TCRAP_Public/160419.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 19, 2016, Vol. 19, No. 76


                            Headlines


A U S T R A L I A

BIKURRA INVESTMENT: Placed Into Liquidation
ELITE PACKAGING: First Creditors' Meeting Set For April 28
EYRE TUNA: In Liquidation; First Creditors' Meeting Set April 28
FACE TO FACE: Training Firm Placed in Liquidation
FLEXI ABS 2015-1: Fitch Affirms 'BBsf' Rating on Cl. E Notes

KOOKAROO KINDY: ASIC Winds Up 9 Abandoned Companies
KRISH ORIENT: First Creditors' Meeting Slated For April 27
LINC ENERGY: First Creditors' Meeting Set For April 27
PA'S PORT: First Creditors' Meeting Scheduled For April 27
PACIFIC HOLIDAY: First Creditors' Meeting Set For April 27

WINE COTTAGE: Court Appoints Clifton Hall as Liquidator


C H I N A

CEETOP INC: MJF& Associates Raises Going Concern Doubt
KU6 MEDIA: Nasdaq Grants Temporary Exception to Listing Rules
TONGJI HEALTHCARE: Anton & Chia Expresses Going Concern Doubt
WINSWAY: Hearing on Recognition of Foreign NonMain Proc. on May 9


I N D I A

AARTI INFRA: CARE Reaffirms 'D' Rating on INR26.23cr Loan
AEZ INFRATECH: CRISIL Suspends 'D' Rating on INR100MM Loan
AGRAWAL SPONGE: CRISIL Suspends B Rating on INR150MM Cash Loan
ALEPH ENTERPRISES: CARE Assigns B+ Rating to INR1.0cr Loan
ANR INTERNATIONAL: CRISIL Suspends B+ Rating on INR21MM LT Loan

ARASHU CLOTHING: CARE Assigns B+ Rating to INR5.29cr LT Loan
ARUMUGHA MUDALIAR: CARE Reaffirms D Rating on INR5.09cr Loan
ASHOK CONSTRUCTIONS: CARE Assigns B+ Rating to INR5.0cr LT Loan
B. M. RAJ: CRISIL Suspends B+ Rating on INR35MM Cash Loan
BAWA APPLIANCES: CRISIL Reaffirms B+ Rating on INR50MM Loan

BHATIA COLOUR: CRISIL Reaffirms B Rating on INR110MM Cash Loan
BOULDER REALCON: CRISIL Assigns B Rating to INR95MM Term Loan
EXPAT ENGINEERING: CARE Revises Rating on INR11cr Loan to B+
FOOD AND BIOTECH: CRISIL Reaffirms B- Rating on INR60MM Loan
GOPISH PHARMA: CRISIL Suspends 'C' Rating on INR76MM Cash Loan

HARESH CHEMICALS: CRISIL Suspends B- Rating on INR45MM LT Loan
INCOM WIRES: CRISIL Suspends B Rating on INR60MM Cash Loan
J.B GOLD: CARE Reaffirms 'B' Rating on INR9c LT Loan
JAHANVI ISPAT: CRISIL Assigns 'D' Rating to INR110MM LT Loan
JAIRAM MARUTI: CRISIL Reaffirms 'D' Rating on INR60MM Cash Loan

K AND M SHELTORS: CRISIL Assigns 'B' Rating to INR75MM Term Loan
KANDARP CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan
KOVAI KALAIMAGAL: CARE Lowers Rating on INR5.66cr LT Loan to D
LAKSH NATURAL: CRISIL Suspends B- Rating on INR50MM Cash Loan
LEATHER TECH: CRISIL Suspends B+ Rating on INR10MM LT Loan

MURLI ELECTRODES: CARE Reaffirms B+ Rating on INR4cr LT Loan
NARMADESHWAR RICE: CRISIL Suspends B+ Rating on INR32.3MM Loan
NIROS ISPAT: CARE Lowers Rating on INR65.92cr Loan to B+
ORCHID PHARMA: CARE Reaffirms B- Rating on INR2687.49cr Loan
POOJYA EXPORTS: CRISIL Suspends 'B' Rating on INR329.7MM Loan

POULOMI ESTATES: CRISIL Reaffirms B+ Rating on INR150MM Loan
RADHA-RUKMAN PACKAGES: CARE Reaffirms B+ INR21.72cr Loan Rating
RICHA PETRO: CARE Reaffirms 'D' Rating on INR12.58cr LT Loan
ROYAL LATEX: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SAI HARI: CRISIL Suspends B Rating on INR100MM Term Loan

SATYA INFRA: CRISIL Suspends B+ Rating on INR112.5MM Loan
SGS JEWELLERY: CARE Reaffirms 'B' Rating on INR6.0cr LT Loan
SHARTHI COTTGIN: CRISIL Reaffirms B+ Rating on INR142.5MM Loan
SHREE GURU: CARE Reaffirms B Rating on INR5.25cr LT Loan
SHRI DURGA: CRISIL Suspends B+ Rating on INR100MM Cash Loan

SHRI JAGANNATH: CARE Lowers Rating on INR14.29cr LT Loan to D
SHRI RAMALINGA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
STRESCON INDUSTRIES: CRISIL Reaffirms B+ Rating on INR72.4MM Loan
SUBH SANKET: CRISIL Assigns B+ Rating to INR80MM Cash Loan
SUKH SAGAR: CARE Reaffirms B+ Rating on INR5.15cr LT Loan

SUKHMANI HOLIDAYS: CARE Assigns B+ Rating to INR15cr LT Loan
SUPREME SUYOG: Ind-Ra Assigns IND D Rating on Prop. INR100M Loan
TGB BANQUETS: CARE Reaffirms B+ Rating on INR92.64cr LT Loan
ULTRA HOME: CARE Lowers Rating on INR204.56cr LT Loan to 'D'
UTTAM SUGAR: CARE Lowers Rating on INR610.24cr LT Loan to 'D'


J A P A N

TOSHIBA CORP: To Cut 14,000-plus Jobs Worldwide


X X X X X X X X

* BOND PRICING: For the Week April 11 to April 15, 2016


                            - - - - -


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


BIKURRA INVESTMENT: Placed Into Liquidation
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bikurra
Investment Ltd and Foscari Holdings Pty Ltd have been placed into
liquidation. PPB Advisory has been appointed liquidator of the
companies, the report says.

The Australian Securities and Investments Commission made the
liquidation based upon the companies' insolvency. The two
companies have reportedly raised around AUD24 million from
investors, according to Dissolve.com.au.


ELITE PACKAGING: First Creditors' Meeting Set For April 28
----------------------------------------------------------
Paul William Gidley and James Alexander Shaw of Shaw Gidley were
appointed as administrators of Elite Packaging Solutions Pty Ltd
on April 15, 2016.

A first meeting of the creditors of the Company will be held at
Shaw Gidley, Level 6, 384 Hunter Street, in Newcastle, New South
Wales, on April 28, 2016, at 10:00 a.m.


EYRE TUNA: In Liquidation; First Creditors' Meeting Set April 28
----------------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Eyre Tuna Pty Ltd on April 14,
2016.

A meeting of creditors will be held at 10:30 a.m. on April 28,
2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


FACE TO FACE: Training Firm Placed in Liquidation
-------------------------------------------------
Broede Carmody at SmartCompany reports that a training company
that hosted workshops by the man dubbed the "Wolf of Wall Street"
has collapsed into liquidation.

Citing notices from the Australian Securities and Investments
Commission, SmartCompany relates that Face to Face Training
Services called in external managers on March 1, with Anne Marie
Barley from WRA Insolvency acting as voluntary administrator.

On April 14, a special resolution was passed to wind up the
Queensland-based company, meaning it is now in liquidation, says
SmartCompany.

SmartCompany relates that the appointment comes after the
Queensland government previously withheld millions of dollars in
funding from Face to Face Training Services.

According to the report, the state government withheld the funds
after a report from 60 Minutes in October 2015 broadcasted
allegations the company used high-pressure sales tactics to sign-
up students and took a "tick and flick" approach to
qualifications.

Back in February, Face to Face Training Services owner Paul
Conquest wrote on Facebook that the Queensland government had
"disregarded" the Brisbane-based company's rights, SmartCompany
recalls.

"Not only did they cease us from trading, they also withheld our
payments to the value of AUD4.8 million," Mr. Conquest wrote,
SmartCompany relays.  "Be mindful this money doesn't represent
company profit but was necessary to pay the hundreds of people
forced out of work on the lead up to Christmas, a knee-jerk
reaction from a 60 Minute hatchet job with no real regard to the
actual truth."

Face to Face Training Services owes more than AUD5 million to
almost 100 creditors, along with an additional AUD380,000 to
employees for their outstanding entitlements, SmartCompany
discloses citing The Courier Mail.

Last year, The Courier Mail revealed how Face to Face Training
had hosted two workshops by Jordan Belfort.

Mr. Belfort is known as the "Wolf of Wall Street" and was sent to
jail in 2003 for securities fraud and money laundering,
SmartCompany notes.


FLEXI ABS 2015-1: Fitch Affirms 'BBsf' Rating on Cl. E Notes
------------------------------------------------------------
Fitch Ratings has placed one tranche of Flexi ABS Trust 2013-1
(Flexi 2013-1) on Rating Watch Negative (RWN) and at the same
time affirmed four tranches of that transaction. Fitch has also
affirmed five tranches of Flexi ABS Trust 2015-1 (Flexi 2015-1).

The action was taken following a review of the transactions'
exposure to a commercial dispute between Flexirent Capital Pty
Ltd (Flexi) and one of the vendors in both transactions who acts
as an introducer of receivables.

The transactions are backed by unsecured commercial lease
receivables originated by Flexi. The notes were issued by
Perpetual Corporate Trust Limited in its capacity as trustee of
the two transactions.

The rating actions are as listed below:

Flexi ABS Trust 2013-1
-- AUD10.8 million Class A notes (ISIN AU3FN0019444) affirmed at
    'AAAsf'; Outlook Stable
-- AUD2.7 million Class B notes (ISIN AU3FN0019451) affirmed at
    'AA+sf'; Outlook Stable
-- AUD4.0 million Class C notes (ISIN AU3FN0019469) affirmed at
    'AAsf'; Outlook Stable
-- AUD2.0 million Class D notes (ISIN AU3FN0019477) affirmed at
    'Asf'; Outlook Stable
-- AUD1.5 million Class E notes (ISIN AU3FN0019485) 'BBBsf'
    placed on Rating Watch Negative.

Flexi ABS Trust 2015-1
-- AUD87.3 million Class A notes (ISIN AU3FN0027256) affirmed at
    'AAAsf'; Outlook Stable
-- AUD9.4 million Class B notes (ISIN AU3FN0027264) affirmed at
    'AAsf'; Outlook Stable
-- AUD9.4 million Class C notes (ISIN AU3FN0027272) affirmed at
    'Asf'; Outlook Stable
-- AUD4.7 million Class D notes (ISIN AU3FN0027280) affirmed at
    'BBBsf'; Outlook Stable
-- AUD6.3 million Class E notes (ISIN AU3FN0027298) affirmed at
    'BBsf'; Outlook Stable.

KEY RATING DRIVERS

Since the transactions were last reviewed in April 2015, a
commercial dispute has arisen between Flexi and one of the main
vendors in both transactions. The dispute relates to the
calculations of obligor payments due. The vendor continues to
make payments to the trust; however, a substantial portion of the
pools are in arrears due to the disputed calculations. Flexi
2013-1, at its small size, is the most exposed to the vendor,
which accounts for 20% of remaining assets. At 31 March 2016, its
30+ day arrears are 15.7% and 90+ day arrears are 8%. Flexi 2015-
1 has 30+ arrears at 5.3% and 90+ arrears at 1.9%.

Removing the impact of these loans on arrears, 30+ arrears are
low, at 1.5% and 0.4% for Flexi 2013-1 and Flexi 2015-1
respectively. Losses remain below base cases, at 3.5% for Flexi
2013-1 and 1.4% for Flexi 2015-1. There are currently no charge
offs to any of the notes.

Flexi has informed Fitch both parties have undertaken to perform
a reconciliation of the disputed calculations and are working
collaboratively to resolve the issue. Once the reconciliation is
completed, the relevant party will make the required payment to
the trust. This reconciliation and resolution is expected to be
completed by 30 June 2016. Fitch expects to resolve the RWN at
the end of this period.

RATING SENSITIVITIES
Flexi 2013-1 is currently paying sequentially due to the arrears
trigger being breached. This is resulting in a significant build-
up of subordination. Negative rating action on the Class E Flexi
2013-1 notes will be taken if the dispute is not resolved in the
expected time period or if the resolution results in a
significant loss to the transaction. In this event, the Class E
notes may be downgraded by up to one category. A full loss of the
disputed receivables will not impact the ratings of the Class A
to D notes, hence they have been affirmed.

Flexi 2015-1 is paying pro-rata to all classes except Class F,
resulting in a build-up of credit enhancement. If the arrears
trigger is breached the transaction will revert to sequential
pay. Exposure to the assets is 5% and there is sufficient
subordination to protect the notes in the event of total non-
payment. As a result, Fitch has affirmed all rate notes for Flexi
2015-1.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files, focusing
on the underwriting procedures conducted by Flexi compared to its
credit policy at the time of underwriting. Fitch checked the
consistency and plausibility of the information and no material
discrepancies were noted that would impact Fitch's rating
analysis.

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
given under Related Research below.


KOOKAROO KINDY: ASIC Winds Up 9 Abandoned Companies
---------------------------------------------------
Australian Securities and Investment Commission winds up nine
abandoned companies owing more than AUD890,000 in employee
entitlements

ASIC has exercised its wind up powers appointing liquidators to
nine abandoned companies to assist employees gain access to the
Fair Entitlements Guarantee scheme (FEG). The companies were
wound up between October 2015 and March 2016

The appointment of liquidators also facilitates a full and proper
investigation into the reasons why the companies failed and
allows recovery of any voidable or unreasonable director-related
transactions.

The nine abandoned companies owe at least 28 employees a total in
excess of AUD890,000 in employee entitlements. The companies are:

Company                    Liquidator
-------                    ----------
Kookaroo Kindy Pty Ltd     David Pratt and Ian England of PwC

Perth Steel Pty Ltd        Mark Englebert of FTI Consulting
Range Harvester
Australia Pty Ltd          Derrick Vickers and Darryl Kirk of PwC
Sabre Industrial
Pty Ltd                    Jason Tracy of Deloitte

Fraser Investment
Group Pty Ltd              Richard Hughes of Deloitte
Australian Bespoke
Pty Ltd                    Jason Tracy of Deloitte
Workshop Management
Pty Ltd                    Anne Meagher of SV Partners
Global Training
Systems Pty Ltd            Nick Carter of PA Lucas
Appleyard Corporate
Pty Ltd                    Tracy Knight of Bentleys

The FEG is a legislative safety net scheme funded by the
Australian Government. It is designed to assist employees owed
unpaid employee entitlements because of their employer company's
liquidation or the company directors' bankruptcy. In addition,
the Department of Employment operates the 'Fair Entitlements
Guarantee Recovery Programme', a programme designed to strengthen
recovery activity of amounts advanced under the FEG Scheme.

