TCRAP_Public/150512.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, May 12, 2015, Vol. 18, No. 092


                            Headlines


A U S T R A L I A

EFFICIENT DATA: Goes Into Liquidation
HGL SERVICES: First Creditors' Meeting Slated For May 18
SAVANNAH ENGINEERS: First Creditors' Meeting Slated For May 19


C H I N A

DTS8 COFFEE: Introduces Premium Coffee for Shanghai Market
LDK SOLAR: Ordinary Scheme Creditors Paid


I N D I A

A M BREWERIES: ICRA Assigns 'B' Rating to INR10cr Term Loan
ASSAM POLYMERS: CRISIL Suspends B- Rating on INR45.6MM Term Loan
BMV EXIM: CRISIL Reaffirms 'B' Rating on INR190MM Bank Loan
BPA BUILDERS: ICRA Assigns B+ Rating to INR3r Term Loan
COASTAL ENERGEN: ICRA Reaffirms D Rating on INR5,156cr Term Loan

DAFTARI AGRO: ICRA Lowers Rating on INR9.25cr Cash Loan to B+
DELTA MSAND: CRISIL Lowers Rating on INR40MM Cash Loan to B+
DIAMOND SOLVEX: CRISIL Reaffirms B+ Rating on INR175MM Cash Loan
ELECTRONICS TECHNOLOGY: CRISIL Reaffirms 'D' INR4.03B Loan Rating
ELITE DISTILLERIES: CRISIL Suspends B+ Rating on INR400MM Loan

G. B. INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
GEM STAR: ICRA Suspends 'D' Rating on INR115.97cr ST Loan
GENPACT LIMITED: Moody's Affirms Ba1 CFR; Changes Outlook to Pos.
GOPSONS PRINTERS: CRISIL Assigns B+ Rating to INR187.9MM Loan
HIMALYA INTERNATIONAL: CRISIL Rates INR862.3MM Loan at B-

HYSON INDIA: CRISIL Assigns 'D' Rating to INR80MM Term Loan
INDRA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR80MM Loan
J HOTELS: CRISIL Suspends B+ Rating on INR337.1MM LT Loan
J-MARKS EXIM: CRISIL Suspends 'D' Rating on INR850MM Cash Credit
J-MARKS LIFESTYLES: CRISIL Suspends 'D' Rating on INR260MM Loan

JAM HOTELS: CRISIL Suspends B- Rating on INR350MM Long Term Loan
JANA PAPERS: CRISIL Assigns B+ Rating to INR48MM Cash Credit
JAY GEE: CRISIL Suspends B+ Rating on INR132.5MM Bank Loan
JBJ TECHNOLOGIES: ICRA Assigns 'B' Rating to INR7.25cr LT Loan
KANAKADHARA VENTURES: ICRA Cuts Rating on INR188cr Loan to D

MANISH FLEXIPACK: CRISIL Assigns B Rating to INR70MM Cash Loan
MULTITECH AUTO: ICRA Reaffirms B+ Rating on INR4.5cr Cash Credit
NEERAKKAL LATEX: CRISIL Assigns B Rating to INR150MM Loan
NESTER CORN: CRISIL Reaffirms 'D' Rating on INR55MM Cash Credit
PSR SILK: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit

PURAV COTTON: ICRA Reaffirms B+ Rating on INR21cr Cash Credit
RECON TECHNOLOGIES: CRISIL Ups Rating on INR90MM Cash Loan to B
RED GAS: CRISIL Suspends 'B' Rating on INR40MM Bank Loan
RR HOLIDAY: ICRA Assigns 'D' Rating to INR11cr Term Loan
SAI KRUPA: CRISIL Assigns B+ Rating to INR170MM Cash Loan

SHREE VIJAY: CRISIL Suspends B Rating on INR50MM Cash Credit
SHRI GANESH: ICRA Suspends B+ Rating on INR12cr Fund Based Loan
SMRITI APPARELS: CRISIL Rates INR2.4MM LT Loan at 'B+'
TEAMEC CHLORATES: CRISIL Suspends 'D' Rating on INR423MM Loan


J A P A N

TAKATA CORP: Posts JPY29.56BB Annual Net Loss
TOSHIBA CORP: Pulls Earnings Forecast Over Improper Accounting


N E W  Z E A L A N D

PORTFOLIO PROPERTY: Placed Into Liquidation
SOUTH CANTERBURY: Legal Eagles Hired to Explore a Claim


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: Default No Impact on Moody's Caa1 CFR


X X X X X X X X

* BOND PRICING: For the Week May 4 to May 8, 2015


                            - - - - -


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


EFFICIENT DATA: Goes Into Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Efficient Data
Communications Pty Ltd (EDC), a Sydney Catholic school IT
supplier, is set to enter liquidation, reportedly owing Westcon
Group around AUD298,000.  Andrew Cummins of BRI Ferrier was
appointed liquidator of the company on May 5, 2015, the report
discloses.

According to the report, the Cisco partner entered voluntary
administration on April 14 with reports revealing the business
owed unsecured creditors AUD1.38 million and AUD420,000 to a
secured creditor.


HGL SERVICES: First Creditors' Meeting Slated For May 18
--------------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of
HGL Services Pty Limited on May 6, 2015.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on May 18,
2015, at 11:00 a.m.


SAVANNAH ENGINEERS: First Creditors' Meeting Slated For May 19
--------------------------------------------------------------
Giovanni Maurizio Carrello and Ronald Derek Gamble of BRI Ferrier
Western Australia were appointed as administrators of Savannah
Engineers (W.A.) Pty Ltd on May 7, 2015.

A first meeting of the creditors of the Company will be held at
Adina Barrack Plaza 'Len Buckridge Room', 138 Barrack Street, in
Perth, on May 19, 2015, at 10:30 a.m.



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


DTS8 COFFEE: Introduces Premium Coffee for Shanghai Market
----------------------------------------------------------
DTS8 Coffee Company, Ltd., has introduced a special, premium
blend, of "American Roast" coffee for sale in Shanghai, China.
This "American Roast" coffee is specifically developed for the
Chinese consumer and their taste profile.  The coffees are
artisan-roasted in DTS8's roasting facility in Huzhou, Zhejiang
province, China.

Mr. Alex Liang, Chairman of DTS8 added, "this 'American Roast'
coffee is refreshingly bright with sweetness, balanced perfectly
with a smooth, chocolaty note giving it a special aged character.
The coffee has proven popular during taste testing."

Mr. Sean Tan, CEO of DTS8, commented that, "according to the
Beijing Coffee Industry Association, coffee consumption growth in
China continues to increase at an annual rate of 15%, which is
about seven times the average world growth rate, thus, making
China a very  attractive coffee market."

Effective April 30, 2015, DTS8 has relinquished its 19% equity
interest in the joint venture company, established to own and
operate Cafe De La Don Manuel branded coffee shops in China.  DTS8
does not anticipate any impact to its revenue resulting from the
change.

                         About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd.  On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.

DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008.  DTS8 Coffee's
office and roasting factory is located in Shanghai, China.  DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China.  It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.

DTS8 Coffee incurred a net loss of $2.31 million on $310,003 of
sales for the year ended April 30, 2014, as compared with a net
loss of $1.11 million on $253,790 of sales during the prior year.

As of Jan. 31, 2015, the Company had $3.48 million in total
assets, $1.07 million in total liabilities, all current, and $2.40
million in total stockholders' equity.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the Company's financial statements
for the year ended April 30, 2014, citing that the Company has
suffered recurring losses from operations, which raises
substantial doubt about its ability to continue as a going
concern.


LDK SOLAR: Ordinary Scheme Creditors Paid
-----------------------------------------
LDK Solar CO., Ltd., on May 6 disclosed that the supervisors,
Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman)
Limited, of the scheme of arrangement in respect of LDK Solar
designated April 27, 2015 as the payment date for all Ordinary
Scheme Creditors (as described in the LDK Solar Scheme) that
elected to receive a cash distribution under the LDK Solar Scheme.
The Scheme Supervisors have paid all such Ordinary Scheme
Creditors who provided settlement instructions and continue to
make cash distributions as and when further settlement
instructions are received.

The Scheme Supervisors also designated May 5, 2015 as the issue
date for all Ordinary Scheme Creditors that elected to receive
non-cash consideration under the LDK Solar Scheme.  All such
consideration has now been issued in accordance with the terms of
the LDK Solar Scheme.

As previously announced,

   -- the LDK Solar Scheme and the scheme of arrangement (the "LDK
Silicon Scheme") in respect of LDK Silicon & Chemical Technology
Co., Ltd. ("LDK Silicon") and the Hong Kong schemes of arrangement
in respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co.,
Limited (the "Hong Kong Schemes") became effective as of December
10, 2014;

   -- pursuant to the terms of the LDK Solar Scheme, the LDK
Silicon Scheme and the Hong Kong Schemes, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and LDK Silicon's preferred shareholders occurred on
December 17, 2014; and

   -- on April 21, 2015, the provisional liquidation of the
Company was brought to a successful conclusion and the joint
provisional liquidators under the LDK Solar Scheme, the LDK
Silicon Scheme and the Hong Kong Schemes, Tammy Fu and Eleanor
Fisher, both of Zolfo Cooper (Cayman) Limited, were discharged
from their duties, each pursuant to an order of the Grand Court of
the Cayman Islands.

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com/-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power projects
and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding in
the Grand Court of the Cayman Islands. The Chapter 15 case is In
re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387). The
U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq., at
Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
Sept. 17, 2014, from the holders of LDK Solar's 10% Senior Notes
due 2014, as guarantors of the Senior Notes, and required such
holders of the Senior Notes to return their ballots by Oct. 15,
2014. Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


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


A M BREWERIES: ICRA Assigns 'B' Rating to INR10cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR10.00
crore term loan facilities and the INR10.00 crore fund based
facilities of A M Breweries Private Limited. ICRA has also
assigned a short term rating of [ICRA]A4 for the INR5.00 crore non
fund based facilities of the Company.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan facilities    10.00      [ICRA]B/assigned

   Long-term fund based
   Facilities              10.00      [ICRA]B/assigned

   Short-term non fund
   based facilities         5.00      [ICRA]A4/assigned


The assigned ratings consider the strong patronage of the Accord
Group which has established presence in diversified business
segments like educational institutions, hospitality, distillery,
brewery etc and the demonstrated funding support from the
promoters and other Group entities in the past. The ratings also
draw comfort from the robust growth rate of the Tamil Nadu (TN)
liquor industry in the past decade and the limited competition
with only six other licensed beer manufacturers in the state. The
agreements with Carlsberg group for both contract manufacturing
(for sales to TASMAC) and licensed manufacturing (for export to
other nearby states) of its premium brands are expected to drive
company's revenue growth and margin expansion in the coming years.

The ratings are however constrained by the weak financial profile
characterized by net losses, high gearing and stretched coverage
indicators on account of nascent stage of operations and low
capacity utilization. The company is also prone to the inherent
regulatory risk in the TN liquor industry with TASMAC controlling
the entire supply chain from indent placement, production,
marketing, pricing and distribution, thus exposing the company's
profits to volatile price movements of the raw material inputs.
The Accord Group is currently taking efforts to amalgamate Elite
Distilleries Private Limited [rated at [ICRA]BB-(stable)/
[ICRA]A4] into AMB.

A M Breweries Private Limited was incorporated in 2010 and
commenced commercial operations at Kanchipuram (Tamil Nadu) in
December 2013. The Company has 300 hectolitres (HL) brewery and
currently has capacity to produce 10 lakh cases per month. The
Company is part of Accord Group, which is promoted by Mr.
Jagathratchagan and his family members. The Accord Group is
currently taking efforts to amalgamate Elite Distilleries Private
Limited [rated at [ICRA]BB- (stable) / [ICRA]A4] into AMB.

Recent Results
For 2014-15 (un-audited and provisional), the Company has incurred
net loss of INR12.2 crore on an operating income of INR129.4 crore
as against net loss of INR9.4 crore on an operating income of
INR12.2 crore for the four months of operations in 2013-14.


ASSAM POLYMERS: CRISIL Suspends B- Rating on INR45.6MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Assam
Polymers (AP).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             20         CRISIL B-/Stable
   Letter of Credit        40         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      44.4       CRISIL B-/Stable
   Term Loan               45.6       CRISIL B-/Stable

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

In July 2010, Mr. Pannalal Baid, Mr. Sushil Baid, Mr. Manoj Baid,
Mr. Alok Jain, and Mr. Abhay Jain established a firm, Assam
Polymers Limited Liability Partnership (LLP), and set up a project
to manufacture unbreakable polyvinyl chloride (PVC) pipes and
fittings under the brand, APL. In July 2011, the same partners
established a new partnership firm, AP, which took over the
project of Assam Polymers LLP. AP commenced operations in November
2011. The products of AP are in various dimensions, sizes,
weights, and as per different specifications are required by
various water supply and distribution projects.


BMV EXIM: CRISIL Reaffirms 'B' Rating on INR190MM Bank Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of BMV Exim Pvt Ltd (BMV)
continue to reflect BMV's weak financial risk profile, marked by
low net worth, high gearing, and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Discounting           60        CRISIL B/Stable (Reaffirmed)

   Packing Credit        90        CRISIL A4 (Reaffirmed)

   Proposed Long Term   190        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The ratings also factor in the company's small scale of operations
and working-capital-intensive operations. These rating weaknesses
are partially offset by the benefits that BMV receives from the
extensive experience of its promoters in the ready-made garments
industry, and their funding support.
Outlook: Stable

CRISIL believes that BMV will continue to benefit over the medium
term from the extensive experience of its promoters in the ready-
made garments industry; however, its financial risk profile may
remain weak over this period on account of low profitability and
large working capital requirements. The outlook may be revised to
'Positive' if ramp-up in scale of operations and improved
profitability results in stronger cash accruals, liquidity and
capital structure for BMV. Conversely, the outlook may be revised
to 'Negative' if the liquidity weakens, most likely due to
sizeable borrowings to fund working capital requirements or
capital expenditure.

Incorporated in 2007, BMV is promoted by Mr. Bharat Bhusan Jain
and Mr. Brij Mohan Bajaj. The company manufactures ready-made
garments, such as T-shirts, track suits, shirts, and trousers for
men and pullovers for women, largely for export to the Middle-
East.

BMV reported a profit after tax (PAT) of INR1.0 million on net
sales of INR794.6 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR3.3 million on net sales
of INR972.0 million for 2012-13.


BPA BUILDERS: ICRA Assigns B+ Rating to INR3r Term Loan
-------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR3 crore
proposed term loan and INR2 crore unallocated limits of BPA
Builders & Developers (BPA).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan (Proposed)        3           [ICRA]B+; Assigned

   Unallocated Limits     2           [ICRA]B+; Assigned

The assigned rating takes into account the limited track record of
the partners of BPA in the real estate business, the exposure of
the entity to market risks with sale for a large part of the
project pending and the susceptibility of the project to funding
risks with bank debt yet to be tied up. ICRA notes that with a
part of the project cost to be funded by customer advances, which,
being contingent on timing of bookings and collections from
customers, further aggravates the funding risks. Moreover, given
the low bookings (~29%) achieved thus far, BPA's ability to ramp
up collection efficiency will be critical to mitigate the risk to
a large extent. The rating also takes note of BPA's exposure to
significant property concentration risks, with cash inflows over
the medium term being solely dependent on this single property
'Laxmi Heights', and its status as a partnership firm that makes
it vulnerable to the risks of capital withdrawal. The rating also
takes into consideration the construction of the project which is
progressing as per schedule, with around 50% of the project cost
having been incurred till date and the low land acquisition cost
of the project, which results in low project cost and therefore
strengthens the competitive position of the project. Moreover,
majority of the necessary approvals for the project have been
obtained, thereby largely mitigating regulatory risks. In ICRA's
opinion, BPA's ability to successfully execute the ongoing project
within the budgeted costs and time, improve its sales momentum,
and ensure timely collections from bookings, would be key rating
sensitivities going forward.

Incorporated in July 2013, BPA Builders & Developers is a
partnership firm engaged in the development of a residential
project, 'Laxmi Heights', in Dhimrapur Road, Raigarh,
Chhattisgarh. The project comprises of developing one tower of six
storeys having 48 units with a total saleable area of 68,370
sq.ft. The construction for the project commenced in July 2014.
The project is expected to be completed by December' 2015.


COASTAL ENERGEN: ICRA Reaffirms D Rating on INR5,156cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of Coastal Energen
Private Limited (CEPL) at [ICRA]D for INR5156.00 crore (enhanced
from INR3438.00 crore) fund based facilities.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans          5,156.00     [ICRA]D; reaffirmed

The rating reaffirmation factors in continued delays in interest
servicing of the company owing to significant time over runs faced
in the commissioning of the project, which was due to delay in the
sanction of debt for cost overruns by the lenders, infusion of
equity and disbursement of bank debt. However, ICRA notes that the
a major part of debt (85%) for funding cost overrun pertaining to
unit-2 (600 MW) has been sanctioned and a major part of interest
dues have been cleared as on March 31, 2015. Unit -2 continues to
be exposed to project execution risk given that timely infusion of
equity remains critical for project implementation. The rating
also takes into account the moderate off-take risk associated with
unit 2 as 43% of the power capacity is yet to be tied up. CEPL's
cost competitiveness would also remain exposed to fluctuations in
international coal prices given the dependence on imported coal
and the structure of the Coal Supply Agreement (CSA), which
permits price fluctuations to be passed to CEPL for around 80% of
the supply as per CERC escalation index. While ICRA draws comfort
from the commencement of operations of Unit 1 from December, 2014,
the delay in the commencement is likely to impact the principal
repayments starting June, 2015 onwards. ICRA also takes note of
limited fuel risk with the CSA in place with Coal & Oil Company
DMCC (C&O) and also the presence of back to back contracts of C&O
with Indonesian mining companies for the same. Further, long term
Power Purchase Agreements (PPA) in place for 600 MW with TANGEDCO
(Tamil Nadu Generation and Distribution Corporation Limited) for
Unit 1 with timely receipt of payments and 219 MW with industrial
customers at remunerative tariffs for Unit 2 is also a source of
comfort.

