TCRAP_Public/150519.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 19, 2015, Vol. 18, No. 097


                            Headlines


A U S T R A L I A

EYE PLANTAIN: First Creditors' Meeting Set For May 22
FABCON STEEL: First Creditors' Meeting Set For May 26
KIMBERLEY SITE: First Creditors' Meeting Set For May 26
TIMBERCORP LIMITED: Liquidators Slap Investors With Bankruptcy


C H I N A

KAISA GROUP: Sunac Poised to Sweeten Offer to Kaisa Bondholders


I N D I A

3FORKS HOSPITALITY: ICRA Suspends B+ Rating on INR3.5cr Term Loan
ACE FAB: CRISIL Assigns 'B' Rating to INR80MM Term Loan
AGLAR POWER: CRISIL Reaffirms D Rating on INR164.4MM LT Loan
AMRIT AGROVET: ICRA Cuts Rating on INR8.45cr Term Loan to D
ANIL COLOUR: CRISIL Assigns 'FB+' Fixed Deposits Rating

ARMANIA AGRO: ICRA Reaffirms B Rating on INR7cr Cash Credit
BANSAL INFRATECH: CRISIL Assigns B+ Rating to INR250MM Cash Loan
BENGAL SHRACHI: ICRA Suspends 'D' Rating on INR114.15cr Term Loan
BHARAT STEEL: ICRA Assigns C+ Rating to INR20cr Fund Based Loan
CANARA JEWEL: CRISIL Suspends 'B' Rating on INR53.4MM Bank Loan

G.M.R. SPINTEX: CRISIL Reaffirms D Rating on INR266.6MM Loan
GAGAN RICE: ICRA Suspends 'B' Rating on INR19cr Bank Loan
GOPAL UDHYOG: ICRA Reaffirms B Rating on INR5cr LT Loan
GOWTHAMI RAW: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
HALDIA PETROCHEMICALS: ICRA Reaffirms D Rating on INR4,717cr Loan

HI-CHOICE EXPORTS: CRISIL Assigns 'B' Rating to INR31MM Bank Loan
HITEN FASTENERS: CRISIL Suspends B Rating on INR120MM Cash Loan
KANHIYA DHALIWAL: ICRA Suspends B Rating on INR10cr FB Loan
LAXMI OPTICALS: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
MANNE PROJECTS: CRISIL Suspends B+ Rating on INR100MM LT Loan

MEERA AND COMPANY: ICRA Reaffirms D Rating on INR5.50cr Cash Loan
MITTAL CLOTHING: ICRA Suspends B+ Rating on INR1cr LT Loan
MITTAPALLI AUDINARAYANA: CRISIL Reaffirms B+ INR560MM Loan Rating
MJR CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR30MM Loan
NEHA EXPORTS: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Credit

ORBIT ELECTRO: CRISIL Suspends B+ Rating on INR45MM Cash Loan
PARAS FOODS: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
PORWAL GINNING: CRISIL Assigns B+ Rating to INR50MM Cash Loan
PUNNU SYNTHETICS: ICRA Suspends 'B' Rating on INR6.25cr Bank Loan
RELCOM TECHNOLOGY: ICRA Reaffirms B Rating on INR6.75cr Term Loan

ROYALE CONCORDE: ICRA Withdraws D Rating on INR40cr Term Loan
SAGA STEELS: ICRA Lowers Rating on INR6cr Fund Based Loan to D
SANGA AUTOMOBILES: CRISIL Ups Rating on INR120MM Loan to 'B-'
SANT BHAGATRAM: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
SHIRANI AUTOMOTIVE: ICRA Reaffirms B+ Rating on INR3cr Cash Loan

SKR VEG: CRISIL Reaffirms 'B' Rating on INR60MM Cash Credit
SLMI INFRAPROJECTS: CRISIL Reaffirms C Rating on INR150MM Loan
SRI VENKATESWARA: ICRA Assigns B Rating to INR6.25cr FB Loan
SWAMBHUNATH COLD: CRISIL Ups Rating on INR79.4MM Cash Loan to B-
UMESH EDUCATION: CRISIL Suspends 'D' Rating on INR180MM Term Loan

URBANEDGE HOTELS: CRISIL Assigns 'D' Rating to INR1.42BB LT Loan
VALLEY FRESH: CRISIL Assigns B Rating to INR300MM Term Loan


S O U T H  K O R E A

KUMHO INDUSTRIAL: Creditors to Sell Shares to Kumho Chairman


X X X X X X X X

* BOND PRICING: For the Week May 11 to May 15, 2015


                            - - - - -


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


EYE PLANTAIN: First Creditors' Meeting Set For May 22
-----------------------------------------------------
Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of Eye Plantain Pty Limited and Blue Sennar Air Pty
Limited on May 14, 2015.

A first meeting of the creditors of the Company will be held at
Boardroom, Level 4, 1 Alfred Street, in Sydney, on May 22, 2015,
at 9:00 a.m.


FABCON STEEL: First Creditors' Meeting Set For May 26
-----------------------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Fabcon Steel Pty Ltd on May 15, 2015.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
May 26, 2015, at 11:00 a.m.


KIMBERLEY SITE: First Creditors' Meeting Set For May 26
-------------------------------------------------------
Dino Berardino Calvisi of Rodgers Reidy was appointed as
administrators of Kimberley Site Services Pty Ltd on May 15, 2015.

A first meeting of the creditors of the Company will be held at
Hotel Mercure, 1 Weld Street, in Broome, West Australia on
May 26, 2015, at 9:30 a.m.


TIMBERCORP LIMITED: Liquidators Slap Investors With Bankruptcy
--------------------------------------------------------------
Sarah Danckert at Farm Weekly reports that more than 50 investors
in collapsed forestry scheme Timbercorp have been slapped with
bankruptcy notices as liquidators ramp up their collection
processes after ANZ's 'Christmas' moratorium on the recovery
process lapsed.

The report relates that three investors have been bankrupted so
far this year by liquidators at KordaMentha who are acting for the
big bank to recover loans taken out by Timbercorp investors to
invest in the company's forestry, olives and almonds schemes.

Farm Weekly says many more people are expected to be sent under in
the coming months as the matters wind their way through the
courts, with 51 people having already received bankruptcy notices
-- the precursor to being bankrupted.

A further 61 people have not defended debt recovery actions by
KordaMentha and are likely to also receive bankruptcy notices, the
report relays.

According to the report, Senator Sam Dastyari -- who is a member
of the powerful Senate Economics Committee reviewing Australia's
managed investment schemes -- slammed liquidators for issuing the
bankruptcy notices.

"It's obviously horrible to hear that anyone involved in the
Timbercorp collapse has been bankrupted, and it looks like the
number of people affected is going to increase over time," the
report quotes Sen. Dastyari as saying. "I have repeatedly called
on both the creditor, ANZ, and the liquidator, KordaMentha, to
show compassion to the victims of this collapse who are facing
genuine hardship."

The report relates that KordaMentha partner Craig Shepard who is
managing the insolvency process for Timbercorp Finance on behalf
of ANZ Bank said the investors who have received bankruptcy
notices had so far not engaged with the insolvency process in any
way.

"We don't actually want to be bankrupting people but we have a
stat duty to recover the company's assets," Farm Weekly quotes
Mr. Shepard as saying.  "At every stage of the process we attempt
to contact the borrowers to engage with us to seek a resolution to
their indebtedness."

He said the process had been frustrated by some investors either
receiving advice or being given the impression their loans would
be wiped by a government decree, the report adds.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited was engaged in
the establishment, development, marketing and management of
primary industry-based projects, the acquisition of land, water
rights and infrastructure to support these projects, and the
provision of finance to growers in these projects.  The company
was also involved in eucalypt and olive oil processing operations,
asset development, asset management, the sale of agricultural
assets and holding investments in agricultural-related
enterprises.

Timbercorp called in voluntary administrators to the company and
its subsidiaries.  The company appointed Mark Korda and Leanne
Chesser of KordaMentha as voluntary administrators.  KordaMentha
stated that the company had been hurt by the combined impact of
declining global asset values, tightening credit, the economic
downturn and drought.  On June 29, 2009, the creditors voted
unanimously to wind up the 41 companies in the Timbercorp Group
and put them into liquidation.



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


KAISA GROUP: Sunac Poised to Sweeten Offer to Kaisa Bondholders
---------------------------------------------------------------
Fiona Law at The Wall Street Journal reports that the fight over a
troubled Chinese property developer is intensifying as a onetime
white knight is poised to sweeten its offer to foreign investors,
seeking to trump an offer from the company's chairman.

The Journal relates that Sunac China Holdings Ltd., a Chinese home
builder that offered in February to buy a 49.3% stake in cash-
strapped Kaisa Group Holdings Ltd., recently told offshore
bondholders that it could raise its offer in a debt restructuring
deal, according to two people familiar with the situation.

