/raid1/www/Hosts/bankrupt/TCRAP_Public/151222.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, December 22, 2015, Vol. 18, No. 252


                            Headlines


A U S T R A L I A

APPLIED TRAINING: First Creditors' Meeting Slated For Dec. 31
AUSTRALIAN STYLE: ASIC Disqualifies Melbourne Director
BIASNY PTY: First Creditors' Meeting Slated For Dec. 30
CME CAPITAL: Court Appoints Provisional liquidator
HERMITAGE BENDIGO: ASIC Seeks to Freeze Assets, Wind Up Company

IPOWOW! LTD: Fined For Failing to Lodge Financial Reports
ONI GLOBAL: Administrators Seek Expressions of Interest
TOP SHELF: First Creditors' Meeting Slated For January 5
WEDDERBURN PETROLEUM: First Creditors' Meeting Set For Dec. 31


C H I N A

JIANGSU NEWHEADLINE: Fitch Assigns 'BB+' IDR; Outlook Stable
JIASHILI GROUP: Fitch Assigns 'B' Issuer Default Rating
* Fitch Says China Slowdown May Hit Energy, Shipping & Steel Most


I N D I A

ACE AUGUSTA: CRISIL Assigns 'B+' Rating to INR99MM Project Loan
ALP NON WOVEN: CRISIL Cuts Rating on INR85MM Cash Loan to D
BALAJI GREENTECH: Ind-Ra Raises LT Issuer Rating to 'B-'
BHAGYANAGAR HOTELS: CRISIL Suspends 'D' Rating on INR237MM Loan
BHARATH REDDY: CRISIL Suspends 'D' Rating on INR50MM LT Loan

BHUMYA PRIVATE: Ind-Ra Affirms B- LT Issuer Rating
BORAX MORARJI: CRISIL Reaffirms B Rating on INR90MM Cash Loan
CACHE FURNITURE: CRISIL Suspends 'D' Rating on INR180MM Loan
ESSAR BULK: Ind-Ra Suspends BB+ LT Issuer Rating; Outlook Neg.
HEMKUNT RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

INDUS MEGA: CRISIL Suspends B+ Rating on INR513.8MM LT Loan
JAI MAHALAXMI: CRISIL Suspends 'D' Rating on INR450MM Cash Loan
KAJUWALLA: CRISIL Assigns B+ Rating to INR100MM Demand Loan
KAMADGIRI OILS: Ind-Ra Assigns BB+ Issuer Rating; Outlook Stable
KRISHNA CHANDRA: Ind-Ra Assigns B Issuer Rating; Outlook Stable

KRUTI ASSOCIATES: CRISIL Suspends 'D' Rating on INR71MM Loan
MAA CHINTPURNI: CRISIL Suspends 'D' Rating on INR430MM Loan
N P RAJAGOPAL: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
ORISSA WOMEN'S: Ind-Ra Withdraws B Rating on INR270MM Facilities
PARK HEALTH: CRISIL Suspends 'D' Rating on INR137MM LT Loan

PATDIAM JEWELLERY: CRISIL Suspends 'D' Rating on INR132.2MM Loan
ROYAL AGROFOODS: Ind-Ra Ups Issuer Rating to BB-; Outlook Stable
RSI SOFTECH: CRISIL Assigns 'B+' Rating to INR11MM LT Loan
SAI RAYALASEEMA: CRISIL Suspends 'D' Rating on INR417.1MM Loan
SARJAN WATERTECH: CRISIL Assigns B Rating to INR50MM Cash Loan

SECURE PRINT: CRISIL Reaffirms B- Rating on INR130MM Cash Loan
SENTINI BEVERAGES: CRISIL Suspends B+ Rating on INR200MM Loan
SHREE GIRDHAR: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
SHRI AGRAWAL: Ind-Ra Suspends B+ Rating on INR60.71MM Term Loan
SIDY DATACOM: Ind-Ra Affirms B+ Issuer Rating; Outlook Stable

SRIMOULI TEXTILES: CRISIL Suspends 'B' Rating on INR142.5MM Loan
SRI SARASWATHI: CRISIL Suspends 'D' Rating on INR80MM LT Loan
SRI SARVEJANA: CRISIL Suspends B+ Rating on INR30MM LT Loan
SS MARKETING: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
SURABHI SPINNING: CRISIL Suspends 'D' Rating on INR300MM Loan

TECHSMART INDIA: CRISIL Suspends 'D' Rating on INR80MM Loan
VARUN EXPORTS: CRISIL Reaffirms 'B' Rating on INR12.1MM Loan
VIHAAN INFIN: Ind-Ra Assigns B+ Issuer Rating; Outlook Stable
ZURI HOSPITALITY: CRISIL Rates INR238MM Term Loan at 'D'
ZURI HOTELS: CRISIL Assigns B+ Rating to INR20MM Term Loan


N E W  Z E A L A N D

FISHER & PAYKEL: S&P Keeps 'BB/B' ICR on CreditWatch Developing
SUBURBAN CLUB: Up For Sale But Plans to Carry On


S O U T H  K O R E A

DAEWOO SECURITIES: Four Buyers Placed Bids to Buy Firm


X X X X X X X X

* BOND PRICING: For the Week Dec. 14 to Dec. 18, 2015


                            - - - - -


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


APPLIED TRAINING: First Creditors' Meeting Slated For Dec. 31
-------------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrator of Applied Training Solutions Pty
Limited on Dec. 17, 2015.

A first meeting of the creditors of the Company will be held at
Veritas Advisory, Level 12, 88 Pitt Street, in Sydney, on
Dec. 31, 2015, at 11:30 a.m.


AUSTRALIAN STYLE: ASIC Disqualifies Melbourne Director
------------------------------------------------------
ASIC has disqualified Mr Nicholas Francis John Bolton of Melbourne
from managing corporations for three years following his
involvement in the failure of 13 companies. The disqualification
commences on Nov. 17, 2015 and ceases
Nov. 16, 2018.

The disqualification follows an ASIC investigation into Australian
Style Investments Pty Ltd ACN 109 510 198 which found that Mr
Bolton breached his duties as a director and that he failed to
hold adequate records to explain the financial position of the
company.

Mr Bolton was the director of:

  * ACN 109 510 198 Pty Ltd (formerly known as Australian Style
    Investments Pty Ltd) ACN 109 510 198 (Australian Style
    Investments),

  * Australian Style Pty Ltd ACN 099 892 814 (Australian Style),

  * Australian Style Services Pty Ltd ACN 108 855 590 (Australian
    Style Services),

  * ACN 108 855 652 Pty Ltd ACN 108 855 652,

  * 56 Nerang Street Pty Ltd ACN 092 437 548,

  * Retail Finance Group Pty Ltd ACN 110 903 083
  * Qikbiz Finance Pty Ltd ACN 093 290 227,
  * Australian Money Exchange Pty Ltd ACN 090 388 257,
  * Applied Finance Wizard Pty Ltd ACN 118 912 173,
  * AMX No 1 Pty Ltd ACN 086 789 531, and
  * AMX Marketing fund Pty Ltd ACN 090 254 425.

Each of these companies were placed into liquidation between
Feb. 4, 2010 and May 19, 2014.

Across the 13 companies, liquidators reported that the total
deficiencies owed to creditors exceeded  AUD25 million.

On Nov. 18, 2015, Mr Bolton appealed to the Administrative Appeals
Tribunal (AAT) for a stay against the disqualification and sought
confidentiality orders against ASIC's decision to disqualify Mr
Bolton. The AAT dismissed Mr Bolton's appeal regarding the stay
and confidentiality orders on Dec. 17, 2015. Mr Bolton's appeal
against ASIC's disqualification is still before the AAT.

This matter received funding from ASIC under the Assetless
Administration Fund to fund the Liquidator of Australian Style
Investments Pty Ltd to prepare a supplementary report for the
purposes of ASIC to consider a banning Mr Bolton pursuant to
Section 206F of the Corporations Act 2001 (the Act).

The maximum period for which a director can be banned from
managing corporations is for five years. Section s206F of the  Act
allows ASIC to disqualify persons from managing corporations if,
within a seven year period, the person was an officer of two or
more companies, and those companies were would up and a liquidator
provides a report to ASIC that the company is unable to repay its
debts.


BIASNY PTY: First Creditors' Meeting Slated For Dec. 30
-------------------------------------------------------
Peter A Amos of Amos Insolvency was appointed as administrator of
Biasny Pty Ltd, formerly trading as Millen Automotive Narellan, on
Dec. 16, 2015.

A first meeting of the creditors of the Company will be held at
Amos Insolvency 25/ 185 Airds Road, in Leumeah, on Dec. 30, 2015,
at 11:00 a.m.


CME CAPITAL: Court Appoints Provisional liquidator
--------------------------------------------------
Following an application by Australian Securities and Investment
Commission, the Federal Court of Australia has ordered the
appointment of Ross Blakeley and Quentin Olde of FTI Consulting as
joint and several provisional liquidators of CME Capital Australia
Pty Ltd, Boston Pacific Capital Australia Pty Ltd, Boston Pacific
Capital Pty Ltd, GKN Capital Pty Ltd (GKN) and IMCG Pty Ltd.

ASIC's application for the appointment of a provisional liquidator
was based on numerous concerns, including the following:

   * CME Capital Australia, Boston Pacific Capital Australia and
     GKN have raised funds totalling approximately AUD13.55
     million from investors, predominantly through websites
     operated by those companies that draw traffic via Google
     AdWords marketing.

   * The funds were raised unlawfully in that offers to invest
     were made by the companies without a disclosure document and
     to individuals who were not professional investors.

Of the funds that were raised:

   * approximately AUD1.7 million was lent to Berkshire NWI LLC
     (Berkshire), a company based in the United States that is
     controlled by Mr Michael Petrou, who is also the sole
     director of CME Capital Australia, Boston Pacific Capital
     Australia and GKN;

   * approximately AUD7.2 million was lent to IMCG Pty Ltd (IMCG)
     for the purpose of trading in U.S. securities; and
     approximately AUD2 million was lent to Loma Estate Pty Ltd

The loans to Berskhire, IMCG and Loma are unsecured and no
principal or interest payments are required to be repaid for a
period of 6 years.

The loan agreements have been drafted with terms that are heavily
in favour of Berkshire, Loma and IMCG, with Mr Petrou having
drafted the agreements.

While a loan has been advanced to Berkshire, that company does not
operate a bank account in the U.S.

The sole director of IMCG and its trading decision-maker is Mr
Branislav Grujicic. At the time the loan of AUD7.2 million was
made to IMCG it had no track record to demonstrate it would be
able to repay the principal and interest, with Mr Grujicic having
very limited trading experience (having only conduced personal
trading totalling approximately AUD5,000 to AUD10,000).

Of the AUD7.2 million lent to IMCG, a total of AUD2 million has
been lost by that company as a result of its trading in U.S.
securities. Approximately AUD1 million has been paid by IMCG into
Mr Grujicic's personal trading account.

No funds have been remitted back by Loma or Berkshire to CME
Capital Australia, Boston Pacific Capital Australia and GKN.

While IMCG has remitted funds back to CME Capital Australia Pty
Ltd at its request for the purposes of making payments to
investors, those funds were not derived from any profits made by
IMCG.

