TCRAP_Public/160412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, April 12, 2016, Vol. 19, No. 71


                            Headlines


A U S T R A L I A

ARRIUM LTD: Liberal Minister Rules Out Offering Bailout
ARRIUM LTD: Asset Values Damaged by Administration
HIGHROCK AUST: First Creditors' Meeting Set For April 15
SLATER & GORDON: Mulls Closing Offices in Britain to Cut Costs
SLATER & GORDON: Maurice Blackburn Extends Claim Period

STEMTECH PTY: Placed Into Liquidation
TURTON VIEW: First Creditors' Meeting Set For April 15


C H I N A

EHI CAR: Fitch Says Growth Targets May Be Better for Profile
EVERGRANDE REAL: S&P Lowers CCR to 'B-'; Outlook Negative
GLORIOUS PROPERTY: S&P Affirms 'CCC' CCR; Outlook Negative
WINSWAY ENTERPRISES: HK Scheme Creditors' Meeting Set For May 3


H O N G  K O N G

ARISING INTERNATIONAL: Casino Cruise Ship May Face Bankruptcy


I N D I A

A LITTLE WORLD: CRISIL Cuts Rating on INR150MM LT Loan to B+
ABIR INFRASTRUCTURE: ICRA Assigns 'D' Rating to INR186.05cr Loan
ACCORD UDYOG: CRISIL Assigns 'C' Rating to INR60MM Cash Loan
ADVAITH BIO: ICRA Assigns B- Rating to INR3.0cr Term Loan
AERCOMFORT PRIVATE: CRISIL Assigns B Rating to INR37.5MM Loan

AINAJ INDUSTRIES: CRISIL Assigns B- Rating to INR170MM Loan
AMBE PROPTECH: CRISIL Assigns 'B' Rating to INR250MM LT Loan
B.S.R. BUILDERS: CRISIL Assigns D Rating on INR100MM Term Loan
BALAJI OVERSEAS: ICRA Reaffirms 'B' Rating on INR24cr Loan
BANGALORE INSTITUTE: ICRA Assigns 'B' Rating to INR9.95cr Loan

C.G. ISPAT: ICRA Assigns B+ Rating to INR28.79cr Term Loan
CHHATRAPATI SAMBHAJI: ICRA Assigns B+ Rating to INR26.02cr Loan
CHOUKSEY ENTERTAINMENT: ICRA Suspends B/A4 Rating on INR6cr Loan
DAYANAND TEXTILE: ICRA Suspends B+ Rating on INR7.44cr Loan
DIAMOND CONSTRUCTION: ICRA Suspends B+ Rating on INR12cr Loan

GLOBAL ART: ICRA Suspends B+ Rating on INR13cr Bank Loan
HIM CABLEWAYS: ICRA Suspends B Rating on INR6.82cr Loan
HITECH HYDRAULICS: ICRA Assigns B+ Rating to INR3.95cr Loan
JANAKI COTTON: ICRA Suspends B- Rating on INR7.10cr Term Loan
KOSHIYA ENTERPRISE: CRISIL Cuts Rating on INR150MM Term Loan to D

KSP INDUSTRIES: Weak Financial Strength Cues ICRA SP 3D Grading
LAXMI RICE: ICRA Reaffirms B Rating on INR14.80cr LT Loan
M.V. WAGHADKAR: ICRA Suspends B+ Rating on INR8.50cr LT Loan
MAHESHWARI FABTEX: CRISIL Assigns B+ Rating to INR57.5MM Loan
MALWA AUTO: CRISIL Reaffirms B+ Rating to INR80MM Cash Loan

MITTAL COT: ICRA Reaffirms B Rating on INR4.0cr Cash Loan
MUNEER ENTERPRISES: ICRA Suspends B+ Rating on INR7.25cr Loan
NAAZ LIFESTYLE: ICRA Suspends B- Rating on INR6.0cr Term Loan
NESTOR PHARMACEUTICALS: ICRA Reaffirms C+ Rating on INR51cr Loan
OM SAI: CRISIL Raises Rating on INR19MM LT Loan to B+

OSWAL KNIT: ICRA Suspends C/A4 Rating on INR38cr Bank Loan
P. DASARATHARAMA: ICRA Assigns B+ Rating to INR2.0cr Loan
P.K. & COMPANY: ICRA Suspends B+ Rating on INR27cr Loan
PADMAVATHI COTTON: ICRA Assigns B Rating to INR11cr LT Loan
PARK CONTROLS: ICRA Withdraws B+ Rating on INR5cr Loan

POOJA SPONGE: CRISIL Reaffirms D Rating on INR90MM Cash Loan
PRAHLADRAI & CO: ICRA Suspends D Rating on INR6.45cr Loan
RADIANT LUBES: CRISIL Reaffirms B Rating on INR137.5MM Loan
RAMNANDI ESTATE: CRISIL Cuts Rating on INR50.4MM Cash Loan to D
RELCOM TECHNOLOGY: ICRA Reaffirms B Rating on INR6.75cr Loan

RELIABLE INFRASTRUCTURE: CRISIL Cuts Rating on INR50MM Loan to D
ROHIT FABTEX: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
RUKMANI INFRA: ICRA Assigns D Rating to INR22cr Bank Loan
S.R. CHADDHA: ICRA Suspends B+ Rating on INR19.50cr Loan
S.V. ELECTRONICS: CRISIL Reaffirms B+ Rating on INR90MM Loan

SHRI SIDDHBALI: ICRA Assigns 'B' Rating to INR5.81cr Loan
SHYAM FIBERS: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
SREE GEETHANJALI: ICRA Assigns B+ Rating to INR8.75CR ST Loan
SURBHI FERRO: ICRA Reaffirms B Rating on INR11.30cr Loan
SWASTIK TRADERS: ICRA Reaffirms B+ Rating on INR3.0cr LT Loan

SWASTIKA PRINTING: CRISIL Assigns B+ Rating to INR65MM Cash Loan
TANMAY POLYFILMS: ICRA Assigns B- Rating to INR3.50cr Loan
TEAM ENGINEERS: ICRA Reaffirms B- Rating on INR6.25cr Loan
THANGA PRATAPH: ICRA Suspends C+ Rating on INR5.0cr Term Loan
U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR87.5MM Cash Loan

UMA RANI: ICRA Assigns C+ Rating to INR3.15cr Term Loan
ZERO MICROFINANCE: CRISIL Cuts Rating on INR150MM Loan to B+


M A L A Y S I A

1MALAYSIA: Board Offers to Resign After Inquiry Calls for Probe


N E W  Z E A L A N D

FELTEX CARPET: 2004 Prospectus Omitted Key Info, Says Class Suit
MANCHESTER UNITY: S&P Lowers ICR to 'B+'; Outlook Negative


S O U T H  K O R E A

HANJIN SHIPPING: Woes Cause Korean Air Bond Issue Failure


V I E T N A M

VIETNAM EXPORT: S&P Puts 'B+' CCR on CreditWatch Negative


X X X X X X X X

* BOND PRICING: For the Week April 4 to April 8, 2016


                            - - - - -


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


ARRIUM LTD: Liberal Minister Rules Out Offering Bailout
-------------------------------------------------------
ABC News reports that a senior federal Liberal minister has
effectively ruled out offering Arrium Limited a bailout.

Immigration Minister Peter Dutton insisted the Government did not
offer financial aid to Qantas and SPC Ardmona, the report says.

He said the Government would not risk spending millions of
dollars of taxpayers' money on Arrium despite a more positive
outlook from administrators Grant Thornton over the weekend,
according to ABC News.

"For governments to take an equity stake or to try and pick
winners -- as Labor governments at a state and federal level have
proven over many, many years -- that is a fraught exercise, and
ultimately you put at risk taxpayers' money," the report quotes
Mr Dutton as saying.

According to ABC News, the company has debts of more than
$4 billion and was placed into voluntary administration last
week, putting more than 8,000 jobs at risk nationwide.

ABC News relates that the administrators said in a statement over
the weekend they would work with the South Australian
Government's Steel Taskforce and that they believed there was
"strong support and commitment" to ensure Whyalla's continued
operations.

ABC News says the South Australian Opposition has called for the
Government to conduct an audit to find out how much steel has
been sourced locally for major projects over the past 10 years.

The Opposition's Corey Wingard said more should be done to ensure
major projects use Australian steel rather than cheap imports,
adds ABC News.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Said Jahani, Paul Andrew Billingham, Michael Gerard McCann and
Matthew James Byrnes of Grant Thornton have been appointed to act
as Voluntary Administrators for each of the Relevant Companies.


ARRIUM LTD: Asset Values Damaged by Administration
--------------------------------------------------
Simon Evans at The Sydney Morning Herald reports that Arrium
Limited's administrator has told the South Australian government
it will be consulted on any major decisions regarding its pursuit
of a company-wide rescue for the embattled company, which the
firm says is possible only if a restructure of the Whyalla
steelworks can be achieved.

SMH relates that South Australian Treasurer Tom Koutsantonis,
whose government faces major political and economic fallout if an
eventual decision is made to shut down the Whyalla steelworks
resulting in the loss of 1,600 jobs in the regional city, said
administrator Grant Thornton has told him the government has a
"seat at the table" on any big decisions.

"Nobody is going to do anything without us knowing about," Mr
Koutsantonis told The Australian Financial Review on April 10,
SMH relays.

But he conceded future buyers of Arrium would now be able to
acquire the company at a lower price than if it hadn't been put
into administration, with private debt-holders in the United
States and international banks having argued against a push by
the big four Australian banks for a voluntary administration
because of the damage to value, according to SMH.

"I think the company has lost value," the report quotes
Mr Koutsantonis as saying. "I think it was a mistake. But we are
where we are."

SMH says private equity buyers have begun to sharpen their buyout
proposals in anticipation of a break-up of the company and asset
firesale.  However, Paul Billingham, the lead administrator from
Grant Thornton, said on April 11 the main priority was to
restructure the Whyalla steelworks and the rest of the Australian
business because this was the best chance of securing a company-
wide recapitalization, SMH reports.

According to the report, Grant Thornton would use large amounts
of the work already undertaken by Arrium management and a Steel
Task Force set up by the South Australian government in November.

"Our aim is to successfully restructure the Australian mining and
steel business, starting with Whyalla, as this will increase the
value of Arrium, significantly improving the return to Arrium's
creditors and encouraging the prospect of a group-wide
recapitalisation," Mr Billingham, as cited by SMH, said.

He said the administrators wanted to "swiftly bring" together all
the parties that had worked on those improvement proposals, which
had already been under way, SMH relays.

SMH relates that the federal government, too, would be invited to
work on those proposals. The Steel Task Force is headed by Bruce
Carter, a former insolvency expert with Ferrier Hodgson who is
also a director of the Bank of Queensland and casino group Sky
City Entertainment, says SMH.

SMH notes that a raft of restructuring and buyout proposals is
now expected to be reworked by potential private equity buyers,
some of whom submitted offers for one of Arrium's big overseas
businesses, mining consumables division Moly-Cop, in September.

According to SMH, US private equity firms Argand Partners and
Cerberus Capital Management are understood to be working together
on a proposal, and the London-based Pamploma Capital Management
private equity fund is also eyeing the business.  TPG's United
States fund, and Blackstone also submitted bids in September for
Moly-Cop at a time when the Arrium board had set a price tag of
$1.75 billion for Moly-Cop, and may return again, the report
states.

SMH recalls that Blackstone's credit arm GSO Capital Partners
subsequently made a $1.2 billion refinancing proposal on February
22 but the Arrium banking syndicate owed $2.8 billion, and
spurned that proposal on April 4 resulting in an ASX trading halt
and the decision by the Arrium board to appoint Grant Thornton
administrator.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Said Jahani, Paul Andrew Billingham, Michael Gerard McCann and
Matthew James Byrnes of Grant Thornton have been appointed to act
as Voluntary Administrators for each of the Relevant Companies.



HIGHROCK AUST: First Creditors' Meeting Set For April 15
--------------------------------------------------------
Barry Kenneth Hamilton of Barry Hamilton & Associates was
appointed as administrator of Highrock Aust Pty Ltd on April 5,
2016.

A first meeting of the creditors of the Company will be held at
Level 1, 63 Salamanca Place, in Hobart, on April 15, 2016, at
4:00 p.m. Australian Eastern Standard Time.


SLATER & GORDON: Mulls Closing Offices in Britain to Cut Costs
--------------------------------------------------------------
Kylar Loussikian at The Australian reports that Slater & Gordon
is looking at closing offices, streamlining its British
operations and offloading the Accident Claims Helpline business
it acquired from Quindell last year.

The Australian relates that the proposals, the first to emerge as
the troubled law firm continues to negotiate with financiers,
were reported on April 8 in the British legal trade press, citing
sources within the business.

According to the report, the firm's banking syndicate, led by
Westpac, has given the company until the end the month to reach
an agreement on restructuring or face the early repayment of more
than AUD700 million in loans.

The Australian quotes a Slater & Gordon spokeswoman, who declined
to detail the specific proposals, as saying that: "Under the
reorganisation plan, the majority of our sites will remain open.

"Where sites are impacted because the site may be closed or
certain practice areas will be impacted, there will be a staged
consultation process across the country (Britain).

"We believe that these proposed changes will ultimately deliver
benefits to our clients . . . the reorganisation will not impact
either our service to existing clients nor our ability to service
future clients."

It is expected the majority of changes will impact the British
business, which includes operations acquired from Quindell last
year in a AUD1.23 billion deal, the report notes.

Slater & Gordon posted a AUD958.3 million loss for the six months
ending December, with a AUD814.2 million writedown of goodwill
associated with the February 2015 purchase, The Australian
discloses.

According to the Australian, Britain's Law Society Gazette
reported discussions were underway over the future of offices in
Bristol, Halifax, Newcastle and Liverpool, while personal injury
departments in Birmingham and London were also considered
possible closure opportunities.

The Australian says the firm is also moving to scale back work on
thousands of noise-induced hearing loss cases acquired from
Quindell, a large proportion of which appear to have stretched
far longer than the two years considered necessary for
settlement.

Those hearing-loss cases were acquired on a conditional basis,
sharing profits from settlements and resolutions with Quindell to
mitigate the risk of non-performance, the report adds.

Sources separately told The Weekend Australian that relations
with some members of the banking syndicate -- which includes
National Australia Bank, Macquarie and Citi -- are "frosty, to
say the least".

Part of the restructuring agreement may include a slowdown in the
accumulation of cases as the law firm shifts focus to the
resolution of existing matters in an attempt to raise cash, the
report says.

The company recorded a negative cash flow of AUD62.5 million for
the first-half of this financial year.

Shares fell another 2% on April 8 to close at 24.5c per share, a
70% decline since December, according to the Australian.

As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2016, The Sydney Morning Herald said struggling listed
law firm Slater & Gordon has suffered another blow after the
Australian Securities Exchange dumped the stock from its top 200
list.  SMH said the removal of Slater & Gordon from the ASX 200
is significant because it means some of the index funds which are
required under their self-imposed mandates to hold shares in ASX
200 stocks will exit the stock.  According to the report, the law
firm is in a fight for survival following a horror 2015 that saw
its market capitalisation plummet from more than AUD2.7 billion
to AUD121.6 million on March 11 following an accounting scandal
in its UK arm and weaker-than-expected growth in both its British
business and its Australian arm.  Slater & Gordon has until
April 30 to satisfy its bankers it can remain as a viable
organization, SMH relayed. Its financial advisers from insolvency
firm McGrath Nicol are delivering weekly cash-flow updates to the
firm's bankers, the report stated.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.


SLATER & GORDON: Maurice Blackburn Extends Claim Period
-------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that law firm
Maurice Blackburn has expanded the claim period for its planned
class action against Slater & Gordon to allow more aggrieved
shareholders to recoup funds.

SMH relates that the class action law firm, which floated its
action against its across-town rival in December, has also
secured litigation funder International Litigation Partners to
back the action.

According to SMH, shareholders who purchased shares between
April 1, 2015 and February 28, 2016 are able to participate in
the action.  SMH says Maurice Blackburn had previously set a
December 16, 2015 close date but has extended the period to take
in possible losses suffered prior to Slater & Gordon's
February 29 announcement of its half-year results.

Those results were marred by a swingeing AUD876 million of write-
down, the majority of which was associated with the value of
Slater & Gordon's Quindell business, the report states.

SMH says the smaller ACA Lawyers is also preparing a class action
against Slater & Gordon, and has already secured litigation
funding for its action.

According to the report, Maurice Blackburn's national head of
class actions, Andrew Watson, said Slater & Gordon shareholders
were suitably aggrieved.

"Institutional and retail investors in Slater & Gordon that want
the best chance to recover the maximum possible now have a clear
choice to go with the nation's leading class action law firm
Maurice Blackburn, backed by what we believe are the best funding
rates available," the report quotes Mr. Watson as saying.  "More
than AUD2 billion dollars in shareholder value has been lost in a
matter of months. To shock the market on multiple occasions is
not just bad luck. It raises serious questions about internal
processes and about the quality and timing of information
released to the market."

Slater & Gordon's February write down led to its banks requiring
weekly updates on the firm's cash flow position, says SMH. Slater
& Gordon has until the end of this month to convince its bankers
that it is back on track financially, the report states.

Slater & Gordon declined to comment, adds SMH.

As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2016, The Sydney Morning Herald said struggling listed
law firm Slater & Gordon has suffered another blow after the
Australian Securities Exchange dumped the stock from its top 200
list.  SMH said the removal of Slater & Gordon from the ASX 200
is significant because it means some of the index funds which are
required under their self-imposed mandates to hold shares in ASX
200 stocks will exit the stock.  According to the report, the law
firm is in a fight for survival following a horror 2015 that saw
its market capitalisation plummet from more than AUD2.7 billion
to AUD121.6 million on March 11 following an accounting scandal
in its UK arm and weaker-than-expected growth in both its British
business and its Australian arm.  Slater & Gordon has until
April 30 to satisfy its bankers it can remain as a viable
organization, SMH relayed. Its financial advisers from insolvency
firm McGrath Nicol are delivering weekly cash-flow updates to the
firm's bankers, the report stated.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.


STEMTECH PTY: Placed Into Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that StemTech Pty Ltd
has been placed into liquidation. Ian Alexander Currie of BRI
Ferrier has been appointed liquidator of the company on March 4,
2016.

According to the report, customers may not get any refund and the
company is likely to face a significant shortfall.

Brisbane-based StemTech Pty Ltd stored umbilical cord blood in
its facility. The blood has stem cells which can be utilised to
treat a number of diseases.


TURTON VIEW: First Creditors' Meeting Set For April 15
------------------------------------------------------
Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Turton View Pty Limited, trading as The Bedford
Hotel, on April 6, 2016.