Going forward, the ability of the company to service the debt
obligations in a timely manner and commencement of the project
(Unit 2) without further delays are the key rating sensitivities.

Coastal Energen Private Limited is an special purpose vehicle
(SPV) promoted by Mr. Ahmed Buhari (promoter of the Coal & Oil
Group) for the development of a 1200 MW imported coal based
thermal power plant at Tuticorin in Tamil Nadu. The Coal & Oil
Group is a Dubai based energy conglomerate which operates as an
integrated fuel solution provider with interests in coal trading,
technical consultancy for fuel sourcing, handling, shipping,
logistics etc. The flagship company of the group is Coal & Oil
Company DMCC (C&O). In India, the Group operates through Coastal
Energy Private Limited; CEPL together with C&O, supplies approx 9
million tonnes of coal to various customers in India. Coal is
generally procured by C&O through short term purchase agreements
with major coal suppliers like Anglo Coal, Xstrata, BHP Billiton
as well as through long term supply arrangements with mines in
Australia/Indonesia.

The total revised project cost for CEPL of INR7820.00 crore
(increased from earlier INR6822.89 crore is funded through
debt/equity of 80:20. Unit-1 of 600 MW has commenced operations
from December, 2014 and unit-2 is expected to achieve CoD by
September, 2015.


DAFTARI AGRO: ICRA Lowers Rating on INR9.25cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revoked the suspension and revised the long-term rating
assigned to the INR9.25 crore (enhanced from INR7.50 crore) fund
based bank facilities of Daftari Agro Private Limited (DAPL) to
[ICRA]B+ from [ICRA]BB-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     9.25         Revised to [ICRA]B+
   (Cash Credit/Term                  from [ICRA]BB- (Stable)
   Loan)

The rating revision factors in the deterioration in the financial
profile of the company on account of rise in working capital
requirements, leading to increase in the gearing levels, along
with weak debt coverage indictors stemming from low profitability
levels. The rating also factors in the high geographic
concentration risks due to its dependence on Maharashtra for the
bulk of its revenues and exposure to uncertain agro-climatic
conditions and the high competitive intensity of the industry.
Nonetheless, the rating draws comfort from long standing
experience of the promoters in the seed industry, the diversified
product portfolio backed by extensive research and development,
and the high growth potential of the hybrid seed industry in
India.

Incorporated in 1994, Daftari Agro Private Limited was promoted by
the Daftari family based out of Wardha, Maharashtra. The company
is engaged in the cultivation, breeding, processing, cleaning,
grading and preservation of certified seeds -- such as oil seeds,
soya bean seeds, pulses seeds, paddy seeds, hybrid cotton seeds,
wheat seeds, vegetable seeds, maize seeds and fodder seeds. The
seeds are then supplied to distributors under the brand name,
'Daftari', across the country.

During the financial year 2014, the company reported a profit
after tax of INR0.34 crore on an operating income of INR55.10
crore, as compared to a profit after tax of INR0.38 crore on an
operating income of INR47.39 crore during the previous financial
year.


DELTA MSAND: CRISIL Lowers Rating on INR40MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Delta Msand Pvt Ltd (DMPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Long Term Loan        25        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that DMPL's
liquidity will remain under pressure over the medium term owing to
its working-capital-intensive operations. The substantial increase
in the company's scale of operations in 2014-15 (refers to
financial year, April 1 to March 31) has led to large incremental
working capital requirements, which have been funded extensively
through bank lines. Furthermore, DMPL is likely to generate annual
cash accruals of INR36 million to INR43 million over the medium
term, against annual debt obligations of around INR30 million,
leading to continued reliance on external debt to meet its working
capital requirements.

The rating reflects DMPL's below-average financial risk profile,
and its susceptibility to intense competition in the fragmented
industrial sands market and to regulatory changes. These rating
weaknesses are partially offset by the extensive experience of
DMPL's promoters in the sand manufacturing segment and the
company's established customer relationships.
Outlook: Stable

CRISIL believes that DMPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, resulting in a substantial increase in
its cash accruals and an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
DMPL's revenue and profitability margins are below expectations,
or if its working capital cycle stretches significantly.

Incorporated in 2011 and based in Thiruvananthapuram, DMPL
manufactures sand and processes granite. Its day-to-day operations
are managed by its promoter-director Mr. Thomas Philip.


DIAMOND SOLVEX: CRISIL Reaffirms B+ Rating on INR175MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Diamond Solvex Pvt Ltd
(DSPL) continues to reflect DSPL's weak financial risk profile,
driven by large working capital requirements, small scale of
operations, low operating margin, and susceptibility to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the rice bran oil extraction business.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           175      CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      6.8    CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     45.7    CRISIL B+/Stable (Reaffirmed)
   Term Loan              22.5    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DSPL's financial risk profile will remain
weak, with high gearing and weak debt protection metrics over the
medium term. The outlook may be revised to 'Positive' if the
company significantly improves its profitability, while
efficiently managing its working capital cycle, leading to a
substantial increase in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in DSPL's capital structure or pressure
on its profitability.

Update
DSPL is likely to have reported revenue of INR1.1 billion to
INR1.2 billion for 2014-15 (refers to financial year, April 1 to
March 31). The company's operating margin is estimated at about
3.5 per cent for the year, in line with the past trend. Its
revenue is expected to grow at a modest rate with a sustained
operating margin, over the medium term.

DSPL's operations are moderately working capital intensive as
reflected in its estimated gross current assets (GCAs) at around
80 days as on March 31, 2015. The GCAs include inventory of around
55 days and a receivables cycle of 16 days. As a result, the
company's average bank limit utilisation has been high, at around
97 per cent on average during the 12 months through December 2014.

The company's net worth is estimated to have remained small
between INR35 million and INR40 million, as on March 31, 2015.
DSPL has contracted substantial debt for funding its working
capital requirements; this, coupled with a moderate net worth, is
likely to have led to high gearing of around 5.52 times as on
March 31, 2015. The gearing is expected to remain high over the
medium term on account DSPL's working-capital-intensive
operations.

Incorporated by the Jain family. The company primarily extracts
rice bran oil. DSPL sells rice bran oil as well as de-oiled cake,
which is a by-product of the oil extraction process. The company
also extracts sunflower oil, but only selectively for three months
every year.


ELECTRONICS TECHNOLOGY: CRISIL Reaffirms 'D' INR4.03B Loan Rating
-----------------------------------------------------------------
CRISIL has reaffirmed its rating outstanding on the long term bank
facilities of Electronics Technology Parks, Kerala (ETP ' Kerala)
at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan       1,894.4       CRISIL D (Reaffirmed)

   Proposed Long Term   4,039.4       CRISIL D (Reaffirmed)
   Bank Loan Facility

The rating reflects instances of delay by ETP'Kerala in meeting
its debt servicing obligations. These delays have been on account
of the company's weak liquidity. There has been delay in receipt
of grant from the Government of Kerala (GoK), thereby adversely
impacting the company's liquidity position. Going forward, ETP-
Kerala's liquidity will remain the key rating sensitivity factor.

ETP-Kerala has a healthy business risk profile supported by its
established brand name and support from the GoK. However, the
company's financial risk profile is constrained due to large debt
contracted for its on-going projects and weak liquidity.

ETP'Kerala was promoted by the GoK in 1993. It is India's first
technology park, and among the three largest information
technology (IT) parks in India. This is the first technology park
to be assessed at Capability Maturity Model Integration Level 4,
and to obtain International Standards Organisation (ISO) 9001:2000
certifications.

As of now, Technopark has 300 companies in IT and ITES sector with
around 46,000 employed in various sectors. Technopark houses major
IT companies like Oracle Corporation, Infosys, TCS, ITC Infotech,
CapGemini, along with Visual Graphics India Limited, Accel
Frontline Ltd, Ernst & Young Global Shared Services Center,
Allianz, RR Donnelley, UST Global, Tata Elxsi, IBS Software
Services, NeST Software, SunTec Business Solutions to name a few.


ELITE DISTILLERIES: CRISIL Suspends B+ Rating on INR400MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Elite
Distilleries Private Limited (EDPL; part of the Elite group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           400       CRISIL B+/Stable
   Letter of Credit       30       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     90       CRISIL B+/Stable

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

EDPL was set up in 2007 by Mr. Jagathratchagan and his family. It
commissioned its IMFL bottling plant in October 2008 at Walajabad
in Kanchipuram (Tamil Nadu).


G. B. INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of G. B. Industries (GB). The rating reflects
firm's small scale of operations in a fragmented and competitive
business along with low profitability. These rating weaknesses are
partially offset by the extensive experience in GB's partners in
processing of rice and dal.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Standby Line of Credit     9        CRISIL B+/Stable
   Cash Credit               60        CRISIL B+/Stable
   Rupee Term Loan           10.6      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that GB will continue to benefit over the medium
term from its partners' extensive experience in processing of rice
and dal. The outlook may be revised to 'Positive' in case of a
substantial increase in the firm's revenue and profitability
leading to improvement in its business risk profile. Conversely,
the outlook may be revised to 'Negative' if GB's cash accruals are
low, or its working capital requirements increase substantially,
or it undertakes a large debt-funded capital expenditure
programme, thereby weakening its liquidity.

Originally established in 1991, GB was taken over by Mr. Hukum
Chand Agarwal and Mr. Sanjay Agarwal in 2003. The firm processes
rice and mills dal in Lakhimpur (Uttar Pradesh). The firm is also
engaged in trading of other agro-commodities.


GEM STAR: ICRA Suspends 'D' Rating on INR115.97cr ST Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR115.97 crore
short term fund based bank limits of Gem Star Company (GSC).

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Gem Star Company (GSC) was established in the year 1966 as a
partnership firm to export Cut and Polished Diamonds (CPD). GSC
has three manufacturing facilities located at Ahmedabad, Navsari
and Surat. The firm has its head office in Mumbai and it employs
around 500 skilled labourers across its facilities. Currently, the
business operations of GSC are managed under the leadership of Mr.
Shripal P. Manilal. Gem Star Company is the flagship company of
the 'House of Manilals' group. The group also consists of Gem Star
Company Pvt. Ltd. which is engaged in CPD and studded jewellery
business.


GENPACT LIMITED: Moody's Affirms Ba1 CFR; Changes Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service changed the outlook for Genpact
Limited's Ba1 corporate family rating to positive from stable.
Moody's also affirmed the Ba1 corporate family rating of Genpact
and the Ba1 rating of the senior secured credit facility issued by
Genpact International, Inc., whose outlook is now also positive.

Genpact's Ba1 ratings reflect its relative size at the lower end
of the top tier of business process outsourcing providers, its
growing revenue base with predictable recurring cash flows, and an
extremely strong financial profile reflective in its large free
cash flows.

The company's origins as part of General Electric (GE, A1 stable)
have contributed to its rigorous management and process
organization culture which it imbues to its clients' work. GE
currently accounts for some 19.3% of its revenues.

Over the years, the company has grown the contribution of its non-
GE business while continuing to grow its GE business.

Genpact continues to exceed Moody's expectations in terms of
revenue, cash generation and leverage metrics. For the twelve
months ended March 2015, its revenue grew by 8% to $2.4 billion.

The company expanded its client base to around 800, with 94
clients now accounting for revenue in excess of $5 million, up
from 81 last year, and generated strong cash from operations that
was more than adequate for its funding needs.

Genpact's debt/EBITDA stood at 2.4x at the end-March 2015, and
FCF/debt in excess of 20%.

The revision of the ratings outlook to positive reflects this
strong performance with its key credit metrics continuing to
outperform Moody's upward rating triggers.

Moody's expects Genpact's revenue to grow at around 7% for the
next few years, on the back of organic growth and some small bolt
acquisitions.

While its EBITDA margins softened by 5% to $438 million in the
quarter ending March 2015, which is typically a seasonally weak
quarter, Moody's expect these margins to remain range-bound in the
high teens.

"The company has already met all our upward rating triggers,
except one on size, which we expect it to be close to by the end
of 2015. In addition, Genpact has demonstrated its ability and
willingness to operate within a financial framework of an
investment grade company," says Kaustubh Chaubal, a Moody's Vice
President and Senior Analyst.

Moody's estimate that Genpact will generate cash flow from
operations in excess of $370 million in 2015. These would be more
than sufficient to meet its annual capital expenditure and
investments and the announced share buyback of up to $250 million.

Even after meeting these payments, and absent any acquisitions,
Moody's expect the company's cash balances to remain in excess of
$400 million.

The rating action also notes the end of the lock-in period for
Bain Capital (unrated), which currently holds 26% of Genpact,
alleviating any pressure on the company to declare extraordinary
dividends.

With the lock-in period over, Bain Capital will have an additional
avenue to realize value from its investment in Genpact.

"Over the course of the next 6 to 12 months, we will focus on
understanding the company's future growth strategy and expected
use of the large cash balances, as well as Bain's investment
horizon in Genpact," adds Chaubal, who is also the Lead Analyst
for Genpact.

The ratings could be upgraded in the near to medium term if the
company achieves revenues in the $2.5 billion to $3billion range
and maintains EBITDA growth while not overpaying for acquired
businesses, as it holds or modestly improves its relative market
share in business process outsourcing.

The specific credit metrics that would support an upgrade include
(1) adjusted debt/EBITDA less than 2.5x; and (2) FCF/total debt in
excess of 20% on a sustained basis.

More importantly, Moody's would seek clarity with respect to: (1)
the use of the company's large cash balances; (2) financial
policies with respect to share buybacks, dividends and
acquisitions; and (3) guidance on Bain Capital's investment
horizon for Genpact.

A downgrade is unlikely, given the positive outlook. However, the
ratings outlook could return to stable if free cash flow (FCF) is
adversely impacted by a decline in revenues and rising costs, or
by an over-aggressive acquisition policy or by further large
distributions. This could be accompanied by (1) adjusted debt/
EBITDA in excess of 3x; or (2) FCF/adjusted debt falling below 15%
on a sustained basis.

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

Genpact Limited is an international company providing its
customers, primarily in the banking, financial services and
insurance, manufacturing, technology and healthcare sectors with a
wide range of business process management services and solutions.
With some 68,700 employees worldwide, the bulk of whom are located
in India, and around 800 clients, it is a leading player in the
business process outsourcing industry and is extending its
presence in other areas such as analytics and IT outsourcing.
Listed on the NYSE since 2007, Genpact reported revenue of USD2.4
billion and pre-tax income of USD238 million for the twelve-month
period ended March 2015.


GOPSONS PRINTERS: CRISIL Assigns B+ Rating to INR187.9MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gopsons Printers Private Limited (GPPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            187.9      CRISIL B+/Stable
   Packing Credit        50        CRISIL A4
   Corporate Loan       135        CRISIL B+/Stable
   Bank Guarantee       100        CRISIL A4
   Cash Credit           80        CRISIL B+/Stable

The rating reflects GPPL's business risk profile constrained with
small scale and working capital intensive operations and below
average financial risk profile. These rating weaknesses are
partially offset by the promoters' long standing experience in the
industry.
Outlook: Stable

CRISIL believes that GPPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case of a significant improvement in
GPPL's scale of operations and working capital cycle leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of a slowdown in GPPL's revenues
or higher than expected receivables or more than expected debt
funded capex, resulting in weakening of its financial risk
profile.

GPPL is a printing and publishing house providing type-setting,
pre-press, printing and post-press services majorly in security
printing. The Company's plants are in Noida (Uttar Pradesh) and
Mumbai (Maharashtra). GPPL was formed in 2012, promoted by Mr.
Anil Goel and has started its operations in from 2014-15.


HIMALYA INTERNATIONAL: CRISIL Rates INR862.3MM Loan at B-
---------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Himalya International Ltd (HIL), and has assigned
its 'CRISIL B-/Stable/CRISIL A4' ratings to these facilities.
CRISIL had earlier, on October 8, 2014, suspended the ratings as
HIL had not provided the necessary information for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit & Working    25.3      CRISIL B-/Stable (Assigned;
   Capital demand loan                Suspension Revoked)

   Cash Credit & Working   193.9      CRISIL B-/Stable (Assigned;
   Capital demand loan                Suspension Revoked)

   Cash Credit & Working   297.2      CRISIL B-/Stable (Assigned;
   Capital demand loan                Suspension Revoked)

   Funded Interest Term    251.5      CRISIL B-/Stable (Assigned;
   Loan                               Suspension Revoked)

   Letter of Credit          5.0      CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Letter of credit &       50.0      CRISIL A4 (Assigned;
   Bank Guarantee                     Suspension Revoked)

   Term Loan               862.3      CRISIL B-/Stable (Assigned;
                                      Suspension Revoked)

   Working Capital          243.1     CRISIL B-/Stable (Assigned;
   Term Loan                          Suspension Revoked)

The ratings reflect HIL's weak financial risk profile,
particularly its liquidity, on account of the write-off of its
investment in Himalya Simplot Pvt Ltd (HSPL) and of expired
finished goods specifically produced for HSPL, and inventory
losses due to a fire in its warehouse in the US. The ratings also
factor in the company's susceptibility to regulatory changes,
unfavourable weather conditions, epidemic-related factors, and
volatility in prices of and perishable nature of its raw
materials. These rating weaknesses are partially offset by the
extensive experience of HIL's promoters in the food-processing
industry.
Outlook: Stable

CRISIL believes that HIL's business risk profile will continue to
benefit from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if it's liquidity improves
substantially, most likely because of equity infusion, an
improvement in its working capital management, and/or a
significant increase in its profitability and revenue, leading to
sizeable cash accruals. Conversely, the outlook may be revised to
'Negative' if HIL's profitability and cash accruals are lower than
expected, and/or in case of a significant increase in its working
capital requirements.