Sunac's acquisition proposal valued Kaisa at HKD9.24 billion
($1.19 billion), but the deal was conditional on restructuring
Kaisa's debt, the Journal discloses. At the time, Sunac had
offered bondholders a deal that would extend bond maturities and
cut into the interest they would receive, leaving investors
unsatisfied.

According to the Journal, the sweetened offer would be a direct
challenge to Kaisa Chairman Kwok Ying Shing, who last week told
the same group of investors that he could cut them a deal that
would reduce their potential losses, and that they should let
Sunac's offer expire.  Mr. Kwok founded and ran Kaisa but abruptly
resigned in December, citing health reasons, before returning to
the company a month ago to try to retake control, the Journal
notes.

The Journal says the details of Sunac's latest offer aren't clear.
The firm's Hong Kong-listed shares were suspended from trading on
May 15 pending an announcement related to the Kaisa deal.
Bondholders had a meeting Friday afternoon [May 15] to discuss
whether they would accept Sunac's latest deal or not, one person
said, the Journal relays.

The Journal relates that Sunac's latest move shows the developer
is determined to get the Kaisa deal done, "given that it sees the
Kaisa acquisition as a relatively low-cost way to acquire good
quality assets in Tier-1 cities in Pearl River Delta," said Guo
Rui, an analyst at Mitsubishi UFJ Securities in Hong Kong. "The
probability of Sunac completing the deal has risen."

Kaisa's bond prices have risen more than 10 cents since the end of
April and now exceed 60 cents on the dollar, the Journal notes.

According to the report, one of the people said Sunac asked the
Hong Kong stock exchange regulator in late April for a waiver of a
rule to expedite its takeover of Kaisa. The listing rules state
that a listed firm can't acquire a target company if it hasn't
released recent earnings. Kaisa has yet to publish its 2014
earnings results, saying that its auditors need more time, the
report relays.

The exchange may consider granting a waiver when the company is
likely to disclose alternative information to enable shareholders
to assess the target company's financial position, the Journal
relates citing a Hong Kong stock exchange spokesman.

The Journal adds that some analysts believe Mr. Kwok might still
have some cards to play to dwarf Sunac's appeal. Mr. Kwok agreed
to sell his company to Sunac at a price set in February, but since
then the prices of most Chinese property companies have risen amid
an improving housing market, the report states.

In a meeting in Hong Kong earlier this month, Mr. Kwok said he
hoped to minimize offshore bondholders' losses or protect them
from any loss at all, according to people familiar with the
matter, the Journal reports.

                        About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2015, Moody's Investors Service has changed to positive
from review for upgrade the outlook on Kaisa Group Holdings Ltd's
Ca corporate family and senior unsecured debt ratings. At the same
time, Moody's has confirmed the company's Ca corporate
family and senior unsecured debt ratings.

Moody's placed Kaisa's ratings under review for upgrade on
Feb. 9, 2015 following the company's announcement that Sunac China
Holdings Limited (B1 stable) had offered to acquire Kaisa's 49.25%
outstanding shares conditional on a number of factors, including
the resolution of Kaisa's debt payments, the resolution of all
existing disputes and court applications faced by Kaisa, and the
resolution of any irregularities in Kaisa's business operations.



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


3FORKS HOSPITALITY: ICRA Suspends B+ Rating on INR3.5cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR3.50
crore term loans and INR3.75 crore long term, fund based bank
facilities of 3Forks Hospitality Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


ACE FAB: CRISIL Assigns 'B' Rating to INR80MM Term Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of Ace Fab Overseas (AFO).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             80         CRISIL B/Stable

The rating reflects AFO's exposure to implementation and off take
risks associated with its ongoing project and its weak financial
risk profile, which is likely to be constrained by low accruals
expected in the initial year of operations of its upcoming hotel.
These rating weaknesses are partially offset by the financial
support that AFO receives from its promoters and the advantageous
location of its upcoming hotel.
Outlook: Stable

CRISIL believes that AFO will benefit over the medium term from
financial support from its promoters and the advantageous location
of its upcoming hotel. The outlook may be revised to 'Positive'
with timely completion of the project and significant improvement
in the firm's financial risk profile driven by high occupancy and
average room revenue (ARR) resulting in substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
delays in commencement of commercial operations of the hotel or
sustained low occupancy rates or ARR due to competitive pressures,
leading to deterioration in the firm's financial risk profile.

AFO was established as a partnership firm in July 2002 by Mr. Ajay
Singh and Mrs. Anjana Singh. The firm has been engaged in the
cable transmission and network business for the past 10 years and
is setting up a hotel in Sahibabad.


AGLAR POWER: CRISIL Reaffirms D Rating on INR164.4MM LT Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Aglar Power Limited (APL)
continues to reflect instances of delay by APL in servicing its
term debt obligations owing to weak liquidity. The rating also
factors in implementation risk related to on-going project of APL,
which consists of construction of Hydel power plant in
Utttarakhand. However, the company benefits from its promoters'
extensive industry experience and need based fund support.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan      164.4        CRISIL D (Reaffirmed)

APL was incorporated in the year 2003. It is a specialized company
to undertake designs, consultancy and implementation of small
hydro power projects on the principles of build, operate and own
(BOO). The company is promoted by Mr. C.H. Ashok Reddy, Mr. C.H.
Shyam Sunder Reddy, Mr. G. Gowri Shankar and Mr. G. Ranga Rao. It
is based in Hyderabad (Telangana).


AMRIT AGROVET: ICRA Cuts Rating on INR8.45cr Term Loan to D
-----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR8.45 crore term loan, INR5.00 crore cash credit facility and
INR0.45 crore unallocated limit of Amrit Agrovet (P) Ltd. from
[ICRA]BB (Stable) to [ICRA]D. ICRA has also revised downwards the
short term rating assigned to the INR0.60 crore non-fund based
bank facilities of AAPL from [ICRA]A4 to [ICRA]D. The short term
rating assigned to the INR2.00 crore non-fund based bank limit,
which is a sub-limit of the term loan facility, has also been
revised downwards from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loan              8.45        [ICRA]D (downgraded)

   Fund Based Limit-
   Cash Credit            5.00        [ICRA]D (downgraded)

   Fund Based Limit-
   Unallocated            0.45        [ICRA]D (downgraded)

   Non-Fund Based
   Limit-Capex FLC       (2.00)       [ICRA]D (downgraded)

   Non-Fund Based
   Limit-Bank Guarantee   0.50        [ICRA]D (downgraded)

   Non-Fund Based Limit-
   LER (Loan Equivalent
   Risk)                  0.10        [ICRA]D (downgraded)


The rating action factors in the delays by AAPL in meeting its
debt service obligations in a timely manner.

Incorporated in 2005, AAPL is engaged in the manufacturing of
poultry feed at its facilities situated in Bhiwadi (Rajasthan) and
Jind (Haryana). The company has an installed manufacturing
capacity of 93,600 tpa. Besides AAPL, the Amrit group has other
companies engaged in the poultry feed and related business, namely
Amrit Feeds Limited, Amricon Agrovet Private Limited, and Amrit
Hatcheries Private Limited.

Recent Results
The company has reported a net profit of INR1.00 crore on an
operating income of INR68.10 crore in 2013-14 as compared to a net
profit of INR0.49 crore on an operating income of INR36.08 crore
in 2012-13.


ANIL COLOUR: CRISIL Assigns 'FB+' Fixed Deposits Rating
-------------------------------------------------------
CRISIL has assigned its 'FB+/Stable' rating to the fixed deposits
of Anil Colour Industries Private Limited (ACIPL).

The rating reflects the extensive experience of ACIPL's promoters
in the dye intermediate chemicals industry and the company's
established relationships with suppliers and customers. These
rating strengths are partially offset by the company's large
working capital requirements and modest scale of operations.
Outlook: Stable

CRISIL believes that ACIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
significant and sustained improvement in its revenue and margins,
leading to increased accretion to reserves, or in case of a
significant equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if ACIPL registers
significant decline in its revenue or margins, or if its working
capital cycle lengthens, or if the company undertakes a large
debt-funded capital expenditure programme, weakening its financial
risk profile.

Set up in 1989, ACIPL is promoted by Mr. Bharat Shah, Mr. B K
Patel, and their families. The company manufactures dye
intermediates (Meta Uriedo Aniline Hydro Chloride [MAU] and Sulfo
Methyl Carbamoyl Pyridone [SMCAP]); its manufacturing facilities
are in Vadodara (Gujarat).