A first meeting of the creditors of the Company will be held at
Bernardi Martin, 195 Victoria Square, in Adelaide South Australia
on April 15, 2016, at 10:00 a.m.



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


EHI CAR: Fitch Says Growth Targets May Be Better for Profile
------------------------------------------------------------
Fitch Ratings says Chinese car rental company eHi Car Services
Limited's (eHi; BB-/Stable) more moderate growth targets
following its 2015 results announcement may be positive for its
credit profile because it will reduce cash outflow for fleet
expansion amid increased competition from ride-sharing apps.

In 2015, eHi's EBITDA margin (excluding gains and losses on
disposals) rose to 39% from 33% the previous year. eHi's EBITDA
margin came very close to the 40% level that Fitch sees as the
minimum the company has to sustain to maintain its current
rating. The wider margin was driven by improvement in operational
efficiency, as its fleet size per location increased, staff
numbers per vehicle decreased, and insurance costs declined.

"For 2016, the company plans to expand its fleet by 50% to 57,000
cars by year-end, and expects 50% growth in revenue. We expect
the larger operating scale to help drive EBITDA margin to above
40% over the next two years."

"The company's guidance for 2016 growth is slightly slower than
our previous expectations, although it is in line with recent
industry trends. eHi's main competitor, the larger CAR Inc. (CAR;
BB+/Stable), recently reported softer 4Q15 revenue and revised
down its plans for new car additions in 2016. It did so due to
the deceleration in demand growth and increased competition from
ride-sharing apps, such as Didi Taxi and Uber. We believe the
more modest expansion plans among industry leaders are positive
for the long-term health of the car rental industry as they
favour margin preservation over costly top-line growth."

eHi has a strong presence in the high-end market and a well-
established reputation in providing car services to corporate
customers. Revenue from the eHi's car services segment accounted
for 24% of total revenue in 2015 and will continue to serve as a
foundation for its growth.


EVERGRANDE REAL: S&P Lowers CCR to 'B-'; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based developer Evergrande Real
Estate Group Ltd. to 'B-' from 'B+'.  The outlook is negative.
S&P also lowered its long-term Greater China regional scale
rating on the company to 'cnB-' from 'cnBB-'.

At the same time, S&P lowered its long-term issue rating on the
company's senior unsecured notes to 'CCC+' from 'B'.  S&P also
lowered its Greater China regional scale rating on the notes to
'cnCCC+' from 'cnB+'.

S&P downgraded Evergrande because the company's financial
position deteriorated more seriously than S&P expected in 2015,
and it do not anticipate any significant improvement over the
next 12 months.

Evergrande's leverage has weakened materially. Borrowings surged
in 2015, with total debt of Chinese renminbi (RMB) 370 billion
(including perpetual capital instruments), compared with RMB212
billion in 2014.  The debt-to-EBITDA ratio rose to 15x at the end
of Dec. 31, 2015, from 9.1x a year earlier. EBITDA interest
coverage also dropped to 1.0x compared with 1.3x in 2014.

S&P expects Evergrande's aggressive growth appetite and debt-
funded expansion to keep its leverage and interest coverage at a
very weak level for a 'B' rating category over the next 12
months. The company continued to incur large land payments of
RMB68.7 billion in 2015, compared with RMB66.2 billion in 2014.
S&P expects land acquisitions to remain high in 2016, given that
Evergrande needs to replenish and optimize its land bank.  S&P
notes land acquisitions could be costly in tier-one and tier-two
cities.  Moreover, the company's construction costs are likely to
rise to more than RMB90 billion in 2016 to support its fast-
growing contracted sales, up from RMB87.4 billion in 2015.

S&P believes Evergrande has limited control over leverage.  Over
the past three years, the company has been expanding through ad-
hoc merger and acquisitions (M&A) and above-budget land
acquisitions.  Evergrande has also expanded into various non-core
business in which it has limited experience.  S&P believes
management has a high tolerance towards and may perform
significant debt-funded acquisitions that could significantly
increase the company's leverage.  Since June 2015, Evergrande has
spent a total of RMB61 billion on acquisitions from CC Land
Holdings Ltd., China Estates Holdings Ltd., Sino Land Co. Ltd.,
New World Development Co. Ltd., and Chow Tai Fook Enterprises
Ltd.  These acquisitions have significantly worsened the
company's ratios and materially deviate from S&P's base-case
forecast. Therefore, S&P views such event risk as significant and
the company's financial policy as negative.

The downgrade also reflects the risks stemming from Evergrande's
increasing refinancing requirements and tightening liquidity.
The company's short-term borrowing increased significantly to
RMB159 billion in 2015 from RMB80 billion in 2014, representing
about 43% of the total debt.  Its perpetual capital instruments
rose to RMB76 billion in 2015 from RMB53 billion a year earlier.
In S&P's view, Evergrande's increasing reliance on short-term
funding and alternative funding likely indicate its constrained
access to common long-term financing and weakening credit
standing in the market.  While the company's strong sales
execution and large unrestricted cash balance offset some of the
liquidity risks, S&P believes the company will continue to rely
on a favorable market and credit conditions to roll over its
debt.

S&P anticipates that Evergrande can maintain its large portfolio
of geographically diversified projects, largely stable
profitability, and strong sales execution.  The company achieved
RMB201.3 billion in contracted sales in 2015, up 53% year on
year. S&P expects Evergrande to achieve contracted sales of
RMB220 billion-RMB250 billion in 2016, given the company's
sizable salable resources of RMB480 billion.  Its first quarter
sales reached RMB66 billion.  Its gross margin was also largely
intact in 2015 at 28.1% versus 28.8% in 2015.  S&P therefore
maintains its assessment of a satisfactory business risk profile.

S&P's base case assumes:

   -- Evergrande's property sales are likely to grow about
      10%-20% in 2016.

   -- Revenue will grow by 20%-25% in 2016, supported by strong
      sales growth in 2015.

   -- The company's gross margin will slightly deteriorate to
      27%-28% in 2016 because of rising land costs.  The EBITDA
      margin will stabilize at 17%-18%, from 18.4% in 2015.

   -- Evergrande will remain aggressive and spend about RMB75
      billion-RMB80 billion in cash in 2016 to acquire land and
      for other capital expenditure.

Based on these assumptions, S&P arrives at these credit measures
for the next 12 months:

   -- The debt-to-EBITDA ratio will weaken to 15x-17x, compared
      with 15x in 2015; and

   -- The EBITDA-to-interest ratio will decline to 0.8x-1.0x,
      compared with 1.0x in 2015.

The negative outlook reflects S&P's expectation that Evergrande
will have very high leverage, weak debt servicing, and tight
liquidity position over the next 12 months.  The outlook also
reflects the prospects that the financial conditions will not
improve over the same period because of the company's continued
high committed capital spending and aggressive expansion
appetite.

S&P could lower the rating if:

  -- Evergrande's liquidity further weakens.  This could happen
     if the company's access to funding deteriorates or it
     appears likely to breach material covenants.  A material
     decline in unrestricted cash or a substantial increase in
     short-term borrowings and alternative funding or increasing
     funding cost could also indicate such deterioration.
     Evergrande continues to aggressively and materially increase
     its borrowings, such that its debt-to-EBITDA ratio does not
     improve significantly or EBITDA interest coverage remains
     below 1x.

S&P could revise the outlook to stable if: (1) Evergrande can
strengthen its operating cash flow and liquidity and improve its
debt maturity profile; or (2) the company improves its leverage
and interest coverage.  This could happen if Evergrande adopts a
more cautious expansion strategy and a more conservative
financial policy.  The EBITDA interest coverage remaining above
1x would indicate such improvement.


GLORIOUS PROPERTY: S&P Affirms 'CCC' CCR; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
corporate credit rating on China-based property developer
Glorious Property Holdings Ltd.  The outlook is negative.  S&P
also affirmed its 'CCC-' long-term issue rating on the company's
senior unsecured notes.  At the same time, S&P affirmed its
'cnCCC' long-term Greater China regional scale rating on Glorious
and S&P's 'cnCCC-' long-term Greater China regional scale rating
on the notes.  S&P then withdrew all the ratings at the company's
request.

The affirmed rating prior to the withdrawal reflected S&P's view
that Glorious' liquidity risk remains high, because of its
substantial short-term borrowings and low cash balance.  This is
even though the company fully repaid the senior notes due Oct.
25, 2015, and made the coupon payment of US$26.5 million in late
March 2016 for the senior unsecured notes due 2018.  As of June
30, 2015, Glorious has total short-term borrowings of about
Chinese renminbi (RMB) 22 billion, compared with its unrestricted
cash balance of only RMB205 million.  For the 10 months ended
Oct. 31, 2015, the company's contracted sales were RMB4.7
billion.  Glorious did not disclose its contracted sales for
full-year 2015. S&P estimated the company to have achieved
contracted sales of about RMB7 billion in 2015.

S&P remains highly uncertain if lenders will continue to roll
over their loans when due, despite the fact that the majority of
Glorious' borrowings are secured.  As disclosed in its interim
report of 2015, Glorious has some principal and interest payments
overdue on bilateral borrowings.  This also resulted in the
reclassification of a large portion of the company's non-current
borrowings as current debt.  However, S&P understands that
Glorious had since remedied such amounts with repayments,
extensions, or waivers.  S&P anticipates that a similar situation
may have arisen again at the end of 2015, given the company's
weak financial performance.  In S&P's opinion, this increases the
risk that lenders may request immediate repayment, which may
further stress the company's existing weak liquidity position.

On April 1, 2016, Glorious announced it would delay the
publication of the 2015 result and also possibly delay
dispatching the 2015 annual report.  The company's shares have
also suspended trading on the Hong Kong stock exchange.

S&P's assessment of Glorious' management and governance as weak
has continued to deteriorate as the company has not produced
timely information disclosure.  In addition, Glorious has shown
poor internal controls, with repeated occurrence of overdue
amounts since late 2014.

The negative outlook at the time of withdrawal reflected S&P's
expectation that Glorious is facing very high liquidity risk,
given the company's substantial amount of short-term borrowings,
low unrestricted cash balance, and weak cash generation from slow
sales.  The outlook also reflected the uncertainties over the
refinancing of the company's substantial borrowings.


WINSWAY ENTERPRISES: HK Scheme Creditors' Meeting Set For May 3
---------------------------------------------------------------
By Orders dated March 21, 2016, the High Court of the Hong Kong
Special Administrative Region has directed that a meeting of
Scheme Creditors of Winsway Enterprises Holdings Limited be
convened for the purpose of considering and, if thought fit,
approving (with or without modifications) a scheme of arrangement
pursuant to sections 673 and 674 of the Companies Ordinance (Cap
622) of Hong Kong proposed between the Company and the Scheme
Creditors.

The Scheme meeting will be held at the offices of Stephenson
Harwood, 18th floor, United Centre, 95 Queensway, Admiralty,
Hong Kong, at 10:00 a.m. on May 3, 2016.

Scheme Creditors may vote in person at the Scheme Meeting or
they may appoint another person, whether a Scheme Creditor or not
(including the Chairman) as their proxy to attend and vote in
their place.

By its Order, the Court has appointed Cao Xinyl or, in her
absence, a suitable alternative nominated by the Company, to act
as Chairperson of the Scheme Meetings and has directed the
Chairperson to report the result of the Scheme Meetings to the
Court.

The Scheme will be subject to the subsequent approval of the
Court and to the fulfillment or waiver (as applicable) of the
conditions of the Scheme as set out in the Explanatory Statement.

The petition seeking sanction of the Hong Kong Scheme from the
High Court of the Hong Kong Special Administrative Region will be
heard at 10:00 a.m. (Hong Kong time) on May 17, 2016.

All Scheme Creditors are entitled to attend the sanction hearing
in Hong Kong in person or through counsel to support or oppose
the sanctioning of the scheme.

Winsway Enterprises Holdings Limited, together with its
subsidiaries, processes and trades in coking coal and other
products in the People's Republic of China and internationally.
The company manages and operates coal processing plants.  It also
provides logistics services.  The company was formerly known as
Winsway Coking Coal Holdings Limited and changed its name to
Winsway Enterprises Holdings Limited in June 2014.  Winsway
Enterprises Holdings Limited was incorporated in 2007 and is
headquartered in Beijing, the People's Republic of China

The Chapter 15 case, filed in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 16-10833)
on April 6, 2016, is assigned to Judge Martin Glenn.



================
H O N G  K O N G
================


ARISING INTERNATIONAL: Casino Cruise Ship May Face Bankruptcy
-------------------------------------------------------------
The South China Morning Post reports that the owner of a casino
cruise ship, which is all at sea following a wage dispute with
46 crew members, claims he is the biggest casualty of the
nautical tug-of-war.

Mr Wong, who identified himself as the representative of Arising
International Holdings Ltd, which owns the New Imperial Star,
told the Post he had spent HK$20 million to get the vessel
through a safety inspection but to no avail -- even after a
passage of seven months.

Mr Wong added the worst case scenario was for the company to
declare itself bankrupt and put the ship up for sale, the Post
says.

"Our investors are devastated and suffering a great loss," the
report quotes Mr Wong as saying. "We really don't want to see
[bankruptcy] happen because, by that stage, the ship will be sold
very cheaply."

According to the Post, the company plans to hire a new shipmaster
to help the vessel, which failed an inspection by the Port State
Control last November, set sail again.

Desperately seeking new investors from Beijing, Mr. Wong
clarified that Sun Junhao Ltd was the employer of the crew as it
rents the ship for casino cruise business.

A spokesman for Sun Junhao, however, insisted it was not involved
in the owner's business, the report states.

The Post says the tenant is in dire financial straits as the
casino cruise industry has been hit hard by a drastic drop in the
number of mainland tourists, as well as Beijing's crackdown on
corruption and the gaming business.

According to the report, the crew on board, of whom 20 were from
Ukraine, 18 from Myanmar and eight from the mainland, are
planning to apply for legal aid this week and take their employer
to a local court for the five-plus months of unpaid wages,
ranging from US$1,300 to US$6,500 per month, at a total of about
HK$3 million.

The Post reports that Ukrainian shipmaster Valeriy Lyzhyn, 63,
aboard the ship since last August, said they had been suffering
from an unstable supply of water, food and energy.

"I feel hopeless . . . I don't believe my ship owner. I hope the
legal aid can help the crew members," the report quotes Mr.
Lyzhyn as saying. "My greatest concern is about wages, food and
repatriation of the crew members."

Arising International bought the vessel, now registered in the
Republic of Palau, for more than HK$100 million in 2012 and later
rented it out to Sun Junhao Ltd at a monthly fee of HK$2 million.

Mr. Wong added that during better times, the daily turnover of
the ship could be as high as HK$10 million with a daily
attendance of more than 400 passengers, but last year it had
dwindled to just a few dozen, the Post reports.




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


A LITTLE WORLD: CRISIL Cuts Rating on INR150MM LT Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of A Little
World Private Limited (ALW, a part of the ALW group) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       150      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in ALW group's business
profile in 2015-16 (refers to financial year April 1 to March 31)
resulting from replacement of ALW group's electronic technology
by SBI for its business correspondent services. This has resulted
in a decline in revenue to INR500-550 million in 2015-16 from
INR630 million in 2014-15. Furthermore, there has been a
deterioration in the net worth of the company over the past years
owing to large losses on account of high fixed costs associated
with software development and maintenance leading to a weak
capital structure reflected in a gearing of around 49 times as on
March 31 2015. CRISIL believes the ability of the management to
venture into new business models using its technology platform
thereby leading to improvement in business risk profile will
remain a key rating sensitivity factor.

The rating reflects the ALW group's strong relationship with key
stakeholders coupled with an established network and market
reach. These strengths are partially offset by the weak financial
risk profile because of low net-worth, coupled challenges in the
business correspondence business.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of ALW and Zero Microfinance and
Savings Support Foundation (ZMF). This is because both entities,
together referred to as the ALW group, are managed by the same
promoters and have common business. There is large financial
support extended by ALW to ZMF. Both entities are expected to be
merged over the near to medium term.
Outlook: Stable

CRISIL believes the ALW group will continue to benefit from the
strong relationship with key stakeholders and established market
reach. The outlook may be revised to 'Positive' if the group
overcomes the challenges in the business correspondence segment
and sustains its operation profitability along with large capital
infusion leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its earning profile thereby resulting in further
erosion in its capitalization.
About the Group

ALW, incorporated in 2000, is engaged in developing and providing
licensed technology for enabling smart cards and other electronic
technology-based commerce, electronic-identity systems, and
trading and delivery systems. ZMF operates as one of the largest
business correspondents for State Bank of India (SBI, rated
'CRISIL AAA/ FAAA/Stable/CRISIL A1+') and is engaged in the
extension of banking services in the rural and urban areas of
India where banking penetration is limited. The group is managed
and operated by Mr. Anurag Gupta.


ABIR INFRASTRUCTURE: ICRA Assigns 'D' Rating to INR186.05cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR96.95
crore fund based limits, INR186.05 crore non fund based limits,
INR50.86 crore term loans and INR2.50 crore unallocated limits of
Abir Infrastructure Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     96.95      [ICRA]D assigned

   Non fund based
   limits               186.05      [ICRA]D assigned

   Term Loans            50.86      [ICRA]D assigned

   Unallocated limits     2.50      [ICRA]D assigned

The assigned rating takes into account delays in servicing of
debt obligations by AIPL owing to the company's stretched
liquidity position. The liquidity position has been adversely
impacted by delay in recovery of outstanding receivables and
slowdown in execution of major projects of the company. The
rating is also constrained by the high client concentration risk
faced by the company on account of revenue dependence on few
major projects. Moreover, increase in the total debt of the
company in FY2015 coupled with decline in its profitability has
led to deterioration in debt coverage indicators. Nevertheless,
ICRA has taken note of AIPL's experienced management and its
decade long presence in the hydel power sector. Moreover, AIPL
has been diversifying its order book with execution of projects
in other sectors such as thermal power, oil tankages and
transmission lines.

AIPL is a private limited company, promoted by Mr. K. Gnyandeep
and Mr. Y. Y. Butchi Babu in 2005. The company is engaged in the
construction activities primarily related to hydro power and
thermal power projects. The major projects in the order book
comprise (as on March 31, 2015) Upper Demwe Hydro Power project
(INR4779.6 crore), Bhavanpadu Thermal Power project (INR2215.7
crore), Singhitarai Thermal Power project (INR532.1 crore),
Coastal Oil & Gas tankage project (INR468.5 crore) and Shaft
Sinkers construction project (INR455.2 crore).

Recent Results
In FY2015, AIPL registered an operating income of INR854.8 crore
and profit after tax (PAT) of INR20.2 crore, as against operating
income of INR1115.5 crore and PAT of INR41.2 crore in FY2014.


