TCRAP_Public/160202.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, February 2, 2016, Vol. 19, No. 22


                            Headlines


A U S T R A L I A

CLIFFS NATURAL: George Connell Reports 9.3% Stake as of Dec. 31
EVOLVE SALONS: Franck Provost Buys 8 Evolve Shops
GREEN PEPPERCORN: First Creditors' Meeting Set For Feb. 9
MCP (QLD): First Creditors' Meeting Set For Feb. 9
PASARELA PTY: First Creditors' Meeting Slated For Feb. 8

PC RANGE: Placed Into Voluntary Liquidation
PLAYUP: In Liquidation After Burning AUD70MM in Investor Funds
SLATER & GORDON: In Debt Restructuring Talks
TRAFFIC MANAGEMENT: First Creditors' Meeting Set For Feb. 8


C H I N A

CHINA GINSENG: Guoqin Yin Quits as Chairman and CEO


I N D I A

ADWITIYA PROJECTS: CRISIL Suspends B+ Rating on INR140MM Loan
APRICOT TILES: CARE Assigns B+ Rating to INR10.39cr LT Loan
BANSAL AGRO: CRISIL Reaffirms 'B' Rating on INR50MM Loan
BLUEZONE VITRIFIED: CRISIL Reaffirms B Rating on INR317MM Loan
BULANDSHAHR ROLLER: CARE Reaffirms B+ Rating on INR8cr LT Loan

COSTA INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR45MM Loan
DWARKA GEMS: CARE Reaffirms B-/A4 Rating on INR10.50cr Loan
FABLE FOOD: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
FRIENDLY AUTOMOTIVES: CRISIL Suspends B- Rating on INR40MM Loan
GAL ALUMINIUM: CRISIL Suspends B+ Rating on INR50MM Cash Loan

GALAXY MICA: CRISIL Reaffirms 'B' Rating on INR56.3MM LT Loan
GENIX AUTOMATION: Ind-Ra Withdraws 'IND C' LT Issuer Rating
H. M. AND COMPANY: CRISIL Cuts Rating on INR70MM Cash Loan to B
HELIOS AND MATHESON: High Court Appoints Official Liquidator
HI-QUALITY FOODS: CRISIL Assigns B Rating to INR150MM Term Loan

JAINAM ORNAMENT: CRISIL Assigns B+ Rating to INR49MM Cash Loan
JITEEN ENGINEERING: CRISIL Assigns B+ Rating to INR25MM Cash Loan
JNV VIRA: CRISIL Assigns B- Rating to INR80MM Cash Loan
K.G. LAKSHMIPATHI: CARE Reaffirms B+ Rating on INR6cr LT Loan
KASTUM ENGINEERS: CRISIL Assigns B+ Rating to INR20MM Cash Loan

KINGSWOOD LOGISTICS: CARE Reaffirms B Rating on INR8.50cr Loan
KOSHAL POLY: CRISIL Suspends B- Rating on INR118.1MM LT Loan
LOGAN CERAMIC: CARE Assigns B+ Rating to INR10.51cr LT Loan
LTG INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR1.12BB Loan
MOHIT ISPAT: CRISIL Assigns B+ Rating to INR150MM Cash Loan

NICHEM INDUSTRIES: Ind-Ra Assigns IND BB' LT Issuer Rating
PACK PRINT: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
PALM HEIGHTS: CARE Reaffirms 'B' Rating on INR15cr LT Loan
PELICAN INTERNATIONAL: CRISIL Cuts Rating on INR187.5MM Loan to D
PRANSHU FOODS: CRISIL Reaffirms 'B' Rating on INR100MM Loan

PREMIUM FERRO: CRISIL Assigns B+ Rating to INR20MM Loan
RAKESH MARBLE: CRISIL Assigns B+ Rating to INR35MM Capital Loan
RAM NATH: CRISIL Cuts Rating on INR163MM Term Loan to 'D'
RAMAYANI CREATIONS: CARE Assigns B+ Rating to INR15cr LT Loan
REX CERAMIC: CRISIL Ups Rating on INR60MM Term Loan to B+

RMJ MOTORS: CARE Reaffirms B+ Rating on INR17cr LT Loan
RMP IMPEX: CRISIL Assigns B+ Rating to INR51.6MM LT Loan
SAI AMRUT: CRISIL Assigns 'D' Rating to INR56.2MM Term Loan
SAI BALAJI: CRISIL Suspends 'D' Rating on INR198MM LT Loan
SHREE RAM: CARE Reaffirms B+ Rating on INR5.50cr LT Loan

SHREE SONIGARA: CRISIL Suspends D Rating on INR50MM Cash Loan
SHREE TIRUPATI: CRISIL Suspends B+ Rating on INR50MM Cash Loan
SHREE VIJAYLAXMI: CRISIL Assigns B+ Rating to INR90MM Loan
SHRI KRISHNA: CARE Reaffirms B+ Rating on INR10.50cr LT Loan
SKY ALLOYS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating

SLS EXPORTS: CRISIL Assigns B+ Rating to INR90MM Packing Loan
SOMA ISOLUX: CARE Assigns B+ Rating to INR1,216.96cr LT Loan
SUMMIT CORPORATION: CARE Reaffirms D Rating on INR11.17cr Loan
TECUMSEH PRODUCTS: Ind-Ra Withdraws 'IND B' LT Issuer Rating
TEXOOL LIMITED: CRISIL Ups Rating on INR10MM Loan to 'B'

VEER BUNDEL: CRISIL Reaffirms B+ Rating on INR47.5MM Cash Loan


J A P A N

MT. GOX: Japanese Bank Disputes Involvement in Fraud
SHARP CORP: To Decide on Investment Within Week, Hon Hai CEO Says
SHARP CORP: Fund Rescue Plan Would Involve Solar Frontier


P H I L I P P I N E

DELMONT BANK: PDIC Files Qualified Theft Against Former Officers
LAPU-LAPU RURAL: Placed Under PDIC Receivership


S R I  L A N K A

SRILANKAN AIRLINES: Fitch Affirms 'BB-' US$ Denom. Gov't. Bonds


X X X X X X X X

* BOND PRICING: For the Week Jan. 25 to Jan. 29, 2016


                            - - - - -


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


CLIFFS NATURAL: George Connell Reports 9.3% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, George W. Connell disclosed that as of Dec. 31, 2015,
it beneficially owns 14,300,000 shares of common stock of Cliffs
Natural Resources, Inc. representing 9.32 percent of the shares
outstanding. A copy of the regulatory filing is available for free
at http://is.gd/9Z3WDR

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama. Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two non-
operating iron ore mines in Eastern Canada. Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under the
Companies' Creditors Arrangement Act (Canada). The initial CCAA
order will address the Bloom Lake Group's immediate liquidity
issues and permit the Bloom Lake Group to preserve and protect its
assets for the benefit of all stakeholders while restructuring and
sale options are explored.

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013. As of Sept. 30, 2015, the
Company had $2.27 billion in total assets, $4.03 billion in total
liabilities and a $1.75 billion total deficit.

                             * * *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'. The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions. The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported on Jan. 8, 2016, that Moody's Investors Service
downgrade Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to Caa1 and Caa1-PD from B1 and
B1-PD respectively. The downgrade reflects the deterioration in
the company's debt protection metrics and increase in leverage as
a result of continued downward movement in iron ore prices and
weak fundamentals in the US steel industry, which are resulting in
lower shipment levels.


EVOLVE SALONS: Franck Provost Buys 8 Evolve Shops
-------------------------------------------------
Broede Carmody at SmartCompany reports that the Australian arm of
a high-end hairdressing chain from France has snapped up several
stores that were previously owned by a group that plunged into
liquidation late last year.

According to the report, Franck Provost Paris Australia has bought
eight shopfronts previously belonging to Evolve Salons for an
undisclosed amount.

Evolve Salons collapsed in November last year after raising more
than AUD8 million from investors and growing its network to 53
stores, SmartCompany discloses.  At the time liquidators were
appointed, Evolve Salons had just three outlets still trading and
less than AUD4 in one of its bank accounts.

Jean-Fancois Carre, the head of Franck Provost Paris Australia,
told SmartCompany the eight salons caught his eye because they
were in good locations.

"We thought they definitely had potential," SmartCompany quotes
Mr. Carre as saying.  "We are not exactly sure why the Evolve
Group failed, maybe because they acquired too many salons too
quickly. But we are confident the ones we are taking over are in
good locations. So we think it's a good fit and an opportunity to
welcome them to the network."

SmartCompany says Mr. Carre hopes the new salons will soon
turnover around AUD15,000 a week. Three of the salons are located
in Melbourne, with the remaining five in New South Wales.

The Australian operations of Franck Provost Paris currently turns
over around AUD11 million annually, but Mr. Carre hopes to grow
that figure to AUD15 million in the coming months, the report
relays.

"It will be a challenge," Mr. Carre told SmartCompany.  "When we
arrived, everything had disappeared [from the eight stores] all
the products and electrical appliances, including the computers.
So we want to welcome back as many of the former team members and
guests as possible."

According to SmartCompany, Mr. Carre said taking over the eight
additional stores is part of Franck Provost Paris' broader
expansion plans in Australia.

The long-term goal is for there to be 50 Franck Provost Paris
stores across Australia, adds SmartCompany.


GREEN PEPPERCORN: First Creditors' Meeting Set For Feb. 9
---------------------------------------------------------
Blair Pleash and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Green Peppercorn
Pty Limited on Jan. 28, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on Feb. 9, 2016, at 11:00 a.m.


MCP (QLD): First Creditors' Meeting Set For Feb. 9
--------------------------------------------------
Stephen Dixon, Michael McCann, and Shaun McKinnon of Grant
Thornton Australia were appointed as administrators of MCP (Qld)
Pty Ltd on Jan. 28, 2016.

A first meeting of the creditors of the Company will be held at
Grant Thornton Australia Ltd, Level 18, King George Central, 145
Ann Street, in Brisbane, Queensland, on Feb. 9, 2016, at
10:00 a.m.


PASARELA PTY: First Creditors' Meeting Slated For Feb. 8
--------------------------------------------------------
Michael Gregory Jones of Jones Partners Insolvency & Business
Recovery was appointed as administrator of Pasarela Pty Limited on
Jan. 27, 2016.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on Feb. 8, 2016, at 11:00 a.m.


PC RANGE: Placed Into Voluntary Liquidation
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that PC Range Pty Ltd,
has been placed into voluntary liquidation. Anthony Matthews and
Associates was appointed liquidator of the company on Jan. 8,
2015, the report says.

Dissolve.com.au relates that the liquidator is hoping to complete
a sale of business in 3-4 weeks.

PC Range Pty Ltd is a networking distributor in South Australia.


PLAYUP: In Liquidation After Burning AUD70MM in Investor Funds
--------------------------------------------------------------
Financial Review reports that a sports media business backed with
more than AUD70 million in funding by some of Australia's
business, political and sporting elite, including Prime Minister
Malcolm Turnbull, has been placed into liquidation.

PlayUp's holding company, Revo Pty Ltd, did not contest a winding-
up application in the Federal Court in Melbourne, capping a
dramatic nine years in business that featured grand plans of
establishing sports gambling and then social media apps around the
world and unrealized revenue projections in the billions of
dollars, according Financial Review.

Most shareholders have long admitted little chance of ever
receiving a return on their investment, although company records
indicated Mr. Turnbull was able to claw back most of his AUD1
million investment in PlayUp back in 2013, the report notes.

Revo, formerly chaired by businessman and former NSW premier Nick
Greiner and backed by billionaire Bruce Mathieson and members of
the prominent Ho family of Hong Kong, is now in liquidation, being
managed by Grant Thornton Australia partner Stephen Dixon, the
report relays.

Six former employees had sought to wind up Revo, claiming they
were owed AUD500,000 in unpaid wages and superannuation, the
report notes.  One of the company's shareholders, Ben Smith, also
joined the action, claiming AUD100,000 in the name of his personal
superannuation fund, the report discloses.

The move came after several winding-up applications were lodged
last year, as well as PlayUp being reported to the Fair Work
Ombudsman and its United Kingdom subsidiary being wound up after
court action taken by a former executive over AUD100,000 in unpaid
wages, the report says.

Established in 2006 by Melbourne advertising executive George
Tomeski and Sydney's Luke Bunbury, PlayUp's board once featured
Mr. Greiner, Mr. Mathieson, former Telstra boss Bob Mansfield,
Asciano director Geoffrey Kleeman and Justin Ho, the report notes.

All had stepped down by early last year.  Mr. Mathieson, a large
shareholder, said he had not put money into PlayUp "for some
time," the report discloses.   When asked about the money he has
lost, the billionaire said: "It's just one of those things.  Some
of my investments do well and some of them don't.  This was one of
the [latter]," the report relays.

One who did get most of his money back was Mr. Turnbull.  Company
filings showed his Turnbull & Co buying AUD1 million worth of
shares in PlayUp shareholder vehicle Revo Nominees in mid-2012,
the report notes.

                    Turnbull Sold His Shares

But in August 2013, Mr. Turnbull sold his shares after his stake
was revealed in a Fairfax Media story that questioned whether his
shares in a media company might be a conflict of interest given
his then role as communications minister, the report relays.

Company records examined by Fairfax Media show Revo Nominees
paying out AUD921,478 when Turnbull & Co shares were transferred
back to the shareholder vehicle in November 2013, the report
discloses.

PlayUp raised its first AUD5 million from angel investors in 2007,
the report notes. It also started working with investment bank
Investec, which took equity in lieu of fees, the report says.  The
bank later sold down its stake, the report relays.

PlayUp raised another AUD15 million in late 2008 and early 2009.
Investors at that time included Mr. Mathieson.  A further AUD30
million was raised in 2010, when PlayUp become more focused on
being a mobile phone sports gaming company, the report notes.

Among the shareholders were Melbourne QC Allan Myers and his
business partner, John Higgins, Sydney funds manager David
Paradice and Goldman Sachs Australasia chief executive Simon
Rothery, as well as Rich Lister Richard Smith, the report notes.

Other investors have included former cricketers Steve Waugh,
Brendon Julian, Graeme Wood and Adam Gilchrist and heart surgeon
Charlie Teo, the report discloses.

