TCRAP_Public/160426.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 26, 2016, Vol. 19, No. 81


                            Headlines


A U S T R A L I A

BURRUP FERTILISERS: Owners Barred From Leaving Due to Tax Bill
LINK ENGINEERING: Placed in Liquidation
SANTOS LTD: Fund Dry Up; Blamed for Contractor's Collapse
STEMLIFE: Stem-Cell Storage Company Goes Into Liquidation


C H I N A

CHINA BAK: Grants 500,000 Restricted Shares Under Incentive Plan
EVERGRANDE REAL: Moody's Retains B2 CFR on Capital Injection
GENERAL STEEL: Receives Noncompliance Notice From NYSE

* CHINA: Developers' Credit Quality to Remain Weak, Moody's Says
* Neg. Rating Trend in 1Q to Continue Through 2016, Moody's Says


I N D I A

ASHIYANA CONSTRUCTION: CRISIL Suspends B Rating on INR20MM Loan
ASTHA ASSOCIATE: CRISIL Reaffirms B+ Rating on INR10MM Loan
ASTRA LIGHTING: CRISIL Suspends 'C' Rating on INR44MM Cash Loan
AVADH INFRA: ICRA Reaffirms B+ Rating on INR50cr Term Loan
BABA BISWANATH: CRISIL Suspends 'B' Rating on INR35MM Loan

BANSHIDHAR AGRO: CRISIL Assigns B+ Rating to INR39.2MM Loan
CHAITANYA EDUCATIONAL: ICRA Suspends D Rating on INR30cr Loan
CHIRANJI LAL: CRISIL Assigns 'B' Rating to INR40MM Whse Loan
DHIRENDRA NARAYAN: ICRA Reaffirms B Rating on INR.70cr Loan
DR. ANIL: CRISIL Suspends B- Rating on INR164MM Overdraft Loan

E & C PROJECTS: ICRA Suspends B-/A4 Rating on INR7cr Loan
ESSMA TEXTILES: CRISIL Assigns B+ Rating to INR55MM Cash Loan
ESSMA WOOLLEN: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
GARYSON MOTORS: CRISIL Suspends B+ Rating on INR110MM Cash Loan
GHANSHYAM FOODS: CRISIL Assigns B+ Rating to INR49MM Cash Loan

GURU KIRPA: CRISIL Cuts Rating on INR140MM Cash Loan to 'D'
HAREKRUSHNA COTTEX: ICRA Assigns B Rating to INR4.50cr Loan
HARIHARA SPINCOTT: CRISIL Assigns 'B' Rating to INR48MM Loan
HIGHRANGE COFFEE: CRISIL Assigns B+ Rating to INR52.5MM Loan
IDT CLOTHING: CRISIL Assigns B+ Rating to INR90MM Packing Loan

JAI SAI: CRISIL Suspends D Rating on INR80MM Cash Loan
JUPITER BUILDTECH: CRISIL Assigns B Rating to INR90MM Term Loan
KANWAL INDUSTRIES: CRISIL Suspends B Rating on INR70MM Cash Loan
KISAAN DIE: CRISIL Assigns B+ Rating to INR51MM Cash Loan
KISHORI INDUSTRIES: CRISIL Assigns B Rating to INR150MM Cash Loan

LIBRA HYUNDAI: CRISIL Suspends B+ Rating on INR61MM LT Loan
MARATH ENTERPRISES: CRISIL Cuts Rating on INR40MM LT Loan to B-
NARAYANI RICE: CRISIL Suspends B+ Rating on INR60MM Cash Loan
NATRAJ HOME: ICRA Suspends B+/A4 Rating on INR7.91cr Loan
NOVATECH AGRO: CRISIL Suspends 'B' Rating on INR35.8MM Term Loan

OMEGA INFRAENGINEERS: CRISIL Suspends B+ Rating on INR10MM Loan
P N PAPER: CRISIL Suspends 'D' Rating on INR86MM Cash Loan
P.N. PULP: CRISIL Suspends D Rating on INR97.7MM Term Loan
POOJA WOODS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
PRABHA ENGINEERS: ICRA Reaffirms B+ Rating on INR2.50cr Loan

PRAGATI TRANSMISSION: ICRA Assigns B+ Rating to INR4.5cr Loan
R. B. & CO: ICRA Assigns 'B' Rating to INR15cr Term Loan
RATNAGIRI CERAMICS: ICRA Revises Rating on INR7.22cr Loan to B
RUTUJA INDUSTRIES: CRISIL Assigns 'B' Rating to INR160MM Loan
SAI SABURI: CRISIL Suspends 'D' Rating on INR60MM LT Loan

SELVE CASHEWS: CRISIL Assigns B Rating to INR50MM Cash Loan
SHREE AVADHBIHARI: CRISIL Suspends B Rating on INR65MM Loan
SHRI RUTUJA: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
SUBHASISH JENA: CRISIL Suspends 'B+' Rating on INR30MM Cash Loan
SWASTIK TRADERS: CRISIL Suspends D Rating on INR50MM Cash Loan

TARA INFRATECH: CRISIL Suspends 'D' Rating on INR120MM Term Loan
TULSYAN RICE: CRISIL Suspends B+ Rating on INR65MM Cash Loan
ULTIMATE FASHION: CRISIL Suspends B+ Rating on INR15MM LT Loan
VASAVI FOOD: ICRA Assigns B- Rating to INR7.12cr Loan
VIKAS COT: ICRA Reaffirms B+ Rating on INR18.68cr LT Loan

ZODIAC INFRA: CRISIL Suspends 'D' Rating on INR66MM Cash Loan


I N D O N E S I A

CHANDRA ASRI: S&P Revises Outlook to Pos. & Affirms 'B+' CCR


J A P A N

MITSUBISHI MOTORS: S&P Puts 'BB+' CCR on CreditWatch Negative


M A L A Y S I A

1MALAYSIA: IPIC to Make 1MDB Bond Payment in Event of Default


S I N G A P O R E

GENTING SINGAPORE: Winds Up Macau Unit


S O U T H  K O R E A

HANJIN SHIPPING: Seeks Creditor-Led Debt Restructuring
KOREA: Securities Firms Face Declining Environment, Moody's Says


X X X X X X X X

* BOND PRICING: For the Week April 18 to April 22, 2016


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BURRUP FERTILISERS: Owners Barred From Leaving Due to Tax Bill
--------------------------------------------------------------
PerthNow reports that the owners of the infamous Taj-on-Swan have
been barred from leaving Australia after arriving back in the
country last week for court.

Former Perth residents Pankaj and Radhika Oswal have been barred
from leaving due to their outstanding tax bill of about
AUD190 million, PerthNow reports citing Seven News.

PerthNow relates that the couple, known for their lavish parties
and unfinished Peppermint Grove property, left Perth in 2011
after Burrup Fertilisers went into receivership.

At the time the couple said they would not be returning to the
country, the report relays.

PerthNow says the couple's unfinished property, estimated to be
worth AUD70 million, has been the centre of ongoing controversy
since they left with local residents angered by the "eyesore" in
their affluent suburb.

Last year, Peppermint Grove shire received approval to have the
property demolished, the report notes.

                      About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


LINK ENGINEERING: Placed in Liquidation
---------------------------------------
Cameron England at The Advertiser reports that Link Engineering
has been placed in liquidation, after more than 35 years in
business.

The company was founded by the late Vince Marino -- a strong
supporter of women's basketball in South Australia.

According to the report, Mr. Marino saved the Adelaide Lightning
basketball team in 2006 with a AUD113,000 investment in the
iconic WNBL club and spent more than AUD4 million over nine years
keeping it afloat.

Mr Marino died late last year, the report says.

Link Engineering and three other companies have been placed in
liquidation, with Hall Chadwick appointed as liquidator,
according to the Advertiser.

Link Engineering was founded in 2002 offering general engineering
and maintenance services, machining, steel fabrication, minor
hydraulics, scaffolding and pneumatics services.


SANTOS LTD: Fund Dry Up; Blamed for Contractor's Collapse
---------------------------------------------------------
Glen Norris at The Courier-Mail reports that Santos has seen its
share price plunge 41% over the past 12 months as it battles
sliding energy prices and heavy debt levels.

Now the collapse of one of its key LNG contractors in Queensland
has renewed concerns about how one of Australia's key resource
companies is faring in an increasingly tough market, the report
says.

Courier-Mail relates that Santos was blamed for the collapse of
Murrarie-based Lean Field Developments earlier this year after
delaying payment and reportedly telling a Lean Field executive it
had "no money in the tin" for completed work.

According to the report, Lean Field Developments (LFD) went into
liquidation after completing about 98% of the scheduled work on
Santos' GLNG's gas gathering project near Roma.

A former executive at LFD has claimed that the company's collapse
was due to delayed payment by Santos, which owed it more than
AUD9.6 million, the report notes. Santos denies it owes the money
and said any funds owing to subcontractors would be paid in due
course.

Courier-Mail notes that it has been a troubled 12 months for
Santos, which was founded in 1954 and is considered one of the
leading independent oil and gas producers in the Asia Pacific.

Its net loss swelled to AUD2.7 billion in 2015 from a
AUD935 million deficit a year earlier, Courier-Mail discloses.
The Adelaide-based company said the decline in oil prices meant
it was likely to reduce the carrying value of its assets on its
books.

Courier-Mail relates that the company's new chief executive Kevin
Gallagher said it was vital the company, which has slashed almost
1,000 jobs in the past 18 months, continues to cut costs. Santos
has been cost cutting to offset the slide in oil and gas prices,
with capital expenditure down 59% to AUD209 million in the first
and fourth quarters, the report states.

"My first and absolute focus is to look closely at our
operations," the report quotes Mr Gallagher as saying in a
shareholder review last month.

Subcontractors working for Lean Field claim delays in payments
started to occur around the time Mr Gallagher started work at
Santos in February.

Morgans resource analyst Adrian Prendergast said he did not
believe there would be an Arrium style collapse of the company.
Santos has more than AUD4.8 billion in cash, the report says.

But Mr Prendergast noted that since Mr Gallagher took over there
had been an emphasis on more cost savings.

"We are not worried about them," Courier-Mail quotes Mr
Prendergast as saying. "He (Mr Gallagher) has concentrated on
making the business more lean and on better use of capital."

Oil, and hence LNG, prices have slumped over the past 12 months,
with increased supply from the US a key factor. The Reserve Bank
of Australia says the US could become one of the world's largest
LNG suppliers, leading to increased competition for Australian
companies.

Santos chairman Peter Coates has warned that sustained low oil
prices continued to have an impact on energy companies around the
world.

"When key LNG investment decisions were made, like most in the
sector, we did not fully anticipate the timing, speed and depth
of the down cycle for oil prices," Mr Coates told shareholders
recently, Courier-Mail relays.

Santos Limited (ASX:STO) -- http://www.santos.com/-- is an oil
and gas producer. The Company's principal activity is the
exploration for, and development, production, transportation and
marketing of, hydrocarbons. It has an Asian portfolio, with a
focus on three core countries: Indonesia, Vietnam and Papua New
Guinea. It has interests in four liquid natural gas (LNG)
projects, comprising GLNG, PNG LNG, Darwin LNG and Bonaparte LNG.
Its business units include Asia Pacific, Eastern Australia, GLNG,
and Western Australia and Northern Territory. The Asia Pacific
unit includes operations in Indonesia, Papua New Guinea, Vietnam,
India, Malaysia and Bangladesh. It is a producer of natural gas,
gas liquids and crude oil in eastern Australia. It sells gas to
domestic retailers and industry while gas liquids and crude oil
are sold in the domestic and export markets. It produces domestic
natural gas in Western Australia and is also a producer of gas
liquids and crude oil. It also has an interest in the Bayu-
Undan/Darwin.