Some employees owed entitlements cannot access FEG because the
companies' directors are either unable to discharge their duties
or abandoned their insolvent companies without putting them into
liquidation. ASIC's appointment of liquidators facilitates access
to FEG for these employees. ASIC first used its powers in 2013
(refer: 13-233MR) and to date has wound up 71 companies that owed
a total of 231 employees more than AUD3.9 million in
entitlements.

Between June and September 2014, ASIC also wound up the following
two companies (which did not appear in the previously issued
media release):

Company                       Liquidator
-------                       ----------
ACN 009 471 416 Pty Ltd       Gary Doran of Deloitte
All Plumbing & Gas Pty Ltd    Anne Meagher of SV Partners


KRISH ORIENT: First Creditors' Meeting Slated For April 27
----------------------------------------------------------
William James Hamilton of WJ Hamilton was appointed as
administrator of Krish Orient Trading Company Pty Ltd, trading as
Daawat Spices, on April 14, 2016.

A first meeting of the creditors of the Company will be held at
Suites 508-509, 147 King Street, in Sydney, on April 27, 2016, at
10:00 a.m.


LINC ENERGY: First Creditors' Meeting Set For April 27
------------------------------------------------------
Grant Dene Sparks, Stephen Longley and Martin Ford of PPB
Advisory were appointed as administrators of Linc Energy Limited
on April 15, 2016.

A first meeting of the creditors of the Company will be held at
PPB Advisory, Central Plaza One, Level 27, 345 Queen Street, in
Brisbane, Queensland, on April 27, 2016, at 11:00 a.m.


PA'S PORT: First Creditors' Meeting Scheduled For April 27
----------------------------------------------------------
Mathew Gollant and Gary Fettes of Rodgers Reidy were appointed as
administrators of PA's Port Melbourne Pty Ltd on April 15, 2016.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy, 3/326 William Street, in Melbourne, on April 27,
2016, at 11:00 a.m.


PACIFIC HOLIDAY: First Creditors' Meeting Set For April 27
----------------------------------------------------------
Andrew William Poulter of Abbott Welsh was appointed as
administrator of Pacific Holiday Village Pty Ltd, trading as
Stonelea Country Estate Aus, on April 14, 2016.

A first meeting of the creditors of the Company will be held at
Abbott Welsh, Suite 6, 560 Lonsdale Street, in Melbourne, on
April 27, 2016, at 11:00 a.m.


WINE COTTAGE: Court Appoints Clifton Hall as Liquidator
-------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of The Wine Cottage Pty Ltd on April 13, 2016, by Order of the
Federal Court of Australia.



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


CEETOP INC: MJF& Associates Raises Going Concern Doubt
------------------------------------------------------
Ceetop, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $599,847
on $0 of sales for the year ended Dec. 31, 2015, compared to a
net loss of $1.41 million on $361,887 of sales for the year ended
Dec. 31, 2014.

As of Dec. 31, 2015, Ceetop Inc. had $3.22 million in total
assets, $1.16 million in total liabilities, all current, and
$2.05 million in total stockholders' equity.

The Company's auditors MJF& Associates, APC, in Los Angeles,
California, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that the Company incurred recurring losses from
operations, has a net loss of $599,847 and $1,415,949 for the
years ended December 31, 2015 and 2014, respectively, and has
accumulated deficit of $10,621,441 at December 31, 2015.

These matters raises substantial doubt about the Company's
ability to continue as a going concern.

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/Qkwvrk

                          About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.


KU6 MEDIA: Nasdaq Grants Temporary Exception to Listing Rules
-------------------------------------------------------------
Ku6 Media Co., Ltd. was notified by The NASDAQ Stock Market LLC
that the hearings panel of NASDAQ had granted the Company's
request for a temporary exception to the listing rules, and the
Company will continue its listing on the NASDAQ Global Market,
subject to the condition that on or before July 13, 2016, the
Company must have completed the previously announced "going
private" transaction with its controlling shareholder, and taken
steps to delist the Company's American depositary shares from the
NASDAQ Global Market.

The Company is required to promptly inform the Hearing Panel of
any material event that may delay the closing of the going
private transaction, and the Hearing Panel may reconsider the
terms of the exception based on any event, condition or
circumstance that exists or develops.  There can be no assurance
that the Company will be able to comply with the conditions of
the exception.

As previously announced, in February 2016, NASDAQ notified the
Company of its determination to delist the ADSs based on the
Company's non-compliance with the US$1 minimum bid price
requirement, the US$50,000,000 minimum market value requirement
and the US$15,000,000 minimum market value of publicly held
securities requirement.  The Company appealed such determination
and was granted a hearing before the Hearing Panel, which was
held on March 31, 2016.

As previously announced on April 5, 2016, the Company entered
into a definitive Agreement and Plan of Merger with Shanda
Investment Holdings Limited and Ku6 Acquisition Company Limited,
a wholly-owned subsidiary of Parent.  Pursuant to the Agreement,
Parent will acquire the Company for cash consideration equal to
US$0.0108 per ordinary share of the Company or US$1.08 per ADS.
If completed, the transactions contemplated by the Agreement will
result in the Company becoming a privately-held company and the
ADSs will no longer be listed on the NASDAQ Global Market.

                         About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

As of Dec. 31, 2015, the Company had $9.01 million in total
assets, $14.31 million in total liabilities and a $5.29 million
total shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative
working capital, net cash outflows, and uncertainties associated
with significant changes made, or planned to be made, in respect
of the Company's business model, raise substantial doubt about
the Company's ability to continue as a going concern.


TONGJI HEALTHCARE: Anton & Chia Expresses Going Concern Doubt
-------------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $589,000 on $2.37 million of total operating revenue
for the year ended Dec. 31, 2015, compared to a net loss of
$462,000 on $2.52 million of total operating revenue for the year
ended Dec. 31, 2014.

As of Dec. 31, 2015, Tongji Healthcare had $16.9 million in total
assets, $19.8 million in total liabilities and a total
stockholders' deficit of $2.87 million.

The Company had net working capital deficit of $17.8 million on
Dec. 31, 2015, which is an increase of $313,000 over a net
working capital deficit of $17.5 million on Dec. 31, 2014.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2015.

A full-text copy of the Form 10-K is available for free at:

                      http://is.gd/gSiiVa

                    About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.


WINSWAY: Hearing on Recognition of Foreign NonMain Proc. on May 9
-----------------------------------------------------------------
On April 6, 2016, Cao Xinyi, in her capacity as the foreign
representative in respect of a voluntary restructuring proceeding
(the "Hong Kong Proceeding") concerning Winsway Enterprises
Holdings Limited currently pending before the High Court of the
Hong Kong Special Administrative Region, filed the Verified
Petition for Recognition of Foreign Nonmain Proceeding
Supplementing the Voluntary Petition [ECF No. 1] and Motion for
Related Relief pursuant to chapter 15 of title 11 of the United
States Code, 11 U.S.C. Section 101-1532, with the United States
Bankruptcy Court for the Southern District of New York in re:
WINSWAY ENTERPRISES HOLDINGS LIMITED, f/k/a Winsway Coking Coal
Holdings Limited, Debtor in a foreign proceeding, Chapter 15 Case
No. 16-10833-mg.

The Petition seeks the entry of an order:

  (i) recognizing the Hong Kong Proceeding as a foreign nonmain
      proceeding pursuant to sections 1515 and 1517 of the
      Bankruptcy Code; and

(ii) granting related relief pursuant to sections 105(a),
      1507(a), 1509(b)(2)-(3), 1521(a) and 1525(a) of the
      Bankruptcy Code giving full force and effect to a scheme
      of arrangement and related agreements concerning the
      Debtor.

The Bankruptcy Court has scheduled a hearing to consider the
relief requested in the Petition for 10:00 a.m. (New York time)
on May 9, 2016 in Room 523 of the United States Bankruptcy Court
for the Southern District of New York, One Bowling Green, in
New York.

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

Winsway Enterprises Holdings Limited has initiated a case under
Chapter 15 of the Bankruptcy Code, seeking recognition in the
United States of a proceeding currently pending in Hong Kong.
The petition was filed by Cao Xinyi as Winsway's foreign
representative, with authorization from the Board of Directors.

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.



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


AARTI INFRA: CARE Reaffirms 'D' Rating on INR26.23cr Loan
---------------------------------------------------------
CARE reaffirms ratings of the bank facilities of Aarti Infra
Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      26.23     CARE D Reaffirmed
   Short term Bank Facilities     15.00     CARE D Reaffirmed

Rating Rationale

The reaffirmation in the ratings assigned to the bank facilities
of Aarti Infra Projects Private Limited (AIPL) factors in the
ongoing delays in servicing of interest payments on the term loan
account with invocation of Bank Guarantee (BG).

Nagpur-based, Aarti Infra-Projects Private Limited (AIPL) was
incorporated in May 2006 and is a part of the Mandhana Group of
Industries. AIPL is promoted by Mr Kanhaiyalal S Mandhana, and
its entire shares are held by the Mandhana family. AIPL operates
in three verticals viz irrigation projects (barrage/dam radial
gates and others), thermal power projects (fabrication and
erection of heavy structures for power station and others) and
hydro power projects (automatic tilting gates, high radial gates,
etc). The company is involved in designing, fabrication,
erection, testing and commissioning of hydro mechanical
equipment, penstocks, large diameter high pressure/low pressure
pipeline and heavy structural works required for power plants and
irrigation projects in the private and government sector. Since
2010, the company has also ventured into laying of power
transmission lines.

AIPL is registered as a Class 1A contractor in 15 states,
including Maharashtra, Madhya Pradesh, Chattisgarh, Karnataka
and Andhra Pradesh.

The company is ISO 9001 certified and is based in Nagpur,
Maharashtra, with projects executed all over India. Clients of
AIPL include Vidarbha Irrigation Development Corporation, BHEL,
Patel Engineering Ltd, Larsen & Toubro Ltd, SMS Infrastructure
Ltd, Konkan Irrigation Development Corporation and others.


AEZ INFRATECH: CRISIL Suspends 'D' Rating on INR100MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
AEZ Infratech Private Limited (AEZIPL).


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

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

AEZIPL is the real estate arm of the AEZ group, promoted by Mr.
Sanjeev J Aeren. The promoter has experience of more than two
decades in the real estate sector. AEZIPL is a real estate
developer with operations in the National Capital Region. The
company develops residential, commercial, institutional, and
recreational properties. It has ongoing residential projects in
Rishikesh (Uttarakhand) and Gurgaon (Haryana), and commercial
projects in Ghaziabad (Uttar Pradesh) and Faridabad (Haryana).


AGRAWAL SPONGE: CRISIL Suspends B Rating on INR150MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Agrawal Sponge Limited (ASL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           25        CRISIL A4
   Cash Credit             150        CRISIL B/Stable
   Letter of Credit         50        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B/Stable

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

Incorporated in 2003, ASL was acquired by Mr. R D Gupta in 2006-
07. In 2012-13, however, the company was acquired by Mr. Manoj
Agarwal and Mr. Kailash Agarwal. ASL, based in Raipur
(Chhattisgarh), manufactures steel ingots and sponge iron.


ALEPH ENTERPRISES: CARE Assigns B+ Rating to INR1.0cr Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Aleph
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.00      CARE B+ Assigned
   Long-term/Short-term Bank      8.00      CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Aleph Enterprises
(APE) are constrained by the firm's small scale & working
capital intensive nature of operations, the firm's thin
profitability margins, leveraged capital structure and weak debt
protection metrics. The ratings are further constrained by the
susceptibility of profit margin to fluctuation in the prices of
raw cashew nuts with raw material availability being tied to the
vagaries of the monsoon, exposure to forex fluctuations,
presence in highly fragmented and competitive industry and its
constitution as a proprietorship concern.

The ratings do factor in the long experience of the promoter's
family in cashew processing, the established relationship
with customers and suppliers as well as the moderate growth in
income over the last three years albeit fluctuating
profitability.

Going forward, the ability of the firm to improve profitability
amidst fluctuation in raw cashew nut prices in international
market and prudently manage working capital borrowings while
scaling up operations with mechanizing its units would
be the key rating sensitivities.

Aleph Enterprises (APE) was established in 1996 as a
proprietorship concern for processing and exports of cashew.
MrsLeelama John is the proprietrix. The operations are also
supported by her husband Mr John. M. George. The firm
owns three processing units located in Mampuzha, Puthensagatm and
Villur in Kerala with a combined installed capacity
of 2000 MT (80 kg per bag). All the three processing units are
semi-automated. APE also purchases and sells cashew
kernel from other processing units in Kerala when the particular
variety ordered by customers is not available with APE
and to fulfil the demand of customers in a timely manner.
Some of the cashew varieties processed is white wholes (W180,
W210, W240, W280, W320, and W450), butts, splits,
pieces, small pieces, baby bits etc. The products are packed in
25 and 50 pounds packs and then into cartons and
exported depending upon the requirement of customers.

As per the audited results, APE has achieved a PAT of INR0.06
crore on a total operating income of INR40.28 crore in FY15
as compared with a PAT of INR0.07 crore on a total operating
income of INR32.30 crore in FY14. The firm has achieved sales of
INR38.00 crore during 10MFY16 (refers to the period from April 01
to January 31) with an annualized growth of 13% for FY16.


ANR INTERNATIONAL: CRISIL Suspends B+ Rating on INR21MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ANR International Private Limited (ANR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        160        CRISIL A4
   Overdraft Facility       19        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       21        CRISIL B+/Stable

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

ANR was incorporated in 1988 as Single Agencies Pvt Ltd; it was
given the current name in 2011. The company is primarily engaged
in the trading of polyvinyl chloride (PVC) resin and other
chemicals such as plasticiser chemicals, pthalic anhydride,
maleic anhydride, ethylene vinyl acetate, calcium carbonate, and
polyethylene resin, which primarily find application in
manufacturing of PVC pipes, footwear, and the plastic industry.
The company is based in New Delhi and is promoted by Mr. Anoop
Kumar Chhawchharia and his family members.


ARASHU CLOTHING: CARE Assigns B+ Rating to INR5.29cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Arashu
Clothing Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.29      CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Arashu Clothing
Company (ACC) are primarily constrained by its small size of
operations with client concentration risk with 90% of its
revenues derived from top two clients, weak capital structure and
debt protection indicators, working capital and labour intensive
nature of operations, intense competition in a highly fragmented
industry structure and constitution being a partnership firm with
risks of continuity of business, withdrawal of capital and
limited resources of partners.