ACCORD UDYOG: CRISIL Assigns 'C' Rating to INR60MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Accord Udyog Private Limited (AUPL) and has
assigned its 'CRISIL C' rating to the facility. CRISIL had
suspended the rating on January 12, 2016, as the company had not
provided the necessary information required for a rating review.
It has now shared the requisite information enabling CRISIL to
assign a rating.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               60       CRISIL C (Assigned;
                                      Suspension Revoked)

The rating reflects the company's continuous cash losses over the
four years through 2015-16 (refers to financial year, April 1 to
March 31), constraining its financial risk profile. The rating
also factors in working capital-intensive operations driven by
stretched receivables, and low operating profitability due to the
trading nature of its business. These rating weaknesses are
partially offset by the extensive experience of AUPL's promoters
in the steel product trading business.

Incorporated in 2008 and based in Jamshedpur, AUPL is promoted by
Mr. Avinash Singh and Ms. Jyoti Singh. The company trades in
steel products such as channels, pipes, angles, plates, chequer
plates, galvanised plain and corrugated sheets, thermo-
mechanically treated bars, bars, and other such products.


ADVAITH BIO: ICRA Assigns B- Rating to INR3.0cr Term Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR6.00
crore fund based bank facilities of Advaith Bio Remedies.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                  3.00         [ICRA]B-; assigned

   Fund Based-Cash
   Credit                3.00         [ICRA]B-; assigned

The assigned rating is constrained by the stretched liquidity
profile due to the high receivable days and inventory holding as
evidenced by the high utilization of the working capital
borrowings. The rating takes into account the low scale of
operations as the company is still in the initial phase of
establishing its brand which limits the operational and financial
flexibility to an extent, the intense competition faced by the
entity from the established organized players in the herbal
segment and the substitution risk from the synthetic products.
The rating also takes into account the part debt funded project
which has resulted in moderate capitalization and coverage
indicators for the entity.

The rating, however, favorably factors in the year on year
revenue growth of the entity, the healthy profitability, the long
experience of the promoters in the ayurveda segment and the
continuous R&D efforts leading to addition of new products. The
rating also takes into account the marketing network of the firm
with presence in 11 states and the further investment in
marketing activities being undertaken by the entity to drive the
product demand and establish its brand.

Going forward, the ability of the entity to establish it brand &
distribution network and reduce the collection period will remain
the key rating sensitivities.

Advaith Bio Remedies is a partnership firm based out of Bangalore
manufacturing herbal based products for pharmaceutical and
cosmetic industry. The company sells products for hair care, face
care, baby care in cosmetic segment and for diabetes,
neurological, heart diseases etc in pharmaceutical segment under
the brand name BIO CARE. It has its own research and development
center and is closely associated with laboratories in India like
Bangalore Test House for research and analysis to ensure high
quality products. This ensures sterilized raw material for highly
sensitive Pharmaceutical and Ayurveda formulations.

Recent Results
The firm reported an operating income of INR4.6 crore and a net
profit of INR0.4 crore during FY2015, as compared to an operating
income of INR2.9 crore and a profit after tax of INR0.2 crore
during FY2014.


AERCOMFORT PRIVATE: CRISIL Assigns B Rating to INR37.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Aercomfort Private Limited (APL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        25         CRISIL A4
   Bank Guarantee          27.5       CRISIL A4
   Cash Credit             37.5       CRISIL B/Stable

The ratings reflect the company's modest scale of operations in
the highly fragmented heating, ventilation, and air conditioning
(HVAC) industry, and highly working capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of its promoters.
Outlook: Stable

CRISIL believes APL will continue to benefit over the medium term
from its promoters' extensive industry experience and their
established relationship with suppliers and customers. The
outlook may be revised to 'Positive' in case of significant and
sustainable improvement in working capital cycle along with
sustainable growth in revenue. Conversely, the outlook may be
revised to 'Negative' in case of a substantial decline in revenue
or margins, a further stretch in the working capital cycle, or
large, debt-funded capital expenditure, resulting in weakening of
its financial risk profile.

APL, based in Delhi and promoted by Mr. Vijay Kumar Gupta, was
established in 1998; currently, it is also managed by Mr. Mayank
Gupta. The company provides turnkey solutions for HVAC projects.

Net profit was INR3.2 million on net sales of INR130.5 million in
2014-15 (refers to financial year, April 1 to March 31), against
net profit of INR5.00 million on net sales of INR202.8 million in
2013-14.


AINAJ INDUSTRIES: CRISIL Assigns B- Rating to INR170MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Ainaj Industries (AI) and has assigned its
'CRISIL B-/Stable' rating to the facility. CRISIL had, on
Aug. 29, 2011, suspended the rating as the firm had not provided
the necessary information required for a rating review. It has
now shared the requisite information, enabling CRISIL to assign a
rating to the company's bank facility.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              170       CRISIL B-/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects the firm's working capital-intensive nature
of operations and high gearing levels of the firm. The rating
also factors in average liquidity position of the firm, and
susceptibility to changes in government policies regarding
minimum support prices, to the fragmented nature of the cotton
ginning industry resulting in intense competition, and to adverse
movements in raw material (cotton) price. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoters and their support in the form of unsecured
loans. Furthermore, the firm benefits from the favourable
location of its plant, providing access to high-quality raw
cotton.
Outlook: Stable

CRISIL believes AI will continue to benefit over the medium term
the extensive industry experience of its promoters and
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of steady growth in
sales while margins and working capital cycle improve, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a decline in cash accrual,
large debt-funded capital expenditure, or an increase in working
capital requirement, resulting in weakening of the firm's
financial risk profile.

AI, based in Radhanpur, Gujarat, was set up as a partnership firm
in 1997 by five partners, Mr. Dayaram Thakkar, Mr. Vasant
Thakkar, Mr. Dinesh Thakkar, Mr. Suresh Thakkar, and Mr. Rajesh
Thakkar. In 2010, four partners withdrew their capital and AI was
reconstituted as a proprietorship firm of Mr. Suresh Thakkar.

The firm manufactures cotton bales through ginning and pressing,
and extracts oil from cotton seeds. It has an installed capacity
of 36,000 tonnes per annum (tpa) for cotton bales and 3000 tpa
for cotton seed oil.


AMBE PROPTECH: CRISIL Assigns 'B' Rating to INR250MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ambe Proptech Private Limited (APPL). The rating
reflects exposure to risks related to ongoing project under
execution, increase in interest rates, and expected high customer
concentration in the revenue profile.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       250       CRISIL B/Stable

These rating weaknesses are offset by the promoter's extensive
entrepreneurial experience, and stable expected revenue backed by
long-term lease agreements.
Outlook: Stable

CRISIL believes APPL will continue to benefit from the promoters'
extensive entrepreneurial experience. The outlook may be revised
to 'Positive' if timely stabilisation of operations of its
upcoming new mall and higher-than-expected revenue and
profitability lead to better cash accrual. Conversely, the
outlook may be revised to 'Negative' if delays in commencement of
operations at the proposed mall, or lower-than expected cash
accrual during the early stage of operations results in pressure
on liquidity.

APPL, incorporated in February 2012, is setting up a commercial
mall cum multiplex cinema complex in Gorakhpur. It is promoted by
Mr. Nirmal Kumar Gupta and Mr. Sandeep Kumar Tekriwal, along with
his other family members.


B.S.R. BUILDERS: CRISIL Assigns D Rating on INR100MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of B.S.R. Builders Engineers and Contractors (BSR).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       45        CRISIL D
   Term Loan               100        CRISIL D

The ratings reflect delays in servicing term debt due to weak
liquidity, which is a result of nascent stages of ongoing
projects.

BSR has high susceptibility to project implementation risks and
to cyclicality in the real estate industry. However, BSR benefits
from the extensive experience of the firm's partners.

Set up in 1995 as a partnership firm, BSR constructs residential
and commercial buildings in Chennai. The operations of the firm
are managed by Mr. Raghavendra Reddy.


BALAJI OVERSEAS: ICRA Reaffirms 'B' Rating on INR24cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR5.88 crore long term fund based limits of Balaji Overseas.
ICRA has also reaffirmed its short term rating of [ICRA]A4 on the
firm's INR24.00 crore short term fund based limits and INR0.12
crore short term non fund based limits.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           5.88        [ICRA]B; reaffirmed

   Short Term Fund
   Based Limits          24.00        [ICRA]A4; reaffirmed

   Short Term Non
   Fund Based Limits      0.12        [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the 40% year-on-year
decline in Balaji Overseas' Operating Income (OI) in FY2015 due
to reduced demand from overseas customers, however improved
realizations resulted in an expansion in the firm's profit
margins.

ICRA's ratings continue to factor in the firm's small scale of
operations, highly competitive nature of the rice milling
industry and the vulnerability of the firm's profitability to
fluctuations in raw material prices. The high gearing of the
firm, arising out of substantial debt funding of working capital
requirements, coupled with low profitability, has resulted in
weak coverage indicators, as reflected in low interest coverage
ratio of 0.92 times in FY2015. Further, the ratings continue to
factor in agro climatic risks, which can impact the availability
of paddy.

Nevertheless the ratings favourably take into account the long
standing experience of the promoters and their strong
relationships with several customers and suppliers, coupled with
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Going forward the ability of the firm to ramp up its scale of
operations in a profitable manner and improve its
capital structure will be the key rating sensitivities.

Balaji Overseas was established in 1989 as a proprietorship firm
with Mr. Kailash Chander as the proprietor. The firm together
with its other group concerns i.e. Balaji International and Shri
Shanker Rice Mill is engaged in the business of rice milling.
Balaji Overseas is engaged in the processing and trading of rice
in the domestic market as well as exporting to countries like
Saudi Arabia, Dubai, Kuwait and USA. The firm sells its product
under the brand name 'Sargam'. The firm's manufacturing unit is
located in Pehowa, Haryana.

Recent Results

Balaji Overseas reported a net profit of INR0.32 crore on an OI
of INR195.55 crore in FY2015 as compared to a net profit of
INR0.80 crore on an OI of INR326.69 crore in the previous year.


BANGALORE INSTITUTE: ICRA Assigns 'B' Rating to INR9.95cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.95
crore term loan facility and INR0.05 crore unallocated limit of
Bangalore Institute of Gastroenterology Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              9.95        [ICRA]B/Assigned

   Long-Term
   Unallocated Limit      0.05        [ICRA]B/Assigned

The assigned rating is constrained by BIG's limited track record
of operations commencing from December 2015 and the fact that the
company is yet to break even given the long gestation period
which is typical of a hospital project. The company's capital
structure is expected to remain stressed owing to the initial
debt funded capex and net losses and high debt levels are
expected to result in weak debt coverage indicators over the
medium term. BIG's ability to scale up the top-line, achieve the
desired occupancy & operating parameters, attract and retain
reputed doctors in the view of heightened competition remains a
challenge. The rating also takes note of the highly competitive
environment; however, being the first gastroenterology specialty
hospital in the state, BIG has an edge over other multi specialty
hospitals. The rating also draws comfort from the facility being
fully operational with no major capital expenditure expected to
be incurred in near term. The extensive experience of promoters
in the field of gastroenterology and favorable location of the
hospital is likely to have positive impact on the occupancy
levels of the hospital.

Incorporated in 2013, BIG has set up a 100 bed gastroenterology
specialty hospital in Jayanagar (Bangalore). The company is owned
and managed by Dr. Ramesh Reddy, Dr. S DIvakara Murthy, Dr.
Preethan K.N., Dr. R Sahadev and Dr. Tejeswi S. Gutti who are
gastroenterology specialists. The hospital was set up with an aim
to provide one stop solution for gastrointestinal, hepatobiliary
and pancreatic diseases.


C.G. ISPAT: ICRA Assigns B+ Rating to INR28.79cr Term Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR28.79 crore1 term
loans and INR19.00 crore fund-based bank facilities of C.G. Ispat
Private Limited. ICRA has also assigned an [ICRA]A4 rating to the
INR17.21 crore non-fund based bank facilities of CGIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            28.79       [ICRA]B+; assigned

   Fund Based Bank
   Limits                19.00       [ICRA]B+; assigned

   Non-Fund Based
   Bank Limits           17.21       [ICRA]A4; assigned

The assigned ratings take into consideration the long track
record of the company in the steel business and partial
integration within the group for supply of majority of raw
material required by CGIPL's steel rolling mill (SRM) from the
group's flagship company, Vaswani Industries Limited (VIL), which
reduces the risk associated with the availability of raw material
to a large extent. The ratings also take into consideration the
support provided by VIL to CGIPL as reflected by long term loans
provided during 2014-15. The ratings are, however, constrained by
the ongoing slowdown in the steel sector, which is likely to
impact CGIPL's growth and profitability in the short term, weak
financial profile of CGIPL at present, as reflected by nominal
profits and depressed debt coverage indicators in 2015-16, though
it improved significantly as compared to losses in 2014-15 and a
high gearing at present on account of a large debt, which largely
includes term loans and working capital loans. The ratings are
also impacted by the high working capital intensive nature of
CGIPL's operations as reflected by high inventory levels during
the recent years and CGIPL's exposure to the inherent cyclicality
of the steel industry, which is likely to keep the company's
profitability and cash flows volatile.

Incorporated in 2004, the company was acquired by the Raipur
based Vaswani group in October, 2010. CGIPL is engaged in the
manufacturing of MS Beam, Angles Channels and H-Beams, with an
installed capacity of around 60,000 MTPA of steel structurals.
CGIPL also works as a conversion agent for Steel Authority of
India Limited (SAIL). The flagship company of the group, Vaswani
Industries Limited (VIL) holds around 40% of the equity shares in
CGIPL. The Vaswani group on a consolidated level, has production
facilities for sponge iron, billets, steel structurals, power and
steel castings with annual capacities of 90,000 MT, 36,000 MT,
60,000 MT, 11.50 MW and 12,000 MT respectively.

Recent Results
In 2014-15, as per the audited financial statements, CGIPL
reported an operating income of INR103.89 crore and a net loss of
INR13.35 crore, as against an operating income of INR90.61 crore
and a net profit of INR0.05 crore in 2013-14. During the first
nine months in 2015-16, the company reported an operating income
of INR75.63 crore and a profit before tax of INR0.32 crore.


CHHATRAPATI SAMBHAJI: ICRA Assigns B+ Rating to INR26.02cr Loan
---------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to INR23.33 crore long term
fund based CC limits, INR26.02 crore long term fund based term
loan limits and INR0.65 crore long term unallocated facilities of
Chhatrapati Sambhaji Raje Sakhar Udyog Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund
   based CC Limits       23.33        [ICRA]B+ assigned

   Long term, Fund
   based Term Loan
   limits                26.02        [ICRA]B+ assigned

   Long term,
   unallocated            0.65        [ICRA]B+ assigned

The assigned rating takes into consideration long standing
experience of promoters in the sugar industry and ability of the
management to procure sugarcane from non command area on account
of wider spread of the shareholder suppliers. Forward integrated
operations with the co-generation unit provide additional source
of revenue and partially protect the cyclicality inherent in the
sugar industry though the contribution of the co-generation
remains limited due to modest scale. Further, lack of distillery
restricts the level of forward integration for the mill. The
assigned rating derives some comfort from increasing domestic
sugar prices over last four to five months, given the lower sugar
production scenario due to inadequate cane availability and lower
crushing levels. ICRA also takes into account government support
in the form of soft loans to repay cane arrears, where the
company has received an amount of INR4.40 crore and is supporting
the liquidity position of the company to some extent.

The rating however, is constrained by stretched financial risk
profile of the company as reflected in low profitability margins
due to unfavorable contribution margins, high debt levels due to
working capital intensive operations and resultant weak debt
coverage indicators. Declining sugar realizations during FY15
coupled with high cane costs impacted financial performance
during the fiscal. Additionally, it has also given rise to
significant inventory levels in anticipation of recovery in sugar
prices. Though the prices have recovered to some extent in the
recent past, the cane availability and resultantly sugar
production remained moderate in the current year. The rating
continues to be constrained by the high regulatory intensity
associated with the sugar industry and the vulnerability of the
sugar operations to agro climatic risks. The company also remains
vulnerable to cyclicality inherent in the industry as the
operations are not integrated with distillery while the co-
generation unit capacity is primarily used for captive purpose.
Going forward, sustainable recovery in sugar prices and adequate
working capital management will be the key ratings sensitivities
from the credit perspective.

Incorporated in 2000, Chhatrapati Sambhaji Raje Sakhar Udyog
Limited (CSRSUL) has current crushing capacity of 1250 TCD. The
company has more than 6500 cane producing members .The company
command area spans Aurangabad Taluka of Aurangabad District of
Maharashtra with suppliers also located in adjoining tehsils of
nearby Jalna and Beed districts The company also operates a 6 MW
co-generation unit.

Recent Results

CSRSUL has reported OPBDIT of INR8.23 crore and PAT of INR0.54
crore in FY15 on an operating income of INR68.91 crore.


CHOUKSEY ENTERTAINMENT: ICRA Suspends B/A4 Rating on INR6cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 rating for the INR6.00 Crore
bank facilities of Chouksey Entertainment Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


DAYANAND TEXTILE: ICRA Suspends B+ Rating on INR7.44cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR7.44 Crore bank
facilities of 'Dayanand Textile Industries Private Limited'. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


DIAMOND CONSTRUCTION: ICRA Suspends B+ Rating on INR12cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR1.50 crore long term fund based and INR12.00 crore non
fund  based  facilities  of Diamond Construction Company.  The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


GLOBAL ART: ICRA Suspends B+ Rating on INR13cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR13.00 Crore
bank facilities of 'Global Art Exports'. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


HIM CABLEWAYS: ICRA Suspends B Rating on INR6.82cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR6.82 crore fund based bank facilities of Him Cableways.
ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR2.00 crore non fund based facilities of Him
Cableways. ICRA has also suspended the long term/short term
rating of [ICRA]B/A4 assigned to the INR1.35 crore unallocated
limits of Him Cableways. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


HITECH HYDRAULICS: ICRA Assigns B+ Rating to INR3.95cr Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR3.95
crore fund based limits ,Rs.3.00 crore non fund based limits and
INR3.05 crore unallocated limits of Hitech Hydraulics.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits         3.95       [ICRA]B+ assigned
   Non fund based limits     3.00       [ICRA]B+ assigned
   Unallocated limits        3.05       [ICRA]B+ assigned

The assigned rating is constrained by the modest scale of
operations and high client concentration risk with the firm
deriving over 70% of revenues from DRDL (Defence Research
Development Laboratory) in FY2015. The rating also considers high
sector concentration risk with defence sector accounting for
majority of the firm's revenues and the risk associated with the
partnership nature of the business.