STEMLIFE: Stem-Cell Storage Company Goes Into Liquidation
---------------------------------------------------------
Alina Eacott at ABC News reports that hundreds of families across
Australia are facing uncertainty after a company that stores
umbilical cord blood went into liquidation.

According to ABC News, Brisbane-based Stemlife had more than
2,000 samples stored in its facility when it appointed
liquidators BRI Ferrier early last month.

Cord blood contains stem cells that can be used in the treatment
of some diseases, the report says.

ABC News says liquidator Ian Currie said it was unlikely
customers would receive any refunds, and he predicted a
substantial shortfall.

"The deficiency between the estimated realisable value of assets
and the estimated value of creditors is approximately $2.4
million," the report quotes Mr. Currie as saying.

The report relates that Stemlife chief executive Peter Darcy said
he felt for the affected families.

"We're doing the best we can . . . to ensure that the stem cells
continue to be safely stored," the report quotes Mr. Darcy as
saying.  "It's a difficult situation, and certainly no one likes
to be in the position certainly least of all to see families with
their stem cells, that are important for their family and their
children."

Former Stemlife employee Kerrie Forman said the company's sudden
demise was a shock, the report relates.

"We don't hold out much hope of getting any moneys returned to
us," ABC News quotes Ms. Forman as saying.

Creditor Robert Mellor is owed about AUD5,000.

"We provided print material to them on a regular basis, and they
started to fall behind on payments," Mr. Mellor, as cited by ABC
News, said. "I don't think I'll see any of it."

Families have been left worried about the safety of their stored
material, the report says. Ms Forman suggested they have the
samples checked.

"They might want to have their samples tested for viability,
before they decide to store with another stem cell bank," she
said.

ABC News adds that Sydney-based company Cryosite has stepped in
to help, and is providing electricity at the Brisbane facility to
ensure the matter is maintained.

Cryosite is planning to relocate the material to Sydney and
continue storing it free of charge, ABC News reports.



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CHINA BAK: Grants 500,000 Restricted Shares Under Incentive Plan
----------------------------------------------------------------
Pursuant to China Bak Battery, Inc.'s 2015 Equity Incentive Plan,
the Compensation Committee of the Board of Directors of the
Company granted an aggregate of 500,000 restricted shares of the
Company's common stock, par value $0.001, to certain employees,
officers and directors of the Company.  Specifically, the
Compensation Committee granted the Restricted Shares to the
following executive officers and directors:

    Name and Position                        Amount
    -----------------                        -------
    Yunfei Li, CEO                           150,000
    Wenwu Wang, Interim CFO                   20,000
    Guosheng Wang, Director                   20,000
    Simon J. Xue, Director                    30,000

The shares will vest semi-annually in 6 equal installments over a
three year period with the first vesting on Dec. 31, 2016.

                        About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters.  The BAK International business was foreclosed on
June 30, 2014.  Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries
primarily for electric vehicles when its Dalian, China
manufacturing facilities start to operate in the first quarter of
2015.

China BAK reported net profit of US$15.87 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.77 million
for the year ended Sept. 30, 2014.

As of Dec. 31, 2015, the Company had US$64.28 million in total
assets, US$44.85 million in total liabilities and US$19.42
million in total shareholders' equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Sept. 30, 2015.
All these factors raise substantial doubt about its ability to
continue as a
going concern.


EVERGRANDE REAL: Moody's Retains B2 CFR on Capital Injection
------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's capital injection into Evergrande Life Insurance
Company Limited (unrated) is credit negative, but will have no
immediate impact on its B2 corporate family rating and B3 senior
unsecured debt rating.

The ratings outlook remains negative.

On April 21, 2016, Evergrande announced that it had injected RMB9
billion into Evergrande Life, a life insurance company in China
that is 50% owned by Evergrande Real Estate Group (Nanchang) Co.,
Limited (unrated), in turn an indirect wholly owned subsidiary of
Evergrande.

"The capital injection undermines Evergrande's effort to control
its debt growth," says Franco Leung, a Moody's Vice President and
Senior Credit Officer.  "However, the small size of the injection
relative to its cash holdings should result in only a moderate
impact on its financial profile."

Evergrande's pursuit of debt-funded expansion to support its
business growth has resulted in a high level of debt leverage.
The capital injection will likely consume some of Evergrande's
cash on hand, which will in turn constrain its ability to control
further debt growth.

The company reported a material increase in gross debt to around
RMB297 billion at end-2015 from RMB156 billion at end-2014, while
its perpetual capital securities also rose by RMB23 billion to
RMB76 billion.

As a result, its debt leverage -- as measured by adjusted revenue
to debt, including perpetual capital securities -- weakened
significantly to 36% in 2015 from 53% in 2014.  Moody's expects
the ratio to trend above 40% over the next 12 months, which is
weak for the company's rating.

"The capital injection will also raise Evergrande's investment
risk as Evergrande Life is a still loss-making business," adds
Leung, also the Lead Analyst for Evergrande.

Evergrande Life recorded net losses after tax of about 334
million in 2015 and RMB48.2 million in 2014.  The company has yet
to prove its ability to turn around its operations, given also
Evergrande's lack of a track record in managing insurance
companies.

The acquisition also offers limited strategic benefits to
Evergrande's property development business, apart from potential
indirect funding arrangements.

Although Evergrande has stated its large-scale property business
will help promote its new insurance business and achieve
strategic synergies, Moody's expects it will take time for the
strategic value of the investments to materialize.

Nevertheless, the impact from the capital injection will be
manageable given Evergrande's sizable cash on hand to settle the
transaction.

The capital injection will only consume about 5.5% of
Evergrande's reported cash balance of about RMB164 billion at
end-2015. Consequently, Moody's estimates that its pro-forma
cash/short-term debt ratio will weaken to around 98% from 103% at
end-2015.

Evergrande recorded strong contracted sales of RMB65.7 billion
between January and March 2016, up 115% from the previous year.
Moody's further estimates that Evergrande has adequate internal
resources to meet its outstanding land and construction payments.

This latest acquisition follows a number of investments in non-
property businesses by Evergrade in recent years to diversify its
business, including in consumer goods and health care services.
The company expects these non-property investments will help
drive its business growth.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded
its business across the country over the past few years.  At
Dec. 31, 2015, its land bank totaled 156 million square meters in
gross floor area across 162 Chinese cities.


GENERAL STEEL: Receives Noncompliance Notice From NYSE
------------------------------------------------------
General Steel Holdings, Inc. announced that on April 15, 2016,
the Company received a notice from the New York Stock Exchange
indicating that the Company is not in compliance with the NYSE's
continued listing requirements under the timely filing criteria
established in Section 802.01E of the NYSE Listed Company Manual
as a result of its failure to timely file its Annual Report on
Form 10-K for the fiscal year ended Dec. 31, 2015.

As previously disclosed in its Notification of Late Filing on
Form 12b-25 filed with the SEC on March 30, 2016, the Company has
delayed filing its Form 10-K because the Company requires
additional time to complete the preparation of its consolidated
financial statements and the accompanying footnotes in time for
filing.

"Currently the Company is working diligently with its auditor to
compile and disseminate the information required to be included
in the Form 10-K, as well as the required audit of the Company's
financial information.  The Company expects to file the Form 10-K
in the near future, and before the deadline set by the NYSE," the
Company said.

The NYSE informed the Company that, under the NYSE's rules, the
Company will have six months from March 30, 2016, to file the
Form 10-K with the SEC.  The Company can regain compliance with
the NYSE listing standards at any time before that date by filing
the Form 10-K with the SEC.  If the Company fails to file the
Form 10-K before the NYSE's compliance deadline, the NYSE may
grant, at its discretion, an extension of up to six additional
months for the Company to regain compliance, depending on the
specific circumstances.  The notice from the NYSE also states
that the NYSE may nevertheless commence delisting proceedings at
any time during the period that is available to the Company to
complete the filing if it deems that the circumstances warrant.
Under NYSE rules, until the Company files the Form 10-K, its
common stock will be subject to the ".LF" indicator to signify
its late filing status at www.nyse.com.

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude
steel production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9
billion of sales for the year ended Dec. 31, 2014, compared with
a net loss of $42.6 million on $2 billion of sales for the year
ended Dec. 31, 2013.

As of Sept. 30, 2015, General Steel had $1.12 billion in total
assets, $2.82 billion in total liabilities and a $1.69 billion
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated
deficit, has incurred a gross loss from operations, and has a
working capital deficiency at Dec. 31, 2014.  These conditions
raise substantial doubt about the Company's ability to continue
as a going concern.


* CHINA: Developers' Credit Quality to Remain Weak, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that the credit quality of many
Chinese property developers rated by Moody's will stay weak in
2016, based on their financial results for the fiscal year ended
Dec. 31, 2015.

"The financial metrics of many rated Chinese property developers
weakened in 2015, as margins contracted amid rising land costs,
and developers' lowering of their inventory levels in lower-tier
cities," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

"Debt leverage also rose to support growth, and to take advantage
of cheaper domestic funding," adds Tsang.

"We believe that the overall credit quality of the Chinese
developers that we rate will remain weak for full year 2016,
given the developers' high leverage, expectation of slowing
contracted sales growth and the continuing pressure on their
margins," says Cindy Yang, a Moody's Analyst.

Moody's analysis is contained in its released report titled
"Property - China: 2015 Results Indicate Rated Portfolio's Credit
Quality Will Remain Weak in 2016," and is co-authored by Tsang
and Yang.

The report points out that margin pressure represents a key
challenge to the developers' credit quality in 2016.

The weighted average gross margin for the developers that Moody's
rates fell to 27.3% in 2015 from 29.6% in 2014. Moody's expects
that gross margins will remain under pressure over the next 12-18
months, given rising land costs and continued revenue recognition
of low-margin products sold, especially in low-tier cities.

Nevertheless, the recent price increases in major Chinese cities
could partly offset the pressure on margins.

As for EBIT interest coverage, Moody's says that this metric will
stabilize in 2016 because the positive impact of lower funding
costs in China and the higher EBIT generation from revenue growth
will likely offset the companies' increased debt levels and
slightly low profit margins.

The weighted average EBIT interest coverage for Moody's rated
portfolio fell to 3.0x in 2015 from 3.3x in 2014. In 2016, the
ratio will likely stabilize at the 2015 level.

On leverage, Moody's report says that the developers' leverage
will stay high in 2016. The weighted average revenue/adjusted
debt for Moody's rated portfolio has slipped to 71% in 2015 from
76% in 2014. While Moody's expects that the ratio will recover
modestly to 72%-74% in 2016, such a result would indicate that
the developers' credit quality will remain weak.

Moody's rates 50 property companies in China. Moody's released
report, focuses on 36 of the 50 developers that reported their
full year 2015 financial results before 31 March 2016. These 36
companies are among the largest and most representative
developers in Moody's rated portfolio.