However, the ratings factor in the long experience of the
promoters in the textile industry, healthy growth in revenues and
established relationship with its customers and suppliers.

Going forward, The firm's ability to scale up the operations and
to improve the profit margins of the firm would be its key rating
sensitivities.

Arashu Clothing Company (ACC) is a partnership firm, based in
Tirupur, established by four partners namely MrKPalanisamy,
MrPTamilarasuArulprasanna (S/o of MrKPalanisamy), MrRDhandapani
and MsDDeepa (W/o of MrRDhandapani) in 2011 with an installed
capacity of 50 sewing machines undertaking job orders. In 2012,
ACC stepped into direct manufacturing of knitted garments and
exporting the same to foreign countries. The key materials are
purchased from BannariAmman Spinning MillsLtd. (rated CARE A-
/CARE A2+). The firm employs 150 people, including 100 employees
in the stitching section. 80% of manufacturing is Kids and
children's wear, i.e., from infants up to the age of 16 years and
remaining 20% pertains to men and women's wear. ACC operates in a
single shift and manufactures about 1,00,000 pieces per month.
Apart from in-house production, ACC also undertakes job work for
the local customers located in and around Tirupur. The firm's
stake is closely held by the promoter and his family.

ACC also has one group company in the name of 'Mercury Process',
which is engaged in the dyeing of Garments, where MrKPalanisamy
is an active partner. ACC enjoys locational advantage, since it
is
present in Tirupur, which is an important textile cluster.
ACC has achieved PAT of INR0.20 crore on total operating income
of INR12.40 crore in FY15 (refers to the period April 1 to
March 31) as compared to PAT of INR0.19 crore on total operating
income of INR6.95 crore in FY14. In 10MFY16 (Provisional), the
firm has achieved total operating income of INR13crore.


ARUMUGHA MUDALIAR: CARE Reaffirms D Rating on INR5.09cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Arumugha Mudaliar Sornam Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.09      CARE D Reaffirmed

Rating Rationale

The reaffirmation in the ratings of ArumughaMudaliarSornam
Educational Trust (AMT) takes into account the continued
delays in debt servicing due to the tight position.

AMT was established in March 1992 by Mr A. Krishnaswamy and
registered under Indian Trust Act. The main objective of
the trust is to provide education services and engage in social
welfare activities like eye camp and blood donation camp to
the rural population. Presently, the trust runs 8 institutions
consisting of an engineering college (both UG and PG
courses), arts and science college, a polytechnic college, one
teacher training college (B.Ed. course), two teacher training
institutes (Diploma in Elementary Education), matriculation
higher secondary school and a nursery school. The institutions
are located in Cuddalore district, Tamil Nadu. The above
institutions are managed by experienced professionals in their
respective fields.


ASHOK CONSTRUCTIONS: CARE Assigns B+ Rating to INR5.0cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities
of Ashok Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned
   Short term Bank Facilities      2        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Ashok
Constructions (ASC) factors in the small sized operations,
fluctuating revenues, declining PAT margins, weak capital
structure and debt protection metrics. The ratings are further
constrained by the geographical concentration of operations in
Chennai, Tamil Nadu.

The ratings do factor in the long experience of the promoter,
long operational track record of the firm and the healthy albeit
concentrated order book.

Going forward, ability of the firm at bagging and executing
bigger orders, within budgeted timelines and its ability to
manage its working capital cycle prudently will be the key rating
sensitivities.

ASC was originally established as a proprietorship by
MrSundaramoorthy in 1979. Subsequently, the business was
converted into a partnership firm and the firm started execution
of civil construction contracts. The partnership underwent
reconstitution, the latest one in January 2015. Presently, there
are five partners, all being MrSundaramoorthy's family members.
Profits or losses are shared equally. The firm is registered as a
Class I PWD contractor. Being engaged in construction contract
business for more than two decades, MrSundaramoorthy has
executed more than 900 projects, primarily in Chennai, Tamil
Nadu. Presently, the civil contracts are primarily awarded by
the Indira Gandhi Centre for Atomic Research, wherein the firm
executes residential and industrial civil construction.

As per audited results, ASC has achieved PAT of INR0.16 crore on
total operating income of INR9.23 crore in FY15 as compared to
PAT of INR0.51 crore on INR15.36 crore in FY14. The firm has
achieved nearly INR19 crore of revenues for the 11MFY16
(provisional, refers to the period April to February).


B. M. RAJ: CRISIL Suspends B+ Rating on INR35MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
B. M. Raj Industries (BMRI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               35       CRISIL B+/Stable
   Inland/Import Letter
   of Credit                 10       CRISIL A4
   Long Term Loan             2.5     CRISIL B+/Stable
   Proposed Cash Credit
   Limit                      5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         7.5     CRISIL B+/Stable

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

BMRI was set up as partnership firm in the year 1999 by Mrs
Dipika Surma and is being managed by Mr H.D Surma. The firm is
into manufacturing of industrial plastic packaging material and
is based out of Silvassa, Dadra and Nagar Haveli.


BAWA APPLIANCES: CRISIL Reaffirms B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Bawa Appliances
Private Limited (BAPL) continue to reflect the company's small
scale of operations in an intensely competitive industry and
below-average financial risk profile because of high gearing.
These weaknesses are partially offset by the extensive experience
of BAPL's promoter in the consumer durables industry.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           50       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      35.9     CRISIL A4 (Reaffirmed)
   Term Loan             14.1     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BAPL will continue to benefit over the medium
term from promoter's extensive experience. The outlook may be
revised to 'Positive' if capital structure improves either
through equity infusion or substantial cash accrual, backed by
ramp-up in operations and operating profitability; and if working
capital management is efficient. Conversely, the outlook may be
revised to 'Negative' if financial risk profile deteriorates
because of further decline in revenue and profitability, large,
debt-funded capital expenditure, or if liquidity weakens
significantly due to increase in working capital requirement.

Update
Revenue is expected to increase to INR580-600 million in 2015-16
(refers to financial year, April 1 to March 31) from INR525
million in 2014-15, backed by increasing manufacturing capacity
and established relationship with suppliers and customers; these
will ensure revenue visibility over the medium term as well.
However, low bargaining power with clients has led to constrained
operating profitability of 3-4 percent over the four years ended
2014-15, which will remain in a similar range over the medium
term.

Limited credit from suppliers has led to high reliance on bank
borrowing to meet moderate working capital requirement (expected
gross current assets of 70-75 days as on March 31, 2016, up from
64 days in the previous year). Bank limit was utilised at 101
percent for the 12 months ended on October 2015. Hence, gearing
is expected at 4.78 times as on March 31, 2016. However, better
accretion to reserves and equity infusion of INR5 million are
likely to keep networth at a moderate INR20.6 million. Low
profitability level is expected to result in muted debt
protection metrics, with net cash accrual to total debt and
interest coverage ratios at 0.05 time and 1.67 times,
respectively, for 2015-16. Liquidity is supported by enhanced
fund-based limit to INR 82.5 million from INR50.0 million and
cash accrual of INR5.40-6.30 million against debt obligation of
INR3.10 million during the FY 2016-17.

Incorporated in 2012 and promoted by the New Delhi-based Mr.
Sanjeev Kapoor, BAPL manufactures LPG stoves and related
components, and other kitchen utensils. It also trades in steel
sheets. Operations are managed by the promoter.


BHATIA COLOUR: CRISIL Reaffirms B Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhatia Colour Company
(BCC) continue to reflect weak financial risk profile because of
high gearing and average debt protection metrics, and working
capital-intensive operations. These rating weaknesses are
mitigated by the partners' extensive experience in the textile
dyes and chemicals manufacturing and trading industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              110      CRISIL B/Stable (Reaffirmed)
   Letter of Credit          50      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       100      CRISIL B/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Bhatia Colour Company (BCC) on Nov. 18,
2016.

Outlook: Stable

CRISIL believes BCC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of an improvement in
financial risk profile, most likely because of infusion of
capital or a significant and sustained increase in revenue and
margins. Conversely, the outlook may be revised to 'Negative' in
case of a stretched working capital cycle or larger-than-expected
debt-funded capital expenditure, resulting in weak financial risk
profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31), BCC
reported a topline of INR726 million, a year-on-year growth of 7
percent, on account of stable demand and INR980 million is
expected for the full year led by healthy demand of textile and
chemicals and improved demand of imported yarn. Moderate growth
of 20 percent is expected over medium term. Operating margin of 4
percent in 2014-15 was in line with the past trend, and is
expected to remain at current levels over the medium term, though
remain susceptible to volatility in raw material prices. Working
capital management is intensive, reflected in gross current
assets of 242 days as on March 31, 2015, broadly in line with the
past trends, and is expected to remain at 220-230 days over the
medium term. Financial risk profile has been weak because of
modest networth of INR30 million and high total outside
liabilities to tangible networth of 15.40 times as on March 31,
2015. Debt protection metrics also remained below-average with
net cash accrual to total debt and interest coverage ratios of
0.03 time and 1.2 times, respectively, for 2014-15. With high
reliance on bank borrowing for working capital requirement,
financial risk profile will remain below-average over the medium
term. Liquidity too is stretched because of low cash accrual
expected at INR10-19 million over the medium term against which
there is no debt obligation. Bank limit utilisation has been high
at 88 percent for the 12 months through February 2016. Liquidity
should remain constrained over the medium term on account of low
cash accrual.

BCC was established in 1994 as a partnership firm by the Surat-
based Bhatia and family. It trades in textile dyes and chemicals.


BOULDER REALCON: CRISIL Assigns B Rating to INR95MM Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Boulder Realcon Private Limited (BRPL) and has
assigned its 'CRISIL B/Stable' rating to its long-term bank
facility.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                95        CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The ratings were suspended by CRISIL on March 09, 2016, on
account of non-cooperation by BRPL with CRISIL's efforts to
undertake a review of the ratings outstanding. Despite repeated
requests by CRISIL, BRPL is yet to provide adequate information
to enable CRISIL to assess BRPL's ability to service its debt.

The rating reflects BRPL's small scale of operations, high
geographical concentration in revenue, and below-average
financial risk profile, marked by weak capital structure and
modest cushion between lease rentals and debt obligation. These
rating weaknesses are partially offset by the benefits that BRPL
derives from the assured revenue on the back of long-term lease
contracts.
Outlook: Stable

CRISIL believes that BRPL will continue to benefit from the
assured lease rentals on back of the long term lease contract.
The outlook may be revised to 'Positive' if higher-than-expected
cash accruals or substantial equity infusions lead to a stronger
financial risk profile. Conversely the outlook may be revised to
'Negative' if any unexpected termination of lease contracts or
delays in rental receipts constrain cash flows, or any large
debt-funded investments in properties weaken the liquidity for
BRPL.

Set up in 2011, BRPL is based out of Delhi and derives its
revenues from leasing out properties in Rishikesh, Uttarakhand.


EXPAT ENGINEERING: CARE Revises Rating on INR11cr Loan to B+
------------------------------------------------------------
CARE revises the lt rating and reaffirms the st rating assigned
to the bank facilities of Expat Engineering India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       11       CARE B+ Revised from
                                            CARE B
   Short term Bank Facilities       7       CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to Expat Engineering India
Limited (EEIL) takes into account company's improved performance
in FY15 (refers to the period April 1 to March 31) and continuing
strong order book position. The ratings continue to be
constrained by its moderate financial risk profile marked by high
gearing and TDGCA, working capital intensive nature of operations
and concentration of order book on few projects. The ratings,
however, derive strength from vast experience of the promoters in
the construction industry.

Timely execution of its ongoing projects with stability in
profitability margins and improvement in capital structure are
the key rating sensitivities.

EEIL was originally a division of Expat Properties India Limited,
established in 1999 and part of the Expat group. Later in 2007,
this division demerged into a separate entity, EEIL. This
restructuring was done in order to expand the operations for
construction of residential buildings other than the group
projects.

EEIL, promoted by Mr Santosh Balakrishna Shetty and several
others, is engaged in executing contracts for land &
infrastructure development and construction of residential &
commercial buildings for projects primarily belonging to the
Expat group.

Currently, the company has an order book of INR857.7 crore, of
which INR850.4 crore constitute orders from group companies.
During FY15, EEIL reported a PAT of INR2.2 crore on a total
operating income of INR65.7 crore as compared with a PAT of
INR1.1 crore on a total operating income of INR46.7 crore in
FY14.


FOOD AND BIOTECH: CRISIL Reaffirms B- Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Food and Biotech
Engineers India Private Limited (FBEIPL) continue to reflect the
company's weak financial risk profile, particularly liquidity,
marked by a highly leveraged capital structure.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          180      CRISIL A4 (Reaffirmed)
   Cash Credit              60      CRISIL B-/Stable (Reaffirmed)
   Long Term Loan           10      CRISIL B-/Stable (Reaffirmed)

The ratings also underscore FBEIPL's large working capital
requirements driven by stretched receivables and a modest scale
of operations with high dependence on demand from certain end-
user industries. These weaknesses are partially offset by the
benefits that FBEIPL derives from the promoters' extensive
experience and long track record in designing and manufacturing
machines for the dairy/food processing industry and its
established relations with customers.
Outlook: Stable

CRISIL believes FBEIPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, leading to
higher cash accrual, while improving its working capital
management, thereby improving liquidity. Conversely, the outlook
may be revised to 'Negative' in case of further weakening in the
financial risk profile, particularly liquidity, most likely
because of delayed receivables, low cash accrual, or a decline in
operating profitability or if it undertakes any large, debt-
funded capital expenditure.

Update:
Operating revenue was INR639.8 million in 2014-15 (refers to
financial year, April 1 to March 31), reflecting healthy year-on-
year growth of around 26 percent. This was because there was an
increase in orders from government organisations such has Bihar
State Milk Co-operative Federation Ltd (Sudha Dairy) and
Karnataka Milk Federation (Nandini), and from other dairy players
leading to healthy demand. Operating margin was 4.47 percent in
2014-15, reflecting sustained profitability. Operating margin is
expected to remain at a similar level over the medium term.
Revenue is expected to grow to INR900-950 million over the medium
term on the back of longstanding relations with existing
customers along with strong outstanding order book of over INR1.5
billion to be executed over the medium term.

The working capital requirements are large as reflected by gross
current assets of over 340 days owing to stretched receivables of
139 days as on March 31, 2015, as a result of stretched payments
from government organizations. The financial risk profile is
expected to remain weak owing to high reliance on external short-
term debt leading to high total outside liabilities to tangible
net worth of above 6 times over the medium term. Liquidity is
stretched because of a fully utilised cash credit limit of INR60
million over the 13 months through November 2015. Liquidity is
however, supported by cash accrual levels of INR18-20 million
over the medium term as against low term debt repayments and
absence of significant capex plans over the medium term. The
company has undertaken a term loan of Rs 10 million in January
2016 towards purchase of machinery of around Rs 13.5 million for
the purpose of modernization. CRISIL believes the financial risk
profile and liquidity will remain at similar levels owing to
working capital-intensive operations.

