TCRAP_Public/160705.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, July 5, 2016, Vol. 19, No. 131


                            Headlines


A U S T R A L I A

ARRIUM LTD: Lenders Eye Sell-Down of Their Exposure
ARRIUM LTD: Administrators Set Out Two-Track Plan
ENGENIUS SOLUTIONS: First Creditors' Meeting Slated For July 12
FRANCHISE FITOUTS: First Creditors' Meeting Set For July 13
GORDON SMITH: Placed Into Voluntary Administration

LIBERTY FUNDING: Moody's Assigns Ba3(sf) Rating to Class F Notes
LIVING CITIES: First Creditors' Meeting Slated For July 12
ROVA MEDIA: First Creditors' Meeting Set For July 12


C H I N A

CHINA: Domestic Credit Rating Agencies See No Debt Problem
CHINA SOUTH: Moody's Downgrades Corporate Family Rating to B2


H O N G  K O N G

CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino
CHINA FISHERY: Case Summary & 53 Largest Unsecured Creditors


I N D I A

AKASH OIL: ICRA Suspends 'B' Rating on INR45cr Bank Loan
AMY JEWELLERY: CRISIL Suspends 'B' Rating on INR20MM Cash Loan
ANNEX PHARMACEUTICAL: CRISIL Suspends 'B' Rating on INR40MM Loan
AR LOOMTEX: ICRA Suspends 'D' Rating on INR6.60cr Bank Loan
ARTEFACT PROJECTS: ICRA Lowers Rating on INR18cr LT Loan to D

C. BRIJESH: CRISIL Assigns 'C' Rating to INR75MM Term Loan
CUMBUM VALLEY: CRISIL Suspends 'D' Rating on INR100MM LT Loan
DEVI BOTTLE: CRISIL Suspends B+ Rating on INR150MM Cash Loan
DHAN LAXMI: CRISIL Assigns 'B+' Rating to INR50MM Term Loan
ENERGY COAL: CRISIL Suspends 'B' Rating on INR65MM Cash Loan

G KUMARAVEL: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
GRACE SPINNING: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan
GHANSHYAM PULSES: CRISIL Suspends B+ Rating on INR62.5MM Loan
GHANSHYAM UDHYOG: CRISIL Suspends B+ Rating on INR62.5MM Loan
HARSHA STONE: ICRA Reaffirms 'B' Rating on INR4.50cr Loan

INKAL VENTURES: CRISIL Lowers Rating on INR105MM Cash Loan to B+
KAMALA GINNING: ICRA Suspends 'B' Rating on INR30cr Loan
KARUN RICE: ICRA Suspends 'B' Rating on INR7.0cr Bank Loan
LALITA FOAMEX: ICRA Assigns 'D 'Rating to INR4.75cr Term Loan
LANTECH PHARMA: CRISIL Suspends B- Rating on INR150MM Loan

LAXMI COTTON: CRISIL Raises Rating on INR60MM Cash Loan to 'B'
M.R.R. INFRATECH: CRISIL Suspends 'B' Rating on INR700MM Loan
MOHAN RAO: ICRA Suspends 'B' Rating on INR10cr Bank Loan
NEXGEN CONSULTANCY: CRISIL Assigns B- Rating to INR57.1MM Loan
NORTH-COTT GINNING: ICRA Suspends 'B/A4' Rating on INR15cr Loan

PALANIAPPA MARKETING: CRISIL Suspends B+ Rating on INR70MM Loan
PARAS FOODS: ICRA Reaffirms 'B' Rating on INR8.0cr Cash Loan
PARSVNATH DEVELOPERS: CRISIL Reaffirms C Rating on INR1.31BB Loan
PCK COTTON: CRISIL Reaffirms B+ Rating on INR95MM Packing Loan
PEARL DISTILLERY: CRISIL Withdraws FB+ Fixed Deposits Rating

POONAM POLYMERS: ICRA Suspends 'B' Rating on INR10cr Loan
RAJSHREE SPINTEX: CRISIL Suspends B Rating on INR101.2MM Loan
S.S. POLYMERS: ICRA Suspends 'B' Rating on INR10cr Bank Loan
SANTHOSH RICE: ICRA Suspends B+ Rating on INR11.93cr Loan
SECURENS SYSTEMS: CRISIL Cuts Rating on INR30MM Loan to B+

SHALAK EATABLE: CRISIL Suspends 'B' Rating on INR167MM Term Loan
SION STEELS: ICRA Assigns 'B+' Rating to INR10cr LT Cash Loan
SPECTRA MOTORS: CRISIL Reaffirms B+ Rating on INR547.5MM Loan
SRI LAXMI: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
SRI RAMA: ICRA Assigns 'B' Rating to INR8.90cr Cash Loan

SRI VENKATA: CRISIL Assigns B+ Rating to INR80MM Cash Loan
SUBRAMANIAM AND CO: CRISIL Suspends B+ Rating on INR140MM Loan
SURYAVANSHI SPINNING: ICRA Cuts Rating on INR48cr Loan to 'D'
SVKR PROPERTY: CRISIL Suspends B+ Rating on INR150MM LT Loan
VENI WOOD: CRISIL Suspends 'B' Rating on INR12.5MM Cash Loan


M A L A Y S I A

1MALAYSIA: Abu Dhabi Fund Denies Guaranteeing Cayman Investments


N E W  Z E A L A N D

WHITE CLIFFS: Mike's Organic Brewery Placed Into Liquidation


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Ex-Chief Summoned Over Accounting Fraud


X X X X X X X X

* BOND PRICING: For the Week June 27 to July 1, 2016


                            - - - - -


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


ARRIUM LTD: Lenders Eye Sell-Down of Their Exposure
---------------------------------------------------
Bridget Carter and Gretchen Friemann at The Australian report
that Arrium Ltd's lenders are believed to be testing the market
for a potential sell-down of their exposure, sources were
reporting late last week.

The Australian relates that the iron ore miner and steel
manufacturer remains in voluntary administration with loans well
in excess of AUD2 billion.

Voluntary administrator Korda Mentha recently appointed
investment bank Deutsche for a sales process for a sale or float
of its grinding media business Moly-Cop, while testing the market
for a divestment of the entire company, the report notes.

It is understood that the debt on offer was less than AUD100
million, The Australian says. Some suggested that the seller was
in fact adviser Deutsche, which was the party testing the market
to gauge interest at 40c in the dollar, either as an agent for a
prospective buyer of the distressed debt or possibly in their own
right, according to the report.  The investment bank did not
comment.

The Australian says it is understood that Korda Mentha may
appoint joint lead managers to work alongside Deutsche by late
this month or early August, should floating the business become
an option.

                            About Arrium

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

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed on earlier in April.


ARRIUM LTD: Administrators Set Out Two-Track Plan
-------------------------------------------------
Daniel Palmer at The Australian reports that Arrium Ltd's
administrators will press forward with a dual-track sales process
of the group's Moly-Cop grinding media business as they look to
find a sustainable path for the troubled firm.

The Australian relates that KordaMentha -- appointed as
administrators on April 12 as Arrium buckled under the weight of
a AUD2 billion-plus debt load -- said a review of the group's
assets had now been completed, with the Moly-Cop divestment to
run parallel to a plan for a sale or recapitalisation of Arrium
Australia's combined steelworks, port and mining operations in
Whyalla.

The update follows a report in The Australian's Data Room column
on July 4 that revealed Arrium's lenders had recently been
testing market appetite for a debt selldown.

The Australian says the Whyalla economy is seen in grave danger
should the process prove unsuccessful, after much-publicised
research from Flinders University claimed the financial impact of
a closure would be more extreme than the collapse of the car
manufacturing industry in Detroit.

According to The Australian, KordaMentha partner Mark Mentha said
buyer enthusiasm appeared strong, with offshore entities in the
box seat.

"We have . . . received significant interest in the Arrium
Australia businesses, with inquiries from parties including
global steel companies, large mining companies and global private
equity firms," the report quotes Mr. Mentha as saying.

The administrators hoped a new plan to target AUD300 million in
annualised cost savings would help lure buyers into negotiations,
the report states.

"Significant progress is being made to reduce the cost base of
the mining and steel operations at Whyalla," Mr Mentha said.

A marketing program for the sale will begin later this month once
materials have been arranged for potential buyers, the report
says.

The Australian, meanwhile, reports that the dual-track process
for Moly-Cop will see an IPO weighed against the value offered by
a trade sale.

"Progress at this preliminary stage is encouraging," Mr Mentha,
as cited by The Australian, said.  "Moly-Cop is the largest and
most experienced manufacturer and supplier of grinding media to
mining operations worldwide. It is a strong business and is
expected to attract global interest."

The Australian notes that Arrium called on suitors to reveal
their interest in Moly-Cop last year as a divestment was sought
to stave off insolvency. However, the group was unable to find a
buyer willing to pay what it viewed as fair value.

The Australian has previously reported the interest of around 100
potential suitors was tested, while as many as 30 signed
confidentiality agreements to check the group's books.

                           About Arrium

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

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed on earlier in April.


ENGENIUS SOLUTIONS: First Creditors' Meeting Slated For July 12
---------------------------------------------------------------
Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne
were appointed as administrators of Engenius Solutions Pty. Ltd.
on July 1, 2016.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
July 12, 2016, at 2:30 p.m.


FRANCHISE FITOUTS: First Creditors' Meeting Set For July 13
-----------------------------------------------------------
Terence James O'Connor and Paul John Cook of Paul Cook &
Associates were appointed as administrators of Franchise Fitouts
Pty Ltd on July 4, 2016.

A first meeting of the creditors of the Company will be held at
Paul Cook & Associates, 105 Macquarie Street, in Hobart, on
July 13, 2016, at 10:30 a.m.


GORDON SMITH: Placed Into Voluntary Administration
--------------------------------------------------
Eloise Keating at SmartCompany reports that the parent company of
retail brands Rodney Clark and Gordon Smith has collapsed into
voluntary administration, however, the brands are reportedly
continuing to operate under a license agreement.

Gordon Smith Marketing was founded in 1992 and its women's
clothing brands include Gordon Smith, Amoire, Hammock & Vine,
Nouvelle Woman, Kiki & Lulu and Basic, SmartCompany says.

According to SmartCompany, the brands are sold in 15 Rodney Clark
retail stores, located on the east coast of Australia, as well as
through a Rodney Clark-branded online store.

SmartCompany, citing records from the Australian Securities and
Investments Commission, discloses that administrators were
appointed to Gordon Smith Marketing Pty Ltd, Rodney Clark Pty Ltd
and Rodney Clark Retail Pty Ltd on June 27, with Andrew Schwarz
from AS Advisory managing the administration.

The first meeting of the companies' creditors is scheduled to be
held in Sydney on July 7, SmartCompany relays.

SmartCompany relates that the business is continuing to trade and
according to Ragtrader, it entered into a contract of sale with
wholesaler Brands For Us prior to the appointment of a voluntary
administrator.

In a statement provided to SmartCompany, Mr. Schwarz confirmed
the sale of Rodney Clark to wholesaler Brands For Us, which owns
and operates two other women's fashion brands, Threadz and
Clarity.

According to SmartCompany, Mr. Schwarz said he expects all Rodney
Clark stores, except for the store in Indooroopilly in
Queensland, to continue to operate following the sale, which will
mean most employees will keep their jobs. The Rodney Clark
business currently employs around 100 people.

"It is going to be business as usual at the remaining Rodney
Clark stores and I am appealing to regular shoppers to continue
to support the business by making the most of the excellent
store-wide sale currently underway," the report quotes
Mr. Schwarz as saying.

Mr. Schwarz said it is too early to tell what caused the
collapse, but said the winter season had been "difficult" for
women's fashion retailers in general, SmartCompany relates.


LIBERTY FUNDING: Moody's Assigns Ba3(sf) Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service, ("Moody's") has assigned the following
definitive ratings to notes issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty PRIME
Series 2016-1 Trust

-- AUD 225.0 million Class A1 Notes, Assigned Aaa (sf)

-- AUD 25.8 million Class A2 Notes, Assigned Aaa (sf)

-- AUD 25.2 million Class B Notes, Assigned Aa2 (sf)

-- AUD 7.5 million Class C Notes, Assigned A2 (sf)

-- AUD 6.0 million Class D Notes, Assigned Baa1 (sf)

-- AUD 5.0 million Class E Notes, Assigned Ba1 (sf)

-- AUD 2.0 million Class F Notes, Assigned Ba3 (sf)

The AUD 2.0 million Class G1 and AUD 1.5 million Class G2 Notes
are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

RATINGS RATIONALE

The transaction is an Australian prime RMBS secured by a
portfolio of residential mortgage loans. All receivables were
originated and are serviced by Liberty Financial Pty Ltd
("Liberty").

This is the 5th prime RMBS transaction sponsored by Liberty.

The ratings take account of, among other factors:

-- Moody's said, "Class A1 and Class A2 Notes benefit from 25.0%
    and 16.4% credit enhancement (CE), while our MILAN CE
    assumption, the loss we expect the portfolio to suffer in the
    event of a severe recession scenario, is at 12.8%. Moody's
    expected loss for this transaction is 1.2%. The subordination
    strengthens ratings stability, should the pool experience
    losses above expectations.

-- "An appropriately sized liquidity facility, commensurate with
    our assessment of potential cash flow disruptions to
    noteholders as a result of a payment disruption."

-- The experience of Liberty in servicing residential mortgage
    portfolios. This is Liberty's 5th prime, and 23rd overall,
    RMBS securitisation, which highlights the lender's experience
    as a manager and servicer of securitised transactions.

The key transactional feature is as follows:

-- The rated notes will initially be repaid on a pro-rata basis.
    The Class G Notes do not step down and will only receive
    principal payments once all other notes have been repaid. The
    principal pay-down switches back to sequential pay across all
    notes, once the stepdown requirements are not satisfied.


LIVING CITIES: First Creditors' Meeting Slated For July 12
----------------------------------------------------------
Antony Resnick, David Solomons and Riad Tayeh of de Vries Tayeh
were appointed as administrators of Living Cities Development
Group Limited on July 1, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 11, 2 Mill
Street, in Perth, WA, on July 12, 2016, at 12:00 p.m.


ROVA MEDIA: First Creditors' Meeting Set For July 12
----------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
Rova Media Pty Ltd on June 30, 2016.

A first meeting of the creditors of the Company will be held at
Mediation Central, Ground Floor, 162 Goulburn Street, in Sydney,
on July 12, 2016, at 10:00 a.m.



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


CHINA: Domestic Credit Rating Agencies See No Debt Problem
----------------------------------------------------------
The Financial Times reports that some $1.3 trillion in Chinese
corporate loans -- equivalent to the size of the entire
Australian economy -- is "at risk" of turning bad, according to
the International Monetary Fund. But you would never guess that
anything was even slightly amiss in corporate China if you were
to consult the country's homegrown credit rating agencies, the FT
says.

Everything is just fine, say the top-10 Chinese credit rating
agencies, the FT relates. They have awarded an investment grade
rating to 99.5% of all rated publicly-issued debt outstanding,
the FT reports citing data compiled by Wind Information, a data
provider.