A total of 14 rated property developers, out of the 36 covered in
Moody's report, saw their credit quality worsen in 2015. Moody's
took negative rating actions on eight of the 14 developers in
2016 and one of the 14 in the latter part of 2015.

As for the remaining five developers - China Jinmao Holdings
Group Limited (Baa3 stable), Country Garden Holdings Company
Limited (Ba1 stable), Shimao Property Holdings Limited (Ba2
stable), CIFI Holdings (Group) Co. Ltd. (Ba3 stable) and Golden
Wheel Tiandi Holdings Company Limited (B2 stable), their ratings
were unchanged because Moody's expects their credit quality to
recover gradually in 2016.


* Neg. Rating Trend in 1Q to Continue Through 2016, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that China's weak growth and the
protracted weakness in oil and commodity prices globally will
continue to pressure the credit profiles of non-financial
corporates in Asia Pacific throughout 2016.

"The rating trend for non-financial corporates in Asia Pacific
was overwhelmingly negative in 1Q 2016, with 115 negative versus
four positive rating actions," says Clara Lau, a Moody's Group
Credit Officer.

"The share of ratings with negative implications increased to 34%
of Moody's-rated corporate portfolio at end-1Q 2016, while the
share of ratings with stable outlooks fell to 62%, the lowest
such proportion over the last nine quarters; indicating that the
portfolio as a whole is under much greater downward pressure
since the start of 2016," adds Lau.

Lau was speaking on Moody's just-released report titled "Asian
Non-Financial Corporates: Negative Rating Trend in 1Q 2016 Due to
China Slowdown."

Moody's report says that the negative rating trend seen in 1Q
2016 was mainly attributed to the bulk negative rating actions
taken on metals & mining and oil & gas companies in January 2016,
and the negative rating actions taken on Chinese state-owned
enterprises, following Moody's change of the outlook on China's
Aa3 sovereign rating to negative from stable on March 2, 2016.

Even if sovereign driven rating actions are excluded, the 71
negative rating actions were still significantly higher than the
four positive actions, and the number is the highest taken in a
quarter over the past five years.

China accounted for 69% of the total 115 negative rating actions
during 1Q 2016, with 79 negative versus one positive rating
actions.  Excluding the sovereign-driven rating actions, the
number of negative rating actions on Chinese corporates was at
40, accounting for more than half of the 74 non-sovereign driven
negative rating actions in the region.  The share of ratings with
negative implications for Chinese corporates that Moody's rates
rose to 64% in 1Q 2016 from 22% in 4Q 2015.

Metals and mining and energy accounted for the majority of the
negative rating actions in Asia Pacific during 1Q 2016.  Of the
74 negative rating actions taken in 1Q 2016 that were unrelated
to the change in China's sovereign rating, 20 were taken on
issuers in the metals & mining sector, 13 on energy & utility and
related industries and nine on Chinese property developers.

Nonetheless, Moody's believes that accommodative monetary
policies globally will provide sufficient market liquidity,
allowing most corporates in Asia Pacific to maintain their access
to funding; thereby somewhat mitigating default risks.

Moody's research subscribers can access these reports at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1019612



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ASHIYANA CONSTRUCTION: CRISIL Suspends B Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ashiyana Construction (AC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable
   Letter of credit &
   Bank Guarantee           30        CRISIL A4
   Proposed Bank
   Guarantee                20        CRISIL A4
   Proposed Cash
   Credit Limit             10        CRISIL B/Stable

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

Formed in 1995, AC undertakes construction of buildings for
government departments. The firm is based in Ranchi (Jharkhand)
and its day-to-day operations are managed by partners Mr. Abdul
Jabbar and Mr. Agsar Ali.


ASTHA ASSOCIATE: CRISIL Reaffirms B+ Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Astha Associate
Engineering & Contractor (AAEL) continue to reflect its weak
financial risk profile, marked by moderate gearing and average
debt protection metrics, and geographic concentration in revenue.
These weaknesses are partially offset by the extensive experience
of the promoter.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)

   Cash Credit/Overdraft   10       CRISIL B+/Stable (Reaffirmed)
   facility

Outlook: Stable

CRISIL believes AAEC will continue to benefit over the medium
term from the extensive experience of the promoter. The outlook
may be revised to 'Positive' if significant ramp-up in scale of
operations, enhanced geographical diversity in revenue, prudent
working capital management, and stable profitability strengthen
credit metrics. Conversely, the outlook may be revised to
'Negative', if low accrual, stretch in working capital cycle, or
any large capital expenditure weakens financial risk profile,
particularly liquidity.

Set up in 2004, AAEC is an Etah-based partnership firm,
undertaking contracts in construction of check dams, roads and
bridges. The firm is an 'AA' class contractor with the Irrigation
Department, Government of Uttar Pradesh. Operations are managed
by key promoter, Mr. Shyam Singh.


ASTRA LIGHTING: CRISIL Suspends 'C' Rating on INR44MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Astra Lighting Limited (ALL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2         CRISIL A4
   Cash Credit             44         CRISIL C
   Funded Interest
   Term Loan                5.3       CRISIL C
   Letter of Credit        30         CRISIL A4
   Term Loan               23.2       CRISIL C
   Working Capital
   Term Loan               33.0       CRISIL C

The suspension of ratings is on account of non-cooperation by ALL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ALL is yet to
provide adequate information to enable CRISIL to assess ALL'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 1997, ALL manufactures HID lamps that are used in
infrastructure projects, floodlighting of monuments, stadiums,
lighting of streets, highways, and parking areas (outdoor). The
HID lamps are sold to various original equipment manufacturers
(OEMs) such as Bajaj Electricals Ltd, Wipro Ltd and Osram India
Pvt Ltd. The company has installed capacity to manufacture 1.4
million units of HID lamps.


AVADH INFRA: ICRA Reaffirms B+ Rating on INR50cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B+ to the INR50.00
crore bank limits of Avadh Infra.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             50.00        [ICRA]B+ Reaffirmed

The reaffirmation of rating, continue to factor in the moderate
execution risks associated with the project as construction work
is to be completed by December 2016. Also the ability of the firm
to maintain project execution deadlines and achieve sales of the
un-booked portion (~68% of envisaged development) in a timely
manner remains critical from the credit perspective. The rating
is further constrained by the exposure of the project to the
cyclicality inherent in the real estate sector and the
susceptibility of the profitability to fluctuations in prices of
construction materials and labour costs. ICRA also notes the
risks associated with a partnership concern, where any
substantial withdrawal of capital will impact the capital
structure of the firm adversely.

The assigned rating, however, favourably takes into account the
long and established presence of the partners of the firm in the
real estate business, favourable demand potential for Real Estate
in Surat and low regulatory risks as the necessary approvals and
clearances required for construction of project are already in
place. Going forward, the firm's ability to maintain its sales,
collection efficiency and timely execute the on-going project
given the intense competition in the Surat market would remain
critical.

Avadh Infra (AI) is a partnership firm incorporated in 2013, as a
Special Purpose Vehicle (SPV) for construction of the residential
project named 'Avadh Kimberly' at Palsana, near Surat (Gujarat).
The firm is promoted by four partners, who have extensive
experience of nearly a decade in the field of real estate
construction in Surat and adjoining areas. Under different
partnership concerns, they have successfully executed several
residential and commercial projects in the past in Gujarat. The
projects are marketed under the brand of the 'Avadh' group.


BABA BISWANATH: CRISIL Suspends 'B' Rating on INR35MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Baba Biswanath Agro Products Private Limited (BBAPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           1.9       CRISIL A4
   Cash Credit             35.0       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      13.1       CRISIL B/Stable
   Standby Line of Credit   5.0       CRISIL B/Stable
   Term Loan               35.0       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
BBAPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BBAPPL is yet
to provide adequate information to enable CRISIL to assess
BBAPPL'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 1996, BBAPPL is engaged in milling and processing
of paddy into rice, rice bran, broken rice, and husk. The
company's promoter-directors Mr. Samir Kundu, Mr. Chandan Kundu,
and Mr. Malay Kundu manage its day-to-day operations.


BANSHIDHAR AGRO: CRISIL Assigns B+ Rating to INR39.2MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Banshidhar Agro Cold Storage Private
Limited (BACSPL). The rating reflects the company's start-up
phase and exposure to intense competition in the cold storage
industry. These weaknesses are partially offset by locational
advantage and multi-product storage options provided by BACSPL.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             35         CRISIL B+/Stable
   Term Loan               39.2       CRISIL B+/Stable

Outlook: Stable

CRISIL believes BACSPL will benefit over the medium term from the
extensive entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' if ramp-up in operations
post stabilisation leads to healthy cash accrual, and if working
capital, especially farmers' financing, is efficiently managed.
The outlook may be revised to 'Negative' if lower-than-expected
operating income and cash accrual, delay in realisation of loans
from farmers, or sizeable capital expenditure leads to weakening
of liquidity.

Set up in April 2015 and promoted by Mr. Suresh Chandra Sharma,
Mrs. Santosh Sharma, and Mr. Debi Prasad Sharma, BACSPL operates
a 4900 tonne multi-purpose cold storage in Rangidaspur, Odisha,
which began operations from March 2016.


CHAITANYA EDUCATIONAL: ICRA Suspends D Rating on INR30cr Loan
-------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]D assigned to the
INR30.00 crore fund based facilities and INR5.00 crore
unallocated limits of Chaitanya Educational Society. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


CHIRANJI LAL: CRISIL Assigns 'B' Rating to INR40MM Whse Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Chiranji Lal Atma Ram (CLAR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Warehouse Financing       40       CRISIL B/Stable
   Cash Credit               20       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        10       CRISIL B/Stable

The rating reflects the firm's modest scale of operations in the
fragmented commodity trading industry, and below-average
financial risk profile because of a high total outside
liabilities to adjusted-networth ratio. These weaknesses are
partially offset by the extensive industry experience of its
proprietor.
Outlook: Stable

CRISIL believes CLAR will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of an increase in
revenue and profitability along with prudent working capital
management, leading to considerably stronger net cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in revenue and profitability, any large, debt-funded
capital expenditure, or increase in working capital requirement,
resulting in deterioration in the financial risk profile,
particularly liquidity.

CLAR, based in Dabwali, Haryana, is a proprietorship firm
promoted by Mr. Yogesh Kumar in 2012. The firm trades in
agricultural commodities such as mustard, cotton seed, cotton,
guar, gram, barley, and cotton seed de-oiled cakes.


DHIRENDRA NARAYAN: ICRA Reaffirms B Rating on INR.70cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B to the
INR0.70 crore1 working capital loan and INR0.30 crore term loans
of Dhirendra Narayan Cold Storage Private Limited. ICRA has also
re-affirmed the short term rating of [ICRA]A4 to the INR4.36
crore seasonal cash credit facility of DNCS.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Seasonal Cash Credit     4.36       [ICRA]A4 Re-affirmed
   Working Capital Loan     0.70       [ICRA]B Re-affirmed
   Term Loan                0.30       [ICRA]B Re-affirmed

The reaffirmation of the ratings primarily take into account
DNCS's weak financial risk profile as reflected by an adverse
capital structure and depressed coverage indicators, high working
capital intensive nature of operations on account of upfront
advances to be extended to the farmers at the time of loading of
potatoes, which in turn keeps the gearing at a high level. The
ratings are further constrained by the regulated nature of the
industry, making it difficult to pass on increase in operating
costs in a timely manner, leading, in turn, to downward pressures
on profitability and DNCS's exposure to agro-climatic risks, with
its business performance being entirely dependent upon a single
agro commodity, i.e. potato. Further, ICRA notes that the loans
extended to farmers by DNCS may lead to delinquency, if potato
prices fall to a low level. The rating, however, derives support
from the long track record of the promoters in the management of
cold storages, and the locational advantage of DNCS by way of
presence of its cold storage units in West Bengal, a state with
large potato production and the recent increase in rental by the
State Government which is likely to provide cushion to the
profitability of the company in the near to medium term.