That Mr Petrou and Mr Grujicic may have used the funds of CME
Capital Australia, Boston Pacific Capital Australia or GKN to meet
the lease payments of a property in Rowville which is resided in
by Mr Lou Garita, an undischarged bankrupt who may be managing
Loma.

That Mr Petrou and Mr Grujicic may have used the funds of CME
Capital Australia, Boston Pacific Capital Australia or GKN for
overseas travel not related to the business operations of those
companies.

Neither CME Capital Australia, Boston Pacific Capital Australia
nor GKN have received any returns from their business activities.

While CME Capital Australia, Boston Pacific Capital Australia and
GKN Capital Pty Ltd have made interest payments to investors,
those payments were made by drawing upon existing investor monies
held in bank accounts.

Justice Moshinsky, having regard to the concerns identified by
ASIC in relation to the companies, ordered the appointment of
provisional liquidators. Under the orders made, the provisional
liquidators are to provide to the court within 42 days   a report
which includes:

   -- the identification of the assets and liabilities of each of
      the companies;

   -- an opinion as to the solvency of each of the companies;
      the likely return to creditors and any other information
      necessary to enable the financial position of the companies
      to be assessed;

   -- any suspected contravention of the Corporations Act 2001 by
      any of the companies or their directors/officers.

The matter will be listed for a further hearing on a date to be
fixed.

ASIC's investigation into the activities of the companies is
continuing.

Mr Petrou is the sole director of CME Capital Australia, Boston
Pacific Capital Australia, Boston Pacific Capital and GKN which
operate from a residence in Rowville, Victoria. Mr Grujicic is the
sole director and shareholder of IMCG, with the company operating
from his residence in Hallam, Victoria.

The appointment of a provisional liquidator follows orders made by
the court on Nov. 17, 2015, that froze the assets of the companies
and restrained Mr Petrou and Mr Grujicic from leaving Australia.
The provisional liquidators now have control of those assets (with
the freeze lifted) and Mr Petrou and Mr Grujicic continue to be
restrained from departing the country.

On Dec. 11, 2015 Mr Petrou appointed Luke Targett and Dennis
Turner of BDO as joint and several administrators of Boston
Pacific Capital Pty Ltd, Boston Pacific Capital Australia Pty Ltd,
GKN Capital Pty Ltd and CME Capital Australia Pty Ltd.

On Dec. 21, 2015 the administrators informed the Court that, after
considering the circumstances of the companies and a proposal that
had been presented to them by Mr Petrou, they were of the view
that the continuation of the administration would not be in the
best interests of creditors. The appointment by the court of
provisional liquidators to those companies has terminated the
administration.


HERMITAGE BENDIGO: ASIC Seeks to Freeze Assets, Wind Up Company
---------------------------------------------------------------
Australian Securities and Investment Commission has commenced
proceedings in the Federal Court of Australia (Victoria) to freeze
assets and wind up companies associated with two land banking
schemes operated in Victoria. The two land banking schemes are
known as:

  * Hermitage Bendigo (formerly Acacia Banks) located at
    Midland Highway, Bagshot, Victoria 3551 (Hermitage); and

  * Foscari, located at 99 Palmers Road, Truganina, Victoria 3029
    (Foscari).

ASIC is seeking to appoint liquidators to the development
companies which operated the land banking schemes. The development
companies are:

  * Bilkurra Investments Pty Ltd (ACN 097 182 182); and

  * Foscari Holdings Pty Ltd (Receiver and Manager Appointed)
    (ACN 158 434 578).

ASIC is concerned that the development companies are insolvent and
that it is also just and equitable that the companies are wound
up. ASIC's investigations suggest  that investors may have
invested in the land banking schemes on the basis of misleading
representations and that option agreements entered into by
investors in Hermitage and Foscari purportedly allow for monies
invested in the schemes to be used for any purpose whatsoever, and
need not be used to progress the two land banking schemes.

ASIC is also concerned that Hermitage and Foscari are not close to
completion and appear to be incapable of completion due to the
financial position of the development companies.

ASIC has taken this action to protect the interests of investors.

In addition, ASIC is taking action against Project Management
(Aust) Pty Ltd (ACN 151 902 126) and Michael Grochowski. ASIC
alleges that PMA and Mr Grochowski were involved in the operation
of the land banking schemes and that bank accounts relating to the
development companies were operated by PMA.

The proceedings are part of ASIC's wider and ongoing investigation
into land banking.

Land banking is a real estate investment scheme involving the
acquisition of large blocks of land by a promoter or developer of
the scheme, often in undeveloped rural areas, who then offer
portions of the land to investors.

Land banking companies typically promote the investment with
representations of high potential returns if the land is
redeveloped, or if plans for rezoning and development are
finalised.

Investors either purchase a lot in the land, or acquire an option
to purchase a lot of land in an unregistered plan of subdivision.
The option agreement is triggered at a time that the necessary
development is approved by the local council.

A number of land banking schemes around the world have collapsed
without the promoted redevelopment ever proceeding.  Criminal
prosecutions have also occurred in circumstances were investors
have been misled as to the prospects of rezoning and planning
approval being obtained for the land, or in instances where the
land was not held.

In August 2015, following an investigation, ASIC commenced
proceedings against companies associated with Jamie McIntyre and
the 21st Century Group in relation their promotion and sale of
interests to investors in five land banking schemes. On 7 October
2015 the Federal Court made orders appointing provisional
liquidators to the companies which operated the schemes.

On Dec. 7, 2015, the Federal Court of Australia made wind-up
orders for failed land banking company Midland Hwy, following ASIC
action. ASIC sought the orders as it considered it in the public
interest for a proper investigation into the affairs of Midland
Hwy to be conducted by independent liquidators.

Investors should be vigilant when investing in such schemes and
seek independent legal and financial advice. Investors should also
assess their risk tolerance to this type of scheme and fully
understand tax implications of investing through a self-managed
superannuation fund. ASIC notes that many of the promotors of land
banking schemes offer access to lawyers and financial advice, but
is concerned that they are not independent enough to provide the
best advice.

These types of investments may constitute a managed investment
scheme and/or a financial product.  Developers and promoters
should therefore hold an Australian Financial Service Licence and
register these schemes with ASIC.


IPOWOW! LTD: Fined For Failing to Lodge Financial Reports
---------------------------------------------------------
Ipowow! Ltd, an unlisted public company, has been convicted in the
Sutherland Local Court for failing to lodge financial reports with
Australian Securities and Investment Commission.

Ipowow! Ltd did not appear for sentencing and was subsequently
convicted and fined AUD76,000 for not complying with two court
orders to lodge their outstanding financial reports and continuing
to fail to lodge their outstanding financial reports.

ASIC Commissioner Greg Tanzer said, 'Financial accounts hold
important information for shareholders, creditors and the public
to help them make informed decisions.'ASIC will continue to take
enforcement action against companies who fail to meet their
financial reporting obligations.'

Since November 2014, 44 companies have been prosecuted for 212
offences with fines ranging up to AUD20,000 per offence.  All
prosecutions concern late or non-lodgement of annual reports or
failure to hold annual general meetings.

Following an ASIC investigation, Ipowow! Ltd was charged in May
2015.

Ipowow! Ltd had previously entered pleas of guilty to three counts
of failing to submit financial reports between 2012 and 2014 and
two counts of failing to comply with court orders to lodge those
outstanding financial reports.

Ipowow! Ltd was sentenced on Nov. 8, 2015.

On Nov. 9, 2015, Ipowow! Ltd appointed Joint and Several
Administrators as a result of the company experiencing financial
difficulties.


ONI GLOBAL: Administrators Seek Expressions of Interest
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Oni Global
(Australia) Pty Ltd, which trades as GNC LiveWell, is up for sale.
The report says the company's head office and seven retail store
are available together with the eastern seaboard.

Expressions of interest are sought by the administrators Pitcher
Partners of Oni Global for the business. Available assets include
stock, employees, retail leases, goodwill, fit out and equipment
as well as distribution licences for premium brand products,
Dissolve.com.au discloses.

Oni Global (Australia) Pty Ltd is a retailer of sport supplement
and vitamins. The company entered administration on December 14,
2015.


TOP SHELF: First Creditors' Meeting Slated For January 5
--------------------------------------------------------
Anthony Phillips and Mark Lieberenz of Heard Phillips Chartered
Accountants were appointed as administrators of Top Shelf
Investments Pty Ltd on Dec. 21, 2015.

A first meeting of the creditors of the Company will be held at
Heard Phillips Chartered Accountants, Level 12, 50 Pirie Street,
in Adelaide, on Jan. 5, 2016, at 11:00 a.m.


WEDDERBURN PETROLEUM: First Creditors' Meeting Set For Dec. 31
--------------------------------------------------------------
Anthony Robert Cant and Simon Patrick Nelson of Romanis Cant were
appointed as administrators of Wedderburn Petroleum Pty. Ltd. on
Dec. 18, 2015.

A first meeting of the creditors of the Company will be held at
The offices of Romanis Cant, 106 Hardware Street, in Melbourne,
Victoria, on Dec. 31, 2015, at 10:00 a.m.



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C H I N A
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JIANGSU NEWHEADLINE: Fitch Assigns 'BB+' IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Jiangsu NewHeadLine Development Group
Co., Ltd. Long-Term Foreign- and Local-Currency Issuer Default
Ratings of 'BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

Links to Lianyungang Municipality: The ratings of Jiangsu NHL are
credit linked to Lianyungang Municipality, which is located in
China's north-eastern Jiangsu Province.  This is reflected in the
100% state ownership of Jiangsu NHL, strong municipal oversight of
its financials, and strategic importance of the entity's operation
to the municipality.  These factors result in a high likelihood
the municipality will provide Jiangsu NHL extraordinary support,
if needed.  Therefore, Jiangsu NHL is classified as a credit-
linked public sector entity under Fitch Ratings' criteria.

Strategic Importance: Jiangsu NHL is an integral part of the
municipality's flagship economic zone, the Lianyungang Economic
and Technology Development Zone (Lianyungang ETDZ).  The company
plays an important role in implementing the blueprint of the
Lianyungang government and Lianyungang Economic and Technology
Development Zone Management Committee (Management Committee) for
the zone.  It is the municipality's sole entity for developing
large-scale urban infrastructure projects, providing ancillary
services and inviting investment and joint-venturing with
outsiders on the government's behalf.

Multi-Year Public Funding Commitment: According to Jiangsu NHL,
Lianyungang ETDZ is committed to providing annual fiscal funding
of at least CNY400m from 2015 to Jiangsu NHL via subsidies in
order to ease debt-servicing pressure, enhance financial
flexibility and support capex.

Tight Control and Supervision: Board members are appointed mainly
by the Lianyungang municipal government, and major projects
require the municipal government's approval.  Jiangsu NHL's
financing plan and debt levels are closely monitored by the
municipality, and the company is required to report its
operational and financial results to the municipality and
Lianyungang ETDZ Management Committee on a regular basis.

Weak Financial Profile: Jiangsu NHL incurred large capex, negative
FCF and high leverage in the past three years.  Fitch believes
this trend will continue in the medium term, driven by the ongoing
infrastructure investments.  The extended payment period after the
completion of projects and the significant account receivables due
from Lianyungang ETDZ's finance department could adversely affect
the company's liquidity.  However, perceived strong support from
Lianyungang Municipality partly neutralizes such risk.