This sends a signal to investors that all but a tiny number of
the CNY13.2 trillion ($2tn) in rated enterprise bonds, corporate
bonds, medium-term notes and commercial paper are safe to hold --
in spite of the surge in corporate defaults so far this year to
triple the levels seen in the whole of 2015, The Australian
notes.  A total of 17 bonds have defaulted so far this year,
compared with six in 2015.

The domestic credit ratings are also sharply at odds with those
assigned by overseas rating agencies, such as Standard & Poor's,
Moody's and Fitch, the FT says.  In fact, some of the 474 issues
given a top-level AAA rating by domestic agencies received a
"junk" rating by the offshore agencies, the FT notes.

For example, Yanzhou Coal, a struggling coal company with soaring
debt multiples and a return on assets last year of just 0.1 per
cent, is given a top rating by domestic agencies but designated
as "junk" by Standard & Poor's, the FT says. Guangzhou R&F
Properties, a highly-indebted real estate company, falls into the
same category.

According to the FT, the dichotomy between domestic and offshore
credit rating agencies is also evident in a sharp divergence of
outlook on the future creditworthiness of Chinese corporations.

Moody's, for instance, is concerned over a broad deterioration in
credit quality, quadrupling the number of issuers to which it
assigns a negative outlook bias this year to a record high of 69
per cent of the issuers that it rates, the FT relates. The top 10
Chinese agencies, by contrast, are remaining upbeat, attaching a
negative outlook to only 1.8 per cent of issuers, according to
Wind Information, says the FT.

Critics said that domestic rating agencies are swayed by
government pressure -- as well as the entreaties of the
institutions that they rate - to deliver upbeat assessments, the
FT reports.


CHINA SOUTH: Moody's Downgrades Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service has downgraded China South City
Holdings Limited's (CSC) corporate family rating to B2 from B1.

The rating outlook is negative.

RATINGS RATIONALE

"The downgrade reflects our expectation of continued weak
contracted sales and credit metrics for CSC in the next 12 to 18
months, which will position the company in the mid-B rating
range," says Stephanie Lau, a Moody's Assistant Vice President
and Analyst.

In the fiscal year ending 31 March 2016 (FYE03/2016), CSC's
contracted sales amounted to HKD6.6 billion, down 41% year-on-
year.

Moody's expects that CSC's contracted sales will likely remain
subdued over the next 12-18 months due to persistent slow growth
in China's (Aa3 negative) economy.

Weakened business sentiment and a delay in the completion of
infrastructure for its projects will continue to pressure the
sales of CSC's trade center units.

The company's weak contracted sales, high inventory level, and
need to fund new construction will result in rising gross debt.

As such, the company's credit metrics are not likely to improve
in the next 12-18 months.

In FYE03/2016, CSC's inventory level rose to 4.8x of annual
revenue from 2.7x in FYE03/2015, revenue/debt deteriorated to 18%
from 39%, and EBIT/interest coverage dropped to 1.4x from 3.0x.

Moody's expects the company's revenue/debt and EBIT/interest
coverage to remain weak at around 16% and 1.4x, respectively, in
the next 12-18 months. Such levels position the company in the
mid-B rating range.

CSC's B2 corporate family rating reflects its unique business
model, which focuses on the development and operation of
integrated logistics and trade centers in China.

The rating also reflects CSC's stream of non-development
recurring income from rental, property management, logistics and
warehouses services, as well as e-commerce.

Such income is derived from the services that the company
provides at its logistics and trade centers, and is a stable
source of debt-servicing funds.

According to Moody's estimates, the company's non-development
recurring income covered about 0.7x of adjusted interest in
FYE03/2016, and this level will likely be maintained in the next
12 to 18 months.

In addition, the B2 corporate family rating considers CSC's
ability to access large suburban land plots at low cost. These
low land costs have helped the company achieve high gross margins
that offer some pricing flexibility during down cycles.

But the company has increased its development of residential
properties, which will reduce its overall profit margin further;
the margin fell to 48% in FYE03/2016 from 53% in FYE03/2015.

Moody's expects CSC's gross profit margin will decline below 48%
in the next 12-18 months.

In addition, the company's liquidity risk is moderately high.
Despite cash on hand of HKD11.7 billion at end-March 2016, it
will have to raise new debt to refinance its short-term debt of
around HKD10 billion and capital expenditure of around HKD7
billion.

The negative outlook reflects the company's weak sales
performance, weak credit metrics and moderately high liquidity
risk.

Given the negative outlook, there is limited upgrade pressure on
the rating.

However, the rating outlook could return to stable if the company
(1) improves its contracted sales performance; (2) reduces its
inventory level; and (3) improves its liquidity position through
reduced debt funding needs.

Downward rating pressure could arise if (1) CSC's liquidity
position deteriorates further due to a sales drop that is below
expectations or due to increased spending on land or
construction; or (2) the company's credit metrics deteriorate
further such that EBIT/interest is below 1.5x--1.0x or non-
development recurring revenue/gross interest ratio stays below
0.5x.

Any signs of weakened access to domestic bank funds will also
pressure the ratings.

China South City Holdings Limited, listed on the Hong Kong Stock
Exchange, is a developer and operator of large-scale integrated
logistics and trade centers in China. The company operates one
center in Shenzhen and is developing new trade centers in
Nanning, Nanchang, Xian, Harbin, Zhengzhou, Hefei and Chongqing.



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


CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino
---------------------------------------------------------
China Fishery Group Limited, the Singapore-listed unit of Hong
Kong's Pacific Andes International Holdings Ltd., filed a
voluntary petition under Chapter 11 of the Bankruptcy Code in the
U.S. Bankruptcy Court for the Southern District of New York on
June 30, 2016.

China Fishery, which sought bankruptcy protection with 15
affiliates, seeks to implement a restructuring of their
businesses and utilize the automatic stay to prevent creditors
from forcing a fire sale, which would preclude structurally
subordinated creditors and shareholders from realizing value.

The Debtors intend to operate their businesses in the ordinary
course during these Chapter 11 cases.

According to documents filed with the Court, "[T]he value of the
CF Group is in jeopardy as a result of the aggressive and
improper acts by certain lenders and natural events (El Nino)
that together have triggered a liquidity crisis.  A small group
of lenders have grown impatient with (or are outright hostile to)
a sale process that the Debtors commenced pre-petition and are
threatening to enforce their rights against their respective
Debtor obligors."

Ng Puay Yee, managing director of Pacific Andes, said that while
the Pacific Andes Group's initial goal was to maintain their
businesses while finding sufficient cash to pay off their
obligations, by September of 2015 it had become evident that they
might need to take drastic steps to preserve as much of the
Pacific Anded Group as possible.  Accordingly, it was
contemplated that some or all of the CF Group would be sold.  At
that time, an estimated market value of $1.6 to $1.7 billion had
been placed on the CF Group by Deloitte & Touche Financial
Advisory Services, Hong Kong.  Had a sale been consummated in
this range, the Initial Proposed Divestment would have allowed
all creditors of Pacific Andes to be paid in full.

                        Appointment of JPLs

On Nov. 25, 2015, all negotiations were derailed by the ex parte
commencement by The Hongkong and Shanghai Banking Corporation
Limited of an action in the Hong Kong Court seeking the winding
up of China Fishery Group Limited and China Fisheries
International Limited and the appointment of joint provisional
liquidators.

Three joint provisional liquidators were appointed on an ex parte
basis over CFGL and CFIL, two of the Debtors.  On Jan. 5, 2016,
their appointment was quashed by the very court that appointed
them due to a failure by the petitioning party to have presented
any credible evidence supporting the appointment of the JPLs.
Moreover, the Court found that the evidence that HSBC had
submitted was stale and did not merit the appointment in any way.

"The appointment of the JPLs severely impacted negotiations with
potential buyers and investors.  The uncertainty caused by the
appointment of the JPLs, and the suspension of operations,
unsettled buyers and investors.  Moreover, a forced deadline of
July 15, 2016, by which a sale must be completed has led many
potential buyers to take a "wait and see" attitude in hopes that
there might be a fire sale," Mr. Yee maintained.

               Restructuring Process for CFG Peru

In light of the immense and long standing financial difficulties
and ongoing threats that were faced by or made against CFG Peru
and the CF Group, especially with respect to its Peruvian
business, the CF Group concluded that it was necessary to protect
the Peruvian business of the CF Group.

On June 30, 2016, ordinary insolvency proceedings were commenced
in respect of each of CFG Investment, Copeinca and Sustainable
Fishing Resources by way of an involuntary petition since the
Peruvian Filing Entities were unable to satisfy the technical
requirements of being able to submit audited financial statements
for the fiscal year period ending April 30, 2016.  Shortly after
the commencement of the Peruvian Restructuring Proceedings, given
the integral nature of the Peruvian Filing Entities to the
Peruvian Andes Group and the CF Group, each of the Peruvian
Filing Entities filed a petition under Chapter 15 of the
Bankruptcy Code seeking recognition of the Peruvian Restructuring
Proceedings by the Bankruptcy Court.

                       About China Fishery

China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies.  The Pacific Andes Group
provides seafood products to leading global wholesalers,
processors and food service companies and has operations across
the seafood value chain.

As part of its business, the Pacific Andes Group engages in
harvesting, sourcing, ocean logistics and transportation, food
safety testing, processing, marketing and distribution of frozen
fish products, as well as fishmeal and fish oil.  The Pacific
Andes Group's businesses span the globe with major operations in
the People's Republic of China, the United States and Peru,
including processing businesses in China, Germany, France, the
United States and Peru.

The Debtors are comprised primarily of investment holding
companies and non-operating companies that previously were in the
business of trading frozen seafood products or providing freight
services.  The Debtors also include: Protein Trading, a fishmeal
trading company; SPSA, which provides shipping agency services;
CFGLPL, a property investment company; and CFIL.

CFG Investment S.A.C. Corporacion Pesquera Inca S.A.C. and
Sustainable Fishing Resources, S.A.C. are affiliates of the
Debtors, part of the CF Group, the subject of insolvency
proceedings in Peru and the subject of Chapter 15 filings before
the Bankruptcy Court.  Pacific Andes Resources Development
Limited is also contemplated to be the subject of insolvency
proceedings in Singapore and a Chapter 15 proceedings before the
Bankruptcy Court.

As of March 28, 2015, the Pacific Andes Group, on a consolidated
and unaudited basis, held approximately $4,669 million in assets
and $2,515 million in liabilities.  As of the Petition Date, the
Debtors have approximately $4.27 million of cash on hand,
including $1,687,007 on account of Meyer, Zuozzi, English, &
Klein, P.C. in New York (in the form of a retainer for the
rateable account of all Debtors), $1,720,000 on account with
Goldin Associates, LLC in New York and $650,000 on account with
RSR Consulting, LLC.

The CF Group employs more than 2,800 people, of which 2,400
employees are based in Peru.

The Debtors are represented by Howard B. Kleinberg; Edward J.
LoBello and Thomas R. Slome of Meyer, Suozzi, English & Klein as
counsel.  RSR Consulting LLC and Goldin Associates, LLC are the
Debtors' financial consultant.

The Debtors have requested joint administration of their Chapter
11 cases under Case No. 16-11895.


CHINA FISHERY: Case Summary & 53 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy
petitions:

  Debtor                                                 Case No.
  ------                                                 --------
  China Fishery Group Limited (Cayman)                   16-11895
  Rooms 3201-3210, Hong Kong Plaza
  188 Connaught Road West
  Hong Kong

  Pacific Andes International Holdings Limited (Bermuda) 16-11890

  N.S. Hong Investment (BVI) Limited                     16-11899
  South Pacific Shipping Agency Limited (BVI)            16-11924
  China Fisheries International Limited (Samoa)          16-11896
  CFGL (Singapore) Private Limited                       16-11915
  Chanery Investment Inc. (BVI)                          16-11921
  Champion Maritime Limited (BVI)                        16-11922
  Growing Management Limited (BVI)                       16-11919
  Target Shipping Limited (HK)                           16-11920
  Fortress Agents Limited (BVI)                          16-11916
  Ocean Expert International Limited (BVI)               16-11917
  Protein Trading Limited (Samoa)                        16-11923
  CFG Peru Investments Pte. Limited (Singapore)          16-11914
  Smart Group Limited (Cayman)                           16-11910
  Super Investment Limited (Cayman)                      16-11903

Nature of Business: Commercial Fishing

Chapter 11 Petition Date: June 30, 2016

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. James L. Garrity Jr.

Debtors' Counsel: Howard B. Kleinberg, Esq.
                  Edward J. LoBello, Esq.
                  Jil Mazer-Marino, Esq.
                  MEYER, SUOZZI, ENGLISH & KLEIN, P.C.
                  990 Stewart Avenue, Suite 300
                  Garden City, NY 11530
                  Tel: (516) 741-6565 Ext. 5718
                  Fax: (516) 741-6706
                  E-mail: hkleinberg@MSEK.com
                          elobello@msek.com
                          jmazermarino@msek.com

Debtors'
Financial
Consultant:       RSR CONSULTING, LLC AND
                  GOLDIN ASSOCIATES, LLC

Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $10 million to $50 million

The petition was signed by Ng Puay Yee, chief executive officer.

