross sales.


INNOVATIVE TECHNOMICS: CRISIL Cuts Rating on INR60MM Loan
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Innovative
Technomics Pvt Ltd to 'CRISIL B+/Negative/CRISIL A4' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        60        CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           10        CRISIL B+/Negative (Downgraded
                                   from 'CRISIL BB+/Stable')

   Letter of Credit      20        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that ITPL's business
risk profile will remain under pressure over the medium term because
of the continued sluggish demand scenario and declining profitability
due to intensifying competition. The continued sluggishness in demand
is driven by slow project implementation by clients in the steel and
engineering sectors, thereby constraining ITPL's order book and
revenue. Consequently, the company's revenue is estimated to have
declined by about 25 per cent year-on-year to INR230 million in
2014-15 (refers to financial year, April 1 to March 31).

ITPL's profitability is also expected to remain under pressure over
the medium term on account of intensifying competition and volatility
in raw material prices. This is expected to result in a significant
decline in the company's cash accruals, leading to weakening of its
liquidity. Furthermore, the company's reliance on debt has increased
significantly as it has availed of term loans of INR120 million,
resulting in large debt obligations over the medium term. Also, its
bank lines were highly utilised, at an average of about 90 per cent
during the nine months through December 2014 due to
working-capital-intensive operations. CRISIL believes that ITPL's
liquidity will remain stretched over the medium term on account of its
low cash accruals and large debt obligations.

The ratings reflect ITPL's small scale of operations, large working
capital requirements, and the vulnerability of its operating margin to
volatility in raw material prices. The ratings also factor in the
company's below-average financial risk profile, marked by subdued debt
protection metrics. These rating weaknesses are partially offset by
ITPL's strong track record in the soft starters manufacturing
business.

Outlook: Negative

CRISIL believes that ITPL's business and financial risk profiles will
remain under pressure over the medium term owing to the muted industry
demand scenario and intensifying competition. The ratings may be
downgraded in case of a substantial decline in the company's revenue
and profitability or a stretch in its working capital cycle, leading
to deterioration in its liquidity. Conversely, the outlook may be
revised to 'Stable' if ITPL generates large net cash accruals, or if
its parent, Innoventive Industries Ltd (IIL), infuses substantial
equity or extends sizeable funding support, resulting in improvement
in ITPL's liquidity.

Incorporated in 1993, ITPL was acquired by IIL in 2012-13. ITPL
manufactures high-voltage soft starters, high-speed testing equipment,
and linear motor systems.


JAY IRON: CRISIL Reaffirms D Rating on INR98MM LT Loan
------------------------------------------------------
CRISIL's rating on the bank facilities of Jay Iron and Steels Ltd
(JISL) continues to reflect instances of delays by JISL in servicing
its debts; the delays have been caused by the company's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL D (Reaffirmed)
   Cash Credit           90         CRISIL D (Reaffirmed)
   Letter of Credit      20         CRISIL D (Reaffirmed)
   Long Term Loan        98         CRISIL D (Reaffirmed)
   Term Loan             30         CRISIL D (Reaffirmed)

JISL also has working capital intensive operations, marginal market
share and is exposed to risks related to cyclicality in the steel
industry. The company, however, benefits from its promoters'
established track record in the sponge iron industry.

Jay Iron and Steel Ltd (JISL), incorporated in September 2003,
manufactures sponge iron. The company is part of the JPM group,
promoted by the Minda family. JISL's plant is located in Rourkela,
Odisha. It started operations in September 2004 with a sponge iron
manufacturing capacity of 200 tonnes per day (tpd). The company has
also setup 1 MW solar power plant in 2011-12 under the JNNSM scheme.
Maa Samleswari Industries Pvt Ltd (MSIPL), located in Sambalpur,
Odisha, was acquired by the JPM group in 2007. MSIPL also has a sponge
iron manufacturing capacity of 200 tpd; its plant is located 200
kilometres from JISPL's plant.

For 2013-14 (refers to the financial year, April 1 to March 31), JISL
reported a net loss of INR13.6 million on net sales of INR196.9
million as against a net loss of INR17.3 million on net sales of INR
119.0 million for 2012-13.


KAMAL TIMBERS: ICRA Lowers Rating on INR19cr LOC to B+
------------------------------------------------------
ICRA has revised its long term rating on the INR6.0 crore fund based
limits of Kamal Timbers Private Limited to [ICRA]B+ from [ICRA]BB-.
ICRA has also revised its long term rating on the INR19.0 crore non
fund based limit of KTPL to [ICRA]B+ from [ICRA]BB- . The rated amount
has been enhanced to INR25.0 crore from INR20.0 crore. ICRA has also
withdrawn its short term rating of [ICRA]A4.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Facilities     6.00       [ICRA]B+; revised
   (LT Scale)                            from [ICRA]BB-(Stable)

   Letter of credit/         19.00       [ICRA]B+; revised
   buyers credit                         from [ICRA]BB-(Stable)

   Short term facilities       Nil       [ICRA]A4 Withdrawn

The rating revision is driven by an increase in KTPL's receivables in
FY 14, which has been funded through elongated payable days, resulting
in deterioration in TOL/TNW to 5.42x as on March 31, 2014 from 4.52x,
a year ago. The rating continues to factor in the company's small
scale of operations restricting economies of scale and the highly
competitive and fragmented nature of the industry that it operates in.
The ratings continue to take into account the susceptibility of the
firm's margins to fluctuations in foreign currency exchange rates due
to the company's significant dependence on imports and the moderate
financial risk profile of the company characterized by modest accruals
and weak coverage indicators with NCA/TD of 10% and DSCR of 1.36x for
FY14. However, the ratings derive comfort from the extensive
experience of the promoters, of about two decades, in the timber
trading business.

Going forward, the ability of the company to scale up its operations
while maintaining the profitability and prudent management of the
working capital cycle will remain the key rating sensitivities.

KTPL is engaged in the trading and processing of timber. It imports
timber from South East Asian countries like Singapore, Malaysia and
Hong Kong and processes it in its saw mills located at Faridabad,
Haryana and Gandhidham, Gujarat. The company's product portfolio
includes Ghana Teak, Nagpur Teak, Shisham, Hollock, etc.

Recent Results
In 2013-14, KTPL reported an operating income of INR43.4 crore and a
net profit of INR0.63 crore, as against an operating income of INR36.7
crore and a net profit of INR073 crore in the previous year.


KERALA BALERS: CARE Reaffirms B+/A4 Rating on INR14cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kerala Balers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term
   Bank Facilities                14        CARE B+/CARE A4
                                            Reaffirmed

   Short-term Bank Facilities     10        CARE A4 Reaffirmed

Rating Rationale
The ratings of Kerala Balers Private Limited (KBPL) are constrained by
the underutilization of capacity and stagnant income from operations,
as a result of weak demand in the US and Europe market, fluctuating
profit margin with history of losses and exposure to foreign currency
risk. The ratings are further constrained by the working capital
intensive nature of operations and limited pricing flexibility on
account of competition from the unorganized sector.

The ratings derive comfort from the long experience of the promoters
in the manufacturing of coir products, established market position
derived from the long track record of the company and long association
with renowned customers.

Going forward, the ability of the company to increase the size of
operation and improve profitability in the intensely competitive
industry, and manage its working capital requirements effectively will
be the key rating sensitivities.

KBPL is the flagship company of the Karan group which has interests in
manufacture of coir mats, mattings, rugs, sisal, jute and sea grass.
The Karan group was established in late 1800s by Mr Keerthi
Karunakaran and was initially engaged in coir yarn spinning. KBPL was
established in 1948 for coir yarn spinning. The other two companies in
the group are The Alleppey Company Limited (rated 'CARE B+/CARE A4')
and William Goodacre & Sons India Ltd, which are also in the same line
of business.


LASER FILAMENT: ICRA Suspends B/A4 Rating on INR9.11cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to the
fund based, non fund based and unallocated limits aggregating to
INR9.11 crore of Laser Filament Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Laser Filament Private Limited started its business operation in 1990
as a partnership concern and was subsequently incorporated as a
private limited company in 2003. In 2007, the Ladhuram family obtained
a controlling stake from the previous promoters. Subsequently, on June
8, 2007, Mr. Murarilal LaduramSaraf and Mr. Pawan Kumar Laduram Saraf
were appointed as new directors of the company. The company is engaged
in the business of manufacturing polyester texturised yarn. It has a
manufacturing facility at Karanji in Mandvi Taluka near Surat, Gujarat
with a total installed capacity of 6000 MTPA and a registered office
at Jash Textile Market in Surat.


MAHESHWAR REFOILS: ICRA Assigns B+ Rating to INR4.75cr Term Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR4.00
crore cash credit facility and INR4.75 crore term loans of Maheshwar
Refoils Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ assigned
   Term Loans            4.75        [ICRA]B+ assigned

The assigned ratings are constrained by the company's modest envisaged
scale of operations with commercial production expected to commence
from May 2015 and capital structure of the company which is expected
to remain leveraged in the medium term on account of debt funded capex
and high working capital intensive nature of planned operations. The
ratings are further constrained by highly competitive and fragmented
industry structure owing to low entry barriers and vulnerability of
the company's profitability to the adverse fluctuations in raw cotton
prices, which are subject to seasonality and crop harvest.

The ratings, however, favourably take into account past experience of
the promoters in the edible oil sector, the favourable location of the
company's manufacturing facility in Kapadwanj giving easy access to
raw material and the favourable outlook for edible oil sector.

Incorporated in December 2013, Maheshwar Refoils Private Limited
(MRPL) is a private limited company, engaged in the business of
cottonseed oil refining. The oil refining unit is located in Kapadwanj
(Gujarat) with a total installed capacity of refining 100 MT of
cottonseed oil per day. The commercial operations are expected to
commence from May 2015. The promoters of the company, Mr. Khajuromal
Mehta and Mr. Anil Menta, have more than three decades of experience
in edible oil business.

The company plans to sell its products in packed form (under the brand
'Maheshwar' and 'Mangaldeep') as well as in loose form to bulk
dealers.


METROPOLITAN INFRA: CARE Reaffirms D Rating on INR175MM NCD
-----------------------------------------------------------
CARE reaffirms rating assigned to the instrument of Metropolitan Infra
Housing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture
   (NCD)                         175        CARE D Reaffirmed

Rating Rationale
The rating assigned to the instruments of Metropolitan Infra Housing
Private Limited continues to be constrained due to pending redemption
of the NCD issue on account of which obligations currently remain
outstanding.

Metropolitan Infra Housing Private Limited (MIHPL), 84.16% subsidiary
of Gammon India Limited (GIL, rated CARE C/CARE D/CARE A4 for bank
facilities and instruments), was incorporated in 2006 by Mr. Manish
Bathija and Mr.Babubhai Patel. MIHPL had subscribed to 95.69% of
3,41,98,066 Secured Non-Convertible Debentures (NCDs) in PAL-Peugeot
Limited (PPL). PPL has since gone for liquidation and auctioned a
property (part A and part B) in Dombivli, Thane. MIHPL had bid for
this property and won Part A (135 acres) for INR601 crore and Part B
(45 acres) for INR125 crore, aggregating to total of INR726 crore for
land admeasuring 180 acres. Since, MIHPL was also a creditor of PPL to
the extent of its debenture-holding, this receivable amount was set
off against the payment due towards this auction and accordingly,
MIHPL had to pay only about INR179 crore towards acquisition of land
(after excluding principal and interest towards the outstanding NCDs).
The company plans to either develop the land or sell it after
evaluating the market conditions.

Currently, the management is proposing to sell part of the land for
repaying NCDs. The deal is in the final stage of execution and is
expected to be concluded in the near future. The proceeds will be
utilised for payment of NCDs in full and utilisation of balance
amount, if any is yet to be decided by the management.


NATIONAL AUTO: ICRA Suspends D Rating on INR10cr LT Loan
--------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR10.0 crore long
term fund based facilities of National Auto Wheels Private Limited.
ICRA has also suspended [ICRA]D rating assigned to the INR10.0 crore
short term fund based facility of NAW which is a sublimit to the long
term fund based limit. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

NAW is engaged in passenger car dealership for Tata Motors Limited.
NAW started its operations from 14th March 2011 onwards, and the
company currently operates from a rental showroom (3,146 sq. ft) in
Hadapsar region, which is one of the emerging commercial/residential
areas of Pune. NAW is managed by Mr Ashish Nagpal, having interest in
real estate, finance and auto dealership business. Mr. Nagpal has
close control over company's operations, assisted by professional and
experienced team.


ODYSSEY ADVANCED: CRISIL Ups Rating on INR80MM Cash Credit to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Odyssey Advanced Telematics Systems (OATS) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

The rating upgrade reflects CRISIL's belief that OATS will maintain a
stable business risk profile over the medium term driven by its
healthy order book, which provides revenue visibility over this
period. The upgrade also factors in the improvement in the firm's
financial risk profile, with steady accretion to reserves and capital
infusion by its promoters leading to lower gearing and moderate debt
protection metrics.

OATS's liquidity has improved as reflected in the reduction in its
average bank limit utilisation to around 90 per cent over the 12
months through January 2015, and healthy cash accruals against debt
obligations.

The rating reflects OATS's modest scale of operations in the highly
competitive civil construction industry, the firm's
working-capital-intensive operations, and its subdued financial risk
profile, marked by high gearing and modest debt protection metrics.
These rating weaknesses are partially offset by the extensive industry
experience of OATS's promoter and the firm's established relationships
with customers.

Outlook: Stable

CRISIL believes that OATS will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationships with customers. The outlook may be revised
to 'Positive' if the firm significantly scales up its operations,
while it improves its working capital cycle and capital structure.
Conversely, the outlook may be revised to 'Negative' if OATS's revenue
and profitability decline significantly, or its working capital cycle
is stretched, or if it undertakes a large debt-funded capital
expenditure programme, thereby weakening its financial risk profile,
particularly its liquidity.

OATS, set up in 1993, is a proprietorship concern of Mr. Debasis Ray.
It undertakes civil construction works for steel and aluminium
industries. The firm also provides operations and maintenance services
for the telecommunications sector.

OATS, on a provisional basis, reported a profit after tax (PAT) of
INR7 million on net sales of INR17.79 million for 2013-14 (refers to
financial year, April 1 to March 31); it had reported a PAT of INR7
million on net sales of INR183.8 million for 2012-13.


ONE AUTO: CRISIL Reaffirms B+ Rating on INR165MM Loan
-----------------------------------------------------
CRISIL's rating on the bank facility of One Auto Pvt Ltd (OAPL)
continues to reflect OAPL's modest scale of operations in the
intensely competitive automobile dealership business and its large
working capital requirements. These rating weaknesses are partially
offset by the benefits that OAPL derives from its association with
Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+').

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft     15       CRISIL B+/Stable (Reaffirmed)
   Facility

   Inventory Funding
   Facility                165      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OAPL will continue to benefit over the medium
term from its association with MSIL. The outlook may be revised to
'Positive' if OAPL registers significant increase in revenue and
profitability or improves its working capital management, thereby
improving its liquidity. Conversely, the outlook may be revised to
'Negative' if OAPL's financial risk profile weakens, most likely
because of low cash accruals, or if the company undertakes any large
debt-funded capital expenditure programme.