HIL was originally promoted by Mr. Man Mohan Malik (chairman and
chief executive officer) and Mr. Sanjay Kakkar (managing director)
in 1992 as Himalya Cement & Calcium Carbonate Pvt Ltd (HCC) for
manufacturing precipitated calcium carbonate and hydrate of lime.
HCC was reconstituted as a public limited company with the current
name in 1994. In 1998-99 (refers to financial year, April 1 to
March 31), these operations were discontinued. Currently, HIL
cultivates mushrooms and baby potatoes and manufactures food
items, such as indigenously processed Italian cheese, paneer,
yoghurt, sweets, snacks, and breaded appetisers (eggplant, cheese,
mushrooms). The products are sold under the Himalya Fresh brand.
HIL has its manufacturing facility in Sirmaur (Himachal Pradesh)
and Mehsana (Gujarat).


HYSON INDIA: CRISIL Assigns 'D' Rating to INR80MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Hyson India Business Hotels & Resorts Pvt Ltd (Hyson).
The rating reflects instances of delay by Hyson in servicing its
debt; this was caused by delays in implementation of the company's
hotel project.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             80         CRISIL D

Hyson is also vulnerable to risks relating to project
implementation, the start-up nature of its operations,
geographical concentration in its revenue profile, and cyclicality
in the hospitality industry. The company, however, benefits from
the extensive entrepreneurial experience of its promoter.

Incorporated in 2011, Hyson is currently undertaking a three-star
hotel project in Kochi. The hotel has 50 rooms and suites, two
restaurants, and a conference hall.


INDRA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Indra Construction Co.
(ICC) continue to reflect ICC's modest scale of operations,
stretched working capital cycle, and weak financial risk profile,
marked by subdued debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of ICC's
proprietor in the civil construction business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        85        CRISIL A4 (Reaffirmed)
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    15        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ICC will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the firm's revenue along with improvement in its net
cash accruals and debt protection metrics, thereby, improving its
financial risk profile, including liquidity. Conversely, the
outlook may be revised to 'Negative' if ICC's operating margin
declines or if its working capital cycle lengthens, materially
impacting its liquidity.

Update
ICC's revenue increased year-on-year by 43 per cent to INR272
million in 2013-14 (refers to financial year, April 1 to
March 31) on the back of improvement in order flow towards the end
of year. However, the firm's operating profitability declined
substantially to 8.9 per cent in 2013-14 from 17.3 per cent in
2012-13 because of intense competition and relatively sub-dued
order flow during the year. The firm generated cash accruals of
INR10.6 million in 2013-14, up from INR8.1 million in 2012-13. The
firm recorded revenue of around INR220 million over the nine
months through December 2014; CRISIL expects ICC's revenue at
around INR500 million in 2014-15 on the back of the firm's strong
order book of around INR1 billion

ICC's gearing declined to 0.39 times as on March 31, 2014, from
0.64 times as on March 31 2013, because of steady accretion to
reserves and reduction in fund-based working capital debt. The
firm's debt protection metrics are modest, with interest coverage
ratio at 1.70 times in 2013-14 driven by decline in operating
profitability. CRISIL expects ICC's debt protection metrics to
improve over the medium term, backed by expected increase in
accruals.

The firm has large working capital requirements, marked by gross
current assets of 652 days as on March 31, 2014, driven by
additional security deposits/retention money for contracts and
significant increase in debtor days. However, the firm funds a
substantial portion of its incremental working capital
requirements through credit from suppliers and sub-contractors and
through bank guarantee limits, resulting in low utilisation of
cash credit limit, at an average of around 43 per cent over the 12
months through December 2014. CRISIL expects ICC's accruals at
around INR21.5 million in 2014-15 against no debt obligation.

ICC, set up in 1984 by Mr. Arvind Jain, is proprietorship concern
based in Mumbai. The firm undertakes civil construction work
including drainage de-silting.

The firm recorded a profit after tax (PAT) of INR12.5 million on
net revenue of INR276.9 million for 2013-14, against a PAT of
INR11.7 million on net revenue of INR192.4 million in 2012-13.


J HOTELS: CRISIL Suspends B+ Rating on INR337.1MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of J Hotels
Private Limited (JHPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          30        CRISIL B+/Stable
   Long Term Loan      337.1      CRISIL B+/Stable

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

Incorporated in 2004, JHPL is promoted by Mr. S Jagathratchagan
and is closely held by him and his family members. Incorporated in
2004, JHPL is promoted by Mr. S Jagathratchagan and is closely
held by his family members. The day-to-day operations of the
company are managed by Mr. J Sundeep Anand (son of Mr. S
Jagathratchagan). JHPL runs a five-star hotel, The Accord
Metropolitan, in T Nagar, Chennai.


J-MARKS EXIM: CRISIL Suspends 'D' Rating on INR850MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
J-Marks Exim India Private Limited (JMEIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           850        CRISIL D
   Term Loan             122.9      CRISIL D

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

Incorporated in 2007, J-Marks Exim (India) Private Limited
(JMEIPL), part of J-Marks group, is engaged in trading of fabric
and manufacturing of garments for men, ladies, and children. It
has cutting, stitching and packing facility at Tirupur, Tamilnadu.
Mr. Dinesh Jaiswal oversees the day-to-day operations of the
company.


J-MARKS LIFESTYLES: CRISIL Suspends 'D' Rating on INR260MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of J-Marks
Lifestyles Private Limited (JMLPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           260        CRISIL D
   Proposed Short Term
   Bank Loan Facility     15        CRISIL D
   Term Loan              20        CRISIL D

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

Incorporated in 2011, J-Marks Lifestyles Private Limited (JMLPL),
part of J-Marks group, is engaged in trading and manufacturing of
home furnishing and madeups. It has cutting, stitching and packing
facility at Tirupur, Tamilnadu. Mr. Dinesh Jaiswal oversees the
day-to-day operations of the company.


JAM HOTELS: CRISIL Suspends B- Rating on INR350MM Long Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jam Hotels
and Resorts Private Limited (JHRPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       350         CRISIL B-/Stable

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

JHRPL was founded by Mr. S Jagathratchagan and his family members
in 2008. The company currently operates a five-star hotel named
Accord Puducherry in Puducherry.


JANA PAPERS: CRISIL Assigns B+ Rating to INR48MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jana Papers Pvt Ltd (JPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            48        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     17        CRISIL B+/Stable

The rating reflects JPPL's small scale of operations, large
working capital requirements, and small net worth. These rating
weaknesses are partially offset by the extensive experience of
JPPL's promoter in the paper trading business.
Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
diversified customer base. The outlook may be revised to
'Positive' in case of considerable operating income and accruals,
or improved working capital management, or infusion of substantial
capital by the promoters, leading to a better financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' in case of low accruals, or lengthening of
working capital cycle, or any large debt-funded capital
expenditure, weakening the company's financial risk profile,
especially its liquidity.

JPPL, incorporated in 1990 by Sivakasi (Tamil Nadu)-based Mr.
Janakaraj, trades in art and writing paper. The promoter has been
engaged in the paper trading business for two-and-a-half decades.


JAY GEE: CRISIL Suspends B+ Rating on INR132.5MM Bank Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jay Gee
Overseas Private Limited (JGOPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            77.5      CRISIL B+/Stable
   Letter of Credit       30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility    132.5      CRISIL B+/Stable

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

JGOPL was incorporated in 2002, promoted by Mr. Amitabh Kejriwal
and his sister in law, Mrs. Smita Kejriwal. In 2006, following a
split in the Kejriwal family, the company was handed over to, and
is currently managed by, Mr. Shekhar Kejriwal, his wife Mrs.
Poonam Kejriwal, and his sister in law Ms. Shushma Dalmia. JGOPL
manufactures floor-covering products: hand-made rugs, bath rugs,
and machine-made carpets. About 50 per cent of its revenues is
generated from the Delhi and Haryana markets, and the remaining 50
per cent from exports to the US, Canada, the UK, and Japan.


JBJ TECHNOLOGIES: ICRA Assigns 'B' Rating to INR7.25cr LT Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR8.55 crore, fund based and non fund
based bank facilities of JBJ technologies Limited (JBJ).

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund-based
   bank facilities          7.25      [ICRA]B; Assigned

   Short Term Fund Based    0.55      [ICRA]A4; Assigned

   Short Term Non fund
   Based                    0.75      [ICRA]A4; Assigned

ICRA's ratings are constrained on account of JBJ's modest scale of
operations, its tight liquidity owing to long cash conversion
cycle and high debt repayment obligations in relation to cash
accruals. The ratings are also constrained on account of low
bargaining power with its suppliers and customers due to which JBJ
makes payments to suppliers almost on immediate basis whereas
payments are realized after providing credit period. The liquidity
of the company remains tight due to long conversion cycle involved
in developing and designing of the prototypes in the molding
division leading to high inventory levels. The company relies
largely on external borrowings for funding the working capital
given the limited net worth base. This coupled with high term loan
repayments lead to stretched liquidity position as reflected in
near full utilization of its working capital facilities throughout
the year.

The assigned ratings also factor in its modest financial profile
as indicated in high gearing and modest profitability margins
resulting in modest debt protection metrics. Apart this, the
rating also take into consideration the high client concentration
risk with top two customers contributing ~54% of the total revenue
in FY2014.. The ratings, however favorably take into account JBJ's
reputed clientele like SC Johnson and Kent Ro and its long
association with them along with ability to generate repeat
orders. Further, ICRA also factors in the long experience of
promoters in the mould making and injection molding segments.
Going forward, ability of the company to maintain revenue growth
while improving its profitability and efficiently manage its
working capital to improve its liquidity shall be the key rating
sensitivities.

Established in 1996, JBJ is a closely held company primarily
involved into designing and manufacturing of high precision moulds
and manufacturing of plastic moulds through injection molding. The
company caters to highly reputed clients like SC Johnson, Kent Ro
etc and manufactures outer body for the AllOut brand (SC Johnsons)
and Kent's Water purification system.

Recent Results
JBJ reported a net profit of INR0.19 crore on an operating income
of INR30.86 crore in FY 2013-14, as against a net profit of
INR0.36 crore on an operating income of INR25.48 crore in the
previous year.


KANAKADHARA VENTURES: ICRA Cuts Rating on INR188cr Loan to D
------------------------------------------------------------
ICRA has downgraded the suspended long term rating for INR188
crore bank facilities of Kanakadhara Ventures Pvt. Ltd to ICRA D
on account of recent delays in servicing the debt obligations. The
ratings remain suspended following ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MANISH FLEXIPACK: CRISIL Assigns B Rating to INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Manish Flexipack A unit of Nagrani Wara Housing
Pvt Ltd (MF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             66        CRISIL B/Stable
   Bank Guarantee        10        CRISIL A4
   Cash Credit           70        CRISIL B/Stable

The ratings reflect MF's below average financial risk profile
marked by high gearing and weak debt protection metrics & weak
liquidity due to tightly matched cash accruals vis-a-vis debt
repayments. These rating weaknesses are partially offset by the
extensive experience of MF's promoters in the packaging industry
and support from the promoters in the form of unsecured loans.
Outlook: Stable

CRISIL believes that MF will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' in case MF achieves substantial and
sustained improvement in its revenue profile and profitability
from the current levels. Conversely, the outlook may be revised to
'Negative' in case of lower than expected cash accruals or if
there is deterioration in MF's working capital cycle, leading to
stretch in its liquidity.

Indore based MF a unit of Nagarani Warehousing Pvt Ltd was set up
in 2013. MF is engaged in the manufacturing and distribution of
plastic bags, particularly BOPP bags, laminated/Un-laminated
sacks, Leno Bags, PP/BE Bags and wide width fabrics.


MULTITECH AUTO: ICRA Reaffirms B+ Rating on INR4.5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR3.81 crore (reduced from INR6.32 crore, earlier) term loans
and INR4.50 crore (revised from INR3.30 crore, earlier) cash
credit facilities of Multitech Auto Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-
   Term Loans            3.8         [ICRA]B+ reaffirmed

   Fund Based Limit-
   Cash Credit           4.50        [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into account MAPL's weak
financial profile characterized by almost flat top-line along with
declining operating margins over the past few years, high
utilization of working capital limits and significant debt
repayment obligation in the near term, which restricts its
financial flexibility. The rating also takes into account MAPL's
exposure to high client concentration risk with Tata Motors
Limited (TML) and its subsidiaries contributing more than 85% of
MAPL's revenue over the years. MAPL also remains exposed to the
cyclicality inherent in the commercial vehicle segment and
performance of TML. ICRA has also taken into consideration the
competition faced by the company from its peers, given the
fragmented nature of the domestic auto component manufacturing
sector, although continuing relationship and repeat orders from
its major client viz. TML provides comfort to an extent. The
rating, however, draws comfort from the company's long standing
relationship with TML, signifying acceptable product quality,
thereby resulting in repeat orders and also ensures low counter-
party risk. The rating also takes into account the experience of
the promoter in the auto component manufacturing business and its
backward integrated nature of operations with the formation of its
subsidiary, which ensures smooth raw material availability and
quality. Going forward, the rating will remain sensitive to the
company's ability to improve its top-line as well as margins and
also its ability to diversify its customer profile.

MAPL was initially formed as a proprietorship concern named
'Machine Shop' in 1981 by Mr. Atul Dua. In 1995, the corporate
status of the firm was changed to a limited company. However, few
years later the company converted itself to a private limited
company. MAPL is engaged in the manufacturing of automobile
components primarily used in the gears and engines of heavy
commercial vehicles. The company acts as an original equipment
manufacturer for TML and its subsidiaries. The manufacturing
facility of the company is located at Adityapur Industrial Estate
in Jamshedpur with an annual installed production capacity of
around 37.50 lakh number of components. MAPL has a subsidiary
named MAL Metalliks Private Limited (MMPL) which was incorporated
in 2005 as a backward integration measure to manufacture bright
steel bars and casting items.

Recent Results
During the first nine months of 2014-15, the company has reported
a profit before tax of INR0.51 crore (provisional) on an operating
income of INR32.84 crore (provisional). The company reported a net
profit of INR0.19 crore on an operating income of INR33.68 crore
during 2013-14.


NEERAKKAL LATEX: CRISIL Assigns B Rating to INR150MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Neerakkal Latex Pvt Ltd (NLPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility     150       CRISIL B/Stable

The rating reflects NLPL's below-average financial risk profile,
marked by small net worth and weak debt protection metrics, and
the susceptibility of the company's operating margin to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of NLPL's promoters in the
rubber processing business.
Outlook: Stable

CRISIL believes that NLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenue and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if NLPL generates significantly low
cash accruals or undertakes a large debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

Incorporated in 2002 and based in Kottayam district (Kerala), NLPL
manufactures centrifuged latex. The company's day-to-day
operations are managed by Mr. N K Jain and Mr. Tino Jain.

For 2013-14 (refers to financial year, April 1 to March 31), NLPL
reported a profit after tax (PAT) of INR4.1 million on net sales
of INR727.0 million, against a PAT of INR3.9 million on net sales
of INR703.6 million for 2012-13.


NESTER CORN: CRISIL Reaffirms 'D' Rating on INR55MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nester Corn Products
Pvt Ltd (NCPPL) continue to reflect instances of delay by NCPPL in
servicing its term debt. The delays have been caused by the
company's weak liquidity on account of its cash losses.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            55        CRISIL D
   Letter of Credit       20        CRISIL D
   Long Term Loan         55        CRISIL D
   Proposed Short Term
   Bank Loan Facility     22        CRISIL D

NCPPL has a below-average financial risk profile marked by its
small net-worth, high gearing, and weak debt protection metrics.
The company has small scale of operations, has large working
capital requirements, and its profitability margins are
susceptible to volatility in raw material prices. However, the
company benefits from the extensive entrepreneurial experience of
the promoters.

NCPPL was set up in 2010 by Mr. Bhavesh Vedant, his family
members, and his friends. The company manufactures corn products.
It is based in Nizamabad district Telangana.


PSR SILK: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of PSR Silk
Sarees India Pvt Ltd (PSR) continues to reflect PSR's modest scale
of operations, exposure to intense competition, and average
capital structure. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the garment
retailing business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           200       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         80.9     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     99.1     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PSR will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established brand in the Coimbatore (Tamil Nadu) market. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile, driven most
likely by substantial cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if PSR's financial risk profile weakens, most likely driven by
considerably low cash accruals or sizeable working capital
requirements or debt-funded capital expenditure.

Update
PSR reported an operating income of around INR1 billion and an
operating margin of 10.1 per cent for 2013-14 (refers to financial
year, April 1 to March 31). The revenue in 2013-14 was lower than
that in the previous year on account of muted demand and intense
competition. PSR's operating income was around INR760 million for
the nine months ended December 31, 2014, and is expected to remain
stable over the medium term supported by steady demand for its
products. The company's operating margin is also expected to
remain stable, at 10 to 11 per cent, over the medium term,
supported by stable operations.

PSR has a moderate financial risk profile, marked by estimated net
worth of INR180 million and high gearing of more than 2.0 times as
on March 31, 2015; its debt protection metrics were also moderate,
with interest coverage and net cash accruals to total debt ratios
estimated at more than 2.50 times and 0.14 times, respectively,
for 2014-15. The company's financial risk profile is expected to
improve over the medium term supported by moderate accretion to
reserves.