FBEIPL (an ISO 9001:2000 company) was established in 1999 by Mr.
R. P. Singh in association with the other directors, Mr. Munendra
Kumar Singh and Mr. Anil Kumar Sinha, and is based in Palwal
(Haryana). FBEIPL designs, manufactures, installs, and
commissions dairy processing, food processing, Chemical,
Distillation and Allied Industries plants on a turnkey basis. The
company specialises in evaporators and dryers used for industries
such as dairy, fruits, distilleries, and chemicals.

FBEIPL reported profit after tax (PAT) of INR6.8 million on
operating income of INR639.8 million for 2014-15 against PAT of
INR5.6 million on operating income of INR508.1 million for 2014-
15.


GOPISH PHARMA: CRISIL Suspends 'C' Rating on INR76MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gopish Pharma Ltd (GPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              76        CRISIL C
   Proposed Long Term
    Bank Loan Facility      33        CRISIL C
   Term Loan                14.7      CRISIL C

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

GPL, promoted by Mr. Ravi Goyal and his son Mr. Ratish Goyal,
manufactures and markets a wide variety of generic drugs. Its
plant in Baddi (Himachal Pradesh) commenced commercial operations
in 2008-09. GPL's promoters also operate two other entities,
which are in the business of injectable manufacturing and
specialised printing and packaging.


HARESH CHEMICALS: CRISIL Suspends B- Rating on INR45MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Haresh
Chemicals (HC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B-/Stable
   Letter of Credit        145        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       45        CRISIL B-/Stable

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

Mr. Bharat Kasat set up HC in 1984. The firm trades in more than
150 bulk drugs. It has a client base of over 200 generic drug
manufacturers. Its offices are in Mumbai.


INCOM WIRES: CRISIL Suspends B Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Incom Wires and Cables Limited (IWCL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit              60        CRISIL B/Stable
   Letter of Credit         10        CRISIL A4
   Proposed Term Loan       60        CRISIL B/Stable

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

IWCL was incorporated in 1995, promoted by Mr. Raghav Sharma. The
company manufactures telecommunication, signalling, and power
cables. Its product portfolio includes different types of
electric wires, power cables, control cables, railway signalling
cables, railway quad cables, and telephone cables. It has its
manufacturing unit in Mayapuri Industrial Estate, Delhi. IWCL is
approved by the Research Design and Standards Organisation as a
Part 1 supplier of signalling cables and Part 2 supplier of
telecommunication cables to the Indian Railways. It is also an
approved vendor for other government entities such as National
Thermal Power Corporation Ltd; State Electricity Boards of
Punjab, Haryana, and Rajasthan; and private companies such as L&T
Ltd and Ansaldo STS India.


J.B GOLD: CARE Reaffirms 'B' Rating on INR9c LT Loan
----------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
J.B Gold Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of J.B Gold Private
Limited (JBG) continue to remain constrained by small scale of
operations, weak financial risk profile characterized by low
profitability margins, leveraged capital structure, weak debt
coverage indicators and elongated operating cycle. The rating is
further constrained by the competition from organized and
unorganized sector and risk associated with fluctuating gold
prices.

The rating, however, draws comfort from experienced promoters.
Going forward, the ability of JBG to increase its scale of
operations while improving its profitability margins and capital
structure along with efficient working capital management shall
be the key rating sensitivities.

Delhi-based JBG was incorporated in 2011 as a private limited
company by Mr Rajnish Gupta and his wife, Ms Nisha Gupta. JBG is
engaged in the wholesale trading of gold jewellery, diamond
jewellery and loose cut & polished diamonds and has its office
located in Karol Bagh, Delhi. The company procures jewellery, cut
& polished diamond from wholesalers and jewellery manufacturers
and then sells it to various retail jewellers in Delhi. The
company has also started in-house manufacturing of gold & diamond
jewellery in FY14 (refers to the period April 1 to March 31) and
sells the same under its own brand name 'Kiyan'. JBG sells
hallmark certified gold and diamond jewellery. Roshni Jewellers
Private Limited (rated 'CARE B') is a group associate of JBG and
is engaged in the same line of business.

JBG reported a PAT and PBILDT of INR0.18 crore and INR1.70 crore,
respectively, on a total income of INR64.71 crore in FY15 as
against PAT and PBILDT of INR0.31 crore and INR1.41 crore,
respectively, on a total income of INR63.27 crore in FY14. JBG
has achieved a total operating income of INR55 crore in 11MFY16
(refers to the period April 01 to February 29) (as per the
unaudited results).


JAHANVI ISPAT: CRISIL Assigns 'D' Rating to INR110MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Jahanvi Ispat Pvt Ltd (JIPL). The rating reflects
instances of delay by the company in meeting its debt
obligations; the delays were primarily due to weak liquidity on
account of its working capital intensive operations.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               70       CRISIL D
   Long Term Loan           110       CRISIL D

The rating also factors in JIPL's modest scale of operations and
vulnerability to industry downturns. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

JIPL, incorporated in 2009, is promoted by Mr. Pramod Gupta. The
company manufactures thermo-mechanically-treated steel bars from
mild-steel billets and ingots. The company's manufacturing
facility is at Mandideep, Madhya Pradesh.

JIPL had profit after tax (PAT) of INR2.0 million on operating
income of INR446.6 million in 2014-15 (refers to financial year,
April 1 to March 31) as against PAT of INR3.6 million on
operating income of INR488.9 million in 2013-14.


JAIRAM MARUTI: CRISIL Reaffirms 'D' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jairam Maruti Mills
(JMM) continue to reflect JMM's below-average financial risk
profile, marked by a high gearing, and the firm's modest scale of
operations and exposure to risks related to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of JMM's promoters in the textile
industry.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        7.8      CRISIL D (Reaffirmed)
   Cash Credit          60        CRISIL D (Reaffirmed)
   Long Term Loan       60        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   26.9      CRISIL D (Reaffirmed)

CRISIL had downgraded the ratings on the bank facilities of JMM
to CRISIL D/CRISIL D from CRISIL B+/Stable/CRISIL A4 on March
3rd, 2016.

The ratings downgrade reflects instances of delays by JMM in
servicing its term debt due to weak liquidity.

JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It
manufactures cotton yarn and converts it into fabric .The firm is
based in Coimbatore (Tamil Nadu).


K AND M SHELTORS: CRISIL Assigns 'B' Rating to INR75MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of K and M Sheltors Private Limited (KMSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan          75        CRISIL B/Stable

The rating reflects KMSPL's exposure to offtake and
implementation related risks associated with its ongoing real
estate redevelopment project and cyclicality in the real estate
industry. These weaknesses are partially offset by extensive
experience of KMSPL's promoters in the real estate business
Outlook: Stable

CRISIL believes that K and M Sheltors Private Limited will
continue to benefit over the medium term from the extensive
experience of the promoters in the real estate sector. The
outlook may be revised to 'Positive' if the customer response to
its projects is significantly better than expected leading to
higher cash flow generation and improvement in financial risk
profile. The outlook shall be revised to 'Negative' if cash flows
are significantly below expectations, either due to subdued
response to the project or lower than envisaged flow of advances,
significantly affecting its debt servicing ability.

Incorporated in 2001, KMSPL is engaged in real estate
development. The company is promoted by Mr. Khalid Omar and his
wife Mrs. Maria Omar. The company is based out of Mumbai,
Maharashtra.


KANDARP CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kandarp Construction India Private Limited (KCIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           135       CRISIL A4
   Cash Credit               60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         5       CRISIL B+/Stable

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

KCIPL was incorporated in 2001 by Mr. Markandeya Shukla
(promoter-director) at Lucknow (Uttar Pradesh). The company
undertakes all kinds of civil construction contracts (roads,
bridges, buildings, and industrial sheds) for the state and
central government departments. The company currently undertakes
civil construction contracts for the railways, central government
departments, and state government departments of Uttar Pradesh
and Madhya Pradesh.


KOVAI KALAIMAGAL: CARE Lowers Rating on INR5.66cr LT Loan to D
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Kovai
Kalaimagal Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.66       CARE D Revised from
                                            CARE BB
   Short term Bank Facilities    0.14       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
KovaiKalaimagal Educational Trust (KKET) factors in the ongoing
delays in servicing the debt obligations of the trust owing to
the tight liquidity position arising out of delays in fees
collections.

KKET was set up as a charitable trust under section 12A of Income
Tax Act by Mr K A Chinnaraju and Mrs P Shanmugadevi of
Coimbatore, Tamil Nadu in the year 1992. The trust currently
operates four educational institutes.

As per unaudited FY15 (refers to the period April 1 to March 31)
financials, the trust has achieved surplus of INR4.40 crore on
total operating income of INR22.59 crore as compared to surplus
of INR3 crore on total operating income of INR21.66 crore.


LAKSH NATURAL: CRISIL Suspends B- Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Laksh Natural Stones Private Limited (LNPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B-/Stable
   Letter of Credit         30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        5.7      CRISIL B-/Stable
   Standby Line of Credit    5        CRISIL B-/Stable
   Term Loan                10.3      CRISIL B-/Stable

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

Set up in 2006 by Mr. Lalit Agarwal and his family members, LNPL
manufactures ingots at its facilities in Jaipur. The company
commenced commercial production of ingots in January 2010. The
plant's manufacturing capacity is 18,000 tonnes per annum, of
which 80 per cent is utilised. LNPL also trades in marbles, but
the turnover from this activity is miniscule, at around 1 per
cent.


LEATHER TECH: CRISIL Suspends B+ Rating on INR10MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Leather Tech (LT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------              ---------     -------
   Standby Line of Credit     4.7     CRISIL B+/Stable

   Bill Discounting          19       CRISIL A4
   Foreign Letter of
   Credit                    10       CRISIL B-/Stable
   Overdraft Facility         1       CRISIL B-/Stable
   Packing Credit            70       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        10       CRISIL B-/Stable

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

Set up in 1991, LT is a partnership firm between three brothers:
Mr. Jasbir Singh Kapoor, Mr. Surbir Singh Kapoor, and Mr.
Amarjeet Singh Kapoor. It manufactures leather garments such as
jackets, coats, and shirts. It mainly exports to Europe to
various importers, who sell to large retail and fashion houses in
Europe. LT's unit is in Okhla Industrial Area in New Delhi, and
has capacity to manufacture about 8000 garments per month.


MURLI ELECTRODES: CARE Reaffirms B+ Rating on INR4cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Murli Electrodes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       4        CARE B+ Reaffirmed
   Short term Bank Facilities      1        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Murli Electrodes
Private Limited (MEPL) continue to be constrained by presence in
highly fragmented industry leading to intense competition,
declining turnover with thin profit margins, moderate capital
structure, elongated working capital cycle and weak debt coverage
indicators. The ratings are further constrained by the
susceptibility of operating margins to raw material price
fluctuation risk and cyclicality in the industry and
susceptibility to slowdown in the end user industry.

The ratings derive strength from experienced promoters and
established dealer distribution network.

The ability of the company to increase its scale of operations
along with improvement in profitability margins and solvency
position is the key rating sensitivity.

Nagpur based, MEPL was incorporated on June 23, 1998, by Mr.
Murli Maloo, Mr. Mahesh Maloo, Mr. Dinesh Maloo and Mr. Harish
Maloo. MEPL is engaged in the manufacturing of various types of
welding electrodes, welding consumables and wires. The product
portfolio of the company includes High Frequency (HF) Electrode,
High Tensile Steel and Low Hydrogen Electrode, Mild Steel
Electrode, Stainless Steel Electrode and Metal Inert Gas (MIG)
wires. The company sells its products under the brand names of
Wonder Weld, Fast Weld, Super Weld and Murli 6013 in Maharashtra,
Madhya
Pradesh, Goa, Gujarat and is further diversifying its presence in
10 more states. MEPL operates from its manufacturing facilities
located in Nagpur (Maharashtra) with an installed capacity of
14,400 MTPA as on March 31, 2015 for welding electrodes and 360
MT for MIG wires. The manufacturing facility is well equipped
with modern amenities and also has ISO 9001:2008 certification.
Further, MEPL belongs to the Murli Group and is a sister concern
of Murli Industries Limited (Nagpur) which has an established
position in the field of production of cement, paper, solvent
extractions and power generation.

In FY15 (refers to the period April 01 to March 31), the company
registered an income from operations of INR16.77 crore and PAT of
INR0.19 crore as compared to the income from operations and PAT
of INR11.93 crore and INR0.11 crore respectively in FY14.


NARMADESHWAR RICE: CRISIL Suspends B+ Rating on INR32.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Narmadeshwar Rice Mills Private Limited (NRM).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             20           CRISIL B+/Stable
   Proposed Term Loan       6.9         CRISIL B+/Stable
   Term Loan               32.3         CRISIL B+/Stable

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

NRM was founded by the Bihar-based Kedia family in February 2011.
The company set up a non-basmati rice processing mill with a
capacity of 8 tonnes per hour, in Aurangabad (Bihar), at an
estimated cost of INR110 million (including the working capital
margin). NRM commenced commercial production in October 2012.


NIROS ISPAT: CARE Lowers Rating on INR65.92cr Loan to B+
--------------------------------------------------------
CARE revises ratings assigned to bank facilities of Niros Ispat
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     65.92      CARE B+ Revised from
                                            CARE BB

   Short term Bank Facilities    11.00      CARE A4 Reaffirmed

Rating Rationale

The revision in rating assigned to the long-term bank facilities
of NirosIspat Private Ltd (NIPL) takes into account moderation in
operating performance in audited FY15 (refers to the period April
1 to March 31) and deterioration in financial risk profile marked
by weakening of debt protection metrics along with tight
liquidity position. The ratings continues to be constrained by
intense competition in the iron & steel industry, profitability
susceptible to volatility in raw-material prices, working capital
intensive nature of operations and cyclicality in the steel
industry. The ratings, however, draw strength from experienced
promoters and strategic location of the plant. Ability of the
company to increase the scale of operation, improve profitability
margin and efficient management of working capital remains the
key rating sensitivities.

NIPL, incorporated in 2001, is engaged in manufacturing of sponge
iron (with an installed capacity of 97,500 MTPA), billets (30,000
MTPA) along with a waste heat recovery based (WHRB) power plant
of 8MW at Bhilai, Chhattisgarh. NIPL was initially promoted by
Mr. Sunil Agarwal and Mr. Anil Mittal. In FY09, Mr. Mittal sold
his entire stake and Mr. Siddheswar Agrawal & Mr. Ashish Goyal
were inducted as new promoters with equal share of 33.3% in the
company.

During FY15 (Audited), NIPL reported net loss of INR4.83 crore
(as against net profit of INR0.65 crore in Provisional FY15) on a
total operating income of INR259.19 crore (as against INR258.01
crore in Provisional FY15).