PlayUp raised another AUD20 million in 2011, when it changed its
focus to building a sports social media platform due to the rising
popularity of smartphones, though gambling was still a priority
for the company according to one former executive, the report
adds.


SLATER & GORDON: In Debt Restructuring Talks
--------------------------------------------
Ben Marlow at The Telegraph reports that the Australian law firm
that snapped up the bulk of scandal-hit insurance claims company
Quindell has been forced into restructuring talks amid concerns
over the deteriorating state of its finances.

The Telegraph relates that lenders to Slater & Gordon, Australia's
largest class-action law firm, have hired turnaround experts FTI
Consulting in the UK as its problems mount following the company's
shock takeover of Quindell's legal arm last year.

According to the report, Slater & Gordon, which holds around 12%
of the UK personal injury market, pushed ahead with the deal in
March 2015 despite a report by accountants PwC that found Quindell
had used "aggressive" and "unacceptable" accounting practices.

Months after paying more than GBP600 million for the business,
Slater & Gordon was plunged into crisis when the UK's Financial
Conduct Authority, the main City watchdog, revealed it was
conducting a probe into Quindell.

The Telegraph relates that shortly afterwards, the Financial
Reporting Council began scrutinising Quindell's auditors, while
the Serious Fraud Office launched a criminal investigation after
Quindell published its long-delayed 2014 accounts, showing a
GBP238 million loss from a profit of GBP8.6 million as it wrote
down assets by GBP157 million.

Since then, Slater & Gordon's woes have mounted. The company has
faced questions about its own accounting practices, missed
earnings guidance, and failed to update investors on its cashflow
position, the Telegraph relates.

Over the last year, the firm's share price has fallen 90% and last
week it announced plans to close two UK offices as part of a cost-
cutting exercise, according to the report.


TRAFFIC MANAGEMENT: First Creditors' Meeting Set For Feb. 8
-----------------------------------------------------------
Richard Albarran and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Traffic Management
Australia Pty Ltd on Jan. 27, 2016.

A first meeting of the creditors of the Company will be held at
The Grace Hotel, The Pinaroo 4-5 Room, Level 1, 77 York Street, in
Sydney, on Feb. 8, 2016, at 10:30 a.m.


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


CHINA GINSENG: Guoqin Yin Quits as Chairman and CEO
---------------------------------------------------
Mr. Guoqin Yin tendered his resignation to China Ginseng Holdings,
Inc. as the Company's chairman, director and chief executive
officer. Mr. Yin's resignation did not result from any
disagreement regarding any matter related to the Company's
operations, policies or practices.

The Company's Board of Directors accepted Mr. Yin's resignation
and simultaneously appointed Mr. Long He as its chairman, director
and chief executive officer.

Mr. He has extensive experience in green and organic agriculture
and food & restaurant industry. Mr. He is an owner of a green
organic agricultural entity, Fujing Lifeng Rice Cooperatives,
which was incorporated in 2009 and operates under a cooperation
agreement with Suibin County Government of Heilongjian Province in
China and an owner of a restaurant, LongHe Grill, opened in 2004
in Jiamusi City, Heilongjian Province which later became a chain
restaurant in China in 2007. Mr. He graduated from Shijiazhuang
Huabei Medical College in 2000 with an associate degree and major
in clinical care.

The Company is currently negotiating the terms of Mr. He's
employment agreement, and will file a copy of the agreement when
it becomes available.

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China. The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards. However, recent harvests of grapes showed poor
quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production. Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net loss
of $4.76 million on $2.61 million of revenue for the year
endedJune 30, 2014.

As of Sept. 30, 2015, the Company had $8.58 million in total
assets, $19.09 million in total liabilities and a total
stockholders' deficit of $10.5 million.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended June
30, 2015 and 2014, respectively, an accumulated deficit of $18.1
million at June 30, 2015 and a working capital deficit of $16.5
million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully. These conditions raise
substantial doubt about its ability to continue as a going
concern.



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


ADWITIYA PROJECTS: CRISIL Suspends B+ Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Adwitiya Projects India Private Limited (APIPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            140        CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee         120        CRISIL A4
   Long Term Loan          60        CRISIL B+/Stable

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

APIPL, incorporated in 2011, executes civil construction contracts
for private entities. The company undertakes projects in
diversified segments such as real estate, industrial,
institutional, and hospitality. It has ongoing projects in Pune
(Maharashtra), Chennai, Bengaluru, and Indore (Madhya Pradesh).
The company is promoted by Mr. Uttam Chordia and his son, Mr.
Vinay Chordia.


APRICOT TILES: CARE Assigns B+ Rating to INR10.39cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Apricot Tiles India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.39      CARE B+ Assigned
   Short-term Bank Facilities     1.60      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Apricot Tiles India
Private Limited (ATIPL) are primarily constrained on account of
ATIPL's nascent stage of operations, its presence in the
fragmented ceramic industry along with fortunes dependent upon the
real estate market and susceptibility of margins to fluctuation in
raw material and fuel prices.

The ratings, however, take comfort from the long experience of the
promoters in the ceramic industry and its presence in the ceramic
cluster with easy access to raw material, power and fuel.

The ability of ATIPL to achieve envisaged turnover, profitability,
capital structure & liquidity position are the key rating
sensitivities.

Morbi- based (Gujarat) ATIPL is a private limited company,
incorporated in 2014 by Mr Kantilal Marvaniya, Mr Sureshbhai
Sinojia, Mr Mahesh Marvaniya and other associate promoters. ATIPL
is engaged in manufacturing of digital wall tiles that finds
application in both commercial as well as residential buildings.
ATIPL has commenced operations from June 2015. It operates from
its sole manufacturing facility located at Morbi (Gujarat) which
has an installed capacity of 30000 MTPA for manufacturing of
digital wall tiles as on December 31, 2015.

During June 1, 2015 to September 30, 2015, ATIPL has registered
total operating income of INR10.05 crore.


BANSAL AGRO: CRISIL Reaffirms 'B' Rating on INR50MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bansal Agro
Products Private Limited (BAPPL) continues to reflect the weak
financial risk profile because of a high total outside liabilities
to tangible networth ratio and subpar debt protection metrics, and
a modest scale of operations in a highly fragmented industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          5       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the basmati rice industry.
Outlook: Stable

CRISIL believes BAPPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the financial risk profile
improves driven by substantial net cash accrual and moderation in
working capital requirement. Conversely, the outlook may be
revised to 'Negative' in case of considerable weakening of
liquidity or capital structure, or pressure on profitability.

Incorporated in 1997 and based in Punjab, BAPPL mills basmati
rice. The company's operations are managed by Mr. Vikram Jain and
his family members. It has a unit at Sangrur (Punjab).


BLUEZONE VITRIFIED: CRISIL Reaffirms B Rating on INR317MM Loan
--------------------------------------------------------------
CRISIL's ratings continue to reflect Bluezone Vitrified Private
Limited (BVPL) exposure to project-related risks and modest scale
of operations in highly competitive ceramic tiles industry. These
rating weaknesses are partially offset by the extensive experience
of promoters in the ceramic industry and strategic location of its
plant at Morbi (Gujarat) which ensures availability of raw
materials and labour.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         45       CRISIL A4 (Reaffirmed)
   Cash Credit            80       CRISIL B/Stable (Reaffirmed)
   Term Loan             317       CRISIL B/Stable (Reaffirmed)


CRISIL had assigned its 'CRISIL B/Stable/CRISIL A4' ratings on the
bank facilities of BVPL, on November 30, 2015.
Outlook: Stable

CRISIL believes BVPL will maintain the business risk profile
backed by the promoters' extensive industry experience. However,
the financial risk profile is expected to remain average over the
medium term owing to high gearing and weak debt protection metrics
given the likelihood of low accrual during the project
stabilisation phase. The outlook may be revised to 'Positive' if
operations stabilise earlier than expected, leading to improvement
in the financial risk profile. Conversely, the outlook may be
revised to 'Negative', if operating margin is lower than expected
or the company undertakes more-than-anticipated, debt-funded
capital expenditure or working capital management deteriorates,
leading to deterioration in the financial risk profile.

BVPL, based in Morbi, was incorporated in May 2014. The company is
setting up a vitrified tile manufacturing facility, with a total
production capacity of 76,500 tonnes per annum.


BULANDSHAHR ROLLER: CARE Reaffirms B+ Rating on INR8cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bulandshahr Roller Flourmills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the long-term bank facilities of
Bulandshahr Roller Flour Mills Private Limited (BRFM) continues to
remain constrained by small scale of operations, low profitability
margins and weak coverage indicators. The rating is further
constrained by vulnerability of profitability to fluctuations in
raw material prices and its presence in a highly fragmented
industry.

The rating, however, continues to derive comfort from the
experience of the promoters in wheat processing business and
moderate liquidity position.

Going forward, the ability of BRFM to increase its scale of
operations, profitability margins and capital structure, and
prudently manage its working capital requirements shall be the key
rating sensitivities.

BRFM was incorporated on June 23, 1997, as a private limited
company by Mr Dinesh Goel, Mr Mohit Goel and Ms Usha Goel. BRFM is
engaged in the processing and trading of wheat, maida, suji, wheat
flour and cattle feed. The company commenced commercial operations
in June 1999. BRFM has its manufacturing facility located at
Bulandshahr with an installed capacity of 40,150 MTPA of wheat and
22,550 MTPA of cattle feed as on December 31, 2014. BRFM sells its
products under the brand name of 'Brij' mostly in and around
Delhi.

Major portion of the total operating income during FY15 (refers to
the period April 1 to March 31) came from the sale of cattle feed.
Sales generated from cattle feed constituted around 72% of the
total sales during FY15.

BRFM reported a PAT of INR0.13 crore and a PBILDT of INR0.81 crore
on a total income of INR23.89 crore in FY15 as against a PAT of
INR0.11 crore and PBILDT of INR0.91 on a total income of INR28.41
crore in FY14. In 9MFY16 BRFM achieved a total operating income of
INR23 crore (as per unaudited results).


COSTA INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Costa International
(CI) continue to reflect the firm's leveraged capital structure
and large working capital requirement. These rating weaknesses are
partially offset by its promoters' extensive experience in the
ceramic tiles industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       40       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     45       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial increase in scale
of operations and profitability, resulting in large cash accrual,
or considerable capital infusion by promoters resulting in
significant improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if liquidity weakens because
of decline in profitability, or stretch in working capital cycle,
or large debt-funded capital expenditure.

Update
In 2014-15 (refers to financial year, April 1 to March 31) sales
increased by around 28 percent year-on-year to around INR323
million due to moderate order flow during the year. Over the
medium term, sales are expected to be grow at a modest pace of 5
to 10 per cent. In 2014-15, operating profitability was low at
around 2.24 per cent and is expected to be in range of 2.50 to
3.50 percent over the medium term because of trading nature of its
operation. In 2014-15, working capital requirement were moderately
high with gross current assets (GCAs) of 78 days as on March 31,
2015, because of high debtors of 76 days. Over the medium term,
GCAs are expected at 75 to 85 days as working capital requirement
will rise with the expected increase in scale of operation. As on
March 31, 2015, the firm's total outside liabilities to tangible
networth (TOLTNW) ratio was high at 4.18 times, due to high
working capital related debt coupled with modest networth. Over
the medium term, the ratio is expected at 3.0 to 3.5 times on
account of high reliance on bank limits to fund incremental
working capital requirement. Debt protection metrics are expected
to remain weak, with interest coverage ratio expected at 1.5 to
2.0 times, due to modest profitability against and large debt.
Liquidity of the firm remains stretched due to large working
capital requirement and limited financial flexibility, but is
supported by absence of term debt obligation and by funding
support from partners.

CI reported a profit after tax (PAT) of INR1.49 million on sales
of INR323 million for 2014-15 (refers to financial year, April 1
to March 31), as against a PAT of INR4.7 million on sales of
INR253 million for 2013-14.

CI, established in 2012, trades in double-charged ceramic tiles.
It is a partnership firm owned and managed by Mr. Ashok Patel, Mr.
Bharat Patel, and Mr. Narsinh Patel, who have industry experience
of more than a decade.


DWARKA GEMS: CARE Reaffirms B-/A4 Rating on INR10.50cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dwarka Gems Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          10.50      CARE B-/CARE A4
   Bank Facilities                          Suspension Revoked
                                            and Reaffirmed

Rating Rationale

The ratings of Dwarka Gems Limited (DGL) continue to remain
constrained on account of continuous decline in turnover of
the company coupled with cash losses incurred from past three
financial years ended FY15 (FY refers to the period from April 1
to March 31), weak debt coverage indicators and stressed liquidity
position. The ratings, further, continue to remain constrained on
account of profitability is exposed to the volatility in gold and
diamond prices and foreign exchange rates and significant
contingent liabilities.

The ratings, however, continue to factor in the vast experience of
promoters in gems & jewellery industry and its moderate capital
structure.

The ability of DGL to enhance its scale of operations and improve
its profitability in the light of price fluctuation risk
associated with the precious metals is the key rating sensitivity.

DGL is the flagship company of Dwarka Group which was promoted by
Mr. Krishna Behari Goyal and Mr Ashok Goyal as a private limited
company in 1992 and was converted into public limited company in
1996. However, later on, Mr Ashok Goyal left the company. DGL has
a track record of more than two decades and is engaged in the
manufacturing, whole selling and retailing of plain gold & diamond
studded jewellery and gold coins. DGL has two retail showrooms
located in Chandigarh and Jaipur. Further, DGL is also involved in
the export of jewellery mainly through its two subsidiaries
companies namely Dwarka Gems Inc (New York) and Dwarka Gems
(Europe) Ltd. (London).

During FY15, DGL has reported a total operating income of INR9.13
crore (FY14: INR15.86 crore) with a net loss of INR 2.56 crore
(net loss in FY14: INR1.69 crore).


FABLE FOOD: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Fable
Food Products Private Limited (FFL; part of the Fable group [FG]).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable
   Term Loan              15       CRISIL B/Stable

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of FFL and Aabad Marketing Pvt Ltd (AML),
together referred to as FG. This is because both the entities are
in the same line of business. Moreover, AML sells products
manufactured by FFL.