The rating, however, draws comfort from the longstanding
experience of promoters in aerospace and mechanical engineering
industry; established position of HH as a recognized vendor in
the aerospace and defense sector to reputed clientele such as
Defence Research Development Laboratory (DRDL), Bharat Dynamics
Limited (BDL), Defence Research Development Organization (DRDO),
Bharat Heavy Electricals Limited (BHEL), Hindustan Aeronautical
Limited etc., and long standing relationships with clients as
demonstrated by repeat orders. ICRA also notes the favourable
demand outlook on the back of government spending on defence
sector and indigenization of defence production.
Going forward, the ability of the firm to improve its scale of
operations, maintain the profitability, and manage its working
capital requirements effectively will be key rating sensitivities
from credit perspective.

Hitech Hydraulics (HH, the firm) was incorporated in the year
1997 by Mr.A.Srinivasa Rao & Mr.K.Rama Mohan Rao. The firm is
involved in the business of manufacture of various Hydraulics &
Pneumatics systems for the aerospace and defence sector. The firm
has a manufacturing unit in IE Kukatpally, Hyderabad. HH's
clients include many reputed players like Defence Research
Development Laboratory, Bharat Dynamics Limited, Bharat
Electronics Limited, Hindustan Aeronautical Limited, Brahmos
Aerospace Private Limited etc.

Recent Results
HH has reported an operating income of INR15.04 crore and net
profit of INR0.96 crore in FY2015 as against an operating income
of INR10.23 crore and net profit of INR0.67 crore in FY2014.


JANAKI COTTON: ICRA Suspends B- Rating on INR7.10cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR7.10 crore
term loan facilities and INR3.00 crore fund based facilities of
Janaki Cotton Mills Limited. ICRA has also suspended the short-
term of [ICRA]A4 assigned to the INR0.9 crore fund based
facilities and INR3.00 crore non-fund based facilities of the
entity.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


KOSHIYA ENTERPRISE: CRISIL Cuts Rating on INR150MM Term Loan to D
-----------------------------------------------------------------
CRISIL has downgraded the rating of the long-term bank facility
of Koshiya Enterprise (KE) to 'CRISIL D' from 'CRISIL B+/Stable'.
The rating downgrade reflects KE's delays in servicing interest
payments with delays of around 50 days owing to stretched
liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                150       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating also reflects susceptibility of KE's operating
performance to timely execution of the project and flow of
customer advances from current and future bookings, and
sensitivity of the project to cyclicality in the real estate
sector. These weaknesses are mitigated by the partners' extensive
experience in the real estate business and comfortable maturity
profile of debt availed of for project completion.

KE is a partnership firm established in October 2012 by the
Koshiya family based in Surat. The firm, owned by the KStar
group, is a special-purpose vehicle floated for construction of a
real estate project, The Candlewood, in Katargam, Surat.


KSP INDUSTRIES: Weak Financial Strength Cues ICRA SP 3D Grading
---------------------------------------------------------------
ICRA has assigned a 'SP 3D' grading to KSP Industries indicating
the 'Moderate Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake off-grid solar
projects. The grading is valid for a period of two years from the
date of assignment of grading i.e. till March 29, 2018 after
which it will be kept under surveillance.

Grading Drivers

Strengths
* Experience of the promoters in the electrical and power sector
* Low gearing and healthy debt coverage indicators

Risk Factors
* Small scale of operations
* Low net worth base
* Modest outstanding order book at INR0.40 crore for solar as
   on March 2016

Fact Sheet
Year of Formation
2008
Office Address
Plot No. C-26, MIDC, Parbhani 431 401
Proprietor
Mrs. Sunita Pandurang Gadade

Incorporated in 2006 and promoted by Mrs. Sunita Pandurang
Gadade, KSPI Industries is engaged in manufacturing of solar
based street lights, power packs, home lighting systems, pumps,
lanterns, educational kits, etc. The firm is an ISO 9001:2008
certified and primarily undertakes tender based orders for
Government and semi government entities in Maharashtra.

SI Related Business - High Performance Capability

Promoter Track Record: Incorporated in 2006 with the operations
starting in 2011, the firm till date has executed solar projects
to the extent of around 600 kw of solar street lightings, pumps,
power packs, home lightings, lanterns, etc. The promoters have a
proven track record with experience of more than 18 years in the
electrical and power solutions domain with group companies
involved in manufacturing of batteries and executing electrical
projects as well.

Technical competence and adequacy of manpower: The key promoter,
Mr. P. V. Gadade has an experience of 18 years in the power
solutions domain. The firm has technically qualified and
experienced personnel on board. The firm's manpower base is
adequate given the current scale of operations.

Quality of suppliers and tie ups: The firm procures panels mainly
from PV Power Technologies Private Limited and Akshay Solar Power
(India) Private Limited. Inverters and other electrical supplies
are sourced from Olympus Power Private Limited whereas the solar
submersible pumps are procured from PALP Technologies. Batteries
are sourced mainly from a group company, Kalpit Enterprises.
Independent feedback obtained from the suppliers has been
satisfactory.

Customer and O&M Network: The firm has served various government
and semi-government clients in the past. The firm undertakes
operations and maintenance for a period of one to five years
based depending on the terms of contract. The O&M services are
carried out quarterly by the firm. The firm provides a warranty
of twenty years for the modules, five years for battery and one
year for other electronic items.


LAXMI RICE: ICRA Reaffirms B Rating on INR14.80cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR14.80 crore fund based bank facilities of Laxmi Rice Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Long Term              14.80       [ICRA]B; reaffirmed

The rating reaffirmation takes into account the flat trends in
LRM's operating income in FY2015, which has however shown
improvement in FY2016. In FY2015, a decline in realizations
offset a moderate growth in volumes. The firm's operating margins
also saw some erosion in FY2015 due to overall weakening of rice
prices.

ICRA's rating continues to take into account the firm's moderate
scale of operations, highly competitive nature of the rice
milling industry and the vulnerability of the firm's
profitability to fluctuations in raw material prices. The firm
has high gearing due to substantial debt funding of working
capital requirements, coupled with declining profitability, which
has resulted in weak coverage indicators. The ratings also
factors in the firm's high working capital intensity, with
NWC3/OI4 of 52% in FY2015 due to stocking of paddy at the year
end. ICRA also takes note of the agro climatic risks to which the
firm is exposed, which can impact the availability of paddy.
However this risk is partially offset by the proximity of the
mill to major rice growing areas which results in easy
availability of paddy. The rating also favorably takes into
account the growth in turnover in the past few years and
extensive experience of the promoters in the rice industry.
Going forward, the firm's ability to ramp up its scale of
operations, and optimally manage its working capital cycle so as
to bring about a sustained improvement in its capital structure
and coverage indicators, will be the key rating sensitivities.

LRM is a partnership concern which came into existence in 2009.
Presently the firm has two partners viz. Mr. Darshan Lal Garg and
Mrs. Anita Rani. The firm is primarily engaged in the business of
milling and processing of rice and has an installed milling
capacity at Muktsar, Punjab of 8 tonnes per hour of paddy and a
sorting capacity of 6 tonnes per hour of rice.

Recent Results
LRM reported a net profit of INR0.35 crore on an operating income
of INR40.57 crore for 2014-15, as compared to a net profit of
INR0.28 crore on an operating income of INR40.15 crore for the
previous year.


M.V. WAGHADKAR: ICRA Suspends B+ Rating on INR8.50cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding
on the INR8.50 crore long term fund based facilities of M.V.
Waghadkar & Sons Jewellers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MAHESHWARI FABTEX: CRISIL Assigns B+ Rating to INR57.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Maheshwari Fabtex Private Limited (MFPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             57.5       CRISIL B+/Stable
   Term Loan               42.5       CRISIL B+/Stable

The rating reflects the company's small scale of operations in
the highly competitive and fragmented textile trading industry,
and below-average financial risk profile because of a small net
worth, high gearing and modest debt protection metrics. These
rating weaknesses are partially offset by its promoter's
extensive industry experience and established relationship with
reputed clients, providing a sustainable revenue base.
Outlook: Stable

CRISIL believes MFPL 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
improvement in scale of operations while profitability is
maintained, leading to higher-than-expected cash accrual, along
with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of larger-than-
expected working capital requirement or lower-than-anticipated
cash accrual, weakening liquidity.

MFPL was incorporated in 2002, promoted by the Khator family. Its
operations are managed by Mrs. Bina Devi Khator and her nephew,
Mr. Praful Khator. The company primarily trades in grey and
shirting fabric. In 2009, it also began undertaking job work for
local dealers and traders, wherein it processes grey fabric from
yarn. Its manufacturing unit is in Bhiwandi, Thane, while its
head office is in Mumbai.


MALWA AUTO: CRISIL Reaffirms B+ Rating to INR80MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Malwa Auto
Sales Private Limited (MAPL) continues to reflect MAPL's weak
financial risk profile, marked by leveraged capital structure and
moderate interest coverage ratio, and moderate scale of
operations in the intensely competitive auto dealership industry.

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

These rating weaknesses are partially offset by the benefits that
MAPL derives from its promoters' extensive experience in the
automotive dealership business and sole-authorised
distributorship of Hyundai Motors India Ltd (HMIL) in Sonipat
(Haryana).
Outlook: Stable

CRISIL believes that MAPL will benefit over the medium term from
its promoters' extensive experience in automobile dealership
business and established relationship with its principal, HMIL.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves on account of substantial
accruals, led by improvement in scale and operating
profitability. Conversely, the outlook may be revised to
'Negative' if MAPL's working capital management weakens further
or it undertakes any debt-funded capital expenditure plans,
leading to further deterioration in its overall financial risk
profile.

MAPL was incorporated in 2002, promoted by Mr. Nitin Sharma and
his family members. The company commenced its operations in 2009
with dealership agreement of HMIL. Currently, MAPL is the sole
authorised automobile dealer for HMIL in Kundli, Sonipat, Gohana,
and Gannaur (all in Haryana). MAPL has three showrooms in 3S
format and one outlet.


MITTAL COT: ICRA Reaffirms B Rating on INR4.0cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR6.50 crore fund based bank facilities of Mittal Cot Fibers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B; reaffirmed
   Term Loan             2.50        [ICRA]B; reaffirmed

ICRA's ratings continue to take into account MCF's moderate scale
of operations and the highly competitive and fragmented nature of
the cotton industry marked by the presence of a large number of
cotton mills present in the vicinity. This coupled with the low
value additive nature of the work, seasonality of the cotton
ginning industry and volatility in raw material prices is
expected to impact the profitability margins of the firm. ICRA
also takes note of the low capacity utilization of the firm on
account of the seasonal nature of the cotton ginning industry and
the commencement of operations in December 2014. The ratings also
factor in the firm's exposure to regulatory risks, with regards
to Minimum Support price (MSP) for raw cotton, as well as
imposition of any restriction on cotton exports by the Government
of India (GOI), which may impart volatility to the cash flows of
the firm. The rating, however, favorably factors in the extensive
experience of the promoters in the cotton ginning industry, and
existing relationships with customers. Further, ICRA also notes
the proximity of the manufacturing units to the cotton producing
belt of Madhya Pradesh, resulting in easy access to raw material
and reduction in transportation costs and agent commission.

In ICRA's view, the ability of the firm to ramp up its scale of
operations while maintaining healthy profitability shall be the
key rating sensitivities.

MCF is a partnership concern, incorporated in June 2014, and has
been promoted by Mr. Mahesh Kumar Mittal and his brothers; the
partners have been associated with the cotton ginning and trading
business for more than two decades. The firm manufactures lint
from kapas (raw cotton) and undertakes pressing operation to
produce cotton bales. Cotton seed, which is a by-product of the
ginning operation, is sold to oil extraction units. The firm's
manufacturing facility is located at Sendhwa, Madhya Pradesh and
is equipped with 24 ginning mills and 1 press with a total
ginning capacity of 16,906 metric tons per annum (MTPA).

Recent Results
MCF reported a net profit of INR0.08 crore on an operating income
of INR5.79 crore for the year ended March 31, 2015. The firm
reported, on a provisional basis, an operating income of ~Rs 19
crore for the eleven months ended February, 2016.


MUNEER ENTERPRISES: ICRA Suspends B+ Rating on INR7.25cr Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to INR7.25
crore long-term rating fund based facilities of Muneer
Enterprises Private Ltd. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


NAAZ LIFESTYLE: ICRA Suspends B- Rating on INR6.0cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.0
crore term loan facilities and the INR2.0 crore long term fund
based facilities of M/s Naaz Lifestyle. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


NESTOR PHARMACEUTICALS: ICRA Reaffirms C+ Rating on INR51cr Loan
----------------------------------------------------------------
ICRA has reaffirmed its [ICRA]C+ rating on the INR51.00 crore
bank facilities of Nestor Pharmaceuticals Limited. ICRA has also
reaffirmed its short term rating of [ICRA]A4 on the INR16.00
crore non fund based limits. The unallocated long term/short term
ratings for INR8.00 crore have been reaffirmed at
[ICRA]C+/[ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based
   Facilities (CC)       51.00      [ICRA]C+; Reaffirmed

   Non Fund Based
   Facilities (LC/BG)    16.00      [ICRA]A4; Reaffirmed

   Unallocated LT/ST      8.00      [ICRA]C+/[ICRA]A4; Reaffirmed

The rating reaffirmation takes into account the continuing
consolidated net losses for NPL in 2014-15 which was substantial
on account of the weak performance of its UK subsidiary. The
ratings also factor in the high working capital intensity of the
company with NWC/OI1 at 33.7% as on March 31, 2015, although it
has improved due to moving ahead with distribution model for
supplying products in the African market. ICRA also takes note of
the closure of the company's UK manufacturing operations, which
had a total external debt of INR21.57 crore, the repayment of
which could lead to further stress on the company's liquidity.
ICRA has factored in the company's stretched financial risk
profile with high gearing and weak debt coverage indicators.
However, the ratings positively factor in the long experience of
the promoters in the formulation business, healthy growth in the
formulations business and the company's diversified geographic
presence. The rating also takes note of improvement in the
operating margins in 2014-15, and the change in the depreciation
clause as well as impairment of investments which led to net
losses in 2014-15. The ratings also factor in the company's
healthy order book from the domestic government supplies
business.

Going forward, the ratings would remain sensitive to NPL's
ability to increase its profitability and manage its liquidity
position and continued support from promoters.

Incorporated in 1975 by the Sehgal family, NPL manufactures and
markets a wide range of branded and generic formulations. Nestor
has two umbrella brands under which products are marketed
globally 'Nestor' which is an established brand and 'Steriheal'
which is being developed as a 'hygiene for health' brand.

Recent Results
In 2014-15, NPL reported a standalone operating income (OI) of
INR130.8 crore and net losses of INR1.4 crore as against an OI of
INR108.5 crore and net losses of INR3.2 crore in the previous
year. In 2014-15, NPL reported a consolidated OI of INR130.9
crore and net losses of INR8.9 crore as against an OI of INR117.7
crore and net losses of INR12.6 crore in the previous year.


OM SAI: CRISIL Raises Rating on INR19MM LT Loan to B+
-----------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Om Sai Aqua (OSA) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'. The rating on the short-term facility has been
reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting          70       CRISIL A4 (Reaffirmed)

   Cash Credit               15       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Long Term Loan            19       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term         8.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that OSA's business and
financial risk profiles will continue to improve over the medium
term, marked by an increase in profitability. On account of
equity infusion in 2014-15 (refers to financial year, April 1 to
March 31), the dependence on bank limits has reduced resulting in
improvement in the debt protection metrics. Improved
profitability, coupled with lower interest costs, has supported
the financial risk profile. The ratings continue to reflect OSA's
average financial risk profile, because of small net worth,
modest scale of operations, and its susceptibility to volatility
in raw material prices. These weaknesses are partially offset by
the extensive experience of the proprietor in the feed industry.
Outlook: Stable

CRISIL believes OSA will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if revenue and profitability
increase substantially, leading to improvement in the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the firm undertakes aggressive debt-funded
expansion, or if revenue and profitability decline substantially,
leading to weakening of the financial risk profile.

OSA is a proprietary firm set up in 2000 by Mr. B Venkateshwarlu.
The firm manufactures fish meal, shrimp head meal, and fish oil,
which are intermediary products used in manufacturing aqua feed.

During 2014-15 (refers to financial year, April 1 to March 31),
profit after tax (PAT) was INR1.25 million on revenue of
INR230.33 million against PAT of INR0.74 million on revenue of
INR294.66 million in 2013-14.


OSWAL KNIT: ICRA Suspends C/A4 Rating on INR38cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]C/A4 ratings for the INR38.00 Crore
bank facilities of 'Oswal Knit India Limited'. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


P. DASARATHARAMA: ICRA Assigns B+ Rating to INR2.0cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR2.00
crore1 fund based cash credit limit and a short-term rating
assigned of [ICRA]A4 to the INR8.00 crore non fund based limits
of P. Dasaratharama Reddy.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                2.00         [ICRA]B+ ; assigned

   Non Fund Based        8.00         [ICRA] A4 ; assigned

The ratings take into consideration the high growth in revenue in
FY2015, the healthy order book position for the firm, and the
comfortable debt and coverage indicators for the firm in FY2015.
The ratings also consider the low working capital intensive
nature of operations leading to comfortable liquidity position
which will be further supported by the enhancement in the cash
credit facility availed by the firm. The ratings continue to
factor in the experience of the promoters in executing civil
contract work for the road, irrigation and other infrastructure
projects.

The ratings are, however, constrained by the highly competitive
and fragmented nature of industry which keeps profitability under
check. The rating take into account the high sectoral
concentration towards irrigation projects along with high
customer and geographic concentration. Further, business growth
is dependent upon the ability to successfully bid for tenders.
The ratings also incorporate the risks arising due to the
partnership nature of the firm and the labor intensive nature of
the business, with mobilization of semi-skilled laborers being
the key in scaling up operations.

P. Dasarathama Reddy is a partnership firm established in the
year 1998 and is operating as a class I civil contractor mostly
for government departments in Karnataka. They are engaged in the
business of construction of canals, roads and bridges. At present
the firm is managed by three partners, namely Mr. Krishna Reddy,
Mr. Dinesh Reddy and Mrs. Bhavani.

Recent Results
The firm reported an operating income of INR29.52 crore and a
profit after tax of INR1.86 crore during FY2015, as compared to
an operating income of INR3.06 crore and a profit after tax of
INR0.23 crore during FY2014.


P.K. & COMPANY: ICRA Suspends B+ Rating on INR27cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.50 crore fund based bank facility and INR27.00 crore
non-fund based bank facility of P.K. & Company. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the entity.