ARMANIA AGRO: ICRA Reaffirms B Rating on INR7cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR7.35
crore long term fund based facilities of Armania Agro Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             0.35        [ICRA]B reaffirmed
   Cash Credit           7.00        [ICRA]B reaffirmed

The reaffirmation of rating takes into account AAI's weak
financial profile as reflected in its low profitability, highly
leveraged capital structure, weak debt coverage indicators; firm's
relatively modest scale of operations and tight liquidity
position. The rating is further constrained by the highly
competitive and fragmented industry structure resulting in thin
margins; and exposure of the entity's profitability to agro-
climatic risks and regulatory policies. ICRA also notes that AAI
is a partnership firm and any significant withdrawals from the
capital account could adversely impact its net worth and thereby
the capital structure.

The rating however, continues to positively consider the past
experience of the promoters in agro commodities trading; steady
growth in AAI's operating income driven by increased off-take
volume in recent periods; favorable location of the firm with
proximity to wheat cultivated in Gujarat and stable demand
prospects for wheat due to increasing population and varied
applications of the product.

Himatnagar (Gujarat) based Armania Agro Industries (AAI) was
established in the year 2008 and is engaged in wheat sorting
operations with an installed capacity of 150 MT per day. AAI is
owned by the Patel family, with the partners having previous
experience of trading in agro commodities through their erstwhile
concern Prakash Trading Company.

Recent Results
For the financial year 2013-14, the firm reported an operating
income of INR78.52 Cr. and profit before tax of INR0.39 Cr. as
against an operating income of INR57.68 Cr. and profit before tax
of INR0.29 Cr. for the financial year 2012-13. Further, during 9M
FY15 (provisional unaudited financials), the firm has reported
operating income of INR55.33 crore and profit before tax of
INR0.98 crore.


BANSAL INFRATECH: CRISIL Assigns B+ Rating to INR250MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bansal Infratech Synergies India Ltd
(BISIL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        400        CRISIL A4
   Cash Credit           250        CRISIL B+/Stable

The ratings reflect BISIL's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth ratio. The
ratings also factors in the company's working-capital-intensive
operations and its exposure to risks related to the tender-based
nature of its business. These rating weaknesses are partially
offset by the extensive experience of BISIL's promoters in the
civil construction industry and the company's comfortable order
book, providing strong revenue visibility.
Outlook: Stable

CRISIL believes that BISIL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its healthy order book. The outlook may be revised
to 'Positive' if the company scales up its operations
significantly while improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
pressure on BISIL's liquidity due to a stretch in its working
capital cycle or a reduction in its operating income or
profitability.

Established in 1988 by Mr. Kashi Ram Banal, BISIL undertakes
civil, structural, and road construction work for government
bodies.


BENGAL SHRACHI: ICRA Suspends 'D' Rating on INR114.15cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR114.15
crore term loans of Bengal Shrachi Housing Development Limited.
The suspension follows lack of co-operation from the company.


BHARAT STEEL: ICRA Assigns C+ Rating to INR20cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C+ to INR20.00 crore
fund based bank lines of Bharat Steel Rolling Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     20.00        [ICRA]C+ assigned

The assigned rating factors in weakening of financial profile of
the company as reflected by decline in its operating income in
FY2014 and increase in its working capital intensity owing to
increase in the inventory holding period. The ratings also factor
in the firm's moderate scale of operations, which coupled with the
high competition in the industry has resulted in thin
profitability and weak debt coverage indicators (as reflected in
Total Debt/OPBDITA of 47 times and net cash accruals/total debt
ratio of 4% for FY2014).

The rating is also constrained by levered capital structure of the
firm owing to funding of working capital requirements mainly
through bank borrowings. The ratings also takes into account the
vulnerability of the firm's profitability to adverse movements in
raw material prices as bulk of the procurement is not order
backed. ICRA also takes into cognizance risks inherent in a
partnership firm such as limited ability to raise equity capital,
and risk of dissolution due to death/retirement/insolvency of
partners. The rating however draws comfort from the extensive
experience of the promoters in the steel industry and BSRM's
established distribution network.

Incorporated in 1966, BSRM, is a partnership firm engaged in
manufacturing of Steel Products viz Ingots, TMT Bar, Angles,
Channels etc. The firm is promoted by Mr. Sharad Goel and his
family members. The manufacturing facility is located in
Muzaffarnagar (Uttar Pradesh) which has an installed capacity of
42,000 metric tonnes per annum. The firm sells its steel products
under its own in-house brand "Kalptaru".

Recent Results
The firm has reported profit after tax (PAT) of INR0.01 crore on
an operating income of INR90.94 crore in FY 2014 as against PAT of
INR0.67 crore on an operating income of INR138.32 crore in FY
2013. In FY2015, the company, on a provisional basis, reported an
operating income of INR50.04 crore.


CANARA JEWEL: CRISIL Suspends 'B' Rating on INR53.4MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Canara
Jewel Tex Pvt Ltd (CJTPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B/Stable
   Long Term Loan        11.6       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    53.4       CRISIL B/Stable

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

CJTPL was established in 2006 by Mr. Mohammed Iqbal and Mr. Abdul
Khadar in Udupi. The company is a retailer of readymade garments;
it also gets rentals from leasing of its building premises to Euro
Gold.


G.M.R. SPINTEX: CRISIL Reaffirms D Rating on INR266.6MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G.M.R. Spintex
Pvt Ltd (GSPL) continues to reflect instances of delay by GSPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      266.6     CRISIL D (Reaffirmed)
   Term Loan               190.9     CRISIL D (Reaffirmed)

GSPL has working-capital-intensive nature of operations, and its
profitability margins are susceptible to volatility in raw
material prices. The company is also exposed to intense
competitive pressures in the cotton yarn industry. However, the
company benefits from the extensive experience of its promoters in
the textile industry.

GSPL, established by Mr. G Vinod Kumar in 2006 commenced
operations in 2008. The company manufactures cotton yarn. The
company's plant is based in Adilabad district in Telangana.


GAGAN RICE: ICRA Suspends 'B' Rating on INR19cr Bank Loan
---------------------------------------------------------
ICRA has suspended the rating of [ICRA]B assigned to the INR19.00
crore bank facilities of Gagan Rice Mills. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


GOPAL UDHYOG: ICRA Reaffirms B Rating on INR5cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR5
crore fund based bank facilities of M/s Gopal Udhyog.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Funds
   Based Limits          5.00         [ICRA] B; Reaffirmed

ICRA's rating continues to be constrained by the subdued
profitability margins of Gopal Udhyog, on account of the low value
additive nature of business, which coupled with its stretched
capital structure has resulted in subdued debt coverage
indicators. Further, given the modest accruals and high working
capital intensity of operations, the liquidity position of the
firm also remains stretched, which is also reflected in
consistently high utilization of working capital limits. The
rating also remains constrained on account of the competitive and
fragmented nature of the grain processing industry, which limits
the pricing power of the firm and results in thin margins, which
additionally remain susceptible to volatility in commodity prices.
ICRA also takes note of the risks arising on account of the
proprietorship nature of the firm, such as risk of dissolution,
withdrawal of capital etc. The rating however continues to derive
comfort from the long standing experience of the promoters in the
grain processing business, as well as the favourable location of
the manufacturing facilities of the firm, in proximity to various
agro-products (especially chana) growing regions, which provides
easy accessibility to raw materials. On the basis of its
established relationships with key customers, Gopal Udhyog has
been able to secure repeat orders and absorb the capacity added in
FY2014.

Going forward, the ability of the firm to improve its
profitability metrics by increasing the extent of value-addition
while effectively managing its working capital cycle will remain
critical for its debt coverage indicators and liquidity and hence
will be the key rating sensitivities.

Gopal Udhyog is a proprietorship concern and is engaged in
processing and trading of pulses since 2005. Its product profile
mainly comprises chana dal and masoor dal. The manufacturing
facility of the firm is located at Narsinghpur, Madhya Pradesh and
has an installed processing capacity of 15,000 metric tonnes per
annum. The firm is managed by Mr. Subhash Kumar Agarwal, who has
been involved in this line of business since 1990.
Recent results
The company reported an Operating Income (OI) of INR52.25 crore
and a net profit of INR0.22 crore in FY2014, as against an OI of
INR36.04 crore and a net profit of INR0.20 crore in the previous
year.


GOWTHAMI RAW: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Gowthami Raw and Par
Boiled Rice Mill (GRPBRM) continues to reflect GRPBRM's below-
average financial risk profile, marked by weak capital structure
and debt protection metrics and moderate scale of operations.
These rating weaknesses are partially offset by the benefits that
GRPBRM derives from its promoters' extensive experience in the
rice industry, and by the assured offtake by the Food Corporation
of India.

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

   Proposed Long Term
   Bank Loan Facility      9.4      CRISIL B+/Stable (Reaffirmed)

   SME Credit              2.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan              18.1      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GRPBRM will continue to benefit over the
medium term from its promoters' experience in the rice industry.
The outlook may be revised to 'Positive' if the firm reports
substantial and sustained improvement in its revenue and
profitability; or if equity infusion by the partners results in
significant increase in its net worth. Conversely, the outlook may
be revised to 'Negative' if large working capital requirements
result in a steep decline in the firm's profitability margins or
capital structure.