List of Debtors' 53 Largest Unsecured Creditors:

  Entity                          Nature of Claim    Claim Amount
  ------                          ---------------    ------------
Rabobank Intl, HK
$96,503,494
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

DBS Bank (HK) Ltd
$96,503,494
16th Fl, The Center
99 Queens Road
Central Hong Kong

HSBC
$96,503,494
L16, HSBC Main Bldng
1 Queen's Road
Central, Hong Kong

Standard Chartered Bnk (HK) Ltd
$96,503,494
15/F, Stndrd Charter Bnk Bldng
4-4A Des Voeux Road
Central Hong Kong

China CITIC Bnk Intl Ltd
$32,167,831
80th Fl, Intl Commerce Cntr
1 Austin West
Kowloon Hong Kong

TMF Trustee Ltd
$296,000,000
Corporate Trust
5th Fl, 6 St. Andrew St
London, EC4A 3AE
United Kingdom

Rabobank NFS Finance
$102,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Maybank
$95,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong

Rabobank
$94,375,235
Pickenpack Facility Agmnt
32/F, Three Pacific Place
1 Queens Road East
Hong Kong

Tapei Fubon Com Bk Co Ltd
$72,000,000
12F 169, Sec 4, Ren Ai Rd
Taipei, 106886
Taiwan

CITIC
$70,900,000
61-65 Des Voeux Road
Central Hong Kong

DBS
$58,000,000
16th Floor, The Center
99 Queens Road
Central Hong Kong

Maybank
$40,000,000
18/F CITIC Tower
1 Tim Mei Avenue
Central Hong Kong

Bank of America, N.A.
$30,000,000
52/F. Cheung Kong Center
2 Queen's Road Central
Central Hong Kong

Bank of America
$30,000,000
52/F, Cheung Kong Center
2 Queens Rd Central
Central Hong Kong

Rabobank
$22,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Brndbrg Mrt Invst Hldng
$15,558,581
L8, Medine Mews
La Chaussee
Port Louis, Mauritius

Andes Int'l Qingdao Ship
$13,651,769
N67 Yin Chuan Xi Rd, BID
Qingdao Amintn Ind Pk 4F1
Qingdao City 266000
Shandong Province, China

Rabobank
$12,000,000
32/F, 3 Pacific Place
1 Queens Road East
Hong Kong

Fubon
$11,000,000
Fubon Bank
38 Des Voeux Road
Central Hong Kong

Standard Charter Bank
$8,000,000
Standard Charter Bank Building
5/F 4-4A Des Voeux Rd
Central Hong Kong

DLA PIPER HONG KONG
$1,789,232
17th Flr, Edinburgh Twr
The Landmark
15 Queen's Road Central
Hong Kong

Grant Thornton Recovery
$907,427
Level 12, 28 Hennessy Rd
Wanchai Hong Kong

Brndbrg Nam Invt Co
$783,559
Erf 2347 10th St E
Industrial Area
PO Box 658 Walvisbay
Republic of Namibia

Deloitte Touche Tohmatsu
$682,261
35/F One Pacific Place
88 Queensway
Hong Kong

Baraka Seari Ltd
$657,200
Rm 1401-2
Easey Comercial Bldng
253-261 Hennessy Rd
Wanchai, Hong Kong

Meridian Invst Group Pte
$442,001
138 Cecil Street
#12-01 A Cecil Court
Singapore 069538
Singapore

Taishin                                                  $400,000
No. 118, Sec 4, Ren-ai Rd
Da-an District
Taipei City 106
Taiwan

Deloitte & Touche Fin Adv                                $384,615
32/F Once Pacific Place
88 Queensway
Hong Kong

RSM Corp Advisory HK Ltd                                 $384,615
29th Lee Garden Two
28 Yun Ping Road
Causeway Bay
Hong Kong

Guangtai Trading Ltd                                     $345,552
Trust Company Complex
Ajeltake Rd, Majuro
Rep of the Marshall Is
MH96960

Sang II Trading Co Ltd.                                  $342,854
Rm 504, 125 Wonyang-Ro
Seo-Gu, Busan 602-030
South Korea

Atl Pacific Fishing Ltd                                  $341,149
Erf 2347 10th Street East
Industrial Area
PO Box 658 Walvisbay
Republic of Namibia

PricewaterhouseCoopersLtd                                $256,410
22/F Prince's Building
Central Hong Kong

Deloitte Touche Tohmatsu                                 $251,282
35/F One Pacific Place
88 Queensway Hong Kong

Qingdao Jncai Plgic Fish                                 $231,150
No. 1 Chang An Rd
4th F1, Shibei District
Qingdao City 266000
Shandong Prov China

Rngchng Lngyn Ship Agcy                                  $209,624
Xixiakou County
ChengShan Town
RongCheng City
Shandong, China

Baker & McKenzie                                         $200,275
14/F, Hutchison House
10 Harcourt Road

Central Hong Kong

Andes Intl Qingdao Shp 4F                                $173,231
N67 Yin Chuan Xi Rd Bk D
Qingdao Amination Ind Pk
ShinanDstQingdaoCty 266000
Shandong Province, China

Andes Intl Qingdao Shp 4F                                $173,231
N67 Yin Chuan Xi Rd Bk D
Qingdao Amination Ind Pk
ShinanDstQingdaoCty 266000
Shandong Province, China

Sifang Dist Haiynbo Ship                                 $158,265
Accessories Supply Center
No.7 Wen Zhou Rd
Qingdao Shandong, China

QINGDAO SHNGBNGKN TRD                                    $148,924
Trde Cntr Chengyang Vil
Chengyang Street
Chengyang District
Qingdao Shandong China

Andes Int'l Shpng Agcy                                   $118,175
N67 Yin Chuan Xi Rd, BID
Qingdao Amntn Ind Pk 4F1
Qingdao City 266000
Shandong Province, China

Qingdao Drfng Gng Co Ltd                                 $116,914
No.31 Yongping Rd
Qingdao, China

Rngchng Hetai Shngm Co                                   $115,366
Rongcheng Bay Street Office
Xuangzhen Village
Shandong, China

Mourant Ozannes Sery Ltd                                 $110,947
13/F Entertainment Bldng
30 Queen's Road
Central Hong Kong

City N Dst, Shanghai Elec                                $101,884
Huatong Elec Dstr Dept
No.232
Weihai Road, Qingdao
Shandong, China

Alatir Ltd.                                          $104,286,159
No 80 Raffles Pl, #26-02
UOB Plaza One
Singapore 048625

Epiq Systems Limited                                      $95,668
1102-1104 Central Plaza

18 Harbour Road
Wanchai Hong Kong

Shell Marine Prod Sing
$83,454
Metropolis Tower 1
9N Buona Vsta Dr, 07-01
Singapore 138588

Shangong Haoyuntong
$81,545
Nets Technology Co., Ltd
No.318 Muyun Rd
Shidao, Rongcheng
Shandong, China

Sang Il Trading Co Ltd
$77,827
Rm 504, 125, Wonyang-Ro
Seo-Gu, Busan 602-030
South Korea

Perun Ltd.
Unliquidated
No 80 Raffles P1, #26-01
UOB Plaza One
Singapore 048624



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


AKASH OIL: ICRA Suspends 'B' Rating on INR45cr Bank Loan
--------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR45.00 crore bank facilities of Akash Oil & Cotton factory.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


AMY JEWELLERY: CRISIL Suspends 'B' Rating on INR20MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amy
Jewellery Designers (AJD).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL B/Stable
   Foreign Discounting
   Bill Purchase            30       CRISIL A4
   Packing Credit           10       CRISIL A4

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

AJD is a proprietorship firm established in 2010 by Mr. Sachu T
Russak. The firm manufactures gold jewellery, under the brand,
AMY Jewel Designers. The firm has a factory outlet in Edapally,
Kochi.


ANNEX PHARMACEUTICAL: CRISIL Suspends 'B' Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Annex Pharmaceutical & Chemicals Private Limited (Annex).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable
   Term Loan               40        CRISIL B/Stable

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

Annex, based in Mumbai, manufactures speciality chemicals, mainly
solvents. The company was incorporated in 2006 by Mr. Sirajuddin
Khan and his sons Mr. Sahabuddin Khan and Mr. Sadruddin Khan. The
company's manufacturing facility is in Ahmednagar (Maharashtra).
It is implementing a capex programme of INR60 million to upgrade
its machines; the capex will be funded in a debt-to-equity ratio
of 2 times.


AR LOOMTEX: ICRA Suspends 'D' Rating on INR6.60cr Bank Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]D to the
INR6.601 crore fund-based bank facilities and INR13.15 crore
unallocated/ proposed bank facilities of AR Loomtex India Private
Limited. ICRA has also suspended its short-term rating of [ICRA]D
to the INR0.25 crore non fund-based bank facilities of ARLI. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Promoted by Mr. Mukesh Gupta and his family, AR Loomtex India
Private Limited (ARLI), is engaged in manufacture of woven fabric
used in furnishing products, like curtain and sofa cloths. ARLI's
manufacturing unit is located in Badi Industrial Area, Sonipat
(Haryana) and is equipped with 12 looms. The company sells fabric
in domestic market through a network of distributors. The
company's promoters have been engaged in fabric manufacturing
business since 1995.


ARTEFACT PROJECTS: ICRA Lowers Rating on INR18cr LT Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]C
for the INR18.00 crore fund based bank facilities of Artefact
Projects Ltd.  ICRA has also revised the short term rating to
[ICRA]D from [ICRA]A4 for the INR5.00 crore non fund based
facility of APL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based Limits            18.00        Revised to [ICRA]D
                                        from [ICRA]C

   Short Term-Non           5.00        Revised to [ICRA]D
   Fund Based Limit                     from [ICRA]A4

The downward revision of rating primarily incorporates the recent
instance of delay in debt servicing of term loan account of
stretched cash flows following sluggish receivables. The
financial profile of the company has deteriorated in FY16 as
evident from decline in operating income and net profit of the
company. The debt protection metrics also weakened in FY16 as a
result of weak profitability and high interest expense incurred
on debt, borrowed to fund the working capital requirement.
Besides, the company has extended substantial financial support
to its subsidiary in the form of investment and corporate
guarantee, which limits the financial flexibility of the company.
ICRA also notes that the company derives 70% of its revenue from
road sector, thereby resulting into high sector concentration
risk and competition in the industry from established local,
multinational and boutique engineering consultancy firms, which
exerts pressure on profitability.

The ratings, however, take into account the long standing
experience of the promoters in the industry and on-going
government thrust towards infrastructure development, which is
likely to support the revenue growth.

Incorporated in 1988, Artefact Projects Ltd. (APL) is an
integrated infrastructure services company providing consulting
services across core infrastructure sectors- Highways, Airports &
Urban Development Projects. Its range of services include, but
not limited to, DPR preparation, project funding and financial
closure services, construction supervision and project management
services, structuring of project contracts for departmental
funding or PPP Model, conducting economic and financial viability
analysis and township sector services. At present the total
strength of employees is 280, which comprises of technical
experts and professional.

Recent Results
The company has recorded a net profit after tax of INR0.01 crore
on an operating income of INR15.98 crore in the financial year
2015-16.


C. BRIJESH: CRISIL Assigns 'C' Rating to INR75MM Term Loan
----------------------------------------------------------
CRISIL has assigned the 'CRISIL C' rating to the long-term bank
facility of C. Brijesh Reddy (CBR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      25        CRISIL C
   Term Loan               75        CRISIL C

The rating reflects weak liquidity, as cash accrual was
insufficient to service the debt obligation and operations were
working capital-intensive. The rating also factors in the
constrained financial risk profile, due to the modest net worth,
subdued debt-protection metrics and susceptibility of revenue and
earnings to the cyclical nature of the domestic real estate
industry. However, these weaknesses are partially offset by
extensive industry experience of the proprietor.

Set up in 1993, C. Brijesh Reddy (CBR) is a proprietorship firm
that develops and sells plots and sites in Hosakote (Karnataka)
and Bangalore. Operations are managed by Mr. C. Brijesh Reddy.

On a provisional basis, the firm reported profit after tax (PAT)
of INR9.2 million on total revenue of INR69.7 million for 2015-16
(refers to financial year, April 1 to March 31), against PAT of
INR8.5 million on total revenue of INR59.5 million for 2014-15.


CUMBUM VALLEY: CRISIL Suspends 'D' Rating on INR100MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Cumbum Valley Winery Private Limited (CVPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL D
   Long Term Loan         100        CRISIL D
   Proposed Long Term
   Bank Loan Facility      40        CRISIL D
   Working Capital
   Demand Loan             35        CRISIL D

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

CVPL, set up in 2009, manufactures red wine and fortified wine at
its winery in Cumbum (Tamil Nadu). Its day-to-day operations are
managed by its promoter, Mr. R Raghu.


DEVI BOTTLE: CRISIL Suspends B+ Rating on INR150MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Devi
Bottle Company (DBC; part of the Devi group).

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Subramaniam and Company (SC) and DBC.
This is because both the entities, together referred to as the
Devi group, operate under a common management team and are
engaged in the same line of business, resulting in business
synergies.

DBC, a proprietary concern based in Thanjavur (Tamil Nadu), was
set up in the 1990s by Mr. V S Natarajan. The firm procures and
washes old liquor bottles and supplies them to distilleries.

SC, a partnership firm was established in 2011 by Mr. V S
Natarajan and his wife Mrs. N Sundari. The firm undertakes
procurement and washing of old beer bottles and supplies these
bottles to breweries.


DHAN LAXMI: CRISIL Assigns 'B+' Rating to INR50MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Dhan Laxmi Agromills India Limited
(DAIL).

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

The rating reflects the company's subdued financial risk profile
because of high gearing, and limited track record of operations
in the highly fragmented and competitive edible oil industry.
These weaknesses are partially offset by efficient working
capital management.

Outlook: Stable

CRISIL believes DAIL will maintain its efficient working capital
management. The outlook may be revised to 'Positive' if there is
higher-than-expected growth in revenue and profitability,
significantly improving financial risk profile. The outlook may
be revised to 'Negative' in case of large debt to fund capital
expenditure, leading to substantial increase in gearing, or
lower-than-expected profitability, resulting in deterioration in
financial risk profile.

DAIL is an Uttarakhand-based company established and promoted in
2013 by Mr. Meghraj Garg, Mr. Naveen Kumar Singhal, Mr. Rajendra
Kumar Aggarwal, and Mr. Anshul Garg. It extracts rice bran oil
and manufactures de-oiled rice brand.


ENERGY COAL: CRISIL Suspends 'B' Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Energy
Coal (EC).

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

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

EC, based in Morbi (Gujarat), was established in 2013. The firm
is involved in trading of Indonesian coal. It started commercial
operations in May 2013.


G KUMARAVEL: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of G Kumaravel Textiles (GKT).

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

The rating reflects the firm's modest scale of operations in the
fragmented textile industry, and its below-average financial risk
profile marked by high gearing and weak debt protection metrics.
These weaknesses are partially offset by its proprietor's
extensive industry experience.
Outlook: Stable

CRISIL believes GKT will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if there is revenue growth
and stable profitability, leading to increase in cash accrual and
a better financial risk profile. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual, or
weakening of working capital management, or substantial debt-
funded capital expenditure, leading to deterioration in financial
risk profile.

GKT, a proprietorship firm established on 2005, manufactures and
trades in lungis in India and Sri Lanka. GKT has integrated
facilities for all processes, such as dyeing, warping, sizing,
tending, weaving, packing, and distributing. The firm is managed
by Mr. G Kumaravel.


GRACE SPINNING: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Grace
Spinning Mills (GSM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            62.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     41.8       CRISIL B+/Stable
   Term Loan              20.7       CRISIL B+/Stable

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

Incorporated in 2011, GSM is a proprietorship firm, owned by Mr.
Mohnik Kalra. The firm manufactures acrylic and polyester yarn in
Ludhiana.


GHANSHYAM PULSES: CRISIL Suspends B+ Rating on INR62.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Ghanshyam Pulses (GP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             62.5      CRISIL B+/Stable

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

GP was set up in 1998 as a proprietorship firm by Mr. Babulal
Bansal. The Indore (Madhya Pradesh)-based firm processes and
sells gram flour and pulses. It has processing capacity of 50
tonnes per day.


GHANSHYAM UDHYOG: CRISIL Suspends B+ Rating on INR62.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ghanshyam
Udhyog (GU).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            62.5       CRISIL B+/Stable

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

GU was set up in 1998 as a partnership firm by Mr Vipin Bansal,
Mr Nitin Bansal, Mr Hitesh Bansal, Mr Dwarkaprasad Bansal and Mr
Bhagwandas Bansal. The Indore (Madhya Pradesh)-based firm
processes and sells gram flour and pulses. It has processing
capacity of 50 tonnes per day.


HARSHA STONE: ICRA Reaffirms 'B' Rating on INR4.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR4.50 crore (enhanced from INR0.36 crore) long term fund based
facilities of Harsha Stone Industries. ICRA has also reaffirmed
its short term rating of [ICRA]A4 on the INR5.00 crore (reduced
from INR7.14 crore) fund based facilities of the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Packing Credit           4.50        [ICRA]B; reaffirmed
   Foreign Outward
   Bills Purchase (FOBP)    5.00        [ICRA]A4; reaffirmed

ICRA factors in stagnancy in revenues in past two years and net
profits although it was accompanied by reduction in gearing
levels and improved working capital intensity. ICRA's ratings
continue to take into account the highly competitive and
fragmented nature of the industry in which HSI operates and the
low value additive nature of its business which has led to low
and declining margins of the firm over the years. The ratings
also take into account the firm's high working capital intensity
which has necessitated reliance on bank borrowings. This, coupled
with the firm's thin profitability has led to weak coverage
indicators and elevated gearing levels. ICRA also takes into
account the partnership constitution of the firm, which exposes
it to risks of capital withdrawal and dissolution. However, the
ratings continue to derive comfort from the extensive experience
of the promoters in the stone industry and the firm's established
relationship with its clients, as evidenced by the steady flow of
repeat orders.