PADMAVATHI COTTON: ICRA Assigns B Rating to INR11cr LT Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR11.00
Crore fund based limits of Padmavathi Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          11.00        [ICRA]B; Assigned

The rating assigned is constrained by the modest scale of the
firm given its nascent stages of operation and stretched capital
structure owing to debt funded capital expenditure incurred by
the firm. The rating is also constrained by the fragmented nature
of industry with weak entry barriers limiting the ability of the
firm to pass on the any adverse price movements. The rating also
factors in susceptibility of profitability to fluctuations in raw
material prices, and agro climatic risks which could impact raw
material availability.

However, the rating draws comfort from the location of the mill
in the proximity to key cotton growing areas of Telangana and
Andhra Pradesh resulting in easy procurement of raw materials.
The rating also factors in the experience of promoters in the
cotton sales and ginning business for over two decades.

Going forward, the ability of the firm to increase its scale of
operations, improve profitability and service its debt timely
would be the key rating sensitivities.

Padmavathi Cotton Industries (PCI), located at Chintapally mandal
in Nalgonda district of Telangana, has been established as a
partnership firm in March 2015 and started its operations on 28th
January 2016. Mr. Ganta Narayana Reddy and Mr. Ganta Rajashekar
Reddy are the Managing Partners of the firm. Mr. Narayana Reddy
has over 2 decades of experience in Cotton trading business. The
ginning facility includes 48 double roller gins, an auto pressing
unit and an auto feeder unit. The installed processing capacity
of the unit is ~351,000 kappas per annum.


PARK CONTROLS: ICRA Withdraws B+ Rating on INR5cr Loan
------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR5.00 crore fund based facilities of Park Controls and
Communications Private Limited which was under notice of
withdrawal. The rating is withdrawn as the period of notice of
withdrawal is completed.


POOJA SPONGE: CRISIL Reaffirms D Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pooja Sponge Private
Limited (PSPL) continue to reflect the instances of delay by PSPL
in servicing its debt; the delays have been caused by the firm's
weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL D (Reaffirmed)
   Letter of Credit         40        CRISIL D (Reaffirmed)
   Term Loan                70        CRISIL D (Reaffirmed)

PSPL also has working capital-intensive operations and a weak
financial risk profile because of high gearing and small
networth. The company, however, benefits from the promoters'
extensive experience in the iron and steels industry.

PSPL was incorporated in 2002 in Rourkela (Odisha). It was
promoted by Odisha-based Gupta family. In 2006, the company was
acquired by the Agarwal family. PSPL manufactures sponge iron at
its facility in Rourkela, which has a kiln capacity of 200 tonnes
per day. The company also trades in steel flat and long products.
The operations are managed by its director, Mr. Kavit Agarwal.


PRAHLADRAI & CO: ICRA Suspends D Rating on INR6.45cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR6.45 crore fund based bank facilities of Prahladrai & Co.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RADIANT LUBES: CRISIL Reaffirms B Rating on INR137.5MM Loan
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Radiant Lubes Private
Limited (RLPL) continue to reflect the company's below-average
financial risk profile and large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the petrochemicals and polymer
trading segments. The ratings also reflect the company's stable
business risk profile on the back of its established
relationships with suppliers and customers.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          52.5      CRISIL A4 (Reaffirmed)
   Bill Discounting        30        CRISIL A4 (Reaffirmed)
   Cash Credit            137.5      CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has treated an unsecured loan
of INR19.8 million extended to RLPL by its promoters as on
March 31, 2015 as neither debt nor equity. This loan is
subordinated to bank debt and is expected to be retained in the
business.
Outlook: Stable

CRISIL believes that RLPL will maintain its stable business risk
profile over the medium term, on the back of its established
relationships with suppliers and customers, and the promoters'
experience in the petrochemicals and polymer trading segments.
The outlook may be revised to 'Positive' if the company improves
its profitability or receives an equity infusion leading to a
substantial improvement in its capital structure and debt
protection metrics. The outlook may be revised to 'Negative' if
RLPL's revenue growth reduces or in case of a significant decline
in its profitability, or an increase in its working capital
requirements.

RLPL is a private limited company, incorporated in Nagpur
(Maharashtra) in 2000; it was founded by Mr. Deepak Bharadwaj and
Mr. Vijay Jindal. The company refines petrochemicals, recycles
oils, and trades in polymers, and is a del-credre agent for
Indian Oil Corporation Ltd. RLPL has a manufacturing unit in
Nagpur.


RAMNANDI ESTATE: CRISIL Cuts Rating on INR50.4MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ramnandi Estate Private Limited (REPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50.4      CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan                49.3      CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects delays by the company in repayment
of it term loan. The delays are on account of weak liquidity.

REPL is in an initial stage of operations and has yet to
establish a track record of sustained operating income and
profitability. Furthermore, it is exposed to intense competition
in the automobile dealership industry. However, the company
benefits from its promoters' extensive industry experience and
its dealership of Hyundai Motor India Ltd (HMIL).

Incorporated in August 2011, REPL is promoted by Mr. Akhouri
Gopal. The company is the sole authorised dealer of HMIL
passenger vehicles in the Gaya district of Bihar. It has one
showroom-cum-workshop in Gaya.


RELCOM TECHNOLOGY: ICRA Reaffirms B Rating on INR6.75cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR11.75 crore1
(enhanced from INR10.75 crore) fund based bank facilities of
Relcom Technology Private Limited at [ICRA]B (pronounced ICRA B).
ICRA has also reaffirmed its short term rating on the INR1.0
crore non-fund based bank facilities of RTPL at [ICRA] A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund
   Based Facilities
   Cash credit           5.00       [ICRA]B; Reaffirmed

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

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

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

An increase in the company's scale of operations, whilst
maintaining its profitability indicators and improvement in the
capital structure will remain key rating sensitivities.

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

Recent Results
In FY2015, RTPL recorded a net profit of INR0.19 crore on an
operating income of INR27.05 crore, as against a net profit of
INR0.60 crore on an operating income of INR35.41 crore in the
previous year.


RELIABLE INFRASTRUCTURE: CRISIL Cuts Rating on INR50MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Reliable Infrastructure Private Limited (RIPL) to 'CRISIL D' from
'CRISIL B-/Stable.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Proposed Long Term         9       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B-/Stable')

   Term Loan                 11       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The delays have been on account of weak liquidity due to delays
in realization from its customers.

The rating also reflects RIPL's modest scale of operations in the
intensely competitive and cyclical stone-crushing business.
CRISIL's rating also factors in the company's weak financial risk
profile, marked by its small net worth, high gearing, and weak
debt protection metrics. These rating weaknesses are partially
mitigated by the extensive experience of RIPL's promoters in the
construction materials segment.

RIPL was set up in 2008 in Mumbai, by Mr. Preetpal Singh Kohli,
and Mr. Aslam Khan. The company began commercial activities in
July 2012. RIPL mines and crushes stone aggregates, and has a
quarry in Khopoli. Mr. Preetpal Singh Kohli has been engaged in
the construction sector for more than a decade through group
entities including Rheoplast Technology Pvt Ltd, which
manufactures construction chemicals; and AZ Techno Engineering
Services Pvt Ltd which provides project management services.


ROHIT FABTEX: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA] B+ to the INR7.00 crore
fund based facility of Rohit Fabtex.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term- Fund
   Based Limits           7.00        [ICRA]B+; reaffirmed

ICRA's rating is constrained by Rohit Fabtex's moderate scale of
operations and its working capital intensive nature of
operations, resulting in adverse capital structure and stretched
liquidity. The rating also takes into account the vulnerability
of the firm's profitability to fluctuations in raw material
prices and the intensely competitive nature of the industry which
exerts pressure on the firm's operating margins. The rating is
further constrained by risks associated with the constitution of
the firm as a proprietorship form of business, which exposes it
to risks of capital withdrawal, dissolution etc. However, the
rating favourably takes into account the extensive experience and
the long track record of the promoters in the textile industry
and the favourable location of the plant at Balotra, Rajasthan
which is a hub for processing of poplin fabric.

The firm's ability to increase its scale of operations, improve
its profitability and efficiently manage its working capital
cycle will be the key rating sensitivities.

Rohit Fabtex was established as a proprietorship firm in 2010 by
Mr. Kishorilal Singhvi to carry out processing of fabric. The
unit of the firm at Balotra, has an installed capacity of ~40,000
meters per day, to produce poplin fabric.

Recent Results
In FY2015, RF recorded a net profit of INR0.90 crore on an
operating income of INR49.06 crore, as against a net profit of
INR0.76 crore on an operating income of INR46.32 crore in the
previous year.


RUKMANI INFRA: ICRA Assigns D Rating to INR22cr Bank Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR15.39
crore term loans, INR10 crore cash credit and INR4.61 crore
unallocated limits of Rukmani Infra Projects Private Limited.
ICRA has also assigned a short term rating of [ICRA]D to the
INR22 crore non fund based bank facility of RIPPL. The above
unallocated limits of INR4.61 crore have also been rated at
[ICRA]D on the short term scale.


                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit
   Term Loans              15.39      [ICRA]D assigned

   Fund Based Limit
   Cash Credit             10.00      [ICRA]D assigned

   Non Fund Based
   Limit-Bank Guarantee    22.00      [ICRA]D assigned

   Unallocated Limits       4.61      [ICRA]D/[ICRA]D assigned

The assigned ratings take into account RIPPL's recent delays in
timely servicing of debt obligations and the stretched liquidity
profile on account of significant receivables and inventory built
up. The ratings are constrained by its weak financial risk
profile as reflected by declining turnover, net losses,
unfavourable capital structure and depressed debt coverage
indicators. The ratings also take into account the exposure of
the company to execution risks arising from regulatory changes,
political as well as bureaucratic interventions, which has
resulted in slowdown in execution of contracts in the past too.
RIPPL's operations have been severely impacted by the coal
allocation scam (Coalgate) in 2012 due to which the execution of
various projects was put on hold. The ratings continue to be
constrained by the fragmented structure of the industry coupled
with a tender based contract awarding system leading to intense
competition from a large number of players, which puts pressure
on margins.

The ratings also factor in the geographical concentration risks
arising from operations being concentrated primarily in the state
of Orissa. RIPPL also remains exposed to the volatility in raw
material prices; though presence of price escalation clause in
some contracts mitigates such risks to an extent. The ratings
factor in the established track record of the company in the
industry, with an experience of more than two decades, and a
reputed client profile that reduces counterparty risks to a large
extent. ICRA notes that the proposed diversification through
execution of civil construction and electrification work
contracts is likely to reduce the exposure to demand volatility
and competition in any particular segment going forward, the
ability to diversify successfully into other segments would
remain critical to sustainability of its revenue. The ratings
also factor in RIPPL's current order book position of around
INR99.70 crore (including letter of intent received for rural
electrification work), which provides revenue visibility over the
near to medium term. In ICRA's opinion, the ability of the
company to manage its working capital requirements efficiently
and servicing its debt obligations in a timely manner would
remain key rating sensitivities going forward.

Established in 2003 as a sole proprietorship concern, Rukmani
Engineering Works was reconstituted as a partnership firm in 2005
and derived its present status as a private limited company in
2008. RIPPL is primarily engaged in fabrication, erection and
maintenance of heavy structures for thermal power plants and
steel plants on job work basis for various public and private
sector undertakings. It is also engaged in providing job work for
erection of boilers and its auxiliaries, fabrication & erection
of pipes, tanks etc. In the recent years, the company has also
started participating in tenders for undertaking electrification
and civil construction work like construction of roads and
bridges etc. The company has its own fabrication yard at Angul,
Orissa.

Recent Results
In 2014-15, RIPPL reported a net loss of INR6.79 crore on an
operating income (OI) of INR28.17 crore as compared to a profit
after tax (PAT) of around INR0.46 crore on an OI of INR53.02
crore in 2013-14.


S.R. CHADDHA: ICRA Suspends B+ Rating on INR19.50cr Loan
--------------------------------------------------------
S.R. Chaddha Industries Limited ICRA has suspended the [ICRA]B+
ratings for the INR19.50 Crore bank facilities of S.R. Chaddha
Industries Limited.

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


S.V. ELECTRONICS: CRISIL Reaffirms B+ Rating on INR90MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.V. Electronics
Limited (SVEL) continue to reflect the company's large working
capital requirement, below-average financial risk profile because
of small net worth, moderate total outside liabilities to
tangible net worth ratio, and weak debt protection metrics, and
exposure to intense competition.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by SVEL's established
position in the computer hardware, peripherals, and accessories
market in Telangana and Andhra Pradesh, supported by promoters'
extensive experience.
Outlook: Stable

CRISIL believes SVEL will continue to benefit over the medium
term from its established regional position and promoters'
extensive experience. The outlook may be revised to 'Positive' in
case of substantial and sustained improvement in revenue, and
profitability margins or net worth due to sizeable infusion of
equity by promoters. Conversely, the outlook may be revised to
'Negative' if profitability margins decline sharply, or capital
structure deteriorates because of larger-than-expected working
capital requirement or debt-funded capital expenditure.

Incorporated in 1999 and promoted by Mr. Venkateshwar Rao and his
family members, SVEL deals in computer hardware, peripherals, and
accessories and operates four retail stores in Hyderabad and one
in Visakhapatnam.


SHRI SIDDHBALI: ICRA Assigns 'B' Rating to INR5.81cr Loan
---------------------------------------------------------
ICRA has assigned its [ICRA]B rating to INR6.00 crore fund based
and proposed limits of Shri Siddhbali Agro Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based limits      5.81      [ICRA] B; assigned
   Unallocated
   (Proposed Limits)      0.19      [ICRA ]B; assigned

The rating is constrained by SSAI's limited track record of
operations, as it commenced operations in August 2015. The rating
is also constrained by the firm's limited product portfolio, with
high product concentration risk (~95% of sales from wheat seeds),
small scale of operations in a highly fragmented industry and its
exposure to agro-climatic risks. ICRA also takes note of the
firm's low net worth position and its partnership constitution
which exposes it to risks of withdrawal of capital, dissolution
etc. The rating however, draws comfort from the experience of the
promoter family in the trading and processing of seeds.

Going forward, the firm's ability to increase its scale of
operations in a profitable manner while maintaining optimal
working capital intensity, and diversify its product portfolio
will be the key rating sensitivities.

SSAI was established in 2015 as a partnership firm and is engaged
in the grading and processing of wheat and paddy seeds with an
installed capacity of 2 tonnes per hour, at its facility located
in Kashipur (Uttarakhand). The company is professionally managed
by Mr. Rahul Agarwal.

Recent Results
On a provisional basis, SSAI reported a profit after tax (PAT) of
INR0.07 crore on an operating income of INR6.51 crore for the
period August to December 2015.


SHYAM FIBERS: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shyam Fibers continues
to reflect the firm's small scale of operations, low operating
profitability, and susceptibility to volatility in cotton prices
and to intense competition in the cotton-ginning industry. The
rating also reflects the below-average financial risk profile
because of a weak capital structure. These weaknesses are
partially offset by the extensive industry experience of, and
funding support from, the proprietor.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable (Reaffirmed)
   Long Term Loan          15.1      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      10.9      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Shyam Fibers will continue to benefit over the
medium term from the proprietor's extensive industry experience
and funding support for ramping up operations at the new unit.
The outlook may be revised to 'Positive' in case of significant
improvement in revenue and profitability leading to a substantial
increase in cash accrual, along with capital infusion and
improved working capital management, resulting in a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if revenue or profitability declines, or if the
working capital requirements increase considerably, or if the
firm undertakes a large, debt-funded capital expenditure
programme, thus constraining liquidity and significantly
impacting its debt servicing ability.

Update
The commencement of operations at the new plant on November 2014
helped the firm achieve sales of INR99 million in 2014-15 (refers
to financial year, April 1 to March 31) against 14 million in
2013-14. The sales are estimated to improve to around INR150
million in 2015-16, which will be the first full year of
operations. The firm is expected to sustain operating margin
around 7 percent over the medium term.

The financial risk profile continues to remain below average with
net worth of INR7.8 million, gearing of above 5 times as on
March 31, 2015 and weak debt protection metrics in FY 15.
Liquidity continues to be stretched with cash accrual of around
INR4.8 million against repayment obligations of INR4.2 million in
FY 16. The bank limits remained moderately utilized by around 70
percent in the 12 months through January 2016.  The proprietor,
however, has supported liquidity with unsecured loans that stood
at INR15 million as on March 31, 2015.

Established in 2005, Shyam Fibers gins and presses cotton. It is
a sole proprietorship firm owned by Mr. Sumit Agrawal and is
managed by him with the help of his brother, Mr. Shyam Agrawal.
The firm operates a cotton-ginning and-pressing unit at Borad
village in Nandurbar district (Maharashtra) with total installed
capacity of around 250 cotton bales per day. Its capacity was
enhanced through the setting up of a new ginning unit, which
commenced operations in November 2014.


SREE GEETHANJALI: ICRA Assigns B+ Rating to INR8.75CR ST Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR7.00
crore1 fund based facilities and the INR0.25 crore unallocated
facilities of Sree Geethanjali Constructions. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR8.75 crore
non-fund based facilities of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund
   Based                  7.00      [ICRA]B+/Assigned

   Long-term
   Unallocated            0.25      [ICRA]B+/Assigned

   Short-term
   Non-fund based         8.75      [ICRA]A4/Assigned

The assigned ratings consider the small scale of operations of
the firm, limiting its economies of scale. SGC's high customer
and geographic concentration risks have also been considered,
with its entire order book comprising orders from the Andhra
Pradesh (AP) TRANSCO. The company faces project concentration
risks as well, with two projects accounting for over 80% of its
unexecuted order book as on September 30, 2015. The firm has
witnessed significant decline in operating income in FY13 and
FY14 owing to delays in project execution on the back of land
acquisition issues; however, operating income witnessed a sharp
growth in FY15 driven by higher order execution. The ratings also
remain constrained by the financial profile of the company,
characterized by stretched capital structure with gearing of 1.3x
and TOL/TNW of 3.0x as on March 31, 2015, moderate coverage
indicators and a stretched liquidity position as indicated by
high average utilization of working capital limits on the back of
significantly higher inventory and receivables.

The ratings, nevertheless, favourably factor in the experience of
the partners in the electrification of transmission lines
business and price escalation clauses for major raw materials
mitigating the risk of fluctuations in prices. Given the healthy
unexecuted order book to OI ratio of 2.1x for FY15 providing
revenue visibility over the medium term, timely execution of the
current order book, while managing its working capital
requirements effectively, would be SGC's key rating
sensitivities.

Sree Geenthanjali Constructions commenced its operations 1993 and
has been involved in execution of electrical turnkey projects,
supply Erection Testing Commissioning & Construction of sub-
stations and transmission lines from 33/11kv to 220kv, majorly
for lift irrigation and power projects and has executed projects
in Andhra Pradesh.