RATING SENSITIVITIES

An upgrade of Fitch's credit view on Lianyungang Municipality, as
well as a stronger and/or more explicit support commitment from
the municipality, may trigger positive rating action on Jiangsu
NHL.

Significant weakening of Jiangsu NHL's strategic importance to the
municipality, dilution of the municipality's shareholding to below
75%, and/or reduced explicit and implicit municipality support,
may result in a downgrade.  A downgrade could also result from a
weaker fiscal performance or increased indebtedness of the
municipality, leading to deterioration in the sponsor's internally
assessed creditworthiness and, as a result, of Jiangsu NHL's
ratings.


JIASHILI GROUP: Fitch Assigns 'B' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned Jiashili Group Limited (Jiashili) a
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B' and
a senior unsecured rating of 'B' with Recovery Rating of 'RR4'.
The Outlook for the IDR is Stable. Fitch has also assigned
Jiashili's USD20m convertible bonds a rating of 'B' and Recovery
Rating of 'RR4'.

The convertible bonds are rated at the same level as Jiashili's
senior unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

KEY RATING DRIVERS

Well-Established Biscuit Maker: Jiashili was started in the 1950s
and is one of China's largest biscuit producers, with 3.1% market
share by sales in China. The Chinese biscuit market is a
fragmented one, and the top player only has 14% market share.
Jiashili is the largest Chinese-owned producer. The company's
products are sold in almost 200,000 points of sales covering 31
provinces across the country.

Strong Growth Prospects: Biscuit consumption per capita in China
is only a fraction of that in developed countries. The market is
forecast to grow 16% in 2014-2018, driven by an increase in
disposable income, according to an industry report by Euromonitor.
Jiashili has traditionally focused on the low- to mid-end segment
of the biscuit market, but it has launched several higher-end
products in the past two years and has seen strong revenue growth
in those segments. This should support double-digit revenue growth
in 2015-2017.

Healthy Financial Profile: Jiashili is in a comfortable net cash
position following its IPO in 2014, and Fitch expects the company
to generate positive free cash flow in the next few years. The
company also enjoys healthy margins that are comparable with
packaged food companies rated in the 'BBB' range.

Potential M&A: Jiashili is seeking M&A opportunities that
complement its existing business. This creates some uncertainty
about the type and size of business the company might acquire.
That said, Jiashili's robust balance sheet does offer a buffer -
we estimate that it can spend up to CNY300m-400m in cash without
raising additional capital, even assuming a passive investment
where Jiashili does not gain direct access to the target's cash
flows.

Small Scale Constrains Rating: Jiashili's rating is constrained by
its small operating scale and limited diversification. It has less
than USD200m in annual revenues, which makes it one of the
smallest companies in the food, fast-moving consumer goods and
diversified manufacturing group rated by Fitch. The company has
fewer financial resources to compete with larger players in the
market and its size means that it may struggle to deal with major
external shocks. In addition, Jiashili has a limited product
portfolio compared to other packaged food companies, with biscuits
being the main product category.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
-- 17%-20% revenue growth in 2015-2017, mainly driven by new
    products
-- Slight improvement in gross margins offset by increasing
    marketing costs, resulting in flat EBIT margins of 11%-12%
    over the next two to three years
-- Capex of 9% of revenue in 2016 and 5% from 2017 onwards
-- 30% dividend payout ratio

RATING SENSITIVITIES

Positive rating action is not envisaged for the next two to three
years because of its limited scale and product diversification.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- FFO adjusted net leverage sustained above 1.5x (net cash as
    of 30 June 2015)
-- Declining market share
-- Negative FCF on a sustained basis


* Fitch Says China Slowdown May Hit Energy, Shipping & Steel Most
-----------------------------------------------------------------
Energy, shipping and steel would be the hardest-hit sectors in
Asia-Pacific (APAC) in the event of a sharp slowdown in Chinese
growth, says Fitch Ratings.  The sector outlooks for APAC steel
and energy, and global shipping, are negative even under our
current forecast expectations where China slows only gradually.
Asian manufacturing and technology sectors would also be
significantly affected, given the scale of Chinese demand and its
position in the regional supply chain.

Fitch's core view remains that China will not experience a 'hard
landing', with GDP growth forecast to slow to 6.3% and 6% in 2016
and 2017, respectively.  But some risks remain of a disorderly
structural rebalancing, where growth slows more quickly than
forecast.  Fitch has assessed the impact of a hypothetical
scenario in which China's economy were to experience a rapid and
substantial deceleration over a three-year period to end-2018,
with shocks to both investment and consumption.  Under this
scenario, Chinese GDP growth would fall to an average of 2.3% per
annum from 2016-2018.

A sudden slowdown in China would act as a significant drag on
global growth.  APAC countries with the most extensive trade and
investment connections with China would be the most exposed, and
include Hong Kong, Singapore, Korea, Taiwan and Japan.  Global
commodity prices would stay lower for longer, and capital
investment and export and trade-linked sectors would face the most
significant effects on financial performance and credit profiles.

APAC manufacturers of heavy equipment and machinery, and dry-bulk
shipping companies, would suffer as Chinese demand and investment
growth - and by extension, regional trade - would fall rapidly.
Chemicals, ores and minerals are also among the largest categories
of exports to China from the APAC region.  Consumer product
manufacturers such as office and telecom equipment supplies would
also be exposed.

If Chinese consumer demand growth were to fall significantly under
this scenario, then domestic technology firms would also
experience pressure on revenues and margins.  Furthermore, the
broad-based effects on global demand from China's slowdown would
also weigh on regional technology firms, given China's heavily
integrated position in the APAC supply chain.  China imports large
volumes of electronic components from the APAC region and exports
finished products.  If global consumer demand growth were to fall
significantly, then price competition among producers would also
be likely to rise.

Additional details on the implications of a sharp China slowdown
scenario can be found in a report published by Fitch on Dec. 15.


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


ACE AUGUSTA: CRISIL Assigns 'B+' Rating to INR99MM Project Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of ACE Augusta (Augusta).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Project Loan            99      CRISIL B+/Stable

The rating reflects exposure to risks related to implementation
and saleability of the project because of initial stage of
construction, and susceptibility to cyclicality inherent in the
Indian real estate industry. These weaknesses are partially offset
by the promoters' extensive experience in the real estate industry
in Pune (Maharashtra), and the project's location advantages.
Outlook: Stable

CRISIL believes Augusta will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if healthy sales of units and timely receipt
of customer advances and implementation of project lead to healthy
cash inflows. Conversely, the outlook may be revised to 'Negative'
if time and cost overruns, lower-than-expected sales, or delays in
receipt of customer advances lead to low cash inflow, thus
impacting liquidity.

Set up in 2015, Augusta is a partnership firm of the Jhamtani
group, promoted by Mr. Parmanand Jhamtani, for developing a
residential real estate project, Ace Augusta. The project is
located in Hinjewadi, Pune and has 82 saleable units.


ALP NON WOVEN: CRISIL Cuts Rating on INR85MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
ALP Non Woven Private Limited (ANWPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         4        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           85        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility   1.5        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects the delays in meeting the term debt
repayment obligations in timely manner; the delays have been
caused by the company's weak liquidity. ANWPL has weak liquidity
because of its low cash accruals in the year (refer to financial
year, April 1 to March 31) which were not sufficient for debt
repayment obligations. CRISIL believes that ANWPL's liquidity will
remain weak over the medium term because of its low cash accruals
and nascent stage of operations.

The rating reflects ANWPL's stretched liquidity as a result of
nascent stage of operations, resulting in low cash accruals
against debt repayment obligations. However, the company benefits
from the extensive experience of ANWPL's promoters and the
company's technologically advanced product.

ANWPL, incorporated in 2012, is promoted by the Modasa (Gujarat)-
based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D Patel. The
company manufactures technical textile fabric from polypropylene.
The plant is located in Modasa and has a total installed capacity
of 2400 tonnes per annum.


BALAJI GREENTECH: Ind-Ra Raises LT Issuer Rating to 'B-'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Balaji Greentech
Products Limited's (BGPL) Long-Term Issuer Rating to 'IND B-' from
'IND D'.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects BGPL's utilization of the fund-based working
capital facilities with in sanctioned limits for the three months
ended November 2015.  The improvement in utilization levels was a
result of the company's ability to liquidate its inventory even
though its financial performance remained weak during 1HFY16.  The
outstanding term loan of INR54.8 mil. at FYE15 was also prepaid
during FY16 through the infusion of funds from its parent Balaji
Amines (BAL; 'IND A-'/Stable).  The ratings factor in the support
of BGPL's parent.

Ind-Ra expects BGPL's financial performance to improve due to new
contracts received by the company which will help it generate
sufficient cash from 4QFY16 to meet its debt service obligations.

The ratings remain constrained by the company's small scale of
operations and weak standalone credit profile.  Also, the
liquidity remains tight.

RATING SENSITIVITIES

Positive: A substantial improvement in the standalone performance
of the company leading to an improvement in the credit profile and
liquidity will be positive for the ratings.

Negative: The weakening of linkages with the parent or further
deterioration in the credit profile or stretched working capital
leading to tight liquidity will be negative for the ratings.

COMPANY PROFILE

BGPL, a Hyderabad-based company, started operations in August
2009.  The company has a manufacturing plant to produce compact
fluorescent lamps.  The company manufactures CFLs for original
lamp manufacturers and also sells its own brand of lamps (Zora).

At FYE15, BGPL's revenue was INR139 mil. (FY14: INR226 mil.) and
its EBIDA was negative INR6 mil. (INR4 mil.).

BGPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND B+'/Stable from
      'IND D'

   -- INR97.9 mil. term loan: 'IND D'; rating withdrawn as the
      loan has been repaid in full

   -- INR30 mil. fund-based stand-by line of credit: IND D';
      rating withdrawn as the facility has been closed

   -- INR120 mil. fund-based cash credit limits: Upgraded to
      'IND B-'/Stable from 'IND D' and assigned 'IND A4'

   -- INR30 mil. (reduced form INR80 mil.) non-fund-based limits:
      Upgraded to 'IND A4' from 'IND D'


BHAGYANAGAR HOTELS: CRISIL Suspends 'D' Rating on INR237MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagyanagar Hotels Private Limited (BHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          10      CRISIL D
   Secured Overdraft
   Facility                60      CRISIL D
   Term Loan              237      CRISIL D

The suspension of ratings is on account of non-cooperation by BHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BHPL is yet to
provide adequate information to enable CRISIL to assess BHPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

BHPL was established in 1993 by Mr. Premsagar Rao as a private
limited company. The company operates a hotel -- The Fern
Mansarovar, and a clubhouse -- Chiraan Fort Club. Both the hotel
and the club are located in Hyderabad (Telangana).


BHARATH REDDY: CRISIL Suspends 'D' Rating on INR50MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Bharath Reddy Educational Society (BRES).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          50      CRISIL D

The suspension of ratings is on account of non-cooperation by BRES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BRES is yet to
provide adequate information to enable CRISIL to assess BRES'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

BRES was established by Mr. N Keshava Reddy and his family
members, and is a part of the Keshava Reddy group of educational
institutions. BRES runs one school in Mahaboob Nagar district in
Andhra Pradesh, which offers education from the first to the tenth
standard. The school is affiliated to the Andhra Pradesh State
Board.