ORCHID PHARMA: CARE Reaffirms B- Rating on INR2687.49cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Orchid Pharma Limited (erstwhile Orchid Chemicals and
Pharmaceuticals Limited).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    2687.49     CARE B- Reaffirmed
   Short-term Bank Facilities    498.50     CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Orchid Pharma
Limited (Orchid) continue to be constrained by moderate financial
performance characterised by losses in FY15 (refers to the period
April 1 to March 31) and 9MFY16, weak debt protection metrics and
highly leveraged capital structure.

The ratings however take into account Orchid's long track record
of operations and its established presence as a bulk drug
manufacturer. The ratings also take note of approval received for
launch of a new product recently.

The ability of the company to improve revenue from existing & new
product launches, improve profit margins and its leveraged
capital structure would be the key rating sensitivities.

Orchid Pharma Limited (Orchid), established in 1992, is an
integrated pharmaceutical company with presence in bulk drug
manufacturing, formulations and drug discovery. Orchid commenced
its operations as a cephalosporin Active Pharmaceutical
Ingredient (API) manufacturer and largely remained so till 2004
before moving to formulations.

During FY10, Orchid sold its sterile injectable formulations
business to Hospira Inc. The business transfer was completed in
March 2010.Orchid also sold its API business of penicillin and
penem, the API facility located in Aurangabad (Maharashtra)
together with an associated R&D Infrastructure located in Chennai
to Hospira Inc in July 2014. Orchid presently operates in API
business (of Cephalosporin based antibiotics) and formulation
business (Oral Cephalosporin and Non Penicillin Non
Cephalosporin).


POOJYA EXPORTS: CRISIL Suspends 'B' Rating on INR329.7MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Poojya Exports Private Limited (PEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        120.3      CRISIL A4
   Cash Credit              29.7      CRISIL B/Stable
   Bill Discounting        329.7      CRISIL B/Stable

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

Incorporated in 2007, PEPL is promoted by Mr. Bhavin Fadia and
Ms. Urvi Fadia. The company trades in cotton bales.


POULOMI ESTATES: CRISIL Reaffirms B+ Rating on INR150MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Poulomi
Estates Private Limited (PEPL) continues to reflect the company's
exposure to the risks and cyclicality inherent in the real estate
industry. The rating also reflects implementation-related risks
associated with the company's ongoing real estate project, which
can affect the project saleability, and, therefore, its operating
cash flows. These weaknesses are partially offset by the
extensive experience of PEPL's management in the real estate
industry.

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

   Term Loan               150      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the
medium term from the promoters' extensive experience in the real
estate industry. The outlook may be revised to 'Positive' in case
of significant booking of units and receipt of customer advances
for the company's ongoing project, leading to better-than-
expected cash flows and liquidity. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in PEPL's
liquidity, either because of lower-than-expected customer
advances or significant cost overrun in its ongoing project.

Incorporated in 2005, PEPL is promoted by Mr. J Madan Mohan Rao;
it undertakes residential real estate projects in Hyderabad. The
company is currently constructing a villa and a high-rise
residential project in Kokapet, Hyderabad.


RADHA-RUKMAN PACKAGES: CARE Reaffirms B+ INR21.72cr Loan Rating
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Radha-Rukman Packages Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     21.72      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The ratings of Radha-Rukman Packages Pvt. Ltd. (RPL) continue to
be constrained by short track record with small scale of
operation, volatility in raw material prices, working capital
intensive nature of operation and presence in fragmented and
competitive industry. The ratings, however, continue to draw
comfort from the experience of the promoter in the printing &
packaging industry.

Going forward, the ability of the entity to improve its scale of
operations along with profit margins and effective working
capital management would be the key rating consideration.

RPL was incorporated in August 2008 and was promoted by Mr
GovardhanLal Sikaria and his family members based out of Kolkata.
The company, after remaining dormant for 3 years, commenced
operation from January 2012. RPL is engaged in the manufacturing
of corrugated & duplex boxes and providing offset printing
services. The facilities of the company are located at Howrah,
West Bengal, with an installed capacity to manufacture 8,400
tonnes per annum (TPA) of corrugated & duplex boxes. RPL carries
out manufacturing & printing as per the designs and specification
provided by the customers and its products are used for packaging
in different industries like pharmaceuticals, textiles,
automobile, engineering, consumer goods industry, etc.

In FY15 (A) (refers to the period April 01 to March 31), the
company has reported a total operating income of INR26.96 crore
(as against INR22.23 crore in FY14) and net loss of INR2.49 crore
(as against net loss of INR0.26 crore in FY14). Till February
2016, the company has maintained to have achieved
revenue of INR32.75 crore.


RICHA PETRO: CARE Reaffirms 'D' Rating on INR12.58cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Richa Petro Products Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.58      CARE D Reaffirmed

Rating Rationale

The rating of Richa Petro Products Ltd. (RPPL) continues to be
constrained by the ongoing delay in the servicing of the bank
debt obligations on account of the stretch liquidity position of
the company.

RPPL (erstwhile, Richa Pipes & Fittings Private Limited, name
changed in 2011) was incorporated in the year 2010 by Mr Ramesh
Chandra Parida of Bhubaneswar, Odisha. The company has been
engaged in the manufacturing of pipes, pipe fittings, furniture,
and water tanks of PVC (Polyvinyl Chloride). The main raw
materials used in the production activity are Linear low-density
polyethylene (LDPE), Highdensity polyethylene (HDPE),
Polypropylene (PP) and PVC resin. The raw materials are procured
mainly from Haldia Petrochemicals Limited and Reliance Industries
Limited. The manufacturing plant of the company is located at
Bhubaneshwar, Odisha, and it is well equipped with modern
amenities along with ISO 9001:2008 certification. RPPL sells its
products under the brand name of "Richa" (unregistered) through
its established dealer network covering the state of Odisha only.


ROYAL LATEX: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Royal Latex
Private Limited (RLPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in RLPL's moderate scale of operations and
weak credit metrics. Revenue was INR864 million in FY15 (FY14:
INR733 million), EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.4x (1.5x) and net financial leverage
(total adjusted net debt/operating EBITDA) was 4.5x (7.6x).

The ratings reflect the risks associated with the company's
commodity processing business as reflected in its volatile
profitability in the range of 0.4% and 1.5% during FY12-FY15.

The ratings are supported by RLPL's comfortable liquidity with
average peak utilisation of the fund-based working capital
facilities being 74.4% over the 12 months ended March 2016.

The ratings are also supported by the over 10 years of experience
of the company's promoter in the rubber industry.


RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to a sustained improvement in the overall credit metrics
will lead to a positive rating action.

Negative: Deterioration in the operating profitability leading to
deterioration in the overall credit metrics will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2006 by Mr Rijo Mathew, RLPL manufactures and
trades centrifuged latex and skim rubber.

RLPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-', Outlook Stable
-- INR2.477 million long-term loan: assigned 'IND BB-'/Stable
-- INR90 million fund-based facilities: assigned 'IND BB-
    '/Stable/'IND A4+'
-- INR27.5 million non-fund based facilities assigned 'IND A4+'


SAI HARI: CRISIL Suspends B Rating on INR100MM Term Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sai Hari
Krupa Developers (SHKD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                100       CRISIL B/Stable

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

SHKD is a partnership firm engaged in real estate development in
Pune. The firm was set up by the promoters of the Pune-based real
estate developer, Goel Ganga Developments, and their business
associate, Mr. Raju Thakwani. SHKD's ongoing Sai Ganga project in
Pune has three buildings and 218 saleable flats.


SATYA INFRA: CRISIL Suspends B+ Rating on INR112.5MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Satya Infrastructures Limited (SIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               112.5      CRISIL B+/Stable

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

Incorporated in 2005, SIL is a part of the Satya group promoted
by Mr. Nawal Kishore Agarwal and his son, Mr. Manish Agarwal. The
company develops real estate in northern India.


SGS JEWELLERY: CARE Reaffirms 'B' Rating on INR6.0cr LT Loan
------------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to the
bank facilities of SGS Jewellery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.00      CARE B Suspension
                                            revoked and Rating
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of SGS Jewellery
Private Limited (SJPL) continues to remain constrained on
account of its financial risk profile marked by relatively small
scale of operations, thin profitability and weak debt coverage
indicators. The rating, further, continues to remain constrained
on account of SJPL's presence in the highly competitive Gems
&Jewellery (G&J) industry, susceptibility of operating
profitability to volatile gold prices and working
capital intensive nature of operations.

The rating, however, continues to favourably take into account
experience of the promoters along with wide product offerings by
the company.

SJPL's ability to increase its scale of operations along with
better management of working capital and improvement in overall
financial risk profile of the company would be the key rating
sensitivity.

SJPL was incorporated in 2009 by Mr Ajay Jain, MsUrmilaBairathi
and their relatives. SJPL is engaged in retailing of gold,
diamond and precious stones studded jewellery through its
showroom located in Jaipur. The company is also engaged in
manufacturing of gold jewellery. However, its contribution to the
total operating income (TOI) is very small. The company offers
wide range of products that include rings, earrings, pendants,
necklaces, bracelets, bangles, colour stones and medallions. SJPL
manufactures its own designs based on demand of the customers.
During FY15 (refers to the period April 1 to March 31), the
company also started wholesale trading of gold and silver
jewellery.

During FY15, SJPL reported a total operating income of INR18.40
crore (FY14: INR18.68 crore) with a PAT of INR0.01 crore
(FY14: INR0.02 crore). As per the provisional results for 9MFY16,
SJPL has reported TOI of INR13.66 crore.


SHARTHI COTTGIN: CRISIL Reaffirms B+ Rating on INR142.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sharthi
Cottgin Corporation (SCC) continues to reflect the firm's small
scale of operations in the highly competitive cotton industry,
working capital-intensive operations, and average financial risk
profile because of modest networth, high gearing, and subdued
debt protection metrics. These weaknesses are partially offset by
the extensive experience of SCC's promoters in the cotton
industry and proximity of unit to cotton-growing belt in Gujarat.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            35       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
    Bank Loan Facility   142.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan              22.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCC will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' in case of higher-than-expected revenue, while
improving profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if decline in revenue or
profitability, stretch in working capital cycle, or any large,
debt-funded capital expenditure (capex) further weakens financial
risk profile.

Update
Topline increased to INR242.2 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR77.9 million in the
previous year due to stabilisation of operations. Revenue is
expected to grow by 10 percent over the medium term, backed by
steady demand. Operating margin (4.4 percent in 2014-15), likely
to be stable over the medium term, will remain susceptible to
volatility in raw material prices.

Working capital requirement is large, with gross current assets
of 84 days as on March 31, 2015 (80-85 days over the medium
term). Also, the firm incurred capex of INR34.2 million, which
was funded with term loan of INR22.5 million. Hence, gearing was
high at 2.90 times. Networth was also modest at INR20.3 million
and debt protection metrics weak, with net cash accrual to total
debt and interest coverage ratios of 0.03 time and 1.8 times,
respectively, for 2014-15. In the absence of any significant
improvement in scale of operations or profitability, financial
risk profile will remain below average over the medium term.
Liquidity is stretched due to low cash accrual, expected at INR4-
6 million over the medium term against debt obligation of INR3
million. Bank limit utilisation has been moderate at 75-80
percent.

Incorporated in 2013, SCC is a partnership firm located near
Bhavnagar (Gujarat). Its promoters have more than three years of
experience in the cotton industry.


SHREE GURU: CARE Reaffirms B Rating on INR5.25cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Guru Raghavendra Cotton Ginning And Pressing.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.25      CARE B Suspension
                                            Revoked and Rating
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shree Guru
Raghavendra Cotton Ginning and Pressing (SGRGP) continues to
be constrained by susceptibility of operating margins to cotton
price fluctuation and seasonality associated with cotton
industry, presence in highly fragmented industry with limited
value addition, working capital intensive nature of operations,
thin profitability margins, moderate solvency position and
partnership nature of its constitution.

The rating derives strength from experienced partners and
location advantage emanating from proximity to raw material.

The ability of the company to increase its scale of operations
along with improvement in profitability margins and solvency
position is the key rating sensitivity.

Beed (Maharashtra) based Shree Guru Raghvendra Ginning and
Pressing (SGRGP) started with its commercial production in the
year 2013 as a partnership firm. The firm was set up to undertake
the business of cotton ginning and cotton oil extraction. The
manufacturing unit is located at Beed, Maharashtra with an
installed capacity of 81,000 bales per annum as on March 31,
2015. The firm procures cotton from Agricultural Produce Market
Committee (APMC) and local farmers, while the finished product
i.e. cotton bales is sold to various distributors located in and
around Beed. The firm is also engaged in the trading of cotton
bales, cotton oil, cotton seeds, and cotton seed cake.

In FY15 (refers to the period April 01 to March 31), the company
registered an income from operations of INR38.73 crore and PAT of
INR0.42 crore as compared to the income from operations and PAT
of INR25.46 crore and INR0.41 crore respectively in FY14.


SHRI DURGA: CRISIL Suspends B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shri
Durga Loha Bhandar Private Limited (SDLBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable

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

SDLBPL was established in Dehradun (Uttarakhand) in September
2009 and commenced operations in April 2011. The company trades
in iron and steel products, including mild bars, hot-rolled and
cold-rolled sheets, mild steel pipes and angles, and thermo-
mechanically treated bars.


SHRI JAGANNATH: CARE Lowers Rating on INR14.29cr LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Shri
Jagannath Educational, Health And Charitable Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.29      CARE D Revised from
                                            CARE BB+

Rating Rationale

The revision in the rating factors in the delays in meeting the
debt servicing by ShriJagannath Educational, Health and
Charitable Trust (SJCET).

SJCET is a non-minority, charitable trust registered under
Section 12A of the Income Tax Act. SJCET was established in 2008
by Mr S. A. Subramanian, along with Mr O. M. Manivelu and Mr S.
SatheeshKrishnaraj. However, MrSatheeshKrishnaraj resigned from
the Trusteeship and was replaced by MrDurgashankar (a BE
graduate, son-in-law of Mr Subramanian), in AY 2011-12. Mr Arul
Selvan, (MrDurga Shankar's brother) is the Vice Chairman and
Joint Managing Trustee (BE, MBA).

The day-to-day activities of SJCET are managed by the executive
committee, headed by Mr S. A. Subramanian (Managing trustee).
The trust operates an engineering college under the name of JCT
College of Engineering & Technology (JCTET) at Coimbatore, Tamil
Nadu, established in AY11-12. JCTET, in its fifth year of
operation, had student strength of 3,800 in AY15-16 (including
ME).

In AY14-15, SJCET commenced JCT College of Polytechnic (JCTP)
with a sanctioned intake of 300 students offering Mechanical
(120), Petrochemical (60), Civil (60) and Electrical and
Electronic Engineering (60) courses.

