TCRAP_Public/160607.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, June 7, 2016, Vol. 19, No. 111


                            Headlines


A U S T R A L I A

BEER FACTORY: Rodgers Reidy Appointed as Administrators
BISEJA PTY: Former Liquidator Pleads Guilty to Dishonestly
BREAKAWAY BREWING: Rodgers Reidy Appointed as Administrators
CLIFFS NATURAL: Has 10 Years Supply Agreement with ArcelorMittal
DAVIDALE PTY: Worrells Appointed as Administrators

OTTER GROUP: Airco Fasteners Buys Firm Following Receivership


C H I N A

CHINA CINDA: Moody's Confirms ba2 Standalone BCA
LOGAN PROPERTY: Moody's Keeps Ba3 CFR on Proposed Share Transfer


H O N G  K O N G

NOBLE GROUP: Chairman to Step Down, $500M Rights Issue on the Way
NOBLE GROUP: Moody's Retains Ba3 CFR on $500MM Rights Issue


I N D I A

AGARWAL AUTOMOBILES: Ind-Ra Suspends 'IND B+' LT Issuer Rating
ANKIT ELECTRO: ICRA Suspends B+ Rating on INR1.0cr Term Loan
ANUBHA FABRICS: ICRA Puts B/A4 Loan Ratings on Withdrawal Notice
ARBEE AQUATIC: ICRA Suspends 'B' Rating on INR8.90cr Term Loan
ARDISONS ASSOCIATES: Ind-Ra Suspends 'IND B+' LT Issuer Rating

BHAGYODAY AGRO: CARE Reaffirms B+ Rating on INR7.60cr LT Loan
BHUSHAN OILS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
CALYPSO AGRO: CARE Assigns B+ Rating to INR10cr Long Term Loan
CARAVEL LOGISTICS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B'
CHAMPA DEVI: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating

DSPI MILK: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
G3 FABRICATION: ICRA Suspends 'D' Rating on INR9.25cr Loan
GOLDEN FOOD: CARE Reaffirms 'B' Rating on INR15.40cr LT Loan
HAQ ENTERPRISES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ICL HI TECH: Ind-Ra Suspends 'IND D' Long-term Rating

IMPERIAL TUBES: ICRA Lowers Rating on INR50cr Cash Loan to D
INDUSTRIAL PERFORATION: CARE Assigns 'B' Rating to INR3cr LT Loan
ISMAIL ENTERPRISES: ICRA Suspends B Rating on INR4.0cr Loan
JAI AMBEYWIRE: CARE Assigns B+ Rating to INR12cr Long Term Loan
JAY ENTERPRISE: ICRA Lowers Rating on INR7cr Cash Loan to D

JP AGRO: CARE Assigns 'B' Rating to INR10cr Long Term Loan
JPV REALTORS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
JUBILANT ENERGY: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
JUBILANT OFFSHORE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
JUBILANT OIL: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating

KRYSTAL STEEL: ICRA Lowers Rating on INR12cr Cash Loan to D
LOF CONSTRUCTIONS: ICRA Reaffirms 'B' Rating on INR3.5cr Loan
LOVATO CERAMIC: ICRA Suspends B+/A4 Rating on INR5.4cr Loan
MONAD EDUKASIONAL: Ind-Ra Suspends 'IND BB' Rating
MOOGAMBIGAI METAL: CARE Assigns B+ Rating to INR2.39cr LT Loan

PANCHSHEEL SOLVENT: ICRA Lowers Rating on INR12.50cr Loan to D
PANKAJ GLASS: CARE Assigns B+ Rating to INR13.10cr Long Term Loan
PARADIGM BUSINESS: CARE Assigns B+ Rating to INR15cr LT Loan
PROGRESSIVE AUTOMOBILES: ICRA Assigns B Rating to INR3.5cr Loan
PULSAR CERAMIC: ICRA Puts B+/A4 Rating on INR6.06cr Bank Loan

RELIANCE: Moody's Says Results Can be Accommodated in Ba3 CFR
SAECO STRIPS: CARE Assigns B+ Rating to INR17.44cr LT Loan
SAND DUNE: CARE Reaffirms B+ Rating on INR5cr Long Term Loan
SHARMA CONSTRUCTION: CARE Assigns 'B+' Rating to INR5cr LT Loan
SHINIE IMPEX: CARE Assigns B+ Rating to INR2cr Long Term Loan

SHREE AISHWARYA: CARE Assigns 'B' Rating to INR6.10cr LT Loan
SHWETA BREEDING: CARE Assigns 'B' Rating to INR6.50cr LT Loan
SHYAMPOLYSPIN PRIVATE: CARE Reaffirms B+ Rating on INR18cr Loan
SRI BALAJI: CARE Assigns 'B' Rating to INR6cr Long Term Loan
STANDARD FROZEN: CARE Assigns B+ Rating to INR23cr Long Term Loan

TAPASYA SHIKSHA: Ind-Ra Puts Prov. IND BB-' LT Loan Rating


J A P A N

SOFTBANK GROUP: To Tackle Record Debt With Asset Sales
VUZIX CORP: Paul Boris Named to Board of Directors


N E W  Z E A L A N D

YARROWS THE BAKERS: Former Owner Facing Bankruptcy Proceedings


S O U T H  K O R E A

HYUNDAI MERCHANT: Aims to Ink Pact on New Charter Rates This Week

* KOREA: Banks Exposure to 3 Shipbuilders, 2 Shippers Up KRW4.8TT


X X X X X X X X

* BOND PRICING: For the Week May 30 to June 3, 2016


                            - - - - -


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


BEER FACTORY: Rodgers Reidy Appointed as Administrators
-------------------------------------------------------
Geoffrey Reidy of Rodgers Reidy was appointed as administrator of
The Beer Factory Campbelltown Pty Limited and The Beer Factory
Sutherland Pty Limited on June 6, 2016.


BISEJA PTY: Former Liquidator Pleads Guilty to Dishonestly
----------------------------------------------------------
Following an Australian Securities and Investment Commission
investigation, Mr Mark Darren Levi, a former employee of an
insolvency firm, has pleaded guilty to dishonestly using his
position as an employee of that company with the intention of
gaining an advantage for himself.

ASIC alleges that between April and October 2009, Mr Levi
dishonestly used his position as an employee of an insolvency
firm with the intention of obtaining payments totalling
approximately AUD92,000 from two cheques from a receivership
account, which he used to pay his personal tax liabilities. The
receivership account was maintained by the insolvency firm as
part of the receivership of Biseja Pty Ltd (now deregistered)
(Biseja).

Mr Levi has also admitted an additional offence that between 6
July and 13 August 2010, he falsified the books and records of
Biseja to hide his misconduct. This charge is on a Schedule and
may be taken into account by the Court when sentencing Mr Levi
for the dishonesty offence.

Mr Levi was a registered liquidator until August 2013 when his
registration was cancelled following ASIC's successful
application to the Companies Auditors and Liquidators
Disciplinary Board.

The matter was adjourned until July 8, 2016, when it is likely
that a date for sentencing will be given.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


BREAKAWAY BREWING: Rodgers Reidy Appointed as Administrators
------------------------------------------------------------
Geoffrey Reidy of Rodgers Reidy was appointed as administrator of
Breakaway Brewing Pty Limited on June 6, 2016.


CLIFFS NATURAL: Has 10 Years Supply Agreement with ArcelorMittal
----------------------------------------------------------------
ArcelorMittal USA LLC, as the parent company to Ispat Inland
Inc., ArcelorMittal Cleveland Inc. and ArcelorMittal Indiana
Harbor LLC, and Cliffs Natural Resources Inc., The Cleveland-
Cliffs Iron Company and Cliffs Mining Company entered into a new
long-term commercial agreement with ArcelorMittal USA LLC,
pursuant to which Cliffs agreed to supply iron ore pellets to
ArcelorMittal for the next ten years through 2026.

As disclosed in a regulatory filing with the Securities and
Exchange Commission, the Agreement will replace two existing
agreements expiring in December 2016 and January 2017,
respectively, and fill the entirety of ArcelorMittal's pellet
purchase requirements from the previous agreements. The Agreement
includes ArcelorMittal's total purchases of iron ore pellets from
Cliffs up to 10 million long tons and preserves Cliffs' current
position as ArcelorMittal's major pellet supplier. Included in
the 10 million long tons will be iron ore pellets tailor-made for
one of ArcelorMittal's facilities. Pursuant to the Agreement,
Cliffs will continue to be the sole pellet supplier of
ArcelorMittal's Indiana Harbor West and Cleveland Works
steelmaking facilities, while maintaining the current level of
pellet supply to ArcelorMittal's Indiana Harbor East facility.
Pricing for the pellets under the Agreement will be primarily
adjusted by the pricing for hot-rolled steel in the United
States, as well as other secondary market and general inflation
indices.

                   About Cliffs Natural Resources

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

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

Cliffs Natural reported a net loss attributable to Cliffs common
shareholders of $788 million on $2.01 billion of revenues for the
year ended Dec. 31, 2015, compared to a net loss attributable to
Cliffs common shareholders of $7.27 billion on $3.37 billion of
revenues for the year ended Dec. 31, 2014.

As of March 31, 2016, Cliffs Natural had $1.88 billion in total
assets, $3.58 billion in total liabilities and a total deficit of
$1.69 billion.

                              * * *

As reported by the Troubled Company Reporter on April 19, 2016,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Cleveland-based Cliffs Natural Resources Inc. to
'CCC+' from 'SD'.  Cliffs Natural carries a 'Ca' corporate family
rating from Moody's Investors Service.


DAVIDALE PTY: Worrells Appointed as Administrators
--------------------------------------------------
Ivan Glavas and Con Kokkinos of Worrells Solvency & Forensic
Accountants were appointed as administrators of Davidale Pty Ltd,
formerly trading as Rotar Tyre Service Partnership, on June 3,
2016.


OTTER GROUP: Airco Fasteners Buys Firm Following Receivership
-------------------------------------------------------------
Broede Carmody at SmartCompany reports that the assets of nails
and fencing business Otter Group have been bought out of
receivership by Australian hardware business Airco Fasteners.

Otter Group is one of Australia's largest suppliers of nails,
screws and wire products but collapsed into receivership back in
March, SmartCompany discloses.

Prior to the appointment of external managers, Otter Group had an
annual turnover of AUD27 million, according to receivers.

The 50-year-old business has since been bought by Airco Fasteners
for an undisclosed amount, SmartCompany reports.

Airco Fasteners is an Australian family business that specialises
in air compressors, fittings and hoses.  It has been trading for
more than 20 years and employs more than 70 staff.

According to SmartCompany, the deal will see Airco Fasteners
continue to supply all of Otter Group's brands, including well-
known products from the Titan, Screwfix and National Nails range.

Brett Jamieson, managing director of Airco Fasteners, told
SmartCompany acquiring the assets of Otter Group made perfect
sense in order to scale his business.

"The business wasn't purchased as a going concern, but the assets
of the Otter Group were purchased -- which obviously included the
assets of the Otter brand and the Interbath brand," SmartCompany
quotes Mr. Jamieson as saying.  "It was a natural fit because the
customer base is very similar."

SmartCompany relates that Mr. Jamieson said the majority of Otter
Group's employees have come onboard with his company and he is
committed to growing the brands under his belt.



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


CHINA CINDA: Moody's Confirms ba2 Standalone BCA
------------------------------------------------
Moody's Investors Service has affirmed China Cinda Asset
Management Co., Ltd.'s (Cinda AMC) A3 long-term issuer rating and
P-2 short-term issuer rating.

The negative outlook on the long-term rating is maintained.

At the same time, Moody's has confirmed the company's ba2
standalone baseline credit assessment (BCA).

These actions conclude Moody's review -- with direction uncertain
-- on Cinda AMC's ba2 BCA. The review was initiated on 28 August
2015, after the company announced that it would acquire all the
issued shares of Nanyang Commercial Bank, Ltd. (NYCB, deposit A3
negative, BCA baa2) from Bank of China (Hong Kong) Limited (BOC
(Hong Kong) (deposit Aa3 negative, BCA a2)).

Moody's has withdrawn the company's ba2 adjusted BCA for business
reasons, and also because the company lacks affiliate support.

The full list of affected ratings, including the medium term note
(MTN) program ratings and note ratings of Cinda AMC's
subsidiaries, is listed at the end of this press release.

RATINGS RATIONALE

The affirmation of Cinda AMC's A3 issuer ratings reflects Moody's
assumption of a very high probability of support from the
Government of China (Aa3 negative) for the company in times of
need. Moody's has incorporated five notches of uplift to Cinda
AMC's BCA to arrive at its final rating of A3.

The confirmation of Cinda AMC's BCA of ba2 takes into
consideration that the strain on its consolidated leverage
arising from the acquisition of NYCB. Nevertheless, Moody's notes
that the company has a concrete to plan to issue preference
shares, manager its business growth and restructure its business
segments to mitigate its leverage and capital adequacy pressure.

The acquisition of NYCB, for a consideration of HKD68 billion and
involving goodwill of about HKD30 billion, is a sizeable
acquisition for Cinda AMC. The transaction was initially funded
entirely by debt and internal resources. As a result, Moody's
estimates that Cinda AMC's consolidated tangible common equity to
tangible managed assets dropped to around 8% after the
acquisition from more than 14%.

Moody's notes that, on 10 May 2016, Cinda AMC announced that it
would issue up to RMB30 billion in preference shares in 2H2016.
The issuance will mitigate company's capital adequacy pressure.
Nonetheless, there is execution risk associated with such a plan.
Moody's considers that if the issuance has any difficulties or
delays, it would have a negative impact on the company's capital
adequacy and standalone credit profile.

Cinda AMC has grown very rapidly in recent years. Its total
consolidated assets increased to RMB714 billion at end-2015 from
RMB255 billion at end-2012. Cinda AMC stands to benefit further
from business opportunities in its asset management business,
given the continuing increase in non-performing loans at Chinese
financial institutions. Capitalizing on these opportunities
creates capital and funding challenges for Cinda AMC and other
Chinese asset management companies, because new distressed assets
will likely originate more rapidly than Cinda AMC can resolve at
this stage of the cycle.

Nonetheless, Moody's notes that Cinda AMC has adjusted its
business strategy to manage the company's growth. For example,
since 2H2014, the company has controlled the pace of growth for
its restructured distressed asset management business. The total
gross assets of this business only increased slightly to RMB169
billion at end-2015 from RMB162 billion at end-June 2014.
Expectations that the rapid growth rate of recent years will
moderate have been important considerations in the confirmation
of the ba2 BCA.

As for NYCB's operations, the bank has a solid franchise in Hong
Kong and a meaningful, if modest, branch network in China. It
also demonstrates strong capital levels, satisfactory asset
quality and sound liquidity.

The acquisition of NYCB will therefore strengthen Cinda AMC's
overall consolidated risk profile. However, Moody's believes that
NYCB will contribute only modestly to Cinda AMC's debt servicing
capacity for now, because as an entity regulated by the Hong Kong
Monetary Authority, NYCB will face restrictions on its ability to
directly fund its parent and other affiliates.

China's Ministry of Finance (MOF) is Cinda AMC's single largest
shareholder, with a 67.84% stake. The National Social Security
Fund owns another 8.19% stake in the company.

Moody's notes that Cinda AMC plays an important role as one of
four distressed asset management companies in China. These
companies were established by the MOF in 1999.

Moody's believes that Cinda AMC will continue to play an
important strategic role in helping to resolve the challenge for
the economy of rising non-performing loans.

As a result, Moody's has incorporated five notches of government
support -- an important consideration in the affirmation of its
ratings -- to reflect the very high dependence and probability of
support that Moody's believes Cinda AMC will receive from the
Chinese government in times of need.

The company's long-term issuer rating carries a negative outlook,
mirroring the negative outlook on China's Aa3 sovereign rating.

What Could Change the Rating -- Up

Given the negative outlook on the company's long-term rating, an
upgrade of Cinda AMC's ratings over the next 12-18 months is
unlikely. The outlook could be revised to stable if the outlook
on the Chinese government's sovereign rating is revised to
stable.

Cinda AMC's BCA could experience upward pressure if:

(1) Cinda AMC strengthens its balance sheet through capital
     raising, such that its tangible common equity/tangible
     managed assets exceeds 12%, and it increases materially its
     proportion of long-term relative to short-term funding, with
     short-term funding below 40% of total interest bearing
     liabilities;

(2) Cinda AMC continues to maintain strong profitability during
     the current cycle of rising non-performing loans in the
     Chinese economy; and

(3) Cinda AMC's integration with NYCB progresses smoothly such
     that there are tangible benefits to Cinda AMC's credit
     profile.

What Could Change the Rating -- Down

Cinda AMC's ratings could experience downward pressure if: (1)
there are signs of weakened government support for the company,
such as a material reduction in government ownership, and (2)
China's economic growth slows substantially, leading to pressure
on the company's asset quality.

The company's BCA will be lowered if:

(1) Cinda AMC's communicated plan to strengthen its balance
     sheet by raising RMB30 billion of preference shares fails
     to be executed by early 2017 at the latest;

(2) Cinda AMC continues to grow its assets rapidly, resulting in
     deteriorating solvency such that its tangible common
     equity/tangible managed assets falls below 8%, and/or

(3) Cinda AMC's profitability and asset quality weaken as a
     result of declining valuations on its asset holdings
     relative to the acquisition cost.

China Cinda Asset Management Co., Ltd. is one of four major
distressed asset management companies in China. Headquartered in
Beijing, it reported consolidated assets of RMB714 billion at
end-2015.

