TCRAP_Public/160517.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, May 17, 2016, Vol. 19, No. 96


                            Headlines


A U S T R A L I A

BOTANIC HOMES: Administrators Seek Buyers for Assets
LACHLAN PRODUCE: First Creditors Meeting Set For May 23
OAKVILLE POTATOES: First Creditors Meeting Set For May 23
PHILLIPS TOTAL: Hall Chadwick Appointed as Administrators


C H I N A

SPI ENERGY: Peng Beneficially Owns 20.6% of Ordinary Shares


I N D I A

ARASU JEWELS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
ARYA CONSTRUCTION: CRISIL Cuts Rating on INR80MM Cash Loan to B+
ASHOK AGGARWAL: CRISIL Reaffirms 'B' Rating on INR50MM Loan
C.P. EXPORTS: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
DR. ANJOLI: CRISIL Reaffirms B- Rating on INR50MM LT Loan

GANPATI ENTERPRISES: Ind-Ra Suspends 'IND B-' LT Issuer Rating
IND BARATH: ICRA Suspends 'D' Rating on INR45.98cr Bank Loan
J.M. LABORATORIES: CRISIL Assigns B+ Rating to INR49MM LT Loan
KARDA CONSTRUCTION: ICRA Ups Rating on INR30cr LT Loan From B
KRISHNA TIMBER: ICRA Assigns 'B' Rating to INR6.5cr LT Loan

L AND D FOODS: CRISIL Assigns B+ Rating to INR19.2MM Term Loan
MAHADIK SUGAR: CRISIL Assigns 'D' Rating to INR500MM Term Loan
MANNEY ENGINEERS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
NAV BHARAT: ICRA Assigns 'B' Rating to INR6.20cr Term Loan
NIMP HEALTHCARE: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating

OPPO MOBILES: Ind-Ra Assigns Proposed NCDs 'Provisional IND BB'
P RAMESH: CRISIL Raises Rating on INR30MM Cash Loan to B+
PURVANCHAL FLOUR: CRISIL Assigns 'B' Rating to INR76.9MM Loan
RAJESH FILAMENTS: ICRA Suspends 'B+' Rating on INR6.5cr Loan
RAJLABDHI INFRASTRUCTURE: CRISIL Reaffirms D INR200MM Loan Rating

RAGA MOTORS: Ind-Ra Assigns IND BB' Long-Term Issuer Rating
RBP ENERGY: Weak Financial Strength Cues ICRA SP 3D Grading
S S OFFSHORE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SHAARC PROJECTS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SHASHIRADHA COLD: CRISIL Assigns B- Rating to INR55MM Loan

SHREE GAURI: ICRA Reaffirms 'B' Rating on INR11cr Cash Loan
SHREE VARDHMAN: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
SHREE VARDHMAN TOWNSHIP: Ind-Ra Affirms 'IND B' LT Issuer Rating
SIDDHI STEELS: CRISIL Reaffirms B Rating on INR57.5MM Cash Loan
SRI MURARI: ICRA Assigns 'B-' Rating to INR10cr Term Loan

SRI VENKATACHALAPATHY: CRISIL Rates INR30MM Cash Loan at 'B'
TIRUPATI BALAJI: CRISIL Reaffirms 'B' Rating on INR70MM Loan
VARDHMAN CABLES: CRISIL Reaffirms B+ Rating on INR20MM Loan
VASUPATI AGRO: ICRA Assigns B- Rating to INR2.95cr Term Loan
WILLIAM INDUSTRIES: CRISIL Assigns 'B' Rating to INR70MM Loan

ZIBON CERAMIC: ICRA Assigns 'B' Rating to INR5.5cr Term Loan


J A P A N

TOSHIBA CORP: Posts JPY719.1BB Operating Loss at March 31


P H I L I P P I N E S

GSIS FAMILY: Placed Under PDIC Receivership
KORONADAL RURAL BANK: PDIC to Continue Processing Claims
RURAL BANK OF AMADEO: Placed Under PDIC Receivership


X X X X X X X X

* BOND PRICING: For the Week May 9 to May 13, 2016


                            - - - - -



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


BOTANIC HOMES: Administrators Seek Buyers for Assets
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent
expressions of interest are sought for the purchase of the
business and assets of Botanic Homes Pty. Ltd.  The company has
entered administration with Petr Vrseckyz, Glenn J. Franklin and
Jason G. Stone of PKF Melbourne being appointed administrators on
May 3, 2016, Dissolve.com.au says.

According to the report, the sale also includes the display
showroom of the company and its IP as well as other related
assets that include domain and business names, email addresses
and telephone numbers, designs, marketing collateral and
trademark. Dissolve.com.au relates that the final buyer of the
business will also get to own its plant and equipment including
office furniture and equipment as well as motor vehicles.

Botanic Homes has around 60 onsite houses under construction and
around 70 pre-site forward orders, Dissolve.com.au discloses. It
boasts of four completed display houses and five under
construction.


LACHLAN PRODUCE: First Creditors Meeting Set For May 23
-------------------------------------------------------
Barry Frederic Kogan, Jason Preston, and Theodora Alice Eszenyi
of McGrathNicol were appointed as administrators of Lachlan
Produce Pty Ltd on May 11, 2016.

A first meeting of the creditors of the Company will be held at
Griffith Regional Theatre, Burley Griffin Room, 1 Neville Place,
in Griffith, NSW, on May 23, 2016, at 2:00 p.m.


OAKVILLE POTATOES: First Creditors Meeting Set For May 23
---------------------------------------------------------
Barry Frederic Kogan, Jason Preston, and Theodora Alice Eszenyi
of McGrathNicol were appointed as administrators of Oakville
Potatoes Pty Ltd and Golden Sunrise Produce Pty Ltd on May 11,
2016.

A first meeting of the creditors of the Company will be held at
CA ANZ Office Westpac Building, Level 29, 91 King William Street,
in Adelaide, on May 23, 2016, at 10:00 a.m.


PHILLIPS TOTAL: Hall Chadwick Appointed as Administrators
---------------------------------------------------------
Carl Huxtable, Cameron Shaw & Richard Albarran of Hall Chadwick
were appointed as administrators of Phillips Total Solutions Pty
Ltd on May 15, 2016.



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


SPI ENERGY: Peng Beneficially Owns 20.6% of Ordinary Shares
-----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Xiaofeng Peng and Zhou Shan disclosed that as of May
10, 2016, they beneficially own 148,200,000 ordinary shares of
SPI Energy Co., Ltd. representing 20.6 percent of the shares
outstanding. A copy of the regulatory filing is available for
free at https://is.gd/EPxxTs

                     About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors. SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America. The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as
http://www.solartao.com/, a B2B e-commerce platform offering a
range of PV products for both upstream and downstream suppliers
and customers. The Company has its operating headquarters in
Shanghai and maintains global operations in Asia, Europe, North
America and Australia.

Solar Power reported a net loss of $5.19 million in 2014, a net
loss of $32.2 million in 2013 and a net loss of $25.4 million in
2012. As of Sept. 30, 2015, the Company had $727 million in total
assets, $431 million in total liabilities and $296 million in
total equity.



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


ARASU JEWELS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Arasu Jewels
(AJ) continues to reflect the modest scale, and working capital-
intensive nature, of operations of the firm in the fragmented
gold jewellery industry, and below-average financial risk profile
because of weak capital structure and debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of its partners.
Outlook: Stable

CRISIL believes AJ will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in scale of operations and profitability,
or significant capital infusion, resulting in a better financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens, driven most
likely by sizeable debt-funded capital expenditure or decline in
revenue and profitability.

Established in 1999, AJ is a partnership firm retailing gold
jewellery. The firm is based in Kumbakonam, Tamil Nadu. Mr. T
Murugan manages its daily operations.


ARYA CONSTRUCTION: CRISIL Cuts Rating on INR80MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Arya
Construction (Arya) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

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

   Overdraft Facility      50        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that liquidity will
remain constrained over the medium term because of high working
capital requirement due to a longer-than-expected debtor cycle.
The firm's working capital cycle was stretched in 2015-16 (refers
to financial year, April 1 to March 31) as reflected in high
gross current assets (GCA) of around 200 days as on March 31,
2016, on account of high debtors. Debtors have remained high at
150 days on account of delayed payment from central government
departments. This has resulted in high reliance on bank
borrowing; the bank limit was fully utilised during the 10 months
ended March 31, 2016 to fund working capital requirement.
Furthermore, there is substantial debt repayment obligation of
around INR25.8 million in 2016-17, against which cash accrual is
expected to be tightly matched. Faster realisation of debtors and
the consequent improvement in working capital will be key rating
sensitive factors over the medium term.