Incorporated in 2011 and promoted by Mr. Soham Misra and Mr. Sourav
Misra, OAPL is as an authorised dealer for sales and service of MSIL's
cars.


PARISHUDH MACHINES: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Parishudh Machines Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.50       CARE B+ Reaffirmed
   Short-term Bank Facilities    2.00       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Parishudh Machines
Private Limited (PMPL) continue to be constrained by decline in scale
of operations, low profitability margins and working capital intensive
nature of its operations. The ratings further continue to be
constrained by exposure to group companies, susceptibility of margins
to fluctuation in raw material price and subdued demand from the end
user industry.

The ratings however, continue to draw comfort from experienced
promoters and established relationship with reputed clientele.
The ability of the company to profitably scale up operations,
effective management of working capital while reducing product
concentration risk shall be the key rating sensitivities.

Parishudh Machines Private Ltd (PMPL) was incorporated on February 6,
1987 by Mr V S Goindi and Mr G S Goindi and started its commercial
operations in 1988. PMPL is engaged in manufacturing and servicing of
Computerized-Numerical-Control (CNC) turning and grinding machines and
automatic lathes with the plants being located at Ghaziabad (UP) and
Sitarganj (Uttaranchal). The manufacturing facilities of PMPL is well
equipped with modern amenities and is ISO 9001:2008 certified. This
apart, PMPL also manufactures various engineering components. PMPL is
marketing its products under the brand name 'Parishuddh'. The major
end-users of the machines manufactured by PMPL are the automobile
industry, forging industry, refrigeration industry, railways, bearing
industry, etc. PMPL is a part of the Goindi group, promoted by Mr V S
Goindi, which offers a comprehensive range of machine tools to various
industries.

For FY14 (refers to the period April 1 to March 31), PMPL achieved a
total operating income (TOI) of INR23.50 crore with PAT of INR0.25
crore as against a total operating income of INR27.31 crore with PAT
of INR0.91 crore in FY13. During FY15, the company has achieved a TOI
of around INR20 crore till February 28, 2015.


PRATITI HEALTH: CARE Reaffirms B+ Rating on INR27cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pratiti Health Educational Institutes Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Proposed Long-term Bank
   Facilities                    27.0       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Pratiti Health
Educational Institutes Pvt. Ltd. (PHEI) continues to be constrained by
its project implementation risk involved with the setting up of the
educational institute & hostel facility including yet to be achieved
financial closure for the debt, high competition from established &
upcoming educational institutes, stringent regulatory framework for
education sector in India and capital-intensive nature of business.

The rating, however, draws comfort by the presence of experienced &
qualified management, satisfactory proposed infrastructure and
positive outlook & high growth potential for the sector.

Going forward, PHEI's ability to successfully execute the project,
establish a brand name for itself amidst intense competition and
ensure adequate student intake would be the key rating sensitivities.

PHEI was incorporated in August 2008 for establishing and operating a
media & mass communication institute & hostel. The company is
currently setting up a greenfield project in Noida, Uttar Pradesh, to
start an educational institute & hostel in two phases. The institute
will be spread over an area of 2.97 acre and shall comprise modern
infrastructure with latest available technology and experienced
faculties. PHEI will be providing post-graduation, graduation, diploma
and certification courses in media & mass communication from academic
year (AY) 2017-18 with total intake capacity of 1,400 students and
will also operate a hostel having 200 rooms with a capacity of
accommodating 400 students, which will be operational by April 2016.


PRECISION ELECTRONICS: CARE Reaffirms B Rating on INR4.8cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Precision
Electronics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.80      CARE B Reaffirmed
   Long-term/Short-term Bank
   Facilities                     5.00      CARE B/CARE A4
                                            Reaffirmed

Rating Rationale
The ratings of the bank facilities of Precision Electronics Limited
(PEL) continues to be constrained by small and fluctuating trend of
its revenues largely attributable to tender-driven business, net
losses in FY14 (refers to the period April 1 to March 31) and 9MFY15,
low bargaining power with its customers, limited control over timely
execution of projects impacted by lengthy testing and approval process
and vulnerability of profitability due to high fixed overheads.

The ratings, however, continue to derive strength from the qualified
and experienced promoter, established track record of operations,
technological tie-ups with reputed international players and
comfortable capital structure.

Going forward, the ability of the company to achieve the envisaged
revenue and profitability while maintaining its capital structure and
growth in order book would be the key rating sensitivities.

Precision Electronics Limited (PEL) was incorporated in May 1979 as a
private limited concern having registered office at New Delhi. Later,
in 1989 PEL was converted into a public limited company and got listed
on Bombay Stock Exchange (BSE) in 1991. Mr Ashok Kanodia, Managing
Director and Mr Pradeep Kanodia, Executive Director are the key
promoters of PEL and both have more than three decades of experience.
PEL is engaged in the business of designing and manufacturing of
telecom transmission systems, military communication systems,
electronic warfare systems and C4I2SR systems. PEL's operations are
mainly order-based and orders are acquired through tendering process.
PEL has two manufacturing facilities located at Noida (U.P.) and
Roorkee (Uttarakhand) established in 1989 and 2007 respectively.


RADHE COTTON: ICRA Reaffirms B Rating on INR5cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating for the INR1.30 crore term loan
and INR5.00 crore cash credit facilities of Radhe Cotton & Oil
Industries.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term fund based-
   Cash Credit              5.00        [ICRA]B reaffirmed

   Long term fund based-
   Term loan                1.30        [ICRA]B reaffirmed

The ratings continue to be constrained by the firm's weak financial
profile as reflected by low profitability, leveraged capital structure
along with stretched liquidity and weak debt coverage indicators. The
ratings also take into account the low value additive nature of
operations and intense competition on account of fragmented industry
structure leading to thin profit margins. The ratings are further
constrained by vulnerability of profitability to adverse fluctuations
in raw material prices which are subject to seasonal availability of
raw cotton and government regulations on MSP and export quota.
Further, RCOI being a partnership firm, any significant withdrawals
from the capital account would affect its net worth and thereby the
gearing levels.

The ratings, however, positively factors in the long experience of the
promoters in the cotton ginning and pressing business and the
advantages arising from the firm's proximity to the raw material
sources which ensures regular and easy availability of raw cotton.
ICRA also notes the presence of the firm in oil expelling which
provides the diversification to the product profile.

Radhe Cotton and Oil Industries is established in the year 2013 as a
partnership firm by Mr. Shailesh Varmora along with six other
partners. The manufacturing plant of the firm is situated at Rajkot,
Gujarat. The firm has installed 26 ginning machines, 1 pressing
machine and 6 expellers. The commercial production of the firm has
commenced from the first week of March 2014.

Recent Results
For the year ended 31st March 2014, RCOI has reported an operating
income of INR0.75 crore and net loss of INR0.34 crore.  As per
provisional financial statement the firm has already achieved turnover
of INR36.91 crore till 15th January2015 in the current fiscal.


RADIKAL FOODS: ICRA Cuts Rating on INR970.20cr LT Loan to D
-----------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR995.20 crore
bank facilities of Radikal Foods Limited (RFL) to [ICRA]D from
[ICRA]BB.  ICRA has also downgraded the short term rating assigned to
the bank facilities of RFL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term: Fund
   Based Limits         970.20       [ICRA]D/ downgraded

   Long Term: Non-
   Fund Based Limits     25.00       [ICRA]D/downgraded

The long term bank facilities can also be availed as short term bank
facilities to the extent of INR313.00 crore, for which short term
rating will be applicable.

The rating downgrade is on account of the delays in debt servicing by
the company due to further weakening of its liquidity profile. The
liquidity position of the company has weakened since the commencement
of the paddy season from October 2014 as the company opted to increase
its paddy procurement to support its increasing scale of operations,
without availability of the requisite working capital funding.

Going forward, ability to secure enhancements in working capital
limits or manage the liquidity by operating within the available
working capital limits; and timely servicing of debt obligations will
be key rating sensitivities.

Radikal Foods Ltd. (RFL) was incorporated in June 2009 as Radikal
Overseas Pvt. Ltd. and the name of the company was subsequently
changed in November 2013 to Radikal Foods Ltd. RFL is engaged in
processing and sale of basmati rice in the export and domestic markets
under its brand Radikal. The company has a rice mill unit in Garh
Mukteshwar (Uttar Pradesh) which commenced operations from June 2010
with an installed rice processing capacity of 240 MT/day, which was
expanded to 960 MT/day in October 2013.


SAHU HYDRO: ICRA Reaffirms B+ Rating on INR18.45cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR18.45 crore fund based facility of Sahu Hydro Power Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limit-
   Term Loan             18.45        [ICRA]B+ reaffirmed

The rating reaffirmation factors in the delay in project commissioning
by 12 months on account of delay in execution of civil works which has
adversely impacted the project's ability to meet debt repayment
obligations and additional cost of INR7.10 crore incurred towards
completing the project on account of delay in completion of the
project, additional cost for diversion in the route of the project and
also due to increase in cost of evacuation infrastructure;
nonetheless, additional cost and debt servicing in the interim has
been funded through promoter funds. The rating also factors in the
limited experience of the promoters in the hydel power generation
business and absence of deemed generation clause in the PPA to cover
for risks arising on account of shortfall in water supply; any adverse
variation in water availability may impact PLF and consequently affect
the cash flows.

The rating, however, takes into consideration that the project has
achieved commercial operations in December, 2014 mitigating the
implementation risks and limited off take risk as the PPA is in place
with HPSEBL for a period of 40 years. Also, capital structure of the
project remains favourable with debt and promoter funds ratio of 0.72
times. The rating continues to factor in the project's eligibility for
capital subsidy from Ministry of New and Renewable Energy (MNRE) which
is expected to positively impact the project viability. Going forward,
the company's ability to generate enough profits to repay term loan in
a timely manner would remain key rating sensitivities going forward.

SHPPL is incorporated to develop, own and operate Kurtha and Kuril
projects of 5 MW each in Chamba district of Himachal Pradesh (HP). The
company is promoted by Indus Renewable Energy India Private Limited
(IREIPL). Indus Power and Infrastructure LLC (Indus USA), through
Indus Power & Infrastructure Mauritius (Indus Mauritius) holds stake
in IREIPL. Indus USA (holding company) is held by three Indian
promoters (combined stake of 30%), Mr. Lingareddy. Venkata Prasad, Mr.
Nagarjun Valluripalli, and Mr. Ramaraju Raudraraju and a hedge fund,
Wexford Capital LLC (Wexford) (70%). The promoters have received a
commitment of INR100 crore from Wexford to invest in various power
projects in India. The group is planning to develop 29.50 MW of hydro
power projects. SHPPL signed the Implementation Agreement (IA) for
Kurtha Project with the Government of Himachal Pradesh (GoHP) in
December 2011. The company would be carrying out the project on "Build
Own Operate & Transfer" (BOOT) basis for a period of 40 years.


SAI HEMAJA: CRISIL Reaffirms D Rating on INR250MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sai Hemaja
Aerobricks Pvt Ltd (SHAPL) continues to reflect instances of delay by
the company in servicing its term debt. The delays have been caused by
the company's weak liquidity.
                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            250         CRISIL D (Reaffirmed)

SHAPL has a limited track record of operations and is susceptible to
cyclicality inherent in the real estate industry. The company,
however, continues to benefit from its promoters' extensive industry
experience.

SHAPL, incorporated in 2008, manufactures autoclaved aerated concrete
(AAC) blocks. The company was promoted by Mr. Kilaru Puneet Prasad,
along with his mother Ms. K Padmaja and his sister Ms. K Hemanjani and
business acquaintances Mr. D B N Rao and Mr. B Ramachandra Rao. The
company is based in Hyderabad.


SATHYAM STEEL: ICRA Assigns B- Rating to INR6cr Term Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR6.00
crore proposed term loan facility and the INR4.00 crore proposed fund
based facility of Sathyam Steel Roof Structures Limited. ICRA has also
assigned the short-term rating of [ICRA]A4 to the INR10.00 crore fund
based facility and the INR6.90 crore non-fund based (sub-limit)
facilities of SSRSL. The short-term rating of [ICRA]A4 will be
applicable if the INR4.00 crore proposed fund based facility is
utilized in short-term.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Proposed Term loan
   facility                 6.00      [ICRA]B- assigned

   Proposed Fund based
   bank facility            4.00      [ICRA]B-/[ICRA]A4 assigned

   Fund based bank
   Facility                10.00      [ICRA]A4 assigned

   Non-Fund based bank     (6.90)     [ICRA]A4 assigned
   (sub-limit) facilities

The assigned ratings are constrained by the company's small scale of
operations, which limits its ability to bid for relatively large
orders, and the high competitive intensity in the industry due to the
presence of large organized players and a large number of smaller
players. The ratings are also constrained by the company's weak
financial profile characterized by low net profitability, stretched
capital structure, and weak coverage metrics. ICRA also notes that the
company's working capital intensity is high due to high inventory
holdings and debtor days; the high inventory also makes the margins
susceptible to fluctuations in raw material prices. The ratings also
consider the healthy growth in the operating income after the takeover
by the current promoters, who have demonstrated support with funding
support for capital expenditure and working capital requirements. The
ratings also take into account the favourable demand prospects for the
company's products, with the renewed focus on infrastructure
investments in India.

Incorporated in 2004, SSRSL is engaged in the business of design,
procurement, fabrication and erection of pre-engineered buildings. The
company's manufacturing facility is located at Tindivanam, Tamil Nadu.
The current promoters Mr. Hariharan Krishnan and Mr. Chellamani
Murugadurai acquired the company from the previous owner in FY2012.
The promoters are part of Traverse Group - Singapore, with interests
in international trading, construction, marine insulation, and
industrial products.

Recent results (unaudited)
During 2013-14, SSRSL reported a net profit of INR0.1 crore on an
operating income of INR22.4 crore, against a net profit of INR0.1
crore on an operating income of INR17.9 crore during 2012-13.


SENTHUR TEXTILE: CARE Reaffirms B Rating on INR7.84cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Senthur Textile Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.84       CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Senthur Textile Private
Limited (STPL) continues to be constrained by its small scale of
operations, low profitability and highly leveraged capital structure,
weak debt coverage indicators and working capital intensive nature of
operations. The rating is further constrained on account of its
presence in the highly fragmented and competitive textile industry and
susceptibility of margins to fluctuation in the prices of cotton. The
reaffirmation of ratings factor in the increase in operating income
and improvement in operating cycle along with decline in profitability
and deterioration in debt coverage indicators during FY14 (refers to
the period April 1 to March 31).

The rating however, continues to derive strength from the experienced
promoters, proximity to the textile market and government incentive
for the sector.

The ability of the company to scale up its operations, improve
profitability amidst the increasing competition in the industry,
rationalization of debt level and manage its working capital
requirements efficiently are the key rating sensitivities.

Senthur Textiles Private Limited (STPL) was incorporated in the year
1994 and promoted by Mr P J Ramkumar Rajha, who has wide experience of
more than two decades in the business of yarn production. STPL is
completely owned and managed by the family members and is engaged in
the business of production of cotton yarn. The firm procures the main
raw material, raw cotton from traders located in the states of Andhra
Pradesh, Telangana, Karnataka, Maharashtra and Gujarat and sells
cotton yarn in the form of cones to textile companies mainly located
in Erode, Chennai which is a cluster of textile business with huge
demand for cotton yarn. STPL does the sales through agents located at
Erode, Tamil Nadu and provides a credit period of 45 days to its
direct users of yarn who include several manufacturers of textiles,
etc.