PSR's liquidity is constrained by tightly matched cash accruals,
estimated at around INR50 million, and debt obligations of around
INR46 million, in 2014-15. Furthermore, its bank lines were
utilised extensively, at 85 per cent on average, over the 12
months through December 2014 because of large working capital
requirements. PSR's liquidity is expected to remain constrained by
tightly matched cash accruals and debt obligations over the medium
term.

Incorporated in 2007 by Mr. P S Rangaswamy and his family members,
PSR is a wholesale and retail dealer in garments. It has a single
showroom in Coimbatore.


PURAV COTTON: ICRA Reaffirms B+ Rating on INR21cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the long term
fund based facilities of INR21.90 crore of Purav Cotton
Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Tern Fund
   Based-Cash Credit     21.00       [ICRA]B+ reaffirmed

   Long Tern Fund
   Based-Term Loan        0.90       [ICRA]B+ reaffirmed

The reaffirmation of rating factors in PCI's weak financial risk
profile characterized by thin margins, adverse capital structure
and low debt coverage indicators. The rating continues to takes
into account the limited value addition in the cotton ginning
business, the highly fragmented and competitive nature of the
industry and the vulnerability of the firm's profitability to
movements in cotton prices which are subject to seasonality and
crop harvest as well as the regulatory risk with regard to MSP.
The rating also considers the adverse potential impact on net
worth and gearing levels in case of any substantial withdrawal
from the capital account given the constitution as a
proprietorship firm.

The rating however, continues to favourably factor in the
longstanding experience of the promoters in the cotton ginning and
pressing Industry and the favourable location of the firm's plant
with respect to raw material procurement.

Purav Cotton Industries (PCI) was formed in the year 1999 as a
proprietorship concern of Mrs. Nisha Virat Shah. PCI has been
engaged in ginning and pressing of raw cotton. The firm is managed
by Mr. Virat Shah. The firm's manufacturing facility is located at
Muli, Surendranagar, Gujarat and consists of 72 ginning machines
and 1 pressing machine with a total capacity of producing 350
bales per day assuming 12 hours of operation.

Recent Results
For the year ended March 31, 2014, the firm reported an operating
income of INR126.44 crore and a profit after tax of INR0.12 crore
as compared to an operating income of INR130.50 crore and a profit
after tax of INR0.11 crore in FY 2013.


RECON TECHNOLOGIES: CRISIL Ups Rating on INR90MM Cash Loan to B
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Recon Technologies Pvt Ltd (RTPL) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Bill Discounting       4.2      CRISIL A4 (Upgraded from
   under Letter of                 'CRISIL D')
   Credit

   Cash Credit           90.0      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term     11.2     CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The upgrade reflects the timely servicing of debt obligations by
RTPL over the last six months ended March 2015. The upgrade also
factors in CRISIL's belief that RTPL will continue to service its
debt in a timely manner over the medium term with its cash
accruals expected to be sufficient to meet its debt repayment
obligations.

The ratings reflect RTPL's modest scale of operations, its large
working capital requirements, and its exposure to intense
competition in the diesel genset industry. The ratings of the
company are also constrained on account of its small net-worth,
moderate gearing, and average debt protection metrics. These
rating weaknesses are partially offset by extensive experience of
the company's promoters in diesel genset industry.
Outlook: Stable

CRISIL believes that RTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in its scale of operations and profitability
margins, or there is a substantial increase in its net-worth on
the back of sizeable equity infusion from its promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

RTPL was established in 1997 by Mr. Venu Vinod and his family
members. The company assembles diesel generator sets for Mahindra
& Mahindra Ltd. It has recently acquired an authorized
distributorship for earth moving equipments of Tata Hitachi
Construction Machinery Company Ltd. The company is based in
Hyderabad (Telangana).


RED GAS: CRISIL Suspends 'B' Rating on INR40MM Bank Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Red Gas
India Private Limited (RGIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            30        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     40        CRISIL B/Stable
   Rupee Term Loan         2.5      CRISIL B/Stable

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

Set up in 2007 and based in Chennai (Tamil Nadu), RGIPL is engaged
in bottling of LPG. The firm's operations are managed by Mr. P.
Krishna Iyengar.


RR HOLIDAY: ICRA Assigns 'D' Rating to INR11cr Term Loan
--------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]D to the INR11.00
crore term loan facilities and the INR1.00 crore fund based
facilities of RR Holiday Homes Private Limited.

                           Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    11.00      [ICRA]D/assigned

   Long-term-Fund based
   Facilities               1.00      [ICRA]D/assigned

The rating takes into account delay in debt servicing by the
Company owing to tight liquidity conditions. Also, significant
capital expenditure corresponding to the two projects being
executed by the Company added to liquidity pressures. The
Company's operations are relatively small, with majority of the
revenues coming from single property in Trivandrum, and faces
competition from numerous other renowned properties in the
vicinity. The financial profile is characterized by high leverage
and the capital structure is expected to be stretched further in
the near term due to significant debt funded capital expenditure
being incurred. The promoters however have three decade long
experience in the resort business. The property enjoys location
advantage which is reflected in steady occupancies and ARRs. Going
forward, ability of the Company to regularize the debt servicing,
given the tight liquidity condition stemming from the funding
requirements for INR50.0 crore of debt funded capital expenditure
being incurred, would be the key rating sensitivities.

Incorporated in 1995 by Mr. S. Rajasekharan Nair, RRHHPL has
different units engaged in the business of Hospitality Services,
Restaurants, Flight Catering, Travel and Tour Services etc. Uday
Samudra Leisure Beach Hotel (UDS) in Kovalam, the flagship unit of
the Company, is a five star hotel having 218 rooms. UDS has bagged
"The Best World Beach Leisure Hotel" for the fourth year running
and the best hotel award from the Tourism Department of Government
of Kerala for the third consecutive year. Uday Suites is a four
star category business hotel opened at Trivandrum (Kerala) in 2013
with 45 rooms and two conference halls. Uday Sky Kitchen Unit is a
Flight Catering unit, catering to airlines like Air India,
Maldives Airways, and Spice Jet etc. Uday Surya is a way side high
end restaurant, housed in 3,000 sq.ft. building provided by
District Tourism Promotion Council on the high way side at
Parassala (Kerala).

Uday Backwaters, an upcoming project in Aleppey (Kerala), is a
four star category lake resort with 50 cottages including 10 pool
villas on the banks of the Punnamada Lake. Uday Convention Centre,
another ongoing project, is an international convention centre cum
marriage hall with all modern facilities in front of Golf Club,
Kowdiar (Trivandrum).

Recent Results
According to unaudited results, RRHHPL reported net profit of
INR2.1 crore on an operating income of INR27.9 crore during 2013-
14 as against net profit of INR1.4 crore on an operating income of
INR26.0 crore during 2012-13.


SAI KRUPA: CRISIL Assigns B+ Rating to INR170MM Cash Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Sai Krupa Construction (SKC) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
previously suspended the ratings on December 16, 2013, as SKC did
not provide the necessary information to conduct a rating view.
The company has now shared the requisite information, thereby
enabling CRISIL to assign ratings to the company's bank
facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        150       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           170       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     19       CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Term Loan              11       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects SKC's moderate scale of operations in the
highly fragmented civil construction industry, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of PCBPL's promoters
in the civil construction industry.
Outlook: Stable

CRISIL expects SKC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if SKC improves its scale of operations
and profitability on a sustainable basis, leading to improvement
in its financial risk profile, particularly its liquidity, mostly
through prudent working capital management. Conversely, the
outlook may be revised to 'Negative' if its financial risk profile
deteriorates because of reduced revenue and margins, or if the
company undertakes a large debt-funded capital expenditure
programme, or if there is a delay in receipt of bills from
government departments, leading to weakening of its liquidity.

Set up in 1996 as a proprietary concern, Sai undertakes
infrastructure projects as a government-approved civil contractor.
It specialises in sewage lines, drainage systems, canals, and pipe
lines. Based in Vadodara (Gujarat), it is empanelled as a Class AA
government contractor and is owned and managed by Mr. Jawahar
Parekh.

SKC reported a net profit of INR14.5 million on net sales INR594.2
million for 2013-14 (refers to financial year, April 1 to March
31), as against a net profit of INR15.4 million on net sales of
INR636.2 million for 2012-13. For 2014-15, the company on a
provisional basis has reported net sales of INR589.5 million.


SHREE VIJAY: CRISIL Suspends B Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Vijay Polycons Private Limited (SVPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B/Stable
   Letter of Credit      50         CRISIL A4

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

SVPPL was incorporated in 2012. The company is promoted by Mr. R
Thiagarajan and his son, Mr. T Chidambaram. SVPPL intends to trade
in plastic granules such as polypropylene (PP), and high density
polyethylene (HDPE).


SHRI GANESH: ICRA Suspends B+ Rating on INR12cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR12.00 crore fund based bank facilities of Shri Ganesh Rice
Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits          12.00        [ICRA]B+; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Shri Ganesh Rice Mills is a partnership Firm established in the
year 1999. Partners of the firm are Mr Bhim Singla and Mr. Sunil
Singla. As per the management till FY13 milling capacity of the
plant was 2 tonne/hr. However, management has recently increased
the milling capacity of the plant to 4 tonne/hr. Ganesh Rice Mills
is engaged in the business of processing and trading of rice
(Basmati & Non- Basmati) in domestic market. Firm sells its
product under the brand name of "4GS". Company is having its
manufacturing unit at Industrial area, Sirsa, Haryana.


SMRITI APPARELS: CRISIL Rates INR2.4MM LT Loan at 'B+'
------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Smriti Apparels Pvt Ltd (SAPL) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to these facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit     30         CRISIL A4 (Assigned;
                                   Suspension Revoked)

    Long Term Loan       2.4       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

    Packing Credit      95.0       CRISIL A4 (Assigned;
                                   Suspension Revoked)

The ratings had been suspended by CRISIL on September 10, 2014, as
SAPL had not provided the necessary information for taking a
rating view. The company has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The rating reflects SAPL's modest scale of operations in the
highly fragmented leather industry, and below-average financial
risk profile, marked by weak debt-protection metrics. The rating
also factors in the company's working capital intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of SAPL's promoters in the leather
garments industry and established relations with its clientele.
Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
significant increase in its revenue and profitability, leading to
substantial cash accruals, while it improves its working capital
management. Conversely, the outlook may be revised to 'Negative'
if SAPL's financial risk profile, particularly its liquidity,
deteriorates, most likely on account of a decline in its revenue
and profitability, or large debt-funded capital expenditure, or a
considerable increase in its working capital requirements.

SAPL was incorporated in 2003, promoted by the Gurgaon (Haryana)-
based Arora family. The company manufactures leather jackets and
accessories. Mr. Inder Arora and Ms. Meenu Arora, the company's
directors, are actively engaged in managing its day-to-day
operations.


TEAMEC CHLORATES: CRISIL Suspends 'D' Rating on INR423MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Teamec
Chlorates Limited.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       50        CRISIL D
   Cash Credit          30        CRISIL D
   Long Term Loan      423        CRISIL D

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

TCL, incorporated in 2009, manufactures sodium chlorate, which is
used as a bleaching agent in paper manufacturing. TCL commenced
operations in November 2011. Its manufacturing facility is in
Ongole (Andhra Pradesh). The company's daily operations are
managed by Mr. Suresh Krishnamoorthy Rao.



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


TAKATA CORP: Posts JPY29.56BB Annual Net Loss
---------------------------------------------
Japan Today reports that Takata Corp. -- at the center of an
exploding air bag crisis -- warned on May 8 that it has sunk into
the red as the costs of huge global recalls pile up.

Japan Today says Takata, whose faulty air bags have been linked to
at least five deaths, posted a net loss of JPY29.56 billion in the
year to March.

About 20 million vehicles produced by some of the largest
automakers, including Toyota and General Motors, have been
recalled worldwide because of the risk that a Takata-made airbag
could improperly inflate and rupture, potentially firing deadly
shrapnel at the occupants, the report relates.

Facing lawsuits and regulatory probes, Takata acknowledged the
crisis has taken a toll on its results, but added that it expects
to eke out a JPY20 billion net profit in the current business
year, according to Japan Today.

"At this point it is difficult to rationally estimate (the)
financial impact of the lawsuits," the company said, Japan Today
relays.

Despite the dismal bottom-line results, Takata said it booked a
25% surge in operating profit and 15% jump in revenue, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.


TOSHIBA CORP: Pulls Earnings Forecast Over Improper Accounting
--------------------------------------------------------------
Pavel Alpeyev and Takashi Amano at Bloomberg News reports that
Toshiba Corp. withdrew its earnings forecasts for last year and
won't pay a year-end dividend after finding improper accounting on
infrastructure projects.

A third-party committee is also being formed to further
investigate the matter, the Tokyo-based company said on May 8,
Bloomberg relates. The company had projected net income of
JPY120 billion ($1 billion) on sales of JPY6.7 trillion in the
year ended March, Bloomberg says.

According to the report, Toshiba also said it may have to revise
earnings from fiscal year 2013 and earlier.

"It's a negative for investors and quite an embarrassment for a
major company like Toshiba to withdraw figures," the report quotes
Mitsushige Akino, executive officer at Ichiyoshi Asset Management
Co, as saying. "Accounting standards for infrastructure projects
also tend to be vague, allowing for something like this to
happen."

Bloomberg notes that Toshiba announced the forecast withdrawal
after the market closed in Tokyo. Its shares have fallen 5.7
percent in Tokyo trading since April 3, when the company said it
was investigating possible accounting problems, Bloomberg notes.

"Several construction projects have understated costs," Bloomberg
quotes Aya Oshima, a spokeswoman for Toshiba, as saying. "The
investigation so far included power systems, social infrastructure
and community solutions units."

The units encompass nuclear, hydroelectric and wind power
equipment, air traffic control and railway systems, and urban
infrastructure services that rely on big data, Bloomberg notes.

According to Bloomberg, Mr. Oshima said the magnitude of the
earnings restatement and responsibility for the misstatements
aren't yet clear.

Toshiba got about 11 percent of operating income from its power
and social infrastructure business in the year started April 1,
2013, Bloomberg notes.

The company said it won't report earnings until at least next
month, adds Bloomberg.

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.



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


PORTFOLIO PROPERTY: Placed Into Liquidation
-------------------------------------------
Collette Devlin at Stuff.co.nz reports that Portfolio Property
Management Limited has been put into liquidation -- two years
after the Tenancy Tribunal said it "consciously misled" students
into renting an earthquake-prone building.

The company was placed in liquidation in Wellington High Court on
March 17, 2015, on the application of Paul Clutterbuck, a creditor
and former tenant of the company, based on an unpaid debt due to
him, Stuff.co.nz discloses.

Stuff.co.nz relates that the first liquidator's report for the
company, of which Craig Relph was the sole director and
shareholder, said the judgment debt relates to a cost award made
in favor of a former tenant of the company which remains unpaid.

According to the report, Mr. Relph had told the official assignee
the nature of the business was management of the relationship
between tenant and property owner -- in most instances Platinum
Property Trust.

The liquidator's report said the director stated no accounting
records had been kept by the company and the only records the
official assignee was able to obtain were various lease agreements
and applications and orders made to the tenancy tribunal,
Stuff.co.nz relays.

Investigations revealed the company owns no land or property,
plant and equipment and has at no stage operated a bank account,
the liquidator's report said, according to Stuff.co.nz.

Stuff.co.nz says the liquidator's report showed the company owes
seven creditors NZ$11,724.06 in estimated claims.

To date NZ$5,509.167 had been received. It said in total there was
NZ$840 of funds "in hand," Stuff.co.nz relays.

In April 2103 Portfolio Property Management was ordered by The
Tenancy Tribunal to refund and compensate four student tenants of
a Cuba St flat that it "consciously misled" into renting an
earthquake-prone building, Stuff.co.nz recalls.

Portfolio Property Management Limited is Wellington-based property
management company.


SOUTH CANTERBURY: Legal Eagles Hired to Explore a Claim
-------------------------------------------------------
Marta Steeman of Stuff.co.nz reports that a potential claim
against South Canterbury Finance by preference shareholders is
taking another step forward.

Stuff.co.nz relates that a legal team led by Queens Counsel Chris
Gudsell has been appointed to undertake more research on whether a
claim against South Canterbury Finance should be filed on their
behalf.

The almost 4,000 preference shareholders lost thousands of dollars
each when South Canterbury Finance collapsed in late 2010, the
report notes.

According to the report, investors in the preference shares are
being invited to seven public meetings next week through
New Zealand and would be asked to contribute to the claim.

The report says letters have been sent to them about the meeting
and possible legal action.

Advertisements will also appear in newspapers on May 13 about the
meetings and where they will be held, Stuff.co.nz notes.

Stuff.co.nz relates that spokesman for the action is well-known
Kapiti Coast investment adviser and sharebroker Chris Lee who had
about 80 clients holding preference shares.

The report says the aim was to raise at least NZ$100,000 to pay
for the legal expertise of Mr. Gudsell and team which includes
Hamilton lawyer David Neilson, and to get to the stage of deciding
whether or not to file a claim.

According to the report, Mr. Lee said the hope was that if the
case went to court, the court would rule that the investors would
be repaid if the case was won.

The meetings were intended for investors but others would not be
stopped from coming, the report notes.

Stuff.co.nz says Mr. Lee expects Mr. Gudsell and team to make a
decision within two months.

"At the moment they believe that it is worthwhile performing more
research with the objective of filing a claim," the report quotes
Mr. Lee as saying.  "They are not saying unconditionally that
there will be a claim. They are saying whatever they continue to
investigate will decide whether there is a claim."

"It's fair to say if the claim continues along its current path,
then within two months of now I would imagine a claim would have
been filed in the High Court."

Stuff.co.nz adds Mr. Lee said it was not a Chris Lee claim now. It
would be decided by people with considerable expertise.