LIST OF AFFECTED RATINGS

Issuer: China Cinda Asset Management Co., Ltd.

-- BCA confirmed at ba2

-- Adjusted BCA withdrawn

-- Local currency and foreign currency long term issuer rating
    affirmed at A3 with negative outlook

-- Local currency and foreign currency short term issuer rating
    affirmed at P-2

-- The negaitve outlook is maintainted

Issuer: China Cinda Finance (2014) Limited

-- BACKED senior unsecured rating affirmed at Baa1 with negative
    outlook

-- The negaitve outlook is maintainted

Issuer: China Cinda Finance (2015) I Limited

-- BACKED senior unsecured rating affirmed at Baa1 with negative
    outlook

-- BACKED Senior Unsecured MTN programme ratings affirmed at
    (P)Baa1/(P)P-2

-- The negaitve outlook is maintainted

Issuer: China Cinda Finance (2015) II Limited

-- BACKED Senior Unsecured MTN programme ratings affirmed at
    (P)A3/(P)P-2

-- The negaitve outlook is maintainted


LOGAN PROPERTY: Moody's Keeps Ba3 CFR on Proposed Share Transfer
----------------------------------------------------------------
Moody's Investors Service says that the proposed share transfer
of Logan Property Holdings Company Limited has no immediate
rating impact on its Ba3 corporate family and B1 senior unsecured
ratings.

The ratings outlook remains stable.

On June 1, 2016, Logan announced that Mr Kei Hoi Pang -- its
major shareholder with a 76.58% stake -- was in negotiation with
China Jialing Industrial Co., Ltd. (unrated), listed on the
Shanghai Stock Exchange, to transfer at least 30% of Logan's
shares to China Jialing in conjunction with China Jialing's
proposed asset restructuring.

China Jialing's asset restructure will comprise (1) a proposed
transfer of a 22.34% stake in China Jialing by China South
Industry Group Limited (unrated), the single largest shareholder
of China Jialing, to an entity held by Mr Kei; (2) China South
Industry Group's acquisition of all of China Jialing's existing
business, assets and liabilities; and (3) the injection of
highway and commercial property assets into China Jialing by Mr
Kei and companies controlled by him in exchange for new shares;
as a result, Mr Kei's overall shareholdings in China Jialing will
be more than 50%.

The asset restructure at China Jialing and proposed share
transfer of Logan's shares to China Jialing are conditional on
approval by the shareholders of China Jialing and China
Securities Regulatory Commission.

"The proposed change in Logan's shareholdings does not have any
immediate impact on its credit profile as the transaction is at a
preliminary stage," says Dylan Yeo, a Moody's Analyst.

"There is uncertainty over the final shareholding structure with
respect to Mr Kei, China Jialing and Logan.  Furthermore, the
transaction is subject to approval by authorities and
shareholders of China Jialing," adds Yeo.

The proposed share transfer, if successful, would trigger a
mandatory general offer for Logan's remaining shares by China
Jialing, under the Takeover Code of the Securities and Futures
Commission in Hong Kong.

Moody's believes that the proposed transaction is not intended as
an initiation of privatization based on Logan's announcement and
Mr. Kei will likely remain as the major shareholder.  However,
should Logan lose its H-share listing status, it could weaken
corporate transparency and the timeliness of information
disclosures, as well as undermine the company's corporate
governance structure and protections to investors.

Moody's will closely monitor the progress of the transaction for
any potential implication on Logan's credit profile, including
(1) whether Mr Kei will continue to control more than 50.1% of
Logan's shares after the transaction, such that the transaction
does not constitute a change of control event, (2) the credit
profile of China Jialing after the transaction and the proposed
funding plans for its mandatory general offer for Logan's shares,
and (3) any potential fund leakage from Logan to support the
proposed transaction.

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

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen.  The company's principal
focus is on residential projects in Shenzhen, Shantou and
Nanning.

The company listed on the Hong Kong Stock Exchange in December
2013.  At end-2015, the company's land bank totaled 13.7 million
square meters in gross floor area across cities in China,
including Shenzhen, Shantou, Nanning and other cities in the
Pearl River Delta region.



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


NOBLE GROUP: Chairman to Step Down, $500M Rights Issue on the Way
-----------------------------------------------------------------
Tomomi Kikuchi at Nikkei Asian Review reports that Noble Group on
June 3 announced a fully-committed rights issue worth
approximately $500 million and the retirement of its founder
Richard Elman from his current executive chairman position, as
part of efforts to reduce debt and regain investor confidence
following criticism about its unclear accounting practices and
plunging share price.

According to Nikkei, Noble said in a press release the rights
issue by the Hong Kong-based, Bermuda-incorporated company will
be backed by the exiting chairman and sovereign wealth fund China
Investment Corp. Financial institutions including the Hong Kong
and Shanghai Banking Corp., Morgan Stanley Asia and an arm of DBS
Group Holdings have also made commitments.

This follows Noble's earlier announcement that it would dispose
of low-return assets including Noble Americas Energy Solutions,
an electricity distribution arm in the U.S. Together with the
funds raised through the rights issue, Noble expects to generate
$2 billion of additional liquidity over the next 12 months,
Nikkei relays.

"These initiatives . . . ensure that we have the strongest-
possible balance sheet and we are able to grow a high-return
business," Nikkei quotes Mr. Elman as saying at a web conference
on June 3. By optimizing its business portfolio, Elman said the
company was aiming to "produce 25% return on equity . . . as fast
as we possibly can."

Noble said Mr. Elman will step down from his position as
executive chairman within the next 12 months but still hold a
position in the company, according to the report. The company's
board will set up a sub-committee to examine options for his
succession, Noble said. Mr. Elman's retirement as the executive
chairman follows the unexpected announcement at the end of May
that chief executive and ex-Goldman Sachs banker Yusuf Alireza
was resigning, Nikkei relates.

Nikkei notes that Mr. Elman came under the spotlight following a
series of critical reports last year by Iceberg Research, which
questioned Noble's accounting practices. While Mr. Elman and the
company repeatedly rejected Iceberg's findings, investors and
accounting experts have continued to point out shortfalls in
transparency at the company, according to Nikkei.

Noble's share price has been battered since early last year, and
major ratings agencies have given the company's bond "junk"
status. Despite recent announcement on additional fundraising,
Noble's share price dropped to S$0.26 ($0.19), down almost 80%
from a high of S$1.20 reached in mid-February last year, before
Iceberg's first report was released, according to Nikkei.

Nikkei relates that following the announcement, Fitch maintained
Noble's long term issuer default rating at BB+, noting that Noble
is still "constrained by its short-term focused funding structure
and difficult operating environment."

According to the report, Mak Yuen Teen, an associate professor at
Singapore Management University who specializes in accounting
practices, said Mr. Elman's resignation from his post and the
company's restructuring efforts may be perceived as "too little,
too late" by investors. "There has been quite a lot of pressure
for him to resign for quite a long time," he said, adding that
Noble had been "too defensive" in reacting to Iceberg's
accusations and that the company's actions lacked speed, Nikkei
relays.

On the other hand, Mak said Noble is adding an independent
director with a commodities background, a move he views as
"positive" and that will help the company "rebuild investor
confidence," adds Nikkei.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/--
is a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2016, Fitch Ratings downgraded the Long-Term Issuer
Default Rating (IDR) of Hong Kong-based commodities trader Noble
Group Limited (Noble) to 'BB+' from 'BBB-'. The Outlook is
Stable. Fitch has also downgraded the senior unsecured ratings to
'BB+' from 'BBB-', and removed the ratings from Rating Watch
Negative.

The downgrade reflects Fitch's expectation that Noble's debt
structure is shifting towards shorter term financing to
complement its asset-light business model that focuses on
working-capital management, and to reduce overall finance costs.
This will result in a weakening debt maturity profile, which
Fitch deems no longer to be consistent with an investment-grade
rating.

The Stable Outlook reflects Noble's continuous improvements in
its balance sheet and its commitment to maintaining sufficient
liquidity to cover its working-capital needs.


NOBLE GROUP: Moody's Retains Ba3 CFR on $500MM Rights Issue
-----------------------------------------------------------
Moody's Investors Service says that Noble Group Limited's
announced $500 million rights issue is credit positive, but has
no immediate effect on the company's Ba3 corporate family rating
and senior unsecured bond ratings, or the (P)Ba3 provisional
rating on its senior unsecured medium-term note (MTN) program.

The rating outlook remains negative.

On June 3, 2016, Noble announced an underwritten rights issue
with net proceeds expected to be about $500 million.  China
Investment Corporation (CIC) and Noble Group Chairman Richard
Elman have provided undertakings to each take about $50 million.
The remaining $400 million is being underwritten by five banks.

The rights issue is subject to shareholder approval, with a
special general meeting of the company to be scheduled around
June 24, 2016.

"The rights issue, if it proceeds as planned, will help Noble
improve its liquidity and financial leverage.  In addition, the
support from CIC, which is a major shareholder, is credit
positive," says Joe Morrison, a Moody's Vice President and Senior
Credit Officer.

"However, there is no immediate impact on the ratings or the
negative outlook, because in addition to the $500 million
expected from the rights issue and the $862 million in cash on
hand at the end of March 2016, further cash inflow or credit
facilities will be required to repay maturing debt of about $2.0
billion in 2017," adds Morrison.

The negative outlook also continues to reflect uncertainty
regarding the company's ability to improve profitability and cash
flow amid the prolonged commodity down-cycle.

Noble Group has indicated that the previously announced sale of
Noble Americas Energy Solutions could be achieved by the end of
the year, resulting in a significant cash infusion and reduction
in working capital utilization.

If the proceeds of its additional capital raising initiatives and
efficiency measures result in lower leverage, improved liquidity,
and greater stability in its financial profile, there would be
positive implications for the outlook and ratings.

The principal methodology used in these ratings was Trading
Companies published in March 2015.

Noble Group Limited is the largest global physical commodities
supply chain manager in Asia by revenue.  Its diversified
activities across the supply chain include the sourcing, storage,
processing, transportation and distribution of over 20 commodity
products.

The company is publicly traded on the Singapore Stock Exchange
and at June 3, 2016, had a market capitalization of about
USD1.2 billion.



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


AGARWAL AUTOMOBILES: Ind-Ra Suspends 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Agarwal
Automobiles Long-Term Issuer Rating of 'IND B+' to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B+(suspended)' on the agency's website. A full list of
rating actions is at the end of this commentary.

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 Agarwal Automobiles.

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 this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Agarwal Automobiles' ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR50.0 million fund-based limits: migrated to Long-term 'IND
    B+(suspended)' and Short-term 'IND A4(suspended)' from Long-
    term 'IND B+' and Short-term 'IND A4'
-- INR40 million Proposed fund-based limits: migrated to Long-
    term 'Provisional IND B+(suspended)' and Short-term
    'Provisional IND A4(suspended)' from Long-term 'Provisional
    IND B+' and Short-term 'Provisional IND A4'


ANKIT ELECTRO: ICRA Suspends B+ Rating on INR1.0cr Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR1.00 crore term loan facility and INR4.76 crore cash
credit facility of Ankit Electro Grating. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the entity.


ANUBHA FABRICS: ICRA Puts B/A4 Loan Ratings on Withdrawal Notice
----------------------------------------------------------------
ICRA has placed the [ICRA]B/[ICRA]A4 ratings assigned to the
INR21.30 crore bank facilities of Anubha Fabrics Private Limited
on notice for withdrawal for one month at the request of the
company. As per ICRA's 'Policy on Withdrawal of Credit Rating',
the aforesaid ratings will be withdrawn after one month from the
date of this withdrawal notice.


ARBEE AQUATIC: ICRA Suspends 'B' Rating on INR8.90cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR8.90 crore
term loans, INR2.60 crore fund based facilities and INR0.22 crore
non fund based facilities of Arbee Aquatic Proteins Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.

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

Incorporated in 2013, Arbee Aquatic Proteins Private Limited
proposes to set up a modern fish meal and fish oil manufacturing
unit in Alleppey, Kerala with a capacity to process 150 metric
tonne (MT) of raw fish per day. The company is promoted by Mr.
P.K Raju, who has over 35 years of experience in the fish oil
industry. Arbee Agencies, one of the group entities is engaged in
trading of various grades of fish oil. Arbee Biomarine Extracts
Private Limited, which holds 76% stake in AAPPL is engaged in
producing various grades of omega-3 rich fish oil.


ARDISONS ASSOCIATES: Ind-Ra Suspends 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ardisons
Associates' (Ardison) Long-Term Issuer Rating of 'IND B+' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website. A full
list of rating actions is at the end of the commentary.

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 Ardison.

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 this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Ardison' ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR40.0 million fund-based working capital limit: migrated to
    Long-term 'IND B+(suspended)' and Short-term 'IND
    A4(suspended)' from 'IND B+' and 'IND A4'
-- INR5.95 million term loans: migrated to Long-term 'IND
    B+(suspended)' from 'IND B+'
-- INR15.0 million non-fund-based facilities: migrated to Short-
    term 'IND A4(suspended)' from 'IND A4'


BHAGYODAY AGRO: CARE Reaffirms B+ Rating on INR7.60cr LT Loan
-------------------------------------------------------------
CARE reaffirms/assigns the rating assigned to the bank facilities
of Bhagyoday Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.60      CARE B+ Reaffirmed
   Long Term/Short-term Bank      2.00      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhagyoday Agro
Industries (BAI) continues to be constrained on account of
the moderate scale of operations with fluctuating income and
profitability; susceptibility of operating margins to cotton
price fluctuations along with the seasonality associated with the
cotton industry, fragmentation of the industry leading to
intense competition and partnership nature of constitution. The
ratings further continue to take into account decline in
operating income during FY15 (refers to the period April 1 to
March 31) along with deterioration in debt coverage indicators
and elongation of operating cycle. The ratings, however, continue
to derive strength from the established operations, wide
experience of the proprietor in the industry and the strategic
location of the unit in cotton-growing areas of Maharashtra.

The ability of the firm to further improve its scale of
operations and efficiently manage its working capital and further
improve profitability and debt coverage indicators are the key
rating sensitivities.

BAI was incorporated in January 2009 as a partnership firm by Mr
Shantilal Gulabchandji Pahade and his wife Mrs Anita Pahade. BAI
is engaged in the business of cotton ginning and pressing. BAI's
sole processing unit is located at Vaijapur, Aurangabad with an
installed capacity of 126 Metric Tonnes Per Annum (MTPA) for
cotton seeds and 7650 MTPA for cotton bales as on March 31, 2015.
The firm has utilised around 80% of its annual installed capacity
in FY15. In FY15, the firm exported around 55% (through
distributors) of total sales. The firm procures raw material from
the local markets in and around Maharashtra.

In FY15, the firm has reported total operating income of INR39.08
crore and a profit after tax of INR0.56 crore (as against a total
operating income and profit after tax of INR51.53 crore and
INR0.60 crore in FY14 respectively). Furthermore, during FY16
(Provisional), BAI has reported total operating income of
INR43.30 crore.


BHUSHAN OILS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhushan Oil and
Fats Private Limited's (BOFPL) Long-Term Issuer Rating of 'IND
BB' to the suspended category. The Outlook was Stable. The rating
will now appear as 'IND BB(suspended)' on the agency's website. A
full list of rating actions is at the end of the commentary.

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 BOFPL.

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 this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

BOFPL' ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR150.0 million fund-based limits: migrated to Long-term
'IND
    BB(suspended)' and Short-term 'IND A4+(suspended)' from Long-
    term 'IND BB' and Short-term 'IND A4+'
-- INR30.0 million term loans: migrated to Long-term 'IND
    BB(suspended)' from Long-term 'IND BB'
-- INR70.0 million non-fund-based facilities: migrated to Short-
   term 'IND A4+(suspended)' from Short-term 'IND A4+'


CALYPSO AGRO: CARE Assigns B+ Rating to INR10cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Calypso
Agro Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Calypso Agro
Industries Private Limited (CAIPL) is primarily constrained by
nascent stage of commercial operations and low profitability
margins. The rating is further constrained by the highly
competitive and fragmented nature of the industry, high level of
government regulation and seasonal nature of operations. The
rating derives strength from experience of the promoters, strong
support from other group concerns and expected business
opportunity in the trading segment.

The ability of the company to increase its scale of operations
along with efficient management of its working capital are the
key rating sensitivities.

Nagpur-based (Maharashtra), CAIPL was constituted in 2012 and
belongs to the Bolla group. The company's operations started in
FY15 (refers to the period April 1 to March 31) and the income
registered by the company till FY16 was from interest on fixed
deposit, vehicle rent etc. CAIPL is engaged in the trading of
grains, whereby the traded goods (pulses, rice and paddy) are
procured from farmers and then sold to wholesalers based in
Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu.

The associate concerns of CAIPL include its seven entities
(Adinath Cold Storage Private Limited (engaged in trading of dal
and providing cold storage services), Balaji Industries (engaged
in processing of roasted gram), Tirumala Dal Udyog (engaged in
processing of porridge), Shree Laxmi Tirupatta Amma Murmura
Industries (engaged in processing of puffed rice), Hanuman Rice
Industries (CARE B+ and engaged in processing of basmati and non-
basmati rice), Laxmi Traders (engaged in trading of grains),
Hanuman Dal Industries (rated CARE BB- and engaged in processing
and milling of pulses) and Hanuman Dal Industries Private Limited
(rated CARE B+ and project stage entity).