Going forward, the ability of the firm to increase its scale of
operations in a profitable manner while optimally managing its
working capital cycle and improving its capital structure will be
the key rating sensitivities.

HSI was established in 1988 as a partnership firm and is engaged
in the processing of natural stone products, primarily sandstone.
The manufacturing facility of the firm is located at Kota in
Rajasthan and Betamcharia in Andhra Pradesh. The firm exports
mainly to European countries.

Recent Results
The firm, on a provisional basis, reported a net profit of
INR0.63 crore on an operating income of INR30.75 crore in FY16,
as against a net profit of INR0.65 crore on an operating income
of INR31.37 crore in the previous year.


INKAL VENTURES: CRISIL Lowers Rating on INR105MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Inkal Ventures Private Limited (IVPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           45       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             105       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the business risk profile
on account of lower-than-expected revenue and profitability and
stretched working capital cycle, driven by high debtors. Revenue
of INR267 million in 2015-16 (refers to financial year, April 1
to March 31) was lower as commencement of the dairy project got
delayed. The operating margin has also declined to 11.8 percent
in 2015-16, from 13.8 percent in 2014-15. High gross current
assets of 232 days as on March 31, 2016, mainly led by high
debtors of 141 days, indicate a stretched working capital cycle.

The ratings continue to reflect the modest scale of operations,
amid intense competition and working capital intensity. These
weakness are partially offset by extensive entrepreneurial
experience of promoters and the above-average financial risk
profile, marked by a healthy capital structure, moderate networth
and debt protection metrics.
Outlook: Stable

CRISIL believes IVPL will benefit from the strong
entrepreneurship skills of promoters. The outlook may be revised
to 'Positive' if significant increase in revenue, amid stable
operating profit margin and capital structure, leads to higher-
than-expected cash accrual. The outlook may be revised to
'Negative' if sharp rise in working capital requirement, or huge
capital expenditure plans, weaken the financial risk profile,
especially liquidity.

Incorporated in 2008, and based at Cochin, IVPL is a part of
Arabcal group of companies in the Middle East. The company has
diversified business streams, which include execution of
(Engineering, Procurement, and Construction) EPC projects, local
distributorship for global industrial machinery companies and
food processing (specifically dairy products). Mr. Prasad
Balakrishnan Nair manages the daily operations.


KAMALA GINNING: ICRA Suspends 'B' Rating on INR30cr Loan
--------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B assigned to the
INR30.00 crore fund based limits and INR2.00 crore unallocated
limits of Kamala Ginning and Oil Industries. The suspension
follows the ICRA's inability to carry out a rating surveillance
in the absence of the requisite information from the company.

Kamala ginning and Oil Industries, located at Bhainsa in Adilabad
district of Telangana, was incorporated as a private limited
company in April 2012. The company is primarily engaged in
ginning & oil extraction. The manufacturing facility includes 60
gins. 12 expellers and 1 press.


KARUN RICE: ICRA Suspends 'B' Rating on INR7.0cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR7.00 crore fund based limits of Karun Rice & General
Mills. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


LALITA FOAMEX: ICRA Assigns 'D 'Rating to INR4.75cr Term Loan
-------------------------------------------------------------
ICRA has assigned the [ICRA]D rating to the INR4.75 crore term
loan and the INR1.00 crore cash credit facilities of Lalita
Foamex Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              4.75        [ICRA]D assigned
   Cash Credit             1.00        [ICRA]D assigned

The assigned rating takes into account the delays in debt
servicing by the company in the past and the pressure on future
debt repayment ability of the company. The concerns arise from
the nominal expected cash accruals for FY2016 and the seasonal
nature of the company's product -- the demand for which usually
picks up from the second half of the year. Moreover, the
liquidity position of the company also remains stretched, as
reflected by high utilisation of its bank limits. The company's
scale of operations remains small at present. Due to intense
competition in the GPPS disposable industry from a large number
of players and the unorganised segment providing cheaper
substitutes, the ability of the company to improve the scale of
operations while generating adequate profit margins, would remain
a key rating sensitivity. ICRA also takes into account the
susceptibility of LFPL's profitability to adverse movements in
polymer prices.
While assigning the rating, ICRA also takes into account the
favourable demand prospects of GPPS disposable products.

LFPL was incorporated in April, 2013 by Mr. Bibekanada Pati and
Mr. Aditya Pati in Bolangir, Odisha for manufacturing and sales
of general purpose polystyrene (GPPS) disposable products such as
bowls, plates and dinnerware. The manufacturing facility of the
company commenced operations on June 28, 2014 and has an annual
installed capacity of 600 metric tonnes (MT).

Recent Results
LFPL registered a net loss of INR0.80 crore on the back of an
operating income of INR2.24 crore during FY2015.


LANTECH PHARMA: CRISIL Suspends B- Rating on INR150MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lantech Pharmaceuticals Limited (LPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL A4
   Cash Credit            40         CRISIL B-/Stable
   Letter of Credit       25         CRISIL A4
   Long Term Loan        150         CRISIL B-/Stable

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

Incorporated in April 2008, LPL is managed by Mr. B Ramchandra
Reddy, Mr. V Prakash Reddy, Mr. D Venkat Reddy, and Mr. P Lakshmi
Prasanna. The company started its operations in 2009-10 (refers
to financial year, April 1 to March 31) and manufactures bulk
drugs, such as telmisartan and glycerotril clopdogrel, and
various chemical intermediates. Its manufacturing facility is in
Srikakulam (Andhra Pradesh) with installed capacity of around
1200 tonnes per annum. In addition, the company undertakes job
work for Mylan Laboratories Limited (CRISIL AA-/Negative/CRISIL
A1+), Ranbaxy Laboratories Limited, Aurbindo Pharma Limited and
Laurus Labs Private Limited.


LAXMI COTTON: CRISIL Raises Rating on INR60MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank loan
facility of Laxmi Cotton Industries (Paratwada) (LCI) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade is driven by better than expected growth in
turnover, primarily due to favorable market conditions. Healthy
growth in turnover led to generation of healthy cash accruals
which are adequate to service term debt repayment obligations.
The financial risk profile though continues to be below average
marked with small networth, gearing ratio is expected to improve
on account of better accretion to reserves.

CRISIL's rating continues to reflect LCI's modest scale of
operations in the highly fragmented cotton industry, exposure to
government regulatory policies and its below-average financial
risk profile marked by a small net worth. These rating weaknesses
are partially offset by the extensive experience of LCI's
promoters in the cotton industry.
Outlook: Stable

CRISIL believes that LCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement scale of operations alongwith sustained profit
margins leading to improvement in financial risk profile,
particularly liquidity.. Conversely, the outlook may be revised
to 'Negative' if LCI's financial risk profile, particularly its
liquidity, deteriorates because of substantial increase in
working capital requirements or low profitability leading to low
cash accruals.

LCI, a partnership concern established by the Agrawal family at
Paratwada in Amaravati (Maharashtra), is engaged in ginning and
pressing of raw cotton. The firm has manufacturing capacity of
200 bales per day. The promoter family has been engaged in this
line of activity for more than 50 years.


M.R.R. INFRATECH: CRISIL Suspends 'B' Rating on INR700MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M.R.R.
Infratech Global Pvt. Ltd. (MRR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      700       CRISIL B/Stable

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

Set up in 2013, MRR is implementing a commercial real estate
project in L.B.nagar, in Hyderabad. MRR is promoted by Mr.
Ramreddy Mallareddy.


MOHAN RAO: ICRA Suspends 'B' Rating on INR10cr Bank Loan
--------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B assigned to the
INR10.00 crore fund based limits and INR2.00 crore unallocated
limits of Mohan Rao and Company. The suspension follows ICRA's
inability to carry out a surveillance in absence of requisite
information.

Mohan Rao & Co. (MRC) was established in 1972 as cotton merchant
and commission agent for cotton bales, seed, and cakes at Bhainsa
in Adilabad district of Andhra Pradesh promoted by Ms.Laxmi Bai,
Mr. Mohan Rao Patel and Mr. Akhilesh Bhosle. Later the firm
started operating in on job works basis in its sister concern
firm named Bhainsa Ginning & Pressing Factory. The firm only
operates for 6-7 months during the peak season for the cotton
business i.e, during October to April of the year. The group
entities have established relationships of more than 20 years
with suppliers and customers.


NEXGEN CONSULTANCY: CRISIL Assigns B- Rating to INR57.1MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Nexgen Consultancy Private Limited
(Nexgen).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              57.1       CRISIL B-/Stable
   Cash Credit            15         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      2.9       CRISIL B-/Stable

The rating reflects Nexgen's small scale of operations in the
software services business, large working capital requirement on
account of a stretch in receivable cycle and susceptibility to
offtake risks on its ongoing projects. These rating weaknesses
are partially offset by the extensive experience of promoters in
the software services and power industry and an above average
financial risk profile marked by a comfortable gearing and
healthy debt protection metrics.
Outlook: Stable

CRISIL expects Nexgen's business risk profile to improve over the
medium term with its venture into equipment manufacturing
industry.  The outlook may be revised to 'Positive' if there is
higher than expected offtake from manufacturing equipments while
improving its profitability, or if the company receives fresh
equity infusion, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's profitability deteriorates, working capital cycle
deteriorates or if there are significant cost and time over-runs
in the ongoing capital expenditure affecting its financial risk
profile.

Established in 1997 by Mr. Sanjay Bhardwaj, Nexgen is a software
product and services company that provides full-spectrum software
product development services. The company develops software
services which are suited to industries like Information
Technology, SCM, Water Supply, BFSI, Support & Maintenance,
Business Intelligence, Power Automation, and Manufacturing.  The
company is currently incurring capex to start manufacturing of
Data Concentrator Units, Smart Meters for Smart Grid technology
and Anti Collision Devices.


NORTH-COTT GINNING: ICRA Suspends 'B/A4' Rating on INR15cr Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA] B and short
term rating of [ICRA]A4 assigned to the INR15.00 crore bank
facilities of North-Cott Ginning & Trading Co. Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PALANIAPPA MARKETING: CRISIL Suspends B+ Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Palaniappa Marketing Agencies (PMA).

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

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

PMA was established in 1999 by Mr. P. Sethumanickam. The firm,
based in Vellore (Tamil Nadu), distributes LG Electronics India
Private Limited's consumer electronic equipment and home
appliances.


PARAS FOODS: ICRA Reaffirms 'B' Rating on INR8.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR8.0
crore (enhanced from INR6.0 crore) fund based facilities of Paras
Foods.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             8.00         [ICRA]B; Reaffirmed

The ratings take into account the substantial reduction in
inventory levels maintained by the company in FY2015 and FY2016,
which has also resulted in decline in gearing levels, although
the scale of operations and absolute profits remain at similar
levels.
The rating reaffirmation continues to factor in the modest scale
of operations of the firm, which coupled with low value addition
in the business and high competition in the industry has led to
low profitability and weak debt coverage indicators The rating
also takes into account high gearing of the firm on account of
funding of working capital requirements mainly through bank
borrowings. The rating also takes into account the working
capital intensive nature of rice milling business arising out of
the need to maintain substantial inventories in line with the
industry trends. The rating also takes into account agro climatic
risks, which can affect the availability of paddy in adverse
conditions. ICRA however draws comfort from extensive experience
of the promoters in rice industry, proximity of the mill to major
rice growing area which results in easy availability of raw
material, firm's access to distribution network developed by its
group company and stable demand outlook with rice being an
important part of the staple Indian diet.

The ability of the firm to increase its scale of operations and
optimally manage its working capital cycle while improving its
capital structure shall be the key rating sensitivities.

Incorporated in the year 2005, Paras Foods is a partnership firm
engaged in processing and sorting of rice with an installed
capacity of 5 tons/hour. Ms. Mamta Singhal, Ms. Monika Singhal,
Ms. Sumitra Singhal and Mr. Suraj Bhan are the promoters of the
firm, and are also involved in the rice milling business through
its group company R.P Basmati Rice Limited.

Recent Results
The firm reported a net profit after tax of INR0.21 crore on an
operating income of INR57.08 crore in FY2015 against a net profit
of INR0.22 crore on an operating income of INR49.13 crore in the
previous year. On a provisional basis, Paras Foods recorded an
operating income of INR59.81 crores in FY2016.


PARSVNATH DEVELOPERS: CRISIL Reaffirms C Rating on INR1.31BB Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Parsvnath
Developers Limited (PDL) continues to reflect the company's weak
operating performance on account of low customer advances and
subdued demand in the real estate industry and exposure to
construction and implementation risks for ongoing projects. These
weaknesses are partially offset by extensive experience of its
promoters in the real estate industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            989        CRISIL C (Reaffirmed)

   Long Term Loan         200        CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1311       CRISIL C (Reaffirmed)

CRISIL has withdrawn its rating on PDL's non-convertible
debentures (NCDs) at the company's request as they have been paid
off. The rating action is in line with CRISIL's policy on
withdrawal of ratings on NCDs.

PDL is a large real estate developer with a diversified portfolio
that includes residential apartments, townships, commercial,
retail, special economic zones, information technology parks, and
hotels. It is also engaged in the construction contracting
business. The company has a pan-India presence with major
presence in Delhi and the National Capital Region.

PDL's profit after tax (PAT) was INR47.2 million on sales of
INR3.09 billion for 2015-16 (refers to financial year, April 1 to
March 31), against net loss of INR876.6 million on sales of
INR7.19 billion for 2014-15.


PCK COTTON: CRISIL Reaffirms B+ Rating on INR95MM Packing Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of PCK Cotton Private
Limited (PCK) continue to reflect the company's subdued financial
risk profile because of weak capital structure and debt
protection metrics. The ratings also factor in modest scale of
operations and susceptibility of profitability to volatility in
cotton prices. These weaknesses are partially offset by extensive
experience of its promoter in the cotton industry, and its
efficient working capital management.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.1       CRISIL A4(Reaffirmed)

   Cash Credit           85         CRISIL B+/Stable (Reaffirmed)

   Packing Credit        95         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    19.9       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PCK will continue to benefit over the medium term
from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if there is substantial
increase in cash accrual, driven by ramp-up in operations and
profitability, or equity infusion, thus correcting capital
structure. The outlook may be revised to 'Negative' in case of
deterioration in financial risk profile, because of decline in
revenue and profitability, or stretch in working capital cycle,
constraining liquidity.

PCK, incorporated in 1998 and promoted by Mr. Chetan Mehta,
commenced operations in 2004 at Jalgaon, Maharashtra. The company
gins and presses cotton.