GRPBRM was set up as a partnership firm in 2009 by Mr. G Eswara
Raju and his family. The firm mills and processes paddy into rice;
the company also generates by-products such as broken rice, bran,
and husk. The firm commenced commercial operations in April 2010.


HALDIA PETROCHEMICALS: ICRA Reaffirms D Rating on INR4,717cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR4717 crore term loans (enhanced from INR2421 crore earlier) and
the INRnil crore working capital fund-based facilities (reduced
from INR600 crore earlier) of Haldia Petrochemicals Limited at
[ICRA]D. ICRA has also reaffirmed the short term rating
outstanding on the INR900 crore non-fund based facilities (reduced
from INR2106 crore earlier) and the INR100 crore fund based
facilities towards working capital margin (enhanced from INRnil
crore earlier) of HPL at [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           4,717.00     [ICRA]D reaffirmed

   Fund Based Limits
   towards Working
   Capital Margin         100.00     [ICRA]D reaffirmed

   Non-Fund Based
   Limits                 900.00     [ICRA]D reaffirmed

ICRA has also reaffirmed the Issuer Rating of HPL at IrD. The
rating is only an opinion on the general creditworthiness of the
rated entity and not specific to any particular debt instrument.

The rating reaffirmation factors in the delays in servicing of
debt obligations due to the stretched liquidity position of HPL.
The liquidity position of the company, however, has been gradually
improving post recommencement of operations of the Company in
January 2015 after sanction of the interim INR900.00 crore non
fund based bank limits which are being progressively released by
the various banks of the consortium. Post the restart, after a
shutdown of about 7 months, the plant has been running
satisfactorily with the current capacity utilisation of about 100%
amid healthy tolling margins currently prevailing. Market response
of its product remains good without posing any evacuation
constraints. In a positive development in September 2014, the
Government of West Bengal (GoWB) signed a share purchase agreement
with the Chatterjee Group (TCG) to sell its 520 million shares at
a price of INR25.1/share to the latter thereby ending the long
continuing dispute between the key promoters. In the first
tranche, 260 million shares would be sold to TCG for a total
consideration of about INR653 crore thereby increasing its stake
to more than 51%. In the second tranche, the balance 260 million
shares would be sold to TCG over a period of 7 years after a two
year moratorium. TCG is currently arranging funds for the purchase
of first tranche of shares, through an international financier,
due diligence of which is almost complete.

The settlement between the promoters has paved the way for a
revival package by way of debt refinancing cum additional
facilities for HPL, which in turn is one of the conditions for the
change of management control. In this context, RBI has granted a
special dispensation wherein post grant of this revival/
refinancing package, Lenders can retain the account as "Standard"
considering the change in Management Control. Under this package,
the entire exposure of Lenders up to December 31, 2014 (being the
cut-off date) has been converted into a Term Loan facility
aggregating to INR4717 crore repayable in 13 years in a structured
manner after a moratorium of 18 months. Additionally, fresh
facilities of INR2070 crore have been granted which includes
INR1800 crore non fund based bank limits and INR270 crore term
loans (for meeting start up expenses, payment of some pressing
creditors etc) to avail which INR230 crore margin money (being
10%) is to be brought in by TCG. As an interim package for the
short term sustenance of operations, based on the INR100 crore
margin money brought in by TCG till date, the banks have also
sanctioned an interim INR900 crore non fund based limits (within
the overall package) which are being progressively released by the
various banks of the consortium. Further, the GoWB has agreed to
provide HPL with a soft loan of INR130 crore for the balance
margin money once TCG purchases the first tranche of shares. The
GoWB has also agreed to provide incentives in the form of
remission scheme i.e. central sales tax and VAT to be retained by
the company on the domestic sale of the final products of the
company for a period of 20 years.

Meanwhile, as a part of internal re-organization/restructuring
exercise, the Company has transferred the business of Naphtha
Cracker Unit to its wholly owned subsidiary named Bengal Cracker
Complex Ltd. by 31st March 2015 wherein based on the business
valuation of INR2905 crore (as against the book value of INR1381
crore) it has booked a capital gain of Rs.1524 crore. Considering
the above, and even after the operational losses for the Financial
Year, HPL is expected to be having positive net-worth by March 31,
2015, which was at INR54.26 crore as on March 31, 2014.

The ratings however factor in HPL's demonstrated track record in
the petrochemicals business, the strength of its main promoter
TCG, its leading market position in the Eastern India market for
polymers, locational advantage in servicing Eastern India and
Asian export demand and favourable outlook for polymers demand in
India over the long term from several end users. The ratings also
consider the cyclicality inherent in the petrochemicals business
and the vulnerability of its profitability to the changes in
import duty levels and Rupee-US dollar parity.

Haldia Petrochemicals Limited (HPL) was set up as a joint venture
between the Government of West Bengal (GoWB), the Dr. Purnendu
Chatterjee-led Chatterjee Petrochem (Mauritius), The Tata Group
and Indian Oil Corporation Limited (IOC). HPL manufactures
commodity polymers like high-density polyethylene (HDPE), linear
low-density polyethylene (LLDPE), and polypropylene (PP), and
chemicals/fuels like benzene, butadiene, Carbon Black Feedstock
(CBFS), liquefied petroleum gas (LPG), motor spirit, and pyrolysis
gasoline, with intermediates being sourced from a naphtha cracker
(capacity: 670 KTA of ethylene) located at Haldia, West Bengal.
The company is the third largest player in the domestic
polyolefins market after Reliance Industries Limited and Indian
Oil Corporation.

Recent Results
In 2013-14, the company reported a net loss of INR464.63 crore on
net sales of INR8096.31 crore as against a net loss of INR960.11
crore on net sales of INR8647.31 crore for the full year 2012-13.


HI-CHOICE EXPORTS: CRISIL Assigns 'B' Rating to INR31MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Hi-Choice Exports Pvt Ltd (HCEL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      31         CRISIL B/Stable
   Bank Loan Facility

   Export Packing Credit   66         CRISIL A4
   & Export Bills
   Negotiation/Foreign
   Bill discounting

   Packing Credit          54         CRISIL A4

The ratings reflect HCEL's weak financial risk profile marked by
small net worth and weak debt protection metrics. The rating also
factors in the company's working-capital-intensive, and small
scale of, operations in the fragmented textile industry. These
rating weaknesses are partially offset by the extensive experience
of HCEL's promoter in the readymade garments industry.
Outlook: Stable

CRISIL believes that HCEL will maintain its business risk profile
over the medium term backed by its promoters' extensive experience
in the readymade garments industry. The outlook may be revised to
'Positive' in case of improved working capital management or if
the company registers higher-than-expected sales leading to
improvement in its business risk profile. Conversely, the outlook
may be revised to 'Negative' in case of any pressure on HCEL's
profitability leading to low cash accruals or if working capital
requirements increase significantly resulting in deterioration of
the financial risk profile.

Incorporated in 1995 by Mr. Ramesh Baheti and his son, Mr.
Shailender Baheti, HCEL manufactures and exports readymade
garments that comprise mainly women wear. It has its manufacturing
facility in Jaipur with capacity to manufacture 50,000 to 100,000
garments monthly.


HITEN FASTENERS: CRISIL Suspends B Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hiten
Fasteners Pvt Ltd (HFPL).


                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4
   Cash Credit          120        CRISIL B/Stable
   Letter of Credit      30        CRISIL A4
   Long Term Loan        70        CRISIL B/Stable

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

Promoted by Mr. B Saikumar and Mr Rajendra Prasad Sharma, HFPL is
engaged in the manufacturing of fasteners. The company was
incorporated in the year 1983 and is based out of Bangalore.


KANHIYA DHALIWAL: ICRA Suspends B Rating on INR10cr FB Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating outstanding on the INR10
crore fund based facilities of Kanhiya Dhaliwal Developers.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Facility      10.0       [ICRA]B; Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the firm.


LAXMI OPTICALS: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Laxmi Opticals (LO)
continue to reflect LO's declining sales and profitability and its
average financial risk profile, marked by a small net worth,
average total outside liabilities to tangible net worth (TOLTNW)
ratio and weak interest coverage ratio. These rating weaknesses
are partially offset by the extensive experience of LO's
proprietor in the optical products industry and the firm's strong
brand visibility.

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

Outlook: Stable

CRISIL believes that LO will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm records a
significant increase in its sales and if its financial risk
profile improves, most likely because of higher cash accruals,
driven by improvement in its profitability or working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
LO's financial risk profile deteriorates, most likely because of a
considerable increase in its working capital requirements, or low
profitability leading to a decline in its cash accruals.