The manufacturing unit is located at Rajapalyam, Tamil Nadu with an
installed capacity to produce 2000MT of yarn per annum and the company
runs in a three shift basis throughout the year.

During FY14, STPL reported a PAT of INR0.06 crore on a total operating
income of INR21.61 crore as against PAT of INR0.03 crore and a total
operating income of INR 17.59 crore in FY13.


SHIVA LOKENATH: CRISIL Suspends B- Rating on INR137MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiva Lokenath Rice Mills Pvt Ltd (SLRMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        3         CRISIL A4
   Cash Credit         137         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by SLRMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLRMPL is yet to
provide adequate information to enable CRISIL to assess SLRMPL'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'.

SLRMPL, set up in 1998, processes non-basmati rice. The company's
day-to-day activities are managed by Mr. Ranjan Paul. SLRMPL has two
milling units, with total capacity of 5020 quintals per day. It sells
its products to West Bengal state government agencies and
cooperatives.


SHRI BALAJI: ICRA Reaffirms B+ Rating on INR8cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR9.00 crore long term
fund based facilities of Shri Balaji Ginning Factory.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long Term, Fund based
   limits - Cash Credit        8.00        [ICRA]B+ reaffirmed

   Long Term, Fund based
   limits - Term Loan          1.00        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account easy availability of raw
cotton on back of favourable location and substantial experience of
the promoters in the cotton ginning industry. The rating is however
constrained by leveraged capital structure of the firm due to working
capital intensive operations and low profit margins in line with low
value add nature of business. ICRA also takes note of moderate scale
of operations and vulnerability associated with agro climatic
conditions and regulatory environment which has direct bearing on
capacity utilization and profitability of the firm.

Established in 2004, SBGF is a proprietorship concern promoted by Mr.
Aditya Goyanka. The firm is engaged in ginning and pressing of cotton
and crushing of cotton seeds. Ginning facility of the firm is located
in Hinganghat in Wardha district of Maharashtra. The plant has 36 gins
with an annual capacity of 60000 bales.


SHRINATH COTTON: ICRA Reaffirms B Rating on INR5cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR6.21 crore long term
fund-based limits and term loans of Shrinath Cotton Co. ICRA has also
assigned its [ICRA]A4 rating to the INR0.75 crore short term non fund
based limits of SCC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits       5.00        [ICRA]B; reaffirmed
   Fund Based limits       1.21        [ICRA]B; reaffirmed
   Non Fund Based limits   0.75        [ICRA]A4; assigned

ICRA's ratings continue to remain constrained by SCC's modest scale of
operations and weak financial profile characterized by high gearing
and weak debt protection metrics (gearing of 6.48 times,
OPBDITA/Interest of 1.45 times, NCA/Debt of 5% and Debt/OPBDITA of
8.72 times as on March 31, 2014). Further the rating takes into
account the vulnerability of SCC's profitability to adverse movement
in cotton prices and intense competition within the fragmented cotton
ginning industry which limits the pricing power of the players. This
apart the ratings also factor in the risks inherent to proprietorship
concerns like risk of withdrawal of capital, dissolution etc. However
the ratings favourably factor in the sustained increase in SCC's
operating income led by trading sales and improvement in its working
capital intensity led by low debtors and inventory levels (NWC/OI of
14% in 2013-14, reduced from 24% in 2012-13). The ratings continue to
draw comfort from the extensive experience of the promoters in the
cotton ginning industry and the favourable location of the ginning
unit which provides easy access to key inputs.

Established in 1994 as a proprietorship concern by Ms. Asha Agarwal,
SCC is engaged in cotton ginning and pressing, extraction of oil from
cotton seeds as well as trading in cotton and cotton seeds. The firm
set up its cotton ginning plant at Gangapur, Rajasthan in 2009 where
it undertakes ginning and pressing of cotton and established its oil
extraction plant at Gangapur in November, 2011 where it produces
refined oil from cotton seeds.

Recent Results
In 2013-14, SCC reported an operating income of INR37.99 crore with a
net profit of INR0.10 crore, as compared to an operating income of
INR29.50 crore and a net profit of INR0.06 crore in the previous year.


SIDDHI VINAYAK: CRISIL Suspends D Rating on INR180.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Siddhi
Vinayak Power Generation and Distributors Private Limited (Siddhi).

                           Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             44.5       CRISIL D
   Letter of Credit       115.0       CRISIL D
   Term Loan              180.5       CRISIL D

The suspension of ratings is on account of non-cooperation by Siddhi
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Siddhi is yet to
provide adequate information to enable CRISIL to assess Siddhi'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'

Siddhi is into generation, distribution and transmission of
electricity. It is operating a 17.46 MW gas based power project in
Surat, Gujarat, which uses natural gas as the primary fuel. Siddhi
started commercial operations on March 1, 2013 and is currently
operating at a PLF (Plant Load Factor) of 95-97 per cent.


SONA SYNTHETICS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sona Synthetics continues to
reflect its below-average financial risk profile, marked by high
gearing and below-average debt protection measures; and the firm's
modest scale of operations in a highly fragmented synthetic yarn and
fabrics industry. These rating weaknesses are partially offset by the
extensive experience of Sona Synthetics' partners in the synthetic
fabric industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        20         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sona Synthetics will continue to benefit over the
medium term from of its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves
higher-than-expected revenue and net cash accruals coupled with
significant improvement in its capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if Sona
Synthetics' capital structure deteriorates further, most likely
because of a large, debt-funded capital expenditure programme, or if
the firm's operating margin or working capital cycle deteriorate
significantly.

Update
In 2013-14 (refers to financial year, April 1 to March 31), Sona
Synthetics's revenue reduced significantly to INR 474.3 million from
INR613 million on account of a subdued business environment. Its
revenue is expected to remain in the range of INR 480 to 500 million
in 2014-15 amidst intense industry competition with presence of large
number of players. However, with increased focus on relatively
higher-margin job work related activities and the benefits from newly
set-up laser embroidery machinery; the firm's operating margin
improved to 10.7 per cent in 2013-14 from 6.6 per cent in 2012-13, and
is estimated to remain at over 10 per cent for 2014-15. CRISIL
believes that while the firm's scale of operations will continue to
remain modest; it will continue to operate at higher operating margins
at 8 to 10 per cent over the medium term.

Sona Synthetics's working capital requirements remain high as
reflected in its expected gross current assets of 220 to 230 days as
on March 31, 2015, mainly due to large inventory levels. However, the
firm receives support from creditors with payables ranging between 100
and 110 days. CRISIL believes that while the firm will continue to
improve its operating margin, incremental working capital requirements
will continue to constrain its credit risk profile over the medium
term.

Sona Synthetics's financial risk profile is marked by high gearing,
estimated at around 2.5 times as on March 31, 2015, and below average
debt protection metrics, with interest coverage ratio estimated at 1.5
times for 2014-15. However, the promoters have constantly supported
the financial profile thorough periodic capital infusion and unsecured
lending. The promoter infused INR 6 million of capital in 2013-14 to
support the rising working capital requirements. While absence of
capital expenditure plans support the financial profile; high interest
outgo and continued dependence on external borrowings constrain the
firm's below-average financial risk profile.

The firm's liquidity is adequate with expected accruals of over INR 15
million against repayment obligations of approximately INR6 million
for 2015-16. However, the firm's liquidity continues to remain highly
correlated with working capital intensive nature of operations; Sona
Synthetics's utilisation of working capital limits was high at 98 per
cent for the 5 months ended January 2015.

Set up as a partnership firm in 1999 by Mumbai (Maharashtra)-based Mr.
Nathalal Shah and family, Sona Synthetics manufactures synthetic yarn
and fabrics, including embroidered fabrics. The firm has its factory
at Bhivandi in Thane district, near Mumbai.

Sona Synthetics reported profit after tax (PAT) of INR4 million on net
sales of INR474.3 million for 2013-14 against PAT of INR3.6 million on
net sales of INR613 million for 2012-13.


SOUTH INDIAN: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
South Indian Constructions (SIC).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        40       CRISIL A4 (Reaffirmed)
   Cash Credit          125       CRISIL B+/Stable (Reaffirmed)
   Proposed Bank         20       CRISIL B+/Stable (Reaffirmed)
   Guarantee

The ratings continue to reflect the firm's modest scale of operations
in the fragmented civil construction industry, large working capital
requirements and average financial risk profile. These rating
weaknesses are partially offset by the proprietor's extensive
experience in the civil construction industry, and its moderate order
book.

Outlook: Stable

CRISIL believes that SIC will continue to benefit over the medium term
from its proprietor's extensive experience in the civil construction
industry. The outlook may be revised to 'Positive' in case the firm
scales up its operations significantly and improves its working
capital management, thereby enhancing its liquidity. Conversely, the
outlook may be revised to 'Negative' if low accruals or deterioration
in working capital management weakens its financial risk profile.

Set up in 1992, SIC undertakes civil construction contracts for
various statutory bodies of the Kerala and Tamil Nadu governments.
The operations of the firm are managed by the proprietor Mr. Vinod
Kumar.

The firm reported a net profit of INR20.44 million on contract
receipts of INR465.51 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a net profit of INR19.28 million on
contract receipts of INR370.86 million for 2012-13.


SPADS RED: CARE Revises Rating on INR6cr LT Bank Loan to B+
-----------------------------------------------------------
CARE revised the ratings assigned to the bank facilities of
Spads Red Fields Exim Private Limited.

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

Rating Rationale
The revision in the rating assigned to the bank facilities of Spads
Red Fields Exim Private Limited (SREPL) takes into account
stabilization of operations leading to higher revenue with increase in
cash accruals and moderate profit margins during FY14 (refers to the
period April 01 to March 31).

The ratings, however, continue to remain constrained by its short
track record of operations with working capital intensive nature of
business, leveraged capital structure, customer concentration risk,
susceptibility of operating margins to volatility in the input prices
on account of the trading nature of operations and foreign exchange
fluctuation risk.

The ratings continue to derive strength from the experience of the
promoters in the industry, support from group entities and reputed
customer base.

The ability of the company to scale up its operations with improvement
in profitability and rationalization of debt levels and while managing
its working capital requirement efficiently are the key rating
sensitivities.

Spads Red Fields Exim Private Limited (SREPL) was incorporated in
June, 2012 by Mr Badiga Sundeep Krishna Mohan and Mr Siddineni Rohit
Rao. The company is engaged in export of cotton and related products
like cotton, cotton linter, cotton yarn and other textile products
etc. SREPL is a 100% EOU (Export Oriented Unit); procures all its
products through domestic suppliers and exports to the customers
located at China; the company even has one of its offices at Beijing,
China. Exports to China contribute to 98% to the total revenue in
FY14. During FY14, the company has supplied around 19196.083 MT of
cotton linters and 1368.742 MT of cotton yarn. SREPL has two group
entities; Spads Textiles Limited and Jayshree Trading, which are into
similar line of business.

During FY14, SRFPL reported a PAT of INR1.17 crore on a total
operating income of INR77.62 crore as against PAT of INR0.47 crore and
a total operating income of INR15.51 crore in FY13.


SRI PRIYANKA: ICRA Reaffirms B Rating on INR12.43cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR25.00 crore
(enhanced from INR9.25 crore) bank facilities of Sri Priyanka Agro
Enterprises Private Limited at [ICRA] B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.00       [ICRA] B reaffirmed
   Term Loan              1.57       [ICRA] B reaffirmed
   Unallocated           12.43       [ICRA] B reaffirmed

The reaffirmation of rating is constrained by moderate financial
profile of the company characterized by low profitability, moderate
gearing level and weak coverage indicators; susceptibility of rice
bran to agro climatic risks; and vulnerability of demand of rice bran
oil to competition from substitutes oils. The rating is also
constrained by highly fragmented edible oil industry attributable to
low entry barriers. The rating, however, derives comfort from long
experience of the management in the edible oil industry and
established track record of the company for over two decades. The
rating also factors in the healthy increase in sales registered by the
company in FY2014 albeit on a small base and positive outlook for rice
bran oil which is considered to be a healthy alternative to other
varieties of oils.

Going forward, the ability of the company to increase its scale of
operations and improve its working capital management will be the key
rating sensitivities.

Sri Priyanka Agro Enterprises Private Limited was incorporated in the
year 1990 and is involved in extraction and refining of rice bran oil.
The plant is located in Chandra Sekhara Puram village in Nellore
district in Andhra Pradesh. The solvent extraction capacity is
200MT/day while the oil refining capacity is 50MT/day.

Recent Results

For FY2014, Sri Priyanka Agro has reported an operating income of
INR61.56 crore and a net profit of INR1.06 crore as against an
operating income of INR53.61 crore and a net profit of INR0.53 crore
for FY2013.


SRM HOTELS: CARE Reaffirms B Rating on INR42.35cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
SRM Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     42.35      CARE B Reaffirmed

Rating Rationale
The rating continues to factor in significant delays in project
implementation with cost over-run, highly leveraged capital structure
and moderate scale of operations of SRM Hotels Private Limited (SHPL).
The rating continues to derive strength from the experienced
promoters, continuous support from the promoters and other companies
of the SRM group and location advantage of all hotel properties.

Going forward, continued support from the promoter group in ensuring
timely infusion of funds would be crucial for SHPL to meet its debt
repayment obligations in the near term. It is imperative for SHPL to
complete the project without any further delay and cost over-run so as
to avoid further deterioration in its credit risk profile.

SHPL, promoted by Mr T. R. Pachamuthu in the year 1994, belongs to the
SRM group based in Chennai which has diversified interests in
educational institutions, transport services, engineering and
constructions, hotels and others. SHPL primarily owns and operates two
budget category, ie, three-star hotels in the name of SRM Hotels
(erstwhile Royal Southern Hotels) situated at Maraimalai Nagar,
Chennai, and Trichy with an aggregate capacity of 174 rooms as at the
end of March 2014. The company also operates two other hotels on lease
basis in Tuticorin and Trichy. SH is currently developing a hotel
property under five-star category with a proposed room inventory of
162 rooms at Guindy, Chennai.

During FY14, the company reported PAT of INR5.1 crore on a total
operating income of INR50.2 crore.


TACON INFRASTRUCTURE: CRISIL Ups Rating on INR58.9MM Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Tacon Infrastructure Pvt Ltd (TIPL) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable' while reaffirming its rating on the company's short-term
bank facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       420         CRISIL A4  (Reaffirmed)

   Cash Credit           50         CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit      10         CRISIL A4 (Reaffirmed)

   Overdraft Facility    50         CRISIL A4 (Reaffirmed)

   Proposed Long Term    58.9       CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Rupee Term Loan        1.1       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in TIPL's liquidity backed by
unsecured loans from its promoters and extended credit from its
suppliers and sub-contractors. The company has large working capital
requirements, marked by gross current assets (GCAs) of 287 days as on
March 31, 2014, up from 169 days as on March 31, 2013. However, the
company funded a substantial portion of its working capital
requirements through additional unsecured loans of INR36.90 million
from its promoters in 2013-14 (refers to financial year, April 1 to
March 31), and through increased payables of 64 days as on March 31,
2014, from 34 days as on March 31, 2013. As a result, its bank limit
utilisation was moderate, averaging 73 per cent, over the 12 months
through December 2014. CRISIL expects TIPL's accruals at about INR28
million as against debt obligation of INR8 million in 2015-16.