The ratings reflects the firm's modest scale, and working
capital-intensive nature, of operations. These rating weaknesses
are partially offset by the extensive experience of its promoters
in the civil construction industry and their funding support.
Outlook: Stable

CRISIL believes Arya will continue to benefit over the medium
term from the  extensive industry experience of its promoters.
The outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual, driven by a significant increase in scale
of operations, or lower-than-expected debt-funded working capital
requirement, resulting in a better capital structure. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the firm's financial risk profile, most likely because of a
decline in revenue or profitability, higher-than-expected working
capital requirement, or capital withdrawal by promoters, leading
to pressure on liquidity.

Arya, based in Wardha, Maharashtra, was set up in 1986 by Mr.
Vijaykumar Raju. The firm undertakes construction activities for
state and central governments.



ASHOK AGGARWAL: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Ashok Aggarwal and
Sons (AAS) continue to reflect the firm's weak financial risk
profile, marked by its small net worth and leveraged capital
structure; marginal scale of operations in the fragmented timber
industry; and low operating profitability.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      130       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20       CRISIL B/Stable (Reaffirmed)

The ratings also factor in AAS's susceptibility to any adverse
impact of changes in timber import regulations, or to
fluctuations in raw material prices and sharp variations in
foreign exchange rate. These rating weaknesses are partially
offset by the proprietor's extensive experience in the timber
industry.
Outlook: Stable

CRISIL believes that AAS will continue to benefit from the
proprietor's extensive experience in the timber industry. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves with capital infusion, which will enhance its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates because of sizeable working capital
requirements or any significant debt-funded capital expenditure.

AAS was founded as a proprietorship firm in New Delhi in 2007 by
Mr. Ashok Aggarwal. The firm trades in, and processes, timber
logs.


C.P. EXPORTS: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of C.P. Exports
(CPE) continues to reflect its below-average financial risk
profile because of high gearing and small networth, and exposure
to intense competition in the coffee beans trading business.
These rating weaknesses are partially offset by the extensive
experience of promoters in the agricultural products trading
business.


                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit/Overdraft
   facility                 180     CRISIL B+/Stable (Reaffirmed)

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

   Proposed Long Term
   Bank Loan Facility        30     CRISIL B+/Stable (Reaffirmed)

CRISIL has treated unsecured loans of INR60 million extended to
CPE by its promoters as on March 31, 2015, as neither debt nor
equity. The management has indicated that these loans will remain
in the business over the medium term.
Outlook: Stable

CRISIL believes CPE will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' if sustained improvement in scale of
operations and profitability strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
any stretch in the working capital cycle or low cash accrual
leads to deterioration in the financial risk profile.

CPE, set up in 1994, processes and trades in coffee beans. The
firm is promoted by Mr. C Eswaran and Mr. C Shunmugapriya, and
their families.


DR. ANJOLI: CRISIL Reaffirms B- Rating on INR50MM LT Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Dr. Anjoli
Health Care (DAHC) continues to reflect its exposure to funding,
implementation, and demand risks associated with its proposed
project, accentuated by the initial stage of project planning. It
also reflects the firm's below-average financial risk profile
with small networth and expected high gearing. These strengths
are partially offset by the promoters' extensive experience in
the healthcare industry.

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

Outlook: Stable

CRISIL believes DAHC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if operations in its proposed project stabilise, or
lower-than-expected debt is contracted to fund the project. The
outlook may be revised to 'Negative' in case of significant time
or cost over-runs in its proposed project, or lower-than-expected
demand for its products adversely affects the liquidity profile.

DAHC was established in 2012 as a partnership concern by Dr. B.
V. Reddy and his wife Mrs. Anjali Reddy. The firm plans to set up
a unit to manufacture de-addiction medicines for tobacco, and
alcohol addicts.


GANPATI ENTERPRISES: Ind-Ra Suspends 'IND B-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ganpati
Enterprises' (GE) 'IND B-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND B-(suspended)' on the agency's website. The agency
has also migrated GE's INR120 million fund/non-fund based working
capital limits to 'IND B-(suspended)'/'IND A4(suspended)' from
'IND B-'/'IND A4'.

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

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


IND BARATH: ICRA Suspends 'D' Rating on INR45.98cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to INR45.98 crore bank
facilities of Ind Barath Energies (Maharashtra) Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of 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.


J.M. LABORATORIES: CRISIL Assigns B+ Rating to INR49MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B+/Stable' to the bank
facilities of J.M. Laboratories (JML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        6        CRISIL B+/Stable
   Cash Credit              45        CRISIL B+/Stable
   Long Term Loan           49        CRISIL B+/Stable

The rating reflects JML's exposure to project related risks and
timely stabilisation of operations and ramp-up of sales
thereafter. The rating also factors in modest expected scale of
operations in the intensely competitive pharmaceutical industry,
and average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the pharmaceutical industry.
Outlook: Stable

CRISIL believes JML will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the project is completed
on time, and sales and cash accrual exceed expectations in the
initial phase of operations. Conversely, the outlook may be
revised to 'Negative' if time or cost overruns in the project,
low revenue and cash accruals, or a stretched in working capital
cycle, weakens the firm's credit metrics.

Set up in July 2015, JML is setting up a plant at Bhanat,
Himachal Pradesh, for manufacturing pharmaceutical formulations
such as capsules, tablets, and dry syrups. Mr. Sandeep Sharma,
Mrs. Veena Sharma, Mr. Sahil Sharma, and Mr. K R Vijay are the
partners.


KARDA CONSTRUCTION: ICRA Ups Rating on INR30cr LT Loan From B
-------------------------------------------------------------
ICRA has upgraded long term rating from [ICRA]B to [ICRA]BB-
(Stable) on INR30.00 crore long term fund based bank facilities
of Karda Construction Private Limited. The outlook on the long-
term rating is stable.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund       30.00        Upgraded from [ICRA]B
   Based                              to [ICRA] BB- (Stable)

The rating upgradation takes into consideration ability of the
company to maintain healthy collection efficiency resulting in
timely cash inflows. It also factors in established track record
and long standing experience of promoters in real estate
development in Nashik. KCPL's financial profiles is characterised
by modest return indicators. The rating is however constrained by
stretched capital structure as major projects are debt funded;
high reliance on advance from customers and geographic
concentration. Going forward, the key rating sensitivity will be
timely execution of ongoing projects, maintaining sales velocity
and collection efficiency.

Incorporated in 2008, KCPL has been engaged in development of
residential as well as commercial real estate projects. The
Company is promoted by Mr. Naresh Karda who is a Managing
Director of the Company and a Civil Engineer by qualification.
Majority of the projects of the group are residential and the
group provides homes ranging from a 1BHK flats to penthouses and
from row houses to bungalows. Group also has a partnership firm
named as Bhakti Enterprises. Collectively the group has developed
21.3 Lakhs square feet area till date. Currently there are 12
projects under construction.

Recent Result
In FY15 KCPL has reported net profit of INR3.1 crore on an
operating income of INR31.9 crore.


KRISHNA TIMBER: ICRA Assigns 'B' Rating to INR6.5cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR7.50
crore long-term fund based and non-fund based limits of Krishna
Timber Company.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based - CC             1.00        [ICRA]B Assigned

   Long-Term Non-
   fund Based- LC         6.50        [ICRA]B Assigned

   Long-Term Non-
   fund Based-
   Buyer's Credit        (6.50)       [ICRA]B Assigned

The rating is constrained by the firm's small scale of operations
coupled with de-growth in operating income over the last two
years on account of high competitive pressures and reduced demand
owing to slump in the residential real estate market, moderate
profitability levels on account of limited value additive nature
of business and stretched Total Outside Liabilities
(TOL)/Tangible Net Worth (TNW) indicator of 2.85x as on March 31,
2015 owing to high dependence on creditors. The rating considers
the high working capital intensity of the business arising out of
high debtor and inventory days along with exposure to inventory
price risk on account of stock and sales business model. Besides,
the ratings also take into account the susceptibility of the
firm's margins to fluctuations in foreign currency exchange rates
with timber sourcing primarily done through imports and risks
inherent in partnership nature of the firm, including the limited
ability to raise capital and the risk of capital withdrawal,
among others.