"I won't be overruling anything. It's not a Chris Lee case. It's
in the process of becoming a legal investigation."

The report notes that the situation of the preference shareholders
compares with the thousands of depositors and debenture holders in
South Canterbury Finance who were paid out nearly NZ$1.6 billion
in late 2010 because their investments were covered by a Crown
guarantee.

Markets watchdog, the Financial Markets Authority, decided last
year against taking the civil claims against the big finance
company, the report recalls.

Stuff.co.nz notes that at the seven meetings starting on Monday
next week [May 18] in Invercargill, Mr. Lee will outline the
investor's position, tell them about the law relating to their
investments and how South Canterbury Finance performed in relation
to that.

The meetings are in Invercargill, Dunedin, Timaru, Christchurch,
Wellington, Kapiti and Auckland, the report states.

Litigation funders would be approached if a decision was made to
file a claim, says Stuff.co.nz.

                   About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


MAGNACHIP SEMICONDUCTOR: Default No Impact on Moody's Caa1 CFR
--------------------------------------------------------------
Moody's Investors Service said that MagnaChip Semiconductor
Corporation's Caa1 corporate family rating and Caa1 senior
unsecured bond rating are not immediately affected by the notice
of default the company received on its $225 million notes due
2021.

The ratings outlook remains negative.

On May 4, MagnaChip filed a Form 8-K to the US Securities and
Exchange Commission (SEC) and said that it had received on 1 May a
notice of default from the trustee of its $225 million notes due
to its failure to meet the reporting requirements under the
relevant covenants of the notes.

Specifically, the company did not file its financial statements
for the full year of 2014 within the time periods specified in the
relevant covenants of the notes because the restatement of its
previous financial statements had delayed the start of its 2014
audit.

"While the receipt of notice of default is credit negative, this
will not immediately impact MagnaChip's ratings because they
already reflect the company's weak internal controls and the risks
associated with the resumption of the timely filing of its
financial statements," says Gloria Tsuen, a Moody's Vice President
and Senior Analyst.

MagnaChip recently completed the internal investigation and
restatement process that was initiated during the company's 2013
year-end audit process, and filed its restated financial results
with the Securities and Exchange Commission (SEC) on Feb. 12,
2015.

According to the company's disclosures in March, MagnaChip aims to
file its 2014 year-end results in the second quarter of 2015,
although it cannot provide any assurances that it will be able to
meet this timeline.

"Any prolonged delay in the filing of its 2014 full-year financial
statements beyond the second quarter of 2015 or substantial delays
in the filing of subsequent financial statements will pressure the
ratings," adds Tsuen.

With respect to the bonds, Moody's understands that MagnaChip has,
and will continue to, make interest payments in full and on time.

Following receipt of the notice of default, MagnaChip has a 60-day
grace period from May 1, 2015 to comply with reporting
requirements. Should the company fail to comply during this
period, an event of default could be declared on 30 June 2015.
MagnaChip can then elect, as sole remedy for its failure to comply
with its reporting requirements, to pay additional interest of
0.25% per annum on the notes for up to 180 days from July 1, 2015.
Failure to comply with reporting requirements, prior to the
expiration of the 180-day period, could result in acceleration of
the notes on 28 December 2015.

At Sep. 30, 2014, MagnaChip had no other debt facilities apart
from its $225 million, senior unsecured 6.625% notes maturing in
2021. The company held cash and cash equivalents of approximately
$125 million at the same date.

However, Moody's does not expect any significant cash flow
generation from MagnaChip's operations over the next 6-12 months,
given that the company's operating profit is expected to remain
under pressure over this period.

Moody's will also closely monitor Magnachip's cash position and
liquidity profile as higher than expected costs associated with
efforts to resolve the material weaknesses in the company's
internal controls, and potential cash outlays associated with
shareholder lawsuit, could deplete cash more quickly than Moody's
expects, and present a more fragile liquidity position over time,
particularly given that the company has no backup banking
facilities in place.

The principal methodology used in these ratings was Global
Semiconductor Industry Methodology published in December 2012.

MagnaChip Semiconductor Corporation is a Korean-based designer and
manufacturer of analog and mixed-signal semiconductor products,
mainly for high-volume consumer applications, such as TVs, PCs,
mobile phones, and tablets.


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


* BOND PRICING: For the Week May 4 to May 8, 2015
-------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR        7.00    04/01/21    USD      71.00
ANTARES ENERGY       10.00    10/30/23    AUD       1.88
BOART LONGYEAR        7.00    04/01/21    USD      72.00
CML GROUP LTD         9.00    01/29/20    AUD       1.02
CRATER GOLD MIN      10.00    08/18/17    AUD      36.00
GRIFFIN COAL MI       9.50    12/01/16    USD      40.00
GRIFFIN COAL MI       9.50    12/01/16    USD      40.00
IMF BENTHAM LTD       6.46    06/30/19    AUD      72.88
KBL MINING LTD       10.00    02/16/17    AUD       0.26
LAKES OIL NL         10.00    03/31/17    AUD       9.00
MIDWEST VANADIU      11.50    02/15/18    USD       2.40
MIDWEST VANADIU      11.50    02/15/18    USD       2.40
STOKES LTD           10.00    06/30/17    AUD       0.45
TREASURY CORP O       0.50    11/12/30    AUD      63.37


CHINA
-----

CHANGCHUN CITY        6.08    03/09/16    CNY      40.37
CHANGCHUN CITY        6.08    03/09/16    CNY      40.61
CHANGZHOU INVES       5.80    07/01/16    CNY      70.42
CHANGZHOU INVES       5.80    07/01/16    CNY      70.58
CHINA GOVERNMEN       1.64    12/15/33    CNY      72.37
CHINA NATIONAL        5.65    09/26/17    CNY      62.89
CHIZHOU CITY MA       7.58    04/20/16    CNY      60.34
CLOUD LIVE TECH       6.78    04/05/17    CNY      81.00
DANYANG INVESTM       6.30    06/03/16    CNY      70.72
ERDOS DONGSHENG       8.40    02/28/18    CNY      71.90
HANGZHOU XIAOSH       6.90    11/22/16    CNY      71.86
HANGZHOU XIAOSH       6.90    11/22/16    CNY      69.98
HANGZHOU YUHANG       7.55    03/29/19    CNY      75.70
HEFEI XINCHENG        7.88    04/23/19    CNY      75.70
HEILONGJIANG HE       7.78    11/17/16    CNY      71.72
HEILONGJIANG HE       7.78    11/17/16    CNY      72.00
HUAIAN CITY URB       7.15    12/21/16    CNY      70.54
HUAIAN CITY WAT       8.25    03/08/19    CNY      85.30
HUAIAN QINGHE N       6.79    04/29/17    CNY      70.78
HUNAN CHANGDE R       5.90    01/29/16    CNY      69.49
JIAMUSI NEW ERA       8.25    03/22/19    CNY      80.08
JIAN CITY CONST       7.80    04/20/19    CNY      75.70
JIANGSU HUAIAN        5.80    12/28/15    CNY      71.77
JIANGSU HUAJING       5.68    09/28/17    CNY      74.23
JIANGSU LIANYUN       7.85    07/22/15    CNY      70.50
KUNMING CITY CO       7.60    04/13/18    CNY      76.69
KUNSHAN ENTREPR       4.70    03/30/16    CNY      40.10
KUNSHAN ENTREPR       4.70    03/30/16    CNY      40.18
LIAOYUAN STATE-       7.80    01/26/17    CNY      71.50
LIAOYUAN STATE-       7.80    01/26/17    CNY      71.59
LUOHE CITY CONS       6.81    03/30/17    CNY      61.38
NANJING NANGANG       6.13    02/27/16    CNY      50.25
NANJING NANGANG       6.13    02/27/16    CNY      49.32
NANJING PUBLIC        5.85    08/08/17    CNY      65.31
NANTONG STATE-O       6.72    11/13/16    CNY      71.01
NANTONG STATE-O       6.72    11/13/16    CNY      71.47
NINGBO CITY ZHE       6.48    04/12/17    CNY      71.55
NINGDE CITY STA       6.25    10/21/17    CNY      60.81
OCEAN RIG UDW I       7.25    04/01/19    USD      71.00
OCEAN RIG UDW I       7.25    04/01/19    USD      64.00
PANJIN CONSTRUC       7.70    12/16/16    CNY      72.15
PANJIN CONSTRUC       7.70    12/16/16    CNY      72.17
PUTIAN STATE-OW       8.10    03/21/19    CNY      75.70
QINGDAO CITY CO       6.19    02/16/17    CNY      71.74
QINGDAO HUATONG       7.30    04/18/19    CNY      75.70
QINGZHOU HONGYU       6.50    05/22/19    CNY      50.92
QINGZHOU HONGYU       6.50    05/22/19    CNY      50.56
TAIZHOU CITY CO       6.90    01/25/17    CNY      70.47
URUMQI STATE-OW       6.48    04/28/18    CNY      73.31
WUXI COMMUNICAT       5.58    07/08/16    CNY      50.21
WUXI COMMUNICAT       5.58    07/08/16    CNY      50.52
XIANGTAN JIUHUA       6.93    12/16/16    CNY      62.58
XIANGTAN JIUHUA       6.93    12/16/16    CNY      71.27
XINING CITY INV       7.70    04/27/19    CNY      75.70
XUZHOU ECONOMIC       8.20    03/07/19    CNY      75.70
XUZHOU XINSHENG       7.48    05/08/18    CNY      72.82
YANGZHOU URBAN        5.94    07/23/16    CNY      69.93
YANGZHOU URBAN        5.94    07/23/16    CNY      70.74
YINCHUAN URBAN        6.28    03/09/17    CNY      50.82
YIYANG CITY CON       8.20    11/19/16    CNY      72.06
ZHUCHENG ECONOM       6.40    04/26/18    CNY      61.49
ZHUCHENG ECONOM       7.50    08/25/18    CNY      49.49
ZIBO CITY PROPE       5.45    04/27/19    CNY      45.39
ZOUCHENG CITY A       7.02    01/12/18    CNY      61.82


INDONESIA
---------

ARPENI PRATAMA       17.00    06/30/21    IDR      10.30
BERAU COAL ENER       7.25    03/13/17    USD      52.25
BERAU COAL ENER       7.25    03/13/17    USD      54.50
DAVOMAS INTERNA      11.00    12/08/14    USD      17.63


INDIA
-----

3I INFOTECH LTD       5.00    04/26/17    USD      22.13
BLUE DART EXPRE       9.30    11/20/17    INR      10.10
BLUE DART EXPRE       9.40    11/20/18    INR      10.15
BLUE DART EXPRE       9.50    11/20/19    INR      10.20
COROMANDEL INTE       9.00    07/23/16    INR      16.11
GTL INFRASTRUCT       3.53    11/09/17    USD      30.00
INCLINE REALTY       10.85    08/21/17    INR      13.29
INCLINE REALTY       10.85    04/21/17    INR      10.07
INDIA GOVERNMEN       7.64    01/25/35    INR      22.72
JAIPRAKASH ASSO       5.75    09/08/17    USD      72.77
JCT LTD               2.50    04/08/11    USD      21.00
ORIENTAL HOTELS       2.00    11/21/19    INR      73.17
PYRAMID SAIMIRA       1.75    07/04/12    USD       1.00
REI AGRO LTD          5.50    11/13/14    USD      20.00
REI AGRO LTD          5.50    11/13/14    USD      20.00
SHIV-VANI OIL &       5.00    08/17/15    USD      25.00


JAPAN
-----

AVANSTRATE INC        3.02    11/05/15    JPY      39.00
AVANSTRATE INC        5.00    11/05/17    JPY      30.63
ELPIDA MEMORY I       0.70    08/01/16    JPY       8.88
ELPIDA MEMORY I       0.50    10/26/15    JPY       8.63
ELPIDA MEMORY I       2.03    03/22/12    JPY       8.88
ELPIDA MEMORY I       2.10    11/29/12    JPY       8.88
ELPIDA MEMORY I       2.29    12/07/12    JPY       8.88


KOREA
-----

2014 KODIT CREA       5.00    12/25/17    KRW      28.14
2014 KODIT CREA       5.00    12/25/17    KRW      28.14
DONGBU CORP           4.00    06/29/15    KRW      42.54
DONGBU STEEL CO       9.50    10/16/15    KRW      74.82
DOOSAN CAPITAL       20.00    04/22/19    KRW      34.84
EXPORT-IMPORT B       0.50    11/21/17    BRL      73.97
EXPORT-IMPORT B       0.50    12/22/17    BRL      72.41
HYUNDAI HEAVY I       4.80    12/15/44    KRW      58.66
HYUNDAI HEAVY I       4.90    12/15/44    KRW      57.62
HYUNDAI MERCHAN       7.05    12/27/42    KRW      38.00
KIBO ABS SPECIA       5.00    01/31/17    KRW      30.01
KIBO ABS SPECIA       5.00    03/29/18    KRW      27.15
KIBO ABS SPECIA      10.00    02/19/17    KRW      33.48
KIBO ABS SPECIA      10.00    09/04/16    KRW      35.88
KIBO ABS SPECIA      10.00    08/22/17    KRW      29.55
KIBO GREEN HI-T      10.00    12/21/15    KRW      38.56
LSMTRON DONGBAN       4.53    11/22/17    KRW      27.85
POSCO ENERGY CO       4.66    08/29/43    KRW      70.82
POSCO ENERGY CO       4.72    08/29/43    KRW      70.26
POSCO ENERGY CO       4.72    08/29/43    KRW      70.12
POSCO PLANTEC C       3.89    09/13/16    KRW      65.39
SINBO SECURITIZ       5.00    07/24/17    KRW      28.62
SINBO SECURITIZ       5.00    07/24/18    KRW      26.55
SINBO SECURITIZ       5.00    07/24/18    KRW      26.55
SINBO SECURITIZ       5.00    06/27/18    KRW      26.71
SINBO SECURITIZ       5.00    06/27/18    KRW      26.71
SINBO SECURITIZ       5.00    07/08/17    KRW      29.60
SINBO SECURITIZ       5.00    07/08/17    KRW      29.60
SINBO SECURITIZ       5.00    01/15/18    KRW      27.96
SINBO SECURITIZ       5.00    01/15/18    KRW      27.96
SINBO SECURITIZ       5.00    02/11/18    KRW      27.50
SINBO SECURITIZ       5.00    02/11/18    KRW      27.50
SINBO SECURITIZ       5.00    12/25/16    KRW      30.47
SINBO SECURITIZ       5.00    03/12/18    KRW      27.30
SINBO SECURITIZ       5.00    03/12/18    KRW      27.30
SINBO SECURITIZ       5.00    07/19/15    KRW      47.80
SINBO SECURITIZ       5.00    07/26/16    KRW      32.74
SINBO SECURITIZ       5.00    07/26/16    KRW      32.74
SINBO SECURITIZ       5.00    05/27/16    KRW      33.51
SINBO SECURITIZ       5.00    05/27/16    KRW      33.51
SINBO SECURITIZ       5.00    06/29/16    KRW      33.09
SINBO SECURITIZ       5.00    06/07/17    KRW      23.40
SINBO SECURITIZ       5.00    06/07/17    KRW      23.40
SINBO SECURITIZ       5.00    01/29/17    KRW      30.67
SINBO SECURITIZ       5.00    12/13/16    KRW      31.18
SINBO SECURITIZ       5.00    08/31/16    KRW      32.33
SINBO SECURITIZ       5.00    08/31/16    KRW      32.33
SINBO SECURITIZ       5.00    10/01/17    KRW      28.63
SINBO SECURITIZ       5.00    10/01/17    KRW      28.63
SINBO SECURITIZ       5.00    10/01/17    KRW      28.63
SINBO SECURITIZ       5.00    08/16/16    KRW      31.69
SINBO SECURITIZ       5.00    08/16/17    KRW      29.19
SINBO SECURITIZ       5.00    08/16/17    KRW      29.19
SINBO SECURITIZ       5.00    09/13/15    KRW      40.95
SINBO SECURITIZ       5.00    09/13/15    KRW      40.95
SINBO SECURITIZ      10.00    12/27/15    KRW      38.00
SINBO SECURITIZ       5.00    01/19/16    KRW      31.49
SINBO SECURITIZ       5.00    12/07/15    KRW      33.94
SINBO SECURITIZ       5.00    03/14/16    KRW      32.93
SINBO SECURITIZ       5.00    02/02/16    KRW      31.09
SINBO SECURITIZ       8.00    02/02/16    KRW      36.59
SINBO SECURITIZ       5.00    08/24/15    KRW      41.67
SINBO SECURITIZ       5.00    09/28/15    KRW      37.62
SINBO SECURITIZ       5.00    10/05/16    KRW      31.97
SINBO SECURITIZ       5.00    10/05/16    KRW      30.42
SINBO SECURITIZ       4.60    06/29/15    KRW      54.53
SINBO SECURITIZ       4.60    06/29/15    KRW      54.53
SINBO SECURITIZ       9.00    07/27/15    KRW      53.66
SINBO SECURITIZ       5.00    02/21/17    KRW      30.41
SINBO SECURITIZ       5.00    02/21/17    KRW      30.41
SINBO SECURITIZ       5.00    03/13/17    KRW      30.18
SINBO SECURITIZ       5.00    03/13/17    KRW      30.18
SK TELECOM CO L       4.21    06/07/73    KRW      68.03
TONGYANG CEMENT       7.30    04/12/15    KRW      70.00
TONGYANG CEMENT       7.50    09/10/14    KRW      70.00
TONGYANG CEMENT       7.30    06/26/15    KRW      70.00
TONGYANG CEMENT       7.50    07/20/14    KRW      70.00
TONGYANG CEMENT       7.50    04/20/14    KRW      70.00
U-BEST SECURITI       5.50    11/16/17    KRW      28.81
WISEPOWER CO LT       4.00    08/10/15    KRW      40.74