During FY15 (refers to the period April 1 to March 31), SJCET has
registered a surplus of INR3.01 crore on a total income of
INR19.44 crore, as compared with surplus of INR1.52 crore on a
total income INR16.31 crore in FY14.


SHRI RAMALINGA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Ramalinga
Textiles (RT) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The agency has also assigned RT's INR194.0 million
fund-based facilities a Long-term 'IND BB' rating with a Stable
Outlook and a Short-term 'IND A4+' rating.


KEY RATING DRIVERS

The ratings reflect RT's moderate scale of operations and weak
credit metrics. 9MFY16 financials indicate revenue of INR784
million (FY15: INR1,046 million). At FYE16, leverage is likely to
be 4.7x (FY15: 3.4x) and EBITDA interest cover 2.5x (2.1x). The
ratings also factor in RT's partnership structure and the risks
associated with the agricultural commodity-based manufacturing
business.

Also, the company's liquidity position is moderate with its
average maximum utilisation of the fund-based facilities being
95.4% over the six months ended March 2016. The firm started
using these working capital facilities in October 2015.

The ratings are supported by the firm's promoter's two-decade-
long experience in the yarn manufacturing business.

RATING SENSITIVITIES

Positive: Substantial growth in top line along with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

RT was established in October 2014 after being carved out of
another group entity Shri Govindaraja Textiles Private Limited.
RT manufactures cotton yarn, polyester yarn, polyester cotton and
polyester viscose blended yarn and has an installed capacity of
37,092 spindles.


STRESCON INDUSTRIES: CRISIL Reaffirms B+ Rating on INR72.4MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Strescon Industries
Limited (SIL) continues to reflect its modest scale, and working-
capital-intensive nature, of operations. The rating also reflects
customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of SIL's promoters, and the company's comfortable
financial risk profile, marked by low gearing and moderate debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        20         CRISIL A4(Reaffirmed)
   Cash Credit           45         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      20         CRISIL A4 (Reaffirmed)
   Term Loan             72.4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SIL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company reports substantial
and sustained increase in its scale of operations and accruals
along with improved working capital management thereby improving
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low operating income or accruals
or stretch in the working capital cycle, or if SIL undertakes any
large, debt-funded capital expenditure leading to deterioration
in its financial risk profile, particularly liquidity.

Incorporated in 1978 in Kolkata, SIL manufactures railway
sleepers. The company ventured into manufacturing of sleepers
from 1991. SIL primarily caters to the Indian Railways and its
day-to-day operations are managed by its promoter-director, Mr.
Sabyasachi Munshi.


SUBH SANKET: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Subh Sanket Traders Private Limited
(SSTPL).

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

The rating reflects the company's subdued financial risk profile,
modest scale of operations, large working capital requirement,
and susceptibility of profitability to volatility in raw material
prices. These weaknesses are partially offset by its promoters'
extensive experience in the coal trading business.
Outlook: Stable

CRISIL believes SSTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in the company's revenue and profitability,
leading to increase in cash accrual. Conversely, the outlook may
be revised to 'Negative' if financial risk profile, particularly
liquidity, weakens because of low cash accrual or stretch in
working capital cycle.

SSTPL, incorporated in 2005, trades in domestic coal. Its
registered office is in Kolkata.

SSTPL's net profit was INR6.2 million on net sales of INR422
million in 2014-15 (refers to financial year, April 1 to March
31), against net profit of INR2.4 million on net sales of INR399
million in 2013-14.


SUKH SAGAR: CARE Reaffirms B+ Rating on INR5.15cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sukh Sagar Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.15      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sukh Sagar
Industries (SSI) continues to remain constrained on account of
its
moderate scale of operations with low profitability, moderate
capital structure and weak debt coverage indicators. The rating
further continues to remain constrained on account of its working
capital intensive operations, presence in the highly competitive
and fragmented agro processing industry, vulnerability of its
profit margins to agro commodity price fluctuations and
proprietorship nature of constitution.

The rating however, continues to draw strength from the
experience of the proprietor.

The ability of SSI to increase its scale of operations, improve
profitability and capital structure along with efficient
management of the working capital are the key rating
sensitivities.

SSI was established in the year 2006 by Mr Virendra Kumar
Tirthani as a proprietorship firm. The firm is engaged in
processing of Arhar Dal (Toor dal) and trading of Arhar chuni
bhusi (used as cattle feed) and sells its product under the
brand name Nagarseth, Rajdhani and Cow Bashra. Mr Virendra Kumar
Tirthani has been carrying on the processing of arhar daal since
2002 through a partnership firm which was later converted into
SSI.

The entity's plant is located at Katni, Madhya Pradesh with an
installed capacity of 18,000 Metric Tonnes Per Annum (MTPA) as on
March 31, 2015 and it carries on cleaning, splitting and grading
operations. SSI procures raw material from the local market and
sells it inMaharashtra, Madhya Pradesh, Uttar Pradesh and Bihar
through a network of dealers.

During FY15 (refers to the period April 1 to March 31), SSI
reported PAT of INR0.11 crore (FY14: INR0.10 crore) on a total
operating income (TOI) of INR28.24 crore (FY14: INR29.14 crore).
During 8MFY16 (Provisional), SSI has reported TOI of
Rs.22.47 crore and PBT of INR0.08 crore.


SUKHMANI HOLIDAYS: CARE Assigns B+ Rating to INR15cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sukhmani
Holidays Inn Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sukhmani Holidays
Inn Private Limited (SHI) is primarily constrained by the lack of
experience of the new promoters in the Indian hotel industry, and
revenue concentration risk due to single hotel property. The
rating is further constrained by high competition from the
existing and proposed hotels in the vicinity. The rating,
however, derives strength from the positive outlook for the hotel
industry in India.

Going forward, the ability of the company to stabilize the hotel
operations and achieve the projected ARR (Average Room Rental)
and occupancy levels would remain the key rating sensitivities.

Sukhmani Holidays Inn Private Limited Private Limited (SHI) was
incorporated in June 2015 with an aim to acquire a running
Chandigarh based, Hotel Pearl, which was established in 2006 by
MrYash Pal Mahajan. Currently, the hotel is owned by the
promoters of SHI which include MrJagjeet Singh and Mrs.
HarbhajanKaur, as its directors.

SHI is engaged in running the hotel under the name "Pearl" in
Chandigarh having 31 rooms (Deluxe- 19 and Executive-11), 4
banquet halls and restaurant facilities. The company has entered
into marketing arrangements with various online tours and travels
portals like Go Ibibo, Make My Trip, Thomas Cook, Clear Trip to
attract the potential customers.

The total project cost of INR24.98 crore for acquisition and
renovation of the hotel has been funded through promoters'
contribution of INR9.98 crore (Rs.6.48 cr in the form of capital
and INR3.5 cr in the form of unsecured loans) and term loan of
INR15 crore. The company incurred full cost on the aforesaid
project by June 30, 2015 and also started booking income from
August, 2015 onwards. In 10MFY16 (Provisional), the company has
achieved total operating income of INR3.60 cr.


SUPREME SUYOG: Ind-Ra Assigns IND D Rating on Prop. INR100M Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Supreme Suyog
Funicular Ropeways Private Ltd's (SSFRPL) proposed bank loan of
INR100 million a Long-term 'IND D' rating. The agency has also
affirmed its existing long-term senior project bank loan of
INR500m at Long-term 'IND D'.

KEY RATING DRIVERS

The rating reflects SSFRPL's continuous delays in debt servicing
for its existing bank loans, as confirmed by the company.  Its
audited annual report for FY15 also reported delays in debt
servicing for a period of more than 31 days during the year. This
delay was mainly on account of severe delays in project progress
(actual 76% vs. planned 100% as at end-January 2015) as well as
the deteriorating credit profile of its ultimate sponsor, Supreme
Infrastructure India Limited (SIIL; 'IND D').

RATING SENSITIVITIES

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

COMPANY PROFILE

SSFRPL is an SPV, incorporated to construct a funicular railway
at Haji Malang Gad, Ambernath (Maharashtra) on a build operate
and transfer basis under a 24-year and five month concession
agreement with the government of Maharashtra. SSFRPL is sponsored
by Supreme Infra BOT Private Limited (98%), a 100% subsidiary of
SIIL, Suyog Telematics Private Ltd (1%) and Yashita Automotive
Engineering Private Ltd (1%).


TGB BANQUETS: CARE Reaffirms B+ Rating on INR92.64cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of TGB
Banquets And Hotels Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     92.64      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to TGB Banquets and Hotels Limited (TGB)
continues to remain constrained on account of subdued operating
performance marked by decline in scale of operations dueto
moderation in room revenue and income from the Food and Beverages
(F&B) segment during FY15 (refers to the period April 1 to
March 31).

The rating further continue to remain constrained due to
declining profitability owing to higher interest and depreciation
charges, elongated operating cycle coupled with high amount of
loans and advances extended by TGB leading to stressed liquidity
position of the company, geographical concentration of its
operations along with presence in a competitive and inherently
cyclical hospitality industry which is passing through a
challenging environment.

The ratings, however, continue to derive strength from TGB's
established track record of operations with strong presence
in F&B and banqueting business segments in Gujarat.

TGB's ability to increase its scale of operations along with
improvement in its profitability with increase in its free cash
flows and recovery of loans and advances extended by it would be
the key rating sensitivities.

Ahmedabad-based TGB (renamed on April 19, 2013) was incorporated
in 1999 as Bhagwati Banquets & Hotels Ltd by Mr Narendra Somani.
TGB commenced its operations in June 2002 with a three star hotel
property located in Ahmedabad, Gujarat. Presently, TGB owns and
operates two hotel properties: A three star hotel property at
Ahmedabad and a five star hotel property at Surat. TGB provides
outside catering service and operates restaurants & food courts
at Ahmedabad and Surat. TGB also has restaurants at Vadodara and
Surat under franchisee agreement.

Based on FY15 audited results, TGB reported a total operating
income (TOI) of INR140.66 crore with net loss of INR11.21 crore
as compared to TOI of INR157.27 crore and PAT of INR1.85 crore in
FY14. Furthermore, as per 9MFY16 unaudited results, TGB reported
a TOI of INR103.26 crore with a PAT of INR3.90 crore.


ULTRA HOME: CARE Lowers Rating on INR204.56cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Ultra
Home Construction Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    204.56      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Ultra Home Construction Private Limited (UHC) takes into
consideration the on-going delays in debt servicing.

M/s Ultra Home Construction Private Limited (UHC) was
incorporated in April 2004 as a private limited company to carry
out real estate development in both residential and commercial
segment. UHC founded by Mr. Anil Kumar Sharma is the flagship
company of Amrapali group; the group has more than 16 years of
experience with completed projects (both residential and
commercial) spread over 100 acres in Delhi-NCR and Greater Noida
market

UHC had undertaken a commercial project Amrapali Tech-Park in
April 2010 and had completed the said project in FY14 at a total
cost of INR722cr. For FY15, UHC registered a total income of
INR292.36 crore with PAT of INR4.69 crore against total income of
INR250.43 crore with a PAT of INR6.59 crore in FY14.


UTTAM SUGAR: CARE Lowers Rating on INR610.24cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Uttam Sugar
Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    610.24      CARE D Revised from
                                            CARE C

   Short term Bank Facilities    40.85      CARE D Revised from
                                            CARE C

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Uttam Sugar Mills Limited (USML) takes into consideration delays
in servicing of company's debt obligations in FY15 (refers to the
period July 01 to June 30) due to stressed liquidity position of
the company on account of challenging business environment for
the sugar industry. The ratings further factor in weak financial
risk profile of the company, cyclical nature of operations of the
sugar industry and regulated nature of sugar business.

Going forward, the ability of the company to increase its
profitability margins as well as improve its liquidity position
would remain the key rating sensitivities.

The erstwhile promoters of the company, Mr M K Swarup along with
his family members incorporated Associated Sugar Mills Limited on
October 4, 1993. Mr Raj Kumar Adlakha along with his family
members and associates acquired the company in October 1998.
Later, the name of the company was also changed to Uttam Sugar
Mills Limited (USML).

The company is engaged in the manufacturing of sugar, ethanol and
cogenerated power. The company has four sugar plants, out of
which one is located in the state of Uttarakhand and other three
in Uttar Pradesh. The company has aggregate sugarcane crushing
capacity of 23,750 TCD (tonnes of cane per day), cogeneration
capacity of 103 MW and ethanol production capacity of 75 KLPD
(kilo litre per day) as on June 30, 2015. In July 2012, USML has
started manufacturing of ethanol at its Barkatpur unit in UP. The
company has also obtained a certificate of accreditation from
Uttar Pradesh New and Renewable Energy Development Agency
(UPNEDA) for Renewable Energy Certificates (RECs) benefits of 21
MW.

During FY15 (refers to the period July 1 to June 30), USML
reported total operating income of INR754.54 crore and net
loss of INR88.19 crore as against total operating income of
INR877.05 crore and net loss of INR55.30 crore. Furthermore,
during 6MFY16 (refers to the period July 01 to December 31), USML
reported total operating income of INR397.71 crore and net loss
of INR52.04 crore.



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


TOSHIBA CORP: To Cut 14,000-plus Jobs Worldwide
-----------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. said on April 15
that it has cut 14,450 jobs worldwide, roughly 30% more than
planned, as it struggles to get back on its feet following a
damaging book-cooking scandal.

Nikkei says the initial target was to reduce the number of
workers worldwide by 10,840 from the level at the end of March
2015. Cuts in Japan totaled 8,430. Most of the 6,020 jobs slashed
outside Japan were layoffs.

According to Nikkei, the number includes 3,449 people who
accepted early retirement packages, which targeted 40 and older
full-time employees with 10 years or more of service. The offer
was put forward to workers in the consumer electronics, PC,
semiconductor, health care and administrative divisions in Japan.
This was the first time the company offered early retirement
since the year ended March 2002.

Nikkei relates that the so-called lifestyle division, which
handles consumer electronics and PCs, saw the biggest job
reduction at 7,610.  Some operations within the semiconductor
division were also hit hard, losing 4,590 employees.

The report says Toshiba sold the image sensor production
facilities at a plant in Oita Prefecture to Sony. This reduced
the number of workers by 1,100.

Nikkei adds that Toshiba estimates a roughly JPY42 billion ($386
million) hit from the job cuts, including retirement packages and
costs of helping workers find new jobs. But the company said it
has already reflected the expense in its group earnings
projection for the year ended last month, the report notes.

                           About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating
two notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term
ratings on Toshiba on CreditWatch with negative implications,
where S&P placed them Dec. 22, 2015, when it lowered the long-
term corporate credit rating.  S&P has affirmed its short-term
corporate credit and commercial paper ratings on Toshiba.