BHUMYA PRIVATE: Ind-Ra Affirms B- LT Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhumya Private
Limited's (BPL) Long-Term Issuer Rating at 'IND B-'.  The Outlook
is Stable.  The agency has also affirmed the company's
INR625.0 mil. fund-based limits (cash credit) at 'IND B-' with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect BPL's continued weak credit metrics with
interest coverage of 1.16x in FY15 (FY14: 1.19x) and net leverage
of 8.83x (8.88x).  Also, liquidity remains stretched as reflected
in the near-full utilization of the company's fund-based limits
during the 12 months ended November 2015.  The EBITDA margins
remained low at 3.19% in FY15 (3.58%), given the trading nature of
business.

The ratings are, however, supported by around 30 years of
experience of BPL's promoters in the tea industry.

RATING SENSITIVITIES

Positive: An improvement in the liquidity reflected in an increase
in the EBITDA interest coverage will be positive for the ratings.

Negative: Deterioration in the liquidity reflected in a decline in
the EBITDA interest coverage will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1991, BPL primarily purchases tea from various
auctioneers & dealers, blends the same and sells it to its
customers in bulk.


BORAX MORARJI: CRISIL Reaffirms B Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Borax Morarji Limited
(Borax) continues to reflect its weaken business risk profile,
marked by low profitability and working capital-intensive
operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4 (Reaffirmed)

   Cash Credit            90       CRISIL B/Stable (Reaffirmed)

   Letter of Credit      195       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.2     CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, with modest net worth, high gearing, inadequate debt
protection metrics, and stretched liquidity. These rating
weaknesses are partially offset by established market position in
the boron chemicals segment, and the promoters' extensive industry
experience and financial support.

Liquidity weakened further due to low cash generation and reduced
scale of operations, as the company is moving its entire
manufacturing facility from Ambernath, Maharashtra to Dahej,
Gujarat. The facility in Gujarat is expected to provide incentives
with regard to labour and overhead costs over the medium term, and
lead to improvement in profitability. However, scale of operations
and profitability may remain constrained in the interim. Cash
generation during the transition period may be low, while maturing
debt may be high, leading to pressure on liquidity. The liquidity
will, however, be supported by proceeds from sale of land at
Ambernath, which will be utilised to service debt. Timely
realisation of proceeds from the sale and support from promoters
will be key rating sensitivity factors for Borax.
Outlook: Stable

CRISIL believes Borax's financial risk profile would improve in
medium term due to the revamp of business operation. The outlook
may be revised to 'Positive' if any large accrual or infusion of
long-term funds improves liquidity. Conversely, the outlook may be
revised to 'Negative' if stretch in working capital cycle, or
decline in cash generation, weakens liquidity.

Borax, a publicly listed company on the Bombay Stock Exchange,
commenced operations in 1964. It produces boric acid, borax, and
borax derivatives, and other specialty boron chemicals. The
company also has windmills at Satara (Maharashtra) and in Kutch
(Gujarat). It is managed by Mr. Bimal Goculdas.


CACHE FURNITURE: CRISIL Suspends 'D' Rating on INR180MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cache
Furniture Ltd (CFL).

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Cash Credit               180      CRISIL D
   Letter of Credit           70      CRISIL D
   Long Term Loan             20      CRISIL D
   Standby Line of Credit     35      CRISIL D

The suspension of ratings is on account of non-cooperation by CFL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CFL is yet to
provide adequate information to enable CRISIL to assess CFL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

CFL was incorporated in January 2008 by Mr. Ranbeer Singh Gandhi.
CFL is in the furniture retail segment, and is based in Andhra
Pradesh.


ESSAR BULK: Ind-Ra Suspends BB+ LT Issuer Rating; Outlook Neg.
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Essar Bulk
Terminal Limited's (EBTL) 'IND BB+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Negative.  The rating will
now appear as 'IND BB+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for EBTL.

The rating will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

EBTL's ratings are:

   -- Long Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from IND BB+

   -- INR13,250 mil.  term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'

   -- INR180 mil. cash credit: migrated to 'IND BB+(suspended)'
      from 'IND BB+'

   -- INR320 mil. non-fund-based working capital facility:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


HEMKUNT RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Hemkunt Rice
Mills Pvt Ltd (HRMPL) continues to reflect its average financial
risk profile, marked by small net worth, high gearing, and average
debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B+/Stable (Reaffirmed)

   Term Loan              30       CRISIL B+/Stable (Reaffirmed)

The rating also factors in HRMPL's moderate scale of operations in
the intensely competitive rice milling industry. These rating
weaknesses are partially offset by the promoter's extensive
experience and the established regional presence of HRMPL's brand.
Outlook: Stable

CRISIL believes HRMPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if scale of operations improves
substantially while profitability and accrual remain stable; or if
infusion of funds by the promoters considerably strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if large, debt-funded expansion, or decline in revenue
and profitability weakens the financial risk profile, including
liquidity.

Incorporated in January 2005, and based in Hazaribagh (Jharkhand)
HRMPL mills and processes par-boiled rice. It has a paddy milling
capacity of 20 tonne per hour.  Harit Kranti, Swarna Supreme and
AAA Gold are some of products brand of the company. The day to day
activity is managed by its Directors, Mr. Manjeet Singh Kalra and
Mr. Swaranpal Singh Kalra.


INDUS MEGA: CRISIL Suspends B+ Rating on INR513.8MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Indus Mega Food Park Pvt Ltd (Indus).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Export Performance
   Guarantee              90        CRISIL B+/Stable
   Long Term Loan        513.8      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by Indus
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Indus is yet to
provide adequate information to enable CRISIL to assess Indus'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

Indus, incorporated in 2010, is a special purpose vehicle (SPV)
formed to set up an integrated mega food park under the Ministry
of Food Processing Industry's Mega Food Parks scheme in Madhya
Pradesh. The SPV is promoted by three entities - Ananda
Enterprises, Vasistha Holdings, and ARGM Agro Foods. The food park
is expected to fully commence operations by October 2014.


JAI MAHALAXMI: CRISIL Suspends 'D' Rating on INR450MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jai Mahalaxmi Ispat India Private Limited (JMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        16.5      CRISIL D
   Cash Credit          450        CRISIL D
   Proposed Long Term
   Bank Loan Facility    33.5      CRISIL D
   Term Loan             70        CRISIL D

The suspension of ratings is on account of non-cooperation by JMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JMPL is yet to
provide adequate information to enable CRISIL to assess JMPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

JMPL, incorporated in 1995, manufactures thermo mechanically
treated (TMT) bars. It's manufacturing facilities are located in
Wada and Jalna (both in Maharashtra).


KAJUWALLA: CRISIL Assigns B+ Rating to INR100MM Demand Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Kajuwalla.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit & Working
   Capital demand loan       100      CRISIL B+/Stable

The rating reflects Kajuwalla's modest scale of operations, large
working capital requirement, and weak financial risk profile
because of a small net worth. These weaknesses are partially
offset by the extensive experience of the firm's proprietor in the
dry-fruit-trading industry.
Outlook: Stable

CRISIL believes Kajuwalla will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of a higher-than-
expected operating margin along with improvement in scale of
operations, resulting in significantly better net cash accrual and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected growth in revenue and
improvement in operating margin, or a stretch in the working
capital cycle, or large debt-funded capital expenditure, leading
to deterioration in the financial risk profile.

Kajuwalla, a proprietorship concern, trades in dry fruits. It is
based in Delhi.

The firm reported a book profit of INR2.7 million on net sales of
INR560.4 million for 2014-15 (refers to financial year, April 1 to
March 31), against a book profit of INR1.7 million on net sales of
INR331.4 million for 2013-14.


KAMADGIRI OILS: Ind-Ra Assigns BB+ Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kamadgiri Oils
Private Limited (KOPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect KOPL's moderate scale of operations and credit
profile as reflected by its revenue of INR962.00 mil. in FY15
(FY14: INR441.00 mil.), interest coverage (operating EBITDA/gross
interest expense) of 1.5x (1.5x) and net financial leverage (Ind-
Ra adjusted net debt/operating EBITDAR) of 4.3x (7.6x).  The
ratings also factor KOPL's tight liquidity profile as reflected by
its average maximum working capital limit utilization of 99.99%
during the 12 months ended November 2015.

However, the ratings are supported by the 10 years of experience
of the founder promoter in the present line of business.

RATING SENSITIVITIES

Negative: Deterioration in the operating profit margin leading to
deterioration in the credit profile could be negative for the
ratings.

Positive: A sustained improvement in the overall credit metrics
could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, KOPL manufactures soya oil, oil cakes and de
oil cakes.  It is also engaged in the trading of soya seeds and
grains.  Its solvent extraction plant is located in Morena, Madhya
Pradesh.  The company has an installed capacity of 50,000MTPA of
solvent extraction and 15,000MTPA of refining.

KOPL's ratings

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
   -- INR110 mil. fund-based working capital limit: assigned
      'IND BB+'; Outlook Stable
   -- INR3 mil. term loan: assigned 'IND BB+'; Outlook Stable


KRISHNA CHANDRA: Ind-Ra Assigns B Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Krishna Chandra
Patra (KCP) a Long-Term Issuer Rating of 'IND B'.  The Outlook is
Stable.

KEY RATING DRIVERS

KCP's ratings reflect the proprietorship nature of its business
along with its small scale of operations, as reflected in its
revenue of INR61.1 mil. during FY15 (FY14: INR40.0 mil.).
Moreover, the credit profile of the entity is moderate, with
interest coverage (operating EBITDA/gross interest expenses) of
2.0x during FY15 (FY14: 2.2x) and net financial leverage (total
Ind-Ra adjusted net debt/operating EBITDAR) of 3.3x (3.8x).

The ratings also consider KCP's weak liquidity profile with 114%
utilization of its working capital facilities for the 12 months
ended October 2015.

The ratings are, however, supported by the over two decades of
experience of KCP's promoters in the construction business.

RATING SENSITIVITIES

Positive: An improvement in the liquidity profile while
maintaining the overall credit metrics will be positive for
ratings.

Negative: Further deterioration in the liquidity profile will be
negative for the ratings.

COMPANY PROFILE

KCP has been into the construction business since 1995. The firm
executes several government orders on tender basis.

KCP's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'; Outlook
   -- INR1.8 mil. long-term loans: assigned 'IND B'/Stable
   -- INR31.5 mil. fund-based working capital limits: assigned
      'IND B'/Stable
   -- INR25.0 mil. non-fund-based working capital limits:
      assigned 'IND A4'


KRUTI ASSOCIATES: CRISIL Suspends 'D' Rating on INR71MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kruti Associates (Kruti).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL D
   Long Term Loan          14      CRISIL D
   Overdraft Facility      65      CRISIL D
   Proposed Long Term
   Bank Loan Facility      71      CRISIL D

The suspension of rating is on account of non-cooperation by Kruti
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Kruti is yet to
provide adequate information to enable CRISIL to assess Kruti'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

Kruti, set up in 1994, is a proprietorship concern promoted by Mr.
Deepak Desai. The firm manufactures stainless steel sheets, which
are used in manufacturing of utensils and other kitchenware.