The rating, however, favourably factors in the promoter's
extensive experience in the timber trading business coupled with
the presence of other group firms in the same business which
benefits in terms of cross selling activities and the regular
funding support extended to the firm from promoters. The ratings
also take note of the firm's comfortable capital structure as
evidenced by a gearing of 0.94x as on 31st March, 2015 and no
long term repayment obligations given that debt is largely in the
form of working capital borrowings.

The ability of the firm to scale up its operations, maintain
adequate profitability margins and reduce the working capital
intensity will be the key credit monitorables.

Krishna Timber Company was incorporated in 1991, by Mr. Ramesh
Patel, Mr. Dhanji M Patel, Mrs. Jayaben Patel and Mr. Vinod
Patel. The firm deals in hardwood (Merabu and Marsawa) and
teakwood and imports timber from few African and South Asian
countries (Singapore, Indonesia and Tanzania) and sells them in
domestic market (mainly Bangalore) to wholesalers and retailers.
Its facility is located at Tumkur road in Bangalore, Karnataka.
It has a total sawing capacity of 60000 cubic feet per annum as
on March 31, 2016. It is a part of the Parekh Group which has two
other firms, Parekh Timber Traders, formed in 1985, and Sri
Bhagwan Saw Mill, formed in 2007-08, who are also engaged in
timber trading business and located at Tumkur road in Bangalore,
Karnataka.

Recent Results
During 2015-16 (as per provisional results), KTC reported an
operating income of INR11.50 crore as against an operating income
of INR14.38 crore in 2014-15 (as per audited results).


L AND D FOODS: CRISIL Assigns B+ Rating to INR19.2MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of L and D Foods (LDF). The ratings
reflect the firm's weak financial risk profile because of low
accrual and small networth. This weakness is partially offset by
experience of its proprietor in the agricultural commodities
industry, and its adequate scale of operations.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Warehouse Receipts       14         CRISIL B+/Stable
   Term Loan                19.2       CRISIL B+/Stable
   Cash Credit              17.5       CRISIL B+/Stable
   Letter of Credit          4.3       CRISIL A4

Outlook: Stable

CRISIL believes LDF will continue to benefit over the medium term
from the industry experience of its proprietor. The outlook may
be revised to 'Positive' if the firm's financial risk profile
improves significantly on account of better-than-expected
accrual, driven by increase in revenue and operating
profitability, or capital infusion. Conversely, the outlook may
be revised to 'Negative' if aggressive, debt-funded expansion,
substantial decline in revenue and profitability, or stretch in
working capital cycle weakens financial risk profile.

LDF was established in 2010 as a proprietorship firm by Ms.
Poonam Agarwal. It processes basmati rice, mainly the PUSA 1121
variety. It has sorting and milling capacity of 6 tonne per hour
each at its plant in Jabalpur, Madhya Pradesh.


MAHADIK SUGAR: CRISIL Assigns 'D' Rating to INR500MM Term Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Mahadik Sugar and Agro Products Limited (MSAPL) and
has assigned its 'CRISIL D' rating to the long-term bank
facility. CRISIL had suspended the ratings on March 16, 2016, as
the company had not provided the necessary information required
for a rating view. MSAPL has now shared the requisite
information, enabling CRISIL to assign ratings.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               500        CRISIL D (Assigned;
                                      Suspension Revoked)

The rating reflects delays in servicing term debt obligation on
account of subdued operating efficiency leading to losses.

MSAPL also has a weak financial risk profile and modest scale of
operations susceptible to cyclicality and regulatory risks in the
sugar industry. The company however benefits from the extensive
entrepreneurial experience of its promoters.

Incorporated in 1999, MSAPL is promoted by Mr Nrupal Patil, Mr
Sunil Kekal and Mr Pravin Kekal. It manufactures sugar at its
unit - installed capacity of 2500 tonnes crushed per day -- in
Farale, district Kolhapur (Maharashtra). MSAPL is now setting up
a cogeneration plant with a capacity of 9 megawatts.


MANNEY ENGINEERS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manney Engineers
(ME) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The agency has also assigned ME's INR53.5 million long-
term loans an 'IND B+' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect ME's low revenue base and moderate credit
metrics. In FY15, revenue was INR27 million (FY14: INR45
million), net financial leverage (total adjusted net
debt/operating EBITDA) was 2.0x (FY14: (3.2x) and EBITDA interest
coverage was 7.9x (46.6x).

The ratings are also constrained by the fact that ME is a
proprietorship firm.

However, the ratings benefit from its proprietor Mr. Manney
Subramanyam's experience of over two decades in the galvanisation
of telecom and transmission towers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, along with
the maintenance of its current credit metrics, could be positive
for the ratings.

Negative: A sustained decline in the EBITDA interest coverage
will be negative for the ratings.

COMPANY PROFILE

Incorporated in FY08, ME is engaged in the galvanisation of
telecom and transmission towers. It was set up by Mr. Manney
Subramanyam and its office is located in Hyderabad, Telangana. ME
reported net revenues of INR32.2 million during FY16, as per
provisional financials.


NAV BHARAT: ICRA Assigns 'B' Rating to INR6.20cr Term Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to INR14.55
crore1 fund based and non-fund based bank facilities of Nav
Bharat Buildcon Pvt Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   CC                     4.60        [ICRA]B; assigned

   Term Loan              6.20        [ICRA]B; assigned

   Non Fund Based
   Limits- BG             3.75        [ICRA]B; assigned

ICRA's rating factors in NBB's fluctuating scale of operations
over the last three years (Operating income moved from INR22.89
cr in FY13 to INR12.23 cr in FY14 and INR35.24 cr in FY15) owing
to varied order book movement. The company's current order book
also remains modest (Order Book to FY15 Operating Income of just
1.35 times) with dependence on few orders for revenue booking, to
be executed in the current financial year thus resulting in
limited revenue visibility in the medium term. This apart, NBB's
working capital position remains stretched owing to high
receivable and inventory days which have consequently led to high
creditor days. ICRA also notes that absence of price escalation
clauses leads to exposure to fluctuating raw material and labour
costs. This apart, the rating factors in NBB's geographic
concentration with all the projects presence in Rajasthan as well
as the highly competitive nature of business.

The rating however derives comfort from the experience of the
promoters in the construction, maintenance and repair works for
irrigation projects. Further, the rating takes into account the
company's healthy operating margins (OPBDIT2 of 17% in FY15 and
36% in FY14) and low dependence on debt given the limited
investment in gross block required capital intensity of business.
Going forward, the company's ability to get fresh orders and
execute the same in a timely and profitable manner, along with an
improvement in its working capital cycle will be the key rating
sensitivities.

NBB initially established as a partnership firm in the year 1974
and was later reconstituted to private limited company and
registered in 1996. The company is engaged in irrigation
construction works for dams & barrages, canals and tanks. Apart
from the irrigation, the company has also installed wind turbine
generator of 1.25 megawatt capacity in Jaisalmer and solar plant
of 1.00 megawatt capacity in Churu, Rajasthan. The company is
promoted by Mr Mool Chand Lohadia and Mr Ashok Kumar Lohadia with
an experience of nearly four decades in the civil construction
sector.

Recent results
In the financial year ending March 31, 2015, NBB had an operating
income (OI) of INR35.24 crore on which it earned a Profit after
Tax (PAT) of INR0.58 crore compared to operating income of
INR12.23 crore and PAT of INR0.80 crore in previous year. On
provisional basis the company has reported OI of INR25.29 crore
in 11MFY16.


NIMP HEALTHCARE: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned NIMP Healthcare
Private Limited (NIMP) a Long-Term Issuer Rating of 'IND D'. A
full list of rating action is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect NIMP's delays in debt servicing during the 12
months ended March 2016 due to its weak liquidity position.

RATING SENSITIVITIES

Timely debt servicing for at least one quarter could result in a
positive rating action.

COMPANY PROFILE

Incorporated in 2012, NIMP manufactures bulk drugs and fine
chemicals.

NIMP's ratings:

-- Long-Term Issuer Rating: assigned Long-term 'IND D'
-- INR22.5 million fund-based facility: assigned Long-term 'IND
    D'/Short-term 'IND D'
-- INR44.5 million term-loans: assigned Long-term 'IND D'


OPPO MOBILES: Ind-Ra Assigns Proposed NCDs 'Provisional IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned OPPO Mobiles
India Private Limited's (OPPO India) proposed INR7 billion long-
term non-convertible debentures (NCDs) a 'Provisional 'IND BB'.
The Outlook is Stable. The agency has also assigned OPPO India a
Long-Term Issuer Rating of 'IND BB' with a Stable Outlook.