FFL is the flagship company of FG, which was incorporated in 2004
and promoted by Mr. Vallabhai Vadodaria and his family members.
FFL processes ghee from cow and buffalo milk. FG also operates AML
which markets FFL's products.


FRIENDLY AUTOMOTIVES: CRISIL Suspends B- Rating on INR40MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Friendly Automotives India Private Limited (FAIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         60        CRISIL A4
   Cash Credit            40        CRISIL B-/Stable
   Long Term Loan         28.9      CRISIL B-/Stable

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

FAIPL, incorporated in 2011, is the sole authorised dealer in
Bengaluru (Karnataka) for Porsche automobiles manufactured by
Volkswagen India Pvt Ltd. The company is promoted and managed by
Mr. Yashodhar G Nayak and his son, Mr. Raghu Chaitanya Nayak.


GAL ALUMINIUM: CRISIL Suspends B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gal Aluminium Extrusion Private Limited (GAEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     30.5     CRISIL B+/Stable
   Term Loan              19.5     CRISIL B+/Stable

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

Incorporated in 1992, GAEPL manufactures aluminium extrusions. The
company is headquartered in Ahmednagar (Maharashtra) and is owned
and managed by Mr. Paresh Paras Lodha and his family.


GALAXY MICA: CRISIL Reaffirms 'B' Rating on INR56.3MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Galaxy Mica Private
Limited (GMPL) continue to reflect its working capital-intensive
operations, aggressive capital structure, and small scale of
operations in the intensely competitive laminates industry. These
rating weaknesses are partially offset by the industry experience
of GMPL's promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           27.5      CRISIL B/Stable (Reaffirmed)
   Foreign Exchange
   Forward                0.5      CRISIL A4 (Reaffirmed)
   Long Term Loan        56.3      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    10.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GMPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of higher-than-expected sales,
leading to substantial cash accrual, or improved working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected accrual due to reduced order flow or
profitability, or weakening of the financial risk profile because
of stretch in the working capital cycle or large, debt-funded
capital expenditure (capex).

Update
GMPL's revenue is expected to be modest, at INR150-180 million in
2015-16 (refers to financial year, April 1 to March 31). Operating
profitability is expected to be adequate, at 17-18 percent, in
line with that of peers. Working capital requirements will remain
large, with gross current assets expected at 170-180 days over the
medium term. Bank limit utilisation averaged 94 percent over the
11 months through November 2015. The financial risk profile is
expected to remain average because of comfortable debt protection
metrics. However, gearing will be high, at 3 times, as on March
31, 2016, on account of debt contracted to fund recent capex.

Incorporated in 2012, GMPL is promoted by Ahmedabad-based Mr.
Ashwin Patel, Mr. Gautam Patel, and Mr. Suresh Patel. The company
manufactures laminates used for furnishing. It started production
only from September 2014.

GMPL reported net loss of INR6.9 million on net sale of INR47.7
million for 2014-15.


GENIX AUTOMATION: Ind-Ra Withdraws 'IND C' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Genix Automation
Private Limited's (GAPL) 'IND C(suspended)' Long-Term Issuer
Rating. A full list of rating actions is at the end of this
commentary. The ratings have been withdrawn due to lack of
adequate information. Ind-Ra will no longer provide ratings or
analytical coverage for GAPL. Ind-Ra suspended GAPL's ratings on
30 September 2013.

GAPL's ratings are as follows:

-- Long Term Issuer Rating: 'IND C(suspended)'; rating withdrawn
-- INR50 million fund-based limits: 'IND C(suspended)'; rating
    withdrawn
-- INR160 million non-fund based limits: 'IND C(suspended)';
    rating withdrawn


H. M. AND COMPANY: CRISIL Cuts Rating on INR70MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
H. M. and Company Medisales Private Limited (HM) to 'CRISIL
B/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that HM's financial
risk profile, particularly liquidity, will remain under pressure
over the medium term because of lower-than-expected cash accrual,
sizeable advances to affiliates, and withdrawal of funds.
Substantial increase in external borrowing has weakened capital
structure and debt protection metrics. Also, cash accrual is
expected to tightly match debt obligation over the medium term;
bank line is almost fully utilised, resulting in limited cushion
during exigency.

The rating reflects HM's modest scale of operations with low
profitability, working capital-intensive operations, and below-
average financial risk profile because of small networth, high
gearing, and weak debt protection metrics. These weaknesses are
partially offset by established position in distribution of
pharmaceutical drugs and vaccines in Pune, Maharashtra, backed by
experienced promoters, established relationship with major drug
manufacturing companies, and adequate infrastructure for handling
drugs and vaccines.
Outlook: Stable

CRISIL believes HM will continue to benefit over the medium term
from its established position in the drug distribution business.
The outlook may be revised to 'Positive' if large cash accrual or
sizeable equity infusion by the promoters significantly improves
financial risk profile, especially liquidity. Conversely, the
outlook may be revised to 'Negative' if low cash accrual, or large
working capital requirement or debt-funded capital expenditure
results in pressure on financial risk profile, particularly
liquidity.

Incorporated in June 2011, HM commenced commercial operations in
November 2011. The company is a wholesale distributor of
pharmaceutical formulations in the form of tablets, syrups, and
injectibles in the Pune Municipal Corporation and Pimpri Chinchwad
Municipal Corporation areas, and in Pune district. HM is a
wholesale distributor for 33 pharmaceutical companies including
Glaxo Pharmaceuticals Ltd, Pfizer Ltd, and Aventis Pharma Ltd. It
distributes over 1500 products to more than 1000 customers
comprising chemists, hospitals, nursing homes, institutes, and
doctors.


HELIOS AND MATHESON: High Court Appoints Official Liquidator
------------------------------------------------------------
Moneylife reports that the Madras High Court on Jan. 21 ordered
liquidation of Helios and Matheson Information Technology Ltd and
announced appointment of an official liquidator. The hard-hitting
order noted that the company had siphoned off funds, appears
unreliable and 'cannot be believed any further'. It has directed
an investigation by the serious frauds office.

Moneylife relates that a tough order of the Madras High Court, on
Jan. 21,, appointed an official liquidator to take over affairs of
H&M and to prevent the company from further siphoning of funds
collected from investors.  The report says the Court also asked
the Ministry of Corporate Affairs (MCA) to direct Serious Fraud
Investigating Office (SFIO) to inquire into the affairs of H&M and
submit its report by March 18, 2016. This means, nearly 10 years
after Moneylife began to highlight problems with H&M's management
and reporting practices, this Court order is the first serious
indictment of the company by any regulator.

" . . . the continuous assurances by the respondent Company before
the Court of law are a clear indication that the Management
continues to indulge in prevarication and is using technical
jargons to defeat the rights of the depositors. Therefore, to meet
the ends of justice, this Court is of the view that it is
inevitable to appoint Official Liquidator to take over the affairs
of the respondent Company so that monies which are truly
realizable are not frittered away by further siphoning of the
funds," the HC, as cited by Moneylife, said in its order.

Moneylife says Chennai-based Helios and Matheson, an unfancied
software company, has been defaulting on repayment to its
investors.  Citing a status report submitted in the Court,
Moneylife discloses that H&M has collected INR55.25 crore from
6,540 depositors from across the country. Out of this, 1046
depositors filed complaints against the company before the
Economic Offences Wing (EOW) for default on deposits worth
INR46.04 crore and interest of INR72.81 lakh. There are several
cases filed across India by depositors against H&M, the report
notes.

H&M, however, has been found using the legal procedures to its own
advantages by repeatedly making representations before several
courts as well as even in the Supreme Court, the report states.
"Promises are like crying babies in a theatre, they should be
carried out at once," the HC said. "The Scheme sought to be
proposed, in the instant case, seems to be an eyewash and the
attempt of the respondent Company to conceal, swallow its words
and representations cannot be permitted since it is a deliberate
attempt to hoodwink and bypass the Court orders."

"This Court is also of the opinion that vast amount may have been
stashed away. Keeping in view the seriousness in the allegations
and having regard to the nature of fraud involved and the
investigation, its slow pace so far, and also the non-seriousness
on the part of the respondent Company, this Court is of the
considered opinion that there is a need to entrust this matter to
the Serious Fraud Investigation," it added.

Moneylife adds that despite several proceedings against H&M in
various courts, the company sold its two properties, but failed to
deposit entire proceedings in the Court. As per the status report
submitted by EOW before the HC, the company sold two properties
for INR11 crore and INR15 crore, but deposited only Rs1 crore and
Rs5 crore, respectively in the Court. H&M claimed to have paid
advanced tax of INR2.95 crore, and showed Rs68 lakh as balance
with it, Moneylife discloses.

According to Moneylife, the Madras HC noted that "The said act of
selling the properties shows that the respondent Company has no
respect for the Court orders and it is not only flagrant violation
of the orders of this Court but is also contumacious."

It further said, ". . . the respondent Company has become
commercially insolvent and it is unable to clear its dues to the
petitioners herein and other depositors. Obviously, in the
considered opinion of this Court, the Company has siphoned off the
funds and it appears that the respondent company is unreliable and
it cannot be believed any further."


HI-QUALITY FOODS: CRISIL Assigns B Rating to INR150MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Hi-Quality Foods & Beverages Private Limited
(HQFBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              150      CRISIL B/Stable

The rating reflects the company's limited track record of
operations, susceptibility to volatility in raw material prices,
and exposure to risks related to execution of its ongoing project
and offtake levels after project completion. These rating
weaknesses are partially offset by funding support from the
promoters.
Outlook: Stable

CRISIL believes HQFBPL will continue to benefit over the medium
term from the wide network of customers its promoters have
established through their existing business. The outlook may be
revised to 'Positive' if the project is completed on time and
achieves higher-than-expected capacity utilisation, leading to a
healthy ramp up of operations. Conversely, the outlook may be
revised to 'Negative' if significant time and cost overruns result
in weakened capacity to adhere to the repayment programme
stipulated by lenders.

HQFBPL, based in Delhi, was established and promoted in 2015 by
Mr. Rajendra Kumar Soni. The company will commence operations from
April 2016. It will be manufacturing and supplying food,
beverages, and drinks such as cold drinks, juices, spices, milk,
flavoured milk, natural water, lassi, mineral water, and others
under its own brand, Hi-Quality, to its entire customer base
spread across Delhi/National Capital Region.

The company will have five manufacturing units in Bawana and GT
Karnal Road in Delhi, Una in Himachal Pradesh, and Sonipat in
Haryana.


JAINAM ORNAMENT: CRISIL Assigns B+ Rating to INR49MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jainam Ornament Private Limited (JOPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             49      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      11      CRISIL B+/Stable

The rating reflects JOPL's early stage of operations in intensely
competitive gold jewellery retailing market and below-average
financial risk profile. These rating weaknesses are mitigated by
JOPL's association with its principal - Geetanjali Jewellery
Retail Pvt Ltd (the Geetanjali group) which has a strong brand
presence in India.
Outlook: Stable

CRISIL believes JOPL will continue to benefit from the strong
brand presence of its franchisor 'Gitanjali' in the gold jewellery
business over the medium term. The outlook may be revised to
'Positive' if revenue and profitability are higher than expected,
leading to sizeable cash accrual and resulting in improvement in
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of lower-than-expected growth in revenue and
margins, or stretched working capital cycle or due to a large,
debt-funded capital expenditure.

JOPL, incorporated in July 2013, in Gaya, Bihar, retails gold and
diamond studded jewellery including necklaces, earrings, rings,
bracelets, and pendants through its outlet at Gaya under a
franchise agreement with the jewellery of the Gitanjali group. The
promoters are family members who have experience in garment
retailing. However, this is their first venture in the gold
jewellery segment. The operations are managed by Mr. Manish Jain
and Mr. Amit Jain.


JITEEN ENGINEERING: CRISIL Assigns B+ Rating to INR25MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jiteen Engineering Works (JEW).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              17       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable
   Cash Credit            25       CRISIL B+/Stable
   Proposed Cash Credit
   Limit                   3       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations,
exposure to customer concentration risk and cyclicality in end-
user industries, and the below-average financial risk profile
because of a small networth and weak capital structure. These
rating weaknesses are partially offset by the extensive experience
of proprietor in the automobile component industry and his
established relationships with reputed customers.
Outlook: Stable

CRISIL believes JEW will continue to benefit over the medium term
from the proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of a significant and
sustainable improvement in the scale of operations while
maintaining its healthy profitability, leading to better-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accrual or sizable
working capital requirement or large, unanticipated, debt-funded
capital expenditure, leading to deterioration in the financial
risk profile, especially liquidity.

Established in 1986 at Pune, Maharashtra, JEW is a proprietorship
of Mr. Tukaram Naik. The firm manufactures automobile components
such as axles, gearboxes, and transmission assembly components
which are primarily used in commercial vehicles and tractors. JEW
has two facilities in Pune, and it manufactures components mainly
for John Deere India Pvt Ltd and Tata Motors Ltd.


JNV VIRA: CRISIL Assigns B- Rating to INR80MM Cash Loan
-------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of JNV Vira Engineering Pvt Ltd (JNV) and has assigned
its 'CRISIL B-/Stable/CRISIL A4' ratings to the facilities. CRISIL
had suspended the ratings on June 5, 2013, as the company had not
provided the necessary information required to take a rating view.
JNV has now shared the requisite information enabling CRISIL to
assign ratings on its bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         70       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit            80       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan              30       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect JNV's large working capital requirement,
leading to weak liquidity, its small scale of operations, and
exposure to risks related to the cyclical nature of the capital
goods sector. These rating weaknesses are partially offset by a
healthy order book, providing revenue visibility over the medium
term.
Outlook: Stable

CRISIL believes JNV will continue to benefit over the medium term
from its healthy order book. The outlook may be revised to
'Positive' in case of a stronger market position, increase in
scale of operations, and significant improvement in the financial
risk profile, particularly liquidity. Conversely, fresh, large,
debt-funded capital expenditure and further deterioration in
liquidity, leading to weakening of the financial risk profile,
could result in a revision in outlook to 'Negative'.