PEARL DISTILLERY: CRISIL Withdraws FB+ Fixed Deposits Rating
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Pearl Distillery Limited (PDL) to 'CRISIL BB+/Stable' from
'CRISIL BB/Stable', and has withdrawn its rating on the company's
fixed deposit programme, as per CRISIL's withdrawal policy.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             700       CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB/Stable')

   Term Loan               500       CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB/Stable')

   Fixed Deposits
   Programme               150       FB+/Stable (Withdrawal)

The upgrade reflects better-than-expected net sales and operating
margin due to higher demand post bifurcation of Andhra Pradesh
into Andhra Pradesh and Telengana. Revenue increased 19 percent
year-on-year for 2015-16 (refers to financial year, April 1 to
March 31) and was INR5.7 billion. Growth is likely to remain
robust over the medium term, driven by capacity expansion by
licence procurement and current supply deficiency in Andhra
Pradesh. Increase in turnover is expected to result in
comfortable net cash accrual against debt obligation.

The rating reflects PDL's established market position in the
Indian-made foreign liquor (IMFL) segment in Andhra Pradesh,
healthy demand prospects, and moderate financial risk profile
marked by moderate gearing and high networth. These strengths are
partially offset by exposure to intense competition and to
regulatory risks in the IMFL segment.
Outlook: Stable

CRISIL believes PDL will continue to benefit over the medium term
from its established market position and extensive experience of
promoters. The outlook may be revised to 'Positive' in case of
substantial increase in cash accrual, while efficiently managing
working capital requirement. The outlook may be revised to
'Negative' if cash accrual is low, working capital requirement
increases significantly, or if promoters undertake large, debt-
funded capital expenditure programme or withdraw capital to
support group entities.

Incorporated in 1973, in Singarayakona, (Andhra Pradesh), PDL
manufactures and bottles IMFL; it derives most of its revenue by
undertaking bottling for the various brands of United Spirits
Ltd.

PDL reported a profit after tax (PAT) of INR115 million on total
revenue of INR4.8 billion for 2014-15, against a PAT of INR36
million on revenue of INR2.9 billion for 2013-14. Net sales were
INR5.7 billion for 2015-16.


POONAM POLYMERS: ICRA Suspends 'B' Rating on INR10cr Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA] B assigned to
the INR10.00 crore bank facilities of Poonam Polymers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


RAJSHREE SPINTEX: CRISIL Suspends B Rating on INR101.2MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rajshree Spintex (RS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL A4
   Cash Credit            37.5       CRISIL B/Stable
   Foreign Exchange
   Forward                 0.9       CRISIL A4
   Long Term Loan        101.2       CRISIL B/Stable

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

RS was established in 2014, promoted by the Rajkot (Gujarat)-
based Ghanva, Shekhada, and Satodiaya families. The firm is
setting up a unit for manufacturing cotton yarn; commercial
operations are expected to start from March 2015.


S.S. POLYMERS: ICRA Suspends 'B' Rating on INR10cr Bank Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA] B assigned to
the INR10.00 crore bank facilities of S.S. Polymers. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SANTHOSH RICE: ICRA Suspends B+ Rating on INR11.93cr Loan
---------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
INR11.93 crore fund based facilities and INR0.07 crore
unallocated limits of Santhosh Rice Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the firm.

Incorporated in the year 2004 as a partnership firm, Santhosh
Rice Industries (SRI) is engaged in the milling of paddy and
produces raw & boiled rice. The firm has a milling unit in Thonda
village, Thirumalagiri Mandal of Nalgonda district of Telangana
with an installed capacity of 8 tons per hour.


SECURENS SYSTEMS: CRISIL Cuts Rating on INR30MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Securens Systems Private Limited (Securens) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              7.5      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term      22.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

   Term Loan               30.0      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects stretched liquidity profile owing to
modest cash generation, large capital expenditure plans towards
the new orders to be executed, and high debt repayment
obligations over the medium term. Even though Securens has had
healthy growth in its scale of operations in 2014-15 and 2015-16,
the net level of profitability remained constrained due to high
initial cost for the new projects undertaken. The company booked
net loss to the tune of INR10 million for 2014-15 and is
estimated to have booked about INR15 million of net profit for
2015-16, excluding expenditures booked towards installations as
part of the project. The profitability has been much lower than
CRISIL's expectation due to slower stabilisation and higher
expenditure towards new projects undertaken. The lower
profitability has led to moderate cash generation, which is
tightly matching with debt repayment obligations. Going forward,
CRISIL believes that Securens will continue to grow at faster
pace, however will have to continue with its capital expenditure
towards the same and will lead to constrained liquidity profile.

The rating continues to reflect its average financial risk
profile marked by moderate gearing, moderate debt protection
metrics and stretched liquidity. The ratings also factors in high
initial capital intensity and working capital intensive
operations. The above mentioned rating weaknesses are offset by
the benefits that Securens derives from the extensive experience
of the promoter in security services segment and its established
customer relationships.

Outlook: Stable
CRISIL believes that Securens will maintain its business risk
profile on the back of the promoters' extensive industry
experience and established relationships with its customers. The
outlook may be revised to 'Positive' if there is substantial and
sustained growth in its accruals, most likely as a result of
higher-than-expected additions to its coverage, while improving
on its working capital cycle. Conversely, the outlook may be
revised to 'Negative' if the company reports significantly lower-
than expected revenues or profitability margins or if the company
contracts higher than expected debt thereby impacting its
financial risk profile.

Securens incorporated in 2012, by Mr. Sunil Udupa and Mr.
Srinivas Popuri, is engaged in providing security services like
installation of surveillance equipments, maintenance and
monitoring of the site, primarily ATMs. Mayfield FVCI Ltd, a
private equity investor, has around 49 percent stake in the
company. The company's registered office and monitoring centre is
based in Navi Mumbai (Maharashtra).


SHALAK EATABLE: CRISIL Suspends 'B' Rating on INR167MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shalak
Eatable Products Pvt. Ltd. (SEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      15        CRISIL B/Stable
   Term Loan              167        CRISIL B/Stable

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

SEPL, incorporated in 2008, is setting up a manufacturing unit
for producing pellet snacks at Mohammadpur in Lucknow (Uttar
Pradesh). The company is managed by Mr. Rajesh Bansal and Mr.
Yogesh Bansal.


SION STEELS: ICRA Assigns 'B+' Rating to INR10cr LT Cash Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR10.00
crore fund based cash credit limit of Sion Steels.


                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long-term-Cash Credits     10.00        [ICRA]B+; Assigned

The assigned ratings primarily takes into account the weak
financial profile of the firm which is characterized by moderate
scale of operations, de-growth in revenues since last two years
on account of slowdown in demand and weak realizations of mild
steel products, weak profitability and moderately leveraged
capital structure. ICRA also takes a note on tight liquidity
position of the firm due to y-o-y increase in its inventory
levels. Further, given the cyclicality inherent in the industry
and high level of inventory, the firm is also exposed to price
risks and competitive pressures from the organized and
unorganized players from domestic as well as international
market. The ratings also incorporate the risk of capital
withdrawals, given its constitution as a partnership firm.

The ratings, however, favourably considers the extensive
experience of the partners in the business of trading in steel
products and the locational advantage of the firm due to
proximity towards customers and suppliers.
Going forward, the firm's ability to decrease its high inventory
levels and increase its scale of operations with improved profit
margins, while managing its working capital requirements, will
remain the key rating sensitivity from the credit perspective.

Sion Steels is a Partnership firm incorporated in year 1992 with
the objective to engage in the trading of various Mild Steel
Structures and Metal Scraps. Mr. Khushnainissa Shaikh is the key
management personal of the firm having an experience of around
twenty five years in trading of metals. He looks after overall
operations of the firm. Mr. Ainual, Mr. Shamshul, Mr. Noorul and
Mr. Khatoon are also active partners and key management personals
of the firm having an experience of around twenty decades in this
line of business. The firm has its registered office and godown
located at Sion, Mumbai.


SPECTRA MOTORS: CRISIL Reaffirms B+ Rating on INR547.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the facilities of Spectra Motors Limited
(SML) continue to reflect SML's weak financial risk profile,
marked by weak capital structure and debt protection metrics, and
weak liquidity due to high working capital requirements, large
debt obligations and high funding extended to group companies.
These rating weaknesses are partially offset by the benefits that
SML derives from its established market presence, its promoters'
extensive experience in the auto dealership business and strong
relationship with Maruti Suzuki India Ltd (Maruti; rated, 'CRISIL
AAA/Stable/CRISIL A1+').

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)

   Cash Credit          547.5       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      60         CRISIL A4 (Reaffirmed)

   Term Loan            337.5       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan             50.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SML will benefit over the medium term from
its established market position in Maruti's passenger car
dealership in Mumbai. The outlook may be revised to 'Positive' if
the company records high sales and profitability, leading to high
cash accruals or its financial profile improves due to promoters'
fund infusion or by liquidation of funds extended to group
companies. Conversely, the outlook may be revised to 'Negative'
if SML's financial risk profile, particularly liquidity, weakens
because of large working capital requirements or large debt-
funded capital expenditure (capex) programme or due to large
loans extended to group companies.

SML was set up in 1993 by the Mumbai-based Gupta family.
Initially, the company was a dealer of Fiat in Mumbai. However,
from 1998, the company has been a dealer of Maruti. Currently,
the company has six showrooms and eight workshops in Mumbai apart
from a showroom and workshop in Surat (Gujarat). The company
currently sells around 1000 to 1100 vehicles each month.


SRI LAXMI: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Laxmi Narasimhaa Spinning Mill Private Limited (SLNSMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         13.1       CRISIL D
   Cash Credit            80         CRISIL D
   Proposed Term Loan     36.6       CRISIL D
   Term Loan              70.3       CRISIL D

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

Set up in 2007, SLNSMPL manufactures cotton yarn in counts
ranging from 20s to 40s. The day-to-day operations of the company
are managed by the managing director, Mr. R Palanisamy.


SRI RAMA: ICRA Assigns 'B' Rating to INR8.90cr Cash Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR8.90
crore cash credit limits, INR1.37 crore term loan and INR0.04
crore unallocated limits of Sri Rama Spin Cot. ICRA has also
assigned the short-term rating of [ICRA]A4 to the INR0.03 crore
bank guarantee limits of SRSC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             8.90        [ICRA]B assigned
   Term Loan               1.37        [ICRA]B assigned
   Bank Guarantee          0.03        [ICRA]A4 assigned
   Unallocated Limits      0.04        [ICRA]B assigned

The assigned ratings are constrained by the nascent stage of
operations of the firm with intense competition in a highly
fragmented industry and little product differentiation limiting
the pricing flexibility. The ratings are further constrained by
the revenues and margins being susceptible to raw material (RCN)
prices which exhibit high volatility with significant exposure to
agro-climatic conditions and global demand-supply scenario. ICRA
also notes the inherent risks associated with partnership firms.
The ratings, however, draw comfort from the long standing
experience of SRSC's promoters in the field of agro-based
business.

Given the short gestation period between its project
commissioning date and the scheduled debt repayments, timely ramp
up of operations with healthy margins and effective working
capital management remain crucial to meet its debt repayment
obligations.

Sri Rama Spin Cot was established in November, 2015, and has
commenced cotton ginning & pressing unit and trading in cotton
related products since December, 2015. The firm has installed 24
ginning machines with ginning capacity of 66000 Qtls of cotton
per annum.


SRI VENKATA: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Venkata Srinivasa Polymers Pvt Ltd
(SVPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Open Cash Credit        80        CRISIL B+/Stable
   Bank Guarantee           3        CRISIL A4
   Inland/Import Letter
   of Credit               20        CRISIL A4

The ratings reflect working capital-intensive operations and a
below-average financial risk profile because of weak debt
protection metrics. The ratings also factor in exposure to
intense competition in the highly fragmented plastic packaging
industry with pressure on margins. These rating weaknesses are
partially offset by an established market position with a
diversified customer base, and extensive industry experience of
promoters.
Outlook: Stable

CRISIL believes SVPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher demand
from end-user industries leading to increased sales and better
profit margins, along with improvement in working capital
management. The outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile due to a stretched
working capital cycle, decline in revenue and profitability, or
lack of fund support from promoters.

SVPPL, incorporated in 1996, is based in Rajam, Andhra Pradesh.
The company is managed by Mr. Janardhana Rao Inuganti, Mr.
Rajagopal Chelikani, and Mr. Ramakrishna Inuganti. It
manufactures plastic packaging materials.


SUBRAMANIAM AND CO: CRISIL Suspends B+ Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilitiy of
Subramaniam and Company (SC; part of the Devi group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL B+/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devi Bottle Company (DBC) and SC. This
is because both the entities, together referred to as the Devi
group, operate under a common management team and are engaged in
the same line of business, resulting in business synergies.

SC, a partnership firm was established in 2011 by Mr. V S
Natarajan and his wife Mrs. N Sundari. The firm undertakes
procurement and washing of old beer bottles and supplies these
bottles to breweries.

DBC, a proprietary concern based in Thanjavur (Tamil Nadu) was
established in the 1990s by Mr. V S Natarajan. The firm
undertakes procurement and washing of old liquor bottles and
supplies these bottles to distilleries.


SURYAVANSHI SPINNING: ICRA Cuts Rating on INR48cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the ratings assigned to the INR117.41 crore bank
facilities of Suryavanshi Spinning Mills Ltd. to [ICRA]D from
[ICRA]B/[ICRA]A4 assigned earlier.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loans              31.04       [ICRA]D revised
   Cash credit limits      48.00       [ICRA]D revised
   Long term non fund
   based limits             2.00       [ICRA]D revised
   Short term non fund
   based limits            31.25       [ICRA]D revised
   Unallocated              5.12       [ICRA]D revised

The ratings have been revised on the basis of publicly available
information about delays in servicing debt obligations by SVSML.
ICRA also notes that SVSML's financial profile has deteriorated
significantly during FY16 with operating profitability declining
to 3.76% against 5.96% for FY15 coupled with increased interest
expenses resulting in cash losses and deterioration in interest
cover (OBITDA/interest charges) to 0.73 times for FY16 against
1.46 times for FY15, indicating insufficient profits from
operations for servicing debt obligations.

SVSML was established in 1978 and had been engaged in the
production of yarn and garments with installed spinning capacity
of 1,11,584 spindles and 21 lakh pieces of garments annually
spread at three facilities - Bhongir (Telangana), Aliabad
(Telangana) and Rajna (Madhya Pradesh). During FY15, the company
was demerged into 3 separate entities. Post which the spinning
capacity reduced to 33% of the earlier capacity by transferring
74672 spindles to two other companies and retaining the balance
of 36912 at Adilabad with SVSML. As such the cotton and blended
yarn facilities of the entity has been transferred while SSML now
manufactures only polyster and poly-viscose yarn. Also the
garmenting division has been transferred to other entities while
SVSML retained the medical textile division with capacity of 16MT
per day at Adilabad.

Recent Results
During FY16, SVSML reported net loss of INR4.2 crore on an
operating income (OI) of INR102.97 crore as against PAT of
INR0.29 crore on an operating income of INR106.35 crore for FY14-
15.


SVKR PROPERTY: CRISIL Suspends B+ Rating on INR150MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of SVKR
Property Holdings (SVKR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          150       CRISIL B+/Stable

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

Set up in 2013, SVKR is implementing a commercial real estate
project in Jubilee Hills, in Hyderabad. SVKR is promoted by Mr.
S. Pratap Reddy and his family.