In FY15 (refers to the period April 1 to March 31), CAIPL
achieved an operating income of INR0.06 crore with losses at net
level amounting to INR0.31 crore, as compared with total
operating income of INR0.05 crore with net loss amounting to
INR0.04 crore in FY14. Furthermore, CAIPL has registered an
income of INR3 crore as on May 13, 2016.


CARAVEL LOGISTICS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Caravel
Logistics Private Limited's (Caravel) Long-Term Issuer Rating to
'IND B' from 'IND BB-'. The Outlook is Negative. A full list of
rating actions is at the end of this commentary.

KEY RATING DRIVERS

EBITDA Loss: The downgrade reflects the sharp deterioration in
the company's credit profile, as it turned loss-making at the
EBITDA level in FY16. Revenue dropped by 24% to INR2.31bn as per
provisional financials for FY16 (FY15: INR3.05 billion) due to
the negative industry environment and the drop in market prices.
This resulted in EBITDA-level losses (loss of INR110.8 million in
FY16), as the company has taken a significant number of
containers on operating leases, which the company was not able to
profitably deploy. While the company attempted to return the
containers to the lessors, it also incurred repair costs on them,
which also contributed to the losses. However, the company was
able to service debt by delaying payments to its lessors.

The company has now been able to return a significant number of
containers, which will reduce lease rentals in FY17. The company
has also cut employee as well as other administrative costs. The
company expects these measures to lead to a positive EBITDA
margin in FY17. The Negative Outlook reflects Ind-Ra's negative
outlook on the sector, which may impact the company's attempts to
turn profitable in FY17 and may result in further deterioration
in its credit profile.

Tight Liquidity: The company's liquidity position is tight, as
indicated by the near-full utilisation of its working capital
limits during FY16.

RATING SENSITIVITIES

Negative: Inability to achieve profitability at the EBITDA level
could lead to a negative rating action.

Revision of Outlook to Stable: Achievement of profitability at
the EBITDA level with interest cover above 1x could result in the
revision of the Outlook back to Stable.

COMPANY PROFILE

Caravel was started by Mr. C. Jayakrishnan and Mr. Saju Chacko in
1994. The company's equity is equally owned by the two promoters.
BTS India Private Equity Fund invested INR250.0 million in
Caravel in July 2009 in the form of compulsorily convertible
preference shares (CCPS).

Caravel is engaged in the business of providing ocean freight
logistics and value added services centred on container cargo
movement. Currently, the company's main area of operations is
non-vessel operating common carriers, freight forwarding, multi-
modal transport operations (handles domestic transport) and
customs house agency services. Caravel has set up subsidiaries in
Singapore, Malaysia, Hong Kong and the Middle East, which are
also involved in the same line of business.

Caravel's ratings:
-- Long-term Issuer Rating: downgraded to 'IND B' from 'IND BB-
';
    Outlook Negative
-- INR96 million fund-based working capital limits: downgraded
to
    'IND B'/Negative /'IND A4' from 'IND BB-'/Stable/'IND A4+'
-- INR15 million non-fund-based working capital limits:
    downgraded to 'IND B'/Negative/'IND A4' from 'IND BB-
    '/Stable/'IND A4+'


CHAMPA DEVI: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Champa Devi
Foods Private Limited's (Champa) Long-Term Issuer Rating of 'IND
B-' to the suspended category. The Outlook was Stable. The rating
will now appear as 'IND B-(suspended)' on the agency's website.
The agency has also migrated Champa's INR100.0 million fund-based
facility 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 Champa.

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 this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


DSPI MILK: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated DSPI Milk Foods
Limited's (DSPI) Long-Term Issuer Rating of 'IND B-' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B-(suspended)' on the agency's website. The agency
has also migrated DSPI's INR100.0 million fund-based 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 DSPI.

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 this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


G3 FABRICATION: ICRA Suspends 'D' Rating on INR9.25cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR9.25
crore long term fund based bank facilities and the [ICRA]D rating
assigned to the INR0.50 crore short term non fund based bank
facilities of G3 Fabrication & Engineering Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GOLDEN FOOD: CARE Reaffirms 'B' Rating on INR15.40cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Golden Food Products.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.40      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Golden Food
Products (GFP) is primarily constrained by its small & declining
scale of operations with low net worth base, elongated operating
cycle and weak solvency position. The rating is further
constrained by susceptibility of margins to fluctuations in raw
material prices, GFP's presence in a highly fragmented industry
characterized by intense competition, regulated nature of the
industry as well as the constitution of the entity being a
partnership firm. The
rating, however, derives strength from the experience of the
promoters in the agro processing industry, moderate & improving
operating profitability margins and favourable processing
location.

Going forward, the ability of the firm to profitably scale-up its
operations along with improvement in overall solvency position
and efficient working capital management would be the key rating
sensitivities.

GFP was established in April 1998 as a partnership firm having Mr
Baldev Krishan and Mr Megh Raj as its partners, sharing profit
and loss equally. The firm is engaged in processing of paddy at
its
manufacturing facility located at Nabha, Punjab, having an
installed capacity of 10,200 metric ton per annum (MTPA) as on
March 31, 2015. GFP procures paddy directly from local grain
markets through commission agents located in Punjab. Furthermore,
the firm sells its products, ie, Basmati rice under the brand
name of 'Matka' in the states of Maharashtra, Haryana, Chandigarh
and Punjab through a network of commission agents. Besides GFP,
the partners are also involved in another group concern- Des Raj
Baldev Krishan which is a partnership firm engaged in trading of
paddy and wheat since 1980.


HAQ ENTERPRISES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned HAQ Enterprises
Private Limited (HEPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned HEPL's INR200
million fund-based working capital limits a Long-term 'IND BB'
rating with a Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect HEPL's moderate credit profile and volatile
profitability. The company's commodity trading business is not
only exposed to the vagaries of price fluctuations but also
returns thin margins. Its EBITDA margins remained at 2.9%-4.6%
during FY11-FY16 (provisional). Provisional FY16 financials
indicate net leverage (total Ind-Ra adjusted debt net of cash/
EBITDAR) of 5.4x (FY15: 13.5x) and EBITDA interest coverage of
1.0x (1.4x).

The ratings also factor HEPL's comfortable liquidity. It recorded
81% use of its working capital facilities during the 12 months
ended April 2016.

However, the ratings are supported by HEPL's healthy revenue
growth. Its revenue increased at a CAGR of 37% during FY11-FY16
(provisional). Its promoters' experience of around four decades
in the trade of metals, which has led to well-established
relationships with customers and suppliers, also benefits the
ratings.

RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining
profitability, leading to a sustained improvement in credit
metrics, will lead to a positive rating action.

Negative: A decline in revenue and/or profitability, leading to
sustained deterioration in credit metrics and/or liquidity, will
lead to a negative rating action.

COMPANY PROFILE

Established in 2008, HEPL is engaged in the trade of pig iron,
iron scraps and casts. It also acts as a carrying and forwarding
agent for Sathavahana Ispat Ltd. It sells pig iron and other
metal scrap products to foundries and induction furnace units in
Gujarat.


ICL HI TECH: Ind-Ra Suspends 'IND D' Long-term Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the Long-term
'IND D' rating on ICL Hi Tech Educational Society's (ICLHTES)
INR125 million term loans to the suspended category. The rating
will now appear as 'IND D(suspended)' on the agency's website.

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

The rating 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 this
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


IMPERIAL TUBES: ICRA Lowers Rating on INR50cr Cash Loan to D
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR50.00 crore open cash credit facility of Imperial Tubes
Private Limited from [ICRA]BB to [ICRA]D. ICRA has also revised
downwards the short term rating assigned to the INR10.00 crore
non-fund based bank facilities of ITPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Open Cash Credit      50.00        [ICRA]D downgraded

   Non-Fund Based Limit
   Bank Guarantee         5.00        [ICRA]D downgraded

   Non-Fund Based Limit
   Inland Letter of
   Credit                 5.00        [ICRA]D downgraded

The rating action takes into account the recent delays made by
the company in meeting its debt service obligations.

Incorporated in 1978, ITPL is currently engaged in the
manufacturing of electric resistance welded (ERW) black pipes
with an installed capacity of 120,000 metric tones per annum
(MTPA). The manufacturing facility of the company is located in
Howrah, West Bengal. The company is being managed by the two
directors Mr. Pratik Sharma and Mr. Manish Sharma, who had taken
over the business from the original promoters in December 2013.
The pipes manufactured by the company have varied applications
like irrigation, water supply, sewerage system, fabrication,
construction activity, idlers/ conveyors, water wells (casing
pipes) etc. and are sold under the brand name of 'Imperial'.


INDUSTRIAL PERFORATION: CARE Assigns 'B' Rating to INR3cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Industrial Perforation (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       3        CARE B Assigned
   Short term Bank Facilities     10        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Industrial
Perforation (India) Private Ltd (IPIPL) are constrained by its
small size of operations with thin profitability, volatility in
raw material prices, client concentration in revenue profile,
intense competition in the industry and exposure to tender driven
process risk and working capital intensive nature of operations
with high collection period. The aforesaid constraints are
partially offset by the experience of the promoters with long
track record of operation, impressive client profile and
satisfactory capital structure.

The ability of the company to increase its scale of operations
along with improvement in profit margins and its ability to
manage working capital effectively will be the key rating
sensitivities.

IPIPL was initially set up as a partnership firm, "M/s Industrial
Perforation" in 1981 by two friends Mr Ashis Kumar Saha andMs
Alpana Kundu of Kolkata, West Bengal. Subsequently, the firm was
reconstituted as a Private Limited Company in 1991 with its name
changed to the current one. Since inception, IPIPL has been
engaged in manufacturing and supply of steel cable trays, power
transmission cable trays, earthling materials and accessories for
power transmission and distribution companies.

The company primarily focuses on specialty cable trays, which are
designed as per the customer's specifications and are largely
order-driven. The manufacturing facilities of IPIPL is located in
Kolkata (unit-I at Dum Dum R.N. Guha Road and Unit-II at
Ganganagar, Katakhal) with an aggregate installed capacity of
16,000 MTPA.

IPIPL is a closely held company managed by a two member board
representing the promoters. The day-to-day affairs of the company
are looked after by Mr Ashis Kumar Saha (Managing Director), with
adequate support from co-director and a team of experienced
professionals.

In FY15 (refers to the period April 1 to March 31), the company
reported net loss of INR3.50 crore as against net profit of
INR0.75 crore in FY14 on total operating income of INR35.78 crore
(INR53.78 crore in FY14). Moreover during 9MFY16, the company has
reported PAT of INR0.43 crore on a total operating income of
INR22.96 crore.


ISMAIL ENTERPRISES: ICRA Suspends B Rating on INR4.0cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR4.00 crore
cash credit facility (sub limit of EPC/ PCFC) and the [ICRA]A4
rating assigned to the for the INR5.00 crore Export Packing
Credit / Pre-Shipment Export Credit facility, INR1.30 crore short
term fund based facilities, INR1.50 crore short term fund based
facilities (sub limit of PCFC / EPC), INR1.50 crore non fund
based facilities and INR0.20 crore proposed fund based facilities
of Ismail Enterprises. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the Company According to its suspension policy,
ICRA may suspend any rating outstanding if in its opinion there
is insufficient information to assess such rating during the
surveillance exercise.

Commenced in 1999 as a proprietorship concern in Kollam, Kerala
by Mr. Mohammed Noufal, Ismail Enterprises is primarily engaged
in processing of cashew kernels and operates with six factories
currently (four in Kollam, Kerala and two in Theni, Tamil Nadu).
The entity imports raw cashew nuts from African countries and
exports the processed cashew nuts to Middle Eastern Countries
like Dubai and Sharjah. The entity also sells cashew kernels
domestically in the state of Delhi, Karnataka, Rajasthan, Gujarat
etc.


JAI AMBEYWIRE: CARE Assigns B+ Rating to INR12cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Jai
Ambeywire Ex-Im Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       12       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Jai Ambey Wire EX-
IM Private Ltd (JAWEPL) is constrained by its short track record
and small scale of operations with thin profit margins, working
capital intensive nature of operations, leveraged capital
structure with moderately weak debt coverage indicators and
intense competition due to low entry barriers. The rating,
however, derives strength from the experience of the promoters.

Going forward, the ability of JAWEPL to increase its scale of
operations with improvement in profit margins and effective
management of working capital will be the key rating
sensitivities.

JAWEPL was incorporated in February 2014 by Dubey family of
Raipur, Chhattisgarh. Since its inception, JAWEPL has been
engaged in trading of iron and steel products like mild steel
round, TMT bars, hard bright (HB) wires, galvinised iron (GI)
wires etc. The company procures its traded materials from players
like Prakash Industries Ltd, Real Ispat & Power Ltd, Basu Dev
Trade Link Pvt Ltd, Jai Ambey Wire Private Ltd and it sells its
traded goods across India through owned marketing team consisting
of 10 personnel.

Mr Arbind Kumar Dubey has around two decades of experience in
this line of business looks after the overall management of the
company. He is further assisted by other directors: Mr Prashant
Kumar Dubey and Ms Nisha Dubey who are also having about a decade
of experience in this line of business.

During FY16, Provisional (refers to the period April 1 to
March 31), JAWEPL reported PAT of INR0.14 crore (Rs.0.10 crore in
FY15) on total operating income of INR47.06 crore (Rs.52.07 crore
in FY15).


JAY ENTERPRISE: ICRA Lowers Rating on INR7cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]B to
the INR7.00 crore1 fund-based limits of Jay Enterprise. ICRA has
also revised the ratings of [ICRA]B and [ICRA]A4 to [ICRA]D for
the INR5.00 crore un-allocated limits of JE.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.00         Revised to [ICRA]D
                                      from [ICRA]B
   Unallocated limits    5.00         Revised to [ICRA]D
                                      from [ICRA]B/[ICRA]A4

The downward revision of ratings takes into account, delays
witnessed in interest payments on the working capital facilities
during the last six months and overutilization of cash credit
limits reflecting its stretched liquidity position. The ratings
also takes into consideration the modest scale of operations and
a weak financial profile characterized by low profitability,
leveraged capital structure and weak credit metrics.
The ratings, however, favorably factor in the significant
experience of the partners in the textile business and the
location advantage enjoyed by the company in terms of proximity
to customers and suppliers.

Jay Enterprise was incorporated in 2010 as a proprietorship firm
and was later converted to a partnership firm in April 2013.
Since its inception, the firm has been carrying on the activity
of trading in finished fabrics. JE at present deals in variety of
fabrics, such as polyester fabric, synthetic fabrics, cotton
fabrics and others. JE has a registered office and a warehouse on
a rental basis located at Surat, Gujarat.


JP AGRO: CARE Assigns 'B' Rating to INR10cr Long Term Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of JP Agro.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of JP Agro (JPA) is
constrained on account of risk related to stabilization of
operations, vulnerability to fluctuations in price of raw
material and presence in a highly fragmented industry limiting
the bargaining power of the firm.

The above weaknesses are partially offset by strong promoter
background with established relations with customers and
suppliers.

The ability of the company to stabilize its operations and
establish itself in the industry and increase the scale of
operations is the key rating sensitivity.

JPA was established in the year 2015 by Mr Jaiprakash Khushlani.
The firm is engaged in the trading of food grains (wheat, rice,
dal, soybean, etc). The commercial operations of the firm
commenced in October 2015. The proprietor of the firm also has
business interests in real estate and construction sector through
group companies, namely, J.P. Realties Private Limited, JPK Sons
Constructions Private Limited and Pardeshi Constructions Private
Limited.

The major customers of the firm include JV Industries, NV
Commercial, Radha Traders, Shree Jalaram Tradelink and Vaidehi
Traders while the major suppliers of the firm include Kirti
Foods, Kundan Enterprises, Laxminarayan Trading Company and
Sanchi Enterprises.


JPV REALTORS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JPV Realtors
Private Limited (JPV) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect the execution and financial risks associated
with JPV's four ongoing residential redevelopment projects -
Ninaad, Nirman, Pratap Palace and Pratap Villa. Out of these
projects Ninaad is nearing completion while the other projects
are scheduled to be completed by FYE18 with Pratap Villa and
Nirman being around 70% and 40% complete, respectively.

The financial risk emanates from the company's dependence on
customer advances which is 36% of the total funding requirement
of the project. Moreover, since all are redevelopment projects
and JPV does not receive any income for the redevelopment portion
of the site, the funding gap is further exacerbated with the high
inventory. JPV has managed to sell only five flats of the total
developer's portion of 42 flats. None of the 11 shops in all the
four projects have been sold so far.

The ratings also factor in JPV's moderate credit profile. The
company's EBITDA interest coverage (operating EBITDA/gross
interest expense) was 2.4x FY15 (FY14: negative 3.2x) and net
financial leverage (total adjusted net debt/operating EBITDA) was
16.5x (negative 49.5x). The issuer has not shared FY16
provisional numbers.

The ratings, however, are supported by more than a decade's
operating experience of JPV's promoters in the real estate
development and redevelopment sector with a track record of 21
completed projects in Mumbai.


RATING SENSITIVITIES

Positive: Strong cash flow visibility on account of an increase
in the sales of the flats could lead to a positive rating action.


Negative: Further leveraging the existing business for new
projects and/or time and cost overruns stressing cash flows for
debt service could lead to a negative rating action.