Update
LO's operating income is estimated at INR270 million to INR280
million for 2014-15 (refers to financial year, April 1 to March
31), as against INR252 million reported for 2013-14. The firm's
operating income declined over the past two years ending 2013-14
on account of increased competition in the market. The firm's
focus is now on higher margin and faster moving products in order
to improve its profitability. Its operating margin is estimated at
9.0 to 9.2 per cent for 2014-15. The margin is high as the firm
has started focusing on the sale of non-branded products that
provide higher margins. CRISIL expects LO's operating income and
margin to remain at similar levels over the medium term.

LO has weak liquidity with its cash accruals expected to be
insufficient to meet its maturing debt obligation, and high bank
limit utilisation. The firm is expected to generate cash accruals
of around 90 million, against debt repayment obligations of INR9.6
million arising from a loan against property, in 2015-16. LO is
meeting its debt obligations by bringing down its inventory. The
firm's cash credit limit of INR80 million was utilised at an
average of 95 per cent during the nine months through December
2015. The high utilisation is driven by LO's highly working-
capital-intensive operations marked by gross current assets of
around 250 days as on March 31, 2015, due to inventory of over 200
days. High dependence on external debt has also translated into a
weak financial risk profile, marked by a high TOLTNW ratio
estimated at around 2.9 times, and a small net worth, as on March
31, 2015; its interest coverage ratio is estimated at around 1.4
times for 2014-15. The firm's financial risk profile is expected
to remain weak over the medium term.

For 2013-14, LO reported a book profit of INR1.2 million on net
sales of INR252 million, against a book loss of INR2.5 million on
net sales of INR438 million for 2012-13.

Established in 2005 as a proprietorship firm by Mr. Sandeep Pahwa,
LO trades in optical items, such as spectacle frames, sunglasses,
contact lenses, and ophthalmic lenses; it also processes
ophthalmic lenses. The firm has showrooms in Delhi and the
National Capital Region.


MANNE PROJECTS: CRISIL Suspends B+ Rating on INR100MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Manne
Projects Pvt Ltd (MPPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL B+/Stable
   Long Term Loan          100         CRISIL B+/Stable
   Proposed Cash Credit     20         CRISIL B+/Stable
   Limit

The suspension of ratings is on account of non-cooperation by MPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MPPL is yet to
provide adequate information to enable CRISIL to assess MPPL'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 2006, MPPL is engaged in sub-contracting work related to
erection, testing, and commissioning of boiler and auxiliaries for
PMPL. The company is promoted and managed by Mr. Mane Rama Rao.


MEERA AND COMPANY: ICRA Reaffirms D Rating on INR5.50cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]D on the INR5.50
crore fund based limits of Meera and Company Limited. ICRA has
also reaffirmed its short term rating of [ICRA]D to the INR1.50
crore non fund based limits of Meera and Company Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-     5.50       [ICRA]D; Reaffirmed
   Cash Credit

   Non-Fund based
   Facilities             1.50       [ICRA]D; Reaffirmed

The rating reaffirmation takes into account stretched liquidity
position of the company as evidenced by overutilization of working
capital limits and high working capital intensity. The rating is
further constrained by strong competition from other reputed
players of industry which has resulted in de- growth in revenue in
the past. However, the rating derives comfort from promoters long
experience in running business and wide range of DG sets catering
to different segments.

Meera and Company is an engineering company specialized in
manufacturing of Diesel Generating Sets for various applications.
Till 2010 the company was operating as a OEM of DG sets for
Mahindra and Leyland. However in 2010 the company has set up its
own engine manufacturing unit and is selling the DG sets in the
brand name of Meeraco. The company is fully owned by Mr Rajen
Gupta and his family members and has a presence mainly in Punjab.
The company has two manufacturing unit located each at Jammu and
Ludhiana.

Recent Results
MCL reported a net profit of INR0.01 crore on an operating income
of INR19.92 crore in FY 2013-14 as compared to a net profit of
INR0.02 crore on an operating income of INR22.08 crore in the
previous year.


MITTAL CLOTHING: ICRA Suspends B+ Rating on INR1cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR1.00 crore fund based (sub limit) facilities and the short
term rating of [ICRA]A4 assigned to the INR11.50 crore fund based
facilities, INR6.50 crore proposed facilities and INR2.00 crore
non-fund based facilities of Mittal Clothing Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term-Fund       (1.00)        [ICRA]B+ suspended
   based (sub-limit)
   facilities

   Short term-Fund
   based facilities      11.50        [ICRA]A4 suspended

   Short term-Proposed
   facilities             6.50        [ICRA]A4 suspended

   Short term-Non-fund
   based facilities       2.00        [ICRA]A4 suspended

Promoted as a partnership firm by Mr. Gajanand Mittal and his sons
in 1996, MCC is engaged in manufacture and export of ready-made
garments, primarily to the customers in Unites States (US) and
European Union. MCC caters to casual clothing for men, women and
children (primarily knitted T-shirts) for renowned global
customers like The Gap (US), H&M Hennes & Mauritz AB (Sweden) and
the export sales contribute to more than 90 per cent of its
revenues. The manufacturing facilities of the firm are located in
Bangalore and the sourcing office of MCC is located in Tirupur
(Tamil Nadu).


MITTAPALLI AUDINARAYANA: CRISIL Reaffirms B+ INR560MM Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mittapalli
Audinarayana Enterprises Pvt Ltd (Mittapalli) continues to reflect
Mittapalli's below-average financial risk profile marked by its
modest net worth, high gearing, and below average debt protection
metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Open Cash Credit      560       CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of its
large working capital requirements, its exposure to intense
competition and regulatory risks in the tobacco industry, and the
susceptibility of its profitability margins to fluctuations in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the tobacco-processing industry, and its established relationship
with customers.
Outlook: Stable

CRISIL believes that Mittapalli will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' if the company registers a sustained
improvement in its working capital cycle, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
company's profitability, or significant deterioration in its
capital structure caused most likely because of a large debt-
funded capital expenditure or a stretch in its working capital
cycle.

Mittapalli was set up as a partnership firm in 1964 and
reconstituted as a private limited company in 2006. The company is
promoted by Mr. Mittapalli Rama Rao and his sons - Mr. Mittapalli
Umamaheswar Rao and Mr. Mittapalli Siva Kumar. The company
processes tobacco leaves and is based in Guntur, Andhra Pradesh.


MJR CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of MJR Constructions Pvt
Ltd (MJRC) continue to reflect MJRC's large working capital
requirements, its small scale of operations, and the high customer
and geographical concentration in its revenue profile. The ratings
also factor in the company's small net worth limiting its
financial flexibility. These rating weaknesses are partially
offset by the company's above-average financial risk profile
marked by low gearing and robust debt protection metrics, and its
healthy order book.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        85        CRISIL A4 (Reaffirmed)
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    20        CRISIL B/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility    65        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MJRC will continue to benefit over the medium
term from its promoters' extensive experience in the construction
industry and its healthy order book. The outlook may be revised to
'Positive' if the company registers a substantial and sustained
increase in its scale of operations, while maintaining its
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or substantial deterioration in its capital
structure most likely because of a stretch in its working capital
cycle.

MJRC (formerly, M J R Infrastructures Pvt Ltd) was incorporated in
2007 by the Hyderabad-based Reddy family. The company commenced
operations in 2010, and undertakes civil construction works.


NEHA EXPORTS: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR1.00 crore fund
based limits of Neha Exports. ICRA has also reaffirmed its
[ICRA]A4 rating on the INR11.00 crore (enhanced from INR5.00
crore) fund based limits and INR3.00 crore non-fund based limits
of Neha Exports.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-
   Cash Credit              1.00         [ICRA]B; reaffirmed

   Fund Based Limits-
   Bill Discounting        11.00         [ICRA]A4; reaffirmed

   Non Fund Based           3.00         [ICRA]A4; reaffirmed
   Limits- Packing Credit

ICRA's ratings continue to take into account the high competitive
intensity and low value added nature of the industry that Neha
Exports operates in, which has led to modest margins for the firm
in the past. The ratings also factor in the firm's modest scale of
operations and the vulnerability of its profitability to adverse
foreign exchange fluctuations, as the firm does not hedge its
entire receivables. The ratings are also constrained by the
moderate financial profile of the firm as reflected in modest cash
accruals, average return indicators and low debt protection
indicators. The ratings however draw comfort from the healthy
revenue growth of the firm over the past five years, established
relationships with its customers, equity infusion by the
proprietor over the past few years and its experienced management.

Going forward, the ability of the firm to ramp up its scale in a
profitable manner while maintaining an optimum level of working
capital intensity shall be the key rating sensitivities.