MAA CHINTPURNI: CRISIL Suspends 'D' Rating on INR430MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Chintpurni Iron and Steel India Pvt Ltd (MCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         6.5      CRISIL D
   Cash Credit          430        CRISIL D
   Proposed Long Term
   Bank Loan Facility    33.5      CRISIL D
   Term Loan            100        CRISIL D

The suspension of ratings is on account of non-cooperation by MCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCPL is yet to
provide adequate information to enable CRISIL to assess MCPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

MCPL, incorporated in 1999, manufactures thermo mechanically
treated (TMT) bars. It's manufacturing facilities are located in
Wada and Jalna (both in Maharashtra).


N P RAJAGOPAL: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of N P Rajagopal Chetty and Co (NPRC).

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

The rating reflects NPRC's small scale of operations in a highly
fragmented and intensely competitive gold jewellery business, and
below-average financial risk profile marked by modest net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by the promoter's extensive experience in the
gold jewellery business, and the firm's established market
presence in Theni, Tamil Nadu.
Outlook: Stable

CRISIL believes NPRC will continue to benefit over the medium term
from the promoter's extensive industry experience. The outlook may
be revised to 'Positive' if significant improvement in the scale
of operations and profitability leads to an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a decline in revenue or operating
profitability resulting in lower cash accrual or weakening of the
capital structure owing to large, debt-funded capital expenditure
or increased working capital requirement, resulting in
deterioration in the financial risk profile.

Incorporated in 1928, NPRC retails gold and silver jewellery. The
firm has a retail showroom in Theni, and the operations are
managed by Mr. R. Sathyanarayanan, Mr. R. Shyam Sai Sunder and Mr.
R. Ganeshraj Kumar.

NPRC reported a profit after tax (PAT) of INR1.2 million on
revenue of INR165.8 million for 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR2.6 million on revenue
of INR98.1 million for 2013-14.


ORISSA WOMEN'S: Ind-Ra Withdraws B Rating on INR270MM Facilities
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'Provisional
IND B (suspended)' rating on Orissa Women's Development
Association, India's (OWDA) proposed INR270 mil. bank facilities.

KEY RATING DRIVERS

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
OWDA.

Ind-Ra had suspended OWDA's rating on April 23, 2015.


PARK HEALTH: CRISIL Suspends 'D' Rating on INR137MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Park Health Systems Private Limited (PHSPL).

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Long Term Loan         137         CRISIL D
   Proposed Long Term
   Bank Loan Facility      43         CRISIL D

The suspension of rating is on account of non-cooperation by PHSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PHSPL is yet to
provide adequate information to enable CRISIL to assess PHSPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

PHSPL was incorporated in 2007 by Mr. Chinchod Damodar Reddy and
his wife, Mrs. Sura Supreetha Reddy. The company provides primary,
secondary, and tertiary medical care through its multi-specialty
hospital -- Deccan Hospital -- in Hyderabad.


PATDIAM JEWELLERY: CRISIL Suspends 'D' Rating on INR132.2MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Patdiam
Jewellery Private Limited (Patdiam).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Packing Credit            45       CRISIL D
   Post Shipment Credit     132.2     CRISIL D
   Pre Shipment Credit       42.8     CRISIL D

The suspension of rating is on account of non-cooperation by
Patdiam with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Patdiam is yet
to provide adequate information to enable CRISIL to assess
Patdiam'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 factor in its rating process as outlined in its
criteria 'Information Availability - a key risk factor in credit
ratings'.

Patdiam was incorporated in 1999 as a private limited company by
Mr. Pravin Kakadia and Mr. Chhaganbhai Navadia along-with their
family members. The company is engaged in manufacturing and export
of plain gold and diamond-studded gold jewellery.


ROYAL AGROFOODS: Ind-Ra Ups Issuer Rating to BB-; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Royal Agrofoods
Private Limited's (RAFPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'.  The Outlook is Stable.  The agency has also
upgraded RAFPL's INR60 mil. fund-based bank facilities to
'IND BB-'/Stable and 'IND A4+' from 'IND B+' and 'IND A4'.

KEY RATING DRIVERS

The upgrade reflects an improvement in RAFPL's interest coverage
(operating EBITDA/gross interest expense) to 2.12x in FY15 (FY14:
1.42x) due to reduced interest cost of INR0.73 mil. (INR1.59
mil.).

Liquidity remains comfortable with nearly 20% average working
capital utilization during the 12 months ended December 2015.

However, the company's already low operating profitability
weakened further to 0.34% in FY15 (FY14: 0.52%)  due to the
commoditized and trading nature of the business, leading to the
financial leverage deteriorating to 21.90x (14.77x).  The total
debt level remained almost unchanged year-on-year at INR33.80 mil.
in FY15.

The scale of operations is moderate with revenue of INR456 mil. in
FY15 (FY14: INR432 mil.).

However, the ratings are supported by over three decades of
promoters' experience in the agro commodity trading business.

RATING SENSITIVITIES

Positive: A significant increase in the operating profitability
leading to an improvement in the credit profile will be positive
for the ratings.

Negative: Further deterioration in the operating profitability
leading to deterioration in the credit profile will be negative
for the ratings.

COMPANY PROFILE

Started in 2006, RAFPL is a mid-sized stockist and a wholesale
trader of basmati and non-basmati rice, formed after the
acquisition of a partnership firm.  The promoter of the company is
Mr. Girish Kumar Gupta.


RSI SOFTECH: CRISIL Assigns 'B+' Rating to INR11MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RSI Softech India Private Limited (RSI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     11       CRISIL B+/Stable

   Long Term Loan          9       CRISIL B+/Stable

   Bank Guarantee         20       CRISIL A4

   Cash Credit            45       CRISIL B+/Stable

The ratings reflect RSI's modest scale of, and working capital-
intensive, operations. These weaknesses are partially offset by
the extensive industry experience of the promoter and the
company's healthy debt protection metrics.
Outlook: Stable

CRISIL believes RSI will continue to benefit over the medium term
from the promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of significant ramp up in the
scale of operations and profitability, resulting in higher-than-
expected cash accrual, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if RSI undertakes any higher-than-expected, debt-funded capital
expenditure or fails to execute its projects on time, or bids
aggressively for projects, leading to pressure on operating
margin.

Incorporated in 1988 and based in Hyderabad, RSI operates in the
fields of remote sensing, geographic information system, cadastral
surveys, topographical surveys, and urban utilities. The company
is promoted by Mr. T Sesha Rao.


SAI RAYALASEEMA: CRISIL Suspends 'D' Rating on INR417.1MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sai Rayalaseema Paper Mills Limited (SRPML).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            350        CRISIL D
   Letter of Credit       150        CRISIL D
   Long Term Loan         417.1      CRISIL D

The suspension of ratings is on account of non-cooperation by
SRPML with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRPML is yet to
provide adequate information to enable CRISIL to assess SRPML'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

SRPML manufactures writing and printing paper, and industrial
paper. The company was acquired by BV Satya Sai Prasad and
Associates in 1995. The company's plant is located in Kurnool
district in Andhra Pradesh.


SARJAN WATERTECH: CRISIL Assigns B Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sarjan Watertech India Pvt Ltd (SWIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               7       CRISIL B/Stable
   Buyer Credit Limit     15       CRISIL B/Stable
   Cash Credit            50       CRISIL B/Stable

The rating reflects the company's modest scale of, and working
capital-intensive, operations. These weaknesses are partially
offset by the extensive experience of SWIPL's promoters.
Outlook: Stable

CRISIL believes SWIPL will continue to benefit over the medium
term from its diverse revenue profile and promoters' extensive
experience. The outlook may be revised to 'Positive' if higher-
than-expected revenue or profitability leads to a better financial
risk profile, and if working capital management improves, thereby
reducing reliance on external borrowing. Conversely, the outlook
may be revised to 'Negative' if the company undertakes any larger-
than-expected debt-funded capital expenditure programme or if
working capital management weakens, leading to stretched
liquidity.

SWIPL was set up as a partnership firm in 2003 and reconstituted
as a private limited company in 2008. Promoted by Mr. Sunil
Trivedi and his family members based in Ahmedabad, Gujarat, the
company manufactures RO and waste water treatment machines for
chemical and pharmaceutical companies.


SECURE PRINT: CRISIL Reaffirms B- Rating on INR130MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Secure Print Solutions
Pvt Ltd (SPSPL) continue to reflect its working capital-intensive
operations, exposure to intense competition in the variable data
printing segment, and low bargaining power with customers. These
rating weaknesses are partially offset by the promoters' extensive
experience and the company's established track record in the data
printing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit           130       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       50       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SPSPL's liquidity will remain constrained by
working capital intensity in operations over the medium term. The
outlook may be revised to 'Positive' in case of significant growth
in turnover and profitability, and efficient management of working
capital. Conversely, the outlook may be revised to 'Negative' if
stretch in working capital cycle, or any large, debt-funded
capital expenditure adds to the pressure on liquidity.

SPSPL, based in Kolkata, is promoted by Mr. Rajneesh Jain and Mr.
Rahul Jain. The company was incorporated in 2002 and is engaged in
variable data printing for prepaid scratch cards for various
telecom players.


SENTINI BEVERAGES: CRISIL Suspends B+ Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sentini
Beverages Pvt Ltd (SBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        125       CRISIL A4
   Cash Credit           200       CRISIL B+/Stable
   Long Term Loan        165       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SBPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBPL is yet to
provide adequate information to enable CRISIL to assess SBPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

SBPL was established in 2008, and is a part of the Sentini group
of companies promoted by Mr. T Seshagiri Rao. The company
manufactures and bottles IMFL. SBPL commenced operations in 2011.


SHREE GIRDHAR: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Shree Girdhar Gopal Roller Flour Mills Pvt. Ltd
(SGGRPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             24.4      CRISIL B/Stable
   Cash Credit           40        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    15.6      CRISIL B/Stable

The rating reflects SGGRPL's modest scale of operation in the
highly competitive wheat flour industry, average financial risk
profile, marked by moderate gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the promoter.
Outlook: Stable

CRISIL believes SGGRPL will continue to benefit over the medium
term from its promoter's considerable industry experience. The
outlook may be revised to 'Positive' in case the capital structure
and liquidity improve driven by better scale of operations and
improvement in net cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of stretch in working capital cycle,
decline in profitability, or a large debt-funded capital
expenditure, adversely impacting the financial risk profile,
particularly liquidity.

SGGRPL, established in 2010 by Mr. Gaurav Agarwal, Mr. Raj Kumar
Gupta and Mr. Manish Gupta, manufactures wheat products such as
atta, maida, suji, choker and besan. The company's facility is
based in Hardoi (Uttar Pradesh).


SHRI AGRAWAL: Ind-Ra Suspends B+ Rating on INR60.71MM Term Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND B+'
rating on Shri Agrawal Health & Education Society's (SAHES)
INR60.71 mil. term loans and INR95.20 mil. fund-based working
capital facility to the suspended category.  The rating will now
appear as 'IND B+ (suspended)' on the agency's website.

The rating has been migrated to the suspended category due to the
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for SAHES.

The rating will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the rating could be re-instated and will be
communicated through a rating action commentary.


SIDY DATACOM: Ind-Ra Affirms B+ Issuer Rating; Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sidy Datacom
Private Limited's (SDPL) Long-Term Issuer Rating at 'IND B+' with
a Stable Outlook.  The agency has also affirmed SDPL's INR250 mil.
fund-based working capital limits a Long-term 'IND B+' rating with
Stable Outlook and Short-term 'IND A4' rating.