Incorporated in 1971, DNCS is promoted by the Saha and the Shaw
family. It is located in the Hooghly district of West Bengal and
is primarily engaged in the business of storage and preservation
of potatoes. Currently, DNCS has an annual storage capacity of
20,800 tonne.

Recent Results
In FY2015, DNCS reported profit after tax (PAT) INR0.03 crore on
an operating income (OI) of INR2.76 crore, as compared to PAT of
INR0.06 crore on an OI of INR2.51 crore in FY2014.


DR. ANIL: CRISIL Suspends B- Rating on INR164MM Overdraft Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shaheed Dr. Anil Baghi Charitable Society (SABMCS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          40.5       CRISIL A4
   Long Term Loan          90.8       CRISIL B-/Stable
   Overdraft Facility     164         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       7.3       CRISIL B-/Stable

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

Despite repeated requests by CRISIL, SABMCS is yet to provide
adequate information to enable CRISIL to assess SABMCS'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 1993, SABMCS operates three institutes-Anil Baghi
School of Nursing, Genesis Institute of Dental Sciences and
Research, and Anil Baghi College of Nursing-in the Ferozpur
district of Punjab. Anil Baghi School of Nursing offers diploma
courses in general nursing and midwifery and is affiliated to the
Indian Nursing Council, New Delhi, and recognised by the Punjab
Nursing Registration Council. Genesis Institute of Dental
Sciences and Research offers under-graduate and post-graduate
courses in dental surgery. Anil Baghi College of Nursing offers
under-graduate and post-graduate courses in nursing. These two
institutes are affiliated to Baba Farid University of Health
Sciences, Faridkot (Punjab).


E & C PROJECTS: ICRA Suspends B-/A4 Rating on INR7cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B-/A4 rating for the INR7.00 Crore
bank facilities of E & C Projects Private Limited'. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ESSMA TEXTILES: CRISIL Assigns B+ Rating to INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Essma Textiles Private Limited (ETPL).
The rating reflects the company's modest scale of operations in
the highly fragmented textile industry, and its large working
capital requirement. These weaknesses are partially offset by its
promoters' extensive industry experience and its comfortable
financial risk profile.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               55       CRISIL B+/Stable

Outlook: Stable

CRISIL believes ETPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in revenue and profitability, and efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens because of lower-
than-expected profitability, substantial increase in working
capital requirement, or large debt-funded capital expenditure.

ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra
Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company
manufactures textile products and specializes in woolen fabrics
such as blankets, shawls, suitings, tweed, and soft furnishings.
Its manufacturing facilities are in Amritsar.


ESSMA WOOLLEN: CRISIL Assigns 'B+' Rating to INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Essma Woollen Mills (EMW).

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

The rating reflects the firm's modest scale of operations in the
highly fragmented textile industry, and large receivables and
inventory. These weaknesses are partially offset by its
promoter's extensive industry experience, and its comfortable
financial risk profile.
Outlook: Stable

CRISIL believes EMW will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant increase in
revenue and profitability, and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if financial risk profile weakens because of lower-than-expected
profitability, substantial increase in working capital
requirement, or large debt-funded capital expenditure.

EWM, a proprietorship firm of Mr. Suresh Chandra Mehra based in
Amritsar, trades in woollen fabrics and products such as
blankets, shawls, suitings, tweed, and soft furnishings. It
started operations in 1970.


GARYSON MOTORS: CRISIL Suspends B+ Rating on INR110MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Garyson Motors Private Limited (GMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             110        CRISIL B+/Stable
   Term Loan                10        CRISIL B+/Stable

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

GMPL was incorporated in Ludhiana, Punjab in 2001. The company is
promoted by the Grewal family'Colonel D P S Grewal and his son,
Mr. Ravleen Grewal. GMPL is an authorised dealer for TML
passenger cars in the Ludhiana, Moga, and Firozpur districts of
Punjab. GMPL stocks all vehicle variants of TML and a few
variants of Fiat India Automobiles Ltd (rated 'CRISIL A-
/Stable/CRISIL A1').


GHANSHYAM FOODS: CRISIL Assigns B+ Rating to INR49MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Ghanshyam Foods Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              49        CRISIL B+/Stable
   Term Loan                 1.9      CRISIL B+/Stable

The rating reflects GFPL's susceptibility to volatility in raw
material prices, and its below-average financial risk profile
because of small networth, high gearing, and weak debt protection
metrics. These weaknesses are partially offset by its promoter's
extensive experience in the agricultural products industry, and
its established network of dealers and wholesalers in Madhya
Pradesh.
Outlook: Stable

CRISIL believes GFPL will continue to benefit over the medium
term from its promoter's extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if substantial increase in revenue or profitability
leads to higher-than-expected cash accrual, and consequently, to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-anticipated cash
accrual, or sizeable working capital requirement, or large debt-
funded capital expenditure, resulting in more pressure on
liquidity.

GFPL, incorporated in 1997, processes and trades in agricultural
products such as toor dal, moong dal, and chana dal. Its
processing unit is at Hoshangabad in Madhya Pradesh. GFPL is
promoted by Mr. Ghanshyam Das Maheshwari, who has experience of
over three decades in the business.


GURU KIRPA: CRISIL Cuts Rating on INR140MM Cash Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Guru Kirpa Foods Pvt Ltd (GKFPL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              140       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Term Loan        16.7     CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan                  3.3     CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects GKFPL's delay in servicing debt
obligations on account of weak liquidity driven by large working
capital requirements and volatility in raw material prices. The
company had shut production for two months (November and December
2015) that resulted in stretched liquidity and delayed servicing
of debt obligations.

The rating reflects GKFPL's weak financial risk profile, because
of high gearing, weak debt protection metrics, and stretched
liquidity. The rating also reflects the working capital-intensive
operations and the susceptibility of operating margin to
volatility in raw material prices. These weaknesses are partially
offset by the extensive experience of the promoters in the rice
industry.

GKFPL is engaged in hulling and milling of paddy and processing
of basmati rice. It was founded by Mr. Subhash Chander in Ghubaya
village at Jalalabad (Punjab) in 2000.

The company, reported profit after tax (PAT) of INR0.7 million on
net sales of INR688 million for 2014-15 (refers to financial
year, April 1 to March 31) against PAT of INR1.6 million on net
sales of INR643.2 million for 2013-14.


HAREKRUSHNA COTTEX: ICRA Assigns B Rating to INR4.50cr Loan
-----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR4.50 crore cash
credit facility and INR1.42 crore term loan facilities of
Harekrushna Cottex.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.50       [ICRA]B assigned
   Term Loan             1.42       [ICRA]B assigned

The assigned rating is constrained by the limited track record of
firm's operation as the manufacturing unit is commissioned in
February, 2016; the limited value added nature of operations
which coupled with the highly competitive and fragmented industry
structure, arising from low entry barriers, are expected to
pressurize the profitability margins. The rating is also
constrained by the vulnerability of the firm's profitability, to
the adverse movements in raw cotton prices, which are subject to
seasonality and crop harvest and the firm's exposure to
regulatory risks with regard to MSP for raw cotton and imposition
of any restriction on cotton exports. ICRA also notes that with
HC being a partnership firm, any substantial withdrawal from
capital account by the partners would adversely impact the net
worth and thereby the firm's capital structure.

The rating, however, favourably factors in long standing
experience of the partners in the cotton industry and location
advantage of the firm by virtue of its location in the cotton
producing belt of Rajkot (Gujarat) giving easy access to high
quality raw cotton.

Harekrushna Cottex (HC), promoted by Mr. Sanjay Bhayani, Mr.
Sagar Bhayani, Mr. Suresh Bhayani, Mr. Bhupat Bhanderi and Mr.
Bharat Kakadiya, was established as a partnership firm in April
2015. The firm is engaged into manufacturing of cotton bales and
cotton seeds through ginning and pressing of raw cotton; the
production capacity is 100 bales per day.


HARIHARA SPINCOTT: CRISIL Assigns 'B' Rating to INR48MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Harihara Spincott (HHS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash
   Credit Limit            24.5       CRISIL B/Stable
   Cash Credit             48.0       CRISIL B/Stable
   Long Term Loan          27.5       CRISIL B/Stable

The rating reflects HHS modest scale- and working capital
intensive nature- of operations in the highly competitive cotton
industry. The rating also reflects HHS weak financial risk
profile marked by small networth, high gearing and modest debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in the cotton ginning
industry.
Outlook: Stable

CRISIL believes that HHS will benefit from its promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if HHS generates more-than-expected
revenues and profitability resulting in better cash accruals, or
there is significant capital infusion resulting in improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenues or
profitability, or if the firm undertakes a larger-than-expected,
debt-funded capital expenditure programme, thereby weakening its
financial risk profile.

Established in 2013, HHS is engaged in ginning and pressing of
cotton and sells cotton bales and seeds. Based out of Guntur in
Andhra Pradesh and promoted by Mr. Polepalli Srinivasa Rao and
his family.

For 2014-15 (refers to financial year April 1 to March 31), HHS
reported a profit after tax (PAT) of INR0.9 million on an
operating income of INR208 million as against a PAT of INR0.4
million on an operating income of INR106 million during 2013-14.


HIGHRANGE COFFEE: CRISIL Assigns B+ Rating to INR52.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Highrange Coffee Curing Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             52.5       CRISIL B+/Stable

The rating reflects the company's modest scale of operations,
exposure to intense competition in the trading business, and
below average financial risk profile because of a small networth.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the coffee beans trading
business, customer diversification in revenue profile, and
comfortable risk management policies with respect to inventory
and debtors.
Outlook: Stable

CRISIL believes HRCCPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of higher-than-expected
profitability and revenue, or substantial capital infusion,
resulting in significant improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile deteriorates, most likely due to
reduced margins and revenue or large, debt-funded capital
expenditure.

Set up in 2004, HRCCPL processes and trades in coffee beans. The
company, promoted by Mr. K H Muhammed Sali, is based at Madikeri,
Karnataka.


IDT CLOTHING: CRISIL Assigns B+ Rating to INR90MM Packing Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of IDT Clothing Private Limited (IDT) and has assigned
its 'CRISIL B+/Stable' rating to IDT's bank facilities. The
rating was 'Suspended' by CRISIL vide the Rating Rationale dated
June 05, 2015 since IDT had not provided necessary information
required to take the rating review. IDT has now shared the
requisite information enabling CRISIL to assign rating on its
bank facilities.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              25       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

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

   Proposed Long Term       15       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect modest scale of operations in the intensely
competitive ready-made garment industry, vulnerability of
profitability margins to foreign exchange fluctuation, working
capital-intensive operations, and average financial risk profile
because of a modest networth and subdued debt protection metrics.
These weaknesses are partially offset by the extensive experience
of IDT's promoters and their funding support.