SRI LANKA
---------

SRI LANKA GOVER       5.35    03/01/26    LKR      74.35
HATTON NATIONAL       8.00    08/29/23    LKR      70.00
MALAYSIA
--------

BANDAR MALAYSIA       0.35    02/20/24    MYR      69.88
BANDAR MALAYSIA       0.35    12/29/23    MYR      70.36
BIMB HOLDINGS B       1.50    12/12/23    MYR      69.03
BRIGHT FOCUS BH       2.50    01/24/30    MYR      67.72
BRIGHT FOCUS BH       2.50    01/22/31    MYR      65.29
LAND & GENERAL        1.00    09/24/18    MYR       0.38
SENAI-DESARU EX       0.50    12/31/47    MYR      71.62
SENAI-DESARU EX       0.50    12/31/40    MYR      64.87
SENAI-DESARU EX       0.50    12/31/43    MYR      68.40
SENAI-DESARU EX       0.50    12/31/38    MYR      62.15
SENAI-DESARU EX       0.50    12/30/39    MYR      63.71
SENAI-DESARU EX       0.50    12/31/41    MYR      65.98
SENAI-DESARU EX       0.50    12/30/44    MYR      68.94
SENAI-DESARU EX       0.50    12/29/45    MYR      69.93
SENAI-DESARU EX       0.50    12/31/42    MYR      67.20
SENAI-DESARU EX       0.50    12/31/46    MYR      70.82
SENAI-DESARU EX       1.10    06/30/22    MYR      72.58
SENAI-DESARU EX       1.35    12/31/30    MYR      50.74
SENAI-DESARU EX       1.15    12/30/22    MYR      71.29
SENAI-DESARU EX       1.15    06/30/23    MYR      69.74
SENAI-DESARU EX       1.15    12/31/24    MYR      65.09
SENAI-DESARU EX       1.35    06/30/27    MYR      59.63
SENAI-DESARU EX       1.35    06/29/29    MYR      54.36
SENAI-DESARU EX       1.35    06/30/28    MYR      56.97
SENAI-DESARU EX       1.10    12/31/21    MYR      74.18
SENAI-DESARU EX       1.35    12/31/27    MYR      58.30
SENAI-DESARU EX       1.15    06/30/25    MYR      63.59
SENAI-DESARU EX       1.35    12/31/26    MYR      61.00
SENAI-DESARU EX       1.35    12/31/29    MYR      53.12
SENAI-DESARU EX       1.35    06/28/30    MYR      51.93
SENAI-DESARU EX       1.35    06/30/26    MYR      62.37
SENAI-DESARU EX       1.15    12/29/23    MYR      68.20
SENAI-DESARU EX       1.35    06/30/31    MYR      49.63
SENAI-DESARU EX       1.35    12/29/28    MYR      55.64
SENAI-DESARU EX       1.15    06/28/24    MYR      66.67
SENAI-DESARU EX       1.35    12/31/25    MYR      63.74
UNIMECH GROUP B       5.00    09/18/18    MYR       1.25


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

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


SINGAPORE
---------

AXIS OFFSHORE P       7.52    05/18/18    USD      55.03
BAKRIE TELECOM       11.50    05/07/15    USD       5.00
BAKRIE TELECOM       11.50    05/07/15    USD       4.50
BERAU CAPITAL R      12.50    07/08/15    USD      53.00
BERAU CAPITAL R      12.50    07/08/15    USD      74.78
BLD INVESTMENTS       8.63    03/23/15    USD      10.13
BUMI CAPITAL PT      12.00    11/10/16    USD      33.00
BUMI CAPITAL PT      12.00    11/10/16    USD      30.32
BUMI INVESTMENT      10.75    10/06/17    USD      32.75
BUMI INVESTMENT      10.75    10/06/17    USD      29.68
ENERCOAL RESOUR       6.00    04/07/18    USD      14.38
INDO INFRASTRUC       2.00    07/30/10    USD       1.88
OSA GOLIATH PTE      12.00    10/09/18    USD      72.25
SWIBER CAPITAL        6.25    10/30/17    SGD      72.25
SWIBER CAPITAL        6.50    08/02/18    SGD      65.63
SWIBER HOLDINGS       7.13    04/18/17    SGD      70.00
SWIBER HOLDINGS       5.55    10/10/16    SGD      74.88