VENI WOOD: CRISIL Suspends 'B' Rating on INR12.5MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Veni Wood Industries (VWI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            12.5       CRISIL B/Stable
   Letter of Credit       67.5       CRISIL A4

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

Set up in 1984 and based in Senkottai (Tamil Nadu), VWI trades in
and processes timber. VWI is promoted and managed by Mr. A Kumara
Guru and Mrs. K Aruna Devi.



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


1MALAYSIA: Abu Dhabi Fund Denies Guaranteeing Cayman Investments
----------------------------------------------------------------
Shamim Adam at Bloomberg News reports that an Abu Dhabi sovereign
fund embroiled in a debt dispute with 1Malaysia Development Bhd.
said it didn't guarantee any of the Malaysian state company's
holdings in a Cayman fund, stirring up more questions on
investments that amounted to billions of dollars.

Bloomberg relates that International Petroleum Investment Co.
PJSC is also investigating companies set up outside its group
structure and in other jurisdictions that used variations of the
name of its Aabar Investments PJS unit, it said in an exchange
filing on June 30. It had earlier denied ownership of a company
known as Aabar BVI, to which 1MDB said it sent $3.5 billion. IPIC
didn't say if the other entities using Aabar's name were also
related to 1MDB, Bloomberg says.

1MDB is at the center of probes at home and abroad, including in
Switzerland, the U.S. and Singapore as authorities seek to
determine if some of the billions of dollars it raised were
siphoned off, Bloomberg notes.  While it has denied wrongdoing, a
report by a Malaysian parliamentary committee in April identified
at least $4.2 billion of questionable transactions, including
those involving Abu Dhabi companies, according to Bloomberg.

Bloomberg says investigators are faced with a complex web of
transactions, some of which involve companies with similar names.
Questions over 1MDB and its finances have extended to Malaysian
Prime Minister Najib Razak, who was until recently the head of
its advisory board and who has faced a separate scandal over
political donations.

1MDB has "intimated the existence of guarantees" of about $940
million provided by Aabar for units in a Cayman-registered fund
owned by 1MDB unit Brazen Sky, and guarantees from Aabar BVI of
investments held with various third-party fund managers of about
$1.5 billion, Bloomberg reports citing IPIC's financial statement
released June 30.

In September 2012, 1MDB sold its shares in a venture for $2.32
billion and received units in a Cayman-registered fund managed by
Bridge Partners, a Hong Kong-based fund manager, Bloomberg notes.
1MDB said the units were owned by Brazen Sky, and held through
Swiss bank BSI SA's unit in Singapore as custodian. Transcripts
of a parliamentary committee probe of 1MDB showed lawmakers were
told by its auditor of an investment guarantee by Aabar, the
report says.

"Both IPIC and Aabar confirm there is no record of any such
guarantees being provided by Aabar," IPIC, as cited by Bloomberg,
said. "Neither IPIC nor Aabar has received any payments, assets
or fund units from Brazen Sky."

1MDB declined to comment on the IPIC statement, Bloomberg notes.
It has said it negotiated "various legal agreements" with the
previous heads of IPIC and Aabar, and called it a "surprising
claim" that neither Gulf company knew of its dealings with Aabar
BVI.

Swiss authorities said in April they were investigating two
former public officials from the United Arab Emirates, who
handled Abu Dhabi sovereign wealth funds that guaranteed 1MDB
bonds, Bloomberg recalls.

IPIC entered into an agreement with 1MDB in May 2015 to provide
the Malaysian fund $1 billion to settle liabilities in exchange
for a transfer of assets, and assume interest obligations on $3.5
billion of debt. That deal included IPIC forgiving $482 million
in debt, the financial statement showed, Bloomberg relays.

1MDB and Malaysia's finance ministry "are in default" on the
binding term sheet, IPIC said in April. The tussle between the
two companies spilled over to repayments on bonds issued by 1MDB,
which led to a default in April. IPIC said on June 30 it's taking
a $3.5 billion provision related to guarantees it provided on
1MDB debt, Bloomberg notes.

The Abu Dhabi company said last month it's seeking $6.5 billion
from 1MDB and Malaysia's finance ministry after they failed to
"perform their obligations, cure their defaults or put forward
acceptable proposals" to resolve the disagreement, Bloomberg
notes.  It submitted an arbitration request to a London court and
1MDB said it'll provide a "robust response" by July 11, according
to Bloomberg.

The Wall Street Journal reported July 1 that a delegation from
Malaysia was in Abu Dhabi for talks with senior officials on the
dispute, citing a person it didn't identify, Bloomberg says. 1MDB
said it couldn't comment on the report, while representatives
from IPIC and the Malaysian finance ministry didn't immediately
respond to requests for information, Bloomberg relates.

                             About 1MDB

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

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

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

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

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

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


WHITE CLIFFS: Mike's Organic Brewery Placed Into Liquidation
------------------------------------------------------------
Stuff.co.nz reports that Taranaki's pioneering craft beer company
has been put into liquidation.   White Cliffs Organic Brewery
Ltd, which operates Mike's Organic Brewery just north of Urenui,
went into voluntary liquidation on June 22.

According to Stuff.co.nz, owner Ron Trigg said the decision had
been a long time coming and was largely due to a customs and
excise debt accrued four to five years ago that the company could
not pay.

"We got to a point where it wasn't responsible carrying on
further," the report quotes Mr. Trigg as saying.

Stuff.co.nz relates that Mr. Trigg would not specify how much the
company owed but said the Customs Service was the largest
creditor.

He said the decision to put the company into liquidation had been
building since April when he meet with Customs Service to discuss
his debt. He said he was told then that the additional duty on
the original debt was more than the debt itself, Stuff.co.nz
relays.

"We thought 'holy hell'. There is no way we are going to manage
this," Mr. Trigg, as cited by Stuff.co.nz, said.

It is the third Taranaki alcohol manufacturer to have gone into
liquidation this year over unpaid excise duties, Stuff.co.nz
notes.

Earlier this week New Plymouth's Cottage Wines Limited into
liquidation over an unpaid debt of NZ$14,625.25, most of which
was related to excise duty, Stuff.co.nz recalls. In April NZ
Lepperton's Sentry Hill Winerywas placed into liquidation in
April for an unpaid debt of about NZ$130,000.

According to Stuff.co.nz, Mr. Trigg said the missed customs and
excise payments happened when bank loans the company had were
restructured during the global financial crisis.

At the same time he took the option of making excise duty
payments biannually rather than monthly and missed several
payments. While the brewer made subsequent excise duty payments
it was unable to catch up on those it missed, Stuff.co.nz says.

He said the decision to go into liquidation had been a
frustrating one as the company had been making good profits in
the last two years, the report relays.

The brewery was founded in 1989 by Mike Johnson and bought by
Trigg in 2007, when it produced just two beers.  It now has a
line of 11 beers including the original Mike's Mild Ale. It is
available in bars, liquor stores and Foodstuff supermarkets
throughout the country.



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


DAEWOO SHIPBUILDING: Ex-Chief Summoned Over Accounting Fraud
------------------------------------------------------------
Yonhap News Agency reports that a former CEO of Daewoo
Shipbuilding & Marine Engineering Co., one of the country's top
three shipbuilders, was summoned July 4 as prosecutors widened
their probe into the financially troubled firm's alleged
accounting fraud and poor management.

Yonhap relates that Ko Jae-ho, who headed the shipyard from 2012
to 2015, appeared before the Seoul Central District Prosecutors'
Office in southern Seoul as a key suspect in the ongoing
investigation into the embattled shipbuilder.

"I feel deeply responsible for the grim situation faced by the
company," he told reporters before entering the prosecutors'
office, Yonhap relays. Still, Ko denied allegations he ordered
his subordinates to manipulate figures.

According to Yonhap, the 60-year-old is suspected of committing
accounting fraud worth some KRW5.4 trillion (US$4.6 billion) from
2012 to 2014 by under-reporting the production cost or
exaggerating the profits.

Earlier this year, the shipyard said it swung to huge losses in
2013 and 2014 from earlier reported profits, citing accounting
mishaps, Yonhap recalls.

Yonhap relates that prosecutors said they are investigating the
motive and exact size of the fraud, adding he could have
committed the crime to be reappointed as the company's chief.

The summons came a week after his predecessor Nam Sang-tae, who
headed the company from 2006 to 2012, was summoned for similar
allegations, Yonhap notes.

In June, the country's state auditor said the shipyard is
suspected of cooking the books to hide up to KRW1.5 trillion in
losses between 2013 and 2014, Yonhap recalls.

Yonhap notes that the outcome of the probe by the Board of Audit
and Inspection (BAI) was based on an analysis of orders for 40
offshore plants won by the South Korean shipbuilder over the
cited period.

Prosecutors are currently looking into some 500 orders clinched
by Daewoo since 2006 and are known to have detected additional
problems, Yonhap reports.

The company, along with two other major shipbuilders here, are
currently undergoing self-created debt-restructuring plans in the
face of a decrease in new orders caused by the protracted global
economic slump, adds Yonhap.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



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


* BOND PRICING: For the Week June 27 to July 1, 2016
----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAG    10.00    10/1/2018     USD      52.50
BOART LONGYEAR MANAG     7.00     4/1/2021     USD      19.00
BOART LONGYEAR MANAG    10.00    10/1/2018     USD      61.50
BOART LONGYEAR MANAG     7.00     4/1/2021     USD      19.30
CROWN RESORTS LTD        6.02    4/23/2075     AUD      66.60
DBCT FINANCE PTY LTD     2.33     6/9/2021     AUD      73.48
DBCT FINANCE PTY LTD     2.31   12/12/2022     AUD      65.65
DBCT FINANCE PTY LTD     2.40     6/9/2026     AUD      51.32
EMECO PTY LTD            9.88    3/15/2019     USD      53.50
EMECO PTY LTD            9.88    3/15/2019     USD      52.00
IMF BENTHAM LTD          6.48    6/30/2019     AUD      57.00
KEYBRIDGE CAPITAL LT     7.00    7/31/2020     AUD       0.66
LAKES OIL NL            10.00    3/31/2017     AUD       6.50
MIDWEST VANADIUM PTY    11.50    2/15/2018     USD       7.00
MIDWEST VANADIUM PTY    11.50    2/15/2018     USD       4.70
RELIANCE RAIL FINANC     2.28    9/26/2023     AUD      65.74
RELIANCE RAIL FINANC     2.28    9/26/2023     AUD      65.73
STOKES LTD              10.00    6/30/2017     AUD       0.35
TREASURY CORP OF VIC     0.50   11/12/2030     AUD      72.97