JNV manufactures floating and fixed roofs for oil tanks and
storage tanks, and manufactures and erects structures, for oil
refineries. The company is promoted by Mr. Jaykumar Madhubhai
Patel and Mr. Vinodkumar Amrutlal Shah from Vadodara, Gujarat. It
earns most of its revenue from sales to the oil and gas and steel
industries. It has a 43,000-square-foot manufacturing unit at
Vadodara.

On a provisional basis, profit after tax (PAT) was INR7.2 million
on net sales of INR255 million in 2014-15 (refers to financial
year, April 1 to March 31), as against a PAT of INR8.2 million on
net sales of INR248.7 million in 2013-14.


K.G. LAKSHMIPATHI: CARE Reaffirms B+ Rating on INR6cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
K.G. Lakshmipathi And Co.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     2.25      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of K.G. Lakshmipathi and Co.
(KGLC) continue to be constrained by the small scale of operation
with low profit margins, low order book position, susceptibility
of operating margin to volatility in raw material prices and labor
charges. The ratings are further constrained by working capital
intensive nature of operations and partnership nature of
constitution. The ratings, however, factor in the experience of
the partners with long track record of operations and moderate
capital structure.

The ability of the firm to improve its scale of operations and
profitability along with effective working capital management
would be the key rating sensitivities.

Chennai-based KGLC was established in 1951 as a partnership firm
by Mr K. G. Lakshmipathi along with his family members. After his
demise in 2010, the firm was reconstituted. Presently, Mr L.
SoundarRajan (son of Mr Lakshmipathi) and his two sons Mr S.
Vikram andMr S. Karthik are the partners in KGLC.

KGLC is a Class I contractor registered with Central Public Works
Department, Chennai Corporation and Southern Railway.  The firm is
in the business of civil construction for various government
organizations and private companies for works like road and
airport runway construction and maintenance, earth work, building
construction, etc. 90% of the work is for Governments, both State
as well as Central, and balance for private companies such as
laying roads on the site developed by the private builders.

The day-to-day affairs of the firm are looked after by Mr. S.
Vikram, the managing partner, with adequate support from other two
partners.

As per the audited results, the company earned net profit of
INR0.02 crore on total operating income of INR5.79 crore in
FY15 as compared with a net profit of INR0.50 crore on total
operating income of INR11.81 crore in FY14 (refers to the
period April 01 to March 31). During H1FY16 (provisional, refers
to the period April 1 to September 30), the company has
achieved a total operating income of INR4.66 crore.


KASTUM ENGINEERS: CRISIL Assigns B+ Rating to INR20MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kastum Engineers - Aurangabad (KE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         73       CRISIL A4
   Cash Credit            20       CRISIL B+/Stable

The ratings reflect the firm's constrained financial risk profile,
because of an average capital structure and small networth,
working capital-intensive operations, and exposure to risks
related to intense competition and tender-driven nature of the
business. These weaknesses are partially offset by the promoters'
extensive experience in the electrification industry and healthy
order book, which renders medium term revenue visibility.
Outlook: Stable

CRISIL believes KE will benefit over the medium term from the
promoters' extensive industry experience and healthy order book.
The outlook may be revised to 'Positive' if the firm achieves
significant and sustainable growth in revenue backed by timely
execution of orders in hand leading to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates on
account of a stretch in the working capital cycle, lower cash
accrual, or any unanticipated, debt-funded capital expenditure.

KE was established in 2004-05 (refers to financial year, April 1
to March 31) as a proprietorship firm by Mr. Mahindra Kala. The
firm undertakes electrification contracts (foundation, erection,
and stringing of transmission lines) currently for Maharashtra
State Electricity Distribution Company Ltd. The firm, which
undertakes projects only in Maharashtra, has a healthy order book
of around INR2.4 billion to be executed over the next three years.


KINGSWOOD LOGISTICS: CARE Reaffirms B Rating on INR8.50cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kingswood Logistics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.50      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Kingswood Logistic
Private Limited (KLPL) continues to be constrained by dependence
on Kingswood Supplier Private Limited's (KSPL) performance with
100% operational linkage, small scale of operations with thin
profitability, high gearing, and working capital intensive nature
of operations.

The rating, however, derives strength from experience of the
promoters, growth in the operating income in FY15 (refers
to the period April 1 to March 31) and comfortable operating
cycle.

Going forward, the ability of the company to grow its revenues and
improve its profitability while managing its working capital
requirements prudently are the key rating sensitivities.

Incorporated in October 2013 by Mr Farooq Ali Khan and Ms Mubeena,
KLPL is a part of the Kingswood Group and provides transportation
and logistics services to the customers of its sister concern -
Kingswood Suppliers Private Limited (KSPL), which is a trader
supplying wood pulp to leading paper manufacturers such as West
Coast Paper Mills, Grasim Industries Ltd., Seshasayee Paper Boards
Ltd., BILT Graphic Paper Products Ltd., Tamil Nadu News Print
Ltd., ITC Limited, etc.

KLPL does not own any trucks. It hires trucks from lorry owners to
transport wood pulp to customers of KSPL on trip hire basis.
Pricing is based on the tonnage of material transported and the
distance of the destinations covered.

The company reported a net profit of INR0.32 crore on a total
operating income of INR42.89 crore in FY15 as against net profit
of INR0.08 crore on a total operating income of INR11.25 crore
during 5 months of operation in FY14.


KOSHAL POLY: CRISIL Suspends B- Rating on INR118.1MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Koshal
Poly Pack (KPP).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee          3.5         CRISIL A4
   Cash Credit            40           CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility    118.1         CRISIL B-/Stable
   Rupee Term Loan        38.4         CRISIL B-/Stable

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

KPP was established as a partnership firm in 2010 by the Bhimrajka
family. The firm commenced operations in January 2013 and is
engaged in manufacturing of high-density polyethylene and
polypropylene bags and fabrics.


LOGAN CERAMIC: CARE Assigns B+ Rating to INR10.51cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Logan Ceramic.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.51      CARE B+ Assigned
   Short-term Bank Facilities     1.70      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Logan Ceramic
(Logan) are primarily constrained on account of its nascent stage
of tiles manufacturing operations, susceptibility of its profit
margins to volatility in raw material prices coupled with presence
in highly fragmented ceramic industry along with fortunes
dependent upon real estate market.

The ratings, however, derive comfort from the vast experience of
the partners and locational advantage of plant thereby providing
easy access to raw material and labor.

The ability of the firm to increase its scale of operations,
improve profit margins, capital structure and debt coverage
indicators would be the key rating sensitivities.

Established in 2007, Morbi-based (Gujarat) Logan is a partnership
firm established in 2007 and it is engaged in the business of
manufacturing and trading of tiles and ceramic body powder used in
the manufacturing these tiles. Logan is established by Mr
Gopalbhai Rankja, Mr Alpesh Parecha and 10 other partners. Logan
was involved into manufacturing of ceramic body powder used in
manufacturing of tiles since 2007. From April 2015 onwards, Logan
commenced manufacturing of ceramic floor tiles with production
capacity of 40,500 MTPA.

During FY15 (refers to the period April 1 to March 31), Logan
reported PAT of INR0.01 crore on a TOI of INR2.68 crore. During
H1FY16 (Provisional), Logan has achieved a TOI of INR10.05 crore.


LTG INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR1.12BB Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of LTG
Infrastructure Private Limited (LIPL) continues to reflect the
company's exposure to risks related to completion and saleability
of its ongoing project and to risks inherent in the real estate
industry. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      1120      CRISIL B/Stable (Reaffirmed)


CRISIL had earlier, on December 30, 2015, assigned its 'CRISIL
B/Stable' rating to LIPL's bank facility.
Outlook: Stable

CRISIL believes LIPL will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of early completion of projects or
an increase in sales from ongoing projects, leading to
substantially large cash flows. Conversely, the outlook may be
revised to 'Negative' in case of any delay in project execution or
in the receipt of customer advances, or any large, debt-funded
project, adversely impacting the company's financial risk profile.

LIPL, based in Bengaluru, develops real estate. It was originally
set up in 2006 as a proprietary concern and reconstituted as a
private limited company in 2008 before finally being renamed as
LIPL in 2010. Its operations are managed by its chairman, Mr. H P
Lakshmana.


MOHIT ISPAT: CRISIL Assigns B+ Rating to INR150MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Mohit Ispat Limited (MIL; part of the Mohit group)
and has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to MIL's
bank facility. CRISIL had suspended the ratings in May 20, 2013 as
MIL had not provided necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign the ratings to its bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         35       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           150       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit      100       CRISIL A4 (Assigned;
                                    Suspension Revoked)

The ratings reflect the group's constrained financial risk profile
because of subdued debt protection metrics and stretched
liquidity, though supported by promoters' fund infusion. The
ratings also factor in working capital-intensive operations and
exposure to risks related to the current slowdown in demand and
falling prices of steel long products. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the secondary steel sector and group's semi-
integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MIL and West Coast Ingots Pvt Ltd
(WCIPL). This is because the two companies, together referred to
as the Mohit group, are under a common management, in the same
line of business, and have operational and financial linkages;
WCIPL sells its ingots production primarily to MIL.

Also, for arriving at the ratings, CRISIL has treated unsecured
loans of INR175 million as on November 30, 2015, from
promoters/family members as neither debt nor equity as these loans
are expected to remain in the business over the medium term.
Outlook: Stable

CRISIL believes the Mohit group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of better-than-
expected revenue and profitability, leading to improved debt
protection metrics and liquidity. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens, most
likely because of continued pressure on sales and profitability or
sizable working capital requirement.

MIL manufactures thermo-mechanically treated (TMT) bars and mild
steel ingots. The company has two manufacturing units in Goa, with
installed ingot capacity of 19,200 tonnes per annum (tpa) and TMT
bar capacity of 45,000 tpa. WCIPL (also based at Goa) has an
installed ingot capacity of 32,000 tpa. The group sells its TMT
bars under the Hegemon-500 brand in Karnataka, Kerala,
Maharashtra, and Goa.


NICHEM INDUSTRIES: Ind-Ra Assigns IND BB' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nichem Industries
(Nichem) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. A full list of rating actions is at the end of the
commentary.

KEY RATING DRIVERS

The ratings reflect Nichem's moderate scale of operations as well
as credit metrics. During FY15, revenue was INR754m (FY14:
INR595m), EBITDA margins were 4.01% (4.63%), interest coverage was
1.9x (2.1x) and net leverage was 3.4x (4.7x). The ratings also
factor in the susceptibility of the company's profitability to
volatile raw material prices and intense industry competition.
High customer concentration with the top three customers
contributing 65% to the revenue in FY15 and partnership form of
organisation also moderate the ratings.

Liquidity was comfortable with the average maximum working capital
use of 58.86% during the 15 months ended December 2015.

The ratings benefit from the founders' experience of over three
decades in dye manufacturing.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
increase in the revenue and operating profitability leading to an
improvement in the credit metrics.

Negative: A negative rating action could result from a decline in
the operating profitability leading to deterioration in the credit
profile.

COMPANY PROFILE

Established in 1988, Nichem is an Ahmedabad-based manufacturer of
reactive and synthetic organised dyes with an annual installed
capacity of 1,560mtpa.

On 31 March 2015, Nichem's total debt was INR112 million,
comprising unsecured loans of INR25 million, working capital
facilities INR84.35 million and term loans of INR3.11 million.

NI's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR150 million fund-based working capital limit: assigned
    'IND BB'/Stable
-- Proposed INR40 million fund-based working capital limit:
    assigned 'Provisional IND BB'/Stable


PACK PRINT: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Pack Print
Industries India Private Limited (PPIPL) continue to reflect its
working capital intensive nature of operations, exposure to
intense competition in packaging industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit           85        CRISIL B+/Stable (Reaffirmed)
   Import Letter of
   Credit Limit          30        CRISIL A4 (Reaffirmed)
   Term Loan             30        CRISIL B+/Stable (Reaffirmed)

The ratings also factors in below-average financial risk profile
marked by low net worth, high gearing and subdued debt protection
measures. These rating weaknesses are mitigated by the extensive
experience of the promoters in the industry and established
relations with its customers.
Outlook: Stable

CRISIL expects PPIPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the company
reports higher than expected growth in revenues and profitability,
thereby improving its capital structure. Conversely the outlook
may be revised to 'Negative' if PPIPL's financial risk profile
deteriorates, because of sharp decline in profitability or
revenues, a higher-than-expected debt-funded capital expenditure,
or deterioration in its working capital cycle.

Update
PPIPL's revenues grew by 3 per cent to INR882.9 million in 2014-15
(refers to financial year, April 1 to March 31), along with a
marginal recovery in operating margin to 4.9 per cent from 4.6 per
cent in the previous year, resulting in net cash accruals
increasing to INR18.1 million from INR14.4 million during the same
period. The company is expected to achieve moderate growth in
volumes at about 10-15 per cent on the back of healthy demand from
its existing customers. Backed by the increasing volumes, the net
cash accruals are expected to increase to INR25-30 million
annually over the medium term due to stable conversion charges per
unit volume earned by the company.

PPIPL's working capital cycle continues to remain stable marked by
gross current assets (GCAs) at 93 days as on March 31, 2015. The
stable working capital cycle supports the liquidity profile, which
is marked by moderate utilization of bank lines at about 87 per
cent for the twelve months ended October 2015. PPIPL's net cash
accruals are expected to be adequate for its scheduled term loan
obligations of up to INR12 million annually.

PPIPL's financial profile continues to remain modest marked by a
low net worth and aggressive gearing at INR30.6 million and 4.96
times respectively as on March 31, 2015. Although the capital
structure moderated in 2014-15, it continues to be aggressive.
Going forward, the improvement in accretion to reserves will
remain a key rating sensitivity factor over the medium term,
affecting the financial and liquidity profiles.

Pack Print Industries (India) Pvt. Ltd (PPIPL) was incorporated in
2011 by Mumbai based Shah family, Mr. Prakash Shah and his
brothers, Mr. Hasmukhlal Shah. The company took over the business
of Pack print Industries, a partnership firm of the shah family
which was established in 1975. The company is engaged in the
manufacturing of plastic bags, plastic rolls, and plastic sheets.
The manufacturing facility, located in Daman. The company's
clientele is diversified across industries like pharmaceuticals,
textiles and FMCG. The registered office is located at Lower
Parel, Mumbai.