Recent Results
SGC reported an operating income of INR28.8 crore with a net
profit of INR2.1 crore in FY15 as against an operating income of
INR2.1 crore with a net profit of INR0.2 crore in FY14.


SURBHI FERRO: ICRA Reaffirms B Rating on INR11.30cr Loan
--------------------------------------------------------
ICRA has reaffirmed its rating on the INR15.00 crore bank
facilities of Surbhi Ferro Impex Private Limited at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital
   Limits                11.30        [ICRA]B; reaffirmed

   Unallocated            3.70        [ICRA]B; reaffirmed

ICRA's rating continues to take into account SFIPL's relatively
modest scale of operations on account of limited operational
track record and the company's high working capital intensity,
which has resulted in a stretched liquidity position, as
reflected in the consistently high utilization of working capital
facilities. This, coupled with the company's modest net worth has
led to high gearing levels (3.6 times as on March 31, 2015). The
rating is also constrained by the highly competitive and
fragmented nature of the industry, which along with the trading
nature of operations has resulted in low profitability
indicators, and declining operating and net profit margins in
2014-15. Further, the company's profitability remains vulnerable
to adverse movements in metal prices given the inventory levels
required to be maintained by it, and exchange rate fluctuation in
the absence of a hedging mechanism. However, ICRA draws comfort
from the long experience of the promoters in the ferrous and non
ferrous metal scrap trading business. The rating also derives
comfort from the continued support of the promoters as evidenced
by the infusion of equity and unsecured loans.

Going forward, the company's ability to increase its scale of
operations and improve its profitability will remain the key
rating sensitivities.

SFIPL was incorporated in 2010 by Mr. Rajesh Kumar Gadiya. The
company is engaged in trading in ferrous and non ferrous metal
scrap such as steel, brass, copper, zinc, aluminum etc.

Recent Results
In 2014-15, SFIPL reported operating income (OI) of INR47.1 crore
and a profit after tax (PAT) of INR0.15 crore, as compared to OI
of INR41.8 core and a PAT of INR0.15 crore in the previous year.


SWASTIK TRADERS: ICRA Reaffirms B+ Rating on INR3.0cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ to the
INR6.00 crore long term fund based and non fund based bank
facilities of Swastik Traders.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Fund
   Based Limits           3.0       [ICRA]B+ ;reaffirmed

   Long Term: Non-
   Fund Based Limits      3.0       [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the firm's healthy
revenue growth over the last few years and the satisfactory order
book position with healthy pending order book position as on
January 31st 2016 which provides revenue visibility over the
medium term, though the scale of operations is expected to remain
modest.

The rating is however constrained by the firm's stretched
liquidity position and modest cash accruals. The working capital
intensive nature of operations coupled with the requirement to
maintain security deposits with the government departments and
also margin funding for the performance guarantees issued, has
kept the funding requirements high. The assigned rating is also
constrained by the high customer and geographical concentration
with most of the orders being executed in the road construction
segment for MPRRDA (Madhya Pradesh Rural Road Development
Authority). As a result any delay in the execution of order or
tendering process could have an adverse impact on the top-line of
the firm. However, this reduces the counter-party credit risk as
most of the receivables are outstanding from government
departments. The assigned rating also takes into account the
proprietorship nature of the firm, which limits its financial
flexibility besides resulting in risk related to capital
withdrawal by the proprietor; and also the fragmented nature of
the industry which along with tender based system for orders,
limits the pricing flexibility. The rating also takes into
account the long track record of the firm in the road
construction business, which along with firm's registration as
class A contractor has resulted in regular repeat orders.

The ability to maintain the revenue growth by securing new orders
and improvement in the liquidity through infusion of long term
funds and managing the working capital cycle besides regular
enhancement in the working capital limits with revenue growth
would be the key rating sensitivities.

Swastik Traders was established as a proprietorship firm in 1986.
The firm is engaged in construction and maintenance of roads in
Madhya Pradesh with class A status which qualifies it to bid for
large value contracts across the state. The firm majorly executes
orders from Madhya Pradesh Rural Road Development Authority
(MPRRDA) which are awarded under the Pradhan Mantri Gram Sadak
Yojna (PMGSY).

Recent Results
In FY2015, ST recorded a net profit of INR0.97 crore on an
operating income of INR30.29 crore, as against a net profit of
INR0.47 crore on an operating income of INR17.29 crore in the
previous year.


SWASTIKA PRINTING: CRISIL Assigns B+ Rating to INR65MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Swastika Printing and Packaging (SPP) and has
assigned its 'CRISIL B+/Stable' rating to the long-term bank
facility.

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

The rating was previously suspended by CRISIL (see Rating
Rationale dated December 31, 2015) as SPP had not provided the
necessary information required for a rating review. SPP has now
shared the requisite information enabling CRISIL to assign the
rating to its bank facility.

The rating reflects SPP's modest scale of operations in the
fragmented packaging industry with exposure to raw material price
volatility and large working capital requirements. The rating
also reflects the below-average financial risk profile because of
modest net worth, high gearing and weak debt protection metrics.
These weaknesses are partially offset by the promoters' extensive
experience in the industry and its established clientele.
Outlook: Stable

CRISIL believes SPP will continue to benefit from the extensive
experience of the partners in the packaging industry and its
established clientele. The outlook may be revised to 'Positive'
if there is a sustainable increase in the scale of operations and
profitability, resulting in improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is deterioration in the financial risk profile due to
lower-than-expected cash accrual, or higher-than-expected working
capital requirements or large, debt-funded capital expenditure.

Set up in 2009, SPP is based in Kala Amb, Himachal Pradesh. The
firm manufactures mono cartons and corrugated boxes used in
industrial packaging. The firm is managed by its partners, Mr.
Jatinder Kumar Arora and Mr. Narinder Kumar Gupta.


TANMAY POLYFILMS: ICRA Assigns B- Rating to INR3.50cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR6.50
crore fund based limits of Tanmay Polyfilms Private Limited.
ICRA has also a short-term rating of [ICRA]A4 to the INR4.00
crore non-fund based bank limits of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan              3.50        [ICRA]B- ; Assigned

   Cash credit            3.00        [ICRA]B- ; Assigned

   Letter of credit       4.00         [ICRA]A4 ; Assigned

The assigned ratings are constrained by Tanmay Polyfilms Private
Limited's (TPPL) small scale of operations and its limited track
record in the flexible packaging industry. ICRA notes that the
moderate utilization of installed capacity of manufacturing plant
has led to losses in the last two years. Further, ICRA expects
the company's capital structure and key credit metrics to remain
stretched during the initial years of operations and ongoing
capital expenditure plans. Also, the future cash flow adequacy
and project metrics would be highly sensitive to the product
establishment and the company's pricing power in the domestic
market. The ratings also factor in the vulnerability of
profitability to fluctuation in raw material prices and the
competition from organised as well as unorganised players in the
fragmented flexible packaging industry.

The ratings, however, favourably factor in the company's
moderately diversified client base with established customer
relationships as reflected in the receipt of repeat orders
received in last the two years. The ratings also considers the
favourable demand prospects for the packaging industry driven by
increasing consumerism, fast growing retail sector, changing
lifestyle and rising demand from the rural sector.

Mr. Mahindra Agrawal and Mr. Girdharilal Agrawal incorporated
Tanmay Polyfilms Pvt Ltd in February 2013. The company is engaged
in the business of manufacturing various types of plastic
packaging films. The manufacturing operations got commenced in
June 2013. The company has its registered office and
manufacturing unit located at Jalna, Maharashtra.


TEAM ENGINEERS: ICRA Reaffirms B- Rating on INR6.25cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to INR6.25
crore fund based limits and INR1.25 crore unallocated limits of
Team Engineers Advance Technologies India Private Limited.

The reaffirmation of the rating continue to factor in the modest
scale of operations, high product obsolescence and concentration
risk with analog modems business contributing ~75% of the total
sales value of the company and the high competitive intensity in
the AMR (Automatic Meter Reading) business, which contributes
~31% of the total sales value of the company. In FY2015, the
operating income of the company witnessed healthy growth of
49.6%; however, operating margins declined to 4.74% from 8.15% in
FY2014 on account of competitive bidding in order to improve the
scale of operations. The ratings are further constrained by high
gearing, weak coverage indicators, and the high levels of
inventory and receivables position leading to stretched liquidity
as reflected in the over-utilizations in the cash credit facility
of the company. High reliance on few clients for majority of its
revenues and modest scale of operations limits the company's
bargaining power with customers.

However, the ratings are supported by the vast experience of the
promoters in the manufacturing of telecommunication equipments
and the geographically diversified presence of the company.
Going forward the ability of the company to improve its scale of
operations, given the high product obsolescence risk, and
margins, while effectively managing its receivables and working
capital, would be the key rating sensitivities.

Team Engineers was incorporated as a partnership firm in 1980 and
subsequently converted into a private limited company in
August'2011 and named Team Engineers Advance Technologies India
Private Limited (TEATIPL). TEATIPL is based out of Hyderabad and
is an ISO 9001:2008 certified company. In the initial years, the
firm was engaged in the business of developing emergency lighting
systems for general and industrial applications. Since 1990s, the
company has migrated to Digital Subscriber Line (DSL) based
technologies and currently the firm has a product portfolio of 30
products which includes DSL modems, Ethernet over TDM converters,
Ethernet over Fiber, Ethernet over DSL and other Ethernet access
devices which are deployed for various telecommunication
applications.

Recent Result
As per audited FY2015 results, TEATIPL recorded an operating
income of INR21.22 crore with a net profit of INR0.07 crore.
According to audited FY2014 results, TEATIPL recorded an
operating income of INR14.18 crore with a net profit of INR0.08
crore.


THANGA PRATAPH: ICRA Suspends C+ Rating on INR5.0cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR2.44 crore
term loan facilities , INR5.00 crore fund based facilities,
INR0.67 crore non-fund based facilities and INR3.81 crore
proposed facilities of Thanga Prataph Spinning Mills Private
Limited. ICRA has also suspended the short-term of [ICRA]A4
assigned to the INR1.00 crore non-fund based facilities of the
entity.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR87.5MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of U.S. Impex
(USI) continues to reflect the firm's weak financial risk profile
because of a high total outside liabilities to tangible net worth
ratio and weak interest coverage ratio. The rating also factors
in a small scale of operations in the non-ferrous alloys trading
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoter and its
established and diversified clientele.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           87.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes USI 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 growth in
turnover along with sustained profitability, leading to higher
cash accrual. Conversely, the outlook may be revised to
'Negative' if liquidity weakens substantially because of large
working capital requirement.

USI was set up in 1994 as a proprietorship firm in Delhi by Mr.
Dinesh Mittal. The firm trades in various non-ferrous metals and
scrap, such as zinc, aluminium, brass, and copper, with zinc
accounting for more than 50 per cent of its revenue.

Net profit was INR2.05 million on net sales of INR511 million in
2014-15 (refers to financial year, April 1 to March 31), against
a net profit of INR2.07 million on net sales of INR496 million in
2013-14.


UMA RANI: ICRA Assigns C+ Rating to INR3.15cr Term Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C+ to the INR5.40
crore fund based bank facilities of Uma Rani Agrotech Private
Limited. ICRA has also assigned the short-term rating of [ICRA]A4
to the INR0.25 crore non-fund based bank facilities of URAPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Term
   Loan                  3.15       [ICRA]C+ Assigned

   Fund Based Cash
   Credit                2.25       [ICRA]C+ Assigned

   Non-Fund Based
   Bank Guarantee        0.25       [ICRA]A4 Assigned

The assigned ratings take into account URAPL's small scale of
operations and weak financial profile as reflected by aggressive
capital structure, depressed coverage indicators and weak cash
accruals relative to its debt repayment obligations. The ratings
also take into consideration the intensely competitive nature of
the industry, characterized by a large number of small players,
which is likely to keep the margins of the entity under check.
ICRA notes its exposure to agro-climatic risks with paddy being
an agriculture commodity, along with its vulnerability to adverse
changes in Government policies towards agro-based commodities
such as rice. URAPL's high working capital intensity of business
operations, which adversely impacts its liquidity position, is
another concern. The ratings, however, draws comfort from the
prior experience of the promoters in the rice trading business,
and the entity's presence in a major paddy growing area,
resulting in easy availability of paddy. In ICRA's opinion,
URAPL's ability to improve profitability while scaling up
operations and managing its working capital requirements
efficiently, would remain the critical determinants of its credit
risk profile, going forward.

Established in 2010, URAPLL is engaged in milling of par boiled
rice; and has an installed production capacity of 28,800 MTPA of
rice. The rice mill started commercial production from February
2014.


ZERO MICROFINANCE: CRISIL Cuts Rating on INR150MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Zero Microfinance and Savings Support Foundation (ZMF, a part of
the ALW group) to 'CRISIL B+/Stable' from 'CRISIL BB-/ Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      150       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in ALW group's business
profile in 2015-16 (refers to financial year April 1 to March 31)
resulting from replacement of ALW group's electronic technology
by SBI for its business correspondent services. This has resulted
in a decline in revenue to INR500-550 million in 2015-16 from
INR630 million in 2014-15. Furthermore, there has been a
deterioration in the net worth of the company over the past years
owing to large losses on account of high fixed costs associated
with software development and maintenance leading to a weak
capital structure reflected in a gearing of around 49 times as on
March 31 2015. CRISIL believes that the ability of the management
to venture into new business models using its technology platform
thereby leading to improvement in business risk profile will
remain a key rating sensitivity factor.

The rating reflects the ALW group's strong relationship with key
stakeholders coupled with an established network and market
reach. These strengths are partially offset by the weak financial
risk profile because of low net-worth, coupled challenges in the
business correspondence business.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of ZMF and A Little World Private
Limited (ALW). This is because both entities, together referred
to as the ALW group, are managed by the same promoters and have
common business. There is large financial support extended by ALW
to ZMF. Both entities are expected to be merged over the near to
medium term.
Outlook: Stable

CRISIL believes the ALW group will continue to benefit from the
strong relationship with key stakeholders and established market
reach. The outlook may be revised to 'Positive' if the group
overcomes the challenges in the business correspondence segment
and sustains its operation profitability along with large capital
infusion leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its earning profile thereby resulting in further
erosion in its capitalization.

ALW, incorporated in 2000, is engaged in developing and providing
licensed technology for enabling smart cards and other electronic
technology-based commerce, electronic-identity systems, and
trading and delivery systems. ZMF operates as one of the largest
business correspondents for State Bank of India (SBI, rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+') and is engaged in the
extension of banking services in the rural and urban areas of
India where banking penetration is limited. The group is managed
and operated by Mr. Anurag Gupta.



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


1MALAYSIA: Board Offers to Resign After Inquiry Calls for Probe
---------------------------------------------------------------
The Wall Street Journal reports that the board of directors of an
embattled Malaysian state development fund offered to resign
after a parliamentary inquiry found that billions of dollars went
missing and recommended that senior management face a criminal
investigation.

According to the Journal, the Public Accounts Committee's
findings mark the first time a Malaysian investigating body has
leveled allegations of fraud at 1Malaysia Development Bhd., or
1MDB, which is the focus of corruption investigations in Malaysia
and at least six other nations.

The Journal relates that in response to the report, 1MDB's board
of directors offered its collective resignation on April 7. "The
board has successfully steered 1MDB through a uniquely
challenging period and trusts that, with the release of the PAC
report, a line has been drawn," the board said in a statement.
1MDB has said previously that it has cooperated with authorities
and would continue to do so. On April 7, the fund again denied
any wrongdoing, says the Journal.

The Journal says the report didn't mention Prime Minister Najib
Razak, who founded 1MDB in 2009 and heads its separate board of
advisers, prompting critics to suggest the report and the
directors' offer to resign were designed to shield the prime
minister.

"It's all planned that way; so we could attribute blame on [the
board] but exonerate the prime minister. It means nothing,"
former law and cabinet minister Zaid Ibrahim, a leader in an
alliance opposed to Mr. Najib, said of the report, according to
the Journal.

The Wall Street Journal, citing Malaysian and global
investigations, has reported how investigators have found over
$1 billion was transferred to Mr. Najib's personal bank accounts,
the majority originating from 1MDB and moving via a web of
intermediary entities.

Mr. Najib has denied wrongdoing or taking money for personal
gain, the Journal states. On April 7, Mr. Najib said in a
statement that the parliamentary report "identified weaknesses in
1MDB's capital structure and management. We will study and act on
the report's recommendations. We must ensure that lessons are
learned, and action will be taken if any evidence of wrongdoing
is found," the Journal relays.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib, Reuters
related.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.



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


FELTEX CARPET: 2004 Prospectus Omitted Key Info, Says Class Suit
----------------------------------------------------------------
Stuff.co.nz reports that Feltex Carpet's 2004 prospectus omitted
key disclosures which could have acted as a warning to prudent
investors, a class action against the company's former directors,
owners and sale managers claims.

Stuff.co.nz relates that on April 11 the Court of Appeal heard
the first arguments of lawyers representing Eric Houghton, the
lead plaintiff in class action on behalf of around 3,600 people
who invested in the carpet maker.

Little over two years after its 2004 initial public offering
(IPO), the company collapsed, wiping out the NZ$250 million which
thousands of shareholders injected into the company, the report
recalls.

But Colin Carruthers QC, appearing on behalf of Mr. Houghton and
other investors, argued that Justice Robert Dobson applied a test
which was too high and "undermined the nature of the obligation
that the case has recognised".

The test under the Securities Act, was that the contents of the
prospectus contained untruths which would influence "prudent, but
non-expert investors" Mr. Carruthers, as cited by Stuff.co.nz,
said.

According to the report, the appellants said the prospectus
represented "much more of a marketing document" than an outline
of the disclosures that investors would have needed, Carruthers
said.

Stuff.co.nz says the presentation could have given investors
greater confidence that the projections in the document would be
met.

In the first day of what is expected to be at least four days of
arguments, Mr. Carruthers said the prospectus ignored adverse
trends which had been presented to the board of directors before
the flotation, showing the closing months of the 2003-04
financial year were going to be "difficult," Stuff.co.nz relates.

Stuff.co.nz says despite concerns about sales in April and May,
the prospectus projected an increase in sales equivalent to an
extra 3.8% in revenue.

"It is not a reasonable assumption to project an increase in
sales volume when the trend is down," Stuff.co.nz quotes Mr.
Carruthers as saying.

The prospectus also did not disclose that expensive machinery the
company had purchased to manufacture woollen carpet was not
working, or the extent to which its revenue in Australia was
derived from a government grant, Mr. Carruthers told the court,
Stuff.co.nz relays.