TIPL's financial risk profile remains above average, marked by a low
gearing of 0.36 times and healthy net worth of INR296 million as on
March 31, 2014. The company's debt protection measures also remain
above average, with interest coverage ratio of over 3.0 times and net
cash accruals to total debt ratio of 0.25 times in 2013-14.

The ratings reflect TIPL's working-capital-intensive operations and
exposure to risks arising from the fragmentation and competition in
the civil construction industry. These rating weaknesses are partially
offset by the company's above-average financial risk profile, marked
by low gearing and comfortable debt protection metrics, and its
promoters' extensive experience in the construction industry.
Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the medium
term from its established position in the construction industry and
its healthy order book. The outlook may be revised to 'Positive' if
the company reports large accruals, on the back of a significant
increase in its revenue, while maintaining its liquidity. Conversely,
the outlook may be revised to Negative' if TIPL's financial risk
profile, including its liquidity, weakens on the back of decline in
accruals or lengthening of working capital cycle or any large
debt-funded capital expenditure.

TIPL was originally set up in 1994 as a partnership firm, Trans Asia
Company, by Mr. Mansukhbhai Joshi, Mr. Navinchand Modha, and Mr.
Devjibhai Odedhara in Porbandar (Gujarat); the firm was reconstituted
as a private limited company with the current name in 2000. TIPL
undertakes dam and canal civil work, construction of roads and
highways, and construction of residential and other buildings.

For 2013-14, TIPL reported net profit of INR16.97 million on net sales
of INR770 million, against net profit of INR21.64 million on net sales
of INR1.23 billion for 2012-13.


TASA FOODS: ICRA Reaffirms B Rating on INR7.85cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] B to INR7.85 crore1
(earlier INR5.40 crore) term loan and 1.00 crore non fund based limits
of Tasa Foods Private Limited. ICRA has also reaffirmed the short-term
rating of [ICRA] A4 assigned to INR18.50 crore (earlier INR14.30
crore) fund based facilities of TFPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             7.85        [ICRA]B reaffirmed
   Non fund based        1.00        [ICRA]B reaffirmed
   Fund based           18.50        [ICRA]A4 reaffirmed

The ratings remain constrained by the future capital expenditure plan
for capacity expansion, which may constrain the financial flexibility
of the company going forward. The ratings also consider the moderate
financial profile of TFPL as characterized by modest scale of
operations, high gearing and moderate debt protection metrics.
Further, the ratings are constrained by the foreign exchange risk,
although the risk is partially mitigated by the hedging policies
through forward contracts. These apart, the ratings continue to take
into consideration the seasonality in operation which leads to high
working capital requirement during peak season and agro-climatic risk
associated with the availability of raw materials.

The ratings however favorably factor in the extensive experience of
promoters in fruit processing business and raw material sourcing. The
ratings also draw comfort from the positive outlook on the demand of
Indian mango pulp in the global market. Further, the ratings continue
to favourably factor in the stable nature of the food industry; the
demands for fruit products are largely steady and are unrelated to the
economic cycles.

Tasa Foods Private Limited (TFPL) was incorporated in 1999 as a
Merchant Exporting Company for the export of mango pulp. Initially,
the company was primarily engaged in procurement of mangoes, while
pulping work was outsourced to other units on job work basis. In the
year 2007-08, TFPL set up a Mango Pulp Canning unit at Chitoor, Andhra
Prdeash. Subsequently, in 2009, TFPL established aseptic packaging
unit for pulps and concentrate manufacturing unit at the same
location. TFPL primarily exports its products to countries in Europe
and Middle East; however, recently the company has also started
exporting to African countries. The total current capacity of the
plant is 14000 MTPA.

Recent results
As per the provisional results for FY2015 (9m), the company reported
PAT of INR0.79 crore on turnover of INR34.16 crore as against PAT of
INR0.61 crore on turnover of INR51.72 crore during FY2013.


UNION ENTERPRISES: ICRA Reaffirms D Rating on INR11.65cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating assigned to the INR6.40 crore
cash credit facility and INR11.65 crore (reduced from INR11.78 crore)
term loan facilities of Union Enterprises (Sachdev Steel Works Private
Limited). ICRA has also reaffirmed the [ICRA]D rating assigned to the
INR4.84 crore (enhanced from INR2.71 crore) unallocated limits of UE.
ICRA has withdrawn the short term rating of [ICRA]D outstanding on the
non-fund based bank facility of UE.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-
   Cash Credit           6.40        [ICRA]D reaffirmed

   Fund Based Limit-
   Term Loans           11.65        [ICRA]D reaffirmed

   Unallocated           4.84        [ICRA]D reaffirmed

The reaffirmation of the rating primarily takes into account UE's
unsatisfactory track record in timely servicing of debt obligations.
The rating also takes into account significant deterioration in the
financial profile of UE due to the continuous losses posted over the
last three years owing to stagnating demand and high raw-material
cost. The losses have eroded the entire net-worth of the company and
severely impacted its capital structure. The rating also factor in the
small scale of the current operations due to the low capacity
utilization of the rolling mills, and weak financial profile of the
company as characterized by negative returns from business over the
last three years which keeps the debt protection indicators depressed.
The rating also factor in the high working capital intensity of the
business due to the company's high receivable position and the
cyclical nature of the steel industry, which is going through a
difficult phase at present. The failure of the coal gasification plant
to achieve the expected process parameters has led to an increase in
the power costs. The rating, however, favourably considers the
experience of the promoters (more than three and a half decades) in
operating rolling units, and the flexibility of the company to roll
products of various specifications in accordance with market demand
due to the availability of both rebar mill and structural mill.

Union Enterprises (UE) has been in the business of manufacturing TMT
bar and rod since 1975. The production facility is located in the
Adityapur Industrial Area in Jamshedpur, Jharkhand. UE currently
produces TMT bars, where billets/pencil ingots are used as the major
raw material. The company also has a fully automated structural mill
with a capacity of 57,600 tpa. This is in addition to the existing
14,400 tpa rebar mill.

Recent Results
The company reported a net loss of INR7.46 crore on an operating
income (OI) of INR23.36 crore during 2013-14. The company had reported
a net loss of INR5.43 crore on an OI of INR27.99 crore in FY13.


UNNATI FORTUNE: CARE Reaffirms B+ Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Unnati Fortune Hotmart Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      25        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Unnati Fortune Hotmart
Private Limited (UFH) continues to be constrained by the limited
experience of the promoters in the hospitality industry, project
execution and stablisation risk associated with its debt funded
greenfield project, competition from existing hotels operating in the
region and subdued industry outlook.

The rating, however, continue to derive strength from the company's
association with Unnati Fortune Group, achievement of financial
tie-ups for the project and the location advantage of the upcoming
hotel.

Going forward, the ability of the company to complete the ongoing
project within envisaged cost and time parameters and achievement of
the projected average room rate and occupancy levels shall be the key
rating sensitivities.

UFH was established in the February, 2012 by Mr Anil Mithas and Mrs
Madhu Mithas. UFH is setting up a four star hotel in
Vaishali,Ghaziabad (Uttar Pradesh). The proposed hotel is being
developed on a land parcel of 3,902 sq. mtrs and consists of 30 rooms,
convention centre, fitness centre, restaurant and other facilities
(which include pool, terrace Garden and meditation room). The project
is expected to commence commercial operations by May, 2016.


VANI AGRO: ICRA Assigns 'B' Rating to INR49.36cr Term Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR49.36
crore term loans of Vani Agro Farms Private Limited. ICRA has also
assigned its long-term rating of [ICRA]B to the INR0.14 crore
unallocated limits of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             49.36       [ICRA]B; assigned

   Unallocated-Long
   term                   0.14       [ICRA]B; assigned

ICRA's rating factors in the execution risks for the company given
that the distillery project is in the initial stage of construction,
with only 16% of the total cost having been incurred up to February
28, 2015. While the scheduled date for commencement of operations is
April 2016, significant execution pick up is required to meet the
projected completion date. ICRA's rating also factors in the funding
risks given that the company is in negotiations with the bank
regarding the terms of sanction and the promoter's contribution is
also yet to be fully brought in. Further, given the competitive
intensity of the distillery market, the company's ability to optimally
utilize the installed capacity would be critical, as the repayments
are scheduled to commence from the first quarter of FY 2017-18. ICRA
also notes that the promoters do not have prior experience in the
alcohol industry. However, the rating favorably factors in the project
construction and management agreement that the company has entered
into with Brewforce Technologies. Further, the rating also derives
comfort from the project's favorable location- Goa, a popular tourist
destination.

Going forward, the company's ability to complete the project within
the budgeted time and cost and achieve the projected operating metrics
will be the key rating sensitivity.

VAFPL is a private limited company incorporated in 1995 and is setting
up a 24 Kilo Litres Per Day (KLPD) grain based alcohol plant and
bottling lines in Goa at an estimated project cost of INR78.12 crore,
proposed to be funded in a debt-equity ratio of 1.72x. VAFPL has been
promoted by the Delhi based Jain and Gupta families, with both
families holding an equal stake. Mr. Viney Jain, Mr Vivek jain, Mr
Ankur Gupta and Mr. Anurag Gupta are the promoter directors of the
company. The promoters have interests in hospitality, tobacco products
and real estate businesses for the past 25 years.


VIKAS KRISHI: ICRA Assigns B+ Rating to INR6cr LT Loan
------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR6.00
crore, fund based bank facilities of Vikas Krishi Sewa Kendra.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund-based
   bank facilities          6.00         [ICRA]B+, Assigned

ICRA's rating is constrained on account of VKSK's modest scale of
operations and the limited value additive nature of its operations
owing to its presence in the seeds, fertilizer and pesticides trading
businesses. Further, the rating is also constrained on account of the
seasonality of its business which imparts variability to its cash
flows, and its vulnerability to the cyclicality inherent to the
agriculture segment. The rating also takes into account its modest
debt coverage indicators, highly working capital intensive nature of
operations and the entity's constitution as a proprietorship firm,
which exposes it to risks related to capital withdrawal, dissolution
etc. The rating, however, favorably takes into account the extensive
experience of the promoters in the business with established
procurement and sales network.

Going forward, the ability of the firm to scale up its operations and
optimally manage its working capital cycle shall be the key rating
sensitivities.

VKSK is a proprietorship firm engaged in the trading of seeds,
fertilizers, pesticides, oil paints and colour. The firm is run by Mr
Kailash Khandelwal who belongs to the Khandelwal family of Sendhwa,
which has presence in agro-trading and ginning. Its group firm Hira
Cotton Fibre (rated [ICRA]B+) and Vikas Cot Fiber Pvt Ltd (rated
[ICRA]B+) are engaged in cotton ginning and pressing.

Recent Results

The firm reported a net profit of INR0.54 crore on an operating income
of INR28.50 crore in FY 2013-14, as against a net profit of INR0.50
crore on an operating income of INR30.1 crore in the previous year.
The firm reported, on a provisional basis, a net profit of INR0.81
crore in 2014-15 on an operating income of INR27.7 crore.



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


SONY CORP: Expects Lower Annual Loss as Sales Pick Up
-----------------------------------------------------
Japan Today reports that Sony Corp. on April 22 lowered its loss
forecast for the just-ended fiscal year owing to a pick up in sales
and falling costs in its home entertainment business.
The report relates that the company, which reports its annual results
this week, now expects to lose JPY126 billion in the year to March,
down from a JPY170 billion forecast in February and an eye-watering
JPY230 billion loss estimate last year.

Sony also lifted its operating income expectations to
JPY68 billion, up from JPY20 billion, and said revenue would be
JPY8.21 trillion, up from an earlier JPY8.0 trillion estimate,
according to Japan Today.

Japan Today notes that the Japanese conglomerate, which has been
undergoing a painful restructuring following years of massive losses,
credited the modest improvement to better sales in its games and music
business, and a lesser-known financial services division.

It has long struggled in the consumer electronics business that built
its global brand, losing billions of dollars in televisions over the
past decade as fierce competition from lower-cost rivals pummelled the
TV subsidiary's finances, the report states.

In March, Sony said its net profit for the three months to December
more than tripled from a year earlier. It said the gains were due to a
weak yen, increased sales of smartphones, a robust PlayStation games
console business, and strong demand for image sensors used in cameras,
adds Japan Today.

                         About Sony Corp

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'. The
Outlook has been revised to Stable from Negative.



===============
M A L A Y S I A
===============


JARING COMMUNICATIONS: Faces Liquidation
----------------------------------------
FMT News reports that Malaysia's Internet pioneer Jaring
Communications Sdn Bhd has been put under administration, nearly 30
years after taking Malaysians on to what was to become known as the
"information superhighway".

A court order was obtained putting Jaring Communications under the
care of a liquidator, said scientist and Jaring pioneer Dr. Mohamed
Awang Lah (better known as "Mal" to early Internet adopters),
according to FMT News.

In 1986 Dr. Mohamed had started the computer network as RangKoM, to
become Jaring in 1992, as a subsidiary of Mimos, the Malaysian
Institute of Microelectronic Systems, the .  It was subsequently taken
over by the Finance Ministry in 2007.

Dr. Mohamed said he was sad to hear of Jaring's sorry state, five
years after he retired as chief executive, the report notes.

"Sad because the entity that introduced internet service in Malaysia
has come to this.  Happy because a more responsible party has been
given the duty to manage it temporarily.  I hope it will be turned
around soon," the report quoted Dr. Mohamed as saying.

Malaysian Insider reported that Jaring had been bought by Utusan
Printcorp for over RM100 million last year.

Dr. Mohamed was also a senior vice-president of Mimos Berhad when the
research institute was corporatized and was responsible for managing
Jaring and supervising research and development operations in Mimos,
the report notes.



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


REGENT HOSPITALITY: In Liquidation; Staff Left High and Dry
-----------------------------------------------------------
Karoline Tuckey at Stuff.co.nz reports that staff locked out and left
unemployed when Regent Hospitality Limited, trading as Monteith's
Kapiti Junction Brewery Bar, ran dry and then went into liquidation
said they feel betrayed they had no forewarning.
However pub director Mark Parks said he kept them fully informed and
up to date of the risks to the business, the report says.

Stuff.co.nz relates that the bar closed for business suddenly in
mid-March because staff could no longer legally serve alcohol after
management failed to renew the bar's alcohol licence. The licence
expired at the end of February, the report notes.

A staff member, who asked to remain anonymous as she is now job
hunting, said of about 20 casual staff 11 had been waiting for the
planned reopening, according to the report.

"He [Parks] actually rang all the staff to say we were planning to
open on Tuesday [April 21], and were we all on board."

Any question of the bar's long term stability was never discussed, she said.

"That's why everyone hung on for a month," the report quotes the staff
member as saying.

Then on April 16 a message from Mr. Parks on a Facebook page for staff
said the company had gone into liquidation, the report relays.

"He's let us all believe that we were going to open up next week," the
report quotes the staff as saying.  "We haven't been paid for a month,
we've got staff that are struggling to pay rent and mortgages, and
he's just kept everyone hanging in there, not finding other jobs."