THAILAND
--------

G STEEL PCL           3.00    10/04/15    USD       4.05
MDX PCL               4.75    09/17/03    USD      35.50


TAIWAN
------

ADVANCED SEMICO       1.45    08/19/16    TWD       1.05
ADVANCED SEMICO       1.45    08/19/16    TWD       1.10
ADVANCED SEMICO       1.45    08/19/16    TWD       1.30
ADVANCED SEMICO       1.45    08/19/16    TWD       1.30
ADVANCED SEMICO       1.45    08/19/16    TWD       1.50
AGRICULTURAL BA       1.53    10/17/22    TWD       1.53
AGRICULTURAL BA       1.95    02/10/25    TWD       1.95
AGRICULTURAL BA       1.43    10/17/19    TWD       1.53
AGRICULTURAL BA       3.28    06/30/15    TWD       3.28
ASIA CEMENT COR       1.36    05/23/19    TWD       1.45
BANK OF KAOHSIU       3.40    01/20/16    TWD       1.00
BANK OF PANHSIN       3.00    12/02/17    TWD       3.00
BANK OF PANHSIN       3.00    11/12/18    TWD       3.00
BANK OF PANHSIN       3.25    11/05/16    TWD       3.25
BANK OF PANHSIN       3.00    03/21/18    TWD       3.00
BANK OF PANHSIN       3.00    06/06/20    TWD       3.00
BANK OF TAIWAN        1.70    06/27/24    TWD       1.70
BANK SINOPAC          2.18    08/18/21    TWD       2.18
BANK SINOPAC          1.85    11/04/18    TWD       1.45
BANK SINOPAC          1.80    12/09/17    TWD       1.38
BANK SINOPAC          1.95    08/18/18    TWD       1.46
BANK SINOPAC          2.90    06/23/17    TWD       2.90
BANK SINOPAC          2.05    09/30/24    TWD       2.05
BANK SINOPAC          1.92    03/11/18    TWD       1.92
BANK SINOPAC          2.70    06/23/15    TWD       1.30
BANK SINOPAC          1.65    09/18/22    TWD       1.65
BANK SINOPAC          1.53    09/18/19    TWD       1.60
BANK SINOPAC          2.80    04/29/16    TWD       2.80
CATHAY FINANCIA       3.10    12/24/15    TWD       1.17
CATHAY FINANCIA       2.65    10/08/16    TWD       1.21
CATHAY UNITED B       1.70    05/19/21    TWD       1.70
CATHAY UNITED B       1.55    04/24/20    TWD       1.55
CATHAY UNITED B       1.65    06/06/22    TWD       1.70
CATHAY UNITED B       1.85    05/19/24    TWD       1.85
CATHAY UNITED B       1.48    06/06/19    TWD       1.48
CATHAY UNITED B       1.70    04/24/23    TWD       1.90
CATHAY UNITED B       1.65    08/07/22    TWD       1.84
CHAILEASE FINAN       2.30    10/30/24    TWD       2.30
CHAILEASE FINAN       2.05    10/30/21    TWD       2.05
CHAILEASE FINAN       1.60    07/22/18    TWD       1.30
CHAILEASE FINAN       1.50    06/05/17    TWD       1.16
CHAILEASE FINAN       1.50    06/16/19    TWD       1.41
CHANG HWA COMME       3.10    05/19/15    TWD       0.89
CHANG HWA COMME       3.05    12/15/15    TWD       3.05
CHANG HWA COMME       1.85    04/16/24    TWD       1.85
CHANG HWA COMME       2.30    09/15/16    TWD       1.26
CHANG HWA COMME       1.70    04/16/21    TWD       1.68
CHANG HWA COMME       1.65    03/11/18    TWD       1.64
CHANG HWA COMME       1.72    03/11/21    TWD       1.72
CHENG SHIN RUBB       1.55    08/19/18    TWD       1.40
CHENG SHIN RUBB       1.40    07/18/19    TWD       1.43
CHENG SHIN RUBB       1.38    09/03/15    TWD       0.88
CHENG SHIN RUBB       1.38    09/03/15    TWD       0.88
CHENG SHIN RUBB       1.38    09/03/15    TWD       1.32
CHENG SHIN RUBB       1.38    09/03/15    TWD       1.32
CHENG SHIN RUBB       1.38    09/03/15    TWD       0.88
CHINA AIRLINES        1.60    01/17/18    TWD       1.60
CHINA AIRLINES        1.85    01/17/20    TWD       1.85
CHINA AIRLINES        1.35    05/20/16    TWD       1.28
CHINA AIRLINES        1.35    05/20/16    TWD       1.35
CHINA AIRLINES        1.35    05/20/16    TWD       1.39
CHINA DEVELOPME       1.42    03/30/20    TWD       1.39
CHINA DEVELOPME       3.40    06/18/15    TWD       3.40
CHINA DEVELOPME       1.37    05/23/18    TWD       1.37
CHINA DEVELOPME       1.32    03/07/17    TWD       1.07
CHINA DEVELOPME       2.00    03/01/17    TWD       1.45
CHINA DEVELOPME       1.42    03/07/19    TWD       1.39
CHINA STEEL COR       2.30    12/29/15    TWD       0.92
CHINA STEEL COR       1.50    08/03/22    TWD       1.64
CHINA STEEL COR       1.36    10/19/16    TWD       0.90
CHINA STEEL COR       1.37    08/10/19    TWD       1.66
CHINA STEEL COR       1.95    01/23/24    TWD       1.90
CHINA STEEL COR       1.57    10/19/18    TWD       1.16
CHINA STEEL COR       2.15    01/23/29    TWD       2.16
CHINA STEEL COR       1.75    01/23/21    TWD       1.58
CHINA STEEL COR       1.44    07/12/20    TWD       1.37
CHINA STEEL COR       1.60    07/12/23    TWD       1.84
CHINA STEEL COR       1.88    07/12/28    TWD       1.89
CHINESE MARITIM       1.40    06/08/17    TWD       1.35
CHINESE MARITIM       1.40    06/08/17    TWD       1.39
CHINESE MARITIM       1.40    06/08/17    TWD       1.40
CHINESE MARITIM       1.40    06/08/17    TWD       1.13
COTA COMMERCIAL       3.20    03/29/18    TWD       3.20
CPC CORP/TAIWAN       1.22    06/07/17    TWD       0.99
CPC CORP/TAIWAN       1.29    11/01/17    TWD       1.02
CPC CORP/TAIWAN       1.41    09/12/19    TWD       1.27
CPC CORP/TAIWAN       1.08    10/29/15    TWD       0.50
CPC CORP/TAIWAN       2.60    12/15/15    TWD       0.88
CPC CORP/TAIWAN       1.30    07/25/18    TWD       1.13
CPC CORP/TAIWAN       1.29    09/21/19    TWD       1.21
CPC CORP/TAIWAN       1.41    12/22/19    TWD       1.29
CPC CORP/TAIWAN       1.40    12/03/16    TWD       0.91
CPC CORP/TAIWAN       1.43    10/27/20    TWD       1.51
CPC CORP/TAIWAN       1.40    09/19/16    TWD       1.01
CPC CORP/TAIWAN       1.49    10/28/18    TWD       1.14
CPC CORP/TAIWAN       1.60    09/22/18    TWD       1.11
CPC CORP/TAIWAN       1.46    07/19/20    TWD       1.45
CPC CORP/TAIWAN       1.42    09/20/22    TWD       1.70
CPC CORP/TAIWAN       1.49    06/11/22    TWD       1.63
CPC CORP/TAIWAN       1.18    09/19/17    TWD       1.14
CPC CORP/TAIWAN       1.75    10/28/20    TWD       1.56
CPC CORP/TAIWAN       1.85    10/25/23    TWD       1.86
CPC CORP/TAIWAN       1.68    07/22/23    TWD       1.69
CPC CORP/TAIWAN       1.70    09/21/21    TWD       1.60
CPC CORP/TAIWAN       1.65    09/12/21    TWD       1.65
CPC CORP/TAIWAN       1.36    06/08/19    TWD       1.28
CPC CORP/TAIWAN       1.65    12/04/19    TWD       1.36
CPC CORP/TAIWAN       1.85    09/12/24    TWD       1.85
CPC CORP/TAIWAN       1.68    12/23/21    TWD       1.60
CPC CORP/TAIWAN       1.88    12/24/24    TWD       1.87
CTBC BANK CO LT       2.00    06/26/29    TWD       2.00
CTBC BANK CO LT       1.80    09/27/18    TWD       1.49
CTBC BANK CO LT       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 CONSTRUCT       1.42    06/23/19    TWD       1.42
DRAGON STEEL CO       1.75    06/10/21    TWD       1.72
DRAGON STEEL CO       1.40    06/10/19    TWD       1.45
E.SUN COMMERCIA       1.80    04/30/22    TWD       1.80
E.SUN COMMERCIA       2.10    04/30/25    TWD       2.10
E.SUN COMMERCIA       1.58    04/27/19    TWD       1.58
E.SUN COMMERCIA       1.80    03/07/21    TWD       1.70
E.SUN COMMERCIA       1.95    03/07/24    TWD       1.95
E.SUN COMMERCIA       2.50    04/03/16    TWD       2.50
E.SUN COMMERCIA       1.70    05/24/23    TWD       1.93
E.SUN COMMERCIA       1.68    06/28/22    TWD       1.88
E.SUN COMMERCIA       1.80    10/28/18    TWD       1.50
E.SUN COMMERCIA       2.20    07/13/17    TWD       2.20
E.SUN COMMERCIA       1.75    08/28/20    TWD       1.75
E.SUN COMMERCIA       1.55    05/24/20    TWD       1.55
E.SUN COMMERCIA       3.15    10/24/15    TWD       3.15
E.SUN COMMERCIA       1.62    08/27/22    TWD       1.89
E.SUN COMMERCIA       1.50    08/27/19    TWD       1.57
E.SUN COMMERCIA       2.35    10/20/16    TWD       1.26
E.SUN COMMERCIA       2.20    05/28/17    TWD       1.45
E.SUN COMMERCIA       1.85    12/19/20    TWD       1.85
E.SUN FINANCIAL       2.70    04/28/17    TWD       1.87
E.SUN FINANCIAL       1.75    06/29/19    TWD       1.65
ENTIE COMMERCIA       3.25    12/16/17    TWD       3.25
ENTIE COMMERCIA       3.25    08/23/17    TWD       1.97
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.27
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.18
EVA AIRWAYS COR       1.15    06/14/18    TWD       1.20
EVA AIRWAYS COR       1.15    06/14/18    TWD       1.20
EVA AIRWAYS COR       1.15    06/14/18    TWD       1.20
EVA AIRWAYS COR       1.15    06/14/18    TWD       1.20
EVA AIRWAYS COR       1.44    08/31/16    TWD       0.90
EVA AIRWAYS COR       1.44    08/31/16    TWD       1.06
EVA AIRWAYS COR       1.44    08/31/16    TWD       1.28
EVA AIRWAYS COR       1.44    08/31/16    TWD       1.28
EVA AIRWAYS COR       1.44    08/31/16    TWD       1.28
EVA AIRWAYS COR       1.44    08/31/16    TWD       1.01
EVA AIRWAYS COR       1.15    06/14/18    TWD       1.25
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.18
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.29
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.18
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.27
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.27
EVA AIRWAYS COR       1.22    05/31/17    TWD       1.27
EVERGREEN MARIN       1.28    04/26/17    TWD       1.18
EVERGREEN MARIN       1.28    04/26/17    TWD       1.31
EXPORT-IMPORT B       0.88    02/12/16    TWD       0.74
EXPORT-IMPORT B       0.85    03/31/17    TWD       0.85
EXPORT-IMPORT B       0.80    10/16/16    TWD       0.80
EXPORT-IMPORT B       0.90    01/28/16    TWD       0.76
EXPORT-IMPORT B       0.90    06/24/17    TWD       0.90
EXPORT-IMPORT B       0.68    06/20/16    TWD       0.80
EXPORT-IMPORT B       1.25    05/30/17    TWD       1.25
FAR EASTERN DEP       1.38    09/07/15    TWD       1.16
FAR EASTERN INT       2.05    12/23/21    TWD       2.05
FAR EASTERN INT       1.95    11/10/18    TWD       1.80
FAR EASTERN INT       2.10    09/29/17    TWD       1.47
FAR EASTERN INT       2.98    05/18/17    TWD       2.98
FAR EASTERN INT       1.75    06/27/19    TWD       1.70
FAR EASTERN INT       2.10    11/06/20    TWD       1.81
FAR EASTERN NEW       1.35    06/07/17    TWD       1.00
FAR EASTERN NEW       1.38    02/06/20    TWD       1.36
FAR EASTERN NEW       1.45    12/23/18    TWD       1.27
FAR EASTERN NEW       1.68    05/27/15    TWD       0.80
FAR EASTERN NEW       1.59    09/16/15    TWD       0.80
FAR EASTERN NEW       1.55    09/29/16    TWD       1.03
FAR EASTERN NEW       1.36    02/15/17    TWD       1.08
FAR EASTERN NEW       1.47    12/04/19    TWD       1.40
FAR EASTERN NEW       1.47    08/21/19    TWD       1.41
FAR EASTERN NEW       1.30    11/26/17    TWD       1.21
FAR EASTONE TEL       1.17    12/24/16    TWD       0.95
FAR EASTONE TEL       1.58    10/15/18    TWD       1.61
FAR EASTONE TEL       1.27    12/24/17    TWD       1.03
FAR EASTONE TEL       1.46    10/15/17    TWD       1.38
FAR EASTONE TEL       1.33    06/27/20    TWD       1.33
FAR EASTONE TEL       1.58    12/24/19    TWD       1.34
FIRST COMMERCIA       2.05    03/25/25    TWD       2.05
FIRST COMMERCIA       3.02    10/21/15    TWD       1.20
FIRST COMMERCIA       1.72    03/30/21    TWD       1.72
FIRST COMMERCIA       1.47    09/25/19    TWD       1.37
FIRST COMMERCIA       3.00    12/24/15    TWD       3.00
FIRST COMMERCIA       1.59    09/25/22    TWD       1.80
FIRST COMMERCIA       1.83    03/25/22    TWD       1.83
FIRST COMMERCIA       1.65    06/24/18    TWD       1.65
FIRST COMMERCIA       3.10    06/23/15    TWD       2.95
FIRST COMMERCIA       1.43    12/27/19    TWD       1.57
FIRST COMMERCIA       1.65    03/30/18    TWD       1.26
FIRST COMMERCIA       1.92    09/28/17    TWD       1.59
FIRST COMMERCIA       1.50    09/28/17    TWD       1.36
FIRST COMMERCIA       1.72    06/24/21    TWD       1.72
FIRST COMMERCIA       3.16    12/24/17    TWD       3.16
FIRST FINANCIAL       1.60    07/22/15    TWD       0.90
FIRST FINANCIAL       2.25    07/22/17    TWD       1.41
FORMOSA CHEMICA       1.38    10/31/16    TWD       0.84
FORMOSA CHEMICA       1.29    07/26/17    TWD       1.10
FORMOSA CHEMICA       1.44    06/10/16    TWD       0.81
FORMOSA CHEMICA       1.56    06/29/15    TWD       0.53
FORMOSA CHEMICA       2.03    07/04/29    TWD       2.04
FORMOSA CHEMICA       1.36    12/07/19    TWD       1.40
FORMOSA CHEMICA       1.24    07/08/18    TWD       1.29
FORMOSA CHEMICA       1.81    07/04/24    TWD       1.84
FORMOSA CHEMICA       1.34    01/22/20    TWD       1.50
FORMOSA CHEMICA       1.50    01/22/23    TWD       1.80
FORMOSA CHEMICA       1.40    07/26/19    TWD       1.25
FORMOSA CHEMICA       1.23    12/07/17    TWD       1.23
FORMOSA CHEMICA       1.51    12/07/22    TWD       1.53
FORMOSA CHEMICA       1.38    07/08/20    TWD       1.45
FORMOSA CHEMICA       1.52    07/08/23    TWD       1.54
FORMOSA CHEMICA       1.52    07/29/15    TWD       0.80
FORMOSA PETROCH       1.40    04/20/16    TWD       0.80
FORMOSA PETROCH       1.28    06/26/18    TWD       1.19
FORMOSA PETROCH       1.30    06/20/17    TWD       1.00
FORMOSA PETROCH       1.42    05/25/16    TWD       0.83
FORMOSA PETROCH       1.33    10/14/15    TWD       0.81
FORMOSA PETROCH       1.90    09/12/24    TWD       1.90
FORMOSA PETROCH       1.44    07/27/19    TWD       1.47
FORMOSA PETROCH       1.44    06/20/19    TWD       1.58
FORMOSA PETROCH       1.54    07/15/15    TWD       0.81
FORMOSA PETROCH       1.35    07/27/17    TWD       1.11
FORMOSA PETROCH       1.99    09/12/26    TWD       1.99
FORMOSA PETROCH       1.41    06/26/20    TWD       1.53
FORMOSA PETROCH       1.43    09/12/19    TWD       1.37
FORMOSA PETROCH       1.54    05/25/15    TWD       0.75
FORMOSA PETROCH       1.25    03/12/18    TWD       1.31
FORMOSA PETROCH       1.37    03/12/20    TWD       1.41
FORMOSA PLASTIC       1.35    12/15/16    TWD       0.95
FORMOSA PLASTIC       1.92    05/21/26    TWD       1.94
FORMOSA PLASTIC       1.34    11/16/16    TWD       0.91
FORMOSA PLASTIC       1.83    05/21/24    TWD       1.86
FORMOSA PLASTIC       1.55    06/21/15    TWD       0.53
FORMOSA PLASTIC       1.39    11/05/19    TWD       1.44
FORMOSA PLASTIC       1.26    05/22/17    TWD       0.98
FORMOSA PLASTIC       1.42    11/08/18    TWD       1.47
FORMOSA PLASTIC       1.25    11/05/17    TWD       1.23
FORMOSA PLASTIC       1.40    09/12/19    TWD       1.45
FORMOSA PLASTIC       1.23    06/10/17    TWD       1.30
FORMOSA PLASTIC       1.94    11/08/23    TWD       1.96
FORMOSA PLASTIC       1.53    11/05/22    TWD       1.62
FORMOSA PLASTIC       1.28    09/12/17    TWD       1.05
FORMOSA PLASTIC       1.42    05/22/19    TWD       1.49
FORMOSA PLASTIC       1.52    06/10/23    TWD       1.54
FUBON FINANCIAL       1.45    08/15/19    TWD       1.30
FUBON FINANCIAL       1.40    11/15/16    TWD       0.72
FUBON FINANCIAL       1.56    08/23/15    TWD       0.80
FUBON FINANCIAL       2.60    01/27/17    TWD       1.32
FUBON FINANCIAL       1.65    03/30/22    TWD       1.65
FUBON FINANCIAL       1.35    08/15/17    TWD       1.06
FUBON FINANCIAL       1.60    12/18/20    TWD       1.65
FUBON FINANCIAL       1.38    03/30/20    TWD       1.38
FUBON FINANCIAL       1.72    07/21/21    TWD       1.72
FUBON FINANCIAL       1.42    12/18/18    TWD       1.21
FUBON FINANCIAL       1.58    08/28/20    TWD       1.58
FUBON FINANCIAL       1.45    08/28/18    TWD       1.36
FUBON FINANCIAL       1.90    01/28/17    TWD       1.40
FUBON FINANCIAL       2.60    01/28/17    TWD       1.46
GOLDSUN DEVELOP       1.40    12/25/19    TWD       1.40
GTM HOLDINGS CO       1.30    07/24/18    TWD       1.31
HIYES INTERNATI       1.40    09/23/17    TWD       1.40
HON HAI PRECISI       1.18    08/06/15    TWD       1.20
HON HAI PRECISI       1.23    04/14/18    TWD       1.18
HON HAI PRECISI       1.43    05/23/17    TWD       1.06
HON HAI PRECISI       1.51    07/18/16    TWD       0.85
HON HAI PRECISI       1.45    01/14/20    TWD       1.39
HON HAI PRECISI       1.44    04/14/20    TWD       1.42
HON HAI PRECISI       1.43    12/27/15    TWD       0.90
HON HAI PRECISI       1.45    01/30/20    TWD       1.40
HON HAI PRECISI       1.45    10/08/19    TWD       1.45
HON HAI PRECISI       2.02    10/08/24    TWD       2.02
HON HAI PRECISI       1.80    10/08/21    TWD       1.80
HON HAI PRECISI       1.33    01/30/18    TWD       1.18
HON HAI PRECISI       1.35    12/17/16    TWD       1.16
HON HAI PRECISI       2.15    10/08/26    TWD       2.15
HON HAI PRECISI       1.23    01/14/18    TWD       1.17
HON HAI PRECISI       1.47    03/08/16    TWD       0.89
HON HAI PRECISI       1.45    10/18/16    TWD       1.08
HON HAI PRECISI       1.17    05/21/17    TWD       1.16
HON HAI PRECISI       1.10    04/14/17    TWD       1.10
HON HAI PRECISI       1.35    10/11/17    TWD       1.13
HON HAI PRECISI       1.70    05/21/21    TWD       1.70
HON HAI PRECISI       1.50    12/17/18    TWD       1.50
HON HAI PRECISI       1.85    12/17/20    TWD       1.70
HON HAI PRECISI       1.23    03/18/17    TWD       1.12
HON HAI PRECISI       1.40    03/18/19    TWD       1.40
HON HAI PRECISI       1.75    04/14/22    TWD       1.75
HON HAI PRECISI       1.43    06/14/16    TWD       1.09
HON HAI PRECISI       1.82    06/14/21    TWD       1.78
HON HAI PRECISI       1.34    04/14/19    TWD       1.34
HON HAI PRECISI       1.80    01/14/22    TWD       1.80
HON HAI PRECISI       1.95    07/08/24    TWD       1.95
HON HAI PRECISI       1.70    07/08/21    TWD       1.70
HON HAI PRECISI       1.37    05/21/19    TWD       1.37
HON HAI PRECISI       1.95    05/21/24    TWD       1.88
HON HAI PRECISI       1.66    06/14/18    TWD       1.20
HON HAI PRECISI       2.00    03/18/24    TWD       2.00
HON HAI PRECISI       1.75    03/18/21    TWD       1.74
HSBC BANK TAIWA       1.40    01/31/19    TWD       1.27
HSBC BANK TAIWA       1.55    03/10/16    TWD       0.60
HSBC BANK TAIWA       1.48    02/05/23    TWD       1.48
HSBC BANK TAIWA       1.25    01/31/17    TWD       1.11
HSBC BANK TAIWA       1.23    02/05/18    TWD       1.20
HSBC BANK TAIWA       1.34    02/05/20    TWD       1.47
HUA NAN COMMERC       1.43    11/06/19    TWD       1.39
HUA NAN COMMERC       1.63    12/06/18    TWD       1.52
HUA NAN COMMERC       2.45    07/16/17    TWD       1.62
HUA NAN COMMERC       2.60    12/29/19    TWD       2.60
HUA NAN COMMERC       1.55    11/06/22    TWD       1.55
HUA NAN COMMERC       2.60    04/24/17    TWD       2.60
HUA NAN COMMERC       1.85    03/28/24    TWD       1.85
HUA NAN COMMERC       1.83    09/26/21    TWD       1.83
HUA NAN COMMERC       1.98    09/26/24    TWD       1.98
HUA NAN COMMERC       1.83    12/19/21    TWD       1.83
HUA NAN COMMERC       1.98    12/19/24    TWD       1.98
HUA NAN COMMERC       1.65    11/23/20    TWD       1.65
HUA NAN COMMERC       3.20    05/16/16    TWD       3.20
HUA NAN COMMERC       3.08    01/16/18    TWD       3.08
HUA NAN FINANCI       1.55    01/21/20    TWD       1.56
HUA NAN FINANCI       1.23    01/21/18    TWD       1.21
HWATAI BANK LTD       2.70    11/15/19    TWD       2.70
INDUSTRIAL BANK       1.95    05/30/20    TWD       1.85
INDUSTRIAL BANK       2.30    10/28/18    TWD       1.80
INDUSTRIAL BANK       3.00    04/12/17    TWD       3.00