The case is expected to continue until at least April 14, adds
Stuff.co.nz.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


MANCHESTER UNITY: S&P Lowers ICR to 'B+'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its
financial strength and issuer credit ratings on Manchester Unity
Friendly Society (MUFS) to 'B+' from 'BB-'.  The outlook is
negative.

The downgrade reflects the unexpected and substantial fall in
recent weeks of MUFS' regulatory solvency ratio driven by
material falls in the discount rate (New Zealand 10-year swap
rate).  The materiality of the reduction in capital adequacy over
such a short period has increased S&P's concern over the extreme
sensitivity of MUFS' capital adequacy to changes in the discount
rate.

With the recent step down in MUFS' solvency ratio, S&P's outlook
now reflects a greater risk that the insurer will breach the 1.2x
regulatory capital requirement over the next year for a prolonged
period.

The 'B+' ratings reflect S&P's view of the insurer's fair
business risk profile and very weak financial risk profile, which
lead to an anchor of 'bb-'.

The negative outlook reflects the prospect for further pressure
on MUFS' solvency ratio such that the 1.2x coverage is not
exceeded. While S&P's expectation is that MUFS will actively
manage its asset portfolio to support its capital position should
it appear the 1.2x ratio has or will be breached, S&P
nevertheless believes the insurer has limited financial
flexibility in this regard.

Should the solvency ratio fall below 1.2x with no expectation of
an immediate improvement, S&P would lower the ratings.

S&P would consider revising the outlook to stable in the event
the solvency ratio showed sustained improvement--indicatively
above 1.5x--and stability.

An upgrade in the short-term is extremely unlikely and would
require:

   -- The regulatory solvency ratio approaching or exceeding 2.0x
      with an expectation that such strength would continue over
      the medium term; and

   -- There was evidence of an underlying improvement in
      regulatory capital adequacy, either through internally
      generated capital or as a result of lower solvency
      requirements that are unrelated to increases in the
      discount rate.



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


HANJIN SHIPPING: Woes Cause Korean Air Bond Issue Failure
---------------------------------------------------------
Park Hyong-ki at The Korea Herald reports that Korean Air failed
to attract investors to its bonds due to growing risks stemming
from its cash-strapped subsidiary Hanjin Shipping, according to
news reports that cited investment banking sources.

According to the report, the listed Korean flag carrier, with a
credit rating of BBB-plus, was seeking to issue bonds worth
KRW250 billion ($218 million) with a two-year maturity through
its underwriters -- Dongbu Securities, Kiwoom Securities, Korea
Investment & Securities and Hyundai Securities.

However, the company only saw institutional investors willing to
invest about KRW7 billion in Korean Air's bonds during the book
building process.

The Korea Herald relates that Noh Sang-won, an analyst at Dongbu
Securities, said that Korean Air faces risks due to a liquidity
shortage at Hanjin Shipping.

"Despite expectations of improved earnings, its subsidiary risk
remains a negative factor that can affect the value of Korean
Air," Noh said in his analysis report, the Korea Herald relays.
"It is highly likely that Korean Air will further provide
(liquidity) support to Hanjin Shipping."

The Korea Herald notes that Korean Air lent KRW250 billion to
Hanjin in 2013, and invested KRW400 billion in new shares issued
by Hanjin in 2014. The carrier also invested KRW220 billion in
perpetual bonds of Hanjin early this year. Hanjin Shipping
recently sold its London office building to improve its finances.

Korean Air, which has a 33% stake in Hanjin Shipping, is expected
to post an operating profit of about KRW266 billion in the first
quarter of this year, a 40% increase from a year ago, on growing
flight services, adds the Korea Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2013, Bloomberg News said Hanjin Shipping Co.'s Chief
Executive Officer Kim Young Min resigned, taking responsibility
for two successive years of losses at South Korea's largest
shipper and a delay in getting financial support from creditors.

The TCR-AP, citing The Korea Times, reported on Nov. 5, 2013,
that Hanjin Shipping said it will borrow KRW150 billion
($140 million) in financial support from Korean Air Lines,
another major affiliate of Hanjin Group, to stay afloat. Hanjin
Shipping spokeswoman Sonya Cho said Hanjin Shipping will use the
money for one year with an interest rate of 5.6 percent. Hanjin
Holdings owns a 36.2 percent stake in Hanjin Shipping under the
wing of Hanjin Group, the country's 10th-biggest shipping-to-
airline conglomerate by assets, the report discloses.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.



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


VIETNAM EXPORT: S&P Puts 'B+' CCR on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
counterparty credit rating and 'axBB/axB' ASEAN regional scale
ratings on Vietnam Export Import Commercial Joint Stock Bank
(Eximbank) on CreditWatch with negative implications.  At the
same time, S&P affirmed the 'B' short-term counterparty credit
rating.

"We placed the ratings on Eximbank on CreditWatch with negative
implications because we expect losses from the financial
restatement to strain the bank's capital position," said Standard
& Poor's credit analyst Ivan Tan.  "We also see a risk that the
bank may not be able to return to profitability in view of the
challenging operating environment."

The Ho Chi Minh Stock Exchange placed Eximbank on its warning
list for companies suffering two consecutive years of losses.
Eximbank's financial year 2014 net profit was retroactively
adjusted to a loss of Vietnamese dongs (VND) 835 billion from a
VND114 billion profit; it reported a net loss of VND817 billion
in financial year 2015.

S&P understands the State Bank of Vietnam (SBV), the regulator,
discovered accounting irregularities in Eximbank that
necessitated the restatement.  Standard & Poor's views aggressive
accounting practices as a credit weakness, with negative
implications to the reputation and management of the bank.

S&P placed the ratings on CreditWatch because it believes these
developments would strain Eximbank's financial profile and
business position.  S&P also believes asset quality and credit
cost pressure could delay the recovery in the group's
performance. However, S&P notes that management has adopted a
defensive strategy of selective and slower loans growth since
2014.  The recent reduction in risk-adjusted assets in 2015 has
also buffered the bank's capitalization, albeit insufficient to
offset the losses.  It remains uncertain if Eximbank can return
to profitability in 2016.

"We aim to resolve the CreditWatch placement within three months,
following our review of Eximbank's credit profile, based on its
restated financial statements and our expectations of future
performance," Mr. Tan said.

"We intend to review our expectations for the bank's risk-
adjusted capital ratio in the context of its profitability trend,
asset quality, credit costs, and risk asset growth. We will also
assess the implication of the stock exchange's warning and
aggressive accounting practices on Eximbank's business position,
reputation, and franchise," he added.

S&P may lower the ratings on Eximbank if S&P believes the bank's
intrinsic creditworthiness has deteriorated.  This would most
likely happen if S&P believes the bank's capitalization and
earnings will remain under pressure, particularly its prospect of
recovering to profitability in 2016.  S&P may also lower the
ratings if asset quality deteriorates, leading to heightened
credit costs, or if the bank suffers reputational damage or loss
of confidence as a result of accounting irregularities or
reputational damage.

S&P may affirm its ratings on Eximbank if S&P believes the bank
can preserve its capitalization through a combination of earnings
recovery and continued risk asset reduction.  This should also be
accompanied by the absence of long-term franchise or reputational
damage.



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


* BOND PRICING: For the Week April 4 to April 8, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BARMINCO FINANCE PTY    9.00      6/1/2018     USD      73.75
BARMINCO FINANCE PTY    9.00      6/1/2018     USD      71.00
BOART LONGYEAR MANAG    7.00      4/1/2021     USD      37.13
BOART LONGYEAR MANAG    7.00      4/1/2021     USD      37.13
CML GROUP LTD           7.50     5/18/2021     AUD      70.94
CML GROUP LTD           9.00     1/29/2020     AUD       1.01
CRATER GOLD MINING L   10.00     8/18/2017     AUD      23.00
CROWN RESORTS LTD       6.33     4/23/2075     AUD      68.77
EMECO PTY LTD           9.88     3/15/2019     USD      48.50
EMECO PTY LTD           9.88     3/15/2019     USD      47.75
IMF BENTHAM LTD         6.52     6/30/2019     AUD      73.13
KBL MINING LTD         12.00     2/16/2017     AUD       0.25
KEYBRIDGE CAPITAL LT    7.00     7/31/2020     AUD       0.69
MCPHERSON'S LTD         7.10     3/31/2021     AUD      73.63
MIDWEST VANADIUM PTY   11.50     2/15/2018     USD       6.00
MIDWEST VANADIUM PTY   11.50     2/15/2018     USD       6.50
STOKES LTD             10.00     6/30/2017     AUD       0.40
TREASURY CORP OF VIC    0.50    11/12/2030     AUD      68.39


CHINA
-----

ANSHAN CITY CONSTRUC    8.25      3/5/2019     CNY      65.37
ANSHAN CITY CONSTRUC    8.25      3/5/2019     CNY      65.50
BAICHENG ZHONGXING U    7.00    12/18/2019     CNY      72.08
BANGBU CITY INVESTME    5.78     8/10/2017     CNY      57.05
BEIJING ECONOMIC TEC    5.29      3/6/2018     CNY      72.00
CHANGSHA HIGH TECHNO    7.30    11/22/2017     CNY      73.01
CHANGSHU CITY OPERAT    8.00     1/16/2019     CNY      64.72
CHANGSHU CITY OPERAT    8.00     1/16/2019     CNY      64.79
CHANGZHOU INVESTMENT    5.80      7/1/2016     CNY      40.24
CHANGZHOU INVESTMENT    5.80      7/1/2016     CNY      40.21
CHANGZHOU WUJIN CITY    5.42      6/9/2016     CNY      50.19
CHANGZHOU WUJIN CITY    5.42      6/9/2016     CNY      50.24
CHENGDU XINCHENG XIC    8.35     3/19/2019     CNY      65.20
CHENGDU XINCHENG XIC    8.35     3/19/2019     CNY      66.98
CHONGQING HECHUAN UR    6.95      1/6/2018     CNY      72.85
CHONGQING HECHUAN UR    6.95      1/6/2018     CNY      73.10
CHONGQING JIANGJIN H    6.95      1/6/2018     CNY      72.08
CHONGQING JIANGJIN H    6.95      1/6/2018     CNY      70.55
CHONGQING NAN'AN DIS    6.29    12/24/2017     CNY      68.30
CHONGQING NAN'AN DIS    6.29    12/24/2017     CNY      61.86
CHONGQING YONGCHUAN     7.49     3/14/2018     CNY      73.82
CHONGQING YONGCHUAN     7.49     3/14/2018     CNY      74.21
CHONGQING YUXING CON    7.29     12/8/2017     CNY      72.74
DANDONG CITY DEVELOP    6.21      9/6/2017     CNY      71.41
DANYANG INVESTMENT G    8.10      3/6/2019     CNY      85.38
DANYANG INVESTMENT G    6.30      6/3/2016     CNY      40.15
DANYANG INVESTMENT G    8.10      3/6/2019     CNY      64.59
DATONG ECONOMIC CONS    6.50      6/1/2017     CNY      72.51
DATONG ECONOMIC CONS    6.50      6/1/2017     CNY      71.30
DRILL RIGS HOLDINGS     6.50     10/1/2017     USD      60.50
DRILL RIGS HOLDINGS     6.50     10/1/2017     USD      56.95
ERDOS DONGSHENG CITY    8.40     2/28/2018     CNY      50.11
ERDOS DONGSHENG CITY    8.40     2/28/2018     CNY      47.60
GRANDBLUE ENVIRONMEN    6.40      7/7/2016     CNY      70.39
GUIYANG ECO&TECH DEV    8.42     3/27/2019     CNY      64.89
GUOAO INVESTMENT DEV    6.89    10/29/2018     CNY      68.32
HAIAN COUNTY CITY CO    8.35     3/28/2018     CNY      55.18
HAIAN COUNTY CITY CO    8.35     3/28/2018     CNY      53.51
HAIMEN CITY DEVELOPM    8.35     3/20/2019     CNY      62.51
HAIMEN CITY DEVELOPM    8.35     3/20/2019     CNY      64.80
HANGZHOU XIAOSHAN ST    6.90    11/22/2016     CNY      39.00
HANGZHOU XIAOSHAN ST    6.90    11/22/2016     CNY      41.02
HANGZHOU YUHANG CITY    7.55     3/29/2019     CNY      64.21
HANZHONG CITY CONSTR    7.48     3/14/2018     CNY      73.80
HANZHONG CITY CONSTR    7.48     3/14/2018     CNY      74.41
HEBEI RONG TOU HOLDI    6.76      7/8/2021     CNY      73.29
HEFEI TAOHUA INDUSTR    8.79     3/27/2019     CNY      65.68
HEFEI TAOHUA INDUSTR    8.79     3/27/2019     CNY      63.30
HEILONGJIANG HECHENG    7.78    11/17/2016     CNY      41.09
HEILONGJIANG HECHENG    7.78    11/17/2016     CNY      40.82
HUAIAN CITY URBAN AS    7.15    12/21/2016     CNY      40.85
HUAIAN CITY WATER AS    8.25      3/8/2019     CNY      66.67
HUAIAN CITY WATER AS    8.25      3/8/2019     CNY      71.48
HUAIAN DEVELOPMENT H    6.80     3/24/2017     CNY      43.13
HUAIAN QINGHE NEW AR    6.79     4/29/2017     CNY      72.11
HUAIHUA CITY CONSTRU    8.00     3/22/2018     CNY      52.99
HUAIHUA CITY CONSTRU    8.00     3/22/2018     CNY      52.56
HUZHOU MUNICIPAL CON    7.02    12/21/2017     CNY      71.90
HUZHOU NANXUN STATE-    8.15     3/31/2019     CNY      64.61
HUZHOU WUXING NANTAI    7.71     2/17/2018     CNY      72.48
JIAMUSI NEW ERA INFR    8.25     3/22/2019     CNY      65.99
JIAMUSI NEW ERA INFR    8.25     3/22/2019     CNY      64.38
JIANGDONG HOLDING GR    6.90     3/27/2019     CNY      62.92
JIANGDU XINYUAN INDU    8.10     3/23/2019     CNY      64.50
JIANGDU XINYUAN INDU    8.10     3/23/2019     CNY      63.31
JIANGSU HUAJING ASSE    5.68     9/28/2017     CNY      50.96
JIANGSU HUAJING ASSE    5.68     9/28/2017     CNY      51.39
JIAXING CULTURE FAMO    8.16      3/8/2019     CNY      66.68
JINAN CITY CONSTRUCT    6.98     3/26/2018     CNY      53.01
JINAN CITY CONSTRUCT    6.98     3/26/2018     CNY      52.58
JINGJIANG BINJIANG X    6.80    10/23/2018     CNY      66.03
JINING CITY CONSTRUC    8.30    12/31/2018     CNY      64.99
JINTAN CONSTRUCTION     8.30     3/14/2019     CNY      65.48
JINTAN CONSTRUCTION     8.30     3/14/2019     CNY      65.00
JIUJIANG CITY CONSTR    8.49     2/23/2019     CNY      86.00
JIUJIANG CITY CONSTR    8.49     2/23/2019     CNY      66.75
KUNMING WUHUA DISTRI    8.60     3/15/2018     CNY      53.51
KUNMING WUHUA DISTRI    8.60     3/15/2018     CNY      53.88
LAIWU CITY ECONOMIC     6.50      3/1/2018     CNY      62.68
LESHAN STATE-OWNED A    6.99     3/18/2018     CNY      73.98
LESHAN STATE-OWNED A    6.99     3/18/2018     CNY      73.98
LIAOYUAN STATE-OWNED    8.17     3/13/2019     CNY      63.00
LIAOYUAN STATE-OWNED    8.17     3/13/2019     CNY      63.88
LIAOYUAN STATE-OWNED    7.80     1/26/2017     CNY      41.05
LIAOYUAN STATE-OWNED    7.80     1/26/2017     CNY      41.02
LINAN CITY CONSTRUCT    8.15      3/9/2018     CNY      52.81
LINAN CITY CONSTRUCT    8.15      3/9/2018     CNY      53.44
LINHAI CITY INFRASTR    7.98     11/6/2016     CNY      51.28
LINHAI CITY INFRASTR    7.98     11/6/2016     CNY      51.00
LINYI INVESTMENT DEV    8.10     3/27/2018     CNY      53.61
LIUZHOU DONGCHENG IN    8.30     2/15/2019     CNY      65.00
LIUZHOU DONGCHENG IN    8.30     2/15/2019     CNY      63.93
LONGHAI STATE-OWNED     8.25     12/2/2017     CNY      75.00
LONGHAI STATE-OWNED     8.25     12/2/2017     CNY      73.93
LUOHE CITY CONSTRUCT    6.81     3/30/2017     CNY      31.07
LUOHE CITY CONSTRUCT    6.81     3/30/2017     CNY      30.81
NANJING HEXI NEW TOW    6.40      2/3/2017     CNY      61.61
NANJING YURUN FOODS     5.27     5/13/2016     CNY      51.10
NANTONG STATE-OWNED     6.72    11/13/2016     CNY      41.10
NANTONG STATE-OWNED     6.72    11/13/2016     CNY      40.76
NEIMENGGU XINLINGOL     7.62     2/25/2018     CNY      72.94
NINGBO CITY ZHENHAI     6.48     4/12/2017     CNY      71.01
NINGBO URBAN CONSTRU    7.39      3/1/2018     CNY      51.08
NINGBO URBAN CONSTRU    7.39      3/1/2018     CNY      52.74
NINGDE CITY STATE-OW    6.25    10/21/2017     CNY      42.31
NINGHAI COUNTY CITY     8.60    12/31/2017     CNY      74.67
NONGGONGSHANG REAL E    6.29    10/11/2017     CNY      72.72
OCEAN RIG UDW INC       7.25      4/1/2019     USD      58.00
OCEAN RIG UDW INC       7.25      4/1/2019     USD      61.00
PANJIN CONSTRUCTION     7.70    12/16/2016     CNY      41.14
PANJIN CONSTRUCTION     7.70    12/16/2016     CNY      40.85
PUTIAN STATE-OWNED A    8.10     3/21/2019     CNY      85.03
PUTIAN STATE-OWNED A    8.10     3/21/2019     CNY      65.56
QINGDAO CITY CONSTRU    6.89     2/16/2019     CNY      63.53
QINGDAO CITY CONSTRU    6.19     2/16/2017     CNY      40.37
QINGDAO CITY CONSTRU    6.19     2/16/2017     CNY      41.00
QINGDAO CITY CONSTRU    6.89     2/16/2019     CNY      63.74
QINGZHOU HONGYUAN PU    6.50     5/22/2019     CNY      40.25
QINGZHOU HONGYUAN PU    6.50     5/22/2019     CNY      40.99
QUNSHAN HUAQIAO INTE    7.98    12/30/2018     CNY      64.54
SHANDONG TAIFENG MIN    5.80     3/12/2020     CNY      74.06
SHANDONG TAIFENG MIN    5.80     3/12/2020     CNY      72.34
SHANGHAI REAL ESTATE    6.12     5/17/2017     CNY      71.57
SICHUAN DEVELOPMENT     5.40    11/10/2017     CNY      71.88
SUQIAN ECONOMIC DEVE    7.50     3/26/2019     CNY      64.95
SUQIAN ECONOMIC DEVE    7.50     3/26/2019     CNY      84.60
SUZHOU CONSTRUCTION     7.45     3/12/2019     CNY      64.39
TAIAN CITY TAISHAN I    5.79      3/2/2018     CNY      73.00
TAIXING ZHONGXING ST    8.29     3/27/2018     CNY      55.43
TAIXING ZHONGXING ST    8.29     3/27/2018     CNY      53.50
TAIZHOU CITY CONSTRU    6.90     1/25/2017     CNY      41.05
TAIZHOU HAILING ASSE    8.52     3/21/2019     CNY      66.63
TAIZHOU HAILING ASSE    8.52     3/21/2019     CNY      65.34
TIANJIN BINHAI NEW A    5.00     3/13/2018     CNY      72.06
TIANJIN BINHAI NEW A    5.00     3/13/2018     CNY      92.20
TIANJIN ECONOMIC TEC    6.20     12/3/2019     CNY      73.79
TIANJIN HI-TECH INDU    7.80     3/27/2019     CNY      66.38
TIANJIN HI-TECH INDU    7.80     3/27/2019     CNY      64.35
TIANJING HANBIN INVE    8.39     3/22/2019     CNY      65.20
TIGER FOREST & PAPER    5.38     6/14/2017     CNY      74.18
TONGLIAO CITY INVEST    5.98      9/1/2017     CNY      72.13
TONGLIAO CITY INVEST    5.98      9/1/2017     CNY      71.90
VANZIP INVESTMENT GR    7.92      2/4/2019     CNY      66.96
WUHAI CITY CONSTRUCT    8.20     3/31/2019     CNY      84.75
WUHAI CITY CONSTRUCT    8.20     3/31/2019     CNY      65.15
WUHU ECONOMIC TECHNO    6.70      6/8/2018     CNY      77.95
WUXI COMMUNICATIONS     5.58      7/8/2016     CNY      50.10
WUXI COMMUNICATIONS     5.58      7/8/2016     CNY      50.32
XIANGTAN CITY CONSTR    8.00     3/16/2019     CNY      65.29
XIANGTAN CITY CONSTR    8.00     3/16/2019     CNY      65.19
XIANGTAN JIUHUA ECON    6.93    12/16/2016     CNY      41.30
XIANGTAN JIUHUA ECON    6.93    12/16/2016     CNY      41.49
XIANGYANG CITY CONST    8.12     1/12/2019     CNY      64.09
XIANGYANG CITY CONST    8.12     1/12/2019     CNY      64.60
XIAOGAN URBAN CONSTR    8.12     3/26/2019     CNY      85.44
XINJIANG SHIHEZI DEV    7.50     8/29/2018     CNY      74.80
XINXIANG INVESTMENT     6.80     1/18/2018     CNY      73.40
XUZHOU ECONOMIC TECH    8.20      3/7/2019     CNY      65.50
XUZHOU ECONOMIC TECH    8.20      3/7/2019     CNY      65.04
YANGZHONG URBAN CONS    7.10     3/26/2018     CNY      73.21
YANGZHOU ECONOMIC DE    5.80     5/12/2016     CNY      50.06
YANGZHOU ECONOMIC DE    6.10      7/7/2016     CNY      50.36
YANGZHOU ECONOMIC DE    6.10      7/7/2016     CNY      50.20
YANGZHOU URBAN CONST    5.94     7/23/2016     CNY      40.20
YANGZHOU URBAN CONST    5.94     7/23/2016     CNY      40.32
YANZHOU HUIMIN URBAN    8.50    12/28/2017     CNY      53.22
YIJINHUOLUOQI HONGTA    8.35     3/19/2019     CNY      56.08
YIJINHUOLUOQI HONGTA    8.35     3/19/2019     CNY      60.20
YINCHUAN URBAN CONST    6.28      3/9/2017     CNY      25.62
YIYANG CITY CONSTRUC    8.20    11/19/2016     CNY      41.00
YULIN CITY INVESTMEN    6.81     12/4/2018     CNY      72.42
YUNNAN INVESTMENT GR    5.25     8/24/2017     CNY      71.60
YUNNAN INVESTMENT GR    5.25     8/24/2017     CNY      70.71
ZHANGJIAGANG JINCHEN    6.23      1/6/2018     CNY      62.09
ZHENJIANG NEW AREA E    8.16      3/1/2019     CNY      64.30
ZHENJIANG NEW AREA E    8.16      3/1/2019     CNY      64.49
ZHUCHENG ECONOMIC DE    7.50     8/25/2018     CNY      42.47
ZHUCHENG ECONOMIC DE    6.40     4/26/2018     CNY      62.00
ZHUCHENG ECONOMIC DE    6.40     4/26/2018     CNY      62.02
ZHUHAI HUAFA GROUP C    8.43     2/16/2018     CNY      52.79
ZHUHAI HUAFA GROUP C    8.43     2/16/2018     CNY      53.50
ZIBO CITY PROPERTY C    5.45     4/27/2019     CNY      49.17
ZOUCHENG CITY ASSET     7.02     1/12/2018     CNY      42.28
ZUNYI CITY INVESTMEN    8.53     3/13/2019     CNY      66.32
ZUNYI CITY INVESTMEN    8.53     3/13/2019     CNY      64.73