For arriving at the ratings, interest-free unsecured loans of
INR40.9 million from promoters and family members have been
treated as neither debt nor equity as they will be retained in
the business for the medium term.
Outlook: Stable

CRISIL believes IDT will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if significant and sustained improvement
in revenue and profitability leads to higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
low cash accrual or stretch in working capital cycle further
weakens financial risk profile, particularly liquidity.

Established as a partnership firm in 2002 by Mr. Suraj Gupta and
his brother, Mr. Amar Gupta, IDT was reconstituted as a private
limited company in 2006. The company manufactures and exports
ready-made garments for men. Facility is in Bhiwandi.


JAI SAI: CRISIL Suspends D Rating on INR80MM Cash Loan
------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jai Sai
Trading Co. (JST).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL D
   Warehouse Receipts       20        CRISIL D

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

JST was set up as a proprietorship firm by Mr. Rajesh Aggarwal in
2010. It trades in rice and paddy. The firm is based in Narela
(New Delhi).


JUPITER BUILDTECH: CRISIL Assigns B Rating to INR90MM Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Jupiter Buildtech Private Limited (JBPL) and has
assigned its 'CRISIL B/Stable' rating to these facilities. CRISIL
had suspended the ratings on December 28, 2015, as JBPL had not
provided the necessary information for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to its bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan           90       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects JBPL'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 JBPL's promoters in the real estate business.
Outlook: Stable

CRISIL expects JBPL to maintain a stable credit risk profile over
the medium term on the back of its promoters' extensive
experience in residential real estate industry. The outlook may
be revised to 'Positive' if JBPL receives higher than expected
customer advances and implements its ongoing projects on a timely
basis leading to healthy cash accruals. The outlook may be
revised to 'Negative' if there is a time and cost over-run in the
on-going projects or significant pressure on the company's
liquidity in case of delays in receiving bookings and/or customer
advances, leading to pressure on revenues and profitability.

Incorporated in 2009, Jupiter Buildtech Private Limited (JBPL) is
engaged into real estate development in Agra and is a part of
Maruti Builders group. The group was founded by Mr. Brijesh
Vashistha, Mr. Rakesh Kumar Mangal, Mr. Arun Kumar Agarwal and
Mr. Bharat Bhushan Goyal. JBPL is undertaking a residential
project-Maruti Forest in Agra.


KANWAL INDUSTRIES: CRISIL Suspends B Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kanwal Industries Private Limited (KIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL B/Stable
   Term Loan                50        CRISIL B/Stable

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

KIPL, promoted by Mohammad Amin, is setting up an automatic plant
for grinding, processing, and packaging of spices at EC Lassipora
Pulwana (J&K). The project is expected to be operational by
February 2015.


KISAAN DIE: CRISIL Assigns B+ Rating to INR51MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Kisaan Die Tech Private Limited
(KDT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        4        CRISIL B+/Stable
   Bank Guarantee            2.5      CRISIL A4
   Cash Credit              51.0      CRISIL B+/Stable

The ratings reflects the company's modest scale, and highly
working capital-intensive nature, of operations, and
susceptibility of its operating margin to volatility in steel
prices. These rating weaknesses are partially offset by the
extensive experience of its promoters in the steel forging
industry, established customer relationship, and moderate capital
structure and debt protection metrics on the back of funding
support from promoters.
Outlook: Stable

CRISIL believes KDT will continue to benefit over the medium term
from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
substantial increase in scale of operations, along with
improvement in liquidity on the back of better cash accrual and
working capital management. Conversely, the outlook may be
revised to 'Negative', in case of less-than-expected accrual,
large, debt-funded capital expenditure, or substantial increase
in working capital requirement, leading to weakening of the
company's financial risk profile, particularly liquidity.

KDT, incorporated in 2005 and promoted by Mr. Om Prakash Arora
and his family, is based in Ghaziabad. The company manufactures
steel forgings (carbon, alloy, and stainless) used in equipment
for the oil and gas sector, and steel and power plants. It
primarily produces flanges, rings, shafts, couplings and gear
blanks. KDT is managed by its promoters.


KISHORI INDUSTRIES: CRISIL Assigns B Rating to INR150MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Kishori Industries (KI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              150       CRISIL B/Stable

The rating reflects KI's modest scale of operations in the
intensely competitive cotton- industry, large working capital
requirements, and weak financial risk profile, marked by modest
networth, high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by extensive experience of
the partners in the cotton ginning industry.
Outlook: Stable

CRISIL believes KI will continue to benefit from the partners'
extensive experience. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability or sizeable
capital infusion strengthens financial risk profile. Conversely,
the outlook may be revised to 'Negative' if any aggressive debt-
funded expansion, or considerable decline in revenue and
profitability weakens the financial risk profile.

Established in 2003, KI is a partnership firm. It gins and
presses cotton, and extracts cotton seed oil at its unit in Beed.
The firm is owned and managed by Mr. Sharad Sarda and Mr.
Rameshlal Sarda.


LIBRA HYUNDAI: CRISIL Suspends B+ Rating on INR61MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Libra Hyundai (Libra).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       61        CRISIL B+/Stable
   Term Loan                24        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
Libra with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Libra is yet to
provide adequate information to enable CRISIL to assess Libra'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 as a proprietorship concern by Mr. Sheo Narayan Singh in
Dhanbad, Libra is an authorised dealer of passenger cars
manufactured by Hyundai. The firm started operations in 2004 as a
dealer for Hyundai, with one showroom. Currently, Libra has one
showroom and a workshop and plans to start another showroom and
workshop.


MARATH ENTERPRISES: CRISIL Cuts Rating on INR40MM LT Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Marath Enterprises and Crushers Pvt Ltd (MECPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       40       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The downgrade reflects delay in commencement of MECPL's stone
crushing and processing project, and the company's exposure to
risk of operating loss due to its nascent stage of operations,
which may further weaken its financial risk profile.

The rating also reflects the company's modest networth. These
rating weaknesses are partially offset by its promoter's
extensive entrepreneurial experience and their funding support.
Outlook: Stable

CRISIL believes MECPL will benefit over the medium term from its
promoter's extensive entrepreneurial experience and financial
flexibility. The outlook may be revised to 'Positive' if the
company stabilises sooner than expected operations and registers
substantially high revenue and cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of significant cost
or time overrun in its project, adversely impacting its financial
risk profile.

MECPL, incorporated in 2011, is setting up a stone crushing and
processing facility in its quarry at Palakkad in Kerala. The
company is promoted by Mr. M V Rajan.


NARAYANI RICE: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Narayani Rice Mill Private Limited (NRMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          2.4        CRISIL A4
   Cash Credit            60          CRISIL B+/Stable
   Long Term Loan         37.6        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
NRMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NRMPL is yet to
provide adequate information to enable CRISIL to assess NRMPL'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 March 2010, NRMPL is promoted by the Gaddhyan
family and Agarwal family. The company operates a rice milling
unit at Burdwan, West Bengal with a capacity of 8 tonnes per hour
of non-basmati parboiled rice. Day to day operations of NRMPL is
looked after by Mr. Shekhar Kumar Gaddhyan and Mr. Ashok Agarwal.


NATRAJ HOME: ICRA Suspends B+/A4 Rating on INR7.91cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating for the INR7.91 Crore
bank facilities of Natraj Home Furnishings Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


NOVATECH AGRO: CRISIL Suspends 'B' Rating on INR35.8MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Novatech Agro Products (I) Private Limited (NAPIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            2        CRISIL A4
   Cash Credit              20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       12.2      CRISIL B/Stable
   Rupee Term Loan          35.8      CRISIL B/Stable

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

NAPIPL, incorporated in September 2012, is engaged in milling of
non-basmati parboiled rice. The company has set up a rice mill,
September 2014, in Paschim Medinipur (West Bengal). The day to
day operations of the company is being managed by Mr. Sukumar
Ghosh.


OMEGA INFRAENGINEERS: CRISIL Suspends B+ Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Omega Infraengineers Pvt. Ltd. (OIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            50       CRISIL A4
   Cash Credit               10       CRISIL B+/Stable

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

OIPL, incorporated in 2009, is engaged in civil construction
works (structural work, fabrication, heavy work, and erections)
of steel and power plants primarily for private entities. The
company is based in Chandigarh and is promoted by Mr. Raveljeet
Singh Ruppal.


P N PAPER: CRISIL Suspends 'D' Rating on INR86MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
P N Paper Mills Private Limited (PNPM; part of the PN group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              86        CRISIL D
   Term Loan                70.9      CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PNPM and P.N. Pulp and Paper
Industries (PNPPI). This is because both the entities, together
referred to as the PN group, are in the same line of business,
are managed by the same promoters, and have inter-company stake
holdings.

PNPM, incorporated in 2004 by Mr. Ajay Aggarwal, manufactures
duplex card boards. PNPPI, established in 2008, manufactures
writing and printing paper. The group's plants are in
Uttarakhand.


P.N. PULP: CRISIL Suspends D Rating on INR97.7MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P.N. Pulp and Paper Industries (PNPPI; part of the PN group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               80       CRISIL D
   Letter of credit &
   Bank Guarantee            20       CRISIL D
   Term Loan                 97.7     CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of P N Paper Mills Pvt Ltd (PNPM) and
PNPPI. This is because both the entities, together referred to as
the PN group, are in the same line of business, are managed by
the same promoters, and have inter-company stake holdings.

PNPM, incorporated in 2004 by Mr. Ajay Aggarwal, manufactures
duplex card boards. PNPPI, established in 2008, manufactures
writing and printing paper. The group's plants are in
Uttarakhand.


POOJA WOODS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pooja Woods India Private Limited (PWIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B+/Stable
   Letter of Credit        240        CRISIL A4

The suspension of ratings is on account of non-cooperation by
PWIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PWIPL is yet to
provide adequate information to enable CRISIL to assess PWIPL'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 as a proprietorship firm named Pooja Timber Store by Mr.
Sushil Kumar in 1996-97 (refers to financial year, April 1 to
March 31), and reconstituted as a private limited company with
the current name in June 2013, PWIPL processes and trades in
timber.


PRABHA ENGINEERS: ICRA Reaffirms B+ Rating on INR2.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR5.00 crore long
term bank facilities of Prabha Engineers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Term Loan              2.50        [ICRA]B+ reaffirmed

   Long Term, Fund
   based limits
   Cash Credit            2.50        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account established track
record of promoters in the auto components industry with more
than four decades of experience; longstanding relationship with
OEMs like Mahindra & Mahindra Limited (M&M), TAFE Motors &
Tractors Limited (TAFE) and financial flexibility provided by
being part of Versatile group. The rating is, however,
constrained by high client concentration with top 3 clients
contributing ~90% of revenue; stretched working capital cycle
with tight liquidity position and leveraged capital structure.
ICRA has also taken note of Prabha's small scale of operations in
highly fragmented auto component machining industry. Going
forward, increasing scale of operations and judicious management
of working capital cycle remain key rating sensitivity factors.

Established in 1990, Prabha Engineers is a proprietorship firm
engaged in providing machining services to ferrous castings
manufactured by various Versatile Group companies i.e. Yash
Metallics Private Limited and Versatile Engineers as well as
directly to OEMs and Tier I suppliers. The unit is based in
Kolhapur, Maharashtra.