PALM HEIGHTS: CARE Reaffirms 'B' Rating on INR15cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Palm Heights Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Palm Heights Private
Limited (PHP) continues to remain constrained by the project
execution risk associated with its on-going sole residential
project, low booking status and marketability risk. The rating is
further constrained by the competitive nature and inherent risks
associated with the real estate industry, including exposure to
local demand-supply dynamics. The rating, however, does factor in
the experienced promoters and moderate project preparedness level
including acquisition of land, relevant approvals in place and
project funding already tied up.

Going forward, the ability of the company to execute the project
as per the schedules, along with the timely sale of the project
space at envisaged prices and any change in the regulatory
guidelines would be the key rating sensitivities.

PHP was incorporated in 2013 and is currently being managed by Mr
Daljit Dogra Singh, Mr Harjinder Singh Rangi and Mr Ankit Sidana.
The company is currently developing its residential project named
'Palm Heights' at Dehrabassi, Punjab, on 2.94 acres of land. The
company earlier proposed to build 160 flats in six towers.
However, the project layout has been revised to 164 flats in
total, in a total of seven towers. The group entity includes DM
Associates and Dogra Property Consultants which is engaged in the
real estate industry and civil construction industry.

The company is projected to incur a total cost of INR43.75 Cr. on
the project proposed to be funded through term debt of INR15.00
Cr., customer advances of INR15.00 cr. and promoters' contribution
in the form of equity capital amounting to INR13.75 cr. As on Nov
30, 2015, the company has incurred total cost of INR28.38 cr.
funded through term debt of INR9.00 cr., customer advances of
INR9.50 cr. and promoters contribution of INR9.88 cr.


PELICAN INTERNATIONAL: CRISIL Cuts Rating on INR187.5MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pelican International Private Limited (PIPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            2.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit     187.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

The rating downgrade reflects PIPL's frequently overdrawn cash
credit facility, and devolvement in its letter of credit, owing to
weak liquidity.

PIPL has large working capital requirements, and is exposed to
intense competition in the tubes manufacturing industry, and its
profitability margins are susceptible to volatility in prices of
butyl rubber. However, the company benefits from its promoters'
extensive experience in the tubes industry.

PIPL was incorporated in 2005 by Mr. Girish Aggarwal. The company
trades in tyres and mild steel products. The company is based in
Hyderabad, Andhra Pradesh.


PRANSHU FOODS: CRISIL Reaffirms 'B' Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pranshu Foods
Private Limited (PFPL) continues to reflect the weak financial
risk profile because of a small net worth, high gearing, and weak
debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B/Stable (Reaffirmed)
   Warehouse Financing     40      CRISIL B/Stable (Reaffirmed)

The rating also factors in the low operating margin and the modest
scale of operations in the fragmented rice industry. These rating
weaknesses are partially offset by the benefits PFPL derives from
the extensive experience of promoters in the rice industry and
their funding support.
Outlook: Stable

CRISIL believes PFPL will continue to benefit over the medium term
from the promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of an improved financial risk profile, particularly liquidity,
owing to substantial improvement in the scale of operations and
profitability, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, a stretched working capital cycle, or any large, debt-
funded capital expenditure leads to deterioration in the financial
risk profile, particularly liquidity.

Incorporated on October 2013 in Sangrur (Punjab), PFPL is promoted
by Mr. Pradeep Garg, Mr. Ajay Kumar Garg, and Mr. Ravinder Jain.
PFPL is engaged in milling and sorting of basmati rice at its
facility in Sangrur. The facility is on lease from a group entity,
Durga Foods.


PREMIUM FERRO: CRISIL Assigns B+ Rating to INR20MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Premium Ferro Alloys Limited (PFAL).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Standby Line of Credit      5       CRISIL B+/Stable
   Cash Credit                20       CRISIL B+/Stable
   Letter of Credit           40       CRISIL A4

The rating reflects the company's modest scale of operations in
the highly fragmented and competitive steel industry, large
working capital requirement, and susceptibility of profitability
to volatility in input prices and to cyclicality in the steel
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and its
low gearing and healthy debt protection metrics.

Outlook: Stable
CRISIL believes PFAL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial increase in
revenue and profitability while the company maintains its capital
structure. Conversely, the outlook may be revised to 'Negative' if
revenue and profitability decline substantially or there is
larger-than-expected debt-funded capital expenditure, weakening
the financial risk profile.

Incorporated in 1992, PFAL commenced operations from 1995. The
company, promoted by Mr. Shyam Sunder Agarwal, manufactures steel
ingots and thermo-mechanically treated (TMT) bars. Its plants in
Kerala have an installed capacity of 15,000 tonnes per annum each
for ingots and TMT bars.


RAKESH MARBLE: CRISIL Assigns B+ Rating to INR35MM Capital Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rakesh Marble & Granite (RMG). The rating
reflects RMG's modest scale of operations in the intensively
competitive tiles and sanitary ware trading business, and below-
average financial risk profile because of small net worth. These
weaknesses are partially offset by its promoter's extensive
industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B+/Stable
   Proposed Working
   Capital Facility       35       CRISIL B+/Stable

Outlook: Stable

CRISIL believes RMG will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of significant increase in
revenue and profitability, or substantial equity infusion, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if cash accrual declines, or if the firm
undertakes a large debt-funded capital expenditure programme, or
if its working capital management deteriorates, resulting in
weakening of financial risk profile.

RMG, set up in 2005, is a Palakkad (Kerala)-based proprietorship
firm. It trades in ceramic tiles, granite, marble tiles, sanitary
ware, and tap fittings. The proprietor of the firm is Mrs. V
Hemalatha.

RMG's net profit was INR4.32 million on total turnover of
INR233.73 million for 2014-15 (refers to financial year, April 1
to March 31), vis-a-vis net profit of INR3.70 million on total
turnover of INR218.56 million for 2012-13.


RAM NATH: CRISIL Cuts Rating on INR163MM Term Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ram Nath Memorial Trust Society (RNMTS) to 'CRISIL D' from
'CRISIL BB-/Stable'. The downgrade reflects recent instances of
delay by the society in meeting its bank debt obligations, because
of its weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Funded Interest       35.5      CRISIL D (Downgraded from
   Term Loan                       'CRISIL BB-/Stable')

   Term Loan            163        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

RNMTS, established in 1998 and managed by the Singhal family
operates an institute in Meerut, Uttar Pradesh, offering Bachelor
Of Education, Master Of Education, and Bachelor of Physical
Education courses.


RAMAYANI CREATIONS: CARE Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ramayani
Creations.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ramayani Creations
(RMC) is primarily constrained by its post implementation project
risk associated with newly setup debt-funded manufacturing unit.
The rating also factors in its presence in highly fragmented and
competitive textile industry, cyclical textile processing
industry, regulatory risk along with constitution as a partnership
firm.

These rating constraints are partially offset by the support from
the experienced partners in textile industry. Going forward, the
ability of RMC to achieve the envisaged revenues and profitability
shall be the key rating sensitivities.

Bhiwadi-based (Rajasthan) RMC was established as a partnership
firm in 2015 by Mr Jitender Bansal, Mr Sanjeev Jindal, Mr Vipin
Mehta and Mr Sunil Gupta with equal profit loss sharing ratio. RMC
was established with an objective to manufacture readymade
garments for ladies. The firm has set up a manufacturing unit
which commenced its commercial operations from September 2015. The
main raw material of the firm is cotton yarn which is procured
from various spinning mills across the country. The firm sells its
product both domestically and in international market.

The firm has achieved a total operating income of INR3.50 crore
from September 1, 2015, till December 31, 2015.


REX CERAMIC: CRISIL Ups Rating on INR60MM Term Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rex Ceramic Private Limited (RCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         16      CRISIL A4 (Reaffirmed)
   Cash Credit            30      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')
   Proposed Long Term     14      CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')
   Term Loan              60      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the company's
business and financial risk profiles will improve over the medium
term backed by stabilisation of operations at its newly setup
manufacturing unit for wall tiles. Net sales are expected at
INR130-150 million, with operating profitability of 13-15 percent,
in 2015-16 (refers to financial year, April 1 to March 31).
However, efficient working capital management will remain a key
rating sensitive factor.

The ratings reflect RCPL's modest scale of operations in the
highly competitive ceramics industry, and large working capital
requirement. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and the
proximity of its manufacturing facilities to raw material and
labour sources.
Outlook: Stable

CRISIL believes RCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of more-than-expected growth in
revenue and profitability, leading to higher accrual and hence to
an improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
profitability, leading to low cash accrual, or further
deterioration in working capital management, or large debt-funded
capital expenditure, resulting in weakening of the financial risk
profile.

RCPL, established in 2014, is promoted by the Morbi, Gujarat-based
Mr. Priteshbhai Hirani, Mr. Manojbhai Rupala, Mr. Tejasbhai
Rupala, and Mr. Dhirajlal Patel. The company manufactures ceramic
glazed wall tiles at its facilities in Morbi. It commenced
commercial operations from February 2015.


RMJ MOTORS: CARE Reaffirms B+ Rating on INR17cr LT Loan
-------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
RMJ Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.00      CARE B+ Reaffirmed

Rating Rationale

The rating of RMJ Motors Private Limited (RMJ) continue to be
constrained due to the short track record of its operations, thin
profitability attributed to the trading nature of business, weak
capital structure and debt coverage indicators. The rating is
further constrained by its presence in a highly competitive
automobile dealership business and the subdued economic scenario
denting the demand for passenger vehicles.

The rating, however, favourably takes into account the promoters
resourcefulness and the diverse business experience of the
promoters, owing to their association with the Bhopal-based
RMGroup.

The ability of RMJ to improve its sales volume, profitability and
capital structure would remain the key rating sensitivities.

Incorporated in October 2008, RMJ is promoted by the Bhopal-based
RM group. RMJ is engaged in sales and services of passenger cars
of TATA Motors Limited (TML; Rated: CARE AA+). RMJ is an
authorized dealer for passenger vehicles of TML in Bhopal (Madhya
Pradesh) and operates through three showrooms and three workshops
located in the region.

The RM Group has diversified business interest through its various
group entities it undertakes manufacturing of detergent powder and
detergent cakes (on job work basis), edible oil extraction,
merchant export of chemicals and automobile dealership.

RMJ registered a total operating income of INR80.25crore with a
net loss of INR2.91 crore in FY15 (A) as compared to a total
operating income of INR92.07 crore with a net loss of INR0.37
crore in FY14 (A). Furthermore, as per the provisional results,
RMJ earned a total operating income of INR67.46 crore with a PAT
of INR0.09 crore in 9MFY16.


RMP IMPEX: CRISIL Assigns B+ Rating to INR51.6MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RMP Impex (RMP).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                18.3      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       51.6      CRISIL B+/Stable
   Packing Credit           25        CRISIL A4
   Foreign Bill
   Discounting               5        CRISIL B+/Stable
   Letter Of Guarantee       0.1      CRISIL A4

The ratings reflect RMP's small scale of operations in the
fragmented ready-made garments segment, and exposure to
significant customer concentration risk. These weaknesses are
partially offset by promoter's extensive industry experience.
Outlook: Stable

CRISIL believes RMP will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly scales up
operations, while sustaining profitability, leading to increase in
cash accrual. Conversely, the outlook may be revised to 'Negative'
if financial risk profile, particularly liquidity, weakens because
of more-than-expected stretch in working capital requirement or
debt-funded capital expenditure, or less-than-expected cash
accrual.

RMP, established as a proprietor firm in 2006 by Mr. R Murugasamy
and based in Tamil Nadu, manufactures hosiery garments for men,
women, and children.


SAI AMRUT: CRISIL Assigns 'D' Rating to INR56.2MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Sai Amrut Murali Enterprises Pvt Ltd (SMEL). The
rating reflects delays in servicing of its long-term debt
obligations due to delays in commencement of operations of its
hotel.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       56.2      CRISIL D

SMEL has modest scale of operations and weak financial risk
profile because of small net worth, high gearing and subdued debt
protection metrics. However, it benefits from its promoters'
extensive experience in the hospitality industry.

SMEL, incorporated in 2008, manages a three-star hotel, The Temple
View, in Shirdi, Maharashtra, as well as a restaurant and pay-and-
park business in Shirdi. The company is managed by the Gondakar
family who have been in the hospitality industry for 30 years.


SAI BALAJI: CRISIL Suspends 'D' Rating on INR198MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sai Balaji Sponge Iron India Private Limited (SBSIIPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL D
   Letter of Credit       50         CRISIL D
   Long Term Loan        198         CRISIL D

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

Incorporated in 2008 and promoted by Mr. T Sreemannarayana,
SBSIIPL operates a sponge iron manufacturing unit in Ananthapur
district (Andhra Pradesh).


SHREE RAM: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shree Ram Fibres India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shree Ram Fibres
India Pvt. Ltd. (SRFPL) continues to remain constrained by thin
profit margins, moderately leveraged capital structure and weak
debt coverage indicators. The rating further continues to remain
constrained on account of seasonality associated with the
procurement of raw material, susceptibility of profitability to
cotton price fluctuation and changes in the government policy
coupled with its presence in highly fragmented industry with
limited value addition and working capital intensive nature of
operations.

The rating, however, continues to derive comfort from the vast
experience of the promoters of SRFPL in the cotton industry. The
rating also takes into consideration improvement in profit margins
as well as capital structure and debt coverage indicators during
FY15 (refers to the period April 1 to March 31).

SRFPL's ability to improve its scale of operations coupled with
improvement in overall financial risk profile marked by improving
profit margins, capital structure and debt coverage indicators
along with better working capital management remains the key
rating sensitivities.

Dhar-based (Madhya Pradesh) SRFPL is promoted by Mr Mohanlal
Khandelwal in 2007. SRFPL is engaged in the manufacturing of
cotton bales by ginning and pressing of raw cotton. Apart from
ginning & pressing, SRFPL is also involved in trading of ginned
cotton, cotton seeds, soyabeans and other agro commodities. SRFPL
has established a fully automated pressing unit having 28 doubled
roll ginning machines at Gandhwani, Dhar, with an installed
capacity of 12,000 MTPA as on March 31, 2015.