KEY RATING DRIVERS

New Chinese Brand in India: OPPO India is a relatively new player
in the Indian handset space, entering the market in late 2013.
However, OPPO is an established brand in China, with a 9% market
share in 4QFY16 and a number four market position. OPPO India's
revenue grew 352% yoy to an estimated INR9,556 million
(estimated) in FY16 as against INR2,115m in its first full year
of operations (FY15). Additionally, it is registering a rise in
monthly sales on account of technology-based product
differentiation. However, the Indian mobile handset market is
overcrowded with more than 25 brands, and is extremely price
sensitive with changing customer preferences and low brand
loyalty. Hence, gaining market share on a sustained basis would
be challenging for any new player.

Start-up losses: OPPO India incurred cumulative EBITDA losses of
INR4bn as at end-FY16 and accumulated net losses of INR2.75
billion. The company expects to incur EBIDTA losses in FY17 as
well, due to heavy initial advertising and sales promotion spends
(INR612 million in FY15 and INR1,634 million in FY16). Management
indicates that it would continue to spend 10-15% of revenue
towards sales promotions over FY16-FY20. Heavy investment in
brand building indicates OPPO India's seriousness to establish
itself in the Indian market over the long term, but such
investment would continue to moderate its profitability over the
medium term.

Domestic Manufacturing Plans: OPPO India is planning to set up a
handset manufacturing plant with an annual capacity of 12 million
handsets in Noida by August 2016 at a capex of INR2,250 million,
in order to benefit from duty differential and take advantage of
indigenous manufacturing. Imports of handsets are subject to
13.5% duty and components are subject to 12.5% duty, but domestic
manufacturing is subject to 2% excise duty. Currently, OPPO India
has a mix of imported handsets as well as imported components
converted to handsets on a contract manufacturing basis.
Management believes that OPPO India should be able to manufacture
mobile handsets 100% domestically by FY18.

Financing Structure: OPPO India is a net cash positive entity at
present, with working capital cycle funded through high payable
days from the associate companies of its parent. OPPO has
significant growth targets for the next 5 years and aims at
gaining 3.5%-4% market share by end-FY17; this is currently about
0.5%.

Therefore, infusion of medium-term funds through INR7 billion
NCDs would support its capex and working capital requirements.
During FY17, the company plans to use part of the NCD proceeds to
reduce payables days to about 75 (FY16: 319; FY15: 172).

Refinancing Risk: Since management expects OPPO India to remain
EBIDTA negative for FY17, interest on the NCDs is likely to be
met out of its cash and equivalents (FY16: INR2.28 billion).
Also, its DSCR in the year of NCD redemption continues to remain
weak. Hence, principal repayment will continue to remain a key
risk to its ratings.

Other Risks: The ratings factor in industry risks such as fast-
paced technological changes, changing consumer preferences and
competitive pricing pressures. Other risks include forex risks on
account of the import of handsets, but this is partially
mitigated by increasing the mix of indigenous
sourcing/manufacturing.

RATING SENSITIVITIES

Positive: Turnaround in EBITDA and an ability to service debt
obligations from internal accruals could be positive for the
ratings.
Negative: Lower traction in revenues, leading to continued EBITDA
losses and lack of timely funding support from the parent, could
be negative for the ratings.
COMPANY PROFILE

OPPO India was set up in November 2013 as a mobile handset
provider. OPPO is a mobile handset provider in China, operating
since 2008 in the Chinese mobile handset market. OPPO operated
across 20 countries as at end-2015. It purchases mobile handsets
from China and distributes these in India. It also has a contract
manufacturing arrangement with Andhra Pradesh-based electronics
assembly manufacturer Foxconn India Private Limited and Noida-
based GDN Enterprises Private Limited for the indigenous
manufacture of handsets in India.


P RAMESH: CRISIL Raises Rating on INR30MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of P Ramesh (PR) to 'CRISIL B+/Stable' from 'CRISIL B-/Stable',
while reaffirming the rating on the firm's short-term bank
facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          50         CRISIL A4 (Reaffirmed)
   Cash Credit             30         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')
   Standby Line of Credit   4         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in the firm's business
risk profile, driven by a substantial and sustained increase in
scale of operations while maintaining healthy profitability
margins. The upgrade also factors in sustenance of a healthy
capital structure on the back of absence of any large debt-funded
capital expenditure (capex).

Revenue is expected to have increased at a compound annual growth
rate of around 11 per cent, while operating profit margin has
remained healthy at around 12 per cent, between 2013-14 (refers
to financial year, April 1 to March 31) and 2015-16. CRISIL
believes annual revenue growth will be around 12 per cent over
the medium term, supported by order book of INR800 million (2.7
times its 2014-15 revenue) providing revenue visibility over the
medium term.

Despite incremental working capital requirement arising out of an
increased scale of operations, the gearing is expected to remain
low at around 0.2 times as on March 31, 2016. The ratio is
expected to remain at this level over the medium term supported
by absence of any large debt-funded capex.

The ratings reflect PR's modest scale of operations in the
intensely competitive construction industry, the high
geographical and customer concentration in the firm's revenue
profile, and its modest net worth limiting its financial
flexibility. These rating weaknesses are partially offset by the
extensive experience of PR's proprietor in the construction
industry.
Outlook: Stable

CRISIL believes PR will continue to benefit over the medium term
from its promoters' extensive industry experience and its healthy
order book. The outlook may be revised to 'Positive' if there is
a substantial and sustained improvement in the firm's revenues
and profitability margins, or there is a substantial improvement
in its net-worth on the back of sizeable equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative'
in case of delays in project execution or receivables, resulting
in lower-than-expected growth in revenue and operating
profitability, or any large debt-funded capex weakening financial
risk profile.

PR was set up as a proprietorship firm in 1989 by Mr. P Ramesh,
and is engaged in construction and maintenance of roads. The firm
is located in Hyderabad and executes orders for roads and
buildings (R&B) department, Telangana, and is registered as a
special class contractor.


PURVANCHAL FLOUR: CRISIL Assigns 'B' Rating to INR76.9MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Purvanchal Flour Mill Private Limited (PFMPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              20         CRISIL B/Stable
   Term Loan                76.9       CRISIL B/Stable

The rating reflects PFMPL's nascent stage, and hence, small scale
of operations in the intensely competitive wheat-processing
industry, and expected average financial risk profile because of
subdued debt protection metrics. These weaknesses are partially
offset by promoters' extensive industry experience and healthy
relationships with customers and suppliers.
Outlook: Stable

CRISIL believes PFMPL 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, or substantial capital
infusion, along with improvement in working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual or larger-than-expected working
capital requirement or sizeable debt-funded capital expenditure,
leading to deterioration in financial risk profile.

PFMPL was promoted in 2014 by Mr. O P Jaiswal, Mr. Ramesh Gupta,
Mr. Jagdish Prasad, and Mr. Anurag Jaiswal (son of Mr. O P
Jaiswal), and started commercial operations in June 2015. The
company manufactures wheat products such as atta, maida, suji,
and bran under its Badshah brand. PFMPL's processing facility is
in Shahganj, Uttar Pradesh.


RAJESH FILAMENTS: ICRA Suspends 'B+' Rating on INR6.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.50
crore long term working capital limits and term loan limits and
also [ICRA]A4 rating assigned to the to INR0.90 short term non
fund based limit of Rajesh Filaments Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital        6.00        [ICRA]B+; Suspended
   Term Loan              0.50        [ICRA]B+; Suspended
   SLC                    0.90        [ICRA]A4, Suspended

Incorporated in 1992, Rajesh Filaments Pvt Ltd (RFPL) is promoted
and managed by Mr. Tejas Poddar and Mr. Rajesh Poddar. The
company is currently engaged in processing Partially Oriented
Yarn (POY) to manufacture Draw Textured Yarn (DTY). The company
has 2 manufacturing facilities located in Surat district with
installation of 9 Draw Texturising Machines having a combined
capacity to manufacture 8610 MT of DTY per annum.


RAJLABDHI INFRASTRUCTURE: CRISIL Reaffirms D INR200MM Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rajlabdhi
Infrastructure Private Limited (RIPL) continues to reflect delays
by the company in servicing its debt.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                200       CRISIL D (Reaffirmed)

Delays in project offtake coupled with low bookings and advances
have led to stretched liquidity. This resulted in inadequate cash
flows for meeting debt obligations and delays in servicing of
debt

RIPL is also exposed to funding, implementation, and offtake
risks with respect to its ongoing project, and is susceptible to
the cyclicality in the Indian real estate industry. The company,
however, benefits from its promoter's extensive industry
experience.