KEY RATING DRIVERS

The affirmation reflects SDPL's continued moderate scale of
operations, modest credit profile and the working capital
intensive nature of its operations.  In FY15, revenue was
INR805.46 mil. (FY14: INR400.84 mil.), interest coverage was 1.1x
(1.3x) and net financial leverage was 6.7x (5.9x).  The ratings
also factor in SDPL's tight liquidity position as reflected in its
near-full working capital utilization during the six months ended
November 2015.

SDPL reported moderate operating EBITDA margins of 4.2% in FY15,
its second year of operations (FY14: 5.5%).

RATING SENSITIVITIES

Positive: A substantial increase in the EBITDA margins leading to
an improvement in the overall credit metrics will be positive for
the ratings.

Negative: Deterioration in the overall credit metrics and the
liquidity profile will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2012, SDPL trades electronic appliances of various
brands.  It posted revenue of INR400 mil. in FY14, its first year
of operations.


SRIMOULI TEXTILES: CRISIL Suspends 'B' Rating on INR142.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Srimouli Textiles Pvt Ltd (SMTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        10        CRISIL A4
   Cash Credit           38        CRISIL B/Stable
   Term Loan            142.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SMTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMTPL is yet to
provide adequate information to enable CRISIL to assess SMTPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

SMTPL, based in Guntur (Andhra Pradesh), is currently setting an
open end spinning unit to manufacture cotton yarn of counts 16s,
and 21s. The plant is likely to commence commercial operations in
November 2014. The company is promoted by Mr. G. Ashwin and
family.


SRI SARASWATHI: CRISIL Suspends 'D' Rating on INR80MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Sri Saraswathi Educational Society (SSES).

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

The suspension of ratings is on account of non-cooperation by SSES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSES is yet to
provide adequate information to enable CRISIL to assess SSES'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

SSES was established by Mr. N Keshava Reddy and his family
members, and is a part of the Keshava Reddy group of educational
institutions. SSES runs three schools in Kurnool district in
Andhra Pradesh, which offers education from the first to the tenth
standard. The schools are affiliated to Andhra Pradesh State
Board.


SRI SARVEJANA: CRISIL Suspends B+ Rating on INR30MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Sarvejana Cottons Pvt Ltd (SSCPL).

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

The suspension of rating is on account of non-cooperation by SSCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSCPL is yet to
provide adequate information to enable CRISIL to assess SSCPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.
About the Company

Established in 2009, SSCPL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. The company is
promoted by Mr. K. Srinivasa Rao and Mrs. G. Bhavani and the
ginning unit is located near Gajwel (Telangana).


SS MARKETING: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
SS Marketing (SSM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL D

The suspension of rating is on account of non-cooperation by SSM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSM is yet to
provide adequate information to enable CRISIL to assess SSM'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

SSM was established in 1998 as a sole proprietorship firm by Mr.
Regonda Krishna. It is a wholesale distributor of ITC's cigarettes
and fast-moving consumer goods in Hyderabad. SSM also operates two
retail stores, which sell Samsung products, in Hyderabad.


SURABHI SPINNING: CRISIL Suspends 'D' Rating on INR300MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Surabhi
Spinning Private Limited (SSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              300      CRISIL D

The suspension of rating is on account of non-cooperation by SSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSPL is yet to
provide adequate information to enable CRISIL to assess SSPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.
SSPL was incorporated in the year 2009 by Mr. S. Hareender Rao,
Mr. S. Mahender Rao and Mr. B. Sridhar Rao. The company
manufactures of cotton yarn, and its spinning unit is located in
Peddapally (Andhra Pradesh).  The company commenced operations in
2012.


TECHSMART INDIA: CRISIL Suspends 'D' Rating on INR80MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Techsmart India Pvt Ltd (TIPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      3.5       CRISIL D
   Term Loan              80.0       CRISIL D

The suspension of rating is on account of non-cooperation by TIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TIPL is yet to
provide adequate information to enable CRISIL to assess TIPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

TIPL (formerly known as Business Software Solutions (India) Pvt
Ltd) was set up in 2000 to take over the operations of a
partnership firm - Business Software Solutions, which was set up
by the current promoters in 1998. TIPL provides information
technology services for e-governance activities of the central
government, state governments, and private institutions.


VARUN EXPORTS: CRISIL Reaffirms 'B' Rating on INR12.1MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Varun Exports (VE)
continue to reflect VE's modest scale of operations and weak
financial risk profile, because of modest networth and debt
protection metrics, and moderate gearing. The ratings also factor
in the firm's highly working capital-intensive operations. These
rating weaknesses are mitigated by the benefits that VE derives
from its partners' extensive experience in the footwear industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Letter Of Guarantee     0.5       CRISIL A4 (Reaffirmed)

   Letter of Credit        2.0       CRISIL A4 (Reaffirmed)

   Packing Credit         75.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     12.1       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VE's business risk profile will remain constrained
over the medium term by the modest scale of operations. The
outlook may be revised to 'Positive' in case of substantial scale
up of operations, while maintaining profitability, capital
structure, and liquidity. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity deteriorates on account of failure to prevent further
revenue decline, or in case of a large debt-funded capital
expenditure programme, or increased working capital requirement.

Set up as a partnership firm in 1985, VE manufactures leather
footwear in Agra (Uttar Pradesh). The firm's operations are
managed by Mr. Arun Ahluwalia and his son, Mr. Varun Ahluwalia.


VIHAAN INFIN: Ind-Ra Assigns B+ Issuer Rating; Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vihaan Infin &
Exim Private Limited (VIEPL) a Long-Term Issuer Rating 'IND B+'.
The Outlook is Stable.  The agency has also assigned the company's
INR150 mil. fund-based limits an 'IND A4' rating.

KEY RATING DRIVERS

VIEPL's ratings reflect its small scale of operations, moderate
credit metrics and low profitability.  In FY15, revenue was
INR301 mil., interest coverage was 4.7x, net leverage was 4.6x and
operating EBITDA margins were 0.6%.

The ratings draw benefit from the directors' over two-decade-long
experience in the exports business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with a
rise in the profitability leading to an improvement in the overall
credit metrics will be positive for the ratings.

Negative: A decline in the revenue and profitability resulting in
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

VIEPL is an export oriented company, with Mr. Ramesh Singh &
Mr. Ashok Vange as the directors.  VIEPL was incorporated in 2011.
It exports textiles, garments, footwear and leather items.


ZURI HOSPITALITY: CRISIL Rates INR238MM Term Loan at 'D'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Zuri Hospitality Private Limited (ZHPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              238        CRISIL D
   Proposed Long Term
   Bank Loan Facility      47        CRISIL D
   Overdraft Facility      40        CRISIL D
   Bank Guarantee           7.5      CRISIL D
   Foreign Exchange
   Forward                  7.5      CRISIL D

The ratings reflect delays by ZHPL in servicing its debt
obligations because of weak liquidity, due to low occupancy at its
hotel, and consequent losses. The ratings also factor in ZHPL's
small scale of operation and susceptibility to intense competition
in the hospitality industry. However, the company benefits from
its promoters' extensive industry experience.

Incorporated in 2006, ZHPL is in the hospitality business. The
company operates a five-star deluxe business hotel in Bengaluru
under the brand Zuri White Sands brand. Operations are managed by
directors Mr. Aditya Kamani and Mr. Abishek Kamani, supported by a
professional management team.

For 2014-15, ZHPL had incurred net loss of INR125 million on
operating income of INR309 million.


ZURI HOTELS: CRISIL Assigns B+ Rating to INR20MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Zuri Hotels and Resorts Private Limited
(ZHRPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     20       CRISIL A4
   Term Loan              20       CRISIL B+/Stable

The ratings reflect ZHRPL's modest scale of operation,
geographical concentration in intensely competitive and cyclical
hospitality industry, and stretched liquidity constraining the
financial risk profile. These weaknesses are partially offset by
the extensive experience of its promoters in the hospitality
industry, and their fund support.
Outlook: Stable

CRISIL believes ZHRPL will benefit over the medium term from the
extensive industry experience of promoters and advantageous
location of the hotel property. The outlook may be revised to
'Positive' if the significant improvement in revenue and
profitability lead to higher cash accrual. Conversely, the outlook
may be revised to 'Negative' if the financial risk profile,
particularly liquidity, weakens because of low cash accrual or a
major debt- funded capex.

Incorporated in 2006, ZHRPL is in the hospitality business. The
company operates a five-star deluxe hotel at Kumarakom, Kerala,
under the Zuri White Sands brand. Operations are managed by
directors Mr. Aditya Kamani and Mr. Abishek Kamani, supported by a
professional management team.

For 2014-15 (refers to financial year, April 1 to March 31), ZHRPL
had incurred net loss of INR68.9 million on operating income of
INR276.5 million, against profit after tax of INR0.7 million on
operating income of INR233.9 million for 2013-14.



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


FISHER & PAYKEL: S&P Keeps 'BB/B' ICR on CreditWatch Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has maintained its
'BB/B' issuer credit rating on New Zealand-based Fisher & Paykel
Finance Ltd. (FPFL) on CreditWatch with developing implications,
where they were initially placed on Oct. 27, 2015.

The ratings on FPFL remain on CreditWatch developing pending
completion of the sale by Fisher & Paykel Appliance Holdings Ltd.
(FPAHL; unrated) of Fisher & Paykel Finance Holdings Ltd. (FPFHL;
unrated)--which includes FPFL--to Australian-based FlexiGroup Ltd.
(FXL; unrated).  The sale is subject to regulatory approval.  S&P
expects to resolve the CreditWatch following regulatory decision
on this acquisition; according to FXL's market announcement, the
transaction is expected to be closed in the first half of calendar
2016.  The CreditWatch developing indicates a one-in-two
likelihood that the rating on FPFL may be raised or lowered.

Should the acquisition proceed, S&P would assess the following to
determine its rating on FPFL: the creditworthiness of the
consolidated FXL group (including FPFL); FPFL's stand-alone credit
profile (SACP) under the new structure; and FPFL's strategic
importance to the consolidated FXL group.  This assessment would
include a review of the FXL group's business and financial
profiles, including its plans for integration of the FPFL
business; capital policy for the FXL group and FPFL--particularly
in view of the material amount of goodwill in the pro forma
balance sheet; and the business strategy across all the FXL
group's businesses.

S&P expects to resolve the CreditWatch following regulatory
decision on the sale of FPFHL, including FPFL, to FXL.  S&P
believes a number of scenarios could result in the ratings on FPFL
moving upward or downward (or remaining unchanged).  For example:

   -- S&P expects to raise the ratings on FPFL if the acquisition
      proceeded and if S&P believed that the creditworthiness of
      the consolidated FXL group was stronger than that of FPFL's
      SACP (currently 'bb'), and S&P believed that FPFL's
      strategic importance to the consolidated FXL group was
      sufficiently strong to support a rating uplift from FPFL's
      SACP.  On the other hand, S&P expects to maintain or lower
      the rating on FPFL if one or more of the assumptions
      outlined in the above scenario did not materialize.