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



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


* BOND PRICING: For the Week April 11 to April 15, 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       76.83
BARMINCO FINANCE PTY    9.00     6/1/2018     USD       71.00
BOART LONGYEAR MANAG    7.00     4/1/2021     USD       36.75
BOART LONGYEAR MANAG    7.00     4/1/2021     USD       36.75
CBL CORP LTD            8.25    4/17/2019     AUD       70.00
CML GROUP LTD           9.00    1/29/2020     AUD        1.00
CML GROUP LTD           7.49    5/18/2021     AUD       70.90
CRATER GOLD MINING L   10.00    8/18/2017     AUD       35.00
CROWN RESORTS LTD       6.33    4/23/2075     AUD       69.89
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         6.48    6/30/2019     AUD       62.25
KBL MINING LTD         12.00    2/16/2017     AUD        0.25
KEYBRIDGE CAPITAL LT    7.00    7/31/2020     AUD        0.70
MCPHERSON'S LTD         7.10    3/31/2021     AUD       74.00
MIDWEST VANADIUM PTY   11.50    2/15/2018     USD        6.50
MIDWEST VANADIUM PTY   11.50    2/15/2018     USD        6.00
STOKES LTD             10.00    6/30/2017     AUD        0.35
TREASURY CORP OF VIC    0.50   11/12/2030     AUD       68.84


CHINA
-----

ANSHAN CITY CONSTRUC    8.25     3/5/2019     CNY       64.50
ANSHAN CITY CONSTRUC    8.25     3/5/2019     CNY       64.82
ANYANG INVESTMENT GR    8.00    4/17/2019     CNY       64.86
BAICHENG ZHONGXING U    7.00   12/18/2019     CNY       72.75
BANGBU CITY INVESTME    5.78    8/10/2017     CNY       55.92
BEIJING ECONOMIC TEC    5.29     3/6/2018     CNY       72.00
CHANGSHA COUNTY XING    8.35     4/6/2019     CNY       85.46
CHANGSHA COUNTY XING    8.35     4/6/2019     CNY       64.16
CHANGSHA HIGH TECHNO    7.30   11/22/2017     CNY       74.60
CHANGSHU CITY OPERAT    8.00    1/16/2019     CNY       64.78
CHANGSHU CITY OPERAT    8.00    1/16/2019     CNY       64.37
CHANGZHOU INVESTMENT    5.80     7/1/2016     CNY       40.18
CHANGZHOU INVESTMENT    5.80     7/1/2016     CNY       40.16
CHANGZHOU WUJIN CITY    5.42     6/9/2016     CNY       49.70
CHANGZHOU WUJIN CITY    5.42     6/9/2016     CNY       50.13
CHENGDU XINCHENG XIC    8.35    3/19/2019     CNY       65.55
CHENGDU XINCHENG XIC    8.35    3/19/2019     CNY       66.82
CHONGQING HECHUAN RU    8.28    4/10/2018     CNY       52.40
CHONGQING HECHUAN RU    8.28    4/10/2018     CNY       51.01
CHONGQING HECHUAN UR    6.95     1/6/2018     CNY       73.15
CHONGQING HECHUAN UR    6.95     1/6/2018     CNY       72.70
CHONGQING JIANGJIN H    6.95     1/6/2018     CNY       72.16
CHONGQING JIANGJIN H    6.95     1/6/2018     CNY       72.55
CHONGQING NAN'AN DIS    8.20     4/9/2019     CNY       64.95
CHONGQING NAN'AN DIS    6.29   12/24/2017     CNY       61.88
CHONGQING NAN'AN DIS    6.29   12/24/2017     CNY       62.00
CHONGQING YONGCHUAN     7.49    3/14/2018     CNY       73.41
CHONGQING YONGCHUAN     7.49    3/14/2018     CNY       73.58
CHONGQING YUXING CON    7.29    12/8/2017     CNY       72.63
DANDONG CITY DEVELOP    6.21     9/6/2017     CNY       70.61
DANYANG INVESTMENT G    8.10     3/6/2019     CNY       85.38
DANYANG INVESTMENT G    8.10     3/6/2019     CNY       64.47
DANYANG INVESTMENT G    6.30     6/3/2016     CNY       40.11
DATONG ECONOMIC CONS    6.50     6/1/2017     CNY       71.43
DATONG ECONOMIC CONS    6.50     6/1/2017     CNY       71.20
DONGBEI SPECIAL STEE    5.88     5/5/2016     CNY       33.23
DRILL RIGS HOLDINGS     6.50    10/1/2017     USD       60.00
DRILL RIGS HOLDINGS     6.50    10/1/2017     USD       60.38
ERDOS DONGSHENG CITY    8.40    2/28/2018     CNY       47.82
ERDOS DONGSHENG CITY    8.40    2/28/2018     CNY       50.11
GRANDBLUE ENVIRONMEN    6.40     7/7/2016     CNY       70.41
GUIYANG ECO&TECH DEV    8.42    3/27/2019     CNY       64.72
GUOAO INVESTMENT DEV    6.89   10/29/2018     CNY       68.11
HAIAN COUNTY CITY CO    8.35    3/28/2018     CNY       53.45
HAIAN COUNTY CITY CO    8.35    3/28/2018     CNY       52.97
HAIMEN CITY DEVELOPM    8.35    3/20/2019     CNY       65.25
HAIMEN CITY DEVELOPM    8.35    3/20/2019     CNY       64.63
HANGZHOU XIAOSHAN ST    6.90   11/22/2016     CNY       39.00
HANGZHOU XIAOSHAN ST    6.90   11/22/2016     CNY       40.93
HANGZHOU YUHANG CITY    7.55    3/29/2019     CNY       65.50
HANGZHOU YUHANG CITY    7.55    3/29/2019     CNY       64.16
HANZHONG CITY CONSTR    7.48    3/14/2018     CNY       73.76
HEFEI TAOHUA INDUSTR    8.79    3/27/2019     CNY       65.76
HEFEI TAOHUA INDUSTR    8.79    3/27/2019     CNY       64.64
HEILONGJIANG HECHENG    7.78   11/17/2016     CNY       40.95
HEILONGJIANG HECHENG    7.78   11/17/2016     CNY       40.67
HUAIAN CITY URBAN AS    7.15   12/21/2016     CNY       40.80
HUAIAN CITY WATER AS    8.25     3/8/2019     CNY       65.13
HUAIAN CITY WATER AS    8.25     3/8/2019     CNY       64.70
HUAIAN DEVELOPMENT H    6.80    3/24/2017     CNY       42.93
HUAIAN QINGHE NEW AR    6.79    4/29/2017     CNY       72.03
HUAIHUA CITY CONSTRU    8.00    3/22/2018     CNY       52.21
HUAIHUA CITY CONSTRU    8.00    3/22/2018     CNY       52.76
HUZHOU MUNICIPAL CON    7.02   12/21/2017     CNY       72.95
HUZHOU NANXUN STATE-    8.15    3/31/2019     CNY       64.44
HUZHOU WUXING NANTAI    7.71    2/17/2018     CNY       73.57
JIAMUSI NEW ERA INFR    8.25    3/22/2019     CNY       62.71
JIAMUSI NEW ERA INFR    8.25    3/22/2019     CNY       63.78
JIANGDONG HOLDING GR    6.90    3/27/2019     CNY       62.53
JIANGDU XINYUAN INDU    8.10    3/23/2019     CNY       63.80
JIANGDU XINYUAN INDU    8.10    3/23/2019     CNY       64.33
JIANGSU HUAJING ASSE    5.68    9/28/2017     CNY       50.78
JIANGSU HUAJING ASSE    5.68    9/28/2017     CNY       50.50
JIAXING CULTURE FAMO    8.16     3/8/2019     CNY       66.16
JINAN CITY CONSTRUCT    6.98    3/26/2018     CNY       52.00
JINAN CITY CONSTRUCT    6.98    3/26/2018     CNY       52.44
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       65.00
JINTAN CONSTRUCTION     8.30    3/14/2019     CNY       65.34
JIUJIANG CITY CONSTR    8.49    2/23/2019     CNY       65.22
JIUJIANG CITY CONSTR    8.49    2/23/2019     CNY       61.01
KUNMING CITY CONSTRU    7.60    4/13/2018     CNY       52.00
KUNMING CITY CONSTRU    7.60    4/13/2018     CNY       52.58
KUNMING WUHUA DISTRI    8.60    3/15/2018     CNY       53.41
KUNMING WUHUA DISTRI    8.60    3/15/2018     CNY       53.32
LAIWU CITY ECONOMIC     6.50     3/1/2018     CNY       62.64
LESHAN STATE-OWNED A    6.99    3/18/2018     CNY       73.76
LESHAN STATE-OWNED A    6.99    3/18/2018     CNY       73.74
LIAOYUAN STATE-OWNED    7.80    1/26/2017     CNY       41.00
LIAOYUAN STATE-OWNED    8.17    3/13/2019     CNY       63.00
LIAOYUAN STATE-OWNED    7.80    1/26/2017     CNY       41.02
LIAOYUAN STATE-OWNED    8.17    3/13/2019     CNY       64.01
LINAN CITY CONSTRUCT    8.15     3/9/2018     CNY       48.00
LINAN CITY CONSTRUCT    8.15     3/9/2018     CNY       53.27
LINHAI CITY INFRASTR    7.98    11/6/2016     CNY       51.12
LINHAI CITY INFRASTR    7.98    11/6/2016     CNY       51.40
LINYI INVESTMENT DEV    8.10    3/27/2018     CNY       52.69
LIUZHOU DONGCHENG IN    8.30    2/15/2019     CNY       60.00
LIUZHOU DONGCHENG IN    8.30    2/15/2019     CNY       65.09
LONGHAI STATE-OWNED     8.25    12/2/2017     CNY       73.32
LONGHAI STATE-OWNED     8.25    12/2/2017     CNY       73.20
LUOHE CITY CONSTRUCT    6.81    3/30/2017     CNY       30.98
LUOHE CITY CONSTRUCT    6.81    3/30/2017     CNY       30.77
NANJING HEXI NEW TOW    6.40     2/3/2017     CNY       61.58
NANTONG STATE-OWNED     6.72   11/13/2016     CNY       33.36
NANTONG STATE-OWNED     6.72   11/13/2016     CNY       40.86
NEIMENGGU XINLINGOL     7.62    2/25/2018     CNY       72.86
NINGBO CITY ZHENHAI     6.48    4/12/2017     CNY       41.03
NINGBO URBAN CONSTRU    7.39     3/1/2018     CNY       51.08
NINGBO URBAN CONSTRU    7.39     3/1/2018     CNY       52.73
NINGDE CITY STATE-OW    6.25   10/21/2017     CNY       40.94
NINGHAI COUNTY CITY     8.60   12/31/2017     CNY       74.00
NINGHAI COUNTY CITY     8.60   12/31/2017     CNY       74.30
NONGGONGSHANG REAL E    6.29   10/11/2017     CNY       72.00
PANJIN CONSTRUCTION     7.70   12/16/2016     CNY       41.04
PANJIN CONSTRUCTION     7.70   12/16/2016     CNY       40.80
PUTIAN STATE-OWNED A    8.10    3/21/2019     CNY       60.00
PUTIAN STATE-OWNED A    8.10    3/21/2019     CNY       64.80
QINGDAO CITY CONSTRU    6.89    2/16/2019     CNY       63.45
QINGDAO CITY CONSTRU    6.19    2/16/2017     CNY       40.89
QINGDAO CITY CONSTRU    6.19    2/16/2017     CNY       40.32
QINGDAO CITY CONSTRU    6.89    2/16/2019     CNY       62.97
QINGDAO HUATONG STAT    7.30    4/18/2019     CNY       84.44
QINGZHOU HONGYUAN PU    6.50    5/22/2019     CNY       41.08
QINGZHOU HONGYUAN PU    6.50    5/22/2019     CNY       40.10
QUANZHOU QUANGANG PE    8.40    4/16/2019     CNY       83.11
QUNSHAN HUAQIAO INTE    7.98   12/30/2018     CNY       64.25
SHANDONG SHANSHUI CE    6.10    2/27/2017     CNY       35.01
SHANDONG TAIFENG MIN    5.80    3/12/2020     CNY       73.25
SHANDONG TAIFENG MIN    5.80    3/12/2020     CNY       72.49
SHANGHAI REAL ESTATE    6.12    5/17/2017     CNY       71.24
SICHUAN DEVELOPMENT     5.40   11/10/2017     CNY       71.69
SUQIAN ECONOMIC DEVE    7.50    3/26/2019     CNY       64.71
SUQIAN ECONOMIC DEVE    7.50    3/26/2019     CNY       60.10
SUZHOU CONSTRUCTION     7.45    3/12/2019     CNY       64.51
TAIAN CITY TAISHAN I    5.79     3/2/2018     CNY       72.29
TAIXING ZHONGXING ST    8.29    3/27/2018     CNY       53.02
TAIXING ZHONGXING ST    8.29    3/27/2018     CNY       53.15
TAIZHOU CITY CONSTRU    6.90    1/25/2017     CNY       41.00
TAIZHOU HAILING ASSE    8.52    3/21/2019     CNY       64.60
TAIZHOU HAILING ASSE    8.52    3/21/2019     CNY       64.76
TIANJIN BINHAI NEW A    5.00    3/13/2018     CNY       92.20
TIANJIN BINHAI NEW A    5.00    3/13/2018     CNY       71.89
TIANJIN ECONOMIC TEC    6.20    12/3/2019     CNY       73.93
TIANJIN HI-TECH INDU    7.80    3/27/2019     CNY       64.37
TIANJIN HI-TECH INDU    7.80    3/27/2019     CNY       64.27
TIANJING HANBIN INVE    8.39    3/22/2019     CNY       64.91
TIGER FOREST & PAPER    5.38    6/14/2017     CNY       73.38
TONGLIAO CITY INVEST    5.98     9/1/2017     CNY       72.02
TONGLIAO CITY INVEST    5.98     9/1/2017     CNY       68.00
TRI-CONTROL AUTOMATI    8.75   12/11/2018     USD       53.50
VANZIP INVESTMENT GR    7.92     2/4/2019     CNY       67.14
WUHAI CITY CONSTRUCT    8.20    3/31/2019     CNY       64.75
WUHAI CITY CONSTRUCT    8.20    3/31/2019     CNY       64.00
WUXI COMMUNICATIONS     5.58     7/8/2016     CNY       50.05
WUXI COMMUNICATIONS     5.58     7/8/2016     CNY       50.18
XIANGTAN CITY CONSTR    8.00    3/16/2019     CNY       64.50
XIANGTAN CITY CONSTR    8.00    3/16/2019     CNY       64.61
XIANGTAN JIUHUA ECON    6.93   12/16/2016     CNY       40.99
XIANGTAN JIUHUA ECON    6.93   12/16/2016     CNY       41.05
XIANGYANG CITY CONST    8.12    1/12/2019     CNY       64.36
XIANGYANG CITY CONST    8.12    1/12/2019     CNY       63.93
XIAOGAN URBAN CONSTR    8.12    3/26/2019     CNY       65.39
XINXIANG INVESTMENT     6.80    1/18/2018     CNY       73.16
XUZHOU ECONOMIC TECH    8.20     3/7/2019     CNY       64.70
XUZHOU ECONOMIC TECH    8.20     3/7/2019     CNY       64.60
YANGZHONG URBAN CONS    7.10    3/26/2018     CNY       73.07
YANGZHOU ECONOMIC DE    6.10     7/7/2016     CNY       50.29
YANGZHOU ECONOMIC DE    5.80    5/12/2016     CNY       50.04
YANGZHOU ECONOMIC DE    6.10     7/7/2016     CNY       50.13
YANGZHOU URBAN CONST    5.94    7/23/2016     CNY       40.12
YANGZHOU URBAN CONST    5.94    7/23/2016     CNY       40.25
YANZHOU HUIMIN URBAN    8.50   12/28/2017     CNY       53.15
YIJINHUOLUOQI HONGTA    8.35    3/19/2019     CNY       56.30
YIJINHUOLUOQI HONGTA    8.35    3/19/2019     CNY       60.01
YINCHUAN URBAN CONST    6.28     3/9/2017     CNY       25.54
YINGTAN INVESTMENT F    8.15    2/23/2017     CNY       52.65
YIYANG CITY CONSTRUC    8.20   11/19/2016     CNY       41.01
YUNNAN PROVINCIAL IN    5.25    8/24/2017     CNY       70.60
YUNNAN PROVINCIAL IN    5.25    8/24/2017     CNY       71.10
ZHANGJIAGANG JINCHEN    6.23     1/6/2018     CNY       61.90
ZHEJIANG PROVINCE DE    6.90    4/12/2018     CNY       72.96
ZHENJIANG NEW AREA E    8.16     3/1/2019     CNY       60.00
ZHENJIANG NEW AREA E    8.16     3/1/2019     CNY       63.82
ZHUCHENG ECONOMIC DE    6.40    4/26/2018     CNY       62.03
ZHUCHENG ECONOMIC DE    7.50    8/25/2018     CNY       42.14
ZHUCHENG ECONOMIC DE    6.40    4/26/2018     CNY       63.25
ZHUHAI HUAFA GROUP C    8.43    2/16/2018     CNY       53.50
ZHUHAI HUAFA GROUP C    8.43    2/16/2018     CNY       53.03
ZIBO CITY PROPERTY C    5.45    4/27/2019     CNY       49.05
ZOUCHENG CITY ASSET     7.02    1/12/2018     CNY       41.85
ZUNYI CITY INVESTMEN    8.53    3/13/2019     CNY       63.13
ZUNYI CITY INVESTMEN    8.53    3/13/2019     CNY       66.50
INDIA
-----