According the report, the staff member said Mr. Parks had "gone
underground" since the closure in March, and had not been returning
calls or texts for some time.

When contacted by the Kapiti Observer Mr. Parks replied by email to
say the decision to liquidate the company had been made "when it was
clear we were out of options," on April 16, Stuff.co.nz reports.

Mr. Parks said an application had been made to renew the alcohol
licence the day the expiry was discovered, and he had been working
with financial and hospitality experts to try to save the business,
Stuff.co.nz adds.


XERO LIMITED: 2015 Annual Loss Widens to NZ$69.5 Million
--------------------------------------------------------
The New Zealand Herald reports that Xero Limited chief executive Rod
Drury said he is still considering listing on the US stock exchange
but will wait for the "optimal time" to do so, following the release
of Xero's full year result on April 24.

"We could [list soon] but no hurry as we have plenty of capital so we
can pick the timing . . . we think we need to show more traction
before it's a slam dunk, great to have the options," the report quotes
Mr. Drury as saying. "With [$250 million] cash we have de-risked the
business and can ensure we go at the optimal time."

According to the Herald, the cloud based accounting software firm,
said its annual loss widened even as sales rose, after it increased
investment in product development, sales and marketing for future
growth.

The net loss expanded to NZ$69.5 million, or 55 cents per share, in
the year ended March 31, from NZ$35.5 million, or 29c, in the year
earlier period, the Herald discloses.

Revenue increased 78 per cent to NZ$127.2 million while operating
expenses jumped 96 per cent to NZ$167 million, the report relays.

The Herald says Xero was foregoing profits and dividends as it
invested in expanding its accounting software service to overseas
markets.

The report notes that the company estimated it had a 31 per cent stake
of the New Zealand market, 10 per cent of Australia, 2 per cent of the
UK, and less than 1 per cent of the North American market.

The Herald relates that Mr. Drury said he was expecting the loss as a
percentage of revenue to start decreasing now the company was at
scale.

"As we have so much capital, investors want to see us invest for long
term growth," Mr. Drury, as cited by the Herald, said.

"Of course [we] would love to get to profitability as soon as we can,
but not at the expense of growth.  We did our biggest hiring spurt
last year, so the loss widened, this year we can slow that down and
with our revenue growth the cost and revenue lines will cross over."

The Herald reports that Xero added 403 staff in the past year, taking
its total staff to 1,161. The company said it expected a slower rate
of employee growth this year.

According to the Herald, the company's gross margin increased to 70
per cent from 65 per cent the year earlier as the cost of revenue
declined to 30 per cent of operating revenue, from 35 per cent the
previous year.

Xero's New Zealand subscription revenue rose 41 per cent to
NZ$32.6 million as its paying customers rose 35 per cent to 138,000.

In Australia, revenue rose 104 per cent to NZ$56.5 million as
customers increased 86 per cent to 203,000 while in the UK, revenue
gained 91 per cent to NZ$19.3 million as customers advanced 77 per
cent to 83,000, the Herald discloses.

In North America, revenue rose 133 per cent to NZ$7.7 million as
customers increased 94 per cent to 35,000, the report notes.

Xero also said its US based chief financial officer, Douglas Jeffries,
is leaving to pursue other opportunities after only two months in the
role and its previous CFO Ross Jenkins will assume the role until it
finds a replacement, the Herald adds.

                         About Xero Limited

Xero Limited (NZE:XRO) -- http://www.xero.com/-- formerly Xero
Live Limited, is a New Zealand-based company.  The Company is
principally engaged in the provision of a platform for online
accounting and business services to small and medium sized
enterprises.  The Company's subsidiaries include Xero Live
Limited, Xero Live Pty Limited and Xero Trustee Limited.

                         *     *     *

Xero Limited reported net losses of NZ$7.9 million, NZ$14.44 million
and NZ$35.5 million for the years ended March 31, 2012, 2013 and 2014,
respectively.



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


PANTECH SA: Faces Being Liquidated
----------------------------------
Bahk Eun-ji at Korea Times reports that Pantech SA is expected to be
liquidated as a Seoul court did not give the go-ahead to any of three
bidders to take over the bankrupt handset maker.

The Seoul Central District Court said it assessed the three as being
incapable of reviving the loss-making company, according to Korea
Times.

The report notes that the company did not disclose the names of the
three bidders, which submitted letters of intent (LOI).

"After reviewing the LOI from the bidders, we concluded that none of
them have capability to purchase Pantech," the court said in a ruling,
the report relays.  "We have decided not to carry out any additional
sales process for the company," the court added.

The report relates that the court said the future of Pantech will be
determined through negotiations with creditors.

Options including another round of bidding or liquidation will be
considered, however, the former is unlikely as this was the third
attempt to sell the company, the report discloses.

The first bidding took place in November but fell through as there
were no prospective buyers, the report notes.

The court then sought to sell Pantech in a privately-negotiated deal
after a U.S.-based consortium expressed interest in taking over the
company early this year, the report says.  That ended in vain too.

Pantech started out as a small pager manufacturer and after early
success as a handset maker went under in 2007 as its debt increased
due to the acquisition of a local handset maker.  The company was
rescued and put under a five-year debt rescheduling program in 2007.

But its financial footing weakened again as it struggled with falling
sales from increased competition in the smartphone market dominated by
giants Samsung Electronics and Apple Inc, the report notes.

In December 2011, it ended the debt rescheduling program but a
continued drop in sales led the firm to file for court receivership in
August last year, the report adds.



=============
V I E T N A M
=============


DAI DUONG: Central Bank Buys All Shares in Loss-Making Bank
-----------------------------------------------------------
Reuters reports that Vietnam's central bank will acquire all shares in
a small, loss-making bank in Hanoi, a unit of Ocean Group Co, to
ensure the banking system's safety, the second move in less than two
months as it seeks to clean up the fragmented sector.

"The State Bank has announced its compulsory purchase of all the
shares owned by existing shareholders in Dai Duong (Ocean) Commercial
Bank," the State Bank of Vietnam said in a statement on April 25,
Reuters relays.

The takeover came after serious financial losses at Dai Duong bank and
is aimed at "preventing Dai Duong's weakness from spreading to other
banks", the statement, as cited by Reuters, said.

Commercial banks in Vietnam reported bad debts at 3.49 percent of
their outstanding loans in January 2015, up from 3.25 percent the
previous month, a state-run newspaper quoted a central banker on April
25 as saying, Reuters relays.

The central bank said VietinBank, Vietnam's biggest partly private
lender, has been appointed to join the management of Dai Duong Bank,
according to the report.

In January the central bank said it expected six to eight mergers and
acquisitions in 2015 to strengthen the industry, laden with bad debts
from real estate slump, unrestrained lending and costly investments by
state-run firms, Reuters notes.

The report notes that the central bank has also said VietinBank may
join Dai Duong Bank as part of the restructuring plan.

In early February the central bank took over the loss-making Vietnam
Construction Bank based in the Mekong Delta province of Long An and
assigned Vietcombank, Vietnam's largest listed lender by market
capitalisation, to join its management, Reuters notes.

Dai Duong ranks the 20th among nearly 40 partly private lenders in
Vietnam in terms of total assets. The bank had stopped publishing its
financial reports from the third quarter of 2014 ended September,
Reuters reports.



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


* BOND PRICING: For the Week April 20 to April 24, 2015
-------------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY       10.00   10/30/23      AUD      1.80
BOART LONGYEAR        7.00   04/01/21      USD     64.88
BOART LONGYEAR        7.00   04/01/21      USD     64.13
CML GROUP LTD         9.00   01/29/20      AUD      0.97
CRATER GOLD MI       10.00   08/18/17      AUD     38.27
EMECO PTY LTD         9.88   03/15/19      USD     73.68
FMG RESOURCES         6.88   04/01/22      USD     68.68
FMG RESOURCES         6.88   04/01/22      USD     70.26
GRIFFIN COAL M        9.50   12/01/16      USD     40.00
GRIFFIN COAL M        9.50   12/01/16      USD     40.00
KBL MINING LTD       10.00   02/16/17      AUD      0.24
MIDWEST VANADI       11.50   02/15/18      USD      5.75
MIDWEST VANADI       11.50   02/15/18      USD      5.75
STOKES LTD           10.00   06/30/17      AUD      0.45
TREASURY CORP         0.50   11/12/30      AUD     67.51


CHINA
-----

CHANGCHUN CITY        6.08   03/09/16      CNY     40.30
CHANGCHUN CITY        6.08   03/09/16      CNY     40.38
CHANGZHOU INVE        5.80   07/01/16      CNY     70.28
CHANGZHOU INVE        5.80   07/01/16      CNY     70.41
CHINA GOVERNME        1.64   12/15/33      CNY     70.69
CHINA NATIONAL        5.65   09/26/17      CNY     65.86
CLOUD LIVE TEC        6.78   04/05/17      CNY     81.00
DANYANG INVEST        6.30   06/03/16      CNY     70.41
ERDOS DONGSHEN        8.40   02/28/18      CNY     73.00
HANGZHOU XIAOS        6.90   11/22/16      CNY     70.80
HANGZHOU XIAOS        6.90   11/22/16      CNY     71.44
HEILONGJIANG H        7.78   11/17/16      CNY     71.37
HEILONGJIANG H        7.78   11/17/16      CNY     71.50
HUAIAN CITY UR        7.15   12/21/16      CNY     70.33
HUNAN CHANGDE         5.90   01/29/16      CNY     69.22
INNER MONGOLIA        7.48   05/05/18      CNY     74.68
INNER MONGOLIA        7.48   05/05/18      CNY     70.98
JIANGSU HUAIAN        5.80   12/28/15      CNY     71.44
JIANGSU HUAJIN        5.68   09/28/17      CNY     74.53
JIANGSU LIANYU        7.85   07/22/15      CNY     70.48
KUNSHAN ENTREP        4.70   03/30/16      CNY     39.90
KUNSHAN ENTREP        4.70   03/30/16      CNY     39.96
LIAOYUAN STATE        7.80   01/26/17      CNY     71.36
LIAOYUAN STATE        7.80   01/26/17      CNY     71.30
LUOHE CITY CON        6.81   03/30/17      CNY     60.98
NANJING NANGAN        6.13   02/27/16      CNY     50.10
NANJING NANGAN        6.13   02/27/16      CNY     49.61
NANJING PUBLIC        5.85   08/08/17      CNY     64.87
NANTONG STATE-        6.72   11/13/16      CNY     70.32
NANTONG STATE-        6.72   11/13/16      CNY     71.05
NINGBO CITY ZH        6.48   04/12/17      CNY     70.79
NINGDE CITY ST        6.25   10/21/17      CNY     60.51
OCEAN RIG UDW         7.25   04/01/19      USD     59.00
OCEAN RIG UDW         7.25   04/01/19      USD     61.40
PANJIN CONSTRU        7.70   12/16/16      CNY     71.76
PANJIN CONSTRU        7.70   12/16/16      CNY     70.61
QINGDAO CITY C        6.19   02/16/17      CNY     71.07
QINGZHOU HONGY        6.50   05/22/19      CNY     50.20
QINGZHOU HONGY        6.50   05/22/19      CNY     50.58
SHENGZHOU HOTE        9.20   02/26/16      CNY    107.11
TAIZHOU CITY C        6.90   01/25/17      CNY     70.32
WUXI COMMUNICA        5.58   07/08/16      CNY     50.16
WUXI COMMUNICA        5.58   07/08/16      CNY     50.10
XIANGTAN JIUHU        6.93   12/16/16      CNY     76.80
XIANGTAN JIUHU        6.93   12/16/16      CNY     70.85
YANGZHOU URBAN        5.94   07/23/16      CNY     69.82
YANGZHOU URBAN        5.94   07/23/16      CNY     70.42
YINCHUAN URBAN        6.28   03/09/17      CNY     50.69
YIYANG CITY CO        8.20   11/19/16      CNY     71.60
ZHUCHENG ECONO        7.50   08/25/18      CNY     49.17
ZIBO CITY PROP        5.45   04/27/19      CNY     60.22
ZOUCHENG CITY         7.02   01/12/18      CNY     61.43


INDONESIA
---------

BERAU COAL ENE        7.25   03/13/17      USD     55.50
BERAU COAL ENE        7.25   03/13/17      USD     67.00
DAVOMAS INTERN       11.00   12/08/14      USD     17.75


INDIA
-----

3I INFOTECH LT        5.00   04/26/17      USD     26.63
BLUE DART EXPR        9.30   11/20/17      INR     10.12
BLUE DART EXPR        9.40   11/20/18      INR     10.18
BLUE DART EXPR        9.50   11/20/19      INR     10.23
CORE EDUCATION        7.00   05/07/15      USD     10.00
COROMANDEL INT        9.00   07/23/16      INR     16.04
GTL INFRASTRUC        3.03   11/09/17      USD     30.38
INCLINE REALTY       10.85   08/21/17      INR     13.85
INCLINE REALTY       10.85   04/21/17      INR     10.65
INDIA GOVERNME        7.64   01/25/35      INR     23.29
JAIPRAKASH ASS        5.75   09/08/17      USD     74.21
JCT LTD               2.50   04/08/11      USD     21.50
MASCON GLOBAL         2.00   12/28/12      USD      3.01
ORIENTAL HOTEL        2.00   11/21/19      INR     73.20
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     39.13
AVANSTRATE INC        5.00   11/05/17      JPY     30.63
ELPIDA MEMORY         0.70   08/01/16      JPY      8.88
ELPIDA MEMORY         0.50   10/26/15      JPY      8.63
ELPIDA MEMORY         2.03   03/22/12      JPY      8.88
ELPIDA MEMORY         2.10   11/29/12      JPY      8.88
ELPIDA MEMORY         2.29   12/07/12      JPY      8.88