RIPL was established in 2010 by Mr. Bhupendrabhai Ramanlal Patel.
The company has a presence in the residential real estate
segment, primarily in Ahmedabad and Gandhinagar. It is executing
a residential project, Rajlabdhi Heritage, in Gandhinagar,
comprising eight buildings. Mr. Patel manages RIPL's daily
operations.


RAGA MOTORS: Ind-Ra Assigns IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raga Motors
Private Limited (RAGA) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned RAGA's INR190.9
million fund-based facility a Long-term 'IND BB' rating with a
Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect RAGA's moderate scale of operations with
overall revenue of INR1,163.4 million in FY15 (FY14: INR1,132.7
million). The ratings factor in the thin EBITDA margins of the
company (FY15: 1.96%, FY14: 2.17%) due to the inherent trading
based nature of the business. The company has not shared its
recent financials with Ind-Ra.

The ratings factor in RAGA's moderate to weak credit metrics,
evident from its gross interest coverage (operating EBITDA/gross
interest expense) of 1.4x in FY15 (FY14: 1.5x) and net leverage
(total adjusted net debt/operating EBITDA) of 6.8x (7.8x). Ind-Ra
expects RAGA's credit metrics to lie in the same range in the
coming years due to its limited operating profitability.

The ratings, however, are supported by RAGA's comfortable
liquidity position as reflected by its maximum average
utilisation of the working capital limits of around 90% during
the 12 months ended March 2016. The ratings are also supported by
the company's promoters' over 10 years of operating experience in
the automobile business.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: Sustained revenue growth with an improvement in the
EBIDTA margins and credit metrics could lead to a positive rating
action.

RAGA, incorporated in 1999 as a private limited company, is an
authorised dealer for Mahindra & Mahindra Limited's ('IND
AAA'/Stable) four-wheelers in the cities of Jalandhar, Kapurthala
and Nakodar in Punjab and Honda Motorcycle & Scooter India's two-
wheelers in Jalandhar.


RBP ENERGY: Weak Financial Strength Cues ICRA SP 3D Grading
-----------------------------------------------------------
ICRA has assigned an SP 3D grading to RBP Energy (India) Private
Limited, indicating the 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake
solar projects. The grading is valid for a period of two years
from the date of assignment of grading i.e. till March 29, 2018
after which it will be kept under surveillance.

Grading Drivers
Strengths

* Established working relationship with leading solar and
   ancillary equipment manufacturers/suppliers

* Positive customer feedback on the quality of products
supplied,
   job executed and also after sales services being provided by
   the company

* Comfortable return on capital employed; although, profits and
   cash accruals at an absolute level remains low

Risk Factors

* Limited track record and small scale of current operations in
   the solar segment; top-line remained volatile during the past
   years

* Weak financial profile characterized by high working capital
   intensity of operations, low level of net worth and high total
   outside liabilities to tangible net worth (TOL/TNW)

* Limited number of technically trained manpower with experience
   in the solar photo voltaic industry

* Lack of geographical diversification, as the company at
present
   operates only in the state of Chhattisgarh

* Limited entry barriers resulting in a large number of new
   players entering the solar system integration business, which
   is likely to intensify competition and keep margins under
   check, notwithstanding a positive demand outlook

Fact Sheet

Year of Establishment
1997

Office Address
303, Guru Ghasidas Plaza,
Amapara, G.E. Road,
Raipur- 492 001, Chhattisgarh

Directors
Mr. Gaurav Jain
Mr. Jaikishan Bajaj
Mr. Jawahar Surisetti


S S OFFSHORE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S S Offshore
Private Limited (SSOPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The ratings reflect SSOPL's small scale of operations and short
operational track record of four years as FY13 was the first full
year of operation. In FY15, revenue declined to INR71.8 million
(FY14: INR182.5 million) due to the non-receipt of sufficient
orders on account of general elections. The provisional
financials for FY16 indicate revenue of INR190.5 million.

However, SSOPL's overall credit profile, although deteriorated in
FY15, remains comfortable. The provisional financials for FY16
indicate EBITDA of INR61.0 million. In FY15, the company's EBITDA
margins were 23.7% (FY14: 47.2%), net financial leverage (Ind-Ra
total adjusted net debt/operating EBITDA) was 2.0x (0.1x) and
EBITDA interest coverage (operating EBITDA/gross interest
expense) was 5.0x (21.x).

The ratings are supported by the company's comfortable liquidity
with the average peak cash credit utilisation being at 56% during
the 12 months ended March 2016. The ratings are further supported
by the promoter's operating experience of more than three decades
in the offshore logistic support industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the present credit metrics could lead to a positive
rating action.

Negative: Any debt-led capex or margin pressure leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Established in 2008, SSOPL is engaged in the business of marine
transportation. The company, located in Mumbai, provides crew and
vessels on a contractual basis and operates only for eight months
from October till May.

SSOPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR30.0 million fund-based working capital limits: assigned
    'IND BB'/Stable/'IND A4+'
-- INR138.7 million term loan limit: assigned 'IND BB'/Stable


SHAARC PROJECTS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shaarc Projects
Limited (SPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings reflect SPL's small scale of operations and moderate
credit profile, as seen in its revenue of INR318 million in FY15
(FY14: INR292 million), operating EBITDA interest coverage of
4.0x (4.6x), net leverage of 2.0x (2.0x) and operating EBITDA
margins of 12.9% (9.6%). Provisional 10MFY16 financials indicate
revenue of around INR395 million and EBITDA margins of around
9.0%, based on which Ind-Ra expects the company to have ended
FY16 with net leverage below 3.0x and EBITDA interest cover over
4.0x. As at end-April 2016, SPL had an outstanding order book of
INR2.5 billion.

SPL's liquidity position has been tight, with 93% average
utilisation of its working capital limits during the 12 months
ended March 2016.

However, the ratings are supported by the company's founders'
experience of more than two decades in the engineering
procurement construction (EPC) segment.

RATING SENSITIVITIES

Positive: A substantial improvement in revenue while maintaining
profitability and its current order-book level, leading to a
substantial improvement in credit metrics, will be positive for
the ratings.

Negative: A substantial decline in profitability, leading to
sustained deterioration in the net leverage to above 3.0x, could
be negative for the ratings.

COMPANY PROFILE

Incorporated in 2011, SPL is engaged in civil construction
projects such as roads, bridges, power infrastructure, pipeline
works, steel plants, refineries and other infrastructure works.

SPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR25 million fund-based limits: assigned
    'IND BB'/Stable/'IND A4+'
-- INR50 million non-fund-based limits: assigned 'IND A4+'


SHASHIRADHA COLD: CRISIL Assigns B- Rating to INR55MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Shashiradha Cold Storage Private Limited
(SCS). The rating reflects SCS's initial stage of operations and
exposure to highly regulated and fragmented nature of the West
Bengal cold storage industry. These weaknesses are mitigated by
the extensive experience of promoters in the cold storage and
potato trading business.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                55         CRISIL B-/Stable
   Cash Credit              36.9       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        3.1       CRISIL B-/Stable

Outlook: Stable

CRISIL believes SCS will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of successful ramp up of scale of operations
and generation of adequate cash accrual along with efficient
management of farmer's financing. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
stretch in realisation of loans from farmers weakens liquidity.

Incorporated in July 2015, SCS has set up a potato cold storage
facility at Medinipore, West Bengal. The company has successfully
commenced commercial operations in February 2016.


SHREE GAURI: ICRA Reaffirms 'B' Rating on INR11cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating at [ICRA]B for the INR11.00 crore
cash credit facility and INR2.57 crore (decreased from INR3.80
crore) term loans facilities of Shree Gauri Rice Mill Private
Limited. ICRA has also assigned the rating at [ICRA]B/[ICRA]A4
for INR1.23 crore unallocated limits of SGRMPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           11.00        [ICRA]B reaffirmed
   Term Loan              2.57        [ICRA]B reaffirmed
   Unallocated Limits     1.23        [ICRA]B/[ICRA]A4 assigned

The reaffirmation of rating continues to factor in the modest
scale of operations with almost stagnant revenue stream for past
two years coupled with weak financial profile as reflected by low
profitability due to inherently low value addition in the
business, stretched capital structure, weak coverage indicators
and high working capital intensity. The ratings are further
constrained by low accruals of present operations coupled with
ongoing sizable scheduled debt repayments which could lead to
pressure on the cash flows in the near to medium term. The rating
also takes into account the highly fragmented nature of the
industry and vulnerability of profit margins to volatility in
paddy prices which are exposed to seasonality and variations in
crop harvests and regulatory risk.