   -- Should the acquisition not proceed, S&P would reassess the
      strategic fit of FPFL within the Haier group, including at
      various sub-group levels such as FPAHL, and FPFHL, as well
      as the credit profile of the relevant group or subgroup.
      S&P would undertake this assessment against the backdrop of
      FPAHL's failed plan to sell off FPFHL.  Following this
      review, S&P would expect to lower the rating on FPFL if S&P
      considered that the ownership structure constrains FPFL's
      creditworthiness.


SUBURBAN CLUB: Up For Sale But Plans to Carry On
------------------------------------------------
Bill Moore at Stuff.co.nz reports that the Suburban Club in
Tahunanui is for sale but the club intends to carry on there or in
another location.

"The club isn't the land and buildings, and it has no plans of
ceasing," the report quotes the company's treasurer, accountant
Ben Douglas, as saying.

According to the report, the large site on Tahunanui Drive has a
rateable value of NZ$4.8 million. The sale is being handled by
Bayleys Nelson commercial specialist Doug McKee, with a
February 12 deadline.

Stuff.co.nz relates that Mr. Douglas said the 44-year-old club,
which had a membership drive this year and achieved its first
target of 4000, had to focus on repaying its debt.

"If you take the debt position out, the club has got a fairly
decent turnover through the doors," Mr. Douglas said, notes the
report.

Its preference was to sell the land and buildings to an investor
and stay on the site, he said, although it wouldn't be able to pay
a commercial rent on all the existing buildings, which cover 2,579
square metres of the 89,190 sq m land area, the report relays.

The alternative was to sell up and reopen the club somewhere else,
says Stuff.co.nz.

If there was no interest in the sale, "we'll have another look".

"We've got very good support from the bank currently . . . we'd be
looking to the bank for increased support and just carrying on,
trying to increase the membership numbers."

According to the report, Mr. Douglas said the amount borrowed to
redevelop and expand the club in 2005 was probably realistic given
the membership at that time.

"That level of borrowing just can't be supported by the existing
membership base, even at 4000 members."

As Treasurer since November 2014, he said the role had been
"pretty challenging" but he was confident that the Suburban Club
would survive in one form or another.

"It's not the end of the club."

Stuff.co.nz adds that Mr. McKee said the "for sale" signs went up
last week and he already had interest from inside and outside
Nelson.

There was some urgency to conclude a sale for the club, Mr. McKee
said.   "We haven't got a price on it. The market will determine
the value in the end."

Stuff.co.nz notes that the club formerly had around 5,000 members
but following the emergence of its financial problems in 2013 and
talk of extra membership costs, numbers fell to under 3,000.

Its debt reached NZ$2.7 million, the cost of the 2005 expansion
combining with falling poker machine income and lower bar takings
to make its position increasingly perilous, the report notes.

But this year's successful membership drive offered hope that its
future was improving, and in May general manager Rob Finlayson
said the target for 2015-16 would be 6,000, Stuff.co.nz adds.



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


DAEWOO SECURITIES: Four Buyers Placed Bids to Buy Firm
------------------------------------------------------
Yonhap News Agency reports that four entities have placed bids to
buy Daewoo Securities Co. in a deal that could be a possible game
changer for at least three of the four prospective buyers,
informed sources said on Dec. 21.

The news agency relates that the prospective buyers are KB
Financial Group Inc., the largest banking giant by assets; the
country's leading asset management expertise firm Mirae Asset
Group; Korea Investment Holdings Co.; and the employee stock
ownership association led by Daewoo's labor union.

Yonhap says the four also submitted preliminary bids to take over
a 43-percent stake in Daewoo Securities from the state-run Korea
Development Bank (KDB), along with a 100-percent stake in KDB
Asset Management.

A 43-percent stake in Daewoo Securities is currently valued at
around KRW1.5 trillion (US$1.27 billion), but market observers
said the proposed deal will likely be worth more than KRW2
trillion, considering a premium for the control of the brokerage
firm and possibly the local brokerage market, say Yonhap.

Yonhap relates that a successful bid by any of the prospective
buyers except the employee ownership association could make them
the largest brokerage firm by assets.

"KDB plans to name a preferred bidder through a decision by its
committee on the proposed sale of the financial subsidiary on Dec.
24," the bank said in a released statement, Yonhap relays.

The deal itself is expected to be concluded within the first half
of next year, the report discloses.

KDB acquired Daewoo Securities in 2000 after the brokerage firm
went bankrupt in the midst of the Asian financial crisis in the
late 1990s.

A previous attempt to privatize the securities firm, as well as
KDB itself, in 2008 fell through, the report notes.


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


* BOND PRICING: For the Week Dec. 14 to Dec. 18, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88     11/1/2019   USD      71.00
AUSDRILL FINANCE PTY      6.88     11/1/2019   USD      73.00
BOART LONGYEAR MANAG      7.00      4/1/2021   USD      40.00
BOART LONGYEAR MANAG      7.00      4/1/2021   USD      41.25
CML GROUP LTD             9.00     1/29/2020   AUD       0.96
CRATER GOLD MINING L     10.00     8/18/2017   AUD      35.00
EMECO PTY LTD             9.88     3/15/2019   USD      58.00
EMECO PTY LTD             9.88     3/15/2019   USD      59.00
FMG RESOURCES AUGUST      6.88      4/1/2022   USD      69.77
FMG RESOURCES AUGUST      6.88      4/1/2022   USD      70.23
IMF BENTHAM LTD           6.38     6/30/2019   AUD      71.75
KBL MINING LTD           12.00     2/16/2017   AUD       0.32
KEYBRIDGE CAPITAL LT      7.00     7/31/2020   AUD       0.69
LAKES OIL NL             10.00     3/31/2017   AUD       6.50
MIDWEST VANADIUM PTY     11.50     2/15/2018   USD       5.38
MIDWEST VANADIUM PTY     11.50     2/15/2018   USD       4.56
STOKES LTD               10.00     6/30/2017   AUD       0.40
TREASURY CORP OF VIC      0.50    11/12/2030   AUD      62.69


CHINA
-----

CHANGCHUN CITY DEVEL      6.08      3/9/2016   CNY      40.11
CHANGSHA HIGH TECHNO      7.30    11/22/2017   CNY      73.00
CHANGZHOU INVESTMENT      5.80      7/1/2016   CNY      40.34
CHANGZHOU WUJIN CITY      5.42      6/9/2016   CNY      50.49
CHINA GOVERNMENT BON      1.64    12/15/2033   CNY      74.47
DANDONG CITY DEVELOP      6.21      9/6/2017   CNY      70.46
DATONG ECONOMIC CONS      6.50      6/1/2017   CNY      71.50
DRILL RIGS HOLDINGS       6.50     10/1/2017   USD      68.25
DRILL RIGS HOLDINGS       6.50     10/1/2017   USD      69.80
ERDOS DONGSHENG CITY      8.40     2/28/2018   CNY      66.70
GRANDBLUE ENVIRONMEN      6.40      7/7/2016   CNY      70.41
GUOAO INVESTMENT DEV      6.89    10/29/2018   CNY      67.42
HANGZHOU XIAOSHAN ST      6.90    11/22/2016   CNY      41.03
HEBEI RONG TOU HOLDI      6.76      7/8/2021   CNY      74.34
HEILONGJIANG HECHENG      7.78    11/17/2016   CNY      41.25
HUAIAN CITY URBAN AS      7.15    12/21/2016   CNY      70.46
JIANGSU HUAJING ASSE      5.68     9/28/2017   CNY      50.90
JINAN CITY CONSTRUCT      6.98     3/26/2018   CNY      74.20
KUNSHAN ENTREPRENEUR      4.70     3/30/2016   CNY      40.06
LONGHAI STATE-OWNED       8.25     12/2/2017   CNY      73.00
NANJING NANGANG IRON      6.13     2/27/2016   CNY      50.10
OCEAN RIG UDW INC         7.25      4/1/2019   USD      49.00
OCEAN RIG UDW INC         7.25      4/1/2019   USD      42.31
PANJIN CONSTRUCTION       7.70    12/16/2016   CNY      71.02
QINGZHOU HONGYUAN PU      6.50     5/22/2019   CNY      40.35
SHANGHAI REAL ESTATE      6.12     5/17/2017   CNY      71.77
SHENGZHOU HOTEL CO L      9.20     2/26/2016   CNY     100.00
TAIZHOU CITY CONSTRU      6.90     1/25/2017   CNY      70.45
TONGLIAO CITY INVEST      5.98      9/1/2017   CNY      71.50
WUXI COMMUNICATIONS       5.58      7/8/2016   CNY      50.10
XIANGTAN JIUHUA ECON      6.93    12/16/2016   CNY      71.16
YANGZHOU ECONOMIC DE      6.10      7/7/2016   CNY      50.30
YANGZHOU URBAN CONST      5.94     7/23/2016   CNY      40.50
YIJINHUOLUOQI HONGTA      8.35     3/19/2019   CNY      71.50
YULIN CITY INVESTMEN      6.81     12/4/2018   CNY     103.50
YUNNAN INVESTMENT GR      5.25     8/24/2017   CNY      70.50
ZHENJIANG CULTURE AN      5.86      5/6/2017   CNY      74.01
ZHUCHENG ECONOMIC DE      7.50     8/25/2018   CNY      41.13
ZOUCHENG CITY ASSET       7.02     1/12/2018   CNY      61.86


INDONESIA
---------


BERAU COAL ENERGY TB      7.25     3/13/2017   USD      31.50
BERAU COAL ENERGY TB      7.25     3/13/2017   USD      29.79
GAJAH TUNGGAL TBK PT      7.75      2/6/2018   USD      60.72
GAJAH TUNGGAL TBK PT      7.75      2/6/2018   USD      59.00
INDONESIA TREASURY B      6.38     4/15/2042   IDR      72.97


INDIA
-----

3I INFOTECH LTD           5.00     4/26/2017   USD      14.63
BLUE DART EXPRESS LT      9.30    11/20/2017   INR      10.12
BLUE DART EXPRESS LT      9.50    11/20/2019   INR      10.25
BLUE DART EXPRESS LT      9.40    11/20/2018   INR      10.18
COROMANDEL INTERNATI      9.00     7/23/2016   INR      15.55
GTL INFRASTRUCTURE L      4.03     11/9/2017   USD      27.00
INCLINE REALTY PVT L     10.85     8/21/2017   INR       7.74
JAIPRAKASH ASSOCIATE      5.75      9/8/2017   USD      71.16
JCT LTD                   2.50      4/8/2011   USD      29.25
PRAKASH INDUSTRIES L      5.25     4/30/2015   USD      20.00
PYRAMID SAIMIRA THEA      1.75      7/4/2012   USD       1.00
REI AGRO LTD              5.50    11/13/2014   USD       4.25
REI AGRO LTD              5.50    11/13/2014   USD       4.25
SVOGL OIL GAS & ENER      5.00     8/17/2015   USD      21.13


JAPAN
-----

AVANSTRATE INC            5.55    10/31/2017   JPY      31.00
AVANSTRATE INC            5.55    10/31/2017   JPY      37.00
ELPIDA MEMORY INC         0.70      8/1/2016   JPY       8.25
ELPIDA MEMORY INC         0.50    10/26/2015   JPY       8.38
ELPIDA MEMORY INC         2.29     12/7/2012   JPY       8.25
ELPIDA MEMORY INC         2.03     3/22/2012   JPY       8.25
ELPIDA MEMORY INC         2.10    11/29/2012   JPY       8.25
SHARP CORP/JAPAN          1.60     9/13/2019   JPY      61.38
TAKATA CORP               0.58     3/26/2021   JPY      65.75