KOREA
-----

2014 KODIT CRE        5.00   12/25/17      KRW     28.10
2014 KODIT CRE        5.00   12/25/17      KRW     28.10
DONGBU CORP           4.00   05/03/16      KRW     63.84
DONGBU CORP           4.00   06/29/15      KRW     45.49
DONGBU STEEL C        9.50   10/16/15      KRW     74.53
EXPORT-IMPORT         0.50   11/21/17      BRL     74.04
EXPORT-IMPORT         0.50   12/22/17      BRL     73.38
HYUNDAI HEAVY         4.90   12/15/44      KRW     53.80
HYUNDAI HEAVY         4.80   12/15/44      KRW     54.82
HYUNDAI MERCHA        7.05   12/27/42      KRW     36.39
KIBO ABS SPECI       10.00   09/04/16      KRW     35.62
KIBO ABS SPECI       10.00   08/22/17      KRW     29.23
KIBO ABS SPECI       10.00   02/19/17      KRW     33.28
KIBO ABS SPECI        5.00   01/31/17      KRW     29.89
KIBO ABS SPECI        5.00   03/29/18      KRW     27.15
KIBO GREEN HI-       10.00   12/21/15      KRW     38.28
LSMTRON DONGBA        4.53   11/22/17      KRW     27.81
POSCO ENERGY C        4.72   08/29/43      KRW     67.40
POSCO ENERGY C        4.66   08/29/43      KRW     67.93
POSCO ENERGY C        4.72   08/29/43      KRW     67.27
SINBO SECURITI        5.00   06/27/18      KRW     26.76
SINBO SECURITI        5.00   06/27/18      KRW     26.76
SINBO SECURITI        5.00   02/02/16      KRW     30.20
SINBO SECURITI        8.00   02/02/16      KRW     36.35
SINBO SECURITI        5.00   01/19/16      KRW     30.55
SINBO SECURITI        5.00   09/28/15      KRW     35.75
SINBO SECURITI        5.00   10/05/16      KRW     31.79
SINBO SECURITI        5.00   10/01/17      KRW     28.55
SINBO SECURITI        5.00   10/01/17      KRW     28.55
SINBO SECURITI        5.00   10/01/17      KRW     28.55
SINBO SECURITI        5.00   08/16/16      KRW     31.53
SINBO SECURITI        5.00   08/16/17      KRW     29.11
SINBO SECURITI        5.00   08/16/17      KRW     29.11
SINBO SECURITI        5.00   02/21/17      KRW     30.26
SINBO SECURITI        5.00   02/21/17      KRW     30.26
SINBO SECURITI        5.00   03/13/17      KRW     30.04
SINBO SECURITI        5.00   03/13/17      KRW     30.04
SINBO SECURITI        5.00   07/19/15      KRW     43.90
SINBO SECURITI        5.00   07/26/16      KRW     32.53
SINBO SECURITI        5.00   07/26/16      KRW     32.53
SINBO SECURITI        5.00   03/14/16      KRW     32.75
SINBO SECURITI       10.00   12/27/15      KRW     37.73
SINBO SECURITI        5.00   12/07/15      KRW     33.73
SINBO SECURITI        5.00   08/31/16      KRW     32.13
SINBO SECURITI        5.00   08/31/16      KRW     32.13
SINBO SECURITI        5.00   08/24/15      KRW     39.08
SINBO SECURITI        5.00   06/07/17      KRW     23.63
SINBO SECURITI        5.00   07/08/17      KRW     29.50
SINBO SECURITI        5.00   07/08/17      KRW     29.50
SINBO SECURITI        5.00   06/07/17      KRW     23.63
SINBO SECURITI        5.00   06/29/16      KRW     32.87
SINBO SECURITI        4.60   06/29/15      KRW     49.18
SINBO SECURITI        4.60   06/29/15      KRW     49.18
SINBO SECURITI        5.00   05/27/16      KRW     33.27
SINBO SECURITI        5.00   05/27/16      KRW     33.27
SINBO SECURITI        9.00   07/27/15      KRW     49.56
SINBO SECURITI        5.00   09/13/15      KRW     38.72
SINBO SECURITI        5.00   09/13/15      KRW     38.72
SINBO SECURITI        5.00   10/05/16      KRW     30.24
SINBO SECURITI        5.00   01/15/18      KRW     27.92
SINBO SECURITI        5.00   01/15/18      KRW     27.92
SINBO SECURITI        5.00   12/25/16      KRW     30.33
SINBO SECURITI        5.00   12/13/16      KRW     31.01
SINBO SECURITI        5.00   03/12/18      KRW     27.29
SINBO SECURITI        5.00   03/12/18      KRW     27.29
SINBO SECURITI        5.00   02/11/18      KRW     27.48
SINBO SECURITI        5.00   02/11/18      KRW     27.48
SINBO SECURITI        5.00   01/29/17      KRW     30.51
SK TELECOM CO         4.21   06/07/73      KRW     64.23
TONGYANG CEMEN        7.30   04/12/15      KRW     70.00
TONGYANG CEMEN        7.30   06/26/15      KRW     70.00
TONGYANG CEMEN        7.50   07/20/14      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     28.74
WISEPOWER CO L        4.00   08/10/15      KRW     40.99
WOONGJIN ENERG        2.00   12/19/16      KRW     54.91


SRI LANKA
---------

HATTON NATIONA        8.00   08/29/23      LKR     70.00
SRI LANKA GOVE        5.35   03/01/26      LKR     68.83


MALAYSIA
--------

BANDAR MALAYSI        0.35   02/20/24      MYR     69.63
BANDAR MALAYSI        0.35   12/29/23      MYR     70.10
BIMB HOLDINGS         1.50   12/12/23      MYR     69.87
BRIGHT FOCUS B        2.50   01/24/30      MYR     67.72
BRIGHT FOCUS B        2.50   01/22/31      MYR     63.36
LAND & GENERAL        1.00   09/24/18      MYR      0.42
SENAI-DESARU E        0.50   12/31/38      MYR     63.37
SENAI-DESARU E        0.50   12/31/40      MYR     66.26
SENAI-DESARU E        0.50   12/31/43      MYR     69.74
SENAI-DESARU E        0.50   12/31/41      MYR     67.38
SENAI-DESARU E        0.50   12/30/39      MYR     65.06
SENAI-DESARU E        0.50   12/31/42      MYR     68.71
SENAI-DESARU E        0.50   12/30/44      MYR     70.66
SENAI-DESARU E        0.50   12/31/46      MYR     72.56
SENAI-DESARU E        0.50   12/31/47      MYR     73.43
SENAI-DESARU E        0.50   12/29/45      MYR     71.57
SENAI-DESARU E        1.35   12/31/27      MYR     58.25
SENAI-DESARU E        1.10   12/31/21      MYR     73.81
SENAI-DESARU E        1.10   06/30/22      MYR     72.15
SENAI-DESARU E        1.15   12/30/22      MYR     70.84
SENAI-DESARU E        1.15   06/30/23      MYR     69.29
SENAI-DESARU E        1.15   12/29/23      MYR     67.77
SENAI-DESARU E        1.15   06/28/24      MYR     66.28
SENAI-DESARU E        1.15   12/31/24      MYR     64.77
SENAI-DESARU E        1.15   06/30/25      MYR     63.33
SENAI-DESARU E        1.35   12/31/25      MYR     63.53
SENAI-DESARU E        1.35   06/30/26      MYR     62.20
SENAI-DESARU E        1.35   12/31/26      MYR     60.89
SENAI-DESARU E        1.35   06/30/27      MYR     59.56
SENAI-DESARU E        1.35   06/29/29      MYR     54.44
SENAI-DESARU E        1.35   12/31/29      MYR     53.36
SENAI-DESARU E        1.35   06/28/30      MYR     52.34
SENAI-DESARU E        1.35   12/31/30      MYR     51.33
SENAI-DESARU E        1.35   06/30/31      MYR     50.34
SENAI-DESARU E        1.35   06/30/28      MYR     56.95
SENAI-DESARU E        1.35   12/29/28      MYR     55.64
UNIMECH GROUP         5.00   09/18/18      MYR      1.20


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     52.84
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     68.00
BERAU CAPITAL        12.50   07/08/15      USD     74.78
BLD INVESTMENT        8.63   03/23/15      USD     11.50
BUMI CAPITAL P       12.00   11/10/16      USD     33.00
BUMI CAPITAL P       12.00   11/10/16      USD     30.18
BUMI INVESTMEN       10.75   10/06/17      USD     33.50
BUMI INVESTMEN       10.75   10/06/17      USD     30.37
ENERCOAL RESOU        6.00   04/07/18      USD     17.63
INDO INFRASTRU        2.00   07/30/10      USD      1.88
OSA GOLIATH PT       12.00   10/09/18      USD     72.25
SWIBER CAPITAL        6.50   08/02/18      SGD     72.00
SWIBER HOLDING        7.13   04/18/17      SGD     74.63
TIGER AIRWAYS         2.00#N/A Field       SGD      0.69