COMPANY PROFILE

Set up in 2008, JPV is engaged in the redevelopment and
development of residential and commercial real estate in Mumbai.
The company's revenue was INR55 million in FY15 (FY14: nil).
JPV's current project details are as follows:

-- Ninaad project: The project offers 18 flats (14 flats given
to
    the owners) and two shops.  Out of the remaining four flats
    available for sale, two have been sold.
-- Nirman Project: The project offers 36 flats (26 flats given
to
    the owners) and four shops. Out of the remaining 10 flats
    available for sale, three have been sold.
-- Pratap Palace Project: The project offers 61 flats (38 flats
    given to the owners) and six shops (one given to the owners).
    The remaining 23 flats and five shops are available for sale.
-- Pratap Villa Project: The project offers 14 flats (nine flats
    given to the owners). The remaining five flats are available
    for sale.

In all the four projects, the remaining 37 flats and 11 shops are
likely to be sold by FYE18.

JPV's ratings

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR83 million long-term loans: assigned 'IND B+'/Stable
-- Proposed INR67 million long-term loans: assigned 'Provisional
    IND B+'/Stable


JUBILANT ENERGY: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jubilant Energy
(Kharsang) Private Limited's (JEKPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Negative. This
rating will now appear as 'IND BB(suspended)' on the agency's
website. The agency has also migrated JEKPL's INR5,850m long-term
bank loans to 'IND BB(suspended)' from 'IND BB'.

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 JEKPL.

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.


JUBILANT OFFSHORE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jubilant
Offshore Drilling Private Ltd's (JODPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Negative. This
rating will now appear as 'IND BB(suspended)' on the agency's
website. The agency has also migrated JODPL's INR13,400 million
long-term bank loans to 'IND BB(suspended)' from 'IND
BB'/Negative.

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 JODPL.

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.


JUBILANT OIL: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jubilant Oil &
Gas Private Limited's (JOGPL) 'IND BB' Long-Term Issuer Rating to
the suspended category. The Outlook was Negative. This rating
will now appear as 'IND BB(suspended)' on the agency's website.
The agency has also migrated JOGPL's INR760 million non-fund-
based bank limits to 'IND BB(suspended)' from 'IND BB'.

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 JOGPL.

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.


KRYSTAL STEEL: ICRA Lowers Rating on INR12cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.99
crore of term loan, INR12.00 crore cash credit limits and INR5.00
FCBP/FCBD of Krystal Steel Manufacturing Private Limited from
[ICRA]BB with a stable outlook to [ICRA]D. ICRA has also revised
the short term rating assigned to the INR12.00 crore letter of
credit cum buyer's credit, INR4.50 crore PCFC (sublimit of cash
credit) and INR1.00 crore bank guarantee (sublimit of letter of
credit) of KSMPL from [ICRA]A4+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            4.99         Revised to [ICRA]D
                                      from [ICRA]BB(Stable)

   Cash Credit          12.00         Revised to [ICRA]D
                                      from [ICRA]BB(Stable)

   FCBP/FCBD             5.00         Revised to [ICRA]D
                                      from [ICRA]BB(Stable)

   PCFC                 (4.50)        Revised to [ICRA]D
                                      from [ICRA]A4+

   Inland/Import        12.00         Revised to [ICRA]D
   Letter of Credit                   from [ICRA]A4+
   cum Buyers Credit

   Bank Guarantee       (1.00)        Revised to [ICRA]D
                                      from [ICRA]A4+

The revision in ratings take into account KSMPL's recent delays
in debt servicing and devolvement of buyer's credit due to the
stretched working capital cycle caused by elongated receivables
and higher inventory requirements by the company. The ratings
also take in to account weak financial risk profile characterized
by de-growth in operating income in FY2016, leveraged capital
structure and weak debt coverage metrics and the high competitive
intensity in the pipes business.

The company however, takes note of the long experience of one of
the promoters in the stainless steel tubes segment and its
diversified customer base developed over the years.
Going forward, the revenue growth of the company is expected to
remain moderate considering the additional demand for bright
annealed tubes, however; company's efforts to generate additional
demand especially from the export segment would remain crucial.
Consequently, company's ability to scale up the operations while
managing the impact of variation in raw material prices on its
profit margins as well as manage the working capital requirement
efficiently to generate adequate cashflows and regularize its
debt repayment obligations would remain critical from credit
perspective.

Incorporated in 2006, Krystal Steel Manufacturing Private Limited
(KSMPL) is a closely held private limited company by the Shah
family. The initial operations of the company consisted of
manufacturing of stainless steel's seamless and welded tubes with
its plant located at Vadodara, Gujarat. Since, FY2015, the
company has stopped manufacturing of welded tubes and pipes.
Currently, the installed capacity of seamless pipes and tubes
stands at 2500 MTPA. The company has currently increased its
focus on manufacturing bright annealed tubes as compared to
solution annealed tubes.

Recent Results
For the year ended on March 31, 2015, the company reported an
operating income of INR81.53 crore and profit after tax of
INR1.90 crore as against an operating income of INR80.42 crore
and profit after tax of INR1.46 crore for the year ended March
31, 2014. Further, for the financial year ended March 31, 2016,
the company reported an operating income of INR68.75 crore and
profit after tax of INR1.62 crore (unaudited provisional
financials)


LOF CONSTRUCTIONS: ICRA Reaffirms 'B' Rating on INR3.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR3.50 crore fund-based limits of LOF Constructions. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 to the INR2.50
crore non-fund-based limits of LOF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facilities       3.50        [ICRA]B; reaffirmed

   Short Term Fund
   Based Facilities       2.50        [ICRA]A4; reaffirmed

The reaffirmation of the ratings takes into consideration the
established track record of the promoters with over four decades
of experience in construction industry and the healthy track
record of the firm in execution of bridge/culvert work contracts.
The ratings are, however, constrained by the modest scale of
operations of the firm; the high working capital intensity driven
by the high receivables position owing to delays faced in receipt
of payments from government PWDs and, the entity's inability to
bid for large size contracts (the firm has prequalification for
only bids for contract values up to INR20 crore). The ratings are
also constrained by the geographic and sectoral concentration
risks, due to exclusive focus on bridge work contracts in
Karnataka and North Kerala. ICRA also notes that being a
partnership firm, the risk of withdrawals from partners' capital
account exists, which may weaken the capital structure of the
firm.

LOF Constructions was started as a proprietorship concern by Mr.
P. M. Mohammed Kunhi and later converted into a partnership firm
by including his family members. In the past, the firm has
executed civil construction contracts for roads, culverts and
bridges for Public Works Department (PWD) of Kerala and
Karnataka, Public Health Engineering Department (PHED) and other
private players. However, currently the firm is focused on
bridge/culverts contracts (both construction and maintenance);
the project owners are PWD (both Kerala and Karnataka) and
Karnataka Road Development Corporation Limited (KRDCL). The
operations of the entity are concentrated in North Kerala and
South Canara and Shimoga districts of Karnataka. Mr. Mohammed has
over four decades of experience in this field and manages the
day-to-day operations of the firm along with his son Mr.
Nizamuddin.

Recent results
LOF Constructions recorded a net profit of INR0.56 crore on an
operating income of INR19.1 crore during 2014-15 as per the
audited financial statements; as against a net profit of INR0.36
crore on an operating income of INR18.5 crore during 2013-14 as
per the audited financial statements.


LOVATO CERAMIC: ICRA Suspends B+/A4 Rating on INR5.4cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR5.40 crore limits of Lovato Ceramic Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in June 2009, Lovato Ceramic Private Limited (LCPL)
commenced commercial production of ceramic wall tiles in February
2010. Its plant is located at Morbi in Rajkot district of
Gujarat. LCPL is managed by Mr. Dharmendra Patel and his brother
Mr. Jaydeep Patel. The company currently manufactures wall tiles
of sizes 12"x12", 12"x18" and 12"x24" and has established
'Lovato' brand for selling its product.


MONAD EDUKASIONAL: Ind-Ra Suspends 'IND BB' Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB'
ratings on Monad Edukasional Society's (MES) INR170 million term
loans and INR110 million fund-based working capital facility to
the suspended category. The Outlook was Stable. The ratings will
now appear as 'IND BB(suspended)' on the agency's website.

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

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 this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


MOOGAMBIGAI METAL: CARE Assigns B+ Rating to INR2.39cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Moogambigai Metal Refineries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.39      CARE B+ Assigned
   Short term Bank Facilities     5.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Moogambigai Metal
Refineries (MMR) are constrained by its small scale and working
capital intensive nature of operations, thin profitability and
highly leveraged capital structure with weak debt coverage
indicators for the past three years ended March 2015. The ratings
also factor in fragmented and competitive nature of the
Aluminium, lead alloys & plastic manufacturing industry marked by
large number of unorganized players.

However, the ratings derive strength from qualified & experienced
promoters and long track record of operations of the group in the
Aluminium and lead alloys industry.

Going forward, the ability of the firm to increase its revenues,
improve profitability & capital structure while efficiently
managing its working capital would be the key rating
sensitivities.

MMR, incorporated in 2010, is a partnership firm belonging to the
Jayachandran (JC) group. MMR currently has 9 partners belonging
to the same family with equal profit sharing ratio of 11.11%
each. Based in Mangalore, Karnataka, MMR is engaged in the
manufacturing of Aluminium & lead alloys as well as manufacture
of plastic granules with an installed capacity of 450 MT per
month.

'Jayachandran group' has interests in manufacture of lead and
lead alloy products, Automotive & tubular batteries, plastic
products and Aluminium alloys. The various other entities of the
group include Eswari Global Metal Industries Private Limited
(EMPL, rated 'CARE BB+/CARE A4+', manufacturers of pure lead and
lead alloys), Jayachandran Industries Private Limited (JIPL,
engaged in manufacture of automobile and tubular batteries),
Jayachandran Plastics Private Limited (JPPL, manufacturers of
plastic granules and products) and Jayachandran Alloys Private
Limited (JAPL, 'CARE BB+/CARE A4+', manufacturers of pure lead,
lead based alloys, oxides and red lead.

For the year ended FY15 (refers to the period April 1 to
March 31), the firm reported total operating income of INR16.98
crore and PAT of INR0.12 crore. During FY16 (Provisional), the
firm reported total operating income of INR17.97 crore and
PAT of INR0.16 crore.


PANCHSHEEL SOLVENT: ICRA Lowers Rating on INR12.50cr Loan to D
--------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR12.25 crore term loans and INR12.50 crore cash credit facility
of Panchsheel Solvent Private Limited from [ICRA]BB to [ICRA]D.
The rating action takes into account the recent delays made by
the company in meeting its debt service obligations.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Term Loan)           12.25        [ICRA]D downgraded

   Fund Based Limits
   (Cash Credit)         12.50        [ICRA]D downgraded

Incorporated in 2008, PSPL was promoted by the Lalani family.
Prior to this, the management was engaged in the manufacturing of
poultry feed and PET bottles through its group entities. PSPL is
currently engaged in extracting edible refined rice bran oil with
an installed capacity of 1,50,000 tonnes per annum (TPA) and
30,000 TPA of refining unit. Besides, PSPL has flexibility to
refine other crude oils in the same plant and therefore, started
refining cottonseed crude oil since February 2015. The
manufacturing facility of the company is located at Rajnandgaon,
Chhattisgarh.


PANKAJ GLASS: CARE Assigns B+ Rating to INR13.10cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Pankaj Glass Works Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.10      CARE B+ Assigned
   Short term Bank Facilities     3.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pankaj Glass Works
Limited (PGWL) are constrained by its small scale of operations,
project execution risk, declining profit margins with moderate
solvency and debt coverage indicators. The ratings are also
constrained by the working capital intensive nature of business
operations and susceptibility of margins to volatility in the
natural gas prices.

The ratings, however, derive strength from the experience of the
promoters, well-diversified customer base and favourable
geographical location.

The ability of the company to increase the scale of operations,
improve profit margins and efficiently manage its working capital
requirements are the key rating sensitivities. Furthermore,
completion of the project without any time and cost overruns will
be crucial from the credit perspective.

Incorporated in October 2005, PGWL is a closely-held public
limited company promoted by Mr Bal Krishan Gupta, Mr Subhash
Chandra and Mr Anuj Bansal. It is engaged in the manufacturing of
container glass wares, mainly glass bottles, at its manufacturing
facility located at Firozabad, Uttar Pradesh, where it has
installed capacity of 11 lakh pieces per day. The current
directors of PGWL are Mr Bal Krishan Gupta (Chairman), Mr Sonil
Jain (Managing Director), Mr Sulabh Jain, Mr Parag Gupta and Mr
Anuj Bansal.

PGWL is part of Advance Group of Glass Industries (AGGI) which
was established in 1945. The group has six other entities having
similar nature of operations and had a consolidated total income
of around INR140.61 crore and net profit of INR2.52 crore during
FY15 (refers to the period of April 1 to March 31). PGWL was
incorporated to undertake business of manufacturing container
glass wares mainly glass bottles and glass tumblers. However, the
company has stopped the production of glass tumblers from April
2015 onwards due to higher cost involved in the production of the
same. The glass bottles manufactured by the company are primarily
used by liquor manufacturers, pharmaceuticals companies and FMCG
companies for packaging their products.

In FY15, PGWL earned PAT of INR0.11 crore on a total operating
income of INR31.24 crore compared with PAT of INR 0.21 crore on a
total operating income of INR 29.25 crore for FY14. Furthermore,
PGWL has achieved sales of INR 32 crore in 11MFY16 (refers to the
period of April 01 to February 29).


PARADIGM BUSINESS: CARE Assigns B+ Rating to INR15cr LT Loan
------------------------------------------------------------
CARE assigns CARE B+ rating to bank facilities of Paradigm
Business Ventures.

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

Rating Rationale

The rating assigned to the bank facilities of Paradigm Business
Ventures (PBV) is primarily constrained by project execution risk
associated with its ongoing sole residential project, low
realization from sold flats and marketing risk associated with
remaining flats. The rating is further constrained by PBV's
exposure to local demand dynamics and cyclicality associated with
the real estate industry.

The rating, however, factors in the experience of the promoters,
project preparedness including acquisition of land, relevant
approvals being in place and project funding already tied up.

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

Paradigm Business Venture (PBV) was established in November, 2014
as a partnership firm having Mr Tejpal Gupta, Mr Vijay Kumar
Jindal, Mr Suresh Singla and Mr D R Singla as its partners,
sharing profit and loss equally. The firmis currently developing
its residential project named 'The Hermitage Park' at Zirakpur,
Punjab on a 2 acre land. The project was launched in June, 2015
and is being developed in the form of three towers with 173 flats
in total. The project is well connected to hospitals and schools
which lie within 3 Kms. Furthermore, the location provides
connectivity and accessibility from railway station and bus
stand. Besides PBV, the partners of the firm are also the
promoters in associate concerns like Citi Centre Developers
(rated 'CARE B'), Pee Kay Shuttering House (rated 'CARE B+'), Pee
Kay Shuttering and Scaffolding Limited, G. S Promoters &
Developers, Harmony Colonisers Private Limited, Fortune Multitech
Private Limited, Hollywood Developers and Chandigarh Builders all
engaged in the real estate industry.

The total cost of the project of INR42.65 crore is proposed to be
funded through promoters' contribution of INR7.50 crore, advances
from customers of INR20.15 crore and a term loan of INR15 crore.
The firm has already tied up the entire amount of term loan.
Furthermore, towards the intended promoters' contribution of
INR7.50 crore and customer advances of INR20.15 crore, the firm
had already received INR12 crore from customers and promoters'
have also infused INR7.50 crore as on March 01, 2016. The
construction is expected to be completed by March 2017 and
possession will be given from March 2017 onwards.


PROGRESSIVE AUTOMOBILES: ICRA Assigns B Rating to INR3.5cr Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR5
crore fund based bank facilities of Progressive Automobiles
Private Limited. ICRA has also assigned the ratings of [ICRA]B
and [ICRA]A4 to PAPL's unallocated limits of INR5 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                3.50         [ICRA]B Assigned

   Fund Based-Term
   Loan                  1.50         [ICRA]B Assigned

   Unallocated Limits    5.00         [ICRA]B/[ICRA]A4 Assigned

The assigned ratings take into consideration the limited track
record of operations of the company, and intense competition from
other established OEMs in the domestic vehicle industry. The
ratings note that the profitability is likely to remain thin as
is typical of any dealership business, with entire pricing and
commission fixed by TML. The ratings are further constrained by
its moderate capital structure to set up the facility, which
coupled with high estimated working capital borrowings likely to
keep gearing at elevated levels at least over the near term.
The ratings, however, derive comfort from the promoters'
experience in the auto dealership business, and the benefit from
being the sole authorised dealer of Tata Motors Limited (TML) for
commercial vehicles (CV) segment in the state of Tripura.
ICRA notes that PAPL has achieved the turnover of INR10.15 crore
during first two months of operation in FY2016, with healthy
profitability. The ability of the company to maintain its
profitability and improve the capital structure while scaling up
the operations would be key rating sensitivities going forward.

Incorporated in August, 2015, Progressive Automobiles Private
Limited (PAPL) is a sole authorised dealer of TATA Motors Limited
(TML) in Tripura and deals in the entire range of commercial
vehicles manufactured by TML. The promoters of PAPL have around
eight years of experience in the automobile dealership business
through another related entity.


PULSAR CERAMIC: ICRA Puts B+/A4 Rating on INR6.06cr Bank Loan
-------------------------------------------------------------
ICRA has placed the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR6.06 crore bank facilities of Pulsar Ceramic on notice for
withdrawal for one month at the request of the company. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
ratings will be withdrawn after one month from the date of this
withdrawal notice.