During FY15, SRFPL reported TOI of INR54.84 crore and PAT of
INR0.44 crore as against TOI of INR54.83 crore and PAT of INR0.31
crore during FY14. During 9MFY16 (Provisional), SRFPL has achieved
TOI of INR44.81 crore.


SHREE SONIGARA: CRISIL Suspends D Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Sonigara Jewellers (SSJ).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL D
   Proposed Long Term
   Bank Loan Facility     29.3     CRISIL D
   Term Loan              10.7     CRISIL D

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

SSJ is a proprietorship concern of Mr. Rahul Sonigara started in
1998. SSJ is engaged in jewellery manufacturing and retailing
through its showroom in Pune.


SHREE TIRUPATI: CRISIL Suspends B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Tirupati Ginning and Pressing Factory (STGPF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable
   Term Loan              14       CRISIL B+/Stable

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

STGPF was set as a partnership firm in 2003 by Mr. Ramnivas Tiwari
along with his sons Mr. Vijay R. Tiwari and Mr. Ajay R. Tiwari
along with their family member Mr. Omprakash M. Tiwari. The firm
is engaged in ginning and pressing of raw cotton (kapas) to make
cotton bales, and also has a seed crushing unit where cotton oil
is extracted from cotton seeds. It also undertakes sell of cotton
seed and cotton seed cake and trading of raw cotton. Day to day
operations of the firm is managed by Mr. Ajay Tiwari and Mr.
Omprakash Tiwari.


SHREE VIJAYLAXMI: CRISIL Assigns B+ Rating to INR90MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Shree Vijaylaxmi International (SVI).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit      90       CRISIL B+/Stable

The rating reflect SVI's modest scale of operations in the highly
fragmented guar gum industry, the susceptibility of its
profitability margins to volatility in guar gum prices, and its
small net-worth limiting its financial flexibility. These rating
weaknesses are partially offset by the extensive experience of
SVI's promoters in the guar gum industry.
Outlook: Stable

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

SVI was set up in 2002 as a partnership firm by Mr Niket Kumar
Makwana and Mr. Daya Ram Harji. The firm manufactures and sells
guar gum powder, guar korma, and guar churi. The firm is based in
Jodhpur, Rajasthan.


SHRI KRISHNA: CARE Reaffirms B+ Rating on INR10.50cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shri Krishna Motor Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.50      CARE B+ Rating
                                            Suspension Revoked
                                            and Reaffirmed

Rating Rationale

The rating of Shri Krishna Motor Company (SKMC) continues to
remain constrained on account of decline in Total Operating Income
(TOI) of the firm coupled with weak financial risk profile marked
by thin profitability, weak solvency position and moderate
liquidity position. The rating, further, continue to remain
constrained by stiff competition among automobile dealers, limited
bargaining power with principal automobile manufacturer and its
constitution as a partnership concern. Furthermore, the rating is
constrained on account of debt funded project undertaken by the
company for construction of corporate office.

The rating, however, continues to derive strength from the vast
experience of the partners in the automobile dealership business
with continuous infusion of funds and authorised dealership of
commercial vehicles of VE Commercial Vehicles Limited (VECV).

SKMC's ability to increase its scale of operations with
improvement in profitability and capital structure are the key
rating sensitivities.

Alwar (Rajasthan) based SKMC was formed in the year 1994 as a
partnership concern by Mr. Pramod Agarwal, Mr. Prashant Agarwal
and Mr. Amith Agarwal having equal profit sharing ratio. SKMC is
an authorized dealer for sale of commercial vehicles of VECV.
Currently, SKMC has four showrooms; one located at Alwar, one at
Bhiwadi and two in Mumbai for Heavy Commercial Vehicle (HCV),
Light Commercial Vehicles (LCV) and buses of VECV. All the
showrooms of the firm offer 3-S facilities (Sales, Service, Spare-
parts). Further, the firm also provides servicing and sales of
spare parts of commercial vehicles and buses at Bhiwadi,
Kishangarh, Dausa, Bharatpur and Sawai Madhopur.

During FY15, SKMC has reported a total operating income of
INR87.07 crore (FY14: INR97.75 crore) with a net profit of INR0.03
crore (in FY14: INR0.29 crore).


SKY ALLOYS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sky Alloys &
Power Private Limited (SAPPL) a Long-Term Issuer Rating 'IND D'. A
full list of rating actions is at the end of the commentary.

KEY RATING DRIVERS

The ratings reflect SAPPL's delays in debt servicing for the 12
months ended November 2015 due to tight liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

Incorporated in 2009 SAPPL manufactures sponge iron, ingots, ferro
alloys and generates power. The company has its plant in Temtema
village, Raigarh (C.G.) with an installed capacity of 60,000TPA of
sponge iron, 16MW of power generation plant, 3*10 MT induction
furnace and 1*9 MVA of ferro alloys plant.

SAPPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND D'
-- INR1,161 million term loan: assigned Long-term 'IND D'
-- INR500 million fund-based limit: assigned Long-term 'IND D'
-- INR100 million non-fund based working capital limit: assigned
    Short-term 'IND D'


SLS EXPORTS: CRISIL Assigns B+ Rating to INR90MM Packing Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of SLS Exports Private Limited (SEPL) and assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL had
suspended the ratings on December 15, 2015, as SEPL had not
provided necessary information required to maintain a valid
rating. SEPL has now shared the requisite information, enabling
CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      150       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Packing Credit         90       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect SEPL's modest scale of operations in the
intensely competitive seafood industry, and below-average
financial risk profile because of weak debt protection metrics.
These weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes SEPL will continue to benefit over the medium term
from its promoter's experience in the seafood industry. The
outlook may be revised to 'Positive' if the company significantly
scales up operations, while improving operating profitability,
resulting in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if accrual declines or if
working capital management weakens, leading to deterioration in
financial risk profile, particularly liquidity.

SEPL, incorporated in 1992, processes and exports seafood such as
squid, cuttlefish, octopus, and shrimp. Its operations are managed
by managing director Mr. V Harikrishnan.

SEPL's profit after tax (PAT) was INR2.31 million on revenue of
INR943.67 million for 2014-15 (refers to financial year, April 1
to March 31), against PAT of INR7.30 million on revenue of
INR888.82 million for 2013-14.


SOMA ISOLUX: CARE Assigns B+ Rating to INR1,216.96cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Soma
Isolux Kishangarh-Beawar Tollway Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities   1,216.96     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Soma Isolux
Kishangarh-Beawar Tollway P Ltd (SIKTL) is constrained by the weak
liquidity position of the company, revenue risks inherent in toll-
based projects and Operation and Maintenance (O&M) risk in the
absence of any provision for MMRA appropriation.

The rating, however, draws comfort from operational project road
with improving average toll collection, the long track record of
the promoters in executing and operating road projects and the
proposed creation of Debt Service Reserve Account (DSRA).

Going forward, the ability of SKITL to achieve sustainable growth
in toll collection and executing timely O&M expenditure to
maintain the project highway shall remain the key rating
sensitivities.

SIKTL is a special purpose vehicle (SPV) joint venture promoted by
Isolux Corsan Concessiones S.A (ICC - 100% subsidiary of Isolux
Infrastructure part of Spanish Isolux Corsan Group - GIC) and Soma
Enterprise Ltd (SEL). The SPV was formed to undertake the
development and operation of a road project awarded by National
Highway Authority of India (NHAI - The Authority). The project was
awarded to SIKTL based on its highest bid towards revenue sharing
of 2% (after 151 days from COD) with a 1% increase in this revenue
share every year to the authority.

SKITL received provisional completion certificate (PCC) and the
project highway's commercial operations commenced from April 28,
2015. The revised cost estimated for the project was INR1,638.56
crore funded through debt of INR1,216.96 crore and equity of
INR421.60 crore.

SKITL reported total toll collection of INR86.11 crore since
commencement of operations (April 2015 to November 2015).


SUMMIT CORPORATION: CARE Reaffirms D Rating on INR11.17cr Loan
--------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Summit Corporation
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.17      CARE D Reaffirmed
   Short term Bank Facilities     1.50      CARE D Reaffirmed

Rating Rationale

The reaffirmation in the ratings assigned to the bank facilities
of Summit Corporation Private Limited (SCPL) factors in the
ongoing delays in debt servicing with respect to principal
repayment and interest payments on the term loan account with
devolvement in the Letter of Credit (LC) in January 2016.

Pune-based SCPL was incorporated in the year 2012. Formerly known
as Bharat J Com India Private Limited, which was incorporated in
the year 2006, the name was changed to 'Summit Corporation Private
Limited' in January 2012. SCPL is engaged in the manufacturing of
fabricated sheet metal items for engineering and automobile
companies. The company also undertakes projects on turnkey basis
for supply, installation and commissioning of fabricated
structures, pressure vessels, storage tanks and others. Raw
material required for fabrication includes sheet metal and
structured steel, which is procured from domestic steel
manufacturers and traders like Bansal Steel Traders, Lohan Ispat
India Limited, Jindal Stainless Steelway Limited and other.

SCPL is a part of the Sumeet group, and associate companies are
Sumeet Facilities Pvt. Ltd. Unique Delta Force Security Private
Limited, Delta Works Wear, Eagle Industrial Services Pvt. Ltd.,
Unique Delta Force Esecurity Pvt. Ltd. and others.


TECUMSEH PRODUCTS: Ind-Ra Withdraws 'IND B' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tecumseh
Products India Private Limited's (TPIPL) 'IND B (suspended)' Long-
Term Issuer Rating. A full list of rating actions is at the end of
the commentary. The ratings have been withdrawn due to lack of
adequate information. Ind-Ra will no longer provide ratings or
analytical coverage for TPIPL.

Ind-Ra suspended TPIPL's ratings on 29 January 2015.

Tecumseh's ratings:
-- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn
-- INR780 million fund-based working capital: 'IND
    B(suspended)'/'IND A4suspended)'; ratings withdrawn
-- INR532.5 million non-fund-based working capital:   IND
    A4(suspended)'; ratings withdrawn


TEXOOL LIMITED: CRISIL Ups Rating on INR10MM Loan to 'B'
--------------------------------------------------------
CRISIL has upgraded its long term ratings on the bank facilities
of Texool Limited (Texool) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable' while reaffirming the short term ratings at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          2       CRISIL A4 (Reaffirmed)

   Bill Discounting        5       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Foreign Bill           10       CRISIL B/Stable (Upgraded from
   Purchase                        'CRISIL B-/Stable')

   Foreign Currency        8       CRISIL B/Stable (Upgraded from
   Term Loan                       'CRISIL B-/Stable')

   Inland/Import
   Letter of Credit       10       CRISIL A4 (Reaffirmed)

   Packing Credit         60       CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in Texool's liquidity
profile on the back of an increase in operating profitability.
Texool's operating margin improved to 6.8 per cent in 2014-15 from
2.5 per cent in the previous year on the back of an increase in
sale of higher value added products. Backed by the higher margin,
Texool's net cash accruals increased to INR11.1 million in 2014-15
from INR4.1 million in the previous year. Although the operating
margin is expected to moderate over the medium term due to reduced
demand, Texool is expected to generate net cash accruals of INR12-
13 million annually which is expected to be adequate for its
scheduled term debt repayments of INR3.6 million. Texool's bank
lines remain moderately utilised reflected in the average
utilisation of 90 per cent in the twelve months ended November
2015. Texool's revenue and operating margin over the medium term
will continue to remain key rating sensitivity factors affecting
the accretion to reserves and thus the liquidity and financial
profiles over the medium term.

CRISIL's ratings on the bank facilities of Texool Ltd (Texool)
continue to reflect the company's small scale and highly working-
capital-intensive nature of operations, and its weak financial
risk profile, reflected in low net worth and aggressive gearing.
The company however continues to benefit from the promoters' long
track record in the business.
Outlook: Stable

CRISIL believes that Texool's financial risk profile will remain
constrained by its working capital intensive nature of operations.
The outlook may be revised to 'Positive' if Texool's financial
risk profile improves, driven by a sustained increase in revenue
and profitability, leading to higher accretion to reserves and
lower reliance on external funding. Conversely, the outlook may be
revised to 'Negative' in case of stretch in Texool's working
capital cycle, or any large debt-funded capital expenditure
further weakening its liquidity profile and capital structure.

Texool is an export oriented unit (EOU) with a facility in Kandla
SEZ, Gujarat. The company is engaged in manufacturing and sales of
shoddy yarns and rendered unserviceable used clothing. Currently,
operations are managed by Mr. Surinder Sajdeh.


VEER BUNDEL: CRISIL Reaffirms B+ Rating on INR47.5MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veer Bundel Khand Press
(VBP) continue to reflect the small and volatile scale of
operations on account of the tender-based nature of business, and
the weak financial risk profile because of high gearing and subpar
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of promoter in the printing
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           47.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      25        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     2.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VBP will continue to benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the capital structure significantly improves, either
by capital infusion or through cash accrual, along with an
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' if a decline in the revenue and
profitability leads to deterioration in the financial risk
profile, or if the working capital management considerably
weakens.

Started in 1957, VBP, based in Jhansi, Uttar Pradesh, is a
proprietorship concern of Mr. Shailendra Kumar Jain. It prints
text books, work books, question papers, brochures, pamphlets,
magazines, application forms, and bank forms, among other
stationery.



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


MT. GOX: Japanese Bank Disputes Involvement in Fraud
----------------------------------------------------
Braden Campbell at Bankruptcy Law360 reported that Mizuho Bank, a
Japanese bank accused by clients of the defunct bitcoin exchange
Mt. Gox of aiding its scheme to defraud them, hit back against its
accusers in Illinois federal court on Jan. 29, 2016, saying that
not only are they grasping at straws to connect the bank to the
scheme, but also that the case should instead be heard in Japan.

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.  It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


SHARP CORP: To Decide on Investment Within Week, Hon Hai CEO Says
-----------------------------------------------------------------
Reuters reports that Taiwan's Hon Hai Precision Industry Co said
on Jan. 31 that it was confident of its offer for Sharp Corp and
expected the struggling Japanese electronics maker to come to a
decision on the issue within the week.