G STEEL PCL           3.00   10/04/15      USD      0.99
MDX PCL               4.75   09/17/03      USD     35.63


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      1.30
ADVANCED SEMIC        1.45   08/19/16      TWD      1.10
ADVANCED SEMIC        1.45   08/19/16      TWD      1.50
AGRICULTURAL B        3.28   06/30/15      TWD      3.28
AGRICULTURAL B        1.95   02/10/25      TWD      1.95
AGRICULTURAL B        1.53   10/17/22      TWD      1.53
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      1.01
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        3.00   03/21/18      TWD      3.00
BANK OF PANHSI        3.00   11/12/18      TWD      3.00
BANK OF PANHSI        3.25   11/05/16      TWD      3.25
BANK OF TAIWAN        1.70   06/27/24      TWD      1.70
BANK SINOPAC          2.18   08/18/21      TWD      2.18
BANK SINOPAC          1.85   11/04/18      TWD      1.45
BANK SINOPAC          1.80   12/09/17      TWD      1.38
BANK SINOPAC          1.65   09/18/22      TWD      1.65
BANK SINOPAC          2.05   09/30/24      TWD      2.05
BANK SINOPAC          1.95   08/18/18      TWD      1.46
BANK SINOPAC          1.53   09/18/19      TWD      1.60
BANK SINOPAC          2.70   06/23/15      TWD      1.30
BANK SINOPAC          2.90   06/23/17      TWD      2.90
BANK SINOPAC          2.80   04/29/16      TWD      2.80
BANK SINOPAC          1.92   03/11/18      TWD      1.92
CATHAY FINANCI        2.65   10/08/16      TWD      1.21
CATHAY FINANCI        3.10   12/24/15      TWD      1.17
CATHAY UNITED         1.85   05/19/24      TWD      1.85
CATHAY UNITED         1.55   04/24/20      TWD      1.55
CATHAY UNITED         1.65   08/07/22      TWD      1.84
CATHAY UNITED         1.70   05/19/21      TWD      1.70
CATHAY UNITED         1.70   04/24/23      TWD      1.90
CATHAY UNITED         1.48   06/06/19      TWD      1.48
CATHAY UNITED         1.65   06/06/22      TWD      1.80
CHAILEASE FINA        2.05   10/30/21      TWD      2.05
CHAILEASE FINA        2.30   10/30/24      TWD      2.30
CHAILEASE FINA        1.60   07/22/18      TWD      1.30
CHAILEASE FINA        1.50   06/16/19      TWD      1.41
CHAILEASE FINA        1.50   06/05/17      TWD      1.16
CHANG HWA COMM        3.10   05/19/15      TWD      0.89
CHANG HWA COMM        3.05   12/15/15      TWD      3.05
CHANG HWA COMM        1.85   04/16/24      TWD      1.85
CHANG HWA COMM        2.30   09/15/16      TWD      1.26
CHANG HWA COMM        1.65   03/11/18      TWD      1.64
CHANG HWA COMM        1.70   04/16/21      TWD      1.68
CHANG HWA COMM        1.72   03/11/21      TWD      1.72
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        1.55   08/19/18      TWD      1.40
CHENG SHIN RUB        1.40   07/18/19      TWD      1.43
CHENG SHIN RUB        1.38   09/03/15      TWD      0.88
CHENG SHIN RUB        1.38   09/03/15      TWD      1.32
CHENG SHIN RUB        1.38   09/03/15      TWD      1.32
CHINA AIRLINES        1.35   05/20/16      TWD      1.28
CHINA AIRLINES        1.35   05/20/16      TWD      1.39
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      1.35
CHINA DEVELOPM        1.42   03/30/20      TWD      1.41
CHINA DEVELOPM        1.32   03/07/17      TWD      1.19
CHINA DEVELOPM        2.00   03/01/17      TWD      1.45
CHINA DEVELOPM        1.37   05/23/18      TWD      1.37
CHINA DEVELOPM        3.40   06/18/15      TWD      3.40
CHINA DEVELOPM        1.42   03/07/19      TWD      1.39
CHINA STEEL CO        2.30   12/29/15      TWD      0.92
CHINA STEEL CO        1.95   01/23/24      TWD      1.90
CHINA STEEL CO        1.36   10/19/16      TWD      0.90
CHINA STEEL CO        1.57   10/19/18      TWD      1.21
CHINA STEEL CO        1.50   08/03/22      TWD      1.64
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        1.88   07/12/28      TWD      1.89
CHINA STEEL CO        1.60   07/12/23      TWD      1.84
CHINA STEEL CO        1.75   01/23/21      TWD      1.58
CHINA STEEL CO        1.37   08/10/19      TWD      1.66
CHINESE MARITI        1.40   06/08/17      TWD      1.13
CHINESE MARITI        1.40   06/08/17      TWD      1.40
CHINESE MARITI        1.40   06/08/17      TWD      1.35
CHINESE MARITI        1.40   06/08/17      TWD      1.39
COTA COMMERCIA        3.20   03/29/18      TWD      3.20
CPC CORP/TAIWA        1.29   11/01/17      TWD      0.98
CPC CORP/TAIWA        1.41   09/12/19      TWD      1.35
CPC CORP/TAIWA        1.41   12/22/19      TWD      1.29
CPC CORP/TAIWA        1.22   06/07/17      TWD      0.98
CPC CORP/TAIWA        1.08   10/29/15      TWD      0.50
CPC CORP/TAIWA        1.29   09/21/19      TWD    100.30
CPC CORP/TAIWA        1.60   09/22/18      TWD      1.11
CPC CORP/TAIWA        1.43   10/27/20      TWD      1.51
CPC CORP/TAIWA        1.30   07/25/18      TWD      1.13
CPC CORP/TAIWA        1.65   12/04/19      TWD      1.36
CPC CORP/TAIWA        2.60   12/15/15      TWD      0.88
CPC CORP/TAIWA        1.18   09/19/17      TWD      1.14
CPC CORP/TAIWA        1.49   10/28/18      TWD      1.14
CPC CORP/TAIWA        1.40   09/19/16      TWD      1.01
CPC CORP/TAIWA        1.85   09/12/24      TWD      1.85
CPC CORP/TAIWA        1.40   12/03/16      TWD      0.91
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        1.65   09/12/21      TWD      1.65
CPC CORP/TAIWA        1.42   09/20/22      TWD      1.70
CPC CORP/TAIWA        1.70   09/21/21      TWD      1.60
CPC CORP/TAIWA        1.75   10/28/20      TWD      1.56
CPC CORP/TAIWA        1.85   10/25/23      TWD      1.86
CPC CORP/TAIWA        1.68   12/23/21      TWD      1.60
CPC CORP/TAIWA        1.88   12/24/24      TWD      1.87
CPC CORP/TAIWA        1.36   06/08/19      TWD      1.28
CPC CORP/TAIWA        1.49   06/11/22      TWD      1.63
CTBC BANK CO L        3.10   04/25/15      TWD      0.92
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 BANK CO L        3.49   04/10/23      TWD      1.80
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        1.80   03/07/21      TWD      1.70
E.SUN COMMERCI        1.75   08/28/20      TWD      1.75
E.SUN COMMERCI        1.80   10/28/18      TWD      1.50
E.SUN COMMERCI        1.55   05/24/20      TWD      1.55
E.SUN COMMERCI        1.95   03/07/24      TWD      1.95
E.SUN COMMERCI        2.20   07/13/17      TWD      2.20
E.SUN COMMERCI        1.85   12/19/20      TWD      1.85
E.SUN COMMERCI        3.15   10/24/15      TWD      3.15
E.SUN COMMERCI        1.70   05/24/23      TWD      1.93
E.SUN COMMERCI        1.62   08/27/22      TWD      1.89
E.SUN COMMERCI        1.50   08/27/19      TWD      1.57
E.SUN COMMERCI        2.50   04/03/16      TWD      2.50
E.SUN COMMERCI        1.58   04/27/19      TWD      1.58
E.SUN COMMERCI        1.68   06/28/22      TWD      1.88
E.SUN COMMERCI        2.20   05/28/17      TWD      1.45
E.SUN COMMERCI        2.35   10/20/16      TWD      1.26
E.SUN FINANCIA        1.75   06/29/19      TWD      1.65
E.SUN FINANCIA        2.70   04/28/17      TWD      1.87
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        1.15   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        1.44   08/31/16      TWD      1.01
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        1.22   05/31/17      TWD      1.18
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        1.44   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      1.06
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         0.68   06/20/16      TWD      0.80
EXPORT-IMPORT         1.25   05/30/17      TWD      1.25
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        1.95   11/10/18      TWD      1.80
FAR EASTERN IN        2.10   11/06/20      TWD      1.81
FAR EASTERN IN        1.75   06/27/19      TWD      1.70
FAR EASTERN IN        2.98   05/18/17      TWD      2.98
FAR EASTERN IN        2.10   09/29/17      TWD      1.47
FAR EASTERN NE        1.47   08/21/19      TWD      1.41
FAR EASTERN NE        1.47   12/04/19      TWD      1.40
FAR EASTERN NE        1.30   11/26/17      TWD      1.21
FAR EASTERN NE        1.45   12/23/18      TWD      1.44
FAR EASTERN NE        1.38   02/06/20      TWD      1.38
FAR EASTERN NE        1.68   05/27/15      TWD      0.80
FAR EASTERN NE        1.35   06/07/17      TWD      1.21
FAR EASTERN NE        1.55   09/29/16      TWD      1.03
FAR EASTERN NE        1.36   02/15/17      TWD      1.08
FAR EASTERN NE        1.59   09/16/15      TWD      0.80
FAR EASTONE TE        1.17   12/24/16      TWD    100.33
FAR EASTONE TE        1.27   12/24/17      TWD      1.03
FAR EASTONE TE        1.58   10/15/18      TWD      1.61
FAR EASTONE TE        1.33   06/27/20      TWD      1.33
FAR EASTONE TE        1.58   12/24/19      TWD      1.34
FAR EASTONE TE        1.46   10/15/17      TWD      1.38
FIRST COMMERCI        2.05   03/25/25      TWD      2.05
FIRST COMMERCI        1.47   09/25/19      TWD      1.44
FIRST COMMERCI        1.59   09/25/22      TWD      1.56
FIRST COMMERCI        3.02   10/21/15      TWD      1.20
FIRST COMMERCI        3.10   06/23/15      TWD      2.95
FIRST COMMERCI        1.83   03/25/22      TWD      1.83
FIRST COMMERCI        1.72   03/30/21      TWD      1.72
FIRST COMMERCI        1.43   12/27/19      TWD      1.57
FIRST COMMERCI        1.92   09/28/17      TWD      1.59
FIRST COMMERCI        3.16   12/24/17      TWD      3.16
FIRST COMMERCI        3.00   12/24/15      TWD      3.00
FIRST COMMERCI        1.65   03/30/18      TWD      1.26
FIRST COMMERCI        1.50   09/28/17      TWD      1.36
FIRST COMMERCI        1.65   06/24/18      TWD      1.65
FIRST COMMERCI        1.72   06/24/21      TWD      1.72
FIRST FINANCIA        2.25   07/22/17      TWD      1.41
FIRST FINANCIA        1.60   07/22/15      TWD      0.90
FORMOSA CHEMIC        1.56   06/29/15      TWD      0.53
FORMOSA CHEMIC        1.29   07/26/17      TWD      1.00
FORMOSA CHEMIC        1.40   07/26/19      TWD      1.25
FORMOSA CHEMIC        1.34   01/22/20      TWD      1.50
FORMOSA CHEMIC        1.24   07/08/18      TWD      1.29
FORMOSA CHEMIC        1.81   07/04/24      TWD      1.84
FORMOSA CHEMIC        1.50   01/22/23      TWD      1.80
FORMOSA CHEMIC        1.38   10/31/16      TWD      1.16
FORMOSA CHEMIC        1.44   06/10/16      TWD      0.93
FORMOSA CHEMIC        1.51   12/07/22      TWD      1.53
FORMOSA CHEMIC        1.52   07/29/15      TWD      0.80
FORMOSA CHEMIC        1.52   07/08/23      TWD      1.54
FORMOSA CHEMIC        1.23   12/07/17      TWD      1.23
FORMOSA CHEMIC        1.36   12/07/19      TWD      1.40
FORMOSA CHEMIC        2.03   07/04/29      TWD      2.04
FORMOSA CHEMIC        1.38   07/08/20      TWD      1.45
FORMOSA PETROC        1.42   05/25/16      TWD      0.83
FORMOSA PETROC        1.33   10/14/15      TWD      0.81
FORMOSA PETROC        1.49   07/28/16      TWD    100.18
FORMOSA PETROC        1.30   06/20/17      TWD      1.01
FORMOSA PETROC        1.28   06/26/18      TWD      1.19
FORMOSA PETROC        1.90   09/12/24      TWD      1.90
FORMOSA PETROC        1.55   04/27/15      TWD      0.60
FORMOSA PETROC        1.43   09/12/19      TWD      1.37
FORMOSA PETROC        1.54   07/15/15      TWD      0.81
FORMOSA PETROC        1.99   09/12/26      TWD      1.99
FORMOSA PETROC        1.37   03/12/20      TWD      1.41
FORMOSA PETROC        1.35   07/27/17      TWD      1.11
FORMOSA PETROC        1.25   03/12/18      TWD      1.31
FORMOSA PETROC        1.41   06/26/20      TWD      1.53
FORMOSA PETROC        1.44   06/20/19      TWD      1.58
FORMOSA PETROC        1.44   07/27/19      TWD      1.47
FORMOSA PETROC        1.54   05/25/15      TWD      0.75
FORMOSA PLASTI        1.92   05/21/26      TWD      1.94
FORMOSA PLASTI        1.55   06/21/15      TWD      0.53
FORMOSA PLASTI        1.83   05/21/24      TWD      1.86
FORMOSA PLASTI        1.34   11/16/16      TWD      0.91
FORMOSA PLASTI        1.26   05/22/17      TWD      0.98
FORMOSA PLASTI        1.23   06/10/17      TWD      1.30
FORMOSA PLASTI        1.25   11/05/17      TWD      1.23
FORMOSA PLASTI        1.28   09/12/17      TWD      1.05
FORMOSA PLASTI        1.94   11/08/23      TWD      1.96
FORMOSA PLASTI        1.35   12/15/16      TWD      0.95
FORMOSA PLASTI        1.53   11/05/22      TWD      1.62
FORMOSA PLASTI        1.40   09/12/19      TWD      1.45
FORMOSA PLASTI        1.42   11/08/18      TWD      1.47
FORMOSA PLASTI        1.52   06/10/23      TWD      1.54
FORMOSA PLASTI        1.39   11/05/19      TWD      1.44
FORMOSA PLASTI        1.42   05/22/19      TWD      1.49
FUBON FINANCIA        1.56   08/23/15      TWD      0.80
FUBON FINANCIA        1.38   03/30/20      TWD      1.38
FUBON FINANCIA        1.45   08/15/19      TWD      1.30
FUBON FINANCIA        1.65   03/30/22      TWD      1.65
FUBON FINANCIA        1.60   12/18/20      TWD      1.65
FUBON FINANCIA        1.42   12/18/18      TWD      1.21
FUBON FINANCIA        1.58   08/28/20      TWD      1.58
FUBON FINANCIA        1.72   07/21/21      TWD      1.72
FUBON FINANCIA        2.60   01/28/17      TWD      1.46
FUBON FINANCIA        1.45   08/28/18      TWD      1.36
FUBON FINANCIA        1.35   08/15/17      TWD      1.06
FUBON FINANCIA        1.40   11/15/16      TWD      0.72
FUBON FINANCIA        2.60   01/27/17      TWD      1.32
FUBON FINANCIA        1.90   01/28/17      TWD      1.40
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        1.47   03/08/16      TWD      0.89
HON HAI PRECIS        1.44   04/14/20      TWD      1.42
HON HAI PRECIS        1.10   04/14/17      TWD      1.10
HON HAI PRECIS        1.23   04/14/18      TWD      1.23
HON HAI PRECIS        1.34   04/14/19      TWD      1.34
HON HAI PRECIS        1.18   08/06/15      TWD      1.20
HON HAI PRECIS        1.43   05/23/17      TWD      1.13
HON HAI PRECIS        1.43   12/27/15      TWD      0.90
HON HAI PRECIS        1.75   04/14/22      TWD      1.75
HON HAI PRECIS        1.35   12/17/16      TWD      1.16
HON HAI PRECIS        1.45   01/14/20      TWD      1.40
HON HAI PRECIS        1.17   05/21/17      TWD      1.16
HON HAI PRECIS        1.34   03/01/17      TWD     99.89
HON HAI PRECIS        1.70   05/21/21      TWD      1.70
HON HAI PRECIS        1.23   01/14/18      TWD      1.20
HON HAI PRECIS        1.95   05/21/24      TWD      1.88
HON HAI PRECIS        2.15   10/08/26      TWD      2.15
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        1.95   07/08/24      TWD      1.95
HON HAI PRECIS        1.80   01/14/22      TWD      1.80
HON HAI PRECIS        2.02   10/08/24      TWD      2.02
HON HAI PRECIS        1.45   10/18/16      TWD      1.08
HON HAI PRECIS        1.66   06/14/18      TWD      1.32
HON HAI PRECIS        1.33   01/30/18      TWD      1.20
HON HAI PRECIS        1.35   10/11/17      TWD      1.24
HON HAI PRECIS        1.37   05/21/19      TWD      1.37
HON HAI PRECIS        1.50   12/17/18      TWD      1.50
HON HAI PRECIS        1.43   06/14/16      TWD      1.09
HON HAI PRECIS        1.70   07/08/21      TWD      1.70
HON HAI PRECIS        1.85   12/17/20      TWD      1.70
HON HAI PRECIS        1.45   01/30/20      TWD      1.40
HON HAI PRECIS        1.75   03/18/21      TWD      1.74
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        2.00   03/18/24      TWD      2.00
HON HAI PRECIS        1.82   06/14/21      TWD      1.78
HSBC BANK TAIW        1.40   01/31/19      TWD      1.27
HSBC BANK TAIW        1.48   02/05/23      TWD      1.48
HSBC BANK TAIW        1.23   02/05/18      TWD      1.20
HSBC BANK TAIW        1.34   02/05/20      TWD      1.47
HSBC BANK TAIW        1.25   01/31/17      TWD      1.11
HSBC BANK TAIW        1.55   03/10/16      TWD      0.60
HUA NAN COMMER        1.43   11/06/19      TWD      1.41
HUA NAN COMMER        1.98   12/19/24      TWD      1.98
HUA NAN COMMER        1.63   12/06/18      TWD      1.52
HUA NAN COMMER        2.45   07/16/17      TWD      1.62
HUA NAN COMMER        1.83   12/19/21      TWD      1.83
HUA NAN COMMER        1.85   03/28/24      TWD      1.85
HUA NAN COMMER        1.55   11/06/22      TWD      1.55
HUA NAN COMMER        1.98   09/26/24      TWD      1.98
HUA NAN COMMER        3.20   05/16/16      TWD      3.20
HUA NAN COMMER        3.08   01/16/18      TWD      3.08
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        1.83   09/26/21      TWD      1.83
HUA NAN COMMER        1.65   11/23/20      TWD      1.65
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        2.30   10/28/18      TWD      1.80
INDUSTRIAL BAN        1.95   09/26/21      TWD      1.95