RELIANCE: Moody's Says Results Can be Accommodated in Ba3 CFR
-------------------------------------------------------------
Moody's Investors Service says Reliance Communications Limited's
(RCOM) FY2015-16 results can be accommodated in its Ba3 corporate
family rating and senior secured rating. The ratings outlook
remains negative.

RCOM's consolidated revenues for Q4 ended March 2016 were up 3.8%
year-on-year (YoY) to around INR59 billion; revenues from India
operations, -- the largest contributor -- were up 6.5% over the
same period. In India, a decline of 8%YoY in voice revenue in 4Q
2016 was offset by a 27% increase on non-voice revenues.

At the same time, RCOM's global operations-- accounting for
approximately 19% of total revenues -- reported a 4% decline in
revenues in 4Q 2016.

For the full year ended 31 March 2016 (FY2015-16), the company
reported broadly stable revenues at INR221 billion, due mainly to
its cancellation of licenses in five circles earlier this year.

"RCOM reported EBITDA of around INR74 billion, with its EBITDA
margin decreasing by 0.4% over the previous year to 33.6%. The
decline in EBITDA margin is in line with Moody's expectation,
owing to increased contribution of data revenues and higher
customer acquisition costs," says Nidhi Dhruv, a Moody's Vice
President and Senior Analyst.

Moody's estimates RCOM's adjusted, consolidated debt/EBITDA was
around 6.3x for the year ended 31 March 2016, compared to 5.3x
last year. This increase in leverage is notably due a INR38
billion increase in reported debt and the inclusion of INR33
billion deferred spectrum liabilities.

Upon the completion of the share swap transaction with Sistema
Shyam Teleservices (SSTL unrated), RCOM will have adequate
spectrum. However, should the company participate in the upcoming
spectrum auctions, its leverage metrics will be further
pressured.

RCOM also continues to have a strained liquidity profile, with
the company remaining reliant on recurring covenant waivers due
to its high leverage. There is also an ongoing need to refinance
upcoming debt maturities.

RCOM has about $450 million in debt falling due in the quarter
ending 30 June 2016, which includes a $350 million ECB facility
at Reliance Infratel (unrated), which is guaranteed by RCOM and
has a cross-default with other debt. Management is still in the
process of renewing this facility with the banks and expects to
complete the refinancing ahead of maturity.

Failure in obtaining final renewal approvals from the banks will
lead to imminent ratings downgrade, which would be more than one
notch.

"There have also been further delays in the RCOM's deleveraging
plans. In December 2015, the company announced that it had
entered into exclusive discussions with Aircel Limited (unrated)
for a potential combination of businesses. This deal has yet to
close and RCOM has extended the exclusivity period for its
discussions with Aircel by another 30 days to 22 June 2016," adds
Dhruv, also Moody's Lead Analyst for RCOM.

In December 2015, RCOM entered into a non-binding and exclusive
agreement to sell towers owned by its subsidiary -- Reliance
Infratel Limited (RITL, unrated) -- to two investment companies,
Tillman Global Holdings, LLC (unrated) and TPG Asia, Inc
(unrated). RCOM has made a public commitment to use the entire
proceeds from the sale for debt reduction.

"RCOM has also re-prioritized its strategies again, and now plans
to announce the final binding tower sale transaction within two
months from the completion of discussions with Aircel. This is a
significant delay from our earlier expectations for the tower
transaction to be confirmed within the June quarter," adds Dhruv.

Moody's said, "cumulatively, these transactions, when
consummated, could benefit RCOM substantially. However, in our
view, changes in the company's strategy continue to delay
execution of its plans. Hence any tangible benefit to RCOM's
financial and credit profile will now be delayed for at least 6-9
months.

"The negative outlook reflects our view that ongoing delays in
RCOM's rollout of its deleveraging plans will keep its financial
and credit profile strained over the near term. Moody's will
closely review the progress on RCOM's stated plans over the next
6-9 months."

The ratings could be downgraded if RCOM (1) experiences a
significant deterioration in market share and/or competition
intensifies, such that profitability deteriorates; (2) fails to
execute its deleveraging plans in a timely manner; (3) encounters
difficulty in complying with its financial covenant requirements,
accessing capital to fund growth or repaying/refinancing debt, as
and when it falls due; or (4) implements aggressive investment
and/or shareholder return policies.

Specific indicators that Moody's would consider for a downgrade
include: (1) adjusted debt/EBITDA failing to trend in line with
expectations towards 4.0x by end-2016; (2) adjusted EBITDA
margins falling below 30%; and (3) adjusted (funds from
operations + interest)/interest remaining below 3.0x.

Furthermore, any unexpected regulatory developments in the Indian
telecommunications sector will also be negative for the rating.

Given the negative outlook, an upgrade is unlikely over the near
term. However, the outlook could stabilize should RCOM (1)
continue to grow revenues and earnings of its core-Indian
operations by increasing the number of subscribers and data
revenue without compromising its EBITDA margins; (2) continues to
generate positive free cash flow on a sustained basis; and (3)
improves its liquidity profile significantly.

Specific indicators that Moody's would consider for stabilizing
the outlook include: adjusted debt/EBITDA at 4.0x-4.5x; adjusted
EBITDA margins between 30%-35%; and adjusted (funds from
operations + interest)/interest over 3.0x on a sustainable basis.

RCOM is an integrated telecommunications operator in India (Baa3
stable) with a presence across wireless, enterprise, broadband,
tower infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited (B2 stable), the company also provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific which need multi-national IP-based
solutions and connectivity.

RCOM is the fourth-largest mobile operator in India by number of
subscribers, which totaled 109.1millionor approximately10.7% of
the total market share by subscribers (pro forma for Sistema
acquisition) as of 31 January 2016 according to the Telecom
Regulatory Authority of India (TRAI).


SAECO STRIPS: CARE Assigns B+ Rating to INR17.44cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Saeco Strips Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.44      CARE B+ Assigned
   Short term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Saeco Strips
Private Limited (SSP) are constrained by its short track record
of
operations, thin profitability margins and weak solvency
position. The ratings are further constrained by the
susceptibility of margins to volatility in raw material prices &
foreign exchange rates, coupled with highly competitive,
fragmented and cyclical nature of the industry. The ratings,
however, derive strength from the experienced promoters and
diversified product profile.

Going forward, the ability of the company to profitably scale up
its operations and improve its overall solvency position will
remain the key rating sensitivities.

Saeco Strips Private Limited (SSP) was incorporated in 1995 and
commenced its business operations from May 29, 2013 with FY15
(refers to the period April 1 to March 31) being the first full
year of operations for the company. The company is engaged in the
manufacturing of steel ingots of different sizes at its
manufacturing facility located at Ludhiana, Punjab with an
installed capacity of 16,000 Metric Tonne per annum as on March
31, 2015. From May-15, the company has also started manufacturing
agricultural implements including rotavator, wheat thrashers,
straw reaper and multi crop thrashers. The company is promoted by
Mr Davinder Singh, Mr Kartar Singh andMr Sanraj Paul Singh.

The products manufactured by the company are used in the
fasteners industry, automobile industry and cycle and auto parts.
In FY15, SSP derived majority of its income from its group
concern- Saeco Steel Rolling Mills (SSRM; constituted about 90%
of the total income in FY15). The remaining income was derived
from selling to various wholesalers located in Punjab. SSRM is a
partnership firm engaged in manufacturing of steel coils and
steel rounds since 1973. The firm's manufacturing activities,
however, ceased in Jan-16, with its rolling mill activity being
merged with SSP from March 2016.

The shifting of rolling mill facilities to SSP has led to forward
integration of operations of SSP.

SSP reported a PAT of INR0.08 crore on a total income of INR50.16
crore in FY15as against a net loss of INR0.01 crore on a total
income of INR29.93 crore in FY14 (refers to the period from
May 29, 2013 to March 31, 2014). In FY16, the company has
achieved total operating income of around INR43 crore till
February 23, 2016.


SAND DUNE: CARE Reaffirms B+ Rating on INR5cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sand Dune
Colonizers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Sand Dune
Colonizers (SDCS) is constrained on account of its middle stage
of project implementation, NIL booking status as of date and
saleability risk associated with the project. The rating is
further constrained due to higher dependence on bank debt and
customer advances for project funding, regional concentration of
operations of SDC group and cyclicality associated with real
estate industry.

The above constraints outweigh the benefits derived from the long
experience of the promoters in the real estate industry along
with group support and established brand name of SDC group in
Jaipur's real estate market.

Timely completion of the project without any cost overrun with
continuing support from the group as well as timely sale of units
at the envisaged rates along with timely receipt of booking
proceeds are the key rating sensitivities.

Jaipur-based SDCS was formed as a partnership firm on June 17,
2014, by Mr Ravi Mathur and Mr Anuj Mathur with equal partnership
share to undertake construction of a residential project at
Jaipur. SDCS is engaged in the real estate development activities
and is currently undertaking construction of one residential
project, namely, 'Portico' in Jaipur with total saleable area of
61,390 square feet (sf). SDCS has started construction of this
project from December 2014 with the envisaged cost of INR11.93
crore to be funded through term loan of INR5 crore, partner
contribution of INR3.28 crore and remaining INR2.78 crore from
customer advances. Up to March 31, 2016, SDCS has incurred total
cost of INR4.52 crore funded by term loan of INR4 crore and
partners' contribution of INR0.52 crore. The project includes
construction of 8 flats of 2 BHK (bedroom, hall and kitchen) type
and 27 flats of 3 BHK type in single block of G+9 floors. The
project is estimated to be completed by September, 2016.

SDCS belongs to SDC group of Jaipur with interest in real estate
development through its flagship company Sand Dune Construction
Private Limited (SDCPL). The group has completed 71 projects till
March 31, 2016, with 60 being residential and 11 commercial
properties with gross saleable area of 51.06 lakh sq ft (lsf).
Currently, the group is executing 14 projects in Jaipur with 11
residential and 3 residential-cum-commercial projects.


SHARMA CONSTRUCTION: CARE Assigns 'B+' Rating to INR5cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Sharma Construction Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned
   Short-term Bank Facilities      3        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sharma
Construction Company (SCC) are constrained by its small scale of
operations with low net-worth base, highly leveraged capital
structure and working capital intensive nature of operations. The
ratings are further constrained by the geographically
concentrated revenue profile, SCC's presence in the fragmented
construction sector and constitution of the entity being a
proprietorship firm. The ratings, however, derive strength from
the experience of the proprietor, growing scale of operations and
moderate profitability margins.

Going forward, the ability of the firm to successfully execute
the projects, receive contract proceeds in a timely manner,
improve its solvency position and manage the working capital
requirements efficiently will remain the key rating sensitivity.

SCC is a proprietorship firm established in 1990 by Mr Naval
Kishore Sharma. SCC is engaged in the civil construction work in
Punjab, mainly including road work projects involving
construction, upgradation, resurfacing and widening of roads,
bridges and minor engineering works. The firm is registered as a
'class A1' contractor with Bridge &Road Division (B&R), Municipal
Corporation and Improvement Trust of Punjab. The orders
undertaken by the firm are secured through the competitive
bidding process. Besides SCC, the proprietor is also engaged in
another group concern, namely, Sharma Vibrotech Pipes (SVP), a
partnership firm, engaged in the manufacturing of cement pipes.

In FY15 (refers to the period April 1 to March 31), SCC has
achieved a total operating income of INR17.18 crore with PAT of
INR0.98 crore, as against the total operating income of INR16.80
crore with 1Complete definitions of the ratings assigned are
PAT of INR0.73 crore in FY14. Furthermore, SCC achieved a total
operating income of around INR45 crore in FY16 (Provisional).


SHINIE IMPEX: CARE Assigns B+ Rating to INR2cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Shinie Impex (SIP).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B+ Assigned
   Short term Bank Facilities      3        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shinie Impex (SIP)
are primarily constrained by its short track record & small
scale of operations, weak financial risk profile marked by low
profitability margins, leveraged capital structure & weak
coverage indicator and working capital intensive nature of
operation.

The ratings are, further constrained by foreign exchange
fluctuation risk, price volatility risk associated with the
traded product and proprietorship of its constitution.

The ratings, however, draw comfort from experienced partners in
the trading business.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins & capital
structure shall be the key rating sensitivity. Furthermore, the
ability to manage exchange rate fluctuations shall also be
the key rating sensitivities.

Delhi-based SIP is a proprietorship concern established in 2015
by Mr Hulash Chand. The firm is engaged in the trading of
metal scraps mainly copper scraps and procures the same from
overseas market such as Dubai, Saudi Arabia, etc. It directly
sells the scraps to the various manufacturing units operating in
automobile, capital goods, etc, sectors located in Haryana,
Rajasthan and Delhi. The firm commenced its commercial operations
from June 2015.

During 10MFY16 (refers to the period June 01 to March 31), SIP
has achieved a total operating income of INR6.52 crore (as
per the unaudited results).


SHREE AISHWARYA: CARE Assigns 'B' Rating to INR6.10cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Shree
Aishwarya Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.10      CARE B Assigned
   Long term Bank Facilities      2.75      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Aishwarya
Industries is constrained by small scale and short track record
of operations, lack of experience of the promoters into the
competitive bulk packaging industry and susceptibility of
profitability margins to fluctuations in raw material prices.

The rating, however, derives strength from successful completion
of project within the stipulated timelines without incurring any
cost over-runs and commencement of commercial production as per
schedule.

Going forward, the ability of the firm to operate the plant at
optimum levels while maintaining profitability margins and
effective utilization of working capital limits would be the key
rating sensitivities.

Incorporated on December 8, 2014; Aishwarya Industries is a
partnership firm which has recently set up a manufacturing unit
for production of PP Bags at Ghodageri, Taluk Hukkeri of Belgaum
District.

The unit is into production PP Bags with a production capacity of
2,190 TPA which would utilize around 250 Kg. of PP granules per
hour to produce around 1,663 bags/hour. The project installation
began in November 2014 and was completed on October 20, 2015. The
trial production under the newly established manufacturing unit
of the firm was undertaken in October 2015 and the final
commencement of commercial production began from November 2015.


SHWETA BREEDING: CARE Assigns 'B' Rating to INR6.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Shweta
Breeding Farm.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.50       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shweta Breeding
Farm (SBF) is primarily constrained by residual project execution
and stabilization risk associated with setting up of unit coupled
with constitution of the entity being a partnership firm. The
rating is further constrained by susceptibility of margins to
fluctuation in raw material (Chicks & feed grain) prices and
inherent risk associated with the poultry industry coupled with
high competition from local players.

The rating constraints are partially offset by support from the
experienced partners coupled with positive demand outlook for the
poultry industry.

Going forward, the ability of SBF to timely complete the project
within envisaged cost shall be the key rating sensitivity. Also,
ability of the firm to achieve the envisaged revenue and
profitability while registering improvement in the capital
structure shall be the other key rating sensitivities.

Haryana-based, Shweta Breeding Farm (SBF) was established in 2015
as a partnership firm by Mr Dharmbir Singh and Mr Ballu Ram,
sharing profit and loss in the ratio of 67% and 33% respectively.
SBF was established to undertake poultry farming business which
involves growing of 1 day old chicks into egg laying birds. The
processing facility of the firm is located at Jhajjar, Haryana
with a breeding capacity of 33,600 chicks per annum. The total
cost of the project is estimated to be around INR6.61 crore which
is to be funded through a term loan of INR4.95 crore and
promoter's contribution in the form of equity share capital and
unsecured borrowings INR1.66 crore.

SBF will be engaged in poultry farming business which involves
growing of 1 day chick into egg laying birds and then their
eggs are incubated till the chicks are produced (incubation time
is 21 days). SBF will sell the day old chick mainly to broiler
farmers through the commission agents located Haryana and Punjab.
The firm will procure day old chicks from Venkateshwara
Hatcheries Private Limited. Furthermore, the firm procures
feeding materials for the chicken viz. maize, soyabean and
defatted rice bran from traders located in Haryana and nearby
regions.


SHYAMPOLYSPIN PRIVATE: CARE Reaffirms B+ Rating on INR18cr Loan
---------------------------------------------------------------
CARE revokes suspension and reaffirms the ratings assigned to the
bank facilities of Shyampolyspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      18        CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

   Short-term Bank Facilities      2        CARE A4 Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shyam Polyspin
Private Limited (SPPL) continue to remain constrained on account
of thin profitability, leveraged capital structure and weak debt
coverage indicators, working capital-intensive nature of its
operations, volatility associated with the cotton prices and its
presence in the highly competitive and fragmented trading nature
of operations.

The ratings, however, continue to derive strength from wide
experience of the promoters and diversified client profile.

The ability of SPPL to increase the scale of operations with
improvement in profitability and capital structure and efficient
management of working capital are the key rating sensitivities.

SPPL was established in 1990 at Ahmedabad and is engaged in the
cotton trading business. It is also working as a commission agent
for the cotton yarn trading. The company is promoted by Mr
Hanuman Prasad Gupta, Mr Pramod H Gupta, Mr Vinod H Gupta andMr
Navin H Gupta.

During FY15 (refers to the period April 1 to March 31), SPPL
reported total operating income of INR103.35 crore with a
PAT of INR0.53 crore as against total operating income of
INR107.18 crore with a PAT of INR0.49 crore during FY14.
Furthermore, as per provisional results for FY16, SPPL reported
total operating income of INR82.90 crore with a PAT of INR0.46
crore.