3I INFOTECH LTD         5.00    4/26/2017     USD       11.00
BLUE DART EXPRESS LT    9.30   11/20/2017     INR       10.17
BLUE DART EXPRESS LT    9.40   11/20/2018     INR       10.26
BLUE DART EXPRESS LT    9.50   11/20/2019     INR       10.33
COROMANDEL INTERNATI    9.00    7/23/2016     INR       16.03
GTL INFRASTRUCTURE L    4.03    11/9/2017     USD       30.88
JAIPRAKASH ASSOCIATE    5.75     9/8/2017     USD       65.19
JAIPRAKASH POWER VEN    7.00    5/26/2016     USD       71.50
JCT LTD                 2.50     4/8/2011     USD       22.50
PRAKASH INDUSTRIES L    5.25    4/30/2015     USD       20.38
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


INDONESIA
---------

BERAU COAL ENERGY TB    7.25    3/13/2017     USD       20.00
BERAU COAL ENERGY TB    7.25    3/13/2017     USD       20.24
PERUSAHAAN PENERBIT     6.75    4/15/2043     IDR       73.40
PERUSAHAAN PENERBIT     6.10    2/15/2037     IDR       73.00


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        8.63
ELPIDA MEMORY INC       0.50   10/26/2015     JPY        8.75
ELPIDA MEMORY INC       2.03    3/22/2012     JPY        8.63
ELPIDA MEMORY INC       2.29    12/7/2012     JPY        8.63
ELPIDA MEMORY INC       2.10   11/29/2012     JPY        8.63
TAKATA CORP             0.58    3/26/2021     JPY       72.75


KOREA
-----

2014 KODIT CREATIVE     5.00   12/25/2017     KRW       31.79
2014 KODIT CREATIVE     5.00   12/25/2017     KRW       31.79
DOOSAN CAPITAL SECUR   20.00    4/22/2019     KRW       42.48
HYUNDAI MERCHANT MAR    5.80     7/7/2016     KRW       84.49
HYUNDAI MERCHANT MAR    6.20    3/28/2017     KRW       68.51
HYUNDAI MERCHANT MAR    5.30     7/3/2017     KRW       66.56
KIBO ABS SPECIALTY C    5.00    1/31/2017     KRW       33.43
KIBO ABS SPECIALTY C    5.00    3/29/2018     KRW       30.70
KIBO ABS SPECIALTY C   10.00    2/19/2017     KRW       38.54
KIBO ABS SPECIALTY C    5.00   12/25/2017     KRW       30.41
KIBO ABS SPECIALTY C   10.00    8/22/2017     KRW       26.03
KIBO ABS SPECIALTY C   10.00     9/4/2016     KRW       44.97
LSMTRON DONGBANGSEON    4.53   11/22/2017     KRW       31.31
PULMUONE CO LTD         2.50     8/6/2045     KRW       57.03
PULMUONE CO LTD         2.50     8/6/2045     KRW       56.99
SINBO SECURITIZATION    5.00    6/25/2019     KRW       26.53
SINBO SECURITIZATION    5.00    6/25/2018     KRW       28.67
SINBO SECURITIZATION    5.00    5/27/2016     KRW       58.49
SINBO SECURITIZATION    5.00    6/29/2016     KRW       49.34
SINBO SECURITIZATION    5.00   12/13/2016     KRW       35.12
SINBO SECURITIZATION    5.00     6/7/2017     KRW       21.06
SINBO SECURITIZATION    5.00     6/7/2017     KRW       21.06
SINBO SECURITIZATION    5.00    5/27/2016     KRW       58.49
SINBO SECURITIZATION    5.00    1/29/2017     KRW       34.60
SINBO SECURITIZATION    5.00    1/30/2019     KRW       27.92
SINBO SECURITIZATION    5.00    1/30/2019     KRW       27.92
SINBO SECURITIZATION    5.00   10/30/2019     KRW       19.55
SINBO SECURITIZATION    5.00    7/26/2016     KRW       44.46
SINBO SECURITIZATION    5.00    7/26/2016     KRW       44.46
SINBO SECURITIZATION    5.00     7/8/2017     KRW       33.27
SINBO SECURITIZATION    5.00     7/8/2017     KRW       33.27
SINBO SECURITIZATION    5.00    2/11/2018     KRW       31.09
SINBO SECURITIZATION    5.00    2/11/2018     KRW       31.09
SINBO SECURITIZATION    5.00    3/12/2018     KRW       30.85
SINBO SECURITIZATION    5.00    3/12/2018     KRW       30.85
SINBO SECURITIZATION    5.00   12/25/2016     KRW       33.89
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    3/13/2017     KRW       34.11
SINBO SECURITIZATION    5.00    3/13/2017     KRW       34.11
SINBO SECURITIZATION    5.00    2/21/2017     KRW       34.34
SINBO SECURITIZATION    5.00    2/21/2017     KRW       34.34
SINBO SECURITIZATION    5.00    1/15/2018     KRW       31.59
SINBO SECURITIZATION    5.00    1/15/2018     KRW       31.59
SINBO SECURITIZATION    5.00   12/23/2018     KRW       28.26
SINBO SECURITIZATION    5.00   12/23/2018     KRW       28.26
SINBO SECURITIZATION    5.00   12/23/2017     KRW       30.43
SINBO SECURITIZATION    5.00    5/26/2018     KRW       28.94
SINBO SECURITIZATION    5.00    2/27/2019     KRW       27.72
SINBO SECURITIZATION    5.00    2/27/2019     KRW       27.72
SINBO SECURITIZATION    5.00    8/29/2018     KRW       29.45
SINBO SECURITIZATION    5.00    8/29/2018     KRW       29.45
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    3/18/2019     KRW       27.49
SINBO SECURITIZATION    5.00    3/18/2019     KRW       27.49
SINBO SECURITIZATION    5.00    6/27/2018     KRW       30.18
SINBO SECURITIZATION    5.00    6/27/2018     KRW       30.18
SINBO SECURITIZATION    5.00    8/16/2016     KRW       39.80
SINBO SECURITIZATION    5.00    8/16/2017     KRW       32.85
SINBO SECURITIZATION    5.00    8/16/2017     KRW       32.85
SINBO SECURITIZATION    5.00    10/5/2016     KRW       36.64
SINBO SECURITIZATION    5.00    10/5/2016     KRW       36.64
SINBO SECURITIZATION    5.00    8/31/2016     KRW       39.87
SINBO SECURITIZATION    5.00    8/31/2016     KRW       39.87
SINBO SECURITIZATION    5.00    7/24/2017     KRW       32.00
SINBO SECURITIZATION    5.00    7/24/2018     KRW       29.96
SINBO SECURITIZATION    5.00    7/24/2018     KRW       29.96
TONGYANG CEMENT & EN    7.50    4/20/2014     KRW       70.00
TONGYANG CEMENT & EN    7.50    7/20/2014     KRW       70.00
TONGYANG CEMENT & EN    7.30    6/26/2015     KRW       70.00
TONGYANG CEMENT & EN    7.30    4/12/2015     KRW       70.00
TONGYANG CEMENT & EN    7.50    9/10/2014     KRW       70.00
U-BEST SECURITIZATIO    5.50   11/16/2017     KRW       32.61
WOONGJIN ENERGY CO L    3.00   12/19/2019     KRW       72.89
WOORI BANK              5.21   12/12/2044     KRW       67.37


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35     3/1/2026     LKR       58.07
SRI LANKA GOVERNMENT    9.00     6/1/2043     LKR       68.64
SRI LANKA GOVERNMENT    9.00    10/1/2032     LKR       71.58
SRI LANKA GOVERNMENT    6.00    12/1/2024     LKR       64.96
SRI LANKA GOVERNMENT    7.00    10/1/2023     LKR       73.00
SRI LANKA GOVERNMENT    9.00    11/1/2033     LKR       70.58
SRI LANKA GOVERNMENT    8.00     1/1/2032     LKR       65.62
SRI LANKA GOVERNMENT    9.00     6/1/2033     LKR       71.06


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35    2/20/2024     MYR       72.74
BANDAR MALAYSIA SDN     0.35   12/29/2023     MYR       73.21
BIMB HOLDINGS BHD       1.50   12/12/2023     MYR       72.28
BRIGHT FOCUS BHD        2.50    1/24/2030     MYR       72.89
BRIGHT FOCUS BHD        2.50    1/22/2031     MYR       69.60
LAND & GENERAL BHD      1.00    9/24/2018     MYR        0.22
SENAI-DESARU EXPRESS    0.50   12/31/2038     MYR       66.99
SENAI-DESARU EXPRESS    0.50   12/31/2040     MYR       69.95
SENAI-DESARU EXPRESS    0.50   12/30/2039     MYR       68.71
SENAI-DESARU EXPRESS    0.50   12/31/2041     MYR       71.09
SENAI-DESARU EXPRESS    0.50   12/31/2042     MYR       72.41
SENAI-DESARU EXPRESS    0.50   12/31/2043     MYR       73.56
SENAI-DESARU EXPRESS    0.50   12/30/2044     MYR       74.45
SENAI-DESARU EXPRESS    1.35    6/30/2028     MYR       59.77
SENAI-DESARU EXPRESS    1.35   12/31/2026     MYR       63.47
SENAI-DESARU EXPRESS    1.35   12/29/2028     MYR       58.54
SENAI-DESARU EXPRESS    1.15   12/29/2023     MYR       70.66
SENAI-DESARU EXPRESS    1.35    6/30/2027     MYR       62.21
SENAI-DESARU EXPRESS    1.15   12/30/2022     MYR       73.80
SENAI-DESARU EXPRESS    1.35   12/31/2029     MYR       56.21
SENAI-DESARU EXPRESS    1.35    6/30/2031     MYR       52.91
SENAI-DESARU EXPRESS    1.15   12/31/2024     MYR       67.60
SENAI-DESARU EXPRESS    1.35   12/31/2025     MYR       66.09
SENAI-DESARU EXPRESS    1.35   12/31/2030     MYR       54.01
SENAI-DESARU EXPRESS    1.15    6/28/2024     MYR       69.14
SENAI-DESARU EXPRESS    1.35   12/31/2027     MYR       60.99
SENAI-DESARU EXPRESS    1.35    6/28/2030     MYR       55.11
SENAI-DESARU EXPRESS    1.35    6/30/2026     MYR       64.73
SENAI-DESARU EXPRESS    1.35    6/29/2029     MYR       57.36
SENAI-DESARU EXPRESS    1.15    6/30/2023     MYR       72.21
SENAI-DESARU EXPRESS    1.15    6/30/2025     MYR       66.11
UNIMECH GROUP BHD       5.00    9/18/2018     MYR        1.12


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       60.86
BAKRIE TELECOM PTE L   11.50     5/7/2015     USD        3.02
BAKRIE TELECOM PTE L   11.50     5/7/2015     USD        1.00
BERAU CAPITAL RESOUR   12.50     7/8/2015     USD       20.40
BERAU CAPITAL RESOUR   12.50     7/8/2015     USD       20.50
BLD INVESTMENTS PTE     8.63    3/23/2015     USD        8.25
BUMI CAPITAL PTE LTD   12.00   11/10/2016     USD       17.38
BUMI CAPITAL PTE LTD   12.00   11/10/2016     USD       16.61
BUMI INVESTMENT PTE    10.75    10/6/2017     USD       15.90
BUMI INVESTMENT PTE    10.75    10/6/2017     USD       16.36
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    4.40    6/22/2021     SGD       71.05
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       72.88
SWIBER CAPITAL PTE L    6.50     8/2/2018     SGD       45.25
SWIBER CAPITAL PTE L    6.25   10/30/2017     SGD       58.00
SWIBER HOLDINGS LTD     7.13    4/18/2017     SGD       64.33
TRIKOMSEL PTE LTD       5.25    5/10/2016     SGD       20.00
TRIKOMSEL PTE LTD       7.88     6/5/2017     SGD       20.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADI    1.00   10/10/2025     USD       50.50
DEBT AND ASSET TRADI    1.00   10/10/2025     USD       50.50




                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 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 ***