INDONESIA
---------

BERAU COAL ENERGY TB    7.25     3/13/2017     USD      20.14
BERAU COAL ENERGY TB    7.25     3/13/2017     USD      20.24
PERUSAHAAN PENERBIT     6.75     4/15/2043     IDR      72.85
PERUSAHAAN PENERBIT     6.10     2/15/2037     IDR      72.95


INDIA
-----

3I INFOTECH LTD         5.00     4/26/2017     USD      12.75
GTL INFRASTRUCTURE L    4.03     11/9/2017     USD      30.75
JAIPRAKASH ASSOCIATE    5.75      9/8/2017     USD      65.18
JCT LTD                 2.50      4/8/2011     USD      22.50
PRAKASH INDUSTRIES L    5.25     4/30/2015     USD      20.00
PYRAMID SAIMIRA THEA    1.75      7/4/2012     USD       1.00
REI AGRO LTD            5.50    11/13/2014     USD       1.69
REI AGRO LTD            5.50    11/13/2014     USD       1.69
SVOGL OIL GAS & ENER    5.00     8/17/2015     USD      19.88


JAPAN
-----

AVANSTRATE INC          5.55    10/31/2017     JPY      33.25
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       8.25
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
TAKATA CORP             0.58     3/26/2021     JPY      73.00


KOREA
-----

2014 KODIT CREATIVE     5.00    12/25/2017     KRW      31.66
2014 KODIT CREATIVE     5.00    12/25/2017     KRW      31.66
DOOSAN CAPITAL SECUR   20.00     4/22/2019     KRW      42.19
HANA FINANCIAL GROUP    3.59     5/29/2045     KRW     465.08
HYUNDAI MERCHANT MAR    6.20     3/28/2017     KRW      67.65
HYUNDAI MERCHANT MAR    5.30      7/3/2017     KRW      65.72
KIBO ABS SPECIALTY C   10.00     8/22/2017     KRW      25.85
KIBO ABS SPECIALTY C    5.00    12/25/2017     KRW      30.30
KIBO ABS SPECIALTY C   10.00      9/4/2016     KRW      43.42
KIBO ABS SPECIALTY C   10.00     2/19/2017     KRW      38.34
KIBO ABS SPECIALTY C    5.00     3/29/2018     KRW      30.58
KIBO ABS SPECIALTY C    5.00     1/31/2017     KRW      33.30
LSMTRON DONGBANGSEON    4.53    11/22/2017     KRW      31.19
PULMUONE CO LTD         2.50#N/A Field Not     KRW      57.28
PULMUONE CO LTD         2.50      8/6/2045     KRW      57.28
SINBO SECURITIZATION    5.00     6/25/2019     KRW      26.46
SINBO SECURITIZATION    5.00     6/25/2018     KRW      28.56
SINBO SECURITIZATION    5.00     8/16/2016     KRW      38.26
SINBO SECURITIZATION    5.00     1/29/2017     KRW      34.45
SINBO SECURITIZATION    5.00     6/29/2016     KRW      46.61
SINBO SECURITIZATION    5.00     5/27/2016     KRW      54.00
SINBO SECURITIZATION    5.00     8/16/2017     KRW      32.72
SINBO SECURITIZATION    5.00     8/16/2017     KRW      32.72
SINBO SECURITIZATION    5.00      7/8/2017     KRW      33.13
SINBO SECURITIZATION    5.00      7/8/2017     KRW      33.13
SINBO SECURITIZATION    5.00     6/27/2018     KRW      30.06
SINBO SECURITIZATION    5.00     6/27/2018     KRW      30.06
SINBO SECURITIZATION    5.00     8/29/2018     KRW      29.34
SINBO SECURITIZATION    5.00     8/29/2018     KRW      29.34
SINBO SECURITIZATION    5.00     7/24/2017     KRW      31.88
SINBO SECURITIZATION    5.00     7/24/2018     KRW      29.85
SINBO SECURITIZATION    5.00     7/24/2018     KRW      29.85
SINBO SECURITIZATION    5.00     10/1/2017     KRW      32.18
SINBO SECURITIZATION    5.00     10/1/2017     KRW      32.18
SINBO SECURITIZATION    5.00     10/1/2017     KRW      32.18
SINBO SECURITIZATION    5.00     1/30/2019     KRW      27.82
SINBO SECURITIZATION    5.00     1/30/2019     KRW      27.82
SINBO SECURITIZATION    5.00    10/30/2019     KRW      19.51
SINBO SECURITIZATION    5.00     2/27/2019     KRW      27.63
SINBO SECURITIZATION    5.00     2/27/2019     KRW      27.63
SINBO SECURITIZATION    5.00     10/5/2016     KRW      35.58
SINBO SECURITIZATION    5.00     10/5/2016     KRW      35.76
SINBO SECURITIZATION    5.00     8/31/2016     KRW      38.47
SINBO SECURITIZATION    5.00     8/31/2016     KRW      38.47
SINBO SECURITIZATION    5.00     5/27/2016     KRW      54.00
SINBO SECURITIZATION    5.00    12/13/2016     KRW      34.96
SINBO SECURITIZATION    5.00     2/21/2017     KRW      34.19
SINBO SECURITIZATION    5.00     2/21/2017     KRW      34.19
SINBO SECURITIZATION    5.00      6/7/2017     KRW      21.55
SINBO SECURITIZATION    5.00      6/7/2017     KRW      21.55
SINBO SECURITIZATION    5.00     3/13/2017     KRW      33.96
SINBO SECURITIZATION    5.00     3/13/2017     KRW      33.96
SINBO SECURITIZATION    5.00     1/15/2018     KRW      31.46
SINBO SECURITIZATION    5.00     1/15/2018     KRW      31.46
SINBO SECURITIZATION    5.00     2/11/2018     KRW      30.96
SINBO SECURITIZATION    5.00     2/11/2018     KRW      30.96
SINBO SECURITIZATION    5.00    12/25/2016     KRW      33.75
SINBO SECURITIZATION    5.00     3/12/2018     KRW      30.73
SINBO SECURITIZATION    5.00     3/12/2018     KRW      30.73
SINBO SECURITIZATION    5.00     5/26/2018     KRW      28.83
SINBO SECURITIZATION    5.00     3/18/2019     KRW      27.41
SINBO SECURITIZATION    5.00     3/18/2019     KRW      27.41
SINBO SECURITIZATION    5.00     7/26/2016     KRW      42.47
SINBO SECURITIZATION    5.00     7/26/2016     KRW      42.47
SINBO SECURITIZATION    5.00    12/23/2018     KRW      28.16
SINBO SECURITIZATION    5.00    12/23/2018     KRW      28.16
SINBO SECURITIZATION    5.00    12/23/2017     KRW      30.32
SINBO SECURITIZATION    5.00     9/26/2018     KRW      29.11
SINBO SECURITIZATION    5.00     9/26/2018     KRW      29.11
SINBO SECURITIZATION    5.00     9/26/2018     KRW      29.11
TONGYANG CEMENT & EN    7.50     4/20/2014     KRW      70.00
TONGYANG CEMENT & EN    7.30     4/12/2015     KRW      70.00
TONGYANG CEMENT & EN    7.30     6/26/2015     KRW      70.00
TONGYANG CEMENT & EN    7.50     7/20/2014     KRW      70.00
TONGYANG CEMENT & EN    7.50     9/10/2014     KRW      70.00
U-BEST SECURITIZATIO    5.50    11/16/2017     KRW      32.48
WISE MOBILE SECURITI   20.00    12/14/2018     KRW      74.81
WOORI BANK              5.21    12/12/2044     KRW      66.67


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35      3/1/2026     LKR      57.87
SRI LANKA GOVERNMENT    6.00     12/1/2024     LKR      64.70
SRI LANKA GOVERNMENT    9.00     10/1/2032     LKR      71.64
SRI LANKA GOVERNMENT    7.00     10/1/2023     LKR      72.63
SRI LANKA GOVERNMENT    9.00     11/1/2033     LKR      70.43
SRI LANKA GOVERNMENT    9.00      6/1/2033     LKR      71.09
SRI LANKA GOVERNMENT    8.00      1/1/2032     LKR      65.70
SRI LANKA GOVERNMENT    9.00      6/1/2043     LKR      68.27


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35     2/20/2024     MYR      72.56
BANDAR MALAYSIA SDN     0.35    12/29/2023     MYR      73.04
BIMB HOLDINGS BHD       1.50    12/12/2023     MYR      71.84
BRIGHT FOCUS BHD        2.50     1/24/2030     MYR      71.10
BRIGHT FOCUS BHD        2.50     1/22/2031     MYR      68.22
LAND & GENERAL BHD      1.00     9/24/2018     MYR       0.22
SENAI-DESARU EXPRESS    0.50    12/31/2040     MYR      68.01
SENAI-DESARU EXPRESS    0.50    12/30/2039     MYR      66.89
SENAI-DESARU EXPRESS    0.50    12/31/2047     MYR      74.81
SENAI-DESARU EXPRESS    0.50    12/31/2043     MYR      71.45
SENAI-DESARU EXPRESS    0.50    12/31/2046     MYR      73.97
SENAI-DESARU EXPRESS    0.50    12/29/2045     MYR      73.00
SENAI-DESARU EXPRESS    0.50    12/31/2041     MYR      69.12
SENAI-DESARU EXPRESS    0.50    12/30/2044     MYR      72.23
SENAI-DESARU EXPRESS    0.50    12/31/2042     MYR      70.37
SENAI-DESARU EXPRESS    0.50    12/31/2038     MYR      65.26
SENAI-DESARU EXPRESS    1.35    12/29/2028     MYR      58.06
SENAI-DESARU EXPRESS    1.35     6/30/2028     MYR      59.27
SENAI-DESARU EXPRESS    1.15    12/29/2023     MYR      69.69
SENAI-DESARU EXPRESS    1.35     6/30/2026     MYR      63.97
SENAI-DESARU EXPRESS    1.35     6/30/2027     MYR      61.61
SENAI-DESARU EXPRESS    1.35     6/30/2031     MYR      52.18
SENAI-DESARU EXPRESS    1.15    12/30/2022     MYR      72.93
SENAI-DESARU EXPRESS    1.15     6/30/2023     MYR      71.28
SENAI-DESARU EXPRESS    1.15     6/28/2024     MYR      68.15
SENAI-DESARU EXPRESS    1.35    12/31/2025     MYR      65.24
SENAI-DESARU EXPRESS    1.35     6/28/2030     MYR      54.52
SENAI-DESARU EXPRESS    1.15    12/31/2024     MYR      66.63
SENAI-DESARU EXPRESS    1.15     6/30/2025     MYR      65.18
SENAI-DESARU EXPRESS    1.35     6/29/2029     MYR      56.87
SENAI-DESARU EXPRESS    1.35    12/31/2030     MYR      53.35
SENAI-DESARU EXPRESS    1.10     6/30/2022     MYR      74.37
SENAI-DESARU EXPRESS    1.35    12/31/2026     MYR      62.79
SENAI-DESARU EXPRESS    1.35    12/31/2027     MYR      60.44
SENAI-DESARU EXPRESS    1.35    12/31/2029     MYR      55.68
UNIMECH GROUP BHD       5.00     9/18/2018     MYR       1.02


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    7.89     5/18/2018     USD      57.08
BAKRIE TELECOM PTE L   11.50      5/7/2015     USD       3.27
BAKRIE TELECOM PTE L   11.50      5/7/2015     USD       1.00
BERAU CAPITAL RESOUR   12.50      7/8/2015     USD      21.04
BERAU CAPITAL RESOUR   12.50      7/8/2015     USD      20.38
BLD INVESTMENTS PTE     8.63     3/23/2015     USD       8.00
BUMI CAPITAL PTE LTD   12.00    11/10/2016     USD      17.38
BUMI CAPITAL PTE LTD   12.00    11/10/2016     USD      16.41
BUMI INVESTMENT PTE    10.75     10/6/2017     USD      17.50
BUMI INVESTMENT PTE    10.75     10/6/2017     USD      16.26
ENERCOAL RESOURCES P    6.00      4/7/2018     USD      10.13
GOLIATH OFFSHORE HOL   12.00     6/11/2017     USD       5.04
INDO INFRASTRUCTURE     2.00     7/30/2010     USD       1.88
NEPTUNE ORIENT LINES    4.65      9/9/2020     SGD      74.67
NEPTUNE ORIENT LINES    4.40     6/22/2021     SGD      69.00
ORO NEGRO DRILLING P    7.50     1/24/2019     USD      45.00
OSA GOLIATH PTE LTD    12.00     10/9/2018     USD      62.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018     USD      70.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018     USD      48.00
PACIFIC RADIANCE LTD    4.30     8/29/2018     SGD      73.13
SWIBER CAPITAL PTE L    6.50      8/2/2018     SGD      50.13
SWIBER CAPITAL PTE L    6.25    10/30/2017     SGD      61.88
SWIBER HOLDINGS LTD     7.13     4/18/2017     SGD      64.88
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
TEEKAY OFFSHORE PART    6.00     7/30/2019     USD      62.75


VIETNAM
-------

DEBT AND ASSET TRADI    1.00    10/10/2025     USD      49.96
DEBT AND ASSET TRADI    1.00    10/10/2025     USD      49.38



                             *********

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 ***