The ratings however continues to favourably factor in the
reasonable track record of the promoters in rice milling as well
as the location advantage derived by way of the plants proximity
to paddy growing areas.

Incorporated in 2010, Shree Gauri Rice Mill Private Limited
(SGRMPL) is engaged in the business of rice milling. The company
operates from its plant located at Nadiad, Kheda in the state of
Gujarat, with an installed capacity of 8 MTPH (Metric Tonne per
Hour). The company is promoted by Mr. Dilip Kela and Mr. Ashok
Kela.

Recent Results
During FY 2015, the company reported an operating income of
INR61.84 crore and profit after tax of INR0.54 crore as against
operating income of INR61.03 crore and profit after tax of
INR0.45 crore during FY 2014. Further during ten months of
operations in FY 2016, the company has reported an operating
income of INR55.67 crore and profit before tax of INR0.57 crore.


SHREE VARDHMAN: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Vardhman
Developers Private Limited's (SVDPL) Long-Term Issuer Rating at
'IND B+'. The Outlook is Stable. A full list of rating actions is
at the end of this commentary.

KEY RATING DRIVERS

The affirmations reflect the risk of time and cost overruns
associated with its ongoing project Shree Vardhman Olive in
Sohna. The project is likely to be completed by March 2020.

The ratings remain constrained by the company's small scale of
operations and weak credit profile. The company has not shared
its recent financials with Ind-Ra. The FY15 financials indicate
revenue of INR166.41 million (FY14: INR214.75 million) with
interest coverage (operating EBITDA/gross interest expense) at
1.06x (1.17x) and financial leverage (total adjusted
debt/operating EBITDA) at 9.40x (7.8x).

The ratings, however, continue to be supported by SVDPL's project
being located at Sohna which has easy accessibility to Delhi-NCR
and other nearby areas. The ratings are further supported by
SVDPL's promoters' over three decades of operating experience in
the real estate sector. Although the project is yet to be
launched, around 18% of the project was booked by March 2016.

RATING SENSITIVITIES

Negative: Any delays or cost overruns in the Sohna project
leading to stressed cash flow could be negative for the ratings.

Positive: The timely completion of the project along with a
substantial sale of housing units leading to strong cash flow
visibility could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2005, SVDPL, with its registered office in New
Delhi, undertakes the construction of residential and commercial
buildings.

SVDPL's ratings:

-- Long Term Issuer Rating: affirmed at 'IND B+'/Stable
-- INR1 million fund based limits affirmed at 'IND
    B+'/Stable/'IND A4'
-- INR98.90 million non-fund based limits affirmed at 'IND A4'


SHREE VARDHMAN TOWNSHIP: Ind-Ra Affirms 'IND B' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Vardhman
Township Private Limited's (SVTPL) Long-Term Issuer Rating at
'IND B'. The Outlook is Stable. The agency has also affirmed
SVTPL's INR400 million term loan at Long-term 'IND B' with a
Stable Outlook.

KEY RATING DRIVERS

The affirmations reflect the risk of time and cost overruns
associated with the company's ongoing project Shree Vardhman City
in Kurukshetra. The project is likely to be completed by December
2016.

The ratings remain constrained by the company's small scale of
operations and weak credit profile. The company has not shared
its recent financials with Ind-Ra. The financials for FY15
indicate top line of INR94.86 million (FY14: INR35.84 million),
interest coverage (operating EBITDA/net interest expense) of
1.04x (1.27x) and financial leverage (total adjusted net
debt/operating EBITDAR) of 4.07x (4.31x).

The ratings, however, continue to be supported by the project
being the first township in the region having easy accessibility
to nearby areas. The ratings are further supported by SVTPL's
promoters' over three decades of operating experience in the real
estate sector. Also, around 90% of the project was booked by
March 2016.

RATING SENSITIVITIES

Negative: Any delays or cost overruns in the project leading to
stressed cash flow could be negative for the rating action.

Positive: The timely completion of the project along with a
substantial sale of housing units leading to strong cash flow
visibility could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2005, SVTPL, with its registered office in New
Delhi, is engaged in the construction of residential and
commercial buildings.


SIDDHI STEELS: CRISIL Reaffirms B Rating on INR57.5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Siddhi Steels
(SS) continues to reflect the firm's below-average financial risk
profile because of a small net worth and modest debt protection
metrics.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             57.5      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      22.5      CRISIL B/Stable (Reaffirmed)

The rating also factors in its susceptibility to intense
competition in the steel trading industry and to cyclicality in
demand from end-user industries due to its modest scale of
operations. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters and its
established customer relationship.
Outlook: Stable

CRISIL believes SS will continue to benefit over the medium term
from its promoters' extensive industry experience and established
customer relationship. The outlook may be revised to 'Positive'
in case of considerably high growth in revenue along with
substantial improvement in profitability, leading to better
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of a decline in profitability or revenue, or a stretched
working capital cycle, resulting in substantially low cash
accrual thus further weakening the financial risk profile.

SS, established in 2012 and based at Chennai, trades in steel
material. Its operations managed by Mr. Balram.


SRI MURARI: ICRA Assigns 'B-' Rating to INR10cr Term Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR6.00
crore (enhanced from Nil) fund based facilities and INR10.00
crore (enhanced from Nil) term loan of Sri Murari Oil Industries
Private Limited. The short term rating of [ICRA]A4 assigned to
the unallocated facilities no longer exists as the unallocated
facilities have been reallocated on the long term scale.

                          Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities      6.00      [ICRA]B- assigned
   Term loan                 10.00      [ICRA]B- assigned

The ratings are constrained by the lack of operational track
record of the company as it is yet to commence its operations and
the fragmented nature of the edible oil industry with the
presence of large number of small players in and around the
region where the company is situated. The ratings also factor in
the exposure of the company's profitability to changes in agro-
climatic conditions and the consequent movements in the raw
material prices, and also to the movements in the international
oil prices.

The ratings assigned, however, factor in the long standing
presence of the promoters in the businesses such as cotton
ginning, edible oil extraction, manufacturing of equipments for
oil extraction and trading of agriculture products; and the
strong network that the promoters have built over the years with
the cotton ginning units (suppliers) and the refineries
(customers) that support growth prospects. The ratings also
factor in the growing demand for edible oil in India that
enhances revenue visibility in the near to medium term and the
favorable location of the manufacturing unit in the cotton
producing belt of India, that provides regular and easy access to
the raw materials. The company's ability to achieve desired
capacity utilization levels and revenue growth as planned would
be the key rating sensitivities.

Sri Murari Oil Industries Private Limited was incorporated in the
year 2014 and would be engaged in the business of delinting and
crushing of cottonseeds to produce cottonseed oil, de-oiled cake
and cotton linters along with hull and liquid soap as by-
products. The plant and machineries are in place with a few
approvals pending and the production is expected to start by May
2016. The plant is located in Bellary district, Karnataka. Four
promoters, namely, Mr. Vijay Bhaskar Reddy, Mr. Murahari Reddy,
Mr. Ananda Mohan Rao and Mr. V Chandrashekar would manage the
operations of the company. They have rich experience in the
businesses such as cotton ginning, edible oil extraction,
manufacturing of equipments for oil extraction and trading of
agriculture products.


SRI VENKATACHALAPATHY: CRISIL Rates INR30MM Cash Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Venkatachalapathy Sago Factory (SVSF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B/Stable
   Long Term Loan           15        CRISIL B/Stable

The rating reflects SVSF's modest scale of operations in the
fragmented sago industry, and below-average financial risk
profile marked by modest networth, high gearing, and weak debt
protection metrics. These weaknesses are partially offset by
extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes SVSF will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, backed by higher-than-expected cash accrual,
lower working capital requirement, or equity infusion.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile or liquidity weakens due to low profitability or
stretch in working capital cycle or sizeable capital expenditure.

SVSF, established in 2015 as a partnership firm, manufactures
sago (tapioca pearls). Its manufacturing facility is in Namakkal,
Tamil Nadu. The firm is promoted by Mr. R. Durairaj, Ms.
D.Thilakam, and Ms.D. Vishnupriya.