CHINA
-----

ANSHAN CITY CONSTRUC     8.25     3/5/2019     CNY      63.01
ANSHAN CITY CONSTRUC     8.25     3/5/2019     CNY      63.91
ANYANG INVESTMENT GR     8.00    4/17/2019     CNY      64.41
BANGBU CITY INVESTME     5.78    8/10/2017     CNY      55.79
BEIJING CAPITAL DEVE     5.95    5/29/2019     CNY      62.90
BEIJING ECONOMIC TEC     5.29     3/6/2018     CNY      71.47
CHANGSHA CITY CONSTR     6.95    4/24/2019     CNY      63.32
CHANGSHA CITY CONSTR     6.95    4/24/2019     CNY      63.33
CHANGSHA COUNTY XING     8.35     4/6/2019     CNY      64.77
CHANGSHA COUNTY XING     8.35     4/6/2019     CNY      64.65
CHANGSHA HIGH TECHNO     7.30   11/22/2017     CNY      72.02
CHANGSHU BINJIANG UR     6.85    4/27/2019     CNY      63.06
CHANGSHU BINJIANG UR     6.85    4/27/2019     CNY      83.90
CHANGSHU CITY OPERAT     8.00    1/16/2019     CNY      62.31
CHANGSHU CITY OPERAT     8.00    1/16/2019     CNY      63.99
CHANGZHOU INVESTMENT     5.80     7/1/2016     CNY      39.85
CHANGZHOU INVESTMENT     5.80     7/1/2016     CNY      40.01
CHANGZHOU WUJIN CITY     6.22     6/8/2018     CNY      51.64
CHANGZHOU WUJIN CITY     6.22     6/8/2018     CNY      76.26
CHAOYANG CONSTRUCTIO     7.30    5/25/2019     CNY      63.40
CHENGDU XINCHENG XIC     8.35    3/19/2019     CNY      64.50
CHENGDU XINCHENG XIC     8.35    3/19/2019     CNY      65.83
CHIFENG CITY INFRAST     6.18    5/18/2017     CNY      51.10
CHIFENG CITY INFRAST     6.18    5/18/2017     CNY      51.75
CHINA CITY CONSTRUCT     5.55   11/28/2017     CNY      60.00
CHONGQING HECHUAN RU     8.28    4/10/2018     CNY      52.57
CHONGQING HECHUAN RU     8.28    4/10/2018     CNY      52.01
CHONGQING HECHUAN UR     6.95     1/6/2018     CNY      72.55
CHONGQING HECHUAN UR     6.95     1/6/2018     CNY      71.51
CHONGQING JIANGJIN H     6.95     1/6/2018     CNY      70.00
CHONGQING JIANGJIN H     6.95     1/6/2018     CNY      71.72
CHONGQING JINYUN ASS     6.75    6/18/2019     CNY      83.01
CHONGQING JINYUN ASS     6.75    6/18/2019     CNY      83.20
CHONGQING LAND PROPE     7.35    4/25/2019     CNY      64.10
CHONGQING NAN'AN DIS     8.20     4/9/2019     CNY      64.51
CHONGQING NAN'AN DIS     6.29   12/24/2017     CNY      61.76
CHONGQING XINGRONG H     8.35    4/19/2019     CNY      64.32
CHONGQING YONGCHUAN      7.49    3/14/2018     CNY      72.80
CHONGQING YONGCHUAN      7.49    3/14/2018     CNY      72.74
CHONGQING YULONG ASS     6.87    5/31/2019     CNY      62.98
CHONGQING YUXING CON     7.29    12/8/2017     CNY      72.18
DALI ECONOMIC DEVELO     8.80    4/24/2019     CNY      64.77
DANDONG CITY DEVELOP     6.21     9/6/2017     CNY      70.52
DANYANG INVESTMENT G     8.10     3/6/2019     CNY      63.92
DANYANG INVESTMENT G     8.10     3/6/2019     CNY      63.50
DATONG ECONOMIC CONS     6.50     6/1/2017     CNY      40.80
DATONG ECONOMIC CONS     6.50     6/1/2017     CNY      40.00
DONGBEI SPECIAL STEE     6.10    1/15/2018     CNY      40.00
DONGBEI SPECIAL STEE     6.50    3/27/2016     CNY      40.00
DONGBEI SPECIAL STEE     8.20     6/6/2016     CNY      40.00
DONGBEI SPECIAL STEE     5.63    4/12/2018     CNY      40.00
DONGBEI SPECIAL STEE     7.00    7/10/2016     CNY      40.00
DONGBEI SPECIAL STEE     5.88     5/5/2016     CNY      40.00
DONGBEI SPECIAL STEE     6.30    9/24/2016     CNY      40.00
DONGBEI SPECIAL STEE     8.30     9/6/2016     CNY      40.00
DONGBEI SPECIAL STEE     7.40    7/17/2017     CNY      40.00
DRILL RIGS HOLDINGS      6.50    10/1/2017     USD      53.00
DRILL RIGS HOLDINGS      6.50    10/1/2017     USD      59.90
ERDOS DONGSHENG CITY     8.40    2/28/2018     CNY      48.57
ERDOS DONGSHENG CITY     8.40    2/28/2018     CNY      48.63
EZHOU CITY CONSTRUCT     7.08    6/19/2019     CNY      83.57
FUSHUN URBAN INVESTM     5.95    5/11/2018     CNY      71.91
GRANDBLUE ENVIRONMEN     6.40     7/7/2016     CNY      70.12
GUANGAN INVESTMENT H     8.18    4/25/2019     CNY      64.35
GUANGAN INVESTMENT H     8.18    4/25/2019     CNY      63.02
GUILIN ECONOMIC CONS     6.90     5/9/2018     CNY      52.21
GUILIN ECONOMIC CONS     6.90     5/9/2018     CNY      76.50
GUIYANG ECO&TECH DEV     8.42    3/27/2019     CNY      63.38
GUOAO INVESTMENT DEV     6.89   10/29/2018     CNY      68.54
HAIAN COUNTY CITY CO     8.35    3/28/2018     CNY      52.88
HAIAN COUNTY CITY CO     8.35    3/28/2018     CNY      52.51
HAIMEN CITY DEVELOPM     8.35    3/20/2019     CNY      64.43
HAIMEN CITY DEVELOPM     8.35    3/20/2019     CNY      62.50
HANGZHOU MUNICIPAL C     5.90    4/25/2018     CNY      51.76
HANGZHOU XIAOSHAN ST     6.90   11/22/2016     CNY      40.11
HANGZHOU XIAOSHAN ST     6.90   11/22/2016     CNY      40.60
HANGZHOU YUHANG CITY     7.55    3/29/2019     CNY      63.64
HANGZHOU YUHANG CITY     7.55    3/29/2019     CNY      64.10
HANZHONG CITY CONSTR     7.48    3/14/2018     CNY      73.29
HEFEI HAIHENG INVEST     7.30    6/12/2019     CNY      60.00
HEFEI HAIHENG INVEST     7.30    6/12/2019     CNY      63.72
HEFEI TAOHUA INDUSTR     8.79    3/27/2019     CNY      63.80
HEFEI XINCHENG STATE     7.88    4/23/2019     CNY      63.22
HEILONGJIANG HECHENG     7.78   11/17/2016     CNY      40.45
HUAIAN CITY URBAN AS     7.15   12/21/2016     CNY      40.53
HUAIAN CITY WATER AS     8.25     3/8/2019     CNY      64.09
HUAIAN DEVELOPMENT H     6.80    3/24/2017     CNY      42.48
HUAIAN QINGHE NEW AR     6.79    4/29/2017     CNY      40.88
HUAIHUA CITY CONSTRU     8.00    3/22/2018     CNY      52.80
HUAIHUA CITY CONSTRU     8.00    3/22/2018     CNY      52.40
HUZHOU MUNICIPAL CON     7.02   12/21/2017     CNY      72.53
HUZHOU NANXUN STATE-     8.15    3/31/2019     CNY      63.53
HUZHOU WUXING NANTAI     7.71    2/17/2018     CNY      72.87
JIAMUSI NEW ERA INFR     8.25    3/22/2019     CNY      63.19
JIAN CITY CONSTRUCTI     7.80    4/20/2019     CNY      64.24
JIAN CITY CONSTRUCTI     7.80    4/20/2019     CNY      60.01
JIANGDONG HOLDING GR     6.90    3/27/2019     CNY      62.07
JIANGDU XINYUAN INDU     8.10    3/23/2019     CNY      63.56
JIANGDU XINYUAN INDU     8.10    3/23/2019     CNY      63.51
JIANGSU HUAJING ASSE     5.68    9/28/2017     CNY      50.67
JIANGSU LIANYUN DEVE     6.10    6/19/2019     CNY      82.64
JIANGSU LIANYUN DEVE     6.10    6/19/2019     CNY      62.12
JIANGSU TAICANG PORT     7.66    5/16/2019     CNY      64.27
JIANGYIN CITY CONSTR     7.20    6/11/2019     CNY      64.09
JIASHAN STATE-OWNED      6.80     6/6/2019     CNY      63.32
JIAXING CULTURE FAMO     8.16     3/8/2019     CNY      62.62
JIAXING ECONOMIC&TEC     6.78    6/14/2019     CNY      63.12
JIAXING ECONOMIC&TEC     6.78    6/14/2019     CNY      63.01
JINAN CITY CONSTRUCT     6.98    3/26/2018     CNY      52.00
JINAN CITY CONSTRUCT     6.98    3/26/2018     CNY      52.28
JINGJIANG BINJIANG X     6.80   10/23/2018     CNY      66.03
JINGZHOU URBAN CONST     7.98    4/24/2019     CNY      64.51
JINING CITY CONSTRUC     8.30   12/31/2018     CNY      64.15
JINTAN CONSTRUCTION      8.30    3/14/2019     CNY      64.60
JINZHOU CITY INVESTM     7.08    6/13/2019     CNY      63.25
JINZHOU CITY INVESTM     7.08    6/13/2019     CNY      63.18
JIUJIANG CITY CONSTR     8.49    2/23/2019     CNY      61.00
JIUJIANG CITY CONSTR     8.49    2/23/2019     CNY      64.77
KUNMING CITY CONSTRU     7.60    4/13/2018     CNY      52.44
KUNMING WUHUA DISTRI     8.60    3/15/2018     CNY      52.94
KUNMING WUHUA DISTRI     8.60    3/15/2018     CNY      53.14
LAIWU CITY ECONOMIC      6.50     3/1/2018     CNY      62.09
LESHAN STATE-OWNED A     6.99    3/18/2018     CNY      73.09
LESHAN STATE-OWNED A     6.99    3/18/2018     CNY      73.11
LIAOYANG CITY ASSETS     6.88    6/13/2018     CNY      67.50
LIAOYANG CITY ASSETS     6.88    6/13/2018     CNY      67.58
LIAOYUAN STATE-OWNED     7.80    1/26/2017     CNY      40.44
LIAOYUAN STATE-OWNED     8.17    3/13/2019     CNY      62.66
LINAN CITY CONSTRUCT     8.15     3/9/2018     CNY      51.86
LINAN CITY CONSTRUCT     8.15     3/9/2018     CNY      52.28
LINHAI CITY INFRASTR     7.98    11/6/2016     CNY      50.00
LINHAI CITY INFRASTR     7.98    11/6/2016     CNY      50.72
LINYI INVESTMENT DEV     8.10    3/27/2018     CNY      50.97
LIUZHOU DONGCHENG IN     8.30    2/15/2019     CNY      62.60
LIUZHOU DONGCHENG IN     8.30    2/15/2019     CNY      63.19
LONGHAI STATE-OWNED      8.25    12/2/2017     CNY      72.49
LUOHE CITY CONSTRUCT     6.81    3/30/2017     CNY      30.65
LUOHE CITY CONSTRUCT     6.81    3/30/2017     CNY      30.60
MIANYANG SCIENCE & T     7.16    5/15/2019     CNY      63.20
NANAN CITY TRADE IND     8.50    4/25/2019     CNY      64.71
NANCHONG CHEMICAL IN     8.16    4/26/2019     CNY      64.24
NANJING HEXI NEW TOW     6.40     2/3/2017     CNY      61.15
NANJING JIANGNING SC     7.29    4/28/2019     CNY      63.52
NANTONG CITY TONGZHO     6.80    5/28/2019     CNY      63.35
NANTONG CITY TONGZHO     6.80    5/28/2019     CNY      81.00
NANTONG STATE-OWNED      6.72   11/13/2016     CNY      40.51
NEIMENGGU XINLINGOL      7.62    2/25/2018     CNY      71.73
NINGBO CITY ZHENHAI      6.48    4/12/2017     CNY      41.09
NINGBO URBAN CONSTRU     7.39     3/1/2018     CNY      52.59
NINGBO URBAN CONSTRU     7.39     3/1/2018     CNY      52.35
NINGDE CITY STATE-OW     6.25   10/21/2017     CNY      40.65
NINGHAI COUNTY CITY      8.60   12/31/2017     CNY      71.01
NINGHAI COUNTY CITY      8.60   12/31/2017     CNY      73.77
NONGGONGSHANG REAL E     6.29   10/11/2017     CNY      71.60
PANJIN CONSTRUCTION      7.70   12/16/2016     CNY      40.82
PANJIN CONSTRUCTION      7.50    5/17/2019     CNY      63.55
PANJIN CONSTRUCTION      7.70   12/16/2016     CNY      40.61
PINGDINGSHAN CITY DE     7.86     5/8/2019     CNY      85.00
PINGDINGSHAN CITY DE     7.86     5/8/2019     CNY      64.34
PUER CITY STATE OWNE     7.38    6/20/2019     CNY      62.90
PUTIAN STATE-OWNED A     8.10    3/21/2019     CNY      64.20
PUTIAN STATE-OWNED A     8.10    3/21/2019     CNY      64.39
QIANDONG NANZHOU DEV     8.80    4/27/2019     CNY      63.40
QINGDAO CITY CONSTRU     6.19    2/16/2017     CNY      40.78
QINGDAO CITY CONSTRU     6.89    2/16/2019     CNY      62.94
QINGDAO CITY CONSTRU     6.89    2/16/2019     CNY      63.23
QINGDAO CITY CONSTRU     6.19    2/16/2017     CNY      40.66
QINGDAO HUATONG STAT     7.30    4/18/2019     CNY      63.85
QINGDAO HUATONG STAT     7.30    4/18/2019     CNY      63.60
QINGZHOU HONGYUAN PU     6.50    5/22/2019     CNY      31.60
QINGZHOU HONGYUAN PU     6.50    5/22/2019     CNY      30.88
QINZHOU CITY DEVELOP     6.72    4/30/2017     CNY      50.97
QUANZHOU QUANGANG PE     8.40    4/16/2019     CNY      63.82
QUANZHOU QUANGANG PE     8.40    4/16/2019     CNY      65.28
QUNSHAN HUAQIAO INTE     7.98   12/30/2018     CNY      63.74
SANMING STATE-OWNED      6.99    6/14/2018     CNY      73.71
SANMING STATE-OWNED      6.99    6/14/2018     CNY      70.10
SHANDONG SHANSHUI CE     6.10    2/27/2017     CNY      38.00
SHANGHAI REAL ESTATE     6.12    5/17/2017     CNY      40.93
SHAOXING CHENGBEI XI     6.21    6/11/2018     CNY      51.33
SHAOXING CHENGBEI XI     6.21    6/11/2018     CNY      76.75
SHIYAN CITY INFRASTR     7.98    4/20/2019     CNY      64.25
SICHUAN DEVELOPMENT      5.40   11/10/2017     CNY      70.95
SUQIAN ECONOMIC DEVE     7.50    3/26/2019     CNY      64.09
SUQIAN ECONOMIC DEVE     7.50    3/26/2019     CNY      84.60
SUZHOU CONSTRUCTION      7.45    3/12/2019     CNY      63.71
SUZHOU INDUSTRIAL PA     5.79    5/30/2019     CNY      60.05
SUZHOU INDUSTRIAL PA     5.79    5/30/2019     CNY      62.56
TAIAN CITY TAISHAN I     5.79     3/2/2018     CNY      71.90
TAIXING ZHONGXING ST     8.29    3/27/2018     CNY      53.07
TAIXING ZHONGXING ST     8.29    3/27/2018     CNY      54.08
TAIZHOU CITY CONSTRU     6.90    1/25/2017     CNY      40.66
TAIZHOU HAILING ASSE     8.52    3/21/2019     CNY      64.09
TAIZHOU HAILING ASSE     8.52    3/21/2019     CNY      64.15
TIANJIN BINHAI NEW A     5.00    3/13/2018     CNY      71.58
TIANJIN BINHAI NEW A     5.00    3/13/2018     CNY      72.00
TIANJIN HANBIN INVES     8.39    3/22/2019     CNY      63.69
TIANJIN HI-TECH INDU     7.80    3/27/2019     CNY      63.75
TIANJIN HI-TECH INDU     7.80    3/27/2019     CNY      63.71
TIANJIN JINNAN CITY      6.95    6/18/2019     CNY      62.88
TIANJIN JINNAN CITY      6.95    6/18/2019     CNY      84.00
TIELING PUBLIC ASSET     7.34    5/29/2018     CNY      52.22
TIGER FOREST & PAPER     5.38    6/14/2017     CNY      58.53
TONGLIAO CITY INVEST     5.98     9/1/2017     CNY      71.05
URUMQI STATE-OWNED A     6.48    4/28/2018     CNY      77.15
URUMQI STATE-OWNED A     6.48    4/28/2018     CNY      51.93
VANZIP INVESTMENT GR     7.92     2/4/2019     CNY      66.88
WAFANGDIAN STATE-OWN     8.55    4/19/2019     CNY      64.34
WENZHOU ANJUFANG CIT     7.65    4/24/2019     CNY      63.52
WUHAI CITY CONSTRUCT     8.20    3/31/2019     CNY      64.09
WUHAI CITY CONSTRUCT     8.20    3/31/2019     CNY      63.91
WUHU ECONOMIC TECHNO     6.70     6/8/2018     CNY      52.16
WUHU ECONOMIC TECHNO     6.70     6/8/2018     CNY      51.00
WUXI COMMUNICATIONS      5.58     7/8/2016     CNY      49.94
WUXI COMMUNICATIONS      5.58     7/8/2016     CNY      49.81
XIANGTAN CITY CONSTR     8.00    3/16/2019     CNY      62.00
XIANGTAN CITY CONSTR     8.00    3/16/2019     CNY      64.21
XIANGTAN JIUHUA ECON     6.93   12/16/2016     CNY      40.34
XIANGYANG CITY CONST     8.12    1/12/2019     CNY      63.86
XIANGYANG CITY CONST     8.12    1/12/2019     CNY      64.18
XIAOGAN URBAN CONSTR     8.12    3/26/2019     CNY      64.49
XINING CITY INVESTME     7.70    4/27/2019     CNY      64.31
XINJIANG SHIHEZI DEV     7.50    8/29/2018     CNY      72.81
XINXIANG INVESTMENT      6.80    1/18/2018     CNY      72.46
XINYANG HUAXIN INVES     6.95    6/14/2019     CNY      63.77
XINYANG HUAXIN INVES     6.95    6/14/2019     CNY      60.01
XUCHANG GENERAL INVE     7.78    4/27/2019     CNY      64.38
XUZHOU ECONOMIC TECH     8.20     3/7/2019     CNY      64.63
XUZHOU ECONOMIC TECH     8.20     3/7/2019     CNY      64.60
XUZHOU XINSHENG CONS     7.48     5/8/2018     CNY      52.79
XUZHOU XINSHENG CONS     7.48     5/8/2018     CNY      52.40
YANCHENG ORIENTAL IN     5.75     6/8/2017     CNY      51.00
YANGZHONG URBAN CONS     7.10    3/26/2018     CNY      72.94
YANGZHOU ECONOMIC DE     6.10     7/7/2016     CNY      50.03
YANGZHOU URBAN CONST     5.94    7/23/2016     CNY      40.05
YANGZHOU URBAN CONST     5.94    7/23/2016     CNY      40.05
YANZHOU HUIMIN URBAN     8.50   12/28/2017     CNY      52.57
YIBIN STATE-OWNED AS     5.80    5/23/2018     CNY      72.13
YIJINHUOLUOQI HONGTA     8.35    3/19/2019     CNY      58.20
YIJINHUOLUOQI HONGTA     8.35    3/19/2019     CNY      59.03
YINCHUAN URBAN CONST     6.28     3/9/2017     CNY      25.21
YINGKOU CITY CONSTRU     7.98    4/18/2020     CNY      72.36
YIYANG CITY CONSTRUC     8.20   11/19/2016     CNY      40.49
YIZHENG CITY CONSTRU     7.78    6/14/2019     CNY      76.00
YIZHENG CITY CONSTRU     7.78    6/14/2019     CNY      64.24
YUNNAN PROVINCIAL IN     5.25    8/24/2017     CNY      71.06
ZHANGJIAGANG JINCHEN     6.23     1/6/2018     CNY      60.94
ZHEJIANG PROVINCE DE     6.90    4/12/2018     CNY      72.47
ZHENJIANG CULTURE AN     5.86     5/6/2017     CNY      50.76
ZHENJIANG NEW AREA E     8.16     3/1/2019     CNY      62.70
ZHENJIANG NEW AREA E     8.16     3/1/2019     CNY      63.22
ZHENJIANG TRANSPORTA     7.29     5/8/2019     CNY      63.27
ZHENJIANG TRANSPORTA     7.29     5/8/2019     CNY      62.04
ZHUCHENG ECONOMIC DE     6.40    4/26/2018     CNY      41.23
ZHUCHENG ECONOMIC DE     7.50    8/25/2018     CNY      40.87
ZHUCHENG ECONOMIC DE     6.40    4/26/2018     CNY      39.00
ZHUHAI HUAFA GROUP C     8.43    2/16/2018     CNY      52.80
ZHUHAI HUAFA GROUP C     8.43    2/16/2018     CNY      52.79
ZHUHAI ZHONGFU ENTER     6.60    3/28/2017     CNY      54.25
ZHUHAI ZHONGFU ENTER     5.28    5/28/2015     CNY      54.25
ZIBO CITY PROPERTY C     5.45    4/27/2019     CNY      37.05
ZIGONG STATE-OWNED A     6.86    6/17/2018     CNY      73.04
ZOUCHENG CITY ASSET      7.02    1/12/2018     CNY      41.19
ZOUPING COUNTY STATE     6.98    4/27/2018     CNY      73.07
ZOUPING COUNTY STATE     6.98    4/27/2018     CNY      71.60
ZUNYI CITY INVESTMEN     8.53    3/13/2019     CNY      64.65
ZUNYI CITY INVESTMEN     8.53    3/13/2019     CNY      64.91