PRAGATI TRANSMISSION: ICRA Assigns B+ Rating to INR4.5cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR4.50
crore long term fund based facilities of Pragati Transmission
Private Limited. ICRA has also assigned a short-term rating of
[ICRA]A4 to the INR0.50 crore non-fund based facilities of PTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund
   based facilities      4.50       [ICRA]B+ Assigned

   Short term non
   fund based facility   0.50       [ICRA]A4 Assigned

The assigned rating is constrained by PTPL's small scale of
operations in a segment characterized by intense competition from
organised as well as unorganized players in the sector and the
vulnerability of the company's margins to fluctuations in raw
material prices. Further, the liquidity position of the company
remains stretched due to the high working capital intensity on
account of high receivables and inventory holding as evidenced by
the high utilization of the working capital borrowings. The
rating, however, positively factors in the long standing
experience of the directors in the field of manufacturing
precision gears and power tool components and the favourable
demand prospects of the products. The ratings also consider the
reputed customer base comprising of companies like Hindustan
Aeronautics Limited, Defense Research Development Laboratory,
Indian Space Research Organization, Tata Motors Ltd, Varroc
Engineering Private Ltd, Flash Electronics (India) Pvt Ltd, Force
Motors, VE Commercial Vehicles and etc., which mitigates the
counterparty credit risks to a large extent.

In ICRA's opinion, the ability of the entity to increase its
scale of operations, while managing its working capital
requirements, would be the key rating sensitivities going
forward.

Pragati Transmission Pvt. Ltd (PTPL) was incorporated in the year
2006 as a private limited company. The directors of the company
are Mr. P.D. Kadam and Mr. Atul S Bhirangi. PTPL is engaged in
manufacturing, supplying and exporting of precision gears used in
Aerospace, Industrial Gear Boxes, Power Tools, and Machine Tools
& Automobiles. The group companies of PTPL are 'ACE-Micromatic'
and Pragati Automation Pvt Ltd and these companies are present in
machine tool manufacturing in India and promoted by technocrats
with more than 3 decades of experience in machine tools, power
tools and automobile industries.

Recent Results
During FY15 the company reported a net profit of INR1.84 crore on
an operating income of INR19.17 crore as against a net profit of
INR1.63 crore on an operating income of INR16.17 crore during
FY14.


R. B. & CO: ICRA Assigns 'B' Rating to INR15cr Term Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR15.00
crore1 fund based limits of R. B. & Co.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits
   Term loan              15.00       [ICRA]B; Assigned

The assigned rating primarily takes into consideration the high
market risk of the firm given the moderate level of bookings
achieved till date coupled with the intense competitive pressures
from other completed and upcoming real estate projects in Surat.
ICRA also takes note of scheduled term loan repayments wherein it
has an obligation of INR1.67 crore on quarterly basis from
December 2015 till March 2017, any inability to achieve adequate
sales may lead to stretched liquidity position and refinancing
risk. In-addition, operations of the firm is also exposed to high
geographical concentration risk since all the projects are at the
same location i.e Mota Varacha area of Surat. Further, the
assigned ratings also takes into consideration erosion of net
worth due to capital withdrawal during FY2013-14 leading to
stretched capital structure of the firm since last two years.
The rating, however takes comfort from experience of the
promoters in the real estate market of Surat with the group
having completed several projects till date. The rating also
takes into consideration completed status of all the projects
with achievement of Occupancy certificates.

Lower than anticipated sales may lead to stretched liquidity
position. Capital structure remains highly stretched due to
erosion of net worth, any further withdrawals of funds due to
partnership nature of concern may lead to further deterioration
in financial profile of the firm. The same remain key rating
sensitivities and would be monitored.

R. B. & Co. is a partnership concern engaged into development of
real estate projects in Surat. Mr Ramesh Vaghashia owns 70% and
Mr. Nilay Vaghashia owns 30% partnership of the firm. The firm
had three projects Namely Garden Valley Phase II, Shree Vinayak
and Dhara Arcade located at Mota Varacha area of surat with a
total residential saleable area of 2.28 Lakh Sq. Ft and
Commercial saleable area of 1.62 Lakh Sq ft.


RATNAGIRI CERAMICS: ICRA Revises Rating on INR7.22cr Loan to B
--------------------------------------------------------------
ICRA has revised its long term rating earlier assigned to INR8.5
crore1 fund-based and Non-fund-based facilities of Ratnagiri
Ceramics Private Limited to [ICRA]B from [ICRA]B+. ICRA has also
reaffirmed the short term rating earlier assigned to INR4.5 crore
non-fund based facilities of RCPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              0.11      [ICRA]B; Revised

   Cash Credit and
   Stand by line of
   credit                 7.22      [ICRA]B; Revised

   Bank Guarantee         0.25      [ICRA]B; Revised

   Credit exposure
   limit to Notional
   Contract               0.07      [ICRA]B; Revised

   Unallocated Limits     0.85      [ICRA]B; Revised

   Letter of Credit       4.50      [ICRA]A4; Reaffirmed

The rating revision factors in the drop in RCPL's operating scale
led by delays in order under execution and the corresponding drop
in margins on account of high operating leverage and interest
outgo. RCPL debt coverage metrics in FY2015 also remained weak as
characterized by an interest coverage of 0.9 times, DSCR of 0.52
times and Debt/EBDITA of 8.3 times. The ratings further are
constrained on account of the significant deterioration in RCPL's
working capital intensity (NWC/OI of 90% in FY2015 up from 62% in
FY 2014) on account of the elevated inventory requirements and
elongated receivable cycle resulting in stretched liquidity
position. The ratings continue to take into account the high
competitive intensity of the ceramics industry and the exposure
towards foreign exchange fluctuation risk.

The ratings however are supported by considerable experience of
the promoters in the ceramics tiles business, RCPL's diversified
client base and its established relationships with suppliers who
have even outsourced a portion of their production line to the
company.

The company's ability to procure, execute new orders in a timely
manner and revamp its scale of operations, while also improving
its working capital cycle and margins would be the key rating
sensitivity factors.

Incorporated in 1999, RCPL is involved in the manufacturing of
designer tiles at its manufacturing facility in Ghaziabad, Uttar
Pradesh. The company manufactures designer tiles, which are sold
under four brands namely Swarngiri, Ratnagiri, Vasundhara and
Kalindi. The tiles are sold through a network of dealers and
distributors and the sales are primarily concentrated in South
India.

Recent Results
In FY2015, RCPL registered an operating income (OI) of INR14.21
crore and a Net loss of INR0.33 crore, as against an OI of
INR15.23 crore, net profit of INR0.03 crore in the previous year.


RUTUJA INDUSTRIES: CRISIL Assigns 'B' Rating to INR160MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rutuja Industries (RI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              160       CRISIL B/Stable

The rating reflects RI's modest scale of operations in the
intensely competitive cotton industry, its large working capital
requirement, and weak financial risk profile marked by modest
networth, high gearing, and weak debt protection metrics. These
weaknesses are partially offset by its partners' extensive
industry experience.
Outlook: Stable

CRISIL believes RI will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if substantial increase in revenue and profitability,
or sizeable capital infusion strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
aggressive debt-funded expansion, or considerable decline in
revenue and profitability leads to deterioration in financial
risk profile.

RI, a partnership firm established in 2003, gins cotton and
extracts and refines cotton seed oil. Its unit is in Beed,
Maharashtra. The firm is owned and managed by Ms. Sangita Sharad
Sarda, Mr. Narsing Somani, and Mr. Sachin Musale.


SAI SABURI: CRISIL Suspends 'D' Rating on INR60MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sai
Saburi Hospitals Private Limited (SSHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            60       CRISIL D

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

SSHPL, incorporated in 2013, is setting up a multi-speciality
hospital in Khurda. The project is scheduled to be completed by
March 2015. The company is promoted by Mr. Sarada Mishra.


SELVE CASHEWS: CRISIL Assigns B Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Selve Cashews (SC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        35       CRISIL B/Stable
   Cash Credit               50       CRISIL B/Stable
   Foreign Letter of
   Credit                    15       CRISIL B/Stable

The rating reflects the firm's small scale of operations, and
subdued financial risk profile because of modest networth/high
gearing/weak debt protection measures. These weaknesses are
partially offset by its promoter's extensive experience in the
cashew industry, and its moderate working capital requirement.
Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if revenue and operating
profitability increase significantly, resulting in a better
business risk profile. Conversely, the outlook may be revised to
'Negative' in case of large debt-funded capital expenditure,
weakening financial risk profile, or stretch in working capital
cycle or decline in operating profitability, adversely affecting
liquidity.

SC, set up in 2008 and based in Cuddalore, Tamil Nadu, processes
raw cashew nuts to cashew kernel. It is a proprietorship concern
of Ms.Kalaiselvi and its operations are managed by her husband,
Mr. Ravi.


SHREE AVADHBIHARI: CRISIL Suspends B Rating on INR65MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Avadhbihari Agro Product Private Limited (SAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            1        CRISIL A4
   Cash Credit              30        CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility        3        CRISIL A4
   Rupee Term Loan          65        CRISIL B/Stable

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

SAPL, incorporated in 2014 by Mr. Nanda Kishore Agarwala and Mr.
Paban Kumar Agarwala, is engaged in business of rice milling and
rice shelling at its plant located in West Bengal. SAPL has an
installed capacity of producing 8 tonnes of rice per hour. SAPL
processes non-basmati rice and by products like bran, phuk,
bardana which are sold to both merchant exporters and domestic
traders.


SHRI RUTUJA: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Rutuja Industries (SRI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 2        CRISIL B/Stable
   Cash Credit              90        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        8        CRISIL B/Stable

The rating reflects SRI's modest scale of operations in the
intensely competitive cotton industry, its large working capital
requirement, and weak financial risk profile marked by modest
networth, high gearing, and weak debt protection metrics. These
weaknesses are partially offset by its partners' extensive
industry experience.
Outlook: Stable

CRISIL believes SRI will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if substantial increase in revenue and profitability,
or sizeable capital infusion strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
aggressive debt-funded expansion, or considerable decline in
revenue and profitability leads to deterioration in financial
risk profile.

SRI, a partnership firm established in 2003, gins cotton and
extracts cotton seed oil. Its unit is in Beed, Maharashtra. The
firm is owned and managed by Mr. Amrutlal Sarda, Mr. Ramling
Ingale, and Ms. Sunita Sarda.


SUBHASISH JENA: CRISIL Suspends 'B+' Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Subhasish Jena Engineers & Builders Private Limited (SJEBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit              30        CRISIL B+/Stable
   Long Term Loan            3.4      CRISIL B+/Stable

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

Established in 2012 as a Private Limited Company, SJEBPL is a
Cuttack (Odisha) based Class 1 civil contractor. The company
primarily undertakes construction of infrastructure projects.


SWASTIK TRADERS: CRISIL Suspends D Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Swastik Traders (Delhi) (ST; part of the Swastik group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL D
   Proposed Long Term
   Bank Loan Facility       30        CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ST and ARN Textiles Pvt Ltd (ARN).
This is because the two entities, together referred to as the
Swastik group, have common promoters, are in the same line of
business, and are likely to extend support to each other, if
needed.