TIRUPATI BALAJI: CRISIL Reaffirms 'B' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirupati Balaji
Extrusion Private Limited (TBEPL) continue to reflect exposure to
intense competition in the secondary aluminium products industry,
and susceptibility to volatility in raw material prices and to
the fortunes of end-user industries. The ratings also factor in
below-average financial risk profile because of small net worth
and below-average debt protection metrics. These weaknesses are
partially offset by advantageous location because of proximity to
end users.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            6       CRISIL A4 (Reaffirmed)
   Cash Credit              70       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       56.1     CRISIL B/Stable (Reaffirmed)
   Term Loan                37.9     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TBEPL will continue to benefit over the medium
term from its advantageous location and support from promoters.
The outlook may be revised to 'Positive' in case of improvement
in liquidity of TBEPL, most likely backed by substantial equity
infusion or significantly higher cash accrual. Conversely, the
outlook may be revised to 'Negative' if there is deterioration in
TBEPL's financial risk profile, especially liquidity, owing to a
stretch in working capital cycle or lower-than-expected cash
accruals.

TBEPL was incorporated in 2009 for manufacturing aluminium cross
sections. It is promoted by Mr. Vineet Sethia and Mr. Kapil
Mittal.


VARDHMAN CABLES: CRISIL Reaffirms B+ Rating on INR20MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Vardhman Cables and
Conductors (VCC) continue to reflect the firm's weak financial
risk profile marked by small net worth and high gearing, working
capital intensive operations reflected in the high utilisation of
bank limits, and its modest scale of operations with exposure to
supplier concentration risks. These rating weaknesses are
partially offset by the extensive experience of VCC's promoters
in the cables and conductors industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)
   Bill Discounting
   under Letter of
   Credit                210        CRISIL A4 (Reaffirmed)
   Cash Credit            20        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       90        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VCC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
significant improvement in its financial risk profile, most
likely because of larger-than-expected cash accruals along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if VCC's financial risk profile weakens
further, most likely because of lower-than-anticipated cash
accruals, or larger-than-expected working capital requirements or
debt-funded capital expenditure.

VCC, set up in 1993, manufactures cables and conductors. Under
the conductor segment, the firm manufactures steel reinforced
aluminium conductors and aluminium conductors of various
measurements; its manufacturing unit is in Kolhapur district
(Maharashtra).


VASUPATI AGRO: ICRA Assigns B- Rating to INR2.95cr Term Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR4.95
crore fund based bank facilities and short-term rating of
[ICRA]A4 to the INR0.13 crore non fund based bank facilities of
Vasupati Agro Product Private Limited. ICRA has also assigned the
ratings of [ICRA]B- and [ICRA]A4 to VAPPL's unallocated limits of
INR0.92 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                  2.95         [ICRA]B- Assigned

   Fund Based-Cash
   Credit                2.00         [ICRA]B- Assigned

   Non Fund Based
   Bank Guarantee        0.13         [ICRA]A4 Assigned

   Unallocated Limits    0.92         [ICRA]B- and [ICRA]A4
                                       Assigned

The assigned ratings take into account the absence of track
record of operations as commercial production is yet to commence
exposing Vasupati Agro Product Private Limited (VAPPL) to
stabilization risks. Given the commercial operation is expected
to start from mid April'2016, and the commencement of debt
repayments from July'2016, provides limited elbow room to
stabilize operation as per stated parameters. The ratings also
take into consideration the intensely competitive nature of the
industry, characterized by a large number of small players, which
is likely to keep the margins of the entity under check. ICRA
also notes its exposure to agro-climatic risks with paddy being
an agricultural commodity, along with its vulnerability to
adverse changes in Government policies towards agro-based
commodities such as rice.

The ratings, however, draws comfort from the prior experience of
the promoters in the rice milling industry through related
entities and the entity's presence in a major paddy growing area,
resulting in easy availability of paddy
The ability of the company to stabilize the operation,
successfully market its product and generating adequate cash
accruals from the business relative to its debt servicing
obligations would remain a key rating sensitivity.

Incorporated in June 2013, VAPPL is in the process of setting a
rice mill in West Bengal. The promoters have about three decades
of experience in the rice milling industry through the firm's
related companies, which are also based in West Bengal. The
manufacturing plant of the company is located in the Burdwan
district of West Bengal, with an installed capacity of 28,800
MTPA.


WILLIAM INDUSTRIES: CRISIL Assigns 'B' Rating to INR70MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of William Industries Pvt Ltd (WIPL) and has assigned
its 'CRISIL B/Stable/CRISIL A4' ratings to WIPL's bank
facilities.
                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            4        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit              70        CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term       26        CRISIL B/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The rating was 'Suspended' by CRISIL vide the Rating Rationale
dated November 23, 2014 since WIPL had not provided necessary
information required to take the rating review. WIPL has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

The ratings reflect its modest scale of operations and exposure
to intense competition in the highly fragmented socks
manufacturing industry leading to weak profitability levels,
large working capital requirement, and below average financial
risk profile marked by modest networth, high gearing, and modest
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of promoters in the socks
manufacturing industry.
Outlook: Stable

CRISIL believes WIPL will maintain its business risk profile,
supported by the promoters' extensive industry experience and
established customers. The outlook may be revised to 'Positive'
in case of a considerable and sustained improvement in
profitability, leading to improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if any
significant decline in revenues and profitability constrains
liquidity.

Incorporated in 1958, WIPL, promoted by Vivek Juneja and Mr.
Manoj Juneja manufactures cotton and nylon socks for men, women,
and kids under the Anchor brand.


ZIBON CERAMIC: ICRA Assigns 'B' Rating to INR5.5cr Term Loan
------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR2.20 crore cash
credit facility and INR5.50 crore term loan facility of Zibon
Ceramic Private Limited. ICRA has also assigned the rating of
[ICRA]A4 to the INR1.00 crore non-fund based facility of ZCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.20        [ICRA]B assigned
   Term loan             5.50        [ICRA]B assigned
   Bank Guarantee        1.00        [ICRA]A4 assigned

The assigned ratings are constrained by the start up nature of
the company; relatively small scale of operations and its limited
operational track record in tile manufacturing. The ratings
consider the risk associated with the stabilization of operations
and product establishment, considering the high competitive
intensity in the tile manufacturing industry with the presence of
large established organized tile manufacturers as well as
unorganized players in Morbi (Gujarat) resulting in limited
pricing flexibility. The ratings are further constrained by the
vulnerability of the company's profitability to the cyclicality
inherent in the real estate industry, which is the main consuming
sector; and to the adverse fluctuations in prices of raw
materials and natural gas, which is the major fuel. The ratings
also take into account the possible stress on the entity's
financial profile given the debt funded nature of the project and
debt repayments scheduled in the near term.

The ratings, however, positively factor in the location advantage
enjoyed by the company by virtue of its location in Morbi
(Gujarat), which is ceramic hub leading to easy availability of
raw material and manpower. Further, ICRA also positively factors
in the geographically diversified market of the company with
presence in both domestic and export markets.

Incorporated in February 2014, Zibon Ceramic Private Limited is
engaged in manufacturing of digital ceramic wall tiles from
manufacturing facility located in Morbi, Gujarat, with installed
capacity to manufacture ~9000 boxes of ceramic wall tiles per
day. It commenced production of digitally printed ceramic wall
tiles in July 2015.

Recent Results
During the first eight months of operations in FY2016
(provisional financials), the company has reported an operating
income of INR10.46 crore and profit before tax of INR0.57 crore.



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


TOSHIBA CORP: Posts JPY719.1BB Operating Loss at March 31
---------------------------------------------------------
Nikkei Asian Review reports that mounting restructuring costs led
Toshiba Corp. to report a JPY719.1 billion ($6.61 billion)
operating loss for the year ended March 31, a record for a
nonfinancial company in Japan.

Nikkei relates that the company announced fiscal 2015 results on
May 12. It shelled out hefty sums for restructuring after last
year's accounting scandal exposed weaknesses in its earnings
structure, the report relays.

The operating result tumbled more than JPY900 billion from a year
earlier, the report says. Such steps as laying off 14,000-plus
workers and reorganizing operations dealt profit a blow of more
than JPY340 billion. Falling product prices in the mainstay
semiconductor business also took a toll, the report notes.

According to Nikkei, revaluation of businesses including U.S.
nuclear power unit Westinghouse Electric also led to more than
400 billion yen in write-down losses. Toshiba's overall net loss
reached JPY483.2 billion, the report says.

Nikkei says the company aims to turn three key businesses
profitable in fiscal 2016.  Energy, including nuclear power, is
projected to generate a JPY51 billion operating profit. So is the
infrastructure business, which includes elevators. Semiconductor
operations are seen posting JPY32 billion in black ink.