INDUSTRIAL BANK       1.85    08/17/19    TWD       1.83
INDUSTRIAL BANK       3.20    12/28/16    TWD       2.24
INDUSTRIAL BANK       1.95    09/26/21    TWD       1.95
INDUSTRIAL BANK       1.85    06/26/21    TWD       1.85
INDUSTRIAL BANK       2.30    08/26/18    TWD       1.59
INDUSTRIAL BANK       1.95    03/27/21    TWD       1.94
JIH SUN INTERNA       2.20    01/30/22    TWD       2.20
JIH SUN INTERNA       2.18    04/30/19    TWD       2.18
KINDOM CONSTRUC       1.55    08/28/19    TWD       1.55
KINDOM CONSTRUC       1.60    09/26/18    TWD       1.60
KINDOM CONSTRUC       1.30    06/18/18    TWD       1.30
KINDOM CONSTRUC       1.41    06/25/17    TWD       1.41
KINDOM CONSTRUC       1.40    10/28/16    TWD       1.40
KINDOM CONSTRUC       1.40    12/15/16    TWD       1.28
LAND BANK OF TA       2.80    12/29/15    TWD       1.00
LAND BANK OF TA       2.00    06/29/17    TWD       1.61
LAND BANK OF TA       1.53    12/15/17    TWD       1.38
LAND BANK OF TA       1.60    12/29/18    TWD       1.54
LAND BANK OF TA       1.64    10/20/18    TWD       1.42
LAND BANK OF TA       1.55    12/26/22    TWD       1.55
LAND BANK OF TA       1.98    12/25/24    TWD       1.98
LAND BANK OF TA       1.43    10/22/19    TWD       1.43
LAND BANK OF TA       1.43    12/26/19    TWD       1.47
LAND BANK OF TA       1.55    04/13/19    TWD       1.60
LAND BANK OF TA       1.50    06/26/19    TWD       1.45
LAND BANK OF TA       1.72    12/26/20    TWD       1.72
MAI-LIAO POWER        1.37    12/19/19    TWD       1.42
MAI-LIAO POWER        1.25    12/19/17    TWD       1.15
MAYWUFA CO LTD        1.43    07/17/19    TWD       1.43
MEGA FINANCIAL        3.26    12/26/15    TWD       1.46
MEGA INTERNATIO       1.65    06/24/21    TWD       1.64
MEGA INTERNATIO       3.10    06/26/15    TWD       0.90
MEGA INTERNATIO       1.53    12/24/17    TWD       1.35
MEGA INTERNATIO       1.48    05/18/19    TWD       1.48
MEGA INTERNATIO       3.00    12/23/15    TWD       1.18
MEGA INTERNATIO       1.70    03/28/21    TWD       1.70
MEGA INTERNATIO       1.65    04/15/18    TWD       1.40
MEGA INTERNATIO       1.62    11/24/18    TWD       1.38
MEGA INTERNATIO       3.00    09/29/15    TWD       0.95
NAN YA PLASTICS       2.04    06/24/29    TWD       2.04
NAN YA PLASTICS       1.93    11/11/24    TWD       1.93
NAN YA PLASTICS       1.45    07/04/19    TWD       1.38
NAN YA PLASTICS       1.56    06/25/15    TWD       0.86
NAN YA PLASTICS       1.45    08/05/18    TWD       1.24
NAN YA PLASTICS       1.56    08/30/15    TWD       0.75
NAN YA PLASTICS       1.27    11/12/15    TWD       0.90
NAN YA PLASTICS       1.55    08/05/20    TWD       1.43
NAN YA PLASTICS       1.36    02/25/20    TWD       1.51
NAN YA PLASTICS       2.08    12/18/25    TWD       2.10
NAN YA PLASTICS       1.50    02/25/23    TWD       1.52
NAN YA PLASTICS       1.45    11/11/19    TWD       1.45
NAN YA PLASTICS       1.25    09/07/17    TWD       1.17
NAN YA PLASTICS       1.37    09/07/19    TWD       1.33
NAN YA PLASTICS       1.98    12/18/23    TWD       1.94
NAN YA PLASTICS       1.36    07/04/17    TWD       1.15
NAN YA PLASTICS       1.35    11/07/16    TWD       0.95
NAN YA PLASTICS       1.40    08/05/17    TWD       1.21
PACIFIC CONSTRU       1.50    05/06/16    TWD       1.50
PRINCE HOUSING        1.33    07/12/17    TWD       1.00
PRINCE HOUSING        1.55    11/21/18    TWD       1.55
RUN LONG CONSTR       1.70    05/07/19    TWD       1.29
RUN LONG CONSTR       1.60    08/01/19    TWD       1.35
SAN FAR PROPERT       1.55    10/23/18    TWD       1.58
SHANGHAI COMMER       3.15    06/10/15    TWD       0.90
SHANGHAI COMMER       1.48    04/10/19    TWD       1.45
SHANGHAI COMMER       1.50    12/15/17    TWD       1.30
SHANGHAI COMMER       1.83    11/25/21    TWD       1.83
SHANGHAI COMMER       1.43    11/15/19    TWD       1.43
SHANGHAI COMMER       1.55    11/15/22    TWD       1.80
SHANGHAI COMMER       1.43    12/27/19    TWD       1.57
SHANGHAI COMMER       3.05    12/26/15    TWD       3.05
SHANGHAI COMMER       1.54    05/22/19    TWD       1.60
SHANGHAI COMMER       1.70    03/25/21    TWD       1.65
SHANGHAI COMMER       1.85    03/25/24    TWD       1.85
SHIHLIN DEVELOP       1.60    07/31/19    TWD       1.32
SHIN KONG FINAN       3.65    09/29/15    TWD       0.96
SHINING BUILDIN       1.60    11/10/17    TWD       1.60
SINYI REALTY IN       1.48    06/27/19    TWD       1.43
SOLAR APPLIED M       1.75    11/10/15    TWD       1.80
SUNNY BANK LTD        2.35    03/31/21    TWD       2.35
SUNNY BANK LTD        2.45    12/30/21    TWD       2.45
SUNNY BANK LTD        2.45    04/30/20    TWD       2.45
SUNNY BANK LTD        3.25    04/30/17    TWD       3.25
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        2.35    08/26/21    TWD       2.35
SUNNY BANK LTD        3.25    10/29/17    TWD       3.25
TA CHONG BANK L       2.05    06/22/19    TWD       2.05
TA CHONG BANK L       2.08    03/30/22    TWD       2.08
TA CHONG BANK L       2.15    03/30/19    TWD       2.15
TA CHONG BANK L       2.00    11/19/21    TWD       2.00
TA CHONG BANK L       2.00    09/26/21    TWD       2.00
TA CHONG BANK L       2.05    03/21/21    TWD       2.05
TA CHONG BANK L       1.90    12/27/19    TWD       1.90
TA CHONG BANK L       3.00    03/09/18    TWD       1.92
TA CHONG BANK L       3.25    01/05/17    TWD       3.25
TA CHONG BANK L       3.50    02/26/17    TWD       3.50
TA CHONG BANK L       3.75    03/05/17    TWD       3.75
TAIPEI FUBON CO       1.85    05/15/24    TWD       1.85
TAIPEI FUBON CO       1.70    05/15/21    TWD       1.70
TAIPEI FUBON CO       1.60    05/20/15    TWD       1.14
TAIPEI FUBON CO       1.50    11/15/17    TWD       1.38
TAIPEI FUBON CO       1.68    05/25/22    TWD       1.83
TAIPEI FUBON CO       3.09    05/30/15    TWD       3.10
TAIPEI FUBON CO       2.50    01/25/20    TWD       2.50
TAIPEI FUBON CO       3.14    06/20/15    TWD       3.15
TAIPEI FUBON CO       2.20    12/22/16    TWD       1.17
TAIPEI FUBON CO       1.98    09/25/24    TWD       1.98
TAIPEI FUBON CO       1.70    08/01/23    TWD       1.70
TAIPEI FUBON CO       1.48    04/05/19    TWD       1.48
TAIPEI FUBON CO       1.70    08/05/18    TWD       1.45
TAIPEI FUBON CO       1.70    05/20/17    TWD       1.70
TAIPEI FUBON CO       1.95    08/20/17    TWD       1.60
TAIPEI FUBON CO       2.05    08/20/20    TWD       2.05
TAIPEI FUBON CO       1.55    10/15/20    TWD       1.55
TAIPEI FUBON CO       1.52    08/01/20    TWD       1.52
TAIPEI FUBON CO       1.65    03/18/18    TWD       1.65
TAIPEI FUBON CO       2.20    01/25/17    TWD       1.14
TAIPEI FUBON CO       2.30    01/29/17    TWD       2.30
TAIPEI FUBON CO       1.80    03/01/17    TWD       1.48
TAIPEI FUBON CO       2.50    03/02/20    TWD       2.50
TAIPEI FUBON CO       1.65    12/01/18    TWD       1.46
TAISHIN FINANCI       2.00    05/15/19    TWD       1.90
TAISHIN FINANCI       2.20    08/05/18    TWD       1.61
TAISHIN FINANCI       2.30    12/17/17    TWD       1.50
TAISHIN FINANCI       2.20    10/05/18    TWD       2.20
TAISHIN INTERNA       2.65    04/12/17    TWD       2.65
TAISHIN INTERNA       1.95    05/16/24    TWD       1.95
TAISHIN INTERNA       1.53    12/14/19    TWD       1.53
TAISHIN INTERNA       1.65    10/19/22    TWD       1.65
TAISHIN INTERNA       1.53    10/19/19    TWD       1.53
TAISHIN INTERNA       1.65    12/14/22    TWD       1.65
TAIWAN ACCEPTAN       1.12    06/20/17    TWD       1.16
TAIWAN ACCEPTAN       1.25    10/17/17    TWD       1.25
TAIWAN BUSINESS       1.68    03/25/20    TWD       1.68
TAIWAN BUSINESS       2.32    03/05/17    TWD       2.32
TAIWAN BUSINESS       2.35    08/27/15    TWD       1.98
TAIWAN BUSINESS       1.92    11/25/20    TWD       1.86
TAIWAN BUSINESS       1.92    09/02/17    TWD       1.45
TAIWAN BUSINESS       2.50    12/18/16    TWD       1.36
TAIWAN COOPERAT       1.85    05/26/24    TWD       1.85
TAIWAN COOPERAT       1.70    07/28/18    TWD       1.41
TAIWAN COOPERAT       3.00    05/28/15    TWD       0.89
TAIWAN COOPERAT       1.65    06/28/22    TWD       1.60
TAIWAN COOPERAT       1.70    05/26/21    TWD       1.70
TAIWAN COOPERAT       1.55    12/25/22    TWD       1.55
TAIWAN COOPERAT       1.72    12/25/20    TWD       1.72
TAIWAN COOPERAT       1.45    10/25/17    TWD       1.28
TAIWAN COOPERAT       1.48    03/28/20    TWD       1.58
TAIWAN COOPERAT       1.43    12/25/19    TWD       1.43
TAIWAN LAND DEV       1.36    04/25/17    TWD       1.36
TAIWAN MOBILE C       1.34    12/20/19    TWD       1.44
TAIWAN MOBILE C       1.29    04/25/18    TWD       1.21
TAIWAN POWER CO       1.30    06/17/18    TWD       1.08
TAIWAN POWER CO       2.84    04/18/18    TWD       1.25
TAIWAN POWER CO       1.46    12/30/18    TWD       1.35
TAIWAN POWER CO       1.35    09/26/16    TWD       1.04
TAIWAN POWER CO       1.40    03/17/19    TWD       1.36
TAIWAN POWER CO       1.37    08/20/15    TWD       0.84
TAIWAN POWER CO       1.23    12/27/16    TWD       0.88
TAIWAN POWER CO       1.50    11/22/18    TWD       1.16
TAIWAN POWER CO       1.65    07/19/18    TWD       1.12
TAIWAN POWER CO       1.10    12/15/17    TWD       1.06
TAIWAN POWER CO       1.33    06/28/16    TWD       1.00
TAIWAN POWER CO       1.64    08/20/17    TWD       1.10
TAIWAN POWER CO       1.87    04/28/16    TWD       0.85
TAIWAN POWER CO       1.30    11/17/16    TWD       0.98
TAIWAN POWER CO       1.29    06/15/17    TWD       1.07
TAIWAN POWER CO       1.95    10/22/19    TWD       1.40
TAIWAN POWER CO       1.99    10/16/24    TWD       1.99
TAIWAN POWER CO       1.10    03/18/17    TWD       1.06
TAIWAN POWER CO       1.70    03/30/22    TWD       1.70
TAIWAN POWER CO       1.55    07/22/20    TWD       1.41
TAIWAN POWER CO       1.38    06/01/15    TWD       0.48
TAIWAN POWER CO       1.78    11/20/19    TWD       1.36
TAIWAN POWER CO       1.53    05/03/23    TWD       1.96
TAIWAN POWER CO       1.24    11/21/16    TWD       1.06
TAIWAN POWER CO       1.43    03/26/20    TWD       1.40
TAIWAN POWER CO       2.02    12/15/24    TWD       2.02
TAIWAN POWER CO       1.28    05/06/18    TWD       1.12
TAIWAN POWER CO       2.15    12/28/19    TWD       1.42
TAIWAN POWER CO       1.75    06/01/17    TWD       1.10
TAIWAN POWER CO       1.32    12/19/16    TWD       0.92
TAIWAN POWER CO       1.75    07/21/21    TWD       1.67
TAIWAN POWER CO       1.37    04/23/19    TWD       1.21
TAIWAN POWER CO       1.92    03/17/24    TWD       1.93
TAIWAN POWER CO       1.10    10/16/17    TWD       1.10
TAIWAN POWER CO       1.39    07/21/15    TWD       0.60
TAIWAN POWER CO       1.47    09/23/17    TWD       1.01
TAIWAN POWER CO       2.74    06/16/15    TWD       0.84
TAIWAN POWER CO       1.64    09/21/20    TWD       1.47
TAIWAN POWER CO       1.46    12/17/17    TWD       1.02
TAIWAN POWER CO       1.58    12/21/21    TWD       1.56
TAIWAN POWER CO       2.99    07/21/15    TWD       0.58
TAIWAN POWER CO       2.85    11/04/15    TWD       0.60
TAIWAN POWER CO       1.69    04/22/21    TWD       1.50
TAIWAN POWER CO       1.23    04/23/17    TWD       1.08
TAIWAN POWER CO       1.52    06/15/22    TWD       1.52
TAIWAN POWER CO       1.50    04/24/22    TWD       1.75
TAIWAN POWER CO       1.65    07/19/17    TWD       1.00
TAIWAN POWER CO       1.46    12/15/19    TWD       1.43
TAIWAN POWER CO       2.99    09/17/15    TWD       0.65
TAIWAN POWER CO       2.62    11/25/15    TWD       0.56
TAIWAN POWER CO       1.83    06/01/20    TWD       1.43
TAIWAN POWER CO       1.71    08/23/20    TWD       1.56
TAIWAN POWER CO       1.77    12/17/21    TWD       1.77
TAIWAN POWER CO       1.39    05/06/20    TWD       1.46
TAIWAN POWER CO       1.74    03/17/21    TWD       1.74
TAIWAN POWER CO       1.94    11/22/23    TWD       1.89
TAIWAN POWER CO       1.60    12/15/20    TWD       1.52
TAIWAN POWER CO       1.39    12/26/22    TWD       1.49
TAIWAN POWER CO       1.27    11/30/19    TWD       1.43
TAIWAN POWER CO       1.41    11/28/22    TWD       1.41
TAIWAN POWER CO       1.31    10/31/19    TWD       1.44
TAIWAN POWER CO       1.43    10/31/22    TWD       1.42
TAIWAN POWER CO       1.45    06/17/20    TWD       1.55
TAIWAN POWER CO       2.35    12/30/18    TWD       1.27
TAIWAN POWER CO       1.75    07/23/23    TWD       1.76
TAIWAN POWER CO       1.98    07/21/24    TWD       1.99
TAIWAN POWER CO       1.60    04/22/18    TWD       1.36
TAIWAN POWER CO       1.39    08/16/19    TWD       1.42
TAIWAN POWER CO       1.49    08/15/22    TWD       1.84
TAIWAN POWER CO       1.43    06/15/19    TWD       1.37
TAIWAN POWER CO       1.42    10/16/19    TWD       1.42
TAIWAN POWER CO       1.55    11/20/16    TWD       0.90
TAIWAN POWER CO       1.77    10/16/21    TWD       1.77
TAIWAN POWER CO       1.75    04/23/17    TWD       1.20
TAIWAN POWER CO       1.85    04/22/20    TWD       1.50
TAIWAN POWER CO       1.48    11/21/18    TWD       1.32
TAIWAN POWER CO       1.10    05/30/17    TWD       1.12
TAIWAN POWER CO       1.40    05/30/19    TWD       1.42
TAIWAN POWER CO       1.75    05/30/21    TWD       1.69
TAIWAN POWER CO       1.95    05/28/24    TWD       1.96
TAIWAN POWER CO       1.51    10/21/18    TWD       1.29
TAIWAN POWER CO       1.65    10/20/21    TWD       1.56
TAIWAN POWER CO       1.42    07/21/19    TWD       1.44
TAIWAN POWER CO       1.55    06/28/18    TWD       1.13
TAIWAN POWER CO       1.64    06/28/21    TWD       1.53
TAIWAN POWER CO       1.75    12/30/20    TWD       1.66
TAIWAN POWER CO       1.95    12/30/23    TWD       1.88
TAIWAN POWER CO       1.79    07/21/20    TWD       1.48
TAIWAN SEMICOND       1.40    09/28/16    TWD       0.87
TAIWAN SEMICOND       1.46    01/11/19    TWD     100.98
TAIWAN SEMICOND       1.23    01/04/18    TWD       1.06
TAIWAN SEMICOND       1.29    01/11/17    TWD       0.84
TAIWAN SEMICOND       1.38    02/06/20    TWD       1.34
TAIWAN SEMICOND       1.28    09/26/17    TWD       0.99
TAIWAN SEMICOND       1.28    08/02/17    TWD       1.04
TAIWAN SEMICOND       1.53    10/09/22    TWD       1.53
TAIWAN SEMICOND       1.35    01/04/20    TWD       1.37
TAIWAN SEMICOND       1.50    07/16/20    TWD       1.40
TAIWAN SEMICOND       2.10    09/25/23    TWD       2.03
TAIWAN SEMICOND       1.23    02/06/18    TWD       1.17
TAIWAN SEMICOND       1.45    09/25/17    TWD       1.47
TAIWAN SEMICOND       1.63    09/28/18    TWD       1.12
TAIWAN SEMICOND       1.35    09/25/16    TWD       1.38
TAIWAN SEMICOND       1.39    09/26/19    TWD       1.39
TAIWAN SEMICOND       1.49    01/04/23    TWD       1.62
TAIWAN SEMICOND       1.50    02/06/23    TWD       1.64
TAIWAN SEMICOND       1.34    08/09/17    TWD       1.34
TAIWAN SEMICOND       1.52    08/09/19    TWD       1.52
TAIWAN SHIN KON       1.80    09/26/18    TWD       1.80
TAIWAN SHIN KON       1.85    03/30/18    TWD       1.42
TAIWAN SHIN KON       2.10    12/15/24    TWD       2.10
TAIWAN SHIN KON       2.50    12/18/16    TWD       1.45
TAIWAN SHIN KON       1.51    12/28/19    TWD       1.51
TAIWAN SHIN KON       1.63    12/28/22    TWD       1.63
TAIWAN SHIN KON       1.95    09/26/21    TWD       1.55
TONG YANG INDUS       1.35    01/28/20    TWD       1.35
TONG YANG INDUS       1.35    01/28/20    TWD       1.35
TONG YANG INDUS       1.35    01/28/20    TWD       1.35
U-MING MARINE T       1.32    08/22/17    TWD       1.32
UNION BANK OF T       2.08    04/22/22    TWD       2.08
UNION BANK OF T       2.78    06/15/18    TWD       2.78
UNION BANK OF T       2.10    12/19/20    TWD       2.10
UNION BANK OF T       2.32    03/01/19    TWD       2.32
UNI-PRESIDENT E       1.57    06/25/15    TWD       0.90
UNI-PRESIDENT E       1.23    10/27/15    TWD       1.28
UNI-PRESIDENT E       1.43    06/17/16    TWD       1.01
UNI-PRESIDENT E       1.28    10/29/17    TWD       1.20
UNI-PRESIDENT E       1.35    06/18/17    TWD       1.11
UNI-PRESIDENT E       1.78    06/23/24    TWD       1.81
UNI-PRESIDENT E       1.39    02/18/19    TWD       1.34
UNI-PRESIDENT E       1.22    02/26/18    TWD       1.17
UNI-PRESIDENT E       1.29    06/23/19    TWD       1.34
UNI-PRESIDENT E       1.62    06/23/21    TWD       1.58
UNI-PRESIDENT E       1.39    10/29/19    TWD       1.53
UNITED MICROELE       1.50    03/15/20    TWD       1.58
UNITED MICROELE       1.35    03/15/18    TWD       1.23
UNITED MICROELE       1.43    06/07/17    TWD       1.10
UNITED MICROELE       1.95    06/18/24    TWD       1.90
UNITED MICROELE       1.63    06/07/19    TWD       1.35
UNITED MICROELE       1.70    06/18/21    TWD       1.71
USI CORP              1.55    02/12/20    TWD       1.55
USI CORP              1.55    06/24/16    TWD       1.34
USI CORP              1.90    02/12/22    TWD       1.90
WAN HAI LINES L       1.95    08/14/21    TWD       1.77
WAN HAI LINES L       1.65    08/14/19    TWD       1.65
WAN HAI LINES L       1.65    06/22/16    TWD       1.25
WAN HAI LINES L       1.85    06/24/18    TWD       1.55
YANG MING MARIN       1.42    05/20/15    TWD       1.45
YANG MING MARIN       2.45    11/01/20    TWD       2.45
YANG MING MARIN       1.30    12/27/16    TWD       1.15
YANG MING MARIN       1.30    12/27/16    TWD       1.15
YANG MING MARIN       1.42    05/20/15    TWD       1.31
YANG MING MARIN       2.20    11/01/18    TWD       1.90
YANG MING MARIN       1.30    12/27/16    TWD       1.05
YANG MING MARIN       1.30    12/27/16    TWD       1.11
YANG MING MARIN       1.42    05/20/15    TWD       1.35
YANG MING MARIN       1.42    05/20/15    TWD       1.23
YANG MING MARIN       1.42    05/20/15    TWD       1.42
YANG MING MARIN       1.42    05/20/15    TWD       1.46
YANG MING MARIN       1.42    05/20/15    TWD       1.31
YANG MING MARIN       1.42    05/20/15    TWD       1.38
YANG MING MARIN       1.30    12/27/16    TWD       1.34
YANG MING MARIN       1.30    12/27/16    TWD       1.26
YANG MING MARIN       1.30    12/27/16    TWD       1.16
YANG MING MARIN       1.30    12/27/16    TWD       1.14
YFY INC               1.40    06/28/15    TWD       0.95
YFY INC               1.40    06/28/15    TWD       1.40
YUAN DING INVES       1.25    08/06/15    TWD       1.30
YUAN DING INVES       1.35    11/25/16    TWD       1.14
YUAN DING INVES       1.62    07/19/15    TWD       1.45
YUAN DING INVES       1.50    07/20/16    TWD       1.27
YUAN DING INVES       1.40    08/06/17    TWD       1.20
YUAN DING INVES       1.45    12/15/16    TWD       1.40
YUAN DING INVES       1.35    05/26/19    TWD       1.43
YUANTA COMMERCI       2.00    09/04/24    TWD       2.00
YUANTA COMMERCI       1.80    10/27/18    TWD       1.80
YUANTA COMMERCI       1.85    10/29/21    TWD       1.85
YUANTA COMMERCI       2.30    06/10/17    TWD       1.38
YUANTA COMMERCI       1.75    06/27/18    TWD       1.53
YUANTA COMMERCI       1.80    09/04/21    TWD       1.80
YUANTA COMMERCI       1.95    10/27/21    TWD       1.95
YUANTA COMMERCI       1.85    08/22/18    TWD       1.55
YUANTA FINANCIA       1.50    06/29/16    TWD       1.04


VIETNAM
-------

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, 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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