Neha Exports is a proprietorship firm and was started in 2008 by
Ms Madhu Gulati. The firm is engaged in assembling, manufacturing,
trading and export of public address equipment systems (PA
systems). The firm manufactures some of the components on its own,
such as speakers and the other components are sourced from various
suppliers in India, assembled at the firm's factory in Dharuhera,
Haryana and exported to African and Middle Eastern countries.

Recent Results
The firm reported a net profit of INR0.37 crore on an operating
income of INR54.75 crore in FY14, as against a net profit of
INR0.16 crore on an operating income of INR36.92 crore in the
previous year. The firm, on a provisional basis, reported revenues
of INR60.15 crore in FY15.


ORBIT ELECTRO: CRISIL Suspends B+ Rating on INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Orbit
Electro Equipments Pvt Ltd (OEEPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     5        CRISIL B+/Stable

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

OEEPL was incorporated as a private limited company by Mr. Deepen
Shah and his cousin, Mr. Palak Shah, in 2008. Mr. Deepen Shah
oversees the day-to-day operations of the company. OEEPL
manufactures fire panels and electrical panels. It is also engaged
in the business of powder coating, fabrication, and wire
harnessing. OEEPL's manufacturing units are located in
Maharashtra.


PARAS FOODS: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR6.0
crore fund based facilities of Paras Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.0         [ICRA]B Reaffirmed

The rating reaffirmation factors in modest scale of the operations
of the firm which coupled with low value addition in the business
and high competition in the industry has led to low profitability
and weak debt coverage indicators The rating also takes into
account high gearing of the firm on account of funding of working
capital requirements mainly through bank borrowings. The rating
also takes into account the working capital intensive nature of
rice milling business arising out of the need to maintain
substantial inventories in line with the industry trends. The
rating also takes into account agro climatic risks, which can
affect the availability of paddy in adverse conditions. ICRA
however draws comfort from extensive experience of the promoters
in rice industry, proximity of the mill to major rice growing area
which results in easy availability of raw material, firm's access
to distribution network developed by its group company and stable
demand outlook with rice being an important part of the staple
Indian diet.

Incorporated in the year 2005, Paras Foods is a partnership firm
engaged in processing and sorting of rice with an installed
capacity of 5 tons/hour. The firm has been promoted by Ms. Mamta
Singhal ,Ms. Monika Singhal, Ms. Sumitra Singhal and Mr. Suraj
Bhan. The promoters of the firm are also involved in rice milling
business through its group company R.P Basmati Rice Limited.

Recent Results
The firm reported a net profit after tax of INR0.22 crore on an
operating income of INR49.13 crore in FY2014 as against net profit
of INR0.19 crore on an operating income of INR41.06 crore in
FY2013. In 6M FY2015, the company, on a provisional basis,
reported PAT of INR0.31 crore an operating income of INR57.07
crore.


PORWAL GINNING: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Porwal Ginning and Pressing Private Limited (PGPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B+/Stable
   Term Loan             26.5       CRISIL B+/Stable

The rating reflects PGPPL's small scale of operations and low
profitability, in the intensely competitive and highly fragmented
cotton ginning-pressing industry and susceptible of its operating
performance to volatility in cotton prices and government
regulations. The rating also factors in PGPPL's below-average
financial risk profile marked by modest net worth, high gearing
and below-average debt protection metrics. These rating weaknesses
are partially offset by the extensive industry experience of
PGPPL's promoters and their funding support.
Outlook: Stable

CRISIL believes that PGPPL will benefit over the medium term from
its promoters' extensive experience in cotton ginning industry.
The outlook may be revised to 'Positive' if the company's scale of
operations and profitability improve significantly resulting in
sizeable cash accruals. Conversely, the outlook may be revised to
'Negative', if the company's financial risk profile, particularly
liquidity deteriorates due to stretch in its working capital cycle
or if it undertakes any large debt funded capital expenditure or
in case of change in government policy having a negative impact on
its operations.

Incorporated in 2012, PGPPL is engaged in cotton ginning-pressing
and oil extraction business in Manwath (Maharashtra).  The
company's operations are managed by Mr. Jaiprakash Porwal and Mr.
Vijay Porwal.


PUNNU SYNTHETICS: ICRA Suspends 'B' Rating on INR6.25cr Bank Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B ratings assigned to the INR6.25
crore bank limits of Punnu Synthetics Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RELCOM TECHNOLOGY: ICRA Reaffirms B Rating on INR6.75cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR10.75 crore
fund based bank facilities of Relcom Technology Private Limited
at [ICRA]B. ICRA has reaffirmed its short term rating on the
INR1.0 crore non fund based bank facilities of RTPL at [ICRA]A4.
ICRA has also reaffirmed its long/short term rating on the INR1.0
crore unallocated bank facilities at [ICRA]B/[ICRA]A4.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Fund Based
   Facilities-Cash credit   4.00      [ICRA]B; Reaffirmed

   Long-term Fund Based
   Facilities-Term Loan     6.75      [ICRA]B; Reaffirmed

   Short-term Non-Fund      1.00      [ICRA]A4; Reaffirmed
   Based Facilities-
   Letter of Credit

   Unallocated              1.00      [ICRA]B/[ICRA]A4; Reaffirmed

The ratings reaffirmation takes into account modest scale of
operations owing to the limited track record of operations in
rexine business, high working capital intensity due to high
inventory and receivable levels and vulnerability of the company's
profitability to raw material price volatility as majority of
input cost is towards PVC (linked to crude oil prices). The
ratings continue to be constrained by the highly competitive and
fragmented nature of the industry which limits the pricing
flexibility of the industry participants including RTPL;
relatively high gearing level and moderate debt protection
metrics. The ratings, however, draw comfort from the manufacturing
facility's close proximity to numerous footwear manufacturers,
which provides ample sales opportunity for the company; and RTPL's
wide customer base which also includes some established players of
the footwear industry viz. Action Shoes, Relaxo Footwear, Liberty
India, etc. Additionally the ratings also factor in the steady
demand prospects for rexine usage from various manufacturing
segments like footwear, furniture, automobiles, etc. Going
forward, increase in the company's scale of operations, whilst
maintaining its profitability indicators and improvement in the
capital structure will remain key rating sensitivities.

Incorporated in the year 2008 by members of the Birhman family,
RTPL is engaged in the business of PVC rexine manufacturing. The
affairs of the company are being managed by Dr. Ran Singh Birhman
and his son Mr. Amit Birhman. The company's manufacturing facility
is located in Bahadurgarh (Haryana) wherein it commenced
commercial operations in the month of October 2012. The facility
has an installed annual capacity to manufacture upto 36 lakh
sq.mts. of rexine.


ROYALE CONCORDE: ICRA Withdraws D Rating on INR40cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR40.0
crore term loan and INR1.0 crore fund based facilities of
Royale Concorde Educational Trust as there is no amount
outstanding against the rated instruments.


SAGA STEELS: ICRA Lowers Rating on INR6cr Fund Based Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating outstanding on the Rs.6.00
crore fund based facilities of Saga Steels Private Limited to
[ICRA]D from [ICRA]C+. ICRA has also revised the short-term rating
outstanding on the Rs.3.00 crore non-fund based facilities of SSPL
to [ICRA]D from [ICRA]A4.

                            Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund based facilities       6.00     Revised from [ICRA]C+
                                        to [ICRA]D

   Non-fund based facilities   3.00     Revised from [ICRA]A4
                                        to [ICRA]D

The revision in ratings reflects the delays in debt servicing by
the company, due to its stretched liquidity position.
Deterioration of the Company's liquidity position was due to
stoppage of the company's operations. SSPL has stopped its
operations owing to weakness in the steel industry, which has
reduced the demand for the products manufactured/sold by the
Company.

Incorporated in 2008-09, SSPL is engaged in manufacturing steel
ingots and trading in steel scrap. The Company has its
manufacturing unit at Periyakulam (Tamil Nadu), with a capacity of
25,000 TPA. The Company presently forms part of the Sabari group,
which is engaged in varied businesses, including steel
manufacturing and trading.


SANGA AUTOMOBILES: CRISIL Ups Rating on INR120MM Loan to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sanga
Automobiles Pvt Ltd (SAPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         11.7       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit           120.0       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      2.3       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan              16.0       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The ratings upgrade reflect the company's improved liquidity,
driven by enhancement in bank limits by INR30 million in October
2014, continued funding support from the promoters with INR107
million of unsecured loans outstanding as on March 31, 2015,
reduction in term debt repayments to INR1.3 million per annum from
INR9.6 million per annum with the complete repayment of one term
loan. Over the medium term, the liquidity will be supported by low
term debt obligations and absence of major debt-funded capital
expenditure (capex) plans. Liquidity, however, will remain
constrained by SAPL's high reliance on bank limit to fund
incremental working capital requirements.