INDONESIA
---------

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


INDIA
-----

3I INFOTECH LTD          5.00    4/26/2017     USD      11.50
BLUE DART EXPRESS LT     9.30   11/20/2017     INR      10.17
BLUE DART EXPRESS LT     9.40   11/20/2018     INR      10.26
BLUE DART EXPRESS LT     9.50   11/20/2019     INR      10.34
COROMANDEL INTERNATI     9.00    7/23/2016     INR      16.26
GTL INFRASTRUCTURE L     4.53    11/9/2017     USD      24.25
JAIPRAKASH ASSOCIATE     5.75     9/8/2017     USD      40.00
JCT LTD                  2.50     4/8/2011     USD      22.13
PRAKASH INDUSTRIES L     5.25    4/30/2015     USD      20.38
PYRAMID SAIMIRA THEA     1.75     7/4/2012     USD       1.00
REI AGRO LTD             5.50   11/13/2014     USD       4.62
REI AGRO LTD             5.50   11/13/2014     USD       4.62
SVOGL OIL GAS & ENER     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      0.70     8/1/2016     JPY       4.99
MICRON MEMORY JAPAN      2.03    3/22/2012     JPY       4.99
MICRON MEMORY JAPAN      0.50   10/26/2015     JPY       4.99
MICRON MEMORY JAPAN      2.29    12/7/2012     JPY       4.99
MICRON MEMORY JAPAN      2.10   11/29/2012     JPY       4.99
TAKATA CORP              0.58    3/26/2021     JPY      66.38


KOREA
-----

2014 KODIT CREATIVE      5.00   12/25/2017     KRW      32.61
2014 KODIT CREATIVE      5.00   12/25/2017     KRW      32.61
2016 KIBO 1ST SECURI     5.00    9/13/2018     KRW      28.65
DOOSAN CAPITAL SECUR    20.00    4/22/2019     KRW      44.53
HANJIN SHIPPING CO L     5.90     6/7/2017     KRW      66.94
HYUNDAI MERCHANT MAR     5.80     7/7/2016     KRW      48.63
HYUNDAI MERCHANT MAR     5.30     7/3/2017     KRW      48.63
HYUNDAI MERCHANT MAR     6.20    3/28/2017     KRW      48.63
KIBO ABS SPECIALTY C     5.00   12/25/2017     KRW      31.18
KIBO ABS SPECIALTY C     5.00    3/29/2018     KRW      31.52
KIBO ABS SPECIALTY C     5.00    1/31/2017     KRW      34.16
KIBO ABS SPECIALTY C    10.00    2/19/2017     KRW      39.62
KIBO ABS SPECIALTY C    10.00     9/4/2016     KRW      57.00
KIBO ABS SPECIALTY C    10.00    8/22/2017     KRW      23.42
LSMTRON DONGBANGSEON     4.53   11/22/2017     KRW      32.10
PULMUONE CO LTD          2.50     8/6/2045     KRW      50.36
PULMUONE CO LTD          2.50     8/6/2045     KRW      50.36
SINBO SECURITIZATION     5.00   12/13/2016     KRW      36.73
SINBO SECURITIZATION     5.00    1/29/2017     KRW      35.44
SINBO SECURITIZATION     5.00    7/26/2016     KRW      62.53
SINBO SECURITIZATION     5.00    7/26/2016     KRW      62.53
SINBO SECURITIZATION     5.00    3/12/2018     KRW      31.67
SINBO SECURITIZATION     5.00    3/12/2018     KRW      31.67
SINBO SECURITIZATION     5.00    7/29/2018     KRW      29.13
SINBO SECURITIZATION     5.00   12/23/2018     KRW      29.10
SINBO SECURITIZATION     5.00    3/18/2019     KRW      28.32
SINBO SECURITIZATION     5.00   12/23/2018     KRW      29.10
SINBO SECURITIZATION     5.00    3/18/2019     KRW      28.32
SINBO SECURITIZATION     5.00   12/23/2017     KRW      31.19
SINBO SECURITIZATION     5.00    3/13/2017     KRW      34.95
SINBO SECURITIZATION     5.00    3/13/2017     KRW      34.95
SINBO SECURITIZATION     5.00    7/29/2019     KRW      27.02
SINBO SECURITIZATION     5.00    6/25/2018     KRW      29.43
SINBO SECURITIZATION     5.00    6/25/2019     KRW      27.32
SINBO SECURITIZATION     5.00     6/7/2017     KRW      17.22
SINBO SECURITIZATION     5.00     6/7/2017     KRW      17.22
SINBO SECURITIZATION     5.00    2/27/2019     KRW      28.55
SINBO SECURITIZATION     5.00    2/27/2019     KRW      28.55
SINBO SECURITIZATION     5.00    1/15/2018     KRW      32.42
SINBO SECURITIZATION     5.00    1/15/2018     KRW      32.42
SINBO SECURITIZATION     5.00   12/25/2016     KRW      34.62
SINBO SECURITIZATION     5.00     7/8/2017     KRW      34.14
SINBO SECURITIZATION     5.00    6/27/2018     KRW      30.98
SINBO SECURITIZATION     5.00    7/24/2018     KRW      30.80
SINBO SECURITIZATION     5.00    8/29/2018     KRW      30.27
SINBO SECURITIZATION     5.00    7/24/2017     KRW      32.78
SINBO SECURITIZATION     5.00    7/24/2018     KRW      30.80
SINBO SECURITIZATION     5.00    8/29/2018     KRW      30.27
SINBO SECURITIZATION     5.00    8/31/2016     KRW      50.92
SINBO SECURITIZATION     5.00    8/31/2016     KRW      50.92
SINBO SECURITIZATION     5.00    8/27/2019     KRW      26.78
SINBO SECURITIZATION     5.00    2/11/2018     KRW      31.91
SINBO SECURITIZATION     5.00    2/11/2018     KRW      31.91
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00    2/21/2017     KRW      35.18
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00    2/21/2017     KRW      35.18
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00     7/8/2017     KRW      34.14
SINBO SECURITIZATION     5.00    8/16/2017     KRW      33.69
SINBO SECURITIZATION     5.00    1/30/2019     KRW      28.75
SINBO SECURITIZATION     5.00   10/30/2019     KRW      20.02
SINBO SECURITIZATION     5.00    10/5/2016     KRW      44.32
SINBO SECURITIZATION     5.00    10/5/2016     KRW      44.32
SINBO SECURITIZATION     5.00    6/27/2018     KRW      30.98
SINBO SECURITIZATION     5.00    8/16/2016     KRW      52.54
SINBO SECURITIZATION     5.00    8/16/2017     KRW      33.69
SINBO SECURITIZATION     5.00    1/30/2019     KRW      28.75
SINBO SECURITIZATION     5.00    5/26/2018     KRW      29.69
TONGYANG CEMENT & EN     7.30    4/12/2015     KRW      70.00
TONGYANG CEMENT & EN     7.50    9/10/2014     KRW      70.00
TONGYANG CEMENT & EN     7.50    4/20/2014     KRW      70.00
TONGYANG CEMENT & EN     7.30    6/26/2015     KRW      70.00
TONGYANG CEMENT & EN     7.50    7/20/2014     KRW      70.00
U-BEST SECURITIZATIO     5.50   11/16/2017     KRW      33.47
WOONGJIN ENERGY CO L     3.00   12/19/2019     KRW      66.57


SRI LANKA
---------

SRI LANKA GOVERNMENT     6.00    12/1/2024     LKR      67.70
SRI LANKA GOVERNMENT     8.00     1/1/2032     LKR      69.04
SRI LANKA GOVERNMENT     9.00    11/1/2033     LKR      74.30
SRI LANKA GOVERNMENT     5.35     3/1/2026     LKR      61.03
SRI LANKA GOVERNMENT     9.00     6/1/2033     LKR      74.90
SRI LANKA GOVERNMENT     9.00     6/1/2043     LKR      71.06


MALAYSIA
--------

BIMB HOLDINGS BHD        1.50   12/12/2023     MYR      74.10
BRIGHT FOCUS BHD         2.50    1/24/2030     MYR      72.52
BRIGHT FOCUS BHD         2.50    1/22/2031     MYR      70.11
LAND & GENERAL BHD       1.00    9/24/2018     MYR       0.24
SENAI-DESARU EXPRESS     0.50   12/30/2039     MYR      68.90
SENAI-DESARU EXPRESS     0.50   12/31/2040     MYR      70.14
SENAI-DESARU EXPRESS     0.50   12/31/2043     MYR      73.64
SENAI-DESARU EXPRESS     0.50   12/31/2042     MYR      72.51
SENAI-DESARU EXPRESS     0.50   12/30/2044     MYR      74.56
SENAI-DESARU EXPRESS     0.50   12/31/2041     MYR      71.32
SENAI-DESARU EXPRESS     0.50   12/31/2038     MYR      67.21
SENAI-DESARU EXPRESS     1.15   12/31/2024     MYR      67.94
SENAI-DESARU EXPRESS     1.15   12/30/2022     MYR      74.17
SENAI-DESARU EXPRESS     1.35    6/30/2026     MYR      65.00
SENAI-DESARU EXPRESS     1.35   12/31/2026     MYR      63.67
SENAI-DESARU EXPRESS     1.35    6/29/2029     MYR      56.99
SENAI-DESARU EXPRESS     1.15   12/29/2023     MYR      71.02
SENAI-DESARU EXPRESS     1.15    6/28/2024     MYR      69.50
SENAI-DESARU EXPRESS     1.15    6/30/2025     MYR      66.47
SENAI-DESARU EXPRESS     1.35    6/30/2027     MYR      62.36
SENAI-DESARU EXPRESS     1.15    6/30/2023     MYR      72.59
SENAI-DESARU EXPRESS     1.35    6/28/2030     MYR      54.54
SENAI-DESARU EXPRESS     1.35    6/30/2031     MYR      52.29
SENAI-DESARU EXPRESS     1.35    6/30/2028     MYR      59.67
SENAI-DESARU EXPRESS     1.35   12/29/2028     MYR      58.30
SENAI-DESARU EXPRESS     1.35   12/31/2027     MYR      61.02
SENAI-DESARU EXPRESS     1.35   12/31/2029     MYR      55.73
SENAI-DESARU EXPRESS     1.35   12/31/2025     MYR      66.41
SENAI-DESARU EXPRESS     1.35   12/31/2030     MYR      53.40
UNIMECH GROUP BHD        5.00    9/18/2018     MYR       1.04


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT     7.90    5/18/2018     USD      59.38
BAKRIE TELECOM PTE L    11.50     5/7/2015     USD       2.63
BAKRIE TELECOM PTE L    11.50     5/7/2015     USD       2.63
BERAU CAPITAL RESOUR    12.50     7/8/2015     USD      19.30
BERAU CAPITAL RESOUR    12.50     7/8/2015     USD      19.25
BLD INVESTMENTS PTE      8.63    3/23/2015     USD       8.38
BUMI CAPITAL PTE LTD    12.00   11/10/2016     USD      17.25
BUMI CAPITAL PTE LTD    12.00   11/10/2016     USD      16.11
BUMI INVESTMENT PTE     10.75    10/6/2017     USD      17.25
BUMI INVESTMENT PTE     10.75    10/6/2017     USD      16.11
ENERCOAL RESOURCES P     6.00     4/7/2018     USD      10.75
GOLIATH OFFSHORE HOL    12.00    6/11/2017     USD       5.00
INDO INFRASTRUCTURE      2.00    7/30/2010     USD       1.88
NEPTUNE ORIENT LINES     4.65     9/9/2020     SGD      65.01
ORO NEGRO DRILLING P     7.50    1/24/2019     USD      43.00
OSA GOLIATH PTE LTD     12.00    10/9/2018     USD      62.00
OTTAWA HOLDINGS PTE      5.88    5/16/2018     USD      64.50
OTTAWA HOLDINGS PTE      5.88    5/16/2018     USD      66.82
PACIFIC RADIANCE LTD     4.30    8/29/2018     SGD      68.88
SWIBER HOLDINGS LTD      7.13    4/18/2017     SGD      60.00
TRIKOMSEL PTE LTD        5.25    5/10/2016     SGD      18.25
TRIKOMSEL PTE LTD        7.88     6/5/2017     SGD      20.00


THAILAND
--------

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


VIETNAM
-------
DEBT AND ASSET TRADI     1.00   10/10/2025     USD      51.03
DEBT AND ASSET TRADI     1.00   10/10/2025     USD      50.70



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***