SRI BALAJI: CARE Assigns 'B' Rating to INR6cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sri Balaji
Trading Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Balaji Trading
Corporation (SBTC) is constrained by the relatively small scale
of operations, low profit margin and weak financial risk profile
marked by high gearing ratio and low debt coverage indicators
during FY16 (Provisional) [refers to the period April 01
to March 31].

The rating is further constrained by constitution of the entity
as sole proprietorship firm, volatile raw material prices and
seasonal availability of raw materials resulting in working
capital intensive nature of operations. The rating is, however,
underpinned by experience of the proprietor for more than five
years in the cotton industry, adequate raw material availability
due to geographical advantage and stable demand outlook of
cotton. The ability of the firm to scale up its operations,
improve net profit and effectively managing its working capital
requirement are the key rating sensitivities.

Sri Balaji Trading Corporation (SBTC) was promoted by Mrs Potluri
Sitaratnam in year 2011 as a sole proprietorship firm. SBTC is
engaged in trading of cotton lint and cotton yarn. The firm
primarily supplies cotton lint to one of its group companies;
Vantage Spinners Private Limited (VSPL) [rated CARE B+], which is
engaged in manufacturing of cotton yarn and has an installed
capacity of 31,500 spindles and also to other spinning units
located in Krishna District, Andhra Pradesh.

Furthermore, SBTC has diversified the supplies of cotton lint to
cotton manufacturing units in the major cotton growing region
situated in Andhra Pradesh, Tamil Nadu, Telangana and Kerala.
During FY16 (Provisional), SBTC posted a PBILDT of INR0.46 crore
(FY15 - INR0.40 crore) and PAT of INR0.08 crore (FY15 - INR0.07
crore) on a total income of INR32.32 crore (FY15 - INR35.11
crore).


STANDARD FROZEN: CARE Assigns B+ Rating to INR23cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Standard Frozen Foods Export Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       23       CARE B+ Assigned
   Short-term Bank Facilities      12       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Standard Frozen
Foods Export Private Limited (SFF) are primarily constrained
by the project execution and stabilization risk. The ratings are
further constrained by foreign exchange fluctuation risk,
presence in a highly competitive & fragmented industry in
addition to the regulatory risk associated with meat industry.

The ratings, however, draw comfort from experienced promoters and
favorable geographical location of manufacturing facilities.

Going forward, the ability of the company to timely complete the
remaining project within envisaged cost shall be the key rating
sensitivity. Moreover, the ability of the company to achieve the
envisaged revenue and profitability with improvement in its
capital structure shall be the other key rating sensitivities.

SFF was incorporated in 2012 by Mr Sachin Verma andMr Kamal Kant
Verma. The company was incorporated with aim of setting up a
green field integrated cold chain and preservation facility for
buffalo meat processing at Unnao district, Uttar Pradesh. The
proposed capacity of the facility is to process 500 buffalos per
day. The buffalos are proposed to be procured from agents located
in Uttar Pradesh. SFF is proposed to be a predominately export
oriented unit and the processed meat is proposed to be sold in
China and Middle East nations such as United Arab Emirates, Iraq,
etc.

The initial cost of setting up processing unit is estimated to be
INR38.94 crore. The same is to be funded by promoter's
contribution in form of capital of INR11.43 crore, unsecured
loans of INR7.51 crore and term loans of INR20.00 crore. Of the
total project cost, nearly 55% of the cost has been incurred and
funded through promoters' contribution (capital and unsecured
loans) of INR11.62 crore and term loan of INR9.71 crore as on
March 31, 2016. The commercial operations of the company are
projected to commence from October 2016.


TAPASYA SHIKSHA: Ind-Ra Puts Prov. IND BB-' LT Loan Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tapasya Shiksha
Samiti's (TSS) proposed INR60 million term loan a Long-term
Rating of 'Provisional IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects TSS' limited liquidity profile. The society's
available funds (cash and unrestricted investments) at FYE15
stood at INR11.92 million with a moderate financial cushion to
the operating expenditure at 6.28%. Also, the society's
collection period increased to 135 days in FY15 from 27 days in
FY13 due to pending fee receivables of INR102.76 million.

The rating is constrained by TSS' limited demand flexibility. Its
total income fell to INR277.61m in FY15 from 330.91m in FY14,
despite an increase in the number of students enrolled, due to
intense competition it faced from other private colleges in the
vicinity. The society's headcount base expanded at a 7.42% CAGR
during FY11-FY16. However, the total number of students decreased
in FY16 by 1.56% yoy. The society's consistent 99.17% average
acceptance rate during FY11-FY16 also indicates its limited
demand flexibility.

The ratings, however, are supported by the society's track record
of positive operating margins (FY15: 31.64%; FY14: 45.71%; FY13:
26.66%) with a low debt burden (debt/current balance before
interest and depreciation: 0.06x; 0.27x; 0.92x); and a high debt
service coverage ratio (Ind-Ra operating EBITDA/principal
repayment and interest expense: 2.31x; 3.82x; 3.44x)and interest
service coverage ratio (Ind-Ra operating EBITDA/gross interest
expense: 34.85x; 17.83x; 6.66x).

Ind-Ra expects the debt burden to increase in FY17 on account of
the projected borrowings but it is likely to decline from FY18 in
the absence of any further borrowings; debt service coverage
ratio and interest service coverage ratio are expected to remain
comfortable.

During FY11-FY15, the society's revenue was mainly driven by fee
income with an average contribution of 98.29%. Staff cost was the
key expenditure driver with an average contribution of 50.25%. In
FY15, the society's operating margin and current balance margin
stood at 31.64% and 23.37%, respectively.

RATING SENSITIVITIES

Positive: Improvements in the liquidity and a sustained
improvement in the operating margins resulting from a strong
growth in the total headcount could be positive for the rating.

Negative: Any unexpected fall in student demand in conjunction
with a disproportionate increase in the debt in relation to the
operating income and increased fee receivable leading to a
tighter liquidity could affect the rating.

COMPANY PROFILE

TSS, registered under the Madhya Pradesh Registration Act 1973 in
2000, runs five institutes under the name Radharaman Group of
Institutes on a campus spread over 100 acres of land at Ratibad
in Bhopal, Madhya Pradesh. The society's provisional FY16
financials indicate a total income of INR409.9 million with a
current balance of INR151.8 million.



=========
J A P A N
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SOFTBANK GROUP: To Tackle Record Debt With Asset Sales
------------------------------------------------------
Bloomberg News reports that after years of acquisitions saddled
SoftBank Group Corp. with record debt and weighed down its stock,
founder Masayoshi Son is getting serious about improving the
company's balance sheet.

Bloomberg relates that SoftBank has announced a series of asset
sales as part of a broader effort to re-examine its technology
portfolio, reduce its massive debt load and gain flexibility for
future investments.

According to Bloomberg, the company plans to raise $10 billion
(about JPY1 trillion) from selling down its stake in China's
Alibaba Group Holding Ltd. and another JPY73 billion ($685
million) from offloading shares in GungHo Online Entertainment
Inc. It's also in discussions to exit Finnish game developer
Supercell Oy, according to people familiar with the matter, a
deal that could increase the amount raised via asset sales to $14
billion, Bloomberg relays.

Mr. Son built his corporate empire by borrowing heavily to
finance acquisitions, transforming a humble computer software
distributor into a global technology giant, Bloomberg says.

Bloomberg relates that while earlier bets like Alibaba paid off,
the recent purchase of money-losing Sprint Corp. backfired.
Mr. Son saw the value of his company shrink over the past two
years as the carrier's losses mounted, and SoftBank's debt pile
grew to a record JPY11.9 trillion, Bloomberg discloses.

"The asset sales are an extremely good sign that the company is
serious about improving liquidity and its balance sheets," said
Satoru Kikuchi, an analyst at SMBC Nikko Securities Inc. in
Tokyo. "In addition to boosting cash reserves, this should also
help with the company's credit standing and valuation."

SoftBank last week said it is selling shares in Alibaba, the
Chinese e-commerce company that pulled off the world's largest
initial public offering in 2014, for the first time since buying
in about 16 years ago, Bloomberg recalls. Days later, it
announced plans to sell most of the shares it owns in GungHo, the
Tokyo-based game developer. SoftBank's majority holding in
Supercell could fetch $3.7 billion, people familiar with the
discussions have said, Bloomberg relays.

All of this will help SoftBank strengthen its balance sheet,
Bloomberg notes.  According to the report, the firm's total debt
has soared 5.6 times in the past four years following its
acquisition of Sprint, which has suffered seven straight years of
losses and has $10 billion of liabilities coming due in the next
three years.

Moody's Investors Service and Standard & Poor's both rate
SoftBank's debt at one level below investment grade, Bloomberg
notes.  According to Bloomberg, Moody's said its rating won't be
affected by the Alibaba share sale and that the company will need
to cut its debt further to be considered for an upgrade.

"The purpose of the Alibaba share sale is to enhance our
financial profile and the proceeds will be used for general
corporate purposes," Bloomberg quotes Hiroe Kotera, SoftBank's
spokeswoman as saying. "The sale of GungHo shares is part of our
long-term push to become a global enterprise."

Bloomberg says Sprint's woes have weighed on the parent company's
valuation. SoftBank has a market value of about $68 billion as of
Friday, while its public shareholdings were worth $87 billion in
total, according to data compiled by Bloomberg. In addition to
stakes in Alibaba, Sprint and Yahoo Japan Corp., SoftBank also
owns a Japanese phone business that generated more than JPY688
billion in profit in the year ended March, Bloomberg states.

That's after a 15 percent slump last year that followed a 22
percent plunge in 2014, as it became increasingly clear to
investors that Sprint's recovery was a long way off, relays
Bloomberg.

Bloomberg says that longer term, SoftBank is seeking out
potentially lucrative investments and may consider further asset
sales. Son has split SoftBank into domestic and overseas units,
entrusting President Nikesh Arora with operations abroad and the
search for the next Alibaba.  According to Bloomberg, the former
Google executive is spearheading a re-examination of the
technology company's portfolio, according to a person familiar
with the matter.

Arora plans to invest about $3 billion annually and has led
SoftBank's investments in Indian online bazaar Snapdeal, ride-
hailing service Ola, real estate website Housing.com and hotel-
booking app Oyo Rooms, according to Bloomberg. In October,
SoftBank led a $1 billion fundraising round for U.S.-based online
lender Social Finance Inc.

Still, SoftBank's move to sell assets and reduce debt has some
bondholders wary that Son will use the cash for another outsized
acquisition, Bloomberg relays.

"The asset sales may be setting the stage for another major
purchase," Bloomberg quotes Mana Nakazora, the chief credit
analyst in Tokyo at BNP Paribas SA, as saying. "They have said
before that there are always 20 to 30 investment targets under
consideration. Perhaps they found one."

While SoftBank's 2020 dollar bonds rallied Friday to a three-year
high and its bond risk has more than halved in the past four
months, it still has about a 0.4 percent chance of nonpayment in
the coming year, based on the Bloomberg Default-Risk Model, which
considers factors such as share prices and debt.

According to Bloomberg, SoftBank had said the Alibaba transaction
will reduce its ratio of net debt to earnings before interest,
taxes, depreciation and amortization to 3.3 times, from 3.8 at
the end of March. Since making that estimate, the company has
increased the amount of the sale by $2.1 billion. That ratio
compares with 6.2 times in 2006, right after the company bought
the Japanese unit of Vodafone Group Plc. The acquisition saddled
SoftBank with  JPY1.37 trillion of loans.

"SoftBank is an investment company and they are showing that they
can take a balanced approach to their holdings," Mr. Kikuchi, as
cited by Bloomberg, said. "Investors may not know how to take
into account the company's entire value."

SoftBank Corp. headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
mobile and fixed-line telecommunications, broadband, software
distribution, networking and publishing.


VUZIX CORP: Paul Boris Named to Board of Directors
--------------------------------------------------
Paul Boris was elected to the Board of Directors of Vuzix
Corporation on June 1, 2016, as disclosed in a regulatory filing
with the Securities and Exchange Commission. Mr. Boris will also
serve on the nominating and compensation committees of the
Company's board of directors.

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field. Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

Vuzix Corporation reported a net loss attributable to common
stockholders of $14.94 million on $2.74 million of total
sales for the year ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $7.86 million on $3.03
million of total sales for the year ended Dec. 31, 2014.

As of March 31, 2016, Vuzix had $15.7 million in total assets,
$3.13 million in total liabilities and $12.55 million in total
stockholders' equity.



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


YARROWS THE BAKERS: Former Owner Facing Bankruptcy Proceedings
--------------------------------------------------------------
Matt Rilkoff at Stuff.co.nz reports that a man who for years
battled his brother for control of a multi-million dollar
Taranaki bakery is facing bankruptcy.

Stuff.co.nz relates that the Bank of New Zealand has issued a
summons for Paul Steven Yarrow to attend the High Court in
Auckland on June 23 to explain why he should not be declared
bankrupt.

In a newspaper advertisement published last month, Mr. Yarrow is
advised he must pay the bank NZ$26,701.74 plus costs or risk the
bank asking the court to adjudicate him bankrupt, according to
Stuff.co.nz.

Stuff.co.nz relates that in the advertisement, published in the
Taranaki Daily News and The New Zealand Herald, the notice sets
out the costs Mr. Yarrow must also pay as being NZ$1,988 for the
judgement costs, NZ$500 for filing a summons and a NZ$150 fee for
the serving of the summons.

A call to Mr. Yarrow's last known mobile phone number went
unanswered but a recorded message on the phone from a man
identifying himself Paul Yarrow said he was out of the country
and "would be back next week," Stuff.co.nz reports.

Stuff.co.nz notes that Paul Yarrow is understood to have an
Auckland address but the summons listed his whereabouts and
occupation as both being unknown.

The summons asks anyone who knows where he is to make him aware
of the notice, Stuff.co.nz states.

According to Stuff.co.nz, Paul Yarrow was the majority
shareholder of Manaia based bakery Yarrows the Baker when it went
into receivership in 2011 with debts of NZ$150 million.

In 2009 Paul Yarrow had sought damages of just over NZ$10 million
from his brother John Alfred Yarrow, saying he had been duped
into paying too much to buy him out of the family's bakery
business in 2005, recalls Stuff.co.nz.

Stuff.co.nz notes that Paul claimed the financial performance of
the company, Yarrows the Bakers, was misrepresented during
negotiations for the NZ$45 million buyout.

The case was struck out in the High Court in New Plymouth in 2009
because of a "no sue" clause in the purchase agreement,
Stuff.co.nz notes.

In September 2012 John Yarrow bought the New Zealand assets of
YTB, including the Manaia bakery, from receivers BDO.

Yarrows the Bakers was founded by husband and wife Alfred and
Grace Yarrow in Manaia in 1923.  Their son Noel Henry Yarrow took
over the family business in 1968 and expanded it into an
international operation.



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


HYUNDAI MERCHANT: Aims to Ink Pact on New Charter Rates This Week
-----------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co.,
South Korea's second-biggest container carrier, is aiming to cut
a deal that will set new rates on chartered ships this week,
sources said on June 6.

Yonhap relates that Hyundai Merchant is expected to sign an
initial deal with the owners of chartered ships that can lower
rates as early as June 7, government officials and industry
insiders familiar with ongoing negotiations predicted.

The company has been in talks with 22 shipowners. It paid
KRW976 billion (US$823 million) in charter fees last year for
83 vessels leased.

According to Yonhap, Hyundai Merchant is likely to agree to a
deal that brings the current rates down by some 20 percent. This
is not as much as the 30 percent cut sought by the company and
its creditors, but a positive development that reflects the
position of shipowners, observers said, Yonhap relays.

Battling losses by an industry-wide slump, shipping lines such as
Hanjin Shipping Co. and Hyundai Merchant are seeking to lower
rates as their creditors demand steep cuts in charter fees as the
core condition for a debt revamp plan, Yonhap discloses.
As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2016, Yonhap News Agency said bondholders of Hyundai
Merchant Marine Co. on June 1 approved an additional KRW170
billion (US$142 million) debt rescheduling proposal by the
financially shaky shipper, clearing one of the hurdles for a
creditor-led restructuring, company officials said.

Yonhap related that during a two-day meeting that started on
May 31, the shipper's bondholders gave the nod to a total
KRW804.2 billion debt rescheduling scheme under which more than
half of the debt will be swapped for the shipper's stocks and the
remaining debt will be paid back after two years.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.


* KOREA: Banks Exposure to 3 Shipbuilders, 2 Shippers Up KRW4.8TT
-----------------------------------------------------------------
Yonhap News Agency reports that South Korean banks' loans to the
country's three biggest shipbuilders and two major shipping lines
jumped KRW4.8 trillion (US$4 billion) in the past two and a half
years as they borrowed more to continue operations, data by a
private corporate firm showed on June 6.

Bank loans extended to Hyundai Heavy Industries Co., Samsung
Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering
Co. climbed KRW4.5 trillion to KRW50.54 trillion at the end of
April from KRW46.06 trillion as of end-2013, Yonhap relates
citing Korea Enterprise Data (KED).

Bank lending to Hanjin Shipping Co. and Hyundai Merchant Marine
Co. also rose nearly 300 billion won to 1.79 trillion won from
1.49 trillion won during the same period, the KED data, as cited
by Yonhap, showed.

Yonhap says shipbuilders have inked heavy losses in recent years
due to declining orders and climbing costs since the 2008
financial crisis. Shipping lines have also suffered hefty losses
due to an oversupply of vessels and falling shipping rates.

As a result, their creditor banks have demanded drastic
restructuring in exchange for a rollover of existing debts and a
delivery of fresh loans by the lenders, Yonhap notes.