INDUSTRIAL BAN        1.85   06/26/21      TWD      1.85
INDUSTRIAL BAN        1.95   05/30/20      TWD      1.85
INDUSTRIAL BAN        1.95   03/27/21      TWD      1.94
INDUSTRIAL BAN        2.30   08/26/18      TWD      1.59
INDUSTRIAL BAN        3.20   12/28/16      TWD      2.24
INDUSTRIAL BAN        3.00   04/12/17      TWD      3.00
INDUSTRIAL BAN        1.85   08/17/19      TWD      1.83
JIH SUN INTERN        2.20   01/30/22      TWD      2.20
JIH SUN INTERN        2.18   04/30/19      TWD      2.18
KINDOM CONSTRU        1.55   08/28/19      TWD      1.55
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
KINDOM CONSTRU        1.41   06/25/17      TWD      1.41
KINDOM CONSTRU        1.60   09/26/18      TWD      1.60
LAND BANK OF T        1.98   12/25/24      TWD      1.98
LAND BANK OF T        2.80   12/29/15      TWD      1.00
LAND BANK OF T        1.72   12/26/20      TWD      1.72
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        1.64   10/20/18      TWD      1.42
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        1.55   12/26/22      TWD      1.55
LAND BANK OF T        1.50   06/26/19      TWD      1.45
LAND BANK OF T        1.55   04/13/19      TWD      1.60
LAND BANK OF T        1.53   12/15/17      TWD      1.38
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        1.53   12/24/17      TWD      1.35
MEGA INTERNATI        3.10   06/26/15      TWD      0.90
MEGA INTERNATI        1.70   03/28/21      TWD      1.70
MEGA INTERNATI        1.65   06/24/21      TWD      1.64
MEGA INTERNATI        3.00   12/23/15      TWD      1.18
MEGA INTERNATI        1.65   04/15/18      TWD      1.40
MEGA INTERNATI        3.00   09/29/15      TWD      0.95
MEGA INTERNATI        1.48   05/18/19      TWD      1.48
MEGA INTERNATI        1.62   11/24/18      TWD      1.38
NAN YA PLASTIC        1.56   08/30/15      TWD      0.75
NAN YA PLASTIC        2.04   06/24/29      TWD      2.04
NAN YA PLASTIC        1.35   11/07/16      TWD      0.95
NAN YA PLASTIC        1.45   11/11/19      TWD      1.45
NAN YA PLASTIC        1.45   08/05/18      TWD      1.24
NAN YA PLASTIC        1.27   11/12/15      TWD      0.90
NAN YA PLASTIC        1.43   06/27/16      TWD    100.15
NAN YA PLASTIC        1.40   08/05/17      TWD      1.21
NAN YA PLASTIC        1.56   06/25/15      TWD      0.86
NAN YA PLASTIC        1.36   07/04/17      TWD      1.15
NAN YA PLASTIC        2.08   12/18/25      TWD      2.10
NAN YA PLASTIC        1.45   07/04/19      TWD      1.38
NAN YA PLASTIC        1.25   09/07/17      TWD      1.17
NAN YA PLASTIC        1.36   02/25/20      TWD      1.51
NAN YA PLASTIC        1.50   02/25/23      TWD      1.52
NAN YA PLASTIC        1.37   09/07/19      TWD      1.33
NAN YA PLASTIC        1.93   11/11/24      TWD      1.93
NAN YA PLASTIC        1.98   12/18/23      TWD      1.94
NAN YA PLASTIC        1.55   08/05/20      TWD      1.43
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        3.15   06/10/15      TWD      0.90
SHANGHAI COMME        1.83   11/25/21      TWD      1.83
SHANGHAI COMME        1.48   04/10/19      TWD      1.45
SHANGHAI COMME        1.43   11/15/19      TWD      1.43
SHANGHAI COMME        1.55   11/15/22      TWD      1.55
SHANGHAI COMME        1.85   03/25/24      TWD      1.85
SHANGHAI COMME        1.70   03/25/21      TWD      1.65
SHANGHAI COMME        1.43   12/27/19      TWD      1.57
SHANGHAI COMME        1.54   05/22/19      TWD      1.60
SHANGHAI COMME        3.05   12/26/15      TWD      3.05
SHANGHAI COMME        1.50   12/15/17      TWD      1.50
SHIHLIN DEVELO        1.60   07/31/19      TWD      1.32
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        2.35   08/26/21      TWD      2.35
SUNNY BANK LTD        2.35   03/31/21      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        2.45   04/30/20      TWD      2.45
SUNNY BANK LTD        3.25   10/29/17      TWD      3.25
SUNNY BANK LTD        3.25   04/30/17      TWD      3.25
TA CHONG BANK         2.08   03/30/22      TWD      2.08
TA CHONG BANK         2.00   09/26/21      TWD      2.00
TA CHONG BANK         2.05   03/21/21      TWD      2.05
TA CHONG BANK         2.00   11/19/21      TWD      2.00
TA CHONG BANK         3.75   03/05/17      TWD      3.75
TA CHONG BANK         1.90   12/27/19      TWD      1.90
TA CHONG BANK         2.15   03/30/19      TWD      2.15
TA CHONG BANK         3.25   01/05/17      TWD      3.25
TA CHONG BANK         3.50   02/26/17      TWD      3.50
TA CHONG BANK         2.05   06/22/19      TWD      2.05
TA CHONG BANK         3.00   03/09/18      TWD      1.92
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        1.60   05/20/15      TWD      1.14
TAIPEI FUBON C        2.20   12/22/16      TWD      1.17
TAIPEI FUBON C        1.85   05/15/24      TWD      1.85
TAIPEI FUBON C        1.52   08/01/20      TWD      1.52
TAIPEI FUBON C        1.65   12/01/18      TWD      1.46
TAIPEI FUBON C        1.68   05/25/22      TWD      1.83
TAIPEI FUBON C        2.20   01/25/17      TWD      1.14
TAIPEI FUBON C        1.65   03/18/18      TWD      1.65
TAIPEI FUBON C        2.50   01/25/20      TWD      2.50
TAIPEI FUBON C        1.70   08/01/23      TWD      1.70
TAIPEI FUBON C        1.70   05/15/21      TWD      1.70
TAIPEI FUBON C        3.14   06/20/15      TWD      3.15
TAIPEI FUBON C        3.09   05/30/15      TWD      3.10
TAIPEI FUBON C        1.48   04/05/19      TWD      1.48
TAIPEI FUBON C        2.30   01/29/17      TWD      2.30
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        1.70   05/20/17      TWD      1.70
TAIPEI FUBON C        1.80   03/01/17      TWD      1.48
TAIPEI FUBON C        2.50   03/02/20      TWD      2.50
TAIPEI FUBON C        1.70   08/05/18      TWD      1.45
TAIPEI FUBON C        1.55   10/15/20      TWD      1.55
TAISHIN FINANC        2.20   08/05/18      TWD      1.61
TAISHIN FINANC        2.30   12/17/17      TWD      1.65
TAISHIN FINANC        2.00   05/15/19      TWD      1.90
TAISHIN FINANC        2.20   10/05/18      TWD      2.20
TAISHIN INTERN        1.95   05/16/24      TWD      1.95
TAISHIN INTERN        1.53   12/14/19      TWD      1.53
TAISHIN INTERN        2.65   04/12/17      TWD      2.65
TAISHIN INTERN        1.65   10/19/22      TWD      1.65
TAISHIN INTERN        1.65   12/14/22      TWD      1.65
TAISHIN INTERN        1.53   10/19/19      TWD      1.53
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        1.92   09/02/17      TWD      1.45
TAIWAN BUSINES        1.92   11/25/20      TWD      1.86
TAIWAN BUSINES        1.68   03/25/20      TWD      1.68
TAIWAN BUSINES        2.50   12/18/16      TWD      1.36
TAIWAN COOPERA        1.70   07/28/18      TWD      1.41
TAIWAN COOPERA        1.65   06/28/22      TWD      1.60
TAIWAN COOPERA        1.70   05/26/21      TWD      1.70
TAIWAN COOPERA        1.85   05/26/24      TWD      1.85
TAIWAN COOPERA        3.00   05/28/15      TWD      0.89
TAIWAN COOPERA        1.43   12/25/19      TWD      1.43
TAIWAN COOPERA        1.55   12/25/22      TWD      1.55
TAIWAN COOPERA        1.72   12/25/20      TWD      1.72
TAIWAN COOPERA        1.48   03/28/20      TWD      1.58
TAIWAN COOPERA        1.45   10/25/17      TWD      1.28
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        1.39   07/21/15      TWD      0.60
TAIWAN POWER C        1.37   04/23/19      TWD      1.21
TAIWAN POWER C        1.43   03/26/20      TWD      1.40
TAIWAN POWER C        1.50   11/22/18      TWD      1.17
TAIWAN POWER C        1.37   08/20/15      TWD      0.84
TAIWAN POWER C        1.23   12/27/16      TWD      0.89
TAIWAN POWER C        1.65   07/19/17      TWD      1.00
TAIWAN POWER C        1.78   11/20/19      TWD      1.36
TAIWAN POWER C        1.30   11/17/16      TWD      0.98
TAIWAN POWER C        1.38   06/01/15      TWD      0.48
TAIWAN POWER C        1.47   09/23/17      TWD      1.01
TAIWAN POWER C        1.75   07/21/21      TWD      1.67
TAIWAN POWER C        1.87   04/28/16      TWD      0.82
TAIWAN POWER C        1.10   12/15/17      TWD      1.10
TAIWAN POWER C        1.55   07/22/20      TWD      1.42
TAIWAN POWER C        1.35   09/26/16      TWD      1.04
TAIWAN POWER C        1.10   03/18/17      TWD      1.06
TAIWAN POWER C        2.99   09/17/15      TWD      0.65
TAIWAN POWER C        1.65   07/19/18      TWD      1.13
TAIWAN POWER C        1.64   08/20/17      TWD      1.10
TAIWAN POWER C        1.64   09/21/20      TWD      1.47
TAIWAN POWER C        1.40   05/30/19      TWD      1.42
TAIWAN POWER C        1.40   03/17/19      TWD      1.36
TAIWAN POWER C        2.02   12/15/24      TWD      2.02
TAIWAN POWER C        1.95   10/22/19      TWD      1.40
TAIWAN POWER C        1.28   05/06/18      TWD      1.12
TAIWAN POWER C        2.15   12/28/19      TWD      1.42
TAIWAN POWER C        1.55   06/28/18      TWD      1.13
TAIWAN POWER C        1.70   03/30/22      TWD      1.70
TAIWAN POWER C        1.23   04/23/17      TWD      1.08
TAIWAN POWER C        1.75   06/01/17      TWD      1.10
TAIWAN POWER C        1.95   12/30/23      TWD      1.88
TAIWAN POWER C        1.92   03/17/24      TWD      1.93
TAIWAN POWER C        1.85   04/22/20      TWD      1.50
TAIWAN POWER C        1.46   12/30/18      TWD      1.35
TAIWAN POWER C        1.69   04/22/21      TWD      1.50
TAIWAN POWER C        1.55   11/20/16      TWD      0.90
TAIWAN POWER C        1.46   12/17/17      TWD      1.02
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        1.42   10/16/19      TWD      1.42
TAIWAN POWER C        1.77   10/16/21      TWD      1.77
TAIWAN POWER C        1.10   10/16/17      TWD      1.10
TAIWAN POWER C        1.99   10/16/24      TWD      1.99
TAIWAN POWER C        1.75   07/23/23      TWD      1.76
TAIWAN POWER C        1.42   07/21/19      TWD      1.44
TAIWAN POWER C        1.98   07/21/24      TWD      1.99
TAIWAN POWER C        1.10   05/30/17      TWD      1.12
TAIWAN POWER C        1.75   05/30/21      TWD      1.69
TAIWAN POWER C        1.95   05/28/24      TWD      1.96
TAIWAN POWER C        1.94   11/22/23      TWD      1.89
TAIWAN POWER C        2.84   04/18/18      TWD      1.25
TAIWAN POWER C        2.85   11/04/15      TWD      0.60
TAIWAN POWER C        2.62   11/25/15      TWD      0.56
TAIWAN POWER C        2.99   07/21/15      TWD      0.58
TAIWAN POWER C        2.35   12/30/18      TWD      1.27
TAIWAN POWER C        2.74   06/16/15      TWD      0.84
TAIWAN POWER C        1.39   05/06/20      TWD      1.46
TAIWAN POWER C        1.53   05/03/23      TWD      1.96
TAIWAN POWER C        1.31   10/31/19      TWD      1.44
TAIWAN POWER C        1.43   10/31/22      TWD      1.42
TAIWAN POWER C        1.30   06/17/18      TWD      1.20
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        1.50   04/24/22      TWD      1.75
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        1.29   06/15/17      TWD      1.07
TAIWAN POWER C        1.43   06/15/19      TWD      1.37
TAIWAN POWER C        1.52   06/15/22      TWD      1.52
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        1.75   12/30/20      TWD      1.66
TAIWAN POWER C        1.74   03/17/21      TWD      1.74
TAIWAN POWER C        1.39   12/26/22      TWD      1.49
TAIWAN POWER C        1.45   06/17/20      TWD      1.55
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        1.46   12/15/19      TWD      1.43
TAIWAN POWER C        1.77   12/17/21      TWD      1.77
TAIWAN POWER C        1.60   12/15/20      TWD      1.52
TAIWAN POWER C        1.83   06/01/20      TWD      1.43
TAIWAN POWER C        1.75   04/23/17      TWD      1.20
TAIWAN POWER C        1.24   11/21/16      TWD      1.06
TAIWAN POWER C        1.60   04/22/18      TWD      1.36
TAIWAN POWER C        1.33   06/28/16      TWD      1.00
TAIWAN POWER C        1.64   06/28/21      TWD      1.53
TAIWAN SEMICON        1.40   09/28/16      TWD    100.85
TAIWAN SEMICON        1.29   01/11/17      TWD      0.89
TAIWAN SEMICON        1.28   08/02/17      TWD      1.04
TAIWAN SEMICON        1.35   09/25/16      TWD      1.38
TAIWAN SEMICON        1.23   01/04/18      TWD      1.17
TAIWAN SEMICON        1.28   09/26/17      TWD      0.99
TAIWAN SEMICON        1.63   09/28/18      TWD      1.12
TAIWAN SEMICON        1.38   02/06/20      TWD      1.34
TAIWAN SEMICON        1.40   08/02/19      TWD     99.59
TAIWAN SEMICON        2.10   09/25/23      TWD      2.03
TAIWAN SEMICON        1.23   02/06/18      TWD      1.17
TAIWAN SEMICON        1.46   01/11/19      TWD      1.46
TAIWAN SEMICON        1.49   01/04/23      TWD      1.62
TAIWAN SEMICON        1.35   01/04/20      TWD      1.37
TAIWAN SEMICON        1.39   09/26/19      TWD      1.39
TAIWAN SEMICON        1.34   08/09/17      TWD      1.34
TAIWAN SEMICON        1.50   07/16/20      TWD      1.40
TAIWAN SEMICON        1.50   02/06/23      TWD      1.64
TAIWAN SEMICON        1.53   10/09/22      TWD      1.53
TAIWAN SEMICON        1.52   08/09/19      TWD      1.52
TAIWAN SEMICON        1.45   09/25/17      TWD      1.47
TAIWAN SHIN KO        2.10   12/15/24      TWD      2.10
TAIWAN SHIN KO        1.85   03/30/18      TWD      1.42
TAIWAN SHIN KO        1.80   09/26/18      TWD      1.80
TAIWAN SHIN KO        1.51   12/28/19      TWD      1.51
TAIWAN SHIN KO        1.63   12/28/22      TWD      1.63
TAIWAN SHIN KO        1.95   09/26/21      TWD      1.55
TAIWAN SHIN KO        2.50   12/18/16      TWD      1.45
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         1.43   06/17/16      TWD      1.01
UNI-PRESIDENT         1.57   06/25/15      TWD      0.90
UNI-PRESIDENT         1.23   10/27/15      TWD      1.28
UNI-PRESIDENT         1.22   02/26/18      TWD      1.17
UNI-PRESIDENT         1.29   06/23/19      TWD      1.34
UNI-PRESIDENT         1.78   06/23/24      TWD      1.81
UNI-PRESIDENT         1.28   10/29/17      TWD      1.20
UNI-PRESIDENT         1.35   06/18/17      TWD      1.11
UNI-PRESIDENT         1.62   06/23/21      TWD      1.58
UNI-PRESIDENT         1.39   02/18/19      TWD      1.34
UNI-PRESIDENT         1.39   10/29/19      TWD      1.53
UNITED MICROEL        1.35   03/15/18      TWD      1.23
UNITED MICROEL        1.50   03/15/20      TWD      1.58
UNITED MICROEL        1.63   06/07/19      TWD      1.35
UNITED MICROEL        1.43   06/07/17      TWD      1.10
UNITED MICROEL        1.95   06/18/24      TWD      1.90
UNITED MICROEL        1.70   06/18/21      TWD      1.71
USI CORP              1.55   06/24/16      TWD      1.34
USI CORP              1.55   02/12/20      TWD      1.55
USI CORP              1.90   02/12/22      TWD      1.90
WAN HAI LINES         1.65   08/14/19      TWD      1.65
WAN HAI LINES         1.95   08/14/21      TWD      1.77
WAN HAI LINES         1.65   06/22/16      TWD      1.25
WAN HAI LINES         1.85   06/24/18      TWD      1.55
YANG MING MARI        1.42   05/20/15      TWD      1.45
YANG MING MARI        1.42   05/20/15      TWD      1.35
YANG MING MARI        1.30   12/27/16      TWD      1.15
YANG MING MARI        1.30   12/27/16      TWD      1.15
YANG MING MARI        2.20   11/01/18      TWD      1.90
YANG MING MARI        1.42   05/20/15      TWD      1.31
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      1.05
YANG MING MARI        1.42   05/20/15      TWD      1.23
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      1.38
YANG MING MARI        2.45   11/01/20      TWD      2.45
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   05/26/19      TWD      1.43
YUAN DING INVE        1.62   07/19/15      TWD      1.45
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        1.35   11/25/16      TWD      1.14
YUANTA COMMERC        1.75   06/27/18      TWD      1.53
YUANTA COMMERC        2.30   06/10/17      TWD      1.38
YUANTA COMMERC        1.85   08/22/18      TWD      1.55
YUANTA COMMERC        1.85   10/29/21      TWD      1.85
YUANTA COMMERC        1.95   10/27/21      TWD      1.95
YUANTA COMMERC        1.80   10/27/18      TWD      1.80
YUANTA COMMERC        1.80   09/04/21      TWD      1.80
YUANTA COMMERC        2.00   09/04/24      TWD      2.00
YUANTA FINANCI        1.50   06/29/16      TWD      1.04


THAILAND
--------

DEBT AND ASSET        1.00   10/10/25      USD     57.28




                             *********

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, Psyche A. Castillon, 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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