Overall operating profit is forecast at JPY120 billion, Nikkei
states.  According to the report, Chief Financial Officer
Masayoshi Hirata said this is achievable even if the economy
stagnates and the yen strengthens more than expected. The company
also projects a net profit of JPY100 billion, the report notes.

Restoring Toshiba's financial health is an urgent task,
Mr. Hirata, as cited by Nikkei, said. Its capital ratio
languished below 6% in the just-ended year -- and raising it to
30% would require a capital increase of more than JPY1 trillion,
Nikkei says.

But the company is hard-pressed to raise funds from the market,
having been designated a "security on alert" by the Tokyo Stock
Exchange last September for undermining investor confidence.
Toshiba will be stuck with the label until December at the
soonest, Nikkei adds citing a source close to the matter.

                           About Toshiba

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

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

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

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

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

S&P Global Ratings on May 13, 2016, lowered its long-term
corporate credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch.  The outlook on the long-term corporate credit
rating is negative.  S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016.  S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.

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



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


GSIS FAMILY: Placed Under PDIC Receivership
-------------------------------------------
The Monetary Board (MB) placed GSIS Family Bank (A Thrift Bank)
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 826.A dated May
13, 2016. As Receiver, PDIC took over the bank on May 13, 2016.

GSIS Family Bank is a 22-unit thrift bank with head office
located at the 2/F AIC Grande Tower, Garnet Road, Ortigas Center,
Pasig City. The bank has seven branches in the National Capital
Region, one in Bulacan, 11 in Cavite, and two in Laguna. Based on
the Bank Information Sheet filed by the bank with the PDIC as of
December 31, 2015, GSIS Family Bank is owned by the Government
Service Insurance System (99.6%). The Bank's President is
Emmanuel L. Benitez and its Chairman is Geraldine Marie
Berberabe-Martinez.

Latest available records show that as of March 31, 2016, the bank
had 14,507 accounts with total deposit liabilities of PHP974.81
million. Total insured deposits amounted to PHP786.39 million or
80.67% of total deposits.

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

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

Depositors may update their addresses until May 24, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

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

The PDIC also announced that it will conduct Depositors-
Borrowers' Forums on May 25 to 27, 2016. Those not eligible for
early payment will be informed of the requirements and procedures
for filing deposit insurance claims. The time and venue of the
Forum will be posted in the bank's premises and announced in the
PDIC website, www.pdic.gov.ph. Likewise, the schedule of the
claims settlement operations, as well as the requirements and
procedures for filing claims will be announced through notices to
be posted in the bank premises, other public places and the PDIC
website.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may
also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342),
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-
4631, or send their e-mail to pad@pdic.gov.ph


KORONADAL RURAL BANK: PDIC to Continue Processing Claims
--------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that it will continue to receive and process deposit insurance
claims from depositors of the closed Koronadal Rural Bank (South
Cotabato), Inc. at the PDIC Public Assistance Center, 3rd Floor,
SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati
City until March 12, 2018. Claims may also be filed by mail.

Koronadal Rural Bank, which was ordered closed on March 10, 2016,
has PHP7.6 million in total estimated insured deposits involving
379 accounts. A total of PHP2.0 million in insured deposits
covering 27 accounts was paid during the onsite claim settlement
operations (CSO). Another PHP2.4 million was settled thru postal
money orders sent via registered mail to 238 accounts of
depositors with balances of PHP100,000 and below where filing of
claims was waived by PDIC.

As of March 31, 2016, PDIC has yet to receive deposit insurance
claims for PHP0.55 million covering 95 accounts. In accordance
with the provisions of the PDIC Charter, the last day for filing
deposit insurance claims in the said bank is on March 12, 2018.
After said date, PDIC shall no longer accept any deposit
insurance claim.

When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are advised to present an original
evidence of deposit and two (2) valid photo-bearing IDs with
signature. When filing claims through mail, the same set of
documents, including a duly accomplished Claim Form, must be
enclosed. The Claim Form may be downloaded for free from the PDIC
website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.

The procedures and requirements for filing deposit insurance
claims are likewise posted in the PDIC website.

For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail at pad@pdic.gov.ph. Depositors outside Metro Manila may
call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).


RURAL BANK OF AMADEO: Placed Under PDIC Receivership
----------------------------------------------------
The Monetary Board (MB) placed Rural Bank of Amadeo (Cavite),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 827.A dated
May 13, 2016. As Receiver, PDIC took over the bank on May 13,
2016.

Rural Bank of Amadeo is a two-unit rural bank with Head Office
located at 111 A. Mabini St., Amadeo, Cavite. Its lone branch is
located in Magallanes, Cavite. Based on the Bank Information
Sheet filed by the bank with the PDIC as of December 31, 2015,
Rural Bank of Amadeo is owned by the Andamo-Villanueva Estate
Inc. (40%), Emmanuel Nicholas M. Andamo III (19.40%), Eliza M.
Andamo (11%), Emilio V. Andamo (10.16%), Abelardo V. Andamo
(10.15%), RBOA (Treasury stock) (6.49%), and Constancio Lamano
(2%). The Bank's President and Chairman is Henry J. Berber.

Latest available records show that as of March 31, 2016, Rural
Bank of Amadeo had 1,583 accounts with total deposit liabilities
of PHP46.42 million, all of which are insured.

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

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Rural Bank of Amadeo or acted as co-makers of
these obligations. Depositors have to ensure that they have
complete and updated addresses with the bank. PDIC will start
mailing payments to these depositors at their addresses recorded
in the bank by the fourth week of May 2016.

Depositors may update their addresses until May 19, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

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

The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on May 24-25, 2016. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed
of the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may
also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342),
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-
4631, or send their e-mail to pad@pdic.gov.ph.


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


* BOND PRICING: For the Week May 9 to May 13, 2016
--------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

AVANSTRATE INC          5.55    10/31/2017     JPY      33.25
AVANSTRATE INC          5.55    10/31/2017     JPY      37.00
ELPIDA MEMORY INC       0.70      8/1/2016     JPY       8.25
ELPIDA MEMORY INC       0.50    10/26/2015     JPY       8.25
ELPIDA MEMORY INC       2.03     3/22/2012     JPY       8.25
ELPIDA MEMORY INC       2.29     12/7/2012     JPY       8.25
ELPIDA MEMORY INC       2.10    11/29/2012     JPY       8.25
TAKATA CORP             0.58     3/26/2021     JPY      73.00


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT    7.89     5/18/2018     USD      57.08
BAKRIE TELECOM PTE L   11.50      5/7/2015     USD       3.27
BAKRIE TELECOM PTE L   11.50      5/7/2015     USD       1.00
BERAU CAPITAL RESOUR   12.50      7/8/2015     USD      21.04
BERAU CAPITAL RESOUR   12.50      7/8/2015     USD      20.38
BLD INVESTMENTS PTE     8.63     3/23/2015     USD       8.00
BUMI CAPITAL PTE LTD   12.00    11/10/2016     USD      17.38
BUMI CAPITAL PTE LTD   12.00    11/10/2016     USD      16.41
BUMI INVESTMENT PTE    10.75     10/6/2017     USD      17.50
BUMI INVESTMENT PTE    10.75     10/6/2017     USD      16.26
ENERCOAL RESOURCES P    6.00      4/7/2018     USD      10.13
GOLIATH OFFSHORE HOL   12.00     6/11/2017     USD       5.04
INDO INFRASTRUCTURE     2.00     7/30/2010     USD       1.88
NEPTUNE ORIENT LINES    4.65      9/9/2020     SGD      74.67
NEPTUNE ORIENT LINES    4.40     6/22/2021     SGD      69.00
ORO NEGRO DRILLING P    7.50     1/24/2019     USD      45.00
OSA GOLIATH PTE LTD    12.00     10/9/2018     USD      62.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018     USD      70.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018     USD      48.00
PACIFIC RADIANCE LTD    4.30     8/29/2018     SGD      73.13
SWIBER CAPITAL PTE L    6.50      8/2/2018     SGD      50.13
SWIBER CAPITAL PTE L    6.25    10/30/2017     SGD      61.88
SWIBER HOLDINGS LTD     7.13     4/18/2017     SGD      64.88
TRIKOMSEL PTE LTD       5.25     5/10/2016     SGD      20.00
TRIKOMSEL PTE LTD       7.88      6/5/2017     SGD      20.00


THAILAND
--------

G STEEL PCL             3.00     10/4/2015     USD       3.74
MDX PCL                 4.75     9/17/2003     USD      37.75
TEEKAY OFFSHORE PART    6.00     7/30/2019     USD      62.75


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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