The comments by Terry Gou, chief executive of the world's largest
contract electronics manufacturer, came after he met with Sharp's
board on Jan. 30 in Japan, Reuters says.

"I am not just bringing capital. I am bringing an entrepreneurial
spirit. I am bring a culture of sharing with employees. Those
board members thought this was a rather fresh (idea)," Gou told
reporters at a company event in Taipei, Reuters relays.

He said Hon Hai wanted the Japanese to be part of the management,
and that it would keep employees, according to the report.

Reuters relates that Hon Hai, which goes by the trade name
Foxconn, would retain the Sharp brand and would not seek to
integrate Sharp into other companies, Gou said, adding that the
Japanese government welcomes Hon Hai to help stimulate its
industry.

"We don't want to destroy this company. We want to keep this
company for another 100 years," Reuters quotes Mr. Gou as saying.
"Working together with us is the right decision."

While his comments on the potential deal were the most detailed to
date from Hon Hai, Mr. Gou declined to talk about specific figures
of Hon Hai's investment proposal due to non-disclosure pacts that
the parties have signed, says Reuters.

Mr. Gou said he expected Sharp's board will make a final decision
before Feb. 5, Reuters notes.

When asked about whether Hon Hai could succeed, Mr. Gou said:
"Yes, I am very confident. We think our terms and conditions are
much much better than our competitors," Reuters relays.

According to Reuters, Hon Hai's rival in the bid for Sharp, a
Japanese state-backed fund, said on Jan. 30 it had yet to decide
on its potential rescue plan for Sharp.

Innovation Network Corp of Japan (INCJ) officials have been
discussing a capital injection of more than JPY300 billion
($1.7 billion) into Sharp and up to JPY350 billion of financial
assistance from the company's two main lenders, sources have told
Reuters.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.


SHARP CORP: Fund Rescue Plan Would Involve Solar Frontier
---------------------------------------------------------
Nikkei Asian Review reports that a public-private fund is mulling
a plan to integrate Sharp's photovoltaic business and a solar
subsidiary of Showa Shell Sekiyu as part of its efforts to rescue
the embattled Japanese electronics maker, sources said.

Nikkei says the fund, the Innovation Network Corp. of Japan, plans
to inject capital into Sharp in a broader attempt to consolidate
the country's electronics sector and help revive the once-mighty
liquid crystal display maker.

According to Nikkei, the innovation network on Jan. 30 presented a
rescue plan that includes a capital injection of
JPY300 billion. Sharp executives held a meeting on the same day at
the company's head office in Osaka to discuss the plan, the report
says.

Sharp is widely expected to accept the proposal, notes Nikkei.

For years, the company's solar and LCD businesses have been
suffering from deteriorating profitability, according to Nikkei.

Nikkei relates that even though Sharp is the solar panel market
leader in Japan, the company's solar business reported an
operating loss of JPY62.6 billion in the year through last March.
Falling solar panel prices, valuation losses on inventories of raw
materials and other factors have cut into Sharp's earnings over
the years.

Meanwhile, Solar Frontier, a Showa Shell Sekiyu group company
based in Tokyo, has been struggling to generate profits by
supplying cells for mega solar farms due to competition from
Chinese and other rivals, Nikkei reports.

Nikkei notes that under the plan, the public-private fund would
lead efforts to restructure Sharp's solar business, such as
streamlining surplus production facilities, then integrate the
unit with Solar Frontier's business.

Sharp will consult its major lenders before making a decision in
February, adds Nikkei.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.



===================
P H I L I P P I N E
===================


DELMONT BANK: PDIC Files Qualified Theft Against Former Officers
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed criminal
charges of qualified theft and fraudulent disposal of assets
against three former officers of the closed Rural Bank of San Jose
Del Monte, Inc. (Delmont Bank). The case was filed before the
Department of Justice on January 6, 2016.

Delmont Bank is a four-unit rural bank placed under receivership
of the PDIC by virtue of Monetary Board Resolution No. 1254 dated
August 1, 2013.

Fraudulent disposal of assets is in violation of Republic Act
3591, as amended, or the PDIC Charter.

As alleged in the complaint, respondents Wilfredo Olaguer (former
President), Lerma P. Torres (former Vice President-Finance), and
Rossana L. Aljon (former Vice President-Marketing) were charged
with qualified theft and fraudulent disposal of assets for the
unlawful taking of six certificates of titles covering real and
other properties acquired (ROPA) of Delmont Bank with an estimate
aggregate value of PHP33.22 million. These properties were
deliberately removed from the books to avoid detection by the bank
regulators.

The complaint further alleged that PDIC came to know of this
scheme in Delmont when one of the bank's depositors reported that
the respondents offered to sell to him "off-book" assets of the
closed bank two days after bank closure. The respondents allegedly
assured the depositor that PDIC, the Liquidator of the closed
bank, will not be able to trace the assets because these have been
removed from the books of the closed bank and the deeds of sale to
be entered into will be ante-dated to protect the buyers in case
of re-sale.

The PDIC continues its pursuit of justice against erring bank
owners, officers and unscrupulous parties who take advantage of
the deposit insurance system for their personal gain. The
Corporation's vigorous legal actions are critical in deterring
other parties from taking advantage of the deposit insurance
system, and protecting the interests of the depositors and the
Deposit Insurance Fund, PDIC's funding source for payment of
deposit insurance.


LAPU-LAPU RURAL: Placed Under PDIC Receivership
-----------------------------------------------
The Monetary Board (MB) placed Lapu-Lapu Rural Bank, Inc. under
the receivership of the Philippine Deposit Insurance Corporation
(PDIC) by virtue of MB Resolution No. 121 dated January 28, 2016.
As Receiver, PDIC took over the bank on January 29, 2016.

Lapu-Lapu Rural Bank is a single unit rural bank located at Sta.
Catalina St., Poblacion II, Carcar City, Cebu. Based on the Bank
Information Sheet filed by the bank with the PDIC as of
December 31, 2015, Lapu-Lapu Rural Bank is owned by Matias B.
Aznar III (42.67%), Pilar S. Marfori (5.96%), Herminia S. Rosales
(5.93%), Martha S. Lotilla (4.47%), Evelyn S. Miralles (4.47%),
Douglas R. Sanson (4.47%), Gregorio C. Marfori (4.44%), Teodoro C.
Cui, Jr. (4.31%), Eleonor S. Aznar (3.98%), and Dario C. Cui
(3.54%). The Bank's President is Ramon Cayo Sanson Marfori and its
Chairman is Jundeline Marie R. Sumanga.

Latest available records show that as of December 31, 2015, Lapu-
Lapu Rural Bank had 1,909 accounts with total deposit liabilities
of PHP67.6 million. Total insured deposits amounted to PHP60.7
million or 89.8% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts maintained
by business entities, or when they have outstanding obligations
with Lapu-Lapu Rural Bank or acted as co-makers of these
obligations. Depositors have to ensure that they have complete and
updated addresses with the bank. PDIC will start mailing payments
to these depositors at their addresses recorded in the bank no
later than third week of February 2016.

Depositors may update their addresses until February 10, 2016
using the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts by third week of February 2016.

The PDIC also announced that it will conduct the Depositors-
Borrowers' Forum on February 12, 2016. It enjoins all depositors
to attend the Forum to verify with PDIC representatives if they
are eligible for early payment. Those not eligible will be
informed of the requirements and procedures for filing deposit
insurance claims. The time and venue of the Forum will be posted
in the bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.



================
S R I  L A N K A
================


SRILANKAN AIRLINES: Fitch Affirms 'BB-' US$ Denom. Gov't. Bonds
---------------------------------------------------------------
Fitch Ratings has affirmed the rating on SriLankan Airlines
Limited's (SLA) US dollar-denominated government guaranteed bonds
at 'BB-'.

KEY RATING DRIVERS
The national carrier's bonds are rated at the same level as SLA's
parent, the state of Sri Lanka, due to the unconditional and
irrevocable guarantee of principal and interest of the notes
provided by government. The state held 99.5% of SLA through direct
and indirect holdings at end-2015.

SLA is the national airline of Sri Lanka, and has a 72% share of
the total airline seating capacity of the country. The government
has identified tourism as a key economic growth driver in the
medium term; and the company is well positioned to capture the
benefits of this trend as the leading airline in Sri Lanka.
Tourist arrivals to Sri Lanka rose to 1.8 million in 2015 from 1.0
million in 2012.

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- Negative rating action on the Sri Lankan sovereign

Positive: Developments that may, individually or collectively,
lead to positive rating action include:
-- Positive rating action on the Sri Lankan sovereign



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


* BOND PRICING: For the Week Jan. 25 to Jan. 29, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88    11/1/2019   USD        70.18
AUSDRILL FINANCE PTY      6.88    11/1/2019   USD        70.60
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.61
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.88
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.88
BOART LONGYEAR MANAG      7.00     4/1/2021   USD        39.88
BOART LONGYEAR MANAG      7.00     4/1/2021   USD        39.88
CML GROUP LTD             9.00    1/29/2020   AUD         0.99
CRATER GOLD MINING L     10.00    8/18/2017   AUD        15.00
CROWN RESORTS LTD         6.35    4/23/2075   AUD        75.50
EMECO PTY LTD             9.88    3/15/2019   USD        50.00
EMECO PTY LTD             9.88    3/15/2019   USD        49.50
FMG RESOURCES AUGUST      6.88     4/1/2022   USD        52.85
FMG RESOURCES AUGUST      6.88     4/1/2022   USD        54.43
IMF BENTHAM LTD           6.52    6/30/2019   AUD        72.00
KBL MINING LTD           12.00    2/16/2017   AUD         0.28
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         5.13
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD         3.99
NEWCREST FINANCE PTY      5.75   11/15/2041   USD        73.36
ORIGIN ENERGY FINANC      4.00    9/16/2074   EUR        67.00
ORIGIN ENERGY FINANC      3.00     4/5/2023   EUR        73.58
STOKES LTD               10.00    6/30/2017   AUD         0.40
SUNLAND CAPITAL PTY       7.55   11/25/2020   AUD        73.88
TREASURY CORP OF VIC      0.50   11/12/2030   AUD        66.25


CHINA
-----


BANGBU CITY INVESTME      5.78    8/10/2017   CNY        56.27
CHANGCHUN CITY DEVEL      6.08     3/9/2016   CNY        40.01
CHANGCHUN CITY DEVEL      6.08     3/9/2016   CNY        36.85
CHANGSHA HIGH TECHNO      7.30   11/22/2017   CNY        71.10
CHANGSHU CITY OPERAT      8.00    1/16/2019   CNY        64.50
CHANGZHOU INVESTMENT      5.80     7/1/2016   CNY        40.34
CHANGZHOU INVESTMENT      5.80     7/1/2016   CNY        38.30
CHANGZHOU WUJIN CITY      5.42     6/9/2016   CNY        48.55
CHANGZHOU WUJIN CITY      5.42     6/9/2016   CNY        50.06
CHANGZHOU WUJIN CITY      6.22     6/8/2018   CNY        74.00
CHAOYANG CONSTRUCTIO      7.30    5/25/2019   CNY        75.00
CHONGQING HECHUAN UR      6.95     1/6/2018   CNY        72.50
CHONGQING HECHUAN UR      6.95     1/6/2018   CNY        72.14
CHONGQING JIANGJIN H      6.95     1/6/2018   CNY        72.17
CHONGQING JIANGJIN H      6.95     1/6/2018   CNY        73.40
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY        61.90
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY        61.00
CHONGQING YUXING CON      7.29    12/8/2017   CNY        72.50
DANDONG CITY DEVELOP      6.21     9/6/2017   CNY        71.00
DANYANG INVESTMENT G      6.30     6/3/2016   CNY        39.64
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY        71.47
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY        70.50
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD        52.94
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD        55.00
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY        71.45
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY        68.16
GRANDBLUE ENVIRONMEN      6.40     7/7/2016   CNY        70.21
GUILIN ECONOMIC CONS      6.90     5/9/2018   CNY        73.00
GUOAO INVESTMENT DEV      6.89   10/29/2018   CNY        68.75
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY        40.50
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY        41.26
HEBEI RONG TOU HOLDI      6.76     7/8/2021   CNY        73.61
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY        39.90
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY        41.20
HUAIAN CITY URBAN AS      7.15   12/21/2016   CNY        40.37
HUAIAN QINGHE NEW AR      6.79    4/29/2017   CNY        71.27
HUZHOU MUNICIPAL CON      7.02   12/21/2017   CNY        73.48
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY        50.57
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY        49.95
JINING CITY CONSTRUC      8.30   12/31/2018   CNY        64.91
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY        40.04
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY        37.69
LEQING CITY STATE OW      6.50    6/29/2019   CNY        78.00
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY        41.13
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY        44.69
LINAN CITY CONSTRUCT      8.15     3/9/2018   CNY        73.00
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY        51.30
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY        50.56
LONGHAI STATE-OWNED       8.25    12/2/2017   CNY        73.99
LUOHE CITY CONSTRUCT      6.81    3/30/2017   CNY        60.92
LUOHE CITY CONSTRUCT      6.81    3/30/2017   CNY        61.28
NANTONG STATE-OWNED       6.72   11/13/2016   CNY        40.30
NANTONG STATE-OWNED       6.72   11/13/2016   CNY        39.98
NINGBO CITY ZHENHAI       6.48    4/12/2017   CNY        70.10
NINGDE CITY STATE-OW      6.25   10/21/2017   CNY        41.01
NINGHAI COUNTY CITY       8.60   12/31/2017   CNY        74.79
NONGGONGSHANG REAL E      6.29   10/11/2017   CNY        72.24
OCEAN RIG UDW INC         7.25     4/1/2019   USD        42.00
OCEAN RIG UDW INC         7.25     4/1/2019   USD        41.00
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY        40.70
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY        41.01
QINGDAO CITY CONSTRU      6.19    2/16/2017   CNY        71.07
QINGDAO CITY CONSTRU      6.19    2/16/2017   CNY        70.98
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY        38.36
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY        40.40
QUNSHAN HUAQIAO INTE      7.98   12/30/2018   CNY        65.78
SHANDONG SHANSHUI CE      6.20    5/12/2017   CNY        50.40
SHANGHAI REAL ESTATE      6.12    5/17/2017   CNY        70.57
SHAOYANG CITY CONSTR      7.40    9/11/2018   CNY        74.02
SHENGZHOU HOTEL CO L      9.20    2/26/2016   CNY       100.30
SICHUAN DEVELOPMENT       5.40   11/10/2017   CNY        71.06
TAIZHOU CITY CONSTRU      6.90    1/25/2017   CNY        40.37
TIGER FOREST & PAPER      5.38    6/14/2017   CNY        74.72
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY        68.00
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY        71.38
URUMQI STATE-OWNED A      6.48    4/28/2018   CNY        74.00
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY        50.17
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY        50.56
WUXI HUISHAN SOFTWAR      9.00    3/19/2016   CNY        60.35
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY        41.20
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY        41.24
XIANGYANG CITY CONST      8.12    1/12/2019   CNY        66.06
XIANGYANG CITY CONST      8.12    1/12/2019   CNY        64.14
XIANYANG CITY CONSTR      7.90    12/9/2017   CNY        76.30
XINJIANG SHIHEZI DEV      7.50    8/29/2018   CNY        72.34
XINXIANG INVESTMENT       6.80    1/18/2018   CNY        73.20
XUZHOU XINSHENG CONS      7.48     5/8/2018   CNY        79.00
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY        50.37
YANGZHOU ECONOMIC DE      5.80    5/12/2016   CNY        49.58
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY        49.97
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY        38.54
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY        40.16
YANZHOU HUIMIN URBAN      8.50   12/28/2017   CNY        54.58
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY        74.60
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY        72.86
YINCHUAN URBAN CONST      6.28     3/9/2017   CNY        50.41
YIYANG CITY CONSTRUC      8.20   11/19/2016   CNY        41.44
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY        71.00
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY        69.82
ZHANGJIAGANG JINCHEN      6.23     1/6/2018   CNY        61.95
ZHUCHENG ECONOMIC DE      6.40    4/26/2018   CNY        61.72
ZHUCHENG ECONOMIC DE      6.40    4/26/2018   CNY        60.16
ZHUCHENG ECONOMIC DE      7.50    8/25/2018   CNY        40.72
ZIBO CITY PROPERTY C      5.45    4/27/2019   CNY        50.44
ZOUCHENG CITY ASSET       7.02    1/12/2018   CNY        41.94