Among the creditors, the Export-Import Bank of Korea carried the
highest debt exposure of KRW25.1 trillion to the three
shipbuilders as of April and the Korea Development Bank had the
biggest debt exposure of KRW1.16 trillion to the two shippers,
the latest data said, Yonhap relays.


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


* BOND PRICING: For the Week May 30 to June 3, 2016
---------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGE    10.00    10/1/2018    USD      46.00
BOART LONGYEAR MANAGE     7.00     4/1/2021    USD      21.75
BOART LONGYEAR MANAGE    10.00    10/1/2018    USD      61.50
BOART LONGYEAR MANAGE     7.00     4/1/2021    USD      22.25
CROWN RESORTS LTD         6.33    4/23/2075    AUD      66.22
DBCT FINANCE PTY LTD      2.69     6/9/2026    AUD      70.28
EMECO PTY LTD             9.88    3/15/2019    USD      53.56
EMECO PTY LTD             9.88    3/15/2019    USD      53.00
IMF BENTHAM LTD           6.48    6/30/2019    AUD      59.13
KBL MINING LTD           12.00    2/16/2017    AUD       0.16
KEYBRIDGE CAPITAL LTD     7.00    7/31/2020    AUD       0.67
LAKES OIL NL             10.00    3/31/2017    AUD       7.00
MIDWEST VANADIUM PTY     11.50    2/15/2018    USD       7.00
MIDWEST VANADIUM PTY     11.50    2/15/2018    USD       6.00
RELIANCE RAIL FINANCE     2.64    9/26/2023    AUD      65.76
RELIANCE RAIL FINANCE     2.64    9/26/2023    AUD      65.76
STOKES LTD               10.00    6/30/2017    AUD       0.35
TREASURY CORP OF VICT     0.50   11/12/2030    AUD      72.22


CHINA
-----

BEIJING CAPITAL DEVEL     5.95    5/29/2019    CNY      62.41
CHIFENG CITY INFRASTR     6.18    5/18/2017    CNY      51.79
CHONGQING HECHUAN URB     6.95     1/6/2018    CNY      72.17
CHONGQING LAND PROPER     7.35    4/25/2019    CNY      64.01
CHONGQING XINGRONG HO     8.35    4/19/2019    CNY      64.10
CHONGQING YULONG ASSE     6.87    5/31/2019    CNY      63.04
DANDONG CITY DEVELOPM     6.21     9/6/2017    CNY      70.30
DATONG ECONOMIC CONST     6.50     6/1/2017    CNY      40.84
ERDOS DONGSHENG CITY      8.40    2/28/2018    CNY      48.28
FUSHUN URBAN INVESTME     5.95    5/11/2018    CNY      71.79
GRANDBLUE ENVIRONMENT     6.40     7/7/2016    CNY      70.05
HANGZHOU MUNICIPAL CO     5.90    4/25/2018    CNY      52.12
HANGZHOU MUNICIPAL CO     5.90    4/25/2018    CNY      51.34
HANGZHOU XIAOSHAN STA     6.90   11/22/2016    CNY      40.00
HANZHONG CITY CONSTRU     7.48    3/14/2018    CNY      73.34
HUAIAN DEVELOPMENT HO     6.80    3/24/2017    CNY      42.47
HUZHOU WUXING NANTAIH     7.71    2/17/2018    CNY      72.83
JINAN CITY CONSTRUCTI     6.98    3/26/2018    CNY      52.35
KUNMING CITY CONSTRUC     7.60    4/13/2018    CNY      52.00
KUNMING CITY CONSTRUC     7.60    4/13/2018    CNY      52.56
LINHAI CITY INFRASTRU     7.98    11/6/2016    CNY      50.50
LINHAI CITY INFRASTRU     7.98    11/6/2016    CNY      50.79
MIANYANG SCIENCE & TE     7.16    5/15/2019    CNY      62.40
PINGDINGSHAN CITY DEV     7.86     5/8/2019    CNY      64.41
QINGDAO CITY CONSTRUC     6.19    2/16/2017    CNY      40.67
QINGZHOU HONGYUAN PUB     6.50    5/22/2019    CNY      30.91
SHANGHAI REAL ESTATE      6.12    5/17/2017    CNY      40.98
SUQIAN ECONOMIC DEVEL     7.50    3/26/2019    CNY      84.60
TAIZHOU CITY CONSTRUC     6.90    1/25/2017    CNY      40.69
TIANJING HANBIN INVES     8.39    3/22/2019    CNY      63.89
TIGER FOREST & PAPER      5.38    6/14/2017    CNY      73.44
URUMQI STATE-OWNED AS     6.48    4/28/2018    CNY      77.15
URUMQI STATE-OWNED AS     6.48    4/28/2018    CNY      51.39
VANZIP INVESTMENT GRO     7.92     2/4/2019    CNY      66.45
XIANGYANG CITY CONSTR     8.12    1/12/2019    CNY      64.23
XINING CITY INVESTMEN     7.70    4/27/2019    CNY      64.39
XUZHOU ECONOMIC TECHN     8.20     3/7/2019    CNY      64.60
XUZHOU XINSHENG CONST     7.48     5/8/2018    CNY      52.50
XUZHOU XINSHENG CONST     7.48     5/8/2018    CNY      52.59
YIBIN STATE-OWNED ASS     5.80    5/23/2018    CNY      72.05
ZHENJIANG CULTURE AND     5.86     5/6/2017    CNY      50.82
ZHUHAI HUAFA GROUP CO     8.43    2/16/2018    CNY      52.60
ZHUHAI ZHONGFU ENTERP     5.28    5/28/2015    CNY      55.50


INDIA
-----

ANSHAN CITY CONSTRUCT     8.25     3/5/2019    CNY      63.90
ANYANG INVESTMENT GRO     8.00    4/17/2019    CNY      64.39
BANGBU CITY INVESTMEN     5.78    8/10/2017    CNY      55.79
BEIJING ECONOMIC TECH     5.29     3/6/2018    CNY      71.69
CHANGSHA CITY CONSTRU     6.95    4/24/2019    CNY      63.23
CHANGSHA CITY CONSTRU     6.95    4/24/2019    CNY      64.80
CHANGSHA COUNTY XINGC     8.35     4/6/2019    CNY      64.76
CHANGSHA HIGH TECHNOL     7.30   11/22/2017    CNY      72.45
CHANGSHU BINJIANG URB     6.85    4/27/2019    CNY      63.14
CHANGSHU BINJIANG URB     6.85    4/27/2019    CNY      83.90
CHANGSHU CITY OPERATI     8.00    1/16/2019    CNY      64.09
CHANGSHU CITY OPERATI     8.00    1/16/2019    CNY      62.71
CHANGZHOU INVESTMENT      5.80     7/1/2016    CNY      39.92
CHANGZHOU INVESTMENT      5.80     7/1/2016    CNY      40.05
CHANGZHOU WUJIN CITY      5.42     6/9/2016    CNY     100.00
CHAOYANG CONSTRUCTION     7.30    5/25/2019    CNY      64.28
CHENGDU XINCHENG XICH     8.35    3/19/2019    CNY      63.01
CHENGDU XINCHENG XICH     8.35    3/19/2019    CNY      65.96
CHIFENG CITY INFRASTR     6.18    5/18/2017    CNY      51.00
CHONGQING HECHUAN RUR     8.28    4/10/2018    CNY      52.48
CHONGQING HECHUAN RUR     8.28    4/10/2018    CNY      52.81
CHONGQING HECHUAN URB     6.95     1/6/2018    CNY      71.35
CHONGQING JIANGJIN HU     6.95     1/6/2018    CNY      71.81
CHONGQING NAN'AN DIST     8.20     4/9/2019    CNY      63.44
CHONGQING NAN'AN DIST     6.29   12/24/2017    CNY      61.79
CHONGQING XINGRONG HO     8.35    4/19/2019    CNY      64.20
CHONGQING YONGCHUAN H     7.49    3/14/2018    CNY      72.00
CHONGQING YONGCHUAN H     7.49    3/14/2018    CNY      72.75
CHONGQING YUXING CONS     7.29    12/8/2017    CNY      72.19
CHUXIONG AUTONOMOUS D     6.08   10/18/2017    CNY      81.65
DALI ECONOMIC DEVELOP     8.80    4/24/2019    CNY      64.92
DANYANG INVESTMENT GR     8.10     3/6/2019    CNY      63.94
DANYANG INVESTMENT GR     8.10     3/6/2019    CNY      64.03
DRILL RIGS HOLDINGS I     6.50    10/1/2017    USD      54.00
DRILL RIGS HOLDINGS I     6.50    10/1/2017    USD      54.00
ERDOS DONGSHENG CITY      8.40    2/28/2018    CNY      49.12
GUANGAN INVESTMENT HO     8.18    4/25/2019    CNY      64.51
GUANGAN INVESTMENT HO     8.18    4/25/2019    CNY      62.53
GUILIN ECONOMIC CONST     6.90     5/9/2018    CNY      52.30
GUILIN ECONOMIC CONST     6.90     5/9/2018    CNY      76.50
GUIYANG ECO&TECH DEVE     8.42    3/27/2019    CNY      63.29
GUOAO INVESTMENT DEVE     6.89   10/29/2018    CNY      68.13
HAIAN COUNTY CITY CON     8.35    3/28/2018    CNY      52.49
HAIAN COUNTY CITY CON     8.35    3/28/2018    CNY      52.20
HAIMEN CITY DEVELOPME     8.35    3/20/2019    CNY      62.00
HAIMEN CITY DEVELOPME     8.35    3/20/2019    CNY      64.09
HANGZHOU XIAOSHAN STA     6.90   11/22/2016    CNY      40.38
HANGZHOU YUHANG CITY      7.55    3/29/2019    CNY      64.10
HANGZHOU YUHANG CITY      7.55    3/29/2019    CNY      63.65
HEFEI TAOHUA INDUSTRI     8.79    3/27/2019    CNY      63.93
HEFEI XINCHENG STATE-     7.88    4/23/2019    CNY      63.09
HEFEI XINCHENG STATE-     7.88    4/23/2019    CNY      62.00
HEILONGJIANG HECHENG      7.78   11/17/2016    CNY      39.71
HUAIAN CITY URBAN ASS     7.15   12/21/2016    CNY      40.55
HUAIAN CITY WATER ASS     8.25     3/8/2019    CNY      64.22
HUAIAN QINGHE NEW ARE     6.79    4/29/2017    CNY      40.99
HUAIHUA CITY CONSTRUC     8.00    3/22/2018    CNY      51.31
HUAIHUA CITY CONSTRUC     8.00    3/22/2018    CNY      52.91
HUZHOU MUNICIPAL CONS     7.02   12/21/2017    CNY      72.44
HUZHOU NANXUN STATE-O     8.15    3/31/2019    CNY      63.65
JIAMUSI NEW ERA INFRA     8.25    3/22/2019    CNY      62.00
JIAMUSI NEW ERA INFRA     8.25    3/22/2019    CNY      63.17
JIAN CITY CONSTRUCTIO     7.80    4/20/2019    CNY      63.96
JIANGDONG HOLDING GRO     6.90    3/27/2019    CNY      61.90
JIANGDU XINYUAN INDUS     8.10    3/23/2019    CNY      63.50
JIANGDU XINYUAN INDUS     8.10    3/23/2019    CNY      63.70
JIANGSU HUAJING ASSET     5.68    9/28/2017    CNY      50.32
JIANGSU HUAJING ASSET     5.68    9/28/2017    CNY      50.53
JIANGSU TAICANG PORT      7.66    5/16/2019    CNY      64.25
JIASHAN STATE-OWNED A     6.80     6/6/2019    CNY      63.06
JIAXING CULTURE FAMOU     8.16     3/8/2019    CNY      63.68
JILIN PROVINCIAL COAL     6.00   11/11/2016    CNY      55.00
JINAN CITY CONSTRUCTI     6.98    3/26/2018    CNY      52.11
JINGJIANG BINJIANG XI     6.80   10/23/2018    CNY      66.03
JINGZHOU URBAN CONSTR     7.98    4/24/2019    CNY      65.03
JINING CITY CONSTRUCT     8.30   12/31/2018    CNY      63.69
JINTAN CONSTRUCTION I     8.30    3/14/2019    CNY      64.60
JIUJIANG CITY CONSTRU     8.49    2/23/2019    CNY      61.00
JIUJIANG CITY CONSTRU     8.49    2/23/2019    CNY      64.81
KUNMING WUHUA DISTRIC     8.60    3/15/2018    CNY      52.89
KUNMING WUHUA DISTRIC     8.60    3/15/2018    CNY      53.21
LAIWU CITY ECONOMIC D     6.50     3/1/2018    CNY      62.25
LESHAN STATE-OWNED AS     6.99    3/18/2018    CNY      72.98
LESHAN STATE-OWNED AS     6.99    3/18/2018    CNY      73.13
LIAOYUAN STATE-OWNED      7.80    1/26/2017    CNY      40.44
LIAOYUAN STATE-OWNED      8.17    3/13/2019    CNY      62.53
LINAN CITY CONSTRUCTI     8.15     3/9/2018    CNY      52.30
LINAN CITY CONSTRUCTI     8.15     3/9/2018    CNY      51.96
LINYI INVESTMENT DEVE     8.10    3/27/2018    CNY      52.83
LIUZHOU DONGCHENG INV     8.30    2/15/2019    CNY      63.02
LONGHAI STATE-OWNED A     8.25    12/2/2017    CNY      72.57
LUOHE CITY CONSTRUCTI     6.81    3/30/2017    CNY      30.61
LUOHE CITY CONSTRUCTI     6.81    3/30/2017    CNY      30.35
NANAN CITY TRADE INDU     8.50    4/25/2019    CNY      64.71
NANCHONG CHEMICAL IND     8.16    4/26/2019    CNY      64.15
NANJING HEXI NEW TOWN     6.40     2/3/2017    CNY      61.26
NANJING JIANGNING SCI     7.29    4/28/2019    CNY      63.64
NANTONG CITY TONGZHOU     6.80    5/28/2019    CNY      83.33
NANTONG CITY TONGZHOU     6.80    5/28/2019    CNY      81.00
NANTONG STATE-OWNED A     6.72   11/13/2016    CNY      40.55
NEIMENGGU XINLINGOL X     7.62    2/25/2018    CNY      71.76
NINGBO CITY ZHENHAI I     6.48    4/12/2017    CNY      40.95
NINGBO URBAN CONSTRUC     7.39     3/1/2018    CNY      52.59
NINGBO URBAN CONSTRUC     7.39     3/1/2018    CNY      52.37
NINGDE CITY STATE-OWN     6.25   10/21/2017    CNY      40.69
NONGGONGSHANG REAL ES     6.29   10/11/2017    CNY      71.67
PANJIN CONSTRUCTION I     7.50    5/17/2019    CNY      63.64
PANJIN CONSTRUCTION I     7.70   12/16/2016    CNY      40.90
PINGDINGSHAN CITY DEV     7.86     5/8/2019    CNY      85.00
PUTIAN STATE-OWNED AS     8.10    3/21/2019    CNY      64.20
PUTIAN STATE-OWNED AS     8.10    3/21/2019    CNY      64.40
QIANDONG NANZHOU DEVE     8.80    4/27/2019    CNY      63.19
QINGDAO CITY CONSTRUC     6.19    2/16/2017    CNY      40.85
QINGDAO CITY CONSTRUC     6.89    2/16/2019    CNY      62.86
QINGDAO CITY CONSTRUC     6.89    2/16/2019    CNY      63.50
QINGDAO HUATONG STATE     7.30    4/18/2019    CNY      63.73
QINGDAO HUATONG STATE     7.30    4/18/2019    CNY      63.60
QINGZHOU HONGYUAN PUB     6.50    5/22/2019    CNY      31.41
QINZHOU CITY DEVELOPM     6.72    4/30/2017    CNY      51.04
QUANZHOU QUANGANG PET     8.40    4/16/2019    CNY      62.30
QUANZHOU QUANGANG PET     8.40    4/16/2019    CNY      63.93
QUNSHAN HUAQIAO INTER     7.98   12/30/2018    CNY      63.88
SHANDONG TAIFENG HOLD     5.80    3/12/2020    CNY      74.37
SHIYAN CITY INFRASTRU     7.98    4/20/2019    CNY      64.80
SICHUAN DEVELOPMENT H     5.40   11/10/2017    CNY      71.28
SUQIAN ECONOMIC DEVEL     7.50    3/26/2019    CNY      64.13
SUZHOU CONSTRUCTION I     7.45    3/12/2019    CNY      63.69
SUZHOU INDUSTRIAL PAR     5.79    5/30/2019    CNY      62.08
SUZHOU INDUSTRIAL PAR     5.79    5/30/2019    CNY      63.63
TAIXING ZHONGXING STA     8.29    3/27/2018    CNY      52.90
TAIXING ZHONGXING STA     8.29    3/27/2018    CNY      54.17
TAIZHOU HAILING ASSET     8.52    3/21/2019    CNY      64.39
TAIZHOU HAILING ASSET     8.52    3/21/2019    CNY      64.21
TIANJIN BINHAI NEW AR     5.00    3/13/2018    CNY      71.61
TIANJIN BINHAI NEW AR     5.00    3/13/2018    CNY      72.00
TIANJIN HI-TECH INDUS     7.80    3/27/2019    CNY      63.76
TIANJIN HI-TECH INDUS     7.80    3/27/2019    CNY      63.79
TIELING PUBLIC ASSETS     7.34    5/29/2018    CNY      52.30
TONGLIAO CITY INVESTM     5.98     9/1/2017    CNY      71.08
TONGLIAO CITY INVESTM     5.98     9/1/2017    CNY      71.00
WAFANGDIAN STATE-OWNE     8.55    4/19/2019    CNY      64.35
WENZHOU ANJUFANG CITY     7.65    4/24/2019    CNY      64.09
WUHAI CITY CONSTRUCTI     8.20    3/31/2019    CNY      63.95
WUHAI CITY CONSTRUCTI     8.20    3/31/2019    CNY      63.50
WUHU ECONOMIC TECHNOL     6.70     6/8/2018    CNY      67.66
WUXI COMMUNICATIONS I     5.58     7/8/2016    CNY      49.81
XIANGTAN CITY CONSTRU     8.00    3/16/2019    CNY      63.50
XIANGTAN CITY CONSTRU     8.00    3/16/2019    CNY      64.24
XIANGTAN JIUHUA ECONO     6.93   12/16/2016    CNY      40.37
XIANGYANG CITY CONSTR     8.12    1/12/2019    CNY      63.90
XIAOGAN URBAN CONSTRU     8.12    3/26/2019    CNY      64.46
XINJIANG SHIHEZI DEVE     7.50    8/29/2018    CNY      72.60
XINXIANG INVESTMENT G     6.80    1/18/2018    CNY      72.59
XUCHANG GENERAL INVES     7.78    4/27/2019    CNY      64.33
XUZHOU ECONOMIC TECHN     8.20     3/7/2019    CNY      64.62
YANGZHONG URBAN CONST     7.10    3/26/2018    CNY      73.07
YANGZHOU ECONOMIC DEV     6.10     7/7/2016    CNY      50.10
YANGZHOU ECONOMIC DEV     6.10     7/7/2016    CNY      50.00
YANGZHOU URBAN CONSTR     5.94    7/23/2016    CNY      40.10
YANGZHOU URBAN CONSTR     5.94    7/23/2016    CNY      40.12
YANZHOU HUIMIN URBAN      8.50   12/28/2017    CNY      52.69
YIJINHUOLUOQI HONGTAI     8.35    3/19/2019    CNY      58.75
YIJINHUOLUOQI HONGTAI     8.35    3/19/2019    CNY      57.72
YINCHUAN URBAN CONSTR     6.28     3/9/2017    CNY      25.26
YINGKOU CITY CONSTRUC     7.98    4/18/2020    CNY      72.50
YINGTAN INVESTMENT FI     8.15    2/23/2017    CNY      51.59
YIYANG CITY CONSTRUCT     8.20   11/19/2016    CNY      40.73
YUNNAN PROVINCIAL INV     5.25    8/24/2017    CNY      70.84
ZHANGJIAGANG JINCHENG     6.23     1/6/2018    CNY      61.11
ZHEJIANG PROVINCE DEQ     6.90    4/12/2018    CNY      71.94
ZHENJIANG CULTURE AND     5.86     5/6/2017    CNY      50.62
ZHENJIANG NEW AREA EC     8.16     3/1/2019    CNY      63.00
ZHENJIANG NEW AREA EC     8.16     3/1/2019    CNY      62.97
ZHENJIANG TRANSPORTAT     7.29     5/8/2019    CNY      63.26
ZHENJIANG TRANSPORTAT     7.29     5/8/2019    CNY      63.18
ZHUCHENG ECONOMIC DEV     6.40    4/26/2018    CNY      41.24
ZHUCHENG ECONOMIC DEV     7.50    8/25/2018    CNY      40.91
ZHUCHENG ECONOMIC DEV     6.40    4/26/2018    CNY      39.00
ZHUHAI HUAFA GROUP CO     8.43    2/16/2018    CNY      52.90
ZHUHAI ZHONGFU ENTERP     6.60    3/28/2017    CNY      55.50
ZIBO CITY PROPERTY CO     5.45    4/27/2019    CNY      36.99
ZOUCHENG CITY ASSET O     7.02    1/12/2018    CNY      41.32
ZOUPING COUNTY STATE-     6.98    4/27/2018    CNY      71.71
ZOUPING COUNTY STATE-     6.98    4/27/2018    CNY      73.05
ZUNYI CITY INVESTMENT     8.53    3/13/2019    CNY      64.50
ZUNYI CITY INVESTMENT     8.53    3/13/2019    CNY      64.70