ARN, based in Delhi, was set up in 2009 by Mr. Rajesh Attri. The
company trades in grey, printed, and knitted fabrics. Mr. Attri
has experience of over 22 years in the fabric trading business.

ST, based in Delhi, was set up as a proprietorship firm in 2010
by Mr. Attri. The firm trades in grey fabrics.


TARA INFRATECH: CRISIL Suspends 'D' Rating on INR120MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Tara Infratech Limited (TIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                120       CRISIL D

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

TIL is engaged in real estate construction in Abohar (Punjab),
where it is currently developing plots and villas. The saleable
area of the project will be 1.27 million square feet (sq ft). The
project will majorly comprise of plots and some villas, the
bookings of which started in October 2011. The project shall also
offer commercial space in the form of a small plot of 40,000
square feet.


TULSYAN RICE: CRISIL Suspends B+ Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Tulsyan Rice Mill Private Limited (TRMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              65        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       3.6       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
TRMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TRMPL is yet to
provide adequate information to enable CRISIL to assess TRMPL'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 2004, TRMPL mills non-basmati parboiled rice. The
company's manufacturing facility is in Ranchi (Jharkhand), and
its day-to-day operations are managed by its director, Mr.
Banwarilal Agarwal. The company markets its products under the
TRM Super, TRM Super Plus, TRM Red, TRM Blue, and TRM Tiger
brands.


ULTIMATE FASHION: CRISIL Suspends B+ Rating on INR15MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ultimate Fashion Maker Limited (UFML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Purchase-
   Discounting
   Facility                  50       CRISIL A4
   Letter of credit
   & Bank Guarantee          30       CRISIL A4
   Overdraft Facility         5       CRISIL A4
   Packing Credit in
   Foreign Currency         115       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        15       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
UFML with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UFML is yet to
provide adequate information to enable CRISIL to assess UFML'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 1997, UFML is a closely held public company
founded by Mr. Gajinder Singh (managing director) and Mr.
Nirmohan Singh (director). UFML exports leather jackets and
purses, and has a manufacturing capacity of 130,000 pieces per
annum. The company exports to Europe and the United States.


VASAVI FOOD: ICRA Assigns B- Rating to INR7.12cr Loan
-----------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR7.12
crore1 fund based limits and INR2.88 crore unallocated limits of
Vasavi Food Processing Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      7.12        [ICRA]B- assigned
   Unallocated Limits     2.88        [ICRA]B- assigned

The assigned rating is constrained by the limited operational
track record with commercial operations beginning in April 2015;
low capacity utilization of 20% in 11mFY2016 owing to low
availability of paddy in the current year; and weak liquidity
profile of the firm as reflected by the full utilization of the
working capital limits on account of high levels of inventory.
Moreover, firm is expected to register losses at net level in
FY2016 due to the debt funded nature of the project together with
low capacity utilization and thereby likely to put pressure on
timely debt servicing and affect the coverage metrics in the near
term. The ratings are further constrained by intensely
competitive nature of the rice industry with presence of several
small-scale players which further increases the pressure on the
operating margins; and susceptibility to agro-climatic risks
which impact the availability of the paddy in adverse weather
condition. The assigned rating, however, favourably factors in
the experience of promoters in rice milling business; and healthy
demand prospects for rice as VFPI caters to Telangana market
where rice is a major staple food.

Going forward, the ability of the firm to improve capacity
utilisation levels and managing its working capital requirements
remain the key credit rating drivers from credit perspective.

Vasavi Food Processing Industries (VFPI) was founded in August
2014 as partnership firm by Mr. M. Narsaiah and his family
members. The firm is engaged in the milling of paddy to produce
raw and boiled rice with an installed capacity of 4 tons per
hour. The plant is located in Nizamabad district in Telangana.
The total cost of the project is INR6.25 crore of which INR3.12
crore is term loan sanctioned by bank and the remaining was
funded by partners.


VIKAS COT: ICRA Reaffirms B+ Rating on INR18.68cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR20.00 crore bank facilities of Vikas Cot Fiber Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   Based facilities       18.68       [ICRA]B+, reaffirmed
   Unallocated             1.32       [ICRA]B+, reaffirmed

ICRA's rating continues to be constrained on account of declining
operating profit margins and sluggish top-line performance in FY
2015. The rating also factors in the thin margins in the ginning
industry owing to limited presence in the textile value chain,
low value additive nature of the work and fragmented nature of
the cotton ginning industry. This coupled with the working
capital intensive nature of operations and limited equity
infusion by the promoters has led to continued weak liquidity.
The rating also factors in the seasonal nature of the ginning
industry as well as the regulatory risk (typical of ginning
industry) which imparts volatility to cash flows. The rating
action also takes into account the~9% year-on-year decline in the
company's operating income; however, sales are expected to grow
in the FY 2016 backed by increased trading activities.

However, the rating continues to derive comfort from VCF's
experienced management which has been engaged in the cotton
ginning business for more than two decades, as well as the
favourable location of its manufacturing facilities in proximity
to the cotton producing belt of Maharashtra and Madhya Pradesh,
resulting in ease of access to raw material.

The ability of the company to improve profitability and attain an
optimal working capital cycle will be key determinants of its
debt coverage indicators and liquidity and hence will be the key
rating sensitivities going forward.

VCF was incorporated in May 2008 by Khandelwal Family in Sendhwa,
Madhya Pradesh. The company is engaged in cotton ginning and
pressing. VCF is also involved in cotton trading. The company
manufactures lint from kapas (raw cotton) and undertakes pressing
operation to produce bales. Cotton seed is the by-product of
ginning operation which the company sells to oil extraction
units.


ZODIAC INFRA: CRISIL Suspends 'D' Rating on INR66MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Zodiac Infrastructures Private Limited (ZIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               66       CRISIL D

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

ZIPL was originally set up as a partnership firm in 2005 that was
reconstituted as a private limited company in 2008. The company
trades in iron ore fines. It also operates a jewellery store in
Bhubaneswar and deals in gold and diamond-studded jewellery
manufactured by Gitanjali Gems Ltd. ZIPL is promoted by Mr. Miza
Riaz Beg and his family.



=================
I N D O N E S I A
=================


CHANDRA ASRI: S&P Revises Outlook to Pos. & Affirms 'B+' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
PT Chandra Asri Petrochemical Tbk. to positive from stable.  At
the same time, S&P affirmed its 'B+' long-term corporate credit
rating and 'axBB' long-term ASEAN regional scale rating on the
company.

The outlook revision reflects S&P's expectation that Chandra
Asri's cash flow and balance sheet will strengthen over the next
12 months as the company starts repaying debts following the
completion of its cracker expansion.

Chandra Asri completed a multi-year, debt-financed expansion of
its naphtha cracker in December 2015 on time and on budget.  The
company's additional capacity is coinciding with a cyclical high
for product spreads for a number of olefin and polyolefin
products, most notably ethylene, thanks to low feedstock prices
and relatively resilient selling prices.  As a result, S&P
expects the company's EBITDA to exceed US$220 million in 2016.

"Stronger operating cash flows, along with a sharp decline in
capital spending and moderate dividend payments in 2016 and 2017,
will translate into substantially positive discretionary cash
flows that exceed US$100 million over the period in our base
case," said Standard & Poor's credit analyst Yuehao Wu.  "We
anticipate the company will use the excess cash, along with
available cash balance, to repay an aggregate of about US$150
million of amortizing debt, including short-term working capital
loans, in 2016 and 2017.  That corresponds to about 30% of the
current reported debt of about US$550 million."

S&P recognizes that spreads among Chandra Asri's products are
inherently volatile and can rapidly change from quarter to
quarter.  Certain product spreads, most notably ethylene over
naphtha, are at multi-year highs.  Still, S&P believes the
additional capacity will moderately improve economies of scale
and enhance the company's vertical integration.  As a result, S&P
expects Chandra Asri's financial performance will be more
resilient to periods of weaker product spreads.

Standard & Poor's projects EBITDA of about US$120 million and a
debt-to-EBITDA ratio of about 3.5x under mid-cycle spread
conditions and after Chandra Asri has down debt.  S&P estimates
the company's EBITDA would still exceed US$70 million, assuming
stressed spread levels similar to the ones in 2012.  This would
translate into a debt-to-EBITDA ratio of 5.0x-6.0x (assuming the
company deleverages as S&P anticipates) while EBITDA interest
coverage stays above 3.0x.

Chandra Asri and PT Barito Pacific Tbk., its majority
shareholder, have similar credit profiles, in S&P's view.  This
is because S&P expects Chandra Asri to represent more than 90% of
its parent's assets, revenues, and EBITDA post cracker expansion.
The parent has moderate leverage, and Chandra Asri's operations
are independent.  The 30.5% sizable minority stake by Thai-based
conglomerate Siam Cement Group (SCG) in Chandra Asri is currently
credit neutral, even though S&P notes that SCG provided
operational support to Chandra Asri in the past.  This includes
extending payables to help manage operating cash flows and
technical assistance during the cracker expansion.

"We affirmed the ratings because Chandra Asri's small scale, high
operating leverage, thin and volatile profitability, and single-
site risks constrain its business strength.  Such weaknesses are
partly offset by the company's market position as the largest
petrochemical producer in Indonesia and its good project
execution record," Ms. Wu said.

The positive outlook on Chandra Asri reflects S&P's view that the
company will use its solid operating cash flows to reduce debt
over the next 12 months.  The outlook also factors in S&P's
assumption that Chandra Asri will incur no major capital spending
following the completion of the naphtha cracker expansion project
in 2015.

S&P may raise the rating on Chandra Asri if the company applies
excess cash flows and cash balance to debt repayment such that
its reported debt falls toward US$400 million within the next 12-
18 months and its debt-to-EBITDA ratio improves toward 2.0x under
the current spread assumption.  The rating upgrade also hinges
upon: (1) S&P's assessment of the company's resilience to
fluctuation in product spreads improving markedly; (2) the
consolidated financial profile of parent Barito Pacific remaining
similar to that of Chandra Asri; and (3) Chandra Asri maintaining
ample cash balances and manageable short-term debt maturities.

S&P could revise the outlook to stable if the deleveraging trend
stalls.  This could materialize if: (1) product spreads weaken
much more abruptly than S&P currently expects because of weaker
demand or higher feedstock costs; (2) capital spending is higher
than we anticipated; or (3) the company's financial debt fails to
decline substantially.  A debt-to-EBITDA ratio staying above 3.0x
under S&P's current spread assumptions would be indicative of a
stalling trend, in its view.

S&P may also revise the outlook to stable if: (1) Chandra Asri's
liquidity weakens because of sharp changes in working capital or
much lower cash flows stemming from lower-than-anticipated
product spreads; or (2) S&P assess the group credit profile to
have weakened because of higher consolidated debt or increased
debt at the parent company.



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


MITSUBISHI MOTORS: S&P Puts 'BB+' CCR on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB+' long-term corporate credit rating on Japan-based automaker
Mitsubishi Motors Corp. on CreditWatch with negative implications
following the company's announcement that fuel-consumption test
data for four of its mini-vehicle models was deliberately
falsified.  This testing fraud is highly likely to depress unit
sales, and damage to business performance and the company's
financial profile over the next year or two may exceed tolerances
for the current rating, in S&P's view.