The ratings continue to reflect the company's below-average
financial risk profile marked by a leveraged capital structure and
subdued debt protection metrics. The ratings also factor in its
modest scale of operations and exposure to intense competition in
the automobile dealership industry. These rating strengths are
partially offset by the promoters' extensive industry experience
and the funding support from them.
Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from the extensive experience of the promoter and the
company's established position in the automobile dealership market
in Jaipur. The outlook may be revised to 'Positive' if the
company's volumes and operating margin improve substantially or in
case of any significant equity infusion by the promoters,
resulting in improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SAPL's revenue and profitability decline, or it
undertakes any large debt-funded capex programme or if its working
capital management deteriorates, thereby weakening its financial
risk profile, particularly liquidity.

SAPL, incorporated in 2004 by Mr. Aminuddin Kagzi, is an
authorized dealer of Maruti Suzuki India Ltd. (MSIL; rated CRISIL
AAA/Stable/CRISIL A1+) vehicles in Jaipur (Rajasthan). The company
has two showrooms and three workshops in Jaipur (Rajasthan).


SANT BHAGATRAM: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility Sant Bhagatram
Ginning and Pressing (SBGP) continues to reflect SBGP's financial
risk profile, marked by a weak capital structure and below-average
debt protection metrics, along with its working-capital-intensive
operations and modest scale of operations. The rating also factors
in the firm's exposure to changes in the Government of India's
policy on cotton. These ratingweaknesses are partially offset by
the promoters' extensive experience in the cotton industry and
their established relationships with customers and suppliers.

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

Outlook: Stable

CRISIL believes that SBGP will continue to benefit over the medium
term, from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations, and improves its profitability margin,
consequently enhancing its cash accruals and liquidity.
Conversely, the outlook may be revised to 'Negative' if SBGP's
financial risk profile and liquidity deteriorate further becauseof
an elongation in its working capital cycle, or a decline in its
cash accruals, or large debt-funded capital expenditure.

Update
SBGP is estimated to report revenues of INR417 million in 2014-15
(refers to financial year, April 1 to March 31) flat compared to
INR413 million in 2013-14 on account of stable operation of its
plant arising out of flat demand of cotton.The firm buys cotton
from local farmer within 50 km radius of the plant.The firm is
expected to clock revenue of INR420 million to INR450 million over
the medium term.Operating margin remained stable at 3 per cent in
2014-15 on account of procurement of raw material at stable
prices.The margin of the firm is expected to remain in the range
of 3 to 4 per cent over the medium driven by stable raw material
prices.

SBGP's financial risk profile remains average with estimated high
gearing of around 2.55 times for 2014-15. The debt protection
metrics is expected to remain average with Net cash accrual to
total debt and interest coverage ratios of 0.05 times and 1.55
times, respectively, in 2014-15. The financial risk profile is
expected to remain average over the medium term marked by high
gearing and average debt protection metrics.

SBGP's liquidity is moderately stretched with moderate cash
accruals against term debt repayments, support from promoters
through unsecured loans and moderately high bank limit
utilisation. The company is expected to generate accruals of INR4
million to INR4.5 million in 2014-15 as against repayments of
around Rs 1 million during the year. Its bank lines of around
INR65 million are moderately utilised at 78 per cent over the 11
months through February 2015. The promoters have supported the
liquidity profile through unsecured loans of INR9 million for
2014-15.CRISIL believes that SBGP's liquidity will remain
moderately stretched, marked by low accruals vis-a-vis
repayment,support from promoters through unsecured loans and
moderately high bank limit utilisation.

SBGP a partnership firm was founded by Manwath(Maharashtra) based
Sarda family in 2011. The firm is engaged in cotton ginning and
pressing to make cotton bales and has a processing unit in
Manwath.


SHIRANI AUTOMOTIVE: ICRA Reaffirms B+ Rating on INR3cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the INR3.0
crore (revised from 13.50) long term fund based bank facilities of
Shirani Automotive Private Limited. ICRA has also reaffirmed its
short term rating of [ICRA]A4 on the INR1.45 crore short term fund
based bank facilities of the company. ICRA has also reaffirmed its
rating of [ICRA]B+/[ICRA]A4 on the INR10.50 crore unallocated
limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.00       [ICRA]B+; reaffirmed
   Bank Guarantee        1.45       [ICRA]A4; reaffirmed
   Unallocated          10.50       [ICRA]B+/[ICRA]A4; reaffirmed

ICRA's ratings continue to take into account the thin margins and
weak bargaining power of SAPL with its principal, Volkswagen India
Private Limited (VWIPL). The company's financial profile is
stretched, characterized by high debt levels and moderate debt
coverage indicators. Further, it faces stiff competition from
other passenger car dealers given the highly competitive
environment in the Indian passenger car market with aggressive
model launches and expansion of service network. The company also
remains exposed to the inherent cyclicality of the automobile
industry. However, the ratings derive comfort from the experience
of the promoters of SAPL in the auto dealership business and
expected growth from the introduction of new models.
SAPL's ability to scale up and improve its capital structure and
debt protection metrics will be the key rating sensitivities.

SAPL is an authorized dealership of passenger vehicles
manufactured by VWIPL. SAPL commenced operations in January 2010
and currently operates two 3S(Sales, service and spares)
facilities, one each at Indore and Bhopal in Madhya Pradesh. SAPL
is the sole dealer of VWIPL in both the territories. SAPL also
undertook trading of mobile phones during 2013-14 which
contributed to around 50% of the operating income during the year.
SAPL has been promoted by the Shirani family, which has been in
the dealership business since a long time, through other
companies, including Sagar Automobiles Pvt. Ltd and Shirani Motor
Private Limited, with the former running dealerships of Mahindra &
Mahindra (Tractors and utility vehicles), Yamaha two-wheelers and
Ashok Leyland -John Deere construction equipment, and the latter
running the dealerships of Suzuki and Bajaj two-wheelers.

Recent results
In 2013-14, SAPL reported an operating income of INR128.6 crore
and a net profit of INR0.6 crore, as against an operating income
of INR70.8 crore and a net profit of INR0.6 crore in the previous
year.


SKR VEG: CRISIL Reaffirms 'B' Rating on INR60MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of SKR Veg Oil
Industries Pvt Ltd (SKR) reflects SKR's small scale of operations
and large working capital requirements in the highly fragmented
agricultural commodities industry.

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

The rating also factors in the company's weak financial risk
profile, marked by a small net worth and a leveraged capital
structure. These rating weaknesses are partially offset by the
extensive experience of SKR's promoters in the agricultural
commodities industry and its established relationships with
suppliers and customers.
Outlook: Stable

CRISIL believes that SKR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in the company's scale of operations and profitability,
along with improvement in its capital structure on the back of
higher cash accruals and sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
SKR's financial risk profile, particularly its liquidity,
deteriorates because of substantial inventory or decline in
revenue and profitability.

Update
SKR is likely to report revenue in the range of INR305 million to
INR315 million for 2014-15 (refers to financial year, April 1 to
March 31), compared with INR295.5 million for 2013-14; the
increased revenue is because of SKR's increased capacity. The
company undertook a capital expenditure programme of INR5 million
in 2014-15 to increase capacity. It is likely to clock annual
revenue of INR320 million to INR340 million over the medium term.
Its operating margin is estimated to have remained stable, in the
range of 2.5 to 2.7 per cent, in 2014-15 on account of procurement
of raw material at stable prices. The margin is expected in the
range of 2 to 3 per cent over the medium driven by stable raw
material prices.

SKR's financial risk profile remains weak, with estimated high
gearing of 4.37 times as on March 31, 2015, on account of low
accretion to reserves. The company's debt protection metrics
remain average, with net cash accruals to total debt and interest
coverage ratios estimated at 0.03 times and 1.46 times,
respectively, in 2014-15. SKR's financial risk profile is expected
to remain weak over the medium term on account of high gearing and
average debt protection metrics.

SKR's liquidity is stretched with cash accruals tightly matched
with incremental working capital requirements and extensive bank
limit utilisation. The company's cash accruals are estimated at
INR2.0 million to INR2.5 million against incremental working
capital requirements of around INR1.2 million during 2014-15. Its
bank lines of around INR60 million were utilised at an average of
83 per cent over the 11 months through February 2015.The promoters
have supported the liquidity profile through unsecured loans of
INR15 million for 2014-15. CRISIL believes that SKR's liquidity
will remain stretched, marked by tightly matched cash accruals
with incremental working capital requirements and extensive bank
limit utilisation; however, the liquidity will be supported by
unsecured loans from promoters.

SKR, incorporated in 1995, is promoted by Mr. Kamal Kishor Rathi
and Mr. Manish Rathi. The company processes and sells toor dal and
toor churi. It also extracts cotton seed oil. SKR has a
manufacturing unit in Amravati (Maharashtra).