INDONESIA
---------

BERAU COAL ENERGY TBK     7.25    3/13/2017    USD      19.50
BERAU COAL ENERGY TBK     7.25    3/13/2017    USD      19.50


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017    USD      10.50
BLUE DART EXPRESS LTD     9.30   11/20/2017    INR      10.04
BLUE DART EXPRESS LTD     9.40   11/20/2018    INR      10.09
BLUE DART EXPRESS LTD     9.50   11/20/2019    INR      10.15
COROMANDEL INTERNATIO     9.00    7/23/2016    INR      16.17
GTL INFRASTRUCTURE LT     4.53    11/9/2017    USD      23.38
JAIPRAKASH ASSOCIATES     5.75     9/8/2017    USD      65.31
JCT LTD                   2.50     4/8/2011    USD      22.13
PRAKASH INDUSTRIES LT     5.25    4/30/2015    USD      20.38
PYRAMID SAIMIRA THEAT     1.75     7/4/2012    USD       1.00
REI AGRO LTD              5.50   11/13/2014    USD       1.35
REI AGRO LTD              5.50   11/13/2014    USD       1.35
SVOGL OIL GAS & ENERG     5.00    8/17/2015    USD      20.00


JAPAN
-----

AVANSTRATE INC            5.55   10/31/2017    JPY      33.25
AVANSTRATE INC            5.55   10/31/2017    JPY      37.00
MICRON MEMORY JAPAN I     0.70     8/1/2016    JPY       8.38
MICRON MEMORY JAPAN I     0.50   10/26/2015    JPY       7.50
MICRON MEMORY JAPAN I     2.03    3/22/2012    JPY       8.38
MICRON MEMORY JAPAN I     2.10   11/29/2012    JPY       8.38
MICRON MEMORY JAPAN I     2.29    12/7/2012    JPY       8.38
TAKATA CORP               0.58    3/26/2021    JPY      65.63
TAKATA CORP               1.02   12/15/2017    JPY      75.50
TAKATA CORP               0.85     3/6/2019    JPY      70.38


KOREA
-----

2014 KODIT CREATIVE T     5.00   12/25/2017    KRW      32.28
2014 KODIT CREATIVE T     5.00   12/25/2017    KRW      32.28
DOOSAN CAPITAL SECURI    20.00    4/22/2019    KRW      43.76
HANA FINANCIAL GROUP      3.95    5/29/2045    KRW     444.60
HYUNDAI MERCHANT MARI     5.80     7/7/2016    KRW      48.63
HYUNDAI MERCHANT MARI     5.30     7/3/2017    KRW      48.63
HYUNDAI MERCHANT MARI     6.20    3/28/2017    KRW      48.63
KIBO ABS SPECIALTY CO    10.00     9/4/2016    KRW      52.18
KIBO ABS SPECIALTY CO     5.00    1/31/2017    KRW      33.83
KIBO ABS SPECIALTY CO     5.00    3/29/2018    KRW      31.19
KIBO ABS SPECIALTY CO    10.00    2/19/2017    KRW      39.18
KIBO ABS SPECIALTY CO     5.00   12/25/2017    KRW      30.86
KIBO ABS SPECIALTY CO    10.00    8/22/2017    KRW      23.80
LSMTRON DONGBANGSEONG     4.53   11/22/2017    KRW      31.77
PULMUONE CO LTD           2.50     8/6/2045    KRW      52.46
PULMUONE CO LTD           2.50     8/6/2045    KRW      52.46
SINBO SECURITIZATION      5.00    8/27/2019    KRW      26.43
SINBO SECURITIZATION      5.00   12/25/2016    KRW      34.27
SINBO SECURITIZATION      5.00    1/15/2018    KRW      32.09
SINBO SECURITIZATION      5.00    1/15/2018    KRW      32.09
SINBO SECURITIZATION      5.00    6/29/2016    KRW      64.63
SINBO SECURITIZATION      5.00    2/27/2019    KRW      28.21
SINBO SECURITIZATION      5.00    2/27/2019    KRW      28.21
SINBO SECURITIZATION      5.00    7/26/2016    KRW      54.59
SINBO SECURITIZATION      5.00    7/26/2016    KRW      54.59
SINBO SECURITIZATION      5.00    3/18/2019    KRW      27.98
SINBO SECURITIZATION      5.00    3/18/2019    KRW      27.98
SINBO SECURITIZATION      5.00    8/31/2016    KRW      46.46
SINBO SECURITIZATION      5.00    8/31/2016    KRW      46.46
SINBO SECURITIZATION      5.00    1/30/2019    KRW      28.41
SINBO SECURITIZATION      5.00   10/30/2019    KRW      19.80
SINBO SECURITIZATION      5.00    2/11/2018    KRW      31.58
SINBO SECURITIZATION      5.00    2/11/2018    KRW      31.58
SINBO SECURITIZATION      5.00    7/24/2017    KRW      32.40
SINBO SECURITIZATION      5.00    7/24/2018    KRW      30.44
SINBO SECURITIZATION      5.00    7/24/2018    KRW      30.44
SINBO SECURITIZATION      5.00    1/30/2019    KRW      28.41
SINBO SECURITIZATION      5.00    3/12/2018    KRW      31.34
SINBO SECURITIZATION      5.00    6/27/2018    KRW      30.66
SINBO SECURITIZATION      5.00    3/12/2018    KRW      31.34
SINBO SECURITIZATION      5.00    6/27/2018    KRW      30.66
SINBO SECURITIZATION      5.00    10/5/2016    KRW      41.37
SINBO SECURITIZATION      5.00    10/5/2016    KRW      41.37
SINBO SECURITIZATION      5.00    6/25/2019    KRW      26.98
SINBO SECURITIZATION      5.00    6/25/2018    KRW      29.12
SINBO SECURITIZATION      5.00   12/13/2016    KRW      35.58
SINBO SECURITIZATION      5.00    5/26/2018    KRW      29.39
SINBO SECURITIZATION      5.00    1/29/2017    KRW      35.08
SINBO SECURITIZATION      5.00    2/21/2017    KRW      34.82
SINBO SECURITIZATION      5.00     6/7/2017    KRW      16.78
SINBO SECURITIZATION      5.00     6/7/2017    KRW      16.78
SINBO SECURITIZATION      5.00    7/29/2019    KRW      26.67
SINBO SECURITIZATION      5.00     7/8/2017    KRW      33.70
SINBO SECURITIZATION      5.00    7/29/2018    KRW      28.79
SINBO SECURITIZATION      5.00     7/8/2017    KRW      33.70
SINBO SECURITIZATION      5.00    8/29/2018    KRW      29.92
SINBO SECURITIZATION      5.00    8/29/2018    KRW      29.92
SINBO SECURITIZATION      5.00    2/21/2017    KRW      34.82
SINBO SECURITIZATION      5.00   12/23/2018    KRW      28.76
SINBO SECURITIZATION      5.00   12/23/2018    KRW      28.76
SINBO SECURITIZATION      5.00   12/23/2017    KRW      30.88
SINBO SECURITIZATION      5.00    3/13/2017    KRW      34.60
SINBO SECURITIZATION      5.00    3/13/2017    KRW      34.60
SINBO SECURITIZATION      5.00    10/1/2017    KRW      32.79
SINBO SECURITIZATION      5.00    10/1/2017    KRW      32.79
SINBO SECURITIZATION      5.00    10/1/2017    KRW      32.79
SINBO SECURITIZATION      5.00    8/16/2016    KRW      47.25
SINBO SECURITIZATION      5.00    8/16/2017    KRW      33.30
SINBO SECURITIZATION      5.00    8/16/2017    KRW      33.30
SINBO SECURITIZATION      5.00    9/26/2018    KRW      29.70
SINBO SECURITIZATION      5.00    9/26/2018    KRW      29.70
SINBO SECURITIZATION      5.00    9/26/2018    KRW      29.70
TONGYANG CEMENT & ENE     7.50    9/10/2014    KRW      70.00
TONGYANG CEMENT & ENE     7.30    4/12/2015    KRW      70.00
TONGYANG CEMENT & ENE     7.50    7/20/2014    KRW      70.00
TONGYANG CEMENT & ENE     7.30    6/26/2015    KRW      70.00
TONGYANG CEMENT & ENE     7.50    4/20/2014    KRW      70.00
U-BEST SECURITIZATION     5.50   11/16/2017    KRW      33.12
WOONGJIN ENERGY CO LT     3.00   12/19/2019    KRW      71.96


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026    LKR      61.23
SRI LANKA GOVERNMENT      8.00     1/1/2032    LKR      69.49
SRI LANKA GOVERNMENT      9.00    11/1/2033    LKR      74.80
SRI LANKA GOVERNMENT      6.00    12/1/2024    LKR      67.99
SRI LANKA GOVERNMENT      9.00     6/1/2043    LKR      70.67


MALAYSIA
--------

BIMB HOLDINGS BHD         1.50   12/12/2023    MYR      74.55
BRIGHT FOCUS BHD          2.50    1/24/2030    MYR      72.52
BRIGHT FOCUS BHD          2.50    1/22/2031    MYR      69.86
LAND & GENERAL BHD        1.00    9/24/2018    MYR       0.26
SENAI-DESARU EXPRESSW     0.50   12/31/2040    MYR      67.56
SENAI-DESARU EXPRESSW     0.50   12/31/2043    MYR      70.69
SENAI-DESARU EXPRESSW     1.15   12/30/2022    MYR      74.24
SENAI-DESARU EXPRESSW     0.50   12/30/2044    MYR      71.66
SENAI-DESARU EXPRESSW     0.50   12/30/2039    MYR      66.56
SENAI-DESARU EXPRESSW     0.50   12/31/2041    MYR      68.54
SENAI-DESARU EXPRESSW     0.50   12/31/2042    MYR      69.71
SENAI-DESARU EXPRESSW     1.15    6/30/2023    MYR      72.63
SENAI-DESARU EXPRESSW     1.35   12/31/2026    MYR      63.44
SENAI-DESARU EXPRESSW     1.35    6/30/2031    MYR      52.36
SENAI-DESARU EXPRESSW     1.15   12/31/2024    MYR      67.86
SENAI-DESARU EXPRESSW     1.35   12/31/2027    MYR      60.85
SENAI-DESARU EXPRESSW     1.35   12/31/2025    MYR      66.22
SENAI-DESARU EXPRESSW     1.15   12/29/2023    MYR      71.03
SENAI-DESARU EXPRESSW     1.35    6/30/2026    MYR      64.76
SENAI-DESARU EXPRESSW     1.35    6/29/2029    MYR      57.11
SENAI-DESARU EXPRESSW     1.35   12/31/2030    MYR      53.54
SENAI-DESARU EXPRESSW     1.35   12/29/2028    MYR      58.33
SENAI-DESARU EXPRESSW     1.15    6/30/2025    MYR      66.32
SENAI-DESARU EXPRESSW     1.35    6/28/2030    MYR      54.74
SENAI-DESARU EXPRESSW     1.35    6/30/2027    MYR      62.12
SENAI-DESARU EXPRESSW     1.35    6/30/2028    MYR      59.59
SENAI-DESARU EXPRESSW     1.15    6/28/2024    MYR      69.46
SENAI-DESARU EXPRESSW     1.35   12/31/2029    MYR      55.90
SENAI-DESARU EXPRESSW     0.50   12/31/2038    MYR      65.07
UNIMECH GROUP BHD         5.00    9/18/2018    MYR       1.01


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LTD     7.89    5/18/2018    USD      59.00
BAKRIE TELECOM PTE LT    11.50     5/7/2015    USD       2.73
BAKRIE TELECOM PTE LT    11.50     5/7/2015    USD       2.73
BERAU CAPITAL RESOURC    12.50     7/8/2015    USD      18.18
BERAU CAPITAL RESOURC    12.50     7/8/2015    USD      18.38
BLD INVESTMENTS PTE L     8.63    3/23/2015    USD       8.25
BUMI CAPITAL PTE LTD     12.00   11/10/2016    USD      17.25
BUMI CAPITAL PTE LTD     12.00   11/10/2016    USD      15.85
BUMI INVESTMENT PTE L    10.75    10/6/2017    USD      17.25
BUMI INVESTMENT PTE L    10.75    10/6/2017    USD      15.85
ENERCOAL RESOURCES PT     6.00     4/7/2018    USD      10.88
GOLIATH OFFSHORE HOLD    12.00    6/11/2017    USD       5.00
INDO INFRASTRUCTURE G     2.00    7/30/2010    USD       1.88
ORO NEGRO DRILLING PT     7.50    1/24/2019    USD      43.00
OSA GOLIATH PTE LTD      12.00    10/9/2018    USD      62.00
OTTAWA HOLDINGS PTE L     5.88    5/16/2018    USD      75.00
OTTAWA HOLDINGS PTE L     5.88    5/16/2018    USD      70.92
PACIFIC RADIANCE LTD      4.30    8/29/2018    SGD      69.50
SWIBER HOLDINGS LTD       7.13    4/18/2017    SGD      60.50
TRIKOMSEL PTE LTD         5.25    5/10/2016    SGD      20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017    SGD      20.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADIN     1.00   10/10/2025    USD      51.03
DEBT AND ASSET TRADIN     1.00   10/10/2025    USD      50.65



                             *********

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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