On April 20, 2016, Mitsubishi Motors announced confirmation of
the deliberate falsification of data for fuel-consumption testing
on four models of its mini-vehicles that sold 625,000 units in
total. Because the focus of the company's automotive lineup is
mini-vehicles and sports utility vehicles (SUVs), the success or
failure of any one model has a significant impact on earnings.
It remains difficult to immediately estimate the impact of the
fraudulent testing on vehicle unit sales in Japan and abroad.
However, given that Mitsubishi Motors' original equipment
manufacturing (OEM) partner Nissan Motor revealed the
falsification and that Mitsubishi Motors has admitted to two
recall coverups in the past, S&P thinks the fraud is likely to
lead to a decline in unit sales.  In addition, this incident may
hurt the company's business results significantly over the mid-
to long-term if it reduces Mitsubishi Motors' OEM supplies to
other automakers or weakens its brand recognition in Southeast
Asian markets, which contributes to companywide sales and
profits. Meanwhile, the company has relatively ample cash and
deposits at hand, which will absorb the financial impact of the
incident to some extent if the fraud affects only mini-vehicles
in Japan.

"We estimate Mitsubishi Motor had about JPY400 billion in net
cash as of March 31, 2016, which underpins our modest assessment
of the company's financial risk profile.  Nevertheless, if the
fraudulent testing leads to a material decline in unit sales in
Japan and abroad in addition to a financial burden to meet
various expenses for compensation, reduced profitability and
increased working capital may lower operating cash flow and free
cash flow.  In that case, we may lower our assessment of the
company's financial risk profile.  Furthermore, the company's
business strategy, burden of research and development and capital
expenditures, and the possible impact of the fraud on its brand
recognition may weaken the company's competitiveness and
profitability, putting downward pressure on our assessment of the
company's business risk profile. We see weakness in the company's
presence in key global vehicle markets and in the scale and
diversity of its business compared with similarly rated peers.
We already incorporate this view in analysis by lowering our
rating on the company one notch from the anchor, which we derive
from the combination of our assessments of its business and
financial risk profiles," S&P said.

"We have lowered our assessment of Mitsubishi Motors' management
and governance to fair from satisfactory, on the basis of our
negative assessments concerning the governance subfactors of
regulatory, tax, or legal infractions, board effectiveness, and
internal controls.  We had thought the company's business
restructuring and enhancement of its governance following two
recall coverups in the 2000s had helped improve its business
performance in recent years.  However, we recognize that the
fraudulent testing is evidence of a significant problem in the
company's management and governance, and thus we have lowered our
assessment.  Although our lower assessment of management and
governance has not directly affected the rating at this point, it
may do so negatively, because we will review the rating to
incorporate developments as a result of investigations by the
company and a third-party committee," S&P noted.

"We will resolve the CreditWatch placement after examining the
effect on unit sales in Japan and abroad, business performance
forecasts, levels of working capital and operating cash flow, and
the company's measures to improve its management and governance.
We may lower our rating if the company's free cash flow decreases
materially and is unlikely to recover at an early stage, as a
result of a heightened likelihood of a material decline in unit
sales stemming from weakened brand recognition or a massive
financial burden related to the fraudulent testing.  We may also
lower the rating if we consider Mitsubishi Motors unlikely to
implement measures to both prevent a recurrence and restructure
its governance, and, as a result, we further lower our assessment
of its management and governance," S&P said.



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

1MALAYSIA: IPIC to Make 1MDB Bond Payment in Event of Default
-------------------------------------------------------------
Shamim Adam at Bloomberg News reports that Abu Dhabi's sovereign
wealth fund said on April 25 it will pay bondholders of
Malaysia's troubled investment company should the latter default
on an interest payment of $50 million.

Bloomberg relates that International Petroleum Investment Co.,
which is the co-guarantor for $1.75 billion of 1Malaysia
Development Bhd. bonds maturing in 2022, said it will pay the
coupon if 1MDB fails to do so when the grace period expires on
April 25, according to a filing to the London Stock Exchange. The
payment was due at midnight on April 18 in New York, Bloomberg
notes.

According to Bloomberg, the two have been locked in a dispute
over 1MDB's debt obligations to IPIC under an agreement reached
in May last year. As part of the pact, the Abu Dhabi wealth fund
said then that it would assume obligations to pay interest due
under $3.5 billion of 1MDB bonds that it guaranteed. IPIC said
this month that 1MDB was in default of the agreement after the
Malaysian fund failed to pay it more than $1 billion in
connection with a loan, Bloomberg states.

That spat spilled over to the interest payment, with each side
saying the other should fulfill the obligation, says Bloomberg.
1MDB President Arul Kanda said last week that while the Malaysian
state fund has enough cash to make the payment, it was IPIC that
should be doing so under the binding term sheet, according to
Bloomberg.

"IPIC has always honored its obligations arising from any
agreements it has entered in to and will continue to do so," the
Abu Dhabi company said on April 25, Bloomberg relays. "Any
payment in respect of the notes would be made by IPIC in respect
of its obligations under the guarantee and not in any capacity
under the terms of the binding term sheet."

Bloomberg says the threat of default is the latest episode in
financial scandals that have rocked 1MDB, already a target of
global investigations into allegations of money laundering and
embezzlement. 1MDB has consistently denied wrongdoing. Prices on
its dollar bonds, which plunged on April 18 after IPIC announced
an end of its debt obligations, have since recovered and were
higher on April 25, according to data compiled by Bloomberg.

                             About 1MDB

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

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

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

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

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




=================
S I N G A P O R E
=================


GENTING SINGAPORE: Winds Up Macau Unit
--------------------------------------
GGRAsia reports that casino operator Genting Singapore Plc
announced on April 22 that is has dissolved and liquidated
Genting Star (Macau) Ltd, an indirect wholly-owned subsidiary
incorporated in Macau.

GGRAsia relates that Malaysian conglomerate Genting Group
acquired Genting Star (Macau) and its parent company -- Genting
Star Ltd -- in September 2005. The acquisition was done via
Genting International Plc.

Genting Star and other units of the Genting Group were to be
involved in the development of a casino hotel in Macau, on
reclaimed land opposite the old Casino Lisboa, says the report.
The original project included a casino to be operated under the
gaming concession of Macau-based SJM Holdings Ltd, the company
founded by Stanley Ho Hung Sun, according to a filing by Genting
International in January 2007.

The Genting units however pulled out of the planned gaming
venture in Macau because of reported concerns by the Singapore
authorities, the report says. In February 2007, casino regulators
in Singapore said they were seeking "clarification" from the
Genting Group over the deals in Macau and its links with Mr Ho.

Genting Singapore had won a bid in November 2006 to build one of
two casino resorts in the city-state.

GGRAsia says Mr Ho, now in retirement from the Macau gaming
industry, has been subjected in the past to scrutiny by
regulators in the U.S. and Australia for alleged links in the
Macau casino junket sector to Chinese organised crime groups,
known as triads.

Genting Star and Genting Star (Macau) have not been linked to
other projects in Macau.

According to the report, Genting Singapore said the dissolution
and liquidation of Genting Star (Macau) "is not expected to have
any material impact" on the net tangible assets and earnings of
the company for the year ending December 31, 2016.



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


HANJIN SHIPPING: Seeks Creditor-Led Debt Restructuring
------------------------------------------------------
In-Soo Nam at The Wall Street Journal reports that Hanjin
Shipping Co. Ltd., is seeking to put itself under a creditor-led
restructuring after a senior government official said the
country's ailing shipping firms may go into receivership if they
can't rebuild their businesses on their own.

The Journal relates that Hanjin, the world's eighth-largest
container shipping company by capacity, said in a statement on
April 22 that it will make an official request to turn its debt-
restructuring efforts over to its creditors, led by the Korea
Development Bank.

According to the Journal, Hanjin and South Korea's other big
shipping line, Hyundai Merchant Marine Co. Ltd., have been
struggling under heavy debt loads in a troubled global shipping
market awash in excess capacity and plummeting prices.

The Journal says Hanjin has been trying to shore up its finances
by selling assets.  The company, including its container and bulk
shipping operations, posted a AUD6 million net profit for 2015 on
AUD6.86 billion in sales, but the business was unprofitable for
several years before that and is burdened by a big debt load that
has weighed heavily as sales revenue has declined, the report
discloses.

The Journal relates that although Hanjin ranks in the top 10 in
the world for container shipping, the carrier controls just 3% of
the industry's ship capacity. Hanjin and HMM, the No. 15
container line in the world with 2% of the market, have been
pressured by growing consolidation in the shipping business,
where the largest operators are adding vastly bigger ships and
forming vessel-sharing alliances that reduce operating costs and
give them more pricing leverage.

Korea's finance minister, Yoo Il-ho, said last week that if
ailing shipping firms don't smoothly handle an industrywide
restructuring themselves, the government would take action,
including putting some firms into receivership, the report
relates.  Hanjin is a unit of the Hanjin Group that is controlled
by Cho Yang-ho, who is also chairman of Korean Air.

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


KOREA: Securities Firms Face Declining Environment, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Korean securities firms will
continue to face a challenging operating environment in 2016, as
financial market volatility will remain high on lingering macro-
economic concerns.  The resultant lower trading volumes are
pressuring in particular the firms' brokerage businesses, raising
risk as the industry pursues alternative, riskier revenue
streams.

"Trading commissions remain a major source of revenue for Korean
securities firms, but have been declining due to heightened
financial market volatility," says Graeme Knowd, a Moody's
Managing Director.  "This trend is prompting the firms to pursue
alternative sources of income, and is raising asset risk as they
expand into riskier business lines."

Knowd was speaking on the release of a new Moody's report titled
"Korean Securities Industry Outlook -- Outlook Negative on
Deteriorating Operating Environment and Rising Risk Profiles."

According to the Moody's report, the industry's major revenue
sources -- brokerage, trading and wealth management -- will all
come under pressure in 2016, following a relatively strong
performance in 2015.

Broker revenues will be hit by the likely decline in trading
volumes, while the firms will also struggle to generate gains
from bond trading in the absence of further policy rate cuts.
Revenues from wealth management will also decline on the back of
lower sales, although somewhat mitigated by the introduction of
individual savings accounts, which provide a potential source of
stable fee income.

The industry efforts to find alternative income outside its
declining brokerage business are meanwhile raising credit
challenges.  In particular, Moody's sees rising asset risk from
growing (1) issuance of structured notes, such as equity linked
securities and derivatives linked securities; (2) corporate
credit lending; and (3) off-balance sheet guarantees, in pursuit
of alternative revenue streams.

Various regulatory measures are further incentivizing this growth
in new products, including various deregulatory measures proposed
by the Financial Services Commission in 2015 to increase funding
to corporates, expand the firms' business scope, and encourage
diverse service offerings.

Moody's says the resulting rise in on- and off-balance sheet
asset risk will pressure the industry's capitalization, even
though the reported average net capital ratio of 606.6% at end-
September 2015 remained well above the regulatory minimum of
100%.

Any further rise in leverage, however, should be contained by the
newly introduced 10x cap on leverage introduced for securities
firms in January 2016.  Repos and structured products in
particular have been a major source of funding -- and thus rising
leverage -- in recent years, but the new leverage cap will force
firms to either raise equity capital or slow their balance sheet
growth.



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


* BOND PRICING: For the Week April 18 to April 22, 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.


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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.



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