INDONESIA
---------


BERAU COAL ENERGY TB      7.25    3/13/2017   USD        27.75
BERAU COAL ENERGY TB      7.25    3/13/2017   USD        25.58
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD        59.25
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD        59.73
INDONESIA TREASURY B      6.38    4/15/2042   IDR        72.97
PERUSAHAAN PENERBIT       6.10    2/15/2037   IDR        78.50


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017   USD        13.50
BLUE DART EXPRESS LT      9.30   11/20/2017   INR        10.15
BLUE DART EXPRESS LT      9.50   11/20/2019   INR        10.29
BLUE DART EXPRESS LT      9.40   11/20/2018   INR        10.22
COROMANDEL INTERNATI      9.00    7/23/2016   INR        15.75
GTL INFRASTRUCTURE L      4.03    11/9/2017   USD        29.75
JAIPRAKASH ASSOCIATE      5.75     9/8/2017   USD        69.56
JCT LTD                   2.50     4/8/2011   USD        33.63
JSW STEEL LTD             4.75   11/12/2019   USD        67.25
PRAKASH INDUSTRIES L      5.25    4/30/2015   USD        20.13
PYRAMID SAIMIRA THEA      1.75     7/4/2012   USD         1.00
REI AGRO LTD              5.50   11/13/2014   USD         1.68
REI AGRO LTD              5.50   11/13/2014   USD         1.68
SVOGL OIL GAS & ENER      5.00    8/17/2015   USD        19.88


JAPAN
-----

AVANSTRATE INC            5.55   10/31/2017   JPY        32.38
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         2.03    3/22/2012   JPY         8.25
ELPIDA MEMORY INC         2.29    12/7/2012   JPY         8.25
ELPIDA MEMORY INC         2.10   11/29/2012   JPY         8.25
SHARP CORP/JAPAN          1.60    9/13/2019   JPY        78.75
SHARP CORP/JAPAN          2.07    3/19/2019   JPY        85.61
TAKATA CORP               0.58    3/26/2021   JPY        71.00


KOREA
-----

2014 KODIT CREATIVE       5.00   12/25/2017   KRW        30.95
2014 KODIT CREATIVE       5.00   12/25/2017   KRW        30.95
DONGBU STEEL CO LTD       5.00     3/9/2018   KRW        95.05
DOOSAN CAPITAL SECUR     20.00    4/22/2019   KRW        40.54
KIBO ABS SPECIALTY C      5.00    1/31/2017   KRW        32.66
KIBO ABS SPECIALTY C      5.00    3/29/2018   KRW        29.91
KIBO ABS SPECIALTY C     10.00    8/22/2017   KRW        27.15
KIBO ABS SPECIALTY C     10.00     9/4/2016   KRW        39.84
KIBO ABS SPECIALTY C      5.00   12/25/2017   KRW        29.65
KIBO ABS SPECIALTY C     10.00    2/19/2017   KRW        37.53
LSMTRON DONGBANGSEON      4.53   11/22/2017   KRW        30.53
PULMUONE CO LTD           2.50     8/6/2045   KRW        67.31
SINBO SECURITIZATION      5.00    1/15/2018   KRW        30.76
SINBO SECURITIZATION      5.00    1/15/2018   KRW        30.76
SINBO SECURITIZATION      5.00    2/11/2018   KRW        30.31
SINBO SECURITIZATION      5.00    2/11/2018   KRW        30.31
SINBO SECURITIZATION      5.00    3/12/2018   KRW        30.07
SINBO SECURITIZATION      5.00    3/12/2018   KRW        30.07
SINBO SECURITIZATION      5.00    1/30/2019   KRW        27.16
SINBO SECURITIZATION      5.00    1/30/2019   KRW        27.16
SINBO SECURITIZATION      5.00   10/30/2019   KRW        19.15
SINBO SECURITIZATION      5.00    7/24/2017   KRW        31.23
SINBO SECURITIZATION      5.00    7/24/2018   KRW        29.16
SINBO SECURITIZATION      5.00    7/24/2018   KRW        29.16
SINBO SECURITIZATION      5.00    5/27/2016   KRW        42.07
SINBO SECURITIZATION      5.00    5/27/2016   KRW        42.07
SINBO SECURITIZATION      5.00     6/7/2017   KRW        23.24
SINBO SECURITIZATION      5.00     6/7/2017   KRW        23.24
SINBO SECURITIZATION      5.00     7/8/2017   KRW        32.43
SINBO SECURITIZATION      5.00     7/8/2017   KRW        32.43
SINBO SECURITIZATION      5.00    6/29/2016   KRW        38.47
SINBO SECURITIZATION      5.00    7/26/2016   KRW        36.16
SINBO SECURITIZATION      5.00    8/29/2018   KRW        28.66
SINBO SECURITIZATION      5.00    8/29/2018   KRW        28.66
SINBO SECURITIZATION      5.00    8/31/2016   KRW        35.40
SINBO SECURITIZATION      5.00    6/27/2018   KRW        29.37
SINBO SECURITIZATION      5.00    6/27/2018   KRW        29.37
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    3/18/2019   KRW        26.77
SINBO SECURITIZATION      5.00    3/18/2019   KRW        26.77
SINBO SECURITIZATION      5.00    3/14/2016   KRW        57.44
SINBO SECURITIZATION      5.00    8/16/2016   KRW        34.31
SINBO SECURITIZATION      5.00    8/16/2017   KRW        32.02
SINBO SECURITIZATION      5.00    8/16/2017   KRW        32.02
SINBO SECURITIZATION      5.00   12/25/2016   KRW        33.12
SINBO SECURITIZATION      5.00    3/13/2017   KRW        33.30
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/5/2016   KRW        35.02
SINBO SECURITIZATION      5.00    10/5/2016   KRW        33.37
SINBO SECURITIZATION      5.00   12/13/2016   KRW        34.23
SINBO SECURITIZATION      5.00   12/23/2018   KRW        27.49
SINBO SECURITIZATION      5.00   12/23/2018   KRW        27.49
SINBO SECURITIZATION      5.00   12/23/2017   KRW        29.67
SINBO SECURITIZATION      5.00    3/13/2017   KRW        33.30
SINBO SECURITIZATION      5.00    1/29/2017   KRW        33.72
SINBO SECURITIZATION      5.00    2/21/2017   KRW        33.57
SINBO SECURITIZATION      5.00    2/21/2017   KRW        33.57
SINBO SECURITIZATION      5.00    2/27/2019   KRW        26.99
SINBO SECURITIZATION      5.00    2/27/2019   KRW        26.99
SINBO SECURITIZATION      5.00    8/31/2016   KRW        35.40
SINBO SECURITIZATION      5.00    7/26/2016   KRW        36.16
TONGYANG CEMENT & EN      7.30    6/26/2015   KRW        70.00
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      7.50    9/10/2014   KRW        70.00
TONGYANG CEMENT & EN      7.50    7/20/2014   KRW        70.00
U-BEST SECURITIZATIO      5.50   11/16/2017   KRW        31.74
WISE MOBILE SECURITI     20.00   12/14/2018   KRW        71.81


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026   LKR        66.63


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35    2/20/2024   MYR        71.02
BANDAR MALAYSIA SDN       0.35   12/29/2023   MYR        71.52
BIMB HOLDINGS BHD         1.50   12/12/2023   MYR        71.94
BRIGHT FOCUS BHD          2.50    1/22/2031   MYR        68.23
BRIGHT FOCUS BHD          2.50    1/24/2030   MYR        71.10
LAND & GENERAL BHD        1.00    9/24/2018   MYR         0.22
SENAI-DESARU EXPRESS      0.50   12/31/2038   MYR        67.36
SENAI-DESARU EXPRESS      0.50   12/31/2042   MYR        73.21
SENAI-DESARU EXPRESS      0.50   12/30/2039   MYR        69.16
SENAI-DESARU EXPRESS      0.50   12/31/2040   MYR        70.50
SENAI-DESARU EXPRESS      0.50   12/30/2044   MYR        75.37
SENAI-DESARU EXPRESS      0.50   12/31/2041   MYR        71.82
SENAI-DESARU EXPRESS      0.50   12/31/2043   MYR        74.40
SENAI-DESARU EXPRESS      1.35    6/30/2028   MYR        59.50
SENAI-DESARU EXPRESS      1.35   12/29/2028   MYR        58.33
SENAI-DESARU EXPRESS      1.10    6/30/2022   MYR        73.88
SENAI-DESARU EXPRESS      1.15   12/30/2022   MYR        72.52
SENAI-DESARU EXPRESS      1.15    6/30/2023   MYR        70.95
SENAI-DESARU EXPRESS      1.15   12/29/2023   MYR        69.43
SENAI-DESARU EXPRESS      1.15    6/28/2024   MYR        67.95
SENAI-DESARU EXPRESS      1.15   12/31/2024   MYR        66.49
SENAI-DESARU EXPRESS      1.15    6/30/2025   MYR        65.08
SENAI-DESARU EXPRESS      1.35   12/31/2025   MYR        65.18
SENAI-DESARU EXPRESS      1.35    6/30/2026   MYR        63.98
SENAI-DESARU EXPRESS      1.35   12/31/2026   MYR        62.87
SENAI-DESARU EXPRESS      1.35    6/30/2027   MYR        61.73
SENAI-DESARU EXPRESS      1.35   12/31/2027   MYR        60.64
SENAI-DESARU EXPRESS      1.35    6/29/2029   MYR        57.15
SENAI-DESARU EXPRESS      1.35   12/31/2029   MYR        55.98
SENAI-DESARU EXPRESS      1.35    6/28/2030   MYR        54.79
SENAI-DESARU EXPRESS      1.35   12/31/2030   MYR        53.60
SENAI-DESARU EXPRESS      1.35    6/30/2031   MYR        52.44
UNIMECH GROUP BHD         5.00    9/18/2018   MYR         1.07


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      7.78    5/18/2018   USD        50.71
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD         3.19
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD         3.19
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD        26.59
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD        25.88
BLD INVESTMENTS PTE       8.63    3/23/2015   USD         7.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD        20.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD        17.49
BUMI INVESTMENT PTE      10.75    10/6/2017   USD        19.50
BUMI INVESTMENT PTE      10.75    10/6/2017   USD        17.27
ENERCOAL RESOURCES P      6.00     4/7/2018   USD        10.38
GOLIATH OFFSHORE HOL     12.00    6/11/2017   USD         8.50
INDO INFRASTRUCTURE       2.00    7/30/2010   USD         1.88
NEPTUNE ORIENT LINES      4.40    6/22/2021   SGD        71.00
ORO NEGRO DRILLING P      7.50    1/24/2019   USD        60.63
OSA GOLIATH PTE LTD      12.00    10/9/2018   USD        62.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD        48.20
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD        48.00
OTTO MARINE SERVICES      7.00     8/1/2016   SGD        75.00
SWIBER CAPITAL PTE L      6.50     8/2/2018   SGD        54.13
SWIBER CAPITAL PTE L      6.25   10/30/2017   SGD        64.50
SWIBER HOLDINGS LTD       7.13    4/18/2017   SGD        69.00
SWIBER HOLDINGS LTD       7.75    9/18/2017   CNY        65.63
TRIKOMSEL PTE LTD         5.25    5/10/2016   SGD        20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017   SGD        20.00


THAILAND
--------

G STEEL PCL               3.00    10/4/2015   USD         3.74
MDX PCL                   4.75    9/17/2003   USD        37.75


VIETNAM
-------

DEBT AND ASSET TRADI      1.00   10/10/2025   USD        48.00
DEBT AND ASSET TRADI      1.00   10/10/2025   USD        48.75



                             *********

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 2016.  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.



                 *** End of Transmission ***