KOREA
-----

2014 KODIT CREATIVE       5.00    12/25/2017   KRW      30.30
2014 KODIT CREATIVE       5.00    12/25/2017   KRW      30.30
DOOSAN CAPITAL SECUR     20.00     4/22/2019   KRW      38.96
HYUNDAI HEAVY INDUST      4.90    12/15/2044   KRW      54.78
HYUNDAI HEAVY INDUST      4.80    12/15/2044   KRW      55.70
HYUNDAI MERCHANT MAR      7.05    12/27/2042   KRW      30.96
KIBO ABS SPECIALTY C     10.00     8/22/2017   KRW      25.67
KIBO ABS SPECIALTY C      5.00     1/31/2017   KRW      32.14
KIBO ABS SPECIALTY C      5.00     3/29/2018   KRW      29.22
KIBO ABS SPECIALTY C     10.00     2/19/2017   KRW      36.58
KIBO ABS SPECIALTY C     10.00      9/4/2016   KRW      38.97
KIBO ABS SPECIALTY C      5.00    12/25/2017   KRW      29.04
LSMTRON DONGBANGSEON      4.53    11/22/2017   KRW      29.88
POSCO ENERGY CORP         4.72     8/29/2043   KRW      66.55
POSCO ENERGY CORP         4.72     8/29/2043   KRW      66.54
POSCO ENERGY CORP         4.66     8/29/2043   KRW      67.11
PULMUONE CO LTD           2.50      8/6/2045   KRW      59.91
SINBO SECURITIZATION      5.00     2/27/2019   KRW      26.31
SINBO SECURITIZATION      5.00     1/30/2019   KRW      26.48
SINBO SECURITIZATION      5.00    10/30/2019   KRW      19.46
SINBO SECURITIZATION      5.00     2/27/2019   KRW      26.31
SINBO SECURITIZATION      5.00     1/30/2019   KRW      26.48
SINBO SECURITIZATION      5.00     6/27/2018   KRW      28.67
SINBO SECURITIZATION      5.00     6/27/2018   KRW      28.67
SINBO SECURITIZATION      5.00     5/27/2016   KRW      36.46
SINBO SECURITIZATION      5.00     5/27/2016   KRW      36.46
SINBO SECURITIZATION      5.00     3/14/2016   KRW      44.60
SINBO SECURITIZATION      5.00      7/8/2017   KRW      31.76
SINBO SECURITIZATION      5.00      7/8/2017   KRW      31.76
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     6/29/2016   KRW      35.46
SINBO SECURITIZATION      5.00    12/25/2016   KRW      32.64
SINBO SECURITIZATION      5.00     1/15/2018   KRW      30.10
SINBO SECURITIZATION      5.00     1/15/2018   KRW      30.10
SINBO SECURITIZATION      5.00     2/11/2018   KRW      29.61
SINBO SECURITIZATION      5.00     2/11/2018   KRW      29.61
SINBO SECURITIZATION      5.00    12/13/2016   KRW      33.71
SINBO SECURITIZATION      5.00     3/12/2018   KRW      29.37
SINBO SECURITIZATION      5.00     3/12/2018   KRW      29.37
SINBO SECURITIZATION      5.00     1/29/2017   KRW      33.11
SINBO SECURITIZATION      5.00     2/21/2017   KRW      32.82
SINBO SECURITIZATION      5.00     2/21/2017   KRW      32.82
SINBO SECURITIZATION      5.00     8/16/2016   KRW      33.73
SINBO SECURITIZATION      5.00     8/16/2017   KRW      31.34
SINBO SECURITIZATION      5.00     8/16/2017   KRW      31.34
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     7/26/2016   KRW      35.13
SINBO SECURITIZATION      5.00     7/26/2016   KRW      35.13
SINBO SECURITIZATION      5.00     8/31/2016   KRW      34.72
SINBO SECURITIZATION      5.00     8/31/2016   KRW      34.72
SINBO SECURITIZATION      5.00     10/5/2016   KRW      34.35
SINBO SECURITIZATION      5.00     10/5/2016   KRW      32.72
SINBO SECURITIZATION      5.00     7/24/2017   KRW      30.61
SINBO SECURITIZATION      5.00     7/24/2018   KRW      28.45
SINBO SECURITIZATION      5.00     7/24/2018   KRW      28.45
SINBO SECURITIZATION      5.00     8/29/2018   KRW      27.96
SINBO SECURITIZATION      5.00     8/29/2018   KRW      27.96
SINBO SECURITIZATION      5.00     3/13/2017   KRW      32.58
SINBO SECURITIZATION      5.00      6/7/2017   KRW      22.95
SINBO SECURITIZATION      5.00      6/7/2017   KRW      22.95
SINBO SECURITIZATION     10.00    12/27/2015   KRW      76.38
SINBO SECURITIZATION      5.00     1/19/2016   KRW      57.07
SINBO SECURITIZATION      5.00      2/2/2016   KRW      53.30
SINBO SECURITIZATION      8.00      2/2/2016   KRW      58.41
SINBO SECURITIZATION      5.00    12/23/2018   KRW      26.81
SINBO SECURITIZATION      5.00    12/23/2017   KRW      29.06
SINBO SECURITIZATION      5.00    12/23/2018   KRW      26.81
SINBO SECURITIZATION      5.00     3/13/2017   KRW      32.58
SK TELECOM CO LTD         4.21      6/7/2073   KRW      65.89
TONGYANG CEMENT & EN      7.50     4/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.30     4/12/2015   KRW      70.00
TONGYANG CEMENT & EN      7.30     6/26/2015   KRW      70.00
TONGYANG CEMENT & EN      7.50     7/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.50     9/10/2014   KRW      70.00
U-BEST SECURITIZATIO      5.50    11/16/2017   KRW      31.03


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35      3/1/2026   LKR      74.29


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35     2/20/2024   MYR      70.26
BANDAR MALAYSIA SDN       0.35    12/29/2023   MYR      70.77
BIMB HOLDINGS BHD         1.50    12/12/2023   MYR      71.43
BRIGHT FOCUS BHD          2.50     1/22/2031   MYR      66.26
BRIGHT FOCUS BHD          2.50     1/24/2030   MYR      68.61
LAND & GENERAL BHD        1.00     9/24/2018   MYR       0.25
SENAI-DESARU EXPRESS      0.50    12/31/2040   MYR      68.81
SENAI-DESARU EXPRESS      0.50    12/29/2045   MYR      74.19
SENAI-DESARU EXPRESS      0.50    12/31/2047   MYR      76.14
SENAI-DESARU EXPRESS      0.50    12/31/2046   MYR      75.24
SENAI-DESARU EXPRESS      0.50    12/31/2043   MYR      72.39
SENAI-DESARU EXPRESS      0.50    12/31/2038   MYR      65.77
SENAI-DESARU EXPRESS      0.50    12/31/2041   MYR      69.98
SENAI-DESARU EXPRESS      0.50    12/31/2042   MYR      71.28
SENAI-DESARU EXPRESS      0.50    12/30/2044   MYR      73.31
SENAI-DESARU EXPRESS      0.50    12/30/2039   MYR      67.51
SENAI-DESARU EXPRESS      1.35    12/29/2028   MYR      57.22
SENAI-DESARU EXPRESS      1.15    12/29/2023   MYR      68.39
SENAI-DESARU EXPRESS      1.15     6/30/2023   MYR      69.98
SENAI-DESARU EXPRESS      1.15    12/30/2022   MYR      71.61
SENAI-DESARU EXPRESS      1.35     6/28/2030   MYR      53.96
SENAI-DESARU EXPRESS      1.35    12/31/2030   MYR      52.90
SENAI-DESARU EXPRESS      1.15    12/31/2024   MYR      65.36
SENAI-DESARU EXPRESS      1.10     6/30/2022   MYR      73.02
SENAI-DESARU EXPRESS      1.15     6/30/2025   MYR      63.91
SENAI-DESARU EXPRESS      1.10    12/31/2021   MYR      74.74
SENAI-DESARU EXPRESS      1.35     6/30/2026   MYR      62.84
SENAI-DESARU EXPRESS      1.15     6/28/2024   MYR      66.87
SENAI-DESARU EXPRESS      1.35    12/31/2029   MYR      55.01
SENAI-DESARU EXPRESS      1.35     6/30/2031   MYR      51.85
SENAI-DESARU EXPRESS      1.35    12/31/2025   MYR      64.02
SENAI-DESARU EXPRESS      1.35     6/30/2027   MYR      60.56
SENAI-DESARU EXPRESS      1.35     6/29/2029   MYR      56.10
SENAI-DESARU EXPRESS      1.35     6/30/2028   MYR      58.34
SENAI-DESARU EXPRESS      1.35    12/31/2026   MYR      61.71
SENAI-DESARU EXPRESS      1.35    12/31/2027   MYR      59.47
UNIMECH GROUP BHD         5.00     9/18/2018   MYR       1.18


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

BAYAN TELECOMMUNICAT     13.50     7/15/2006   USD      22.75
BAYAN TELECOMMUNICAT     13.50     7/15/2006   USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.59     5/18/2018   USD      54.26
BAKRIE TELECOM PTE L     11.50      5/7/2015   USD       3.00
BAKRIE TELECOM PTE L     11.50      5/7/2015   USD       3.66
BERAU CAPITAL RESOUR     12.50      7/8/2015   USD      30.00
BERAU CAPITAL RESOUR     12.50      7/8/2015   USD      74.78
BLD INVESTMENTS PTE       8.63     3/23/2015   USD       8.38
BUMI CAPITAL PTE LTD     12.00    11/10/2016   USD      18.70
BUMI CAPITAL PTE LTD     12.00    11/10/2016   USD      18.18
BUMI INVESTMENT PTE      10.75     10/6/2017   USD      18.70
BUMI INVESTMENT PTE      10.75     10/6/2017   USD      18.14
ENERCOAL RESOURCES P      6.00      4/7/2018   USD      10.00
GOLIATH OFFSHORE HOL     12.00     6/11/2017   USD      17.05
INDO INFRASTRUCTURE       2.00     7/30/2010   USD       1.88
ORO NEGRO DRILLING P      7.50     1/24/2019   USD      67.00
OSA GOLIATH PTE LTD      12.00     10/9/2018   USD      62.00
OTTAWA HOLDINGS PTE       5.88     5/16/2018   USD      53.00
OTTAWA HOLDINGS PTE       5.88     5/16/2018   USD      50.92
SWIBER HOLDINGS LTD       7.13     4/18/2017   SGD      65.25
TRIKOMSEL PTE LTD         5.25     5/10/2016   SGD      20.00
TRIKOMSEL PTE LTD         7.88      6/5/2017   SGD      24.00


THAILAND
--------

G STEEL PCL               3.00     10/4/2015   USD       3.74
MDX PCL                   4.75     9/17/2003   USD      37.50


VIETNAM
-------

DEBT AND ASSET TRADI      1.00    10/10/2025   USD      49.69
DEBT AND ASSET TRADI      1.00    10/10/2025   USD      49.50




                             *********

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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