SLMI INFRAPROJECTS: CRISIL Reaffirms C Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SLMI Infraprojects Pvt
Ltd (SLMI) continue to reflect instances of delay by SLMI in
servicing its equipment loans and term loan (not rated by CRISIL);
the delays have been caused due to the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          370        CRISIL A4 (Reaffirmed)
   Overdraft Facility      150        CRISIL C (Reaffirmed)

SLMI also has large working capital requirements and modest scale
of operations in the intensely competitive construction industry.
The ratings also factor in the high degree of customer and project
concentration in the company's order book. These rating weaknesses
are partially offset by the benefits that SLMI derives from its
promoter's extensive experience in the road construction business
and its healthy order book providing medium-term revenue
visibility.

SLMI was established in 1992 by Mr. B Venkat Reddy as a
proprietorship firm, Sree Lakshmi Metal Industries and
Constructions. It was reconstituted as a private limited company
in 2011 and acquired its current name. The company is engaged in
road construction in Hyderabad.


SRI VENKATESWARA: ICRA Assigns B Rating to INR6.25cr FB Loan
------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to INR6.25 crore
fund based facilities and INR3.75 crore unallocated limits of Sri
Venkateswara Modern Rice Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      6.25       [ICRA]B (assigned)
   Unallocated limits     3.75       [ICRA]B (assigned)

ICRA's rating takes into account the weak financial profile
characterized by low profitability of 4.44%, high gearing of 2.04
times and moderate coverage indicators with interest coverage
ratio at 1.67 times and NCA/Debt at 7.01% for FY 2014, small scale
of operations in the rice milling industry and risks arising from
partnership nature of the firm. The ratings are further constraint
by intensive competitive nature of the industry restricting
operating margins and agro climatic risks, which can affect the
availability of the paddy in adverse weather conditions. The
rating however takes comfort from SVMRM's experienced management,
easy availability of paddy as the firm is located in major paddy
growing region, and favourable demand prospects of the industry
with India being one of the largest producer and consumer of rice
in the world.

Going forward, the firm's ability to improve its profitability and
effective management of its working capital are key rating
sensitivities.

Sri Venkateswara Modern Rice Mills (SVMRM) is a partnership firm
established in 2005. The firm is engaged in milling of paddy to
produce Rice, Boiled Rice, Broken Rice, Bran and others. It has an
installed capacity of 8 TPH (Tons per Hour). The firm has a
milling unit in Iragavaram, West Godavari district of Andhra
Pradesh.

Recent Results
The firm reported profit after tax of INR0.33 crore on an
operating income of INR29.47 crore during FY2014 as against profit
after tax of INR0.05 crore on an operating income of INR24.94
crore during FY2013.


SWAMBHUNATH COLD: CRISIL Ups Rating on INR79.4MM Cash Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Swambhunath Cold Storage Pvt Ltd (Swambhunath; a part of the
Samantha group) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       2         CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit         79.4       CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

   Working Capital     10.5       CRISIL B-/Stable (Upgraded
   Demand Loan                    from 'CRISIL D')

   Working Capital      5.1       CRISIL B-/Stable (Upgraded
   Term Loan                      from 'CRISIL D')

The rating upgrade reflects the timely repayment of interest and
term debt obligations and seasonal cash credit by Swambhunath in
the six months ended March 31, 2015.

The ratings reflect the Samantha group's weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, and its exposure to risks related to the
intensely competitive cold storage industry in West Bengal. The
group, however, benefits from its promoters' extensive industry
experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Swambhunath and Shashadhar Cold Storage
Pvt Ltd (Shashadhar). This is because the companies, together
referred to as the Samantha group, are in the same line of
business, under a common management, and have significant
operational and financial synergies.
Outlook: Stable

CRISIL believes that Swambhunath will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company registers a
substantial increase in its revenue and operating margin.
Conversely, the outlook may be revised to 'Negative' if
Swambhunath reports a decline in its revenue or operating margin,
or significant deterioration in its financial risk profile because
of large debt-funded capital expenditure or lengthening of its
working capital cycle.

The Samantha group, based in Paschim Medinipur (West Bengal),
provides cold storage facilities for potatoes. Shashadhar was
incorporated in 2011 and Swambhunath in 1994. The companies' cold
storage facilities are at Paschim Medinipur. Mr. Swapan Samantha
oversees the group's day-to-day operations.


UMESH EDUCATION: CRISIL Suspends 'D' Rating on INR180MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Umesh
Education Trust (UET).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            180         CRISIL D

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

UET was found in 1964, and was later taken over by Mr. D. K. Mohan
(current Chairman and Managing Trustee) in 1997. The trust offers
graduation and post graduation courses in engineering, technology
and management, and also operates a school. There are currently
two institutions under the trust viz. Cambridge Institute of
Technology and Cambridge School.


URBANEDGE HOTELS: CRISIL Assigns 'D' Rating to INR1.42BB LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Urbanedge Hotels Pvt Ltd (UHPL). The rating reflects
instances of delay by UHPL in servicing its term debt; the delays
are primarily because of the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           72        CRISIL D
   Long Term Loan      1428        CRISIL D

Further UHPL's financial risk profile is marked by weak debt
protection metrics. However, the company benefits from its
promoters' extensive industry experience.

UHPL was jointly set up in 2006 by Citigroup Property Investors
and Auromatrix Hotels Pvt Ltd. The company operates four hotels '
one each in Chennai, Bengaluru, Coimbatore (Tamil Nadu), and
Ahmedabad (Gujarat) ' under the brand, Aloft.

UHPL reported a loss of INR466.13 million on a total revenue of
INR489.68 million for 2013-14 (refers to financial year, April 1
to March 31), against a loss of INR411.21 million on a total
revenue of INR507.13 million for 2012-13.


VALLEY FRESH: CRISIL Assigns B Rating to INR300MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Valley Fresh Cold Chain Pvt Ltd (VFCCPL). The
rating reflects VFCCPL's modest scale of business marked by
working-capital-intensive operations. These rating weaknesses are
partially offset by VFCCPL's location advantage due to its
presence in Pulwana (Jammu & Kashmir).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              300        CRISIL B/Stable
   Cash Credit             35        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      65        CRISIL B/Stable

Outlook: Stable

CRISIL believes that VFCCPL will benefit over the medium term from
its location advantage in terms of sourcing apples and other
fruits. The outlook may be revised to 'Positive' if the company
increases its scale of operations and improves its operating
profitability, while efficiently managing its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
in case of large increase in working capital requirements or
lower-than-expected profitability, leading to weak financial risk
profile.

VFCCPL is a Srinagar-based company that provides controlled
atmosphere storage facility for apples, with an installed capacity
of 5000 tonnes per annum. The company is promoted and managed by
Mr. Farooq Wani and Mr. Tawheed Mir.



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


KUMHO INDUSTRIAL: Creditors to Sell Shares to Kumho Chairman
------------------------------------------------------------
Yonhap News reports that creditors of Kumho Industrial Co. have
decided to sell their stake in the company to the chief of Kumho
Asiana Group after a recent sales bid fell through due to
differences over a price, the lead manager for the sale said on
May 18.

Yonhap News relates that some 98 percent of the creditors who hold
a combined 57.54 percent stake in Kumho Industrial have voted for
the plan to sell their holdings to chairman Park Sam-goo and his
son, Se-chang, according to statement by Korea Development Bank,
which manages the deal.

The report says the latest decision comes after efforts to sell
the stake have mostly stuttered as the 52 creditors rejected a
sole bid by Hoban Construction Co. in late April, citing a price
mismatch. The mid-sized builder submitted a bid of
KRW600.7 billion (US$553 million), far short of the anticipated
price of up to KRW1 trillion, the report notes.

According to the report, Chairman Park has been seeking to buy the
group's parent firm to piece back together the affiliates that
were torn apart in a liquidity crisis.

Kumho Asiana Group controls Asiana Airlines Inc., the country's
second-largest air carrier, Yonhap discloses.

Under the plan, accounting firms Samil PricewaterhouseCoopers and
Deloitte Anjin will work to evaluate the builder in June, with the
sell-off scheduled to take place in the ensuing two-month period,
according to the state-run lender, Yonhap relays.

Yonhap relates that if Park refuses to accept the price offered by
the creditors, they can proceed with a private deal involving a
third party within six months of the refusal.

Kumho Industrial had been struggling under mounting debt amid
adverse property market conditions. It was lifted from a five-year
debt workout program in December, Yonhap notes.

Kumho Industrial Co., Ltd. is a Korea-based company principally
engaged in the construction business. The Company operates its
businesses through construction division, which involves in the
architectural construction, civil engineering, housing
construction, plant and environment engineering; real estate
leasing division, which involves in the leasing of hotels and
other properties, including residence, commercial properties,
offices and others; transportation division, which involves in the
high speed bus and air transportation, as well as other division,
which involves in the facility management services.



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


* BOND PRICING: For the Week May 